iDenfy, a global RegTech startup offering AI-based identity verification and fraud prevention tools, joined forces with a New York City-based furniture platform offering furniture rentals and designer-curated furniture packages without the burden of ownership. iDenfy will be responsible for verifying and onboarding new customers while helping keep their KYC data safe for the Everset. 

The Everset required the capability to verify customer IDs for new orders and store this data. This served as a preventive measure against individuals attempting to manipulate the credit reporting/collections system in the US. The Everset team believed that by mandating the verification of government-issued ID documents during delivery and making customers aware of their stored date of birth (DOB), they could effectively eliminate or significantly decrease such problematic activities.

Currently, the Everset aims to fundamentally change what the moving process entails for everyone. Rather than being immersed in the complexities of moving and the decision-making involved in selecting which furniture items to sell, the company assists customers in reducing furniture waste. This innovative concept has garnered substantial attention, enabling the business to rapidly expand its customer community and establish a novel security benchmark in the realm of furniture rental services.

When dealing with individuals engaging in malicious activities, the Everset did not store records of government-issued identification. From the time the furniture rental platform was introduced to the general public, the Everset’s team reported that approximately 13% of active accounts were categorized as NPNR (Non-Paying, Non-Returning). These accounts resulted in the company's average cost of several thousand dollars each.

Conventional face-to-face meetings and the practice of storing customer data through physical paper documents were not suitable choices for The Everset. The company searched the market for a digital, automated, and cost-efficient solution to address security concerns and streamline the process of verifying customer information. According to the company, the goal was to build a new, fully automated customer onboarding process that would minimize fraudulent accounts and prevent them from registering on their platform. 

They decided to implement iDenfy’s AI-powered identity verification software as a solution. The Everset partnered with iDenfy due to its solution’s accuracy, easy integration, and, more importantly, ability to prevent fraudulent attempts to purchase The Everset’s furniture rental services. Moving forward, iDenfy aims to minimize the Everset's loss of projected recurring revenue. This will be achieved by gathering and securely maintaining customer data in accordance with Know Your Customer (KYC) regulations. Additionally, iDenfy will ensure the verification of each customer during the new account creation process. 

iDenfy’s algorithm analyzes different points of the user’s face in real time, creating a biometric face map that detects deep fakes, altered pictures, face masks, and other fraudulent attempts to pass the identity verification process. Based on the customer’s risk profile, iDenfy offers customization options, meaning that the Everset’s team will be able to adjust the level of friction during the KYC flow while deterring fraudsters with maximum accuracy rates. Furthermore, iDenfy will assist its new partners in securely storing and protecting personal information. This will be done while ensuring that the Everset retains control over the ability to access and modify policies as required.

"Preventing fraud at the first stage of the customer cycle is paramount. That said, we're thrilled to support the Everset in welcoming new customers with enhanced security through a robust, automated identity verification system,” — commented Domantas Ciulde, the CEO of iDenfy.

Airwallex, a leading global payments and financial platform for modern businesses, today announced its partnership with Public, a U.S.-based multi-asset investing platform, to minimise conversion costs for UK investors when purchasing U.S.-based equities on the Public app.

The news comes on the heels of Public’s entry into the UK, the company’s first expansion outside of the United States. With this launch, UK members can create a portfolio with over 5,000 U.S.-listed equities, benefit from low FX fees, and zero commission trading during U.S. stock market hours, all while accessing Public’s deep data and insights. 

Airwallex’s financial infrastructure and global payment capabilities create a seamless investment journey for Public’s customer base. Through Airwallex's API and developer toolkit, Public is able to create a frictionless experience for UK investors when they convert their GBP into USD in order to invest in U.S. stocks, providing a competitive edge for Public as it continues to grow its UK user base. Airwallex’s integration has made it easier for UK members to access the US markets. 

