Flywire, a high-growth vertical payments company, today announced new enhancements to its digital payment platform to better serve education recruitment agents and institutions worldwide. As part of its comprehensive receivables solution, the platform enhancements will help agents better manage student information and streamline payment tracking while also enabling education institutions to optimize agent relationships and minimize potential fraud.  

In a related announcement, the company also reported a new strategic partnership with BOSSA (the Beijing Overseas Study Service Association), a non-profit, government-supported organization that supports member agents across China that recruit students for study abroad.

Flywire is the payment provider of choice for students and education institutions around the world. Its solution enables institutions to offer students a highly-tailored, convenient and secure online payment experience – customized by school, country, and currency – while also accelerating funds flow, easing reconciliation and streamlining operational expenses. The solution also enables institutions to create custom payment plans to provide students and families with greater flexibility. 

The company already partners with hundreds of certified education agents that work on behalf of institutions to recruit international students including ACIC, AUG Study, Global Education Alliance, Global Reach, iae Global, IDP Education and KC Overseas Education.

Flywire’s enhanced agent platform connects agents, students and schools to simplify the payment process and provide real-time visibility. New enhancements include a customizable dashboard providing agents with the ability to directly send payment reminders to students. It also provides real-time visibility into the status of all student payment requests; status of all payments made to institutions including payment methods; and easy, secure access to all student payment details including refunds and download receipts. These capabilities offer important benefits for both agents and schools.

For agents, the platform:

• centralizes student information in one place to easily store, manage, import and export data

• provides access to fair-market foreign exchange rates to protect students from unnecessary costs

• delivers payments securely to education institution accounts

• enables easy delivery of payment notifications to one or multiple students

• tracks payments in real time to provide transparency      

• provides split payment functionality (one transaction, multi-payouts)    

For education institutions, the platform:

• enables receipt of payments in full and reduces unidentified and short-balance transactions

• automates the reconciliation process to save time

• secures account data to prevent vendors from acting as agents without authorization

• tracks payments in real time to provide transparency

• centralizes all relevant agent and student information in one place to streamline operation

“Flywire has set the gold standard for cross-border payments in the international education space,” said Mark Lukas, founder and managing director of iae Global. “Their ability to connect schools, agents and students throughout the entire payment process enables a trusted and seamless experience for all involved. As a result, we’re able to create stronger relationships between the students and the schools we represent.”

"Education agents play a very important role in the relationship between institutions and their international students,” said Sharon Butler, EVP of Education, Flywire. “Their ability to represent education institutions locally can make a big difference in how a school is viewed by prospective students. By enhancing our agent platform, we are helping to not only streamline the international student recruitment process, but also optimize the way agents engage with both students and schools worldwide.

SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, today announced the launch of its Intraday Liquidity Stress Testing module, part of the TLM Cash and Liquidity Management suite of products. Carrying out a stress test and running it can take up to eight weeks, with the new module it allows banks to run this in minutes – which is essential for refining the scenario, making real-time decisions, reporting and risk analysis.

SmartStream commissioned research from Baringa Partners, a management consultancy firm, and the report highlighted that if a bank could cut its liquidity buffer by $6bn, it may save as much as $50m per year. There is a clear need for banks to carry out stress testing to improve profitability and reduce operational effort to meet the regulatory requirements. With these considerations in mind, SmartStream developed the new module to provide stress test results immediately. The product is available as standalone or via the cloud. The pandemic and the turbulent conditions have made this type of stress testing more essential and re-enforced the value of such a solution to banks.

Nadeem Shamim, Head of Cash and Liquidity, SmartStream, states: “The research carried out by Baringa Partners in conjunction with the development of our new module has created a great deal of interest in the market, we are currently having many detailed conversations with banks where the ability of a comprehensive solution with the flexibility of testing different stress scenarios is critical. Also the current turmoil in the market has had a big impact on a bank’s liquidity – so the ability to model the potential impact of such occurrences is no longer simply a regulatory box-ticking exercise, but a matter of self-protection and even of survival for many financial institutions”.

