The Australian expansion has been buoyed by its recent $25m raise as part of its Series C, led by its existing investors including Anthemis, Connect Ventures, Northzone and Singapore's sovereign wealth fund Temasek Holdings.

In order to fully embrace the new digital solutions available, such as ePassports, businesses need to have the right technology in place. And with identity fraud on the rise – up by nearly a third (32%) in the UK over the past five years, according to Cifasvi– the urgency for such tools is clear.

The impact of COVID-19 has fast-tracked the move to digital commerce, with nearly two-thirds of UK consumersvii reporting in a separate survey that they are using contactless payment technology more due to COVID-related health and safety concerns, and 61% saying they are happier using contactless payments now than they were in 2019.

In this context, with potential fraudsters seizing the opportunities that ‘faceless’ transactions present, there’s an even greater pressure on businesses to know who their customers are and carry out the right checks, keeping pace with the latest innovations. Only by doing so can they build the digital trust they will need to succeed.

Find out more about the UK report, “New Dimensions of Change” at TransUnion’s website.

_____________________________

i How COVID-19 is impacting consumer payment preferences, Paysafe, May 2020. Based on a survey of 8,000 consumers across the US, UK, Canada, Bulgaria, Italy, Austria, and Germany between 8-15 April 2020

ii National digital ID initiatives are government-administered programmes to provide a digital identity to residents, often using biometric data to authenticate identity

iii Super-apps are single digital portals, predominantly accessed via smartphones, through which

customers access and pay for third-party products and services

iv Biometrics are defined as fingerprint, facial recognition or voice authentication methods.

v Next steps outlined for UK’s use of digital identity, 1 September 2020, Department for Digital, Culture,

Media & Sport and Matt Warman MP

vi Cifas Fraudscape 2020

vii How COVID-19 is impacting consumer payment preferences, Paysafe, May 2020 (as above)

Transaction Network Services (TNS), a leader in fintech payment services, announces the launch of TNS Secure SD-WAN which leverages Fortinet’s leading Secure SD-WAN solution. In partnership with Fortinet, TNS Secure SD-WAN combines proven managed payment services with next generation network security. 

The new service can help businesses seeking a solution in a secure SD-WAN environment achieve digital transformation, embrace cloud adoption and maximise technology budgets.  

TNS Secure SD-WAN is a fully integrated, end-to-end managed solution that can simplify a retailers’ operations by centrally managing their network and addressing the complexity that always-connected commerce presents for merchants. With TNS, retailers can securely connect, among other things, online e-commerce gateways, Automatic Teller Machines, point-of-sale (POS) terminals, cash registers, printers, back office computing, forecourt tank gauges, CCTV cameras, number plate recognition technology, and even guest customer Wi-Fi.

“SD-WAN is already widely available to businesses, but TNS brings PCI DSS compliant security credentials and global payments experience as a managed service,” said Bill Versen, Chief Product Officer at TNS. “Our SD-WAN solution enables merchants to prioritise their data usage centrally to secure their payments and business-critical systems.” 

As store environments become more complex and expensive, working with a managed service provider like TNS simplifies the modernisation of payment acceptance, further helping our clients realise better total cost of ownership. TNS’ SD-WAN solution uses hardware from Fortinet, a global leader in broad, integrated and automated cybersecurity solutions and a named leader in the 2020 Gartner Magic Quadrant for WAN Edge Infrastructure.

To help prevent data breaches, TNS Secure SD-WAN includes next generation stateful firewalls (including IP SEC VPN tunnels), anti-virus features, URL filtering and SSL packet inspection to increase safety across retail estates.

“Our partnership with Fortinet focuses on the unique requirements of merchants needing to manage retail systems, protect sensitive card data and complete digital transformation sooner rather than later,” added Versen. “If coronavirus has taught us anything, it is that omnichannel is more paramount than ever. It is a lifeline that enables delivery, curbside, and onsite, but it adds complexity and increased risk to payment transaction processing.”    

As a trusted partner to the payments industry, TNS offers a broad portfolio of secure commerce solutions that include parking reservations, unattended payments, POS services, ATM connectivity and managed processing. In 2020, TNS celebrates 30 years of being a worldwide provider to companies in mission critical industries. Many of the most prestigious financial institutions, POS ISOs, ATM deployers and transaction processors rely on TNS for secure and resilient infrastructure services, including managed connectivity. TNS’ secure infrastructure services are supported 24x7x365 from Network Operating Centres in the US, UK and Australia.

Following coronavirus outbreak, Paysend facilitated more than double the volume and value of payments to Indian bank accounts.