Ryan O’Holleran, Head of Enterprise Sales, EMEA at Airwallex, commented, “Access to a global investing platform levels the playing field for retail investors, and Airwallex’s financial operating infrastructure enables businesses like Public to operate on a global scale. We’re excited to be powering Public’s UK app and further break down barriers for UK investors to access the U.S. market.”

Speaking about this partnership, Dann Bibas, GM of International at Public, said, “Partnering with Airwallex has allowed Public to take the first step toward growing from a U.S.-based-investment platform to a global one, aligning with our mission of making public markets work for all people. Looking ahead, we’re confident that Airwallex’s suite of products across cross-border payments and FX will enable Public to support more investors in more places for a long time to come.”

Surecomp today announced that it is partnering with Pelican AI, a global provider of AI-powered financial crime and compliance solutions, as part of a collaborative vision to drive the digital transformation of trade-based risk management.

Offering comprehensive solutions to financial institutions worldwide, the new collaboration between Surecomp and Pelican AI will specifically address the need for more streamlined and readily accessible data from within trade documents. By intelligently automating trade documents and accurately extracting and validating data from the trade finance process, financial institutions using RIVO™ will be able to improve trade productivity, reduce risk, ensure compliance and ultimately boost scalability to process burgeoning trade volumes.

The complexity and paper-based nature of the trade finance process means that scaling up an industry-compliant operation requires a level of automation and efficiency provided only by digital solutions. The biggest concern for many financial institutions is how to ensure regulatory compliance while driving growth without draining resources.

Parth Desai, CEO of Pelican AI, said: “We are pleased to partner with Surecomp, creating a unique combination of proven trade finance and compliance expertise with best-in-class innovation leveraging both Artificial Intelligence and the cloud, while further presenting a major opportunity to support financial services organizations of all sizes.”

“We are delighted to welcome Pelican AI as the latest fintech partner to our RIVO™ hub,” says Enno-Burghard Weitzel, Surecomp’s SVP Strategy, Digitization and Business Development. “Compliance is probably the number one challenge for banks worldwide and by partnering with Pelican we are enabling them to alleviate the regulatory burden and provide the necessary data and reports on demand.” 

Sumsub is launching a six-month free trial of its Travel Rule compliance solution, starting September 1st. The product will support its cryptocurrency clients as the United Kingdom begins its enforcement of the landmark Crypto Travel Rule legislation on 1 September, aimed at combating money laundering and terrorism financing in the industry. 

This extends the Financial Action Task Force’s (FATF) Recommendation 16 to virtual assets (VAs), including cryptocurrencies, and to Virtual Asset Service Providers (VASPs). The Travel Rule mandates that both senders and recipients of all transfers involving VAs must exchange identifying information, ensure its accuracy, and convey the data to government authorities when required. 

Travel Rule Compliance Solution

Sumsub unveiled its initial Travel Rule solution in March. The product facilitates secure information transfers between VASPs in accordance with compliance requirements, enabling crypto firms to both send and receive Travel Rule messages for corresponding transactions. The free trial plan gives access to a single console with the ability to create up to 10,000 outbound transactions and process an unlimited number of inbound transactions, free AML checks over the whole trial period and setup of unlimited numbers of rules reflecting the regulatory and business requirements of each client. Sumsub will also offer additional premium and enterprise plan options with increased limits on the number of outbound transactions, among access to various other features. 

Sumsub’s trial of the Travel Rule solution will be accessible to more firms and facilitate compliance with new UK laws to ensure readiness for the EU’s Transfer of Funds Regulation (TFR) and Markets in Crypto-Asset (MiCA) regulations, coming into effect in 2024. New clients will join Sumsub’s ecosystem of over 1,000 crypto businesses which includes over 500 VASPs. 

Rise in Anti-Money Laundering Fines

By the end of 2022, the cumulative sum of Anti-Money Laundering (AML) fines reached nearly a staggering $5bn dollars. A significant portion of these stemmed from the inadequate implementation of identity verification and KYC processes. 