Simon Gray, Director, Baringa Partners, says: “The research identifies that it’s no longer about meeting intraday liquidity reporting requirements, banks are now seeing value in stress testing and having the tools to carry out complex scenarios with a high degree of accuracy for making more informed decisions. In addition, the findings revealed that it has gone from being a regulatory burden to creating a stringent, active framework within which to manage liquidity risk. By simplifying the complex and time-consuming testing process, SmartStream’s solution allows banks to run a variety of stress scenarios in a short space of time, which is critical”.

TransferGo, one of the world’s fastest growing money transfer companies, today announces a partnership with robust, end-to-end ID verification companies SumSub and Veriff. 

Through SumSub and Veriff’s technology, TransferGo will be able to verify a customer's identity and prevent any attempts by fraudulent individuals looking to register or use the service. The partnership will also reduce the amount of manual processing needed by TransferGo’s employees and support Know Your Customer (KYC) and Anti-Money Laundering (AML) checks from the initial sign-up process.   

SumSub’s all-in-one customisable platform for ID verification will enable TransferGo to deliver a tailored money transfer experience, while its expertise in regulation will ensure TransferGo is compliant and secure across all regions. Similarly, Veriff’s technology will allow TransferGo to verify IDs using over 8,000 government issued documents and its Near Field Communication (NFC) scanning technology will mean migrants can easily scan and verify their ePassports with both iOS and Android devices. 

“Our ambition to continue to improve the service and solutions we offer is rooted in our incessant focus on our customer. The culture of innovation and dedication to improving customer service makes SumSub and Veriff a great fit for us. As partners they will be critical in helping us deliver a best-in-class ID verification service that is secure, compliant and frictionless,” comments Milda Mačiulaitytė, Compliance Manager at TransferGo.  

Discussing the partnership announcement, Kaarel Kotkas, Founder of Veriff, says: “Having a fast and seamless identity verification process is essential in driving sign-ups and improving customer trust. Our NFC technology will mean TransferGo can reduce the time and manpower needed to verify a customer’s ID and ultimately support a frictionless service for many more customers. We’re delighted to add TransferGo to our customer roster and look forward to our partnership.”

“Our expertise in ID verification means we remove the heavy lifting needed to be compliant with KYC and AML procedures. Our friendly UX and totally customisable platform is also perfectly suited to a fast-growing company like TransferGo whose focus is always on customer innovation. We’re thrilled that we’ve been able to improve the service reliability for ID verification for TransferGo’s customers and we look forward to building a successful partnership together,” says Vyacheslav Zhouldev, Founder & CTO of SumSub. 

This announcement comes at a time of growth for TransferGo, with over 2 million users and follows a $10 million investment boost that will enable the business to expand its global footprint and continue to launch new services on its cross-border payments platform. TransferGo also recently received an EMI license extension from the Bank of Lithuania, allowing it to offer customers’ payment cards, e-wallets and other payment instruments requiring storage of funds.

Allica Bank, the business bank that seeks to empower small and medium-sized businesses, has today announced the internal appointment of Jonathan Prince as Business Relationship Manager (BRM). 

Jonathan joined Allica Bank in 2019 as the first member of the underwriting team where he helped to develop Allica Bank’s underwriting function from scratch. In his new role, Jonathan will work directly with commercial finance brokers and business advisers on shaping potential cases and providing support to small and medium-sized businesses. 

Allica Bank is particularly looking to leverage Jonathan’s extensive credit experience on the front line, using his underwriting expertise and insight to help businesses and brokers prepare deals from day one.  

Jonathan has eight years’ underwriting experience working with challenger banks focused on helping small and medium-sized businesses to grow. Prior to joining Allica Bank, Jonathan held underwriting and credit positions at Redwood Bank, based in Hertfordshire, and Cambridge & Counties Bank.  

The announcement follows a raft of new regional relationship manager appointments made this year by Allica Bank across the UK. 

Jonathan Prince, Business Relationship Manager at Allica Bank, said: “At times like this, it’s more important than ever that small and medium-sized businesses have access to real lending expertise and get quick decisions from finance providers. I am looking forward to working directly with our broker partners and SMEs, and applying my technical knowledge to link customers up with the finance they need to thrive.” 