The COVID-19 pandemic is accelerating the shift from cash to digital money worldwide, the impacts of which are directly evident in India, where Statista estimates that 1 in 10 people now exclusively make online payments. The surge in digital and contactless payments has boosted Paysend's usage in the world’s second most populous country. Today, the global payments provider confirms that the societal shift to digital transactions extends to peer-to-peer payments, as money transfers sent to Indian accounts via Paysend’s end-to-end payment platform have more than doubled year-over-year.

Moreover, the dollar amount that is being transferred via Paysend during COVID-19 is over 2 times higher compared to the same time period in 2019. The growth in the Indian market has fuelled Paysend’s worldwide usage spike during the pandemic, having seen its customer base increase by over 1 million since the beginning of March.

“During the pandemic, people all over the world have had less access to tradition money transfer services that require in-person transactions due to lockdown restrictions,” said Paysend CEO, Ronnie Millar. “And with cash usage plummeting, digital solutions are needed to fill the void left by physical money, and help people manage their finances safely and easily. Paysend now helps nearly 2.5 million people send money internationally from the safety of their homes to countries such as India.”

India has traditionally been an economy reliant on cash for peer-to-peer transactions, but the development of digital financial infrastructure, as well as nearly 700 million people from India owning smartphones, has created a foundation where digital financial services can flourish. India’s shift to digital money mirrors many other countries around the world.

“For emerging economies like India, Nigeria and Malaysia, speed and affordability are absolutely key, and digital money offers a much-needed alternative high fees and slow transfer speeds of banks,” Millar added. “Speed is critical for those that send international money transfers and remittances to support loved ones based in these countries. With Paysend’s near-instant transfers, there’s now an affordable, safe and accessible way to send money to India from 90+ other countries.”

Finastra, one of the world’s largest fintechs, and CloudMargin, creator of the world’s first and only collateral and margin management solution native to the cloud, today announced a global partnership to deliver an integrated collateral and margin management solution to market participants of all sizes through a Software-as-a-Service (SaaS) model. Collateral Management as a Service, powered by CloudMargin and available through Finastra’s FusionFabric.cloud platform, connects to Finastra’s core treasury and capital markets solutions, facilitating end-to-end straight-through processing of derivatives transactions, and all associated collateral management workflows, from trade booking through to settlement. The solution will automate and optimize the collateral management process, helping users reduce costs and realize significant efficiency savings.

“Both CloudMargin and Finastra are committed to driving transformational change in collateral management – helping our customers experience the benefits of modern, SaaS technology that provides agility as well as operational and cost efficiencies, continuous updates and fast implementation,” said Michael Henssler, General Manager, Treasury & Capital Markets and Risk at Finastra. “We’re seeing increased demand for collateral services from our customers. Our collaboration in delivering Collateral Management as a Service will help both buy-side and sell-side financial institutions globally meet time-critical regulatory deadlines and reduce the costs associated with today’s growing collateral requirements.”

Stuart Connolly, CEO of CloudMargin, said: “We’re delighted to provide the technology for this critical component of Finastra’s offering. The integration of our collateral management workflow tool into Finastra’s treasury and capital markets solutions creates a strong value proposition to support the full range of needs – from front to back office – of its broad client base. Through global strategic partnerships that complement our geographic footprint and market penetration, CloudMargin is increasingly powering the industry on collateral management, making it as easy as possible to have access to robust and comprehensive tools that are ever-evolving to meet the changing dynamics in the industry and the most state-of-the-art technology available.”

Collateral Management as a Service covers end-to-end collateral management workflows for variation and initial margin for over-the-counter (OTC) derivatives contracts, repos and securities lending, To Be Announced (TBA) trades, and listed futures and options. The service is suitable for all sizes of organizations from the largest investment banks to small and medium-sized buy-side institutions. It offers flexible reporting and auditing processes and provides seamless connectivity to standard market utilities including AcadiaSoft, SWIFT and the Margin Transit Utility (MTU) from DTCC and Euroclear, as well as other third-party services.

Because the new offering is delivered through a SaaS model, clients can onboard rapidly via the FusionFabric.cloud platform and benefit from access to robust and secure collateral management workflow software that is continuously updated and fully integrated with other Finastra treasury and capital markets solutions. There’s no hardware to buy, install or support, minimizing the total cost of ownership for the customer.

Curv, the leader in digital asset security, today announced that global investment firm Franklin Templeton and fintech VC Illuminate Financial Management joined existing investors as part of its Series A funding. In July 2020, Curv’s Series A round included a cohort of investors spanning CommerzVentures, Coinbase, Digital Currency Group, Team8 and Digital Garage.