Travel Rule is set to enhance transparency and accountability in crypto transactions, further aligning the regulatory framework with the traditional financial sector. Against the backdrop of recent market upheaval, with the challenges faced by major crypto exchanges, global governments are taking decisive actions to bolster regulations and provide clarity to the evolving industry.

Global Travel Rule Implementation

In June 2023, the FATF deemed Travel Rule’s implementation to be “relatively poor,” with three-quarters of jurisdictions only being partially compliant or not compliant with the requirements according to mutual evaluation and follow-up reports.

Japan and Hong Kong have enforced the Travel Rule for crypto transactions in June this year, with Portugal implementing Crypto Travel Rule in July. Lithuania is set to enforce Travel Rule in 2025. In the United States, the crypto Travel Rule is enforced for VA transactions that exceed $3,000.

"Addressing the compliance challenges posed by the Travel Rule requires a collective effort from everyone in the crypto industry – be it regulators, crypto businesses, users themselves and verification platforms such as Sumsub. Compliance with legislation like the Travel Rule will play a pivotal role in fostering trust and transparency for the crypto industry, and we are proud to be at the forefront by providing an effective solution that caters to the demands of an increasingly complex regulatory landscape. Our free compliance product trial reflects our ambitions to ensure a compliant VASP ecosystem. UK-based VASPs could potentially become compliant from day one of the new legislation. We remain committed to anticipating regulatory changes and introducing visionary solutions for markets ahead of implementation, as we have done with our Travel Rule solution,” explained Jacob Sever, Co-Founder & Chief Innovation Officer at Sumsub.

Pointspay, a leading global loyalty solutions provider, has announced the launch of their new ‘MarPay™’ concept to be used exclusively on their platform. The term MarPay™ combines three principles of business: Marketing, Payments and Loyalty. Through this combination, Pointspay gives companies the ability to grow profits in a unique and targeted way by joining loyalty programmes with a global network of advertisers and payment providers.

Pointspay addresses the common issues advertisers are regularly dealing with and ensures they can get the most from their customer interactions. MarPay™ allows advertisers to market directly to consumers with loyalty balances which can help boost average order value and conversion as customers feel more inclined to spend increased amounts when combining their available cash with the stored value of their loyalty points.

Through Pointspay’s unique technology, loyalty partners and advertisers can offer customers the opportunity to pay in a variety of manners, including a split of loyalty points & cash, leveraging Pointpay’s two, global points-plus-cash patents. 

The MarPay™ platform Pointspay aims to tackle and evolve the current challenges that consumers face when it comes to payments and loyalty such as intuitive use of points and greater opportunities to earn and spend points instantly. By providing these varied opportunities to spend & earn, businesses that utilise Pointspay see their customers' average basket value increase by upwards of 30%. 

In a recent activation, a partner working with Pointspay saw a 232% increase in e-commerce revenue, a 194% rise in redeemed loyalty points & a 277% increase in cash spent from members of the loyalty scheme between April & May when using the new MarPay™ technology.

This activation is a clear example of the potential that MarPay™ platforms like Pointspay can offer loyalty partners & advertisers going forward and additionally how consumers engage with their loyalty schemes with greater ease and efficiency. 

Reacting to the launch of the MarPay™ Dominic Hofer, Founder and CEO of Loylogic Group, commented: “MarPay™ is the cultivation of years of dedication and innovation from the teams at Pointspay. Our commitment to evolving the loyalty process has led us to the creation of this industry-leading product and we’ve seen incredibly positive results to date since we have rolled it out to our clients and their customers.” 

Lansy Joseph, Chief Product Officer at Pointspay added: “MarPay™ takes advantage of the surge in loyalty and payment technology we have seen released over the past few years. Through these advancements, we’ve been able to create a product that provides customers with what they want from a loyalty scheme, i.e. greater options, as well as gives clients a more insightful and valuable effect for their marketing capabilities. 