Mark Stephens, CEO of Allica Bank said: “We are really pleased to announce Jonathan’s new role at Allica Bank. His extensive underwriting expertise will be a huge asset for brokers and small and medium-sized businesses alike.”  He played a pivotal part in developing Allica Bank’s underwriting function, and I have no doubt he will be just as successful working directly with customers in the field.”

New research by fintech company Deposit Solutions suggests that the country’s largest retail banking brands’ ascendency in the savings account market could be under threat. According to Deposit Solutions’ analysis, a fifth (20%) of British consumers are considering switching savings account provider in the next 12 months.

The findings have been published today in Deposit Solutions’ latest report – ‘The Future of Big British Banks: The Battleground for The Deposit Market’ – which argues that losing a customer’s savings account could be the first domino to fall in the loss of the entire customer relationship.

The research shows that customers are willing to shop around a lot more when it comes to savings accounts compared to their current accounts. British consumers report changing savings account provider (which includes overnight, term-deposit and notice accounts) every seven years – significantly more often than their current account provider, which they change every 12 years. This lower loyalty displayed towards savings account providers suggests that this market can be a key access point to large retail banks’ consumers, which challenger brands can exploit.

When it comes to customer retention, the report shows that the six biggest British retail banking brands – Barclays, HSBC, NatWest, Lloyds Bank, RBS and Santander – still enjoy a high degree of latent loyalty, with customers holding an account with them for 11 years on average. However, there are signs that customers in the savings account market could be easily swayed towards their competitors. When considering switching savings accounts specifically, consumers are far more likely to make a practical decision, with two thirds (63%) identifying getting the highest interest rate as a key motivator. This provides challenger banks and other providers the opportunity to market aggressively in order to gain customers at the expense of other institutions.

Meanwhile a bank’s reputation – an area upon which the larger brands have classically focused a lot of their marketing efforts – ranks fourth, with just 13% identifying it as a key factor when choosing a savings account provider. Furthermore, the research also shows British consumers appear increasingly to be more likely to shop around between banks for new financial products. Just over a third (35%) of respondents agreed they are more likely to buy from their primary bank rather than looking elsewhere. This greater natural propensity to switch could lead to increased volumes of bigger banks’ customers moving to other brands.

The report goes on to show that British consumers report feeling a stronger emotional connection to their current, savings and investment accounts than other types of financial products. On a 0 – 10 scale of how positively people feel about their banks, two thirds (63%) of respondents feel a high degree of emotional connection with providers where they hold funds – either for current, savings or investment accounts. This is compared to only 53% for providers they use for lending accounts (e.g. loans, mortgages and credit cards), pointing to the great importance of savings products for building and maintaining long-term customer relationships.

Mark Davison, Managing Director for UK & Ireland commented: “Sticking with a big high street bank for savings accounts has been the go-to option for Brits historically, but change is in the air. The protracted period of low interest rates, coupled with challengers increasingly adding attractive products to their offerings, means UK customers could be increasingly keen to shop around for the best deals. 

“Bigger retail banking brands have made their reputation for safety and security a cornerstone of their marketing initiatives for years. However, the research shows that this does not carry very much weight with the consumer when it comes to a market where people are clearly looking for the best possible rate. In order to ensure they remain competitive and retain their customer base, large banks need to think carefully about how they can maintain an attractive offering. Rate pricing is an important part of this, and where banks cannot offer attractive rates themselves, they should consider partnering with third party institutions who can”.

The accountancy profession can play a key role in helping businesses access the finance they need to secure their future beyond the pandemic, according to leading small business lender iwoca.

Small businesses need help from their accountants in applying for finance. iwoca is therefore aiming to make it easier for accountants to give their clients this much needed support by investing further in this critical channel. 

The crisis has brought into sharp focus the vital role accountants play in helping small businesses make sense of the options available to them to survive the turbulent economic environment. This is most evident with applications for the Coronavirus Business Interruption Loan Scheme (CBILS), of which iwoca is an accredited lender. Accountants are crucially needed to provide cash flow forecasts, financial statements and assistance, ensuring small businesses have the correct documentation to complete the application process.