Curv is driving traditional institutional and crypto native demand for digital assets through its multi-party computation (MPC) security technology, a critical requirement to safely transfer, store and manage any digital asset on any blockchain or DLT. Their solution is used by dozens of institutions across the globe, including Franklin Templeton, which plans to leverage Curv’s infrastructure to expand into the burgeoning digital asset market.

The digital asset security industry is at a crossroads. Institutions can choose to use legacy solutions, which stifle their ability to adopt all digital assets, introduce increased cost pressures and merely limit security threats or they can adopt Curv’s keyless approach to remove all single points of failure while simultaneously delivering instant availability and total autonomy over digital assets.

"Curv’s cloud-based service and tech stack eliminates the concept of private keys through multi-party computation (MPC), allowing for blockchain transaction signing in a secure, distributed way to protect against cyber breaches and insider collusion,"  said Joe Boerio, EVP, Chief Risk & Transformation Officer, Franklin Templeton. “We are excited to participate in Curv’s journey as it sets a new standard for digital asset security and scales its business across major financial institutions across the globe.”

The recent announcement from the US Office of Comptroller of Currency (OCC) that nationally chartered banks could now custody crypto was a watershed moment for those stateside. In December 2019, the BaFin regulatory body made a similar announcement which motivated dozens of German institutions to apply for a digital asset custody license. With regulators worldwide now creating a clearer path for financial crypto services, traditional financial institutions are choosing to work with Curv, an experienced and trusted technology partner, to invent and launch their cutting-edge crypto finance products and services. Curv’s full stack solution provides traditional players with the expertise needed to compete against crypto incumbents.

“We are seeing increased adoption of digital asset infrastructure by incumbent financial institutions, validated by Franklin Templeton’s participation in this round,” says Alexander Ross, Investment Director at Illuminate. “At Illuminate Financial Management we have a deep and trusted network across many major markets participants and look forward to working with Curv to build on their existing momentum.”

“Our newest investors approached us immediately after the Series A closing and expressed interest in joining the round,” said Itay Malinger, Curv Co-founder and CEO. “The addition of Franklin Templeton is a barometer of the traditional industry’s shift into digital assets and a broader desire to bring public blockchain-based offerings to market. Curv provides these institutions with the enterprise-grade infrastructure they require to securely deploy these solutions.”

The UK’s leading online accountancy firm for small and micro businesses Mazuma has been chosen to join forces with the FreshBooks, the number 2 small business invoicing and accounting software in America, with paying customers in 100+ countries.

Mazuma has a proven track record of being tech-focused and working with cutting-edge companies to provide unparalleled service to micro businesses.

That caught the eye of Toronto-based software company FreshBooks, which chose Mazuma to give its clients access to a range of online services which they can use to manage and grow their businesses.

The companies work well together thanks to a similar vision for how the latest technology can be used to transform business and simplify important processes for clients. 

From the estimate stage to managing projects, time tracking, invoicing, claiming expenses, reporting, and accounting, FreshBooks’ all-in-one invoicing and accounting software makes it a seamless process. It is also Making Tax Digital compliant, automates payment and helps cashflow with its Direct Debit function, and allows project collaboration.

FreshBookshas paying customers in over 100 countries, and its software is designed exclusively for freelancers and growing service-based business owners.

Mazuma co-founder Lucy Cohen said: “Knowing your numbers is so important in business. It’s the difference between making a profit or loss, between a business struggling or being able to grow and expand.

“This is a prestigious partnership and is excellent for our clients because using FreshBooks helps business owners enormously.

“It runs your invoicing and has auto reminders to nudge people into payment, has the facility for online credit card payments and bank transfers, and offers payment schedules for your clients to make partial payments against bigger invoices and help their cash flow.

“In the UK, it is also HMRC compatible and Making Tax Digital compliant, allowing you to create VAT returns and file them with HMRC.

“FreshBooks also offers Direct Debit, where clients can pay by bank transfer directly on invoices and the invoice is automatically marked as paid. This automates reconciliation.

“We chose this partnership with FreshBooks because of its status as a major global player in cloud accounting software and its excellent reputationin providing an easy to use platform for small business owners.

“FreshBooks carried out a customer survey with more than 2,000 respondents which showed their clients save 192 hours a year by using the software. That allows entrepreneurs to put more energy into serving their customers and finding new business, rather than chasing invoices or totting up mileage.

“Our clients now have the opportunity to join a community of 24 million people who have used FreshBooks, a company which has been recognised with ten Stevie awards for the best customer service in the world.”

The software also has:

• Proposals and estimates – Where you can pitch to clients for work, estimate costs, and use e-signatures to approve it.
• Client account statements – To keep clients in the loop about their payments and give them a transaction history.
• Projects – Where you can collaborate on work with clients.
• Due Dates – Where you can set the payment date.
• Expense and mileage tracking – Organising receipts and logging trips.