Our recent work is just the beginning of what we hope will become a staple product of the loyalty and payment sector for years to come.”

Profile, a leading international financial solutions provider, has announced today that FundBank, headquartered in Cayman Islands, has selected the leading Axia Custody solution to manage and automate their Custody & Portfolio Management operations.

FundBank is an industry-leading institutional banking provider, delivering banking solutions to the alternative asset management industry on a global scale. The organisation regards its technology platform as its strategic business differentiator, paramount to offering its customers multi-asset and multi-currency global processing capabilities with enhanced, efficient and timely Corporate Actions Reporting. In addition, it provides its clients with an Online Portal, offering Order Transmission capabilities and specialised cash management workflows for money market funds.

Utilising the omnichannel capabilities from Axia Suite, FundBank’s clients shall access their account positions directly, generate reports and send orders through an intuitive branded user interface with flexible widgets, secure messaging and other tools. The flexible mechanisms of the Integrated Interface with Core Banking systems, one of the main advantages of the Axia Custody solution, shall offer an easy and seamless flow of data as well as optimisation of processes and communication with the existing Core Banking system of FundBank.

Using the full potential of Axia Custody, FundBank will experience unmatched functional capabilities, configurable workflows, customisable dashboards and reports as well as powerful customer online access, underpinned by future-proof, cloud-native technology and modular architecture, whilst reaping the benefits of unique flexibility, cutting-edge technology, performance and integration capabilities.

Mr. Adam Rossiter, Chief Operating Officer (COO) at FundBank says that “in the face of rapid technological advancements, Profile’s solution shall allow us to benefit from complete control over our custodian operations in a single platform with seamless integration to our systems and enable us to offer a competitive omni-channel experience to our clients. As Fundbank prepares to expand further into key global markets, with additional products and services, the addition of the Axia Custody solution will further enhance its ability to be well positioned to meet the complex and ever-changing needs of the funds industry.”

Mr. Aris Iliopoulos, Regional Managing Director at Profile mentions that “we are delighted to collaborate with Fundbank by offering the Axia Custody solution, which uses the latest technology standards and applies international best business practices. The solution shall empower the bank to profitably perform both internal and client-oriented operations with flexibility at minimum operational risk and cost whilst generating a better customer experience ecosystem.”

Axia is becoming the preferred choice for financial institutions across the globe. The platform’s continuous evolution and rich functionality offer a unique experience, delivering unrivalled client value.

Tradeweb Markets Inc., a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced that it has completed its acquisition of Yieldbroker, a leading Australian trading platform for Australian and New Zealand government bonds and interest rate derivatives covering the institutional and wholesale client sectors. The A$125 million, all-cash transaction was announced in May 2023.

This acquisition combines Australia and New Zealand’s highly attractive, fast-growing markets with Tradeweb’s international reach and scale. Australia is the fifth largest pension fund market globally and has the twelfth largest sovereign bond market. Founded by the key firms underpinning these markets, Yieldbroker has harnessed the expertise of its members and customers to deliver a trading solution that has continuously evolved to meet the needs of its users. Yieldbroker also operates an electronic auction platform to conduct primary auctions in Australian and New Zealand government bonds.

“Tradeweb and Yieldbroker share a strong commitment to client collaboration and continuous innovation, and both of us were born out of a dealer-owned structure,” said Tradeweb CEO Billy Hult. “Now operating as one Tradeweb team based in Sydney, we are exceedingly well-positioned to seamlessly connect markets in Australia and New Zealand with our global network of clients and dealers.”

“Yieldbroker’s deep understanding of Australia and New Zealand, and the unique features that make these markets so important, are truly unmatched,” said Yieldbroker CEO Anthony Robson. “As part of Tradeweb, we can work with clients around the world to ensure they can take full advantage of all that we have to offer, while leveraging Tradeweb’s global presence to bring a world of opportunity to our local community.”