Accountants need clear communication from lenders 

Accountancy leaders at a recent iwoca event expressed frustration when supporting their SME clients through CBILS applications with larger lenders, alluding to delays in response times, getting stuck in call centre queues and banks not understanding the needs of businesses. These difficulties are more salient for smaller companies, who do not benefit from close ongoing relationships with their bank like larger enterprises do.

iwoca has designed its CBILS application process to address these concerns and meet the needs of small businesses and their accountants. In response to the increased demand for help, the lender expects to triple the number of accountant referrals, delivering ten times more lending through this channel than before Covid-19. Each business receives a dedicated iwoca Relationship Manager who gives regular updates to accountants and can provide a decision on the application within days. This speedy, personalised approach is particularly important for those businesses whose financial needs are too large for a Bounce Back Loan but too small to qualify for a relationship manager at their main bank, meaning they risk losing out on vital assistance to guide them through the application process.

CBILS can help businesses plan for the longer term

The role accountants can play in supporting businesses to apply for finance through CBILS is all the more important because these loans are long-term solutions to help companies recover and rebuild, rather than emergency short-term funding. As a government-backed scheme the terms of the loan are uniquely attractive for businesses, meaning that CBILS will be a key component in helping them adapt and grow in the future. Emergency finance measures such as Bounce Back Loans have been successful in keeping businesses solvent in the short-term, however CBILS provides support to allow companies to plan ahead and manage cash flow - this contrast highlights how important accountants are in helping businesses apply for CBILS to use the funding to secure their long-term stability. 

Having already worked with over 1000 accountants, iwoca is now one of the first fintech lenders to reach out to accountants directly, illustrating the value that the company - which has lent over £1 billion to more than 50,000 small businesses - places on these essential operatives in the profession of supporting the future of SMEs. Accountants can sign up to become an iwoca CBILS introducer on iwoca’s portal.

Colin Goldstein, Commercial Growth Director, iwoca said: “The impact of Covid-19 means that small businesses need more financial support than ever to survive the crisis and rebuild their business. CBILS loans are a key part of the solution, and accountants are a key adviser and line of support for businesses applying for CBILS. iwoca has worked with more than 1,000 accountants nationwide to help them secure the right finance solutions for their clients, and we're now investing heavily to provide the support accountants need in securing CBILS loans for clients, in particular, small businesses who are struggling to get the support they need from the high street banks.”

Ben Johnson, Global Director of Financial Partnerships, Xero added: “If you’re a small business needing access to finance, you may find yourself being sent down a bit of a rabbit hole. Applying with a fintech can give you another option, and in many cases you will get a fast response and be able to share your financial information digitally. CBILS is a really powerful scheme that could set you up for the next couple of years of ramping your business back up, so while it’s still here I would urge businesses to explore it by speaking to an advisor, and if you do go ahead make sure you have a plan to serve the repayment of the loan.”

Della Hudson, Founder, Minerva Accountants added: “Automation is perfectly adequate when everything is going smoothly, but if there is a problem you need to be able to pick up the phone and speak to somebody. This is where a lot of banks are struggling - they are barely coping with the automation in place, and haven’t even thought about the backstop of a human being. It’s nicer dealing with fintechs and the more modern banks who are able to handle both the automation and the customer relations that really makes a difference.”

Trulioo, the leading global identity verification provider, today announced that it is now able to verify customers in Vietnam through GlobalGateway, the world’s largest identity verification marketplace. The extended GlobalGateway coverage will help organizations accurately and efficiently verify consumers and business entities throughout Vietnam.

“Our coverage in Vietnam will help remove barriers faced by consumers in accessing the basic financial services and support everyone deserves, while also providing businesses with a reliable way to meet compliance requirements and reduce risk,” said Steve Munford, CEO of Trulioo. “With one of the fastest-growing economies in the world, Vietnam’s appetite for digital advancements will fuel their GDP growth for a prosperous future.”