"Based on their track record of providing seamless accounting services and their dedication to helping entrepreneurs flourish, partnering with Mazuma was an easy decision to make. FreshBooks is excited to support Mazuma as it continues to grow within the UK," said Matt Baker, SVP, Corporate Development & International for FreshBooks.

You can find out more about FreshBooks here. Read a case study from a writer who used FreshBooks to stay on top of her taxes here.

A panel of industry experts has selected Banking Circle’s SME lending initiative, delivered by Cardstream, as winner of the 2020 Tech Ascension FinTech Award for Most Innovative FinTech Solution.

In partnership with Banking Circle, Cardstream is providing its 200+ Channel Partners with access to affordable, flexible business loans. The joint initiative sees the two businesses’ platforms technically integrated so that Cardstream can deliver seamless lending solutions without having to build the technology or the solution in house.

The Tech Ascension Awards are grounded in facts and accomplishments, aiming to elevate the companies that are driving cutting-edge, innovative technology that solves critical challenges. Applicants are judged based on technology innovation and uniqueness, market research, performance stats, and competitive differentiators.

Cardstream’s CEO, Adam Sharpe, commented: “Winning this award is a clear demonstration of the exciting and important work we are doing with Banking Circle to increase financial inclusion. The solution is helping our Partners to provide their merchant clients with accounts and cash at speed empowering their businesses to prosper. We look forward to working with Banking Circle on other award-winning solutions in the future.”

Anders la Cour, co-founder and Chief Executive Officer of Banking Circle, added: “We are delighted to have won another award for our innovative lending solution. Banking Circle Lending was launched specifically to help Payments businesses offer their merchants faster, more flexible and more affordable business loan options. Working with Cardstream we integrated the Banking Circle platform to reduce friction and ensure a seamless customer journey from application right through to repayment of the loan.”

Banking Circle Lending provides financial institutions with the ability to offer their merchant customers a fast, transparent, flexible, low-cost, and easy-to-manage loan solution. Where once smaller businesses were unable to achieve global ambitions due to a lack of necessary funds, Banking Circle Lending is improving financial inclusion by giving financial institutions the ability to offer SMEs fast access to loans and receivables financing with flexible repayment options.

FinTech success Cardstream is the UK’s largest independent provider of white label payment software and services. Its mission is to become the global standard for white label payment provision. Everything the company does is designed to give its partners the freedom, flexibility and control to deliver the unhindered achievement of their business objectives.

Home Credit Group, which lends to underserved customers with little or no credit history, has chosen FICO® Decision Optimizer to further improve its lending offers in multiple markets. The adoption of FICO’s AI-powered optimization follows a successful pilot in Russia, which delivered excellent results including significant profitability improvement on the targeted part of the loan portfolio, as well as an increase in new loan volumes.

“We pride ourselves on being a responsible lender whose decision-making in risk management is powered by advanced technology,” explained Radek Pluhar, Home Credit Group’s Chief Risk Officer. “We have a very clear understanding of the consumers we want to continue serving – they are often neglected by other lenders simply because of their lack of credit history. For them it’s vital that we are able to offer a loan with the best possible combination of the price and the loan size which fits their needs. FICO Decision Optimizer will help us to acquire these customers while meeting our demanding risk and reward targets. The advanced technology enables us to boost our competitive edge across our markets.”

Home Credit Group’s central team of data scientists and optimization experts will further develop country-specific solutions to optimize loan pricing in Kazakhstan and Vietnam initially, with plans to expand into other markets in the next phase.

“Pricing optimization can generate impressive results in just a few months,” said Petr Kapoun, Chief Risk Officer at Home Credit Russia. “FICO’s optimization approach brings a clear structure that easily accommodates numerous overlapping policy rules; at the same time, it builds our own analytics expertise into the final decision-making. Such a unique combination delivers truly significant business impact and we are continuously looking for its introduction into new applications areas.”

“We have built an excellent relationship with Home Credit Group’s risk team,” added Steve Hadaway, EMEA general manager for FICO. “They understand the potential that mathematical optimization can bring to an organization. Our pilot delivered outstanding results, giving the business the confidence to implement the solution for other markets targeted for growth amidst challenging environments.”

FICO® Decision Optimizer, part of the FICO® Platform, supports the entire lifecycle of designing, developing, executing and deploying decision optimization technology. Its advanced decision impact modelling, simulation and optimization techniques allow lenders to discover better decision strategies that balance trade-offs between cost, risk and reward, while also factoring in economic and market conditions.