Both Tradeweb and Yieldbroker were early innovators in the electronification of fixed-income markets, having been founded in 1996 and 1999 respectively. In bringing together the two platforms, Yieldbroker’s client network will benefit from Tradeweb’s global multi-asset marketplace, deep liquidity and advanced technology. Meanwhile, Tradeweb customers worldwide will gain access to Australia and New Zealand’s growing bond and derivatives marketplaces, helping to further expand Tradeweb’s Asia Pacific footprint.

“Tradeweb has seen a huge amount of growth outside of U.S. and European markets with APAC leading much of that expansion,” said Enrico Bruni, Head of Europe and Asia Business at Tradeweb. “Tradeweb customers have been very positive about the acquisition, which will allow them to express nuanced views that include Australia and New Zealand as important parts of their global strategies through the single Tradeweb interface.”

Temenos today announced that Orion, a leading digital transformation and product development services firm, has signed an agreement to license and further develop Temenos Country Model Banks for financial institutions in Ireland, Bulgaria, Hungary and Slovakia. The agreement opens new opportunities for growth with enhanced local functionality and service capability in these markets.

Country Model Banks are a key differentiator for Temenos and through such licensing agreements, Temenos is able to scale this competitive advantage, further developing and also building new model banks compatible with the banking solutions on Temenos’ composable platform and SaaS offerings on Temenos Banking Cloud.

As part of this new agreement, Orion commits to significantly invest and develop regulatory and business-specific localized functionality to further enhance the Temenos Model Banks for financial institutions in these four countries. This will result in lower cost of ownership as well as greater agility and speed to market for new offerings in these markets.

Temenos and Orion share long-established relationships with customers in Europe. All clients will be able to work with Orion and Temenos to enhance the Model Banks and contribute to the product roadmap.

Orion is a multi-regional partner specializing in implementation services for core banking and digital banking solutions to Temenos clients. This includes large-scale delivery centers strategically located in Bulgaria, Romania, and Serbia, complemented by well-established regional offices in London and Dublin.

Working together, Orion brings additional service resources to support Temenos clients’ modernization programs and drive revenue growth in these specific markets through cross-selling and by incorporating regulatory requirements and innovations relevant to local market practices.

Ross Mallace, EVP and Global Head of SaaS & Partner Ecosystem, Temenos, said: “We are excited to announce this agreement with Orion, which supports the growth plans and opens new opportunities with financial institutions in Ireland, Bulgaria, Hungary and Slovakia. Orion will become a trusted partner for the development and maintenance of Country Model Banks for these countries and help customers in their progressive technology renovation. Such agreements bring additional value to our platform, which benefits our clients and ultimately delivers incremental growth for Temenos.”

Anoop Gala, EVP and Global Head of Financial Services, Orion, commented: “We are delighted to be granted this license by Temenos to develop Country Model Banks to drive growth and customer success. This agreement is a testament to our capabilities as a long-standing partner of Temenos, expertise with modern platform architectures and our deep knowledge of local market practices and regulations. With a strong presence in the European bloc with over 2,000 resources in the region, Orion is well placed to support the needs of our key client partners as they scale and optimize their businesses on the Temenos banking platform.”

Recognized as one of Europe's FinTech hubs, Vilnius will host a high-level international anti-financial crime conference with guests and speakers from five countries.

The Vilnius Financial Crime Fighters 2023 event will take place on 20 September at the Vilnius Tech Park and aims to bring together AML/CFT professionals from various sectors, including financial institutions, regulators, law enforcement and technology experts from Lithuania, Latvia, Estonia, the British Isles and Portugal, to share knowledge, insights, and strategies to combat money laundering and related financial crimes.

The conference is organized by AMLYZE, a leading RegTech company specializing in anti-financial crime solutions for FinTechs, neo-banks and crypto businesses. It is backed by the Lithuanian Financial Crime