Even in the midst of COVID-19, Vietnam’s economy continues to thrive as it is one of the only countries that has not reported any deaths thus far. Their GDP growth rate is expected to reach 4.1% this year and jump to 6.8% in 2021. State Bank of Vietnam (STB) launched a circular document to guide intermediary payment services in 2014, and 32 non-bank fintech entities have opened up various types of electronic payment, money transfer and wallet services since. The guidance includes the need to “check, authenticate, update full and accurate information of customers registering to use the services.” 

Online security is becoming increasingly important to consumers around the world. Recent research conducted by Trulioo found that 62% of consumers indicated they prefer a slower account creation process with more rigorous identity verification to protect them from risk, rather than a faster process with fewer identity checks. With access to GlobalGateway, organizations working with Vietnamese businesses and consumers can streamline this process to better ensure they meet compliance requirements, mitigate fraud risks, and increase trust and safety online.

“Consumers expect businesses to protect their identity and security when they access their websites and mobile applications, and they also don’t expect to give up a smooth digital experience in exchange,” said Munford. “Businesses have to ensure their identity verification and wider onboarding processes find the right balance between speed and security.”

He added that “digital adoption will increase as governments, technology and telecommunication businesses continue to accelerate programs to improve connectivity and access to basic online services for all citizens. ASEAN is one of the regions that is making rapid progress in this area, and its speed of digital adoption and innovation will make it increasingly attractive to businesses and investors.”

GlobalGateway provides identity verification in more than 100 countries, including Southeast Asian countries such as Malaysia, the Philippines, Singapore and Thailand.

Developed to help businesses automate their customer onboarding processes and comply with AML and KYC requirements, GlobalGateway powers fraud prevention and compliance systems for hundreds of financial institutions, payment companies, banks,  and online marketplaces worldwide.

Antler, the global early-stage VC enabling entrepreneurs to build and scale businesses around the world today announces the appointment of Ole Ruch as partner and board member.

Ole Ruch is the founder and managing partner at Nordstar where he works with portfolio companies and clients on growth strategy, taking active roles to help shape their future. Prior to that, Ruch was at WeWork from 2015-2020, as managing director and head of Asia, launching and overseeing the company’s expansion and operations in the region, before subsequently leading on WeWork’s global strategy. 

Prior to joining WeWork, Ruch - an active angel investor - has invested in and advised growth companies on their international operations and expansion. He served as managing director international at Airbnb, overseeing their markets in Northern Europe and Asia and, prior to that, was based in East-Asia and Russia managing international markets as VP international for Groupon. Ruch also serves on the board of Fredensborg AS, the third-largest residential owner-operator in Europe.

As part of Antler’s board, Ruch will focus on international expansion, strategic partnerships, and investment management. Ruch will bring invaluable operational experience and insight to the Antler team, particularly around scaling big organizations, building global platforms and crafting large partnerships.

Magnus Grimeland, founder and CEO of Antler, comments: “We are very excited to have Ole joining the team, and working with us globally to build on Antler’s work and expertise. I know Ole’s operational experience will prove invaluable to the Antler team and our portfolio companies. Not only does Ole bring a wealth of knowledge on growing businesses to global scale – which is exactly the aspiration we have for every single Antler portfolio company – but he is also an investor, and knows what to look for to cultivate best-in-class, category-defining companies.”

Ole Ruch, partner and board member at Antler, adds: “I am delighted to be joining the Antler team – and at such an important time. I have been impressed with how they have scaled their platform and the impact they are already having. I look forward to being a part of pushing this growth even further and helping our portfolio companies gain traction and scale. My relationship with Antler began as an early investor – because I believed in what the team was doing, and in the companies they were helping to build. So much so, in fact, that I wanted to take things a step further. Now, I cannot wait to work together on our mission: to enable and invest in the world's most exceptional people building the defining companies of tomorrow”.

Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader, announces that MUFG Investor Services, an industry leader in administration, asset servicing, banking and fund financing, has selected Broadridge’s Sentry loan tracking and reporting technology to service its clients in the private debt space.

With recent growth in the private debt, private credit and direct lending market, and the growing demand for software capable of administering and handling loans, MUFG Investor Services has chosen to partner with Broadridge to implement its Sentry Loan Portfolio Management system. This web-based system, which Broadridge added to its solution set with its acquisition of ClearStructure Financial technology, allows MUFG Investor Services to manage all aspects of its loan administration and service clients in a more efficient way.

“The private debt business is experiencing tremendous growth right now among middle markets and smaller firms, and we want to have a platform that caters to the needs of this thriving business,” said Treabhor Mac Eochaidh, head of Debt Services at MUFG Investor Services. “By adopting Broadridge’s system, we’re tapping into the most comprehensive and flexible loan system on the market and expanding our offerings to meet the evolving needs of our clients.”

“The Sentry solution is designed to address front-, middle- and back-office functionality, and positions firms for the future with optimal transparency and efficiency,” said Eric Bernstein, Broadridge’s president of Asset Management Solutions. “In working with the Sentry system, MUFG Investor Services will be better able to streamline its processes and address the current demands of private debt funds.”

Besides managing day-to-day loan administration, the Sentry Loan Portfolio Management system allows users to monitor compliance issues and reconcile and aggregate data to streamline or automate processes.

In the world of financial services, regulations and business risks are constantly evolving. Surveillance models that get the job done today could be out-of-date tomorrow, potentially exposing firms to fines and reputational damage. To address this challenge, NICE Actimize, a NICE (Nasdaq: NICE) business and the leader in Autonomous Financial Crime Management, has introduced an enhancement to its SURVEIL-X Holistic Trade Surveillance solution that provides self-service analytics, called SURVEIL-X Studio. This all-in-one approach enables Financial Services Organizations (FSOs) to rapidly create, test and deploy custom analytic risk detection models.

Instead of wasting time coding, and sourcing and scrubbing data, business analysts who use SURVEIL-X Studio can focus their expertise on creating risk models to close coverage gaps and solve complex compliance challenges. Non-technical business analysts can effortlessly create models using SURVEIL-X Studio’s drag-and-drop interface, choosing from an expansive library of customizable templates or easily building their own rules from scratch.

SURVEIL-X Studio also features built-in integrations to data services (including trading data and market data), and common business functions and calculations (including currency conversions and market trends).

Chris Wooten, Executive Vice President, NICE, stated, “Today, many firms are attempting to plug surveillance gaps with in-house solutions or by mixing and matching out-of-the-box products from different technology providers. These temporary measures don’t provide complete coverage and may force analysts to work in silos which can be risky, costly and time consuming. With SURVEIL-X Studio, NICE Actimize has leveraged decades of experience to create an all-in-one, self-service analytics solution tailored to the needs of financial services organizations. Firms get complete surveillance coverage without the added costs, hassles and limitations of in-house or multi-vendor solutions.” 

Using SURVEIL-X Studio, testing and implementing risk models is fast, easy and seamless; business analysts can deploy rules into tests and promote them to production with a single click with fully auditable, built-in change control processes guiding them every step of the way. Additionally, once rules are deployed into production, all alerts are delivered to analysts on the same ActOne case management platform, for a consistent, seamless user experience. ActOne’s rich visual alerting capabilities provide comprehensive graphical representations of all detected risks, along with detailed timelines of events and explanations of alerts, leveraging a broad range of risk factors, including communications, trades and more. 

SURVEIL-X Studio is part of NICE Actimize’s SURVEIL-X,the industry's first AI-powered, cloud-native, true holistic surveillance solution. SURVEIL-X detects all forms of risky behavior to ensure compliance with key global regulations, including MiFID II, Dodd-Frank, MAR, Regulation Best Interest and others. SURVEIL-X offers unparalleled risk coverage for buy- and sell-side firms, insurance companies, crypto exchanges, regulators and more by enabling accurate detection and rapid, thorough investigation of market abuse, inappropriate sales practices, conduct risk and other undetectable compliance risks to insulate firms from fines and reputational damage. 

Learn more:

• For further information on SURVEIL-X and SURVEIL-X Studio please click here.

• To learn how to leverage self-service analytics to improve your firm’s risk coverage capabilities, please click here to view our recorded webinar. Registration required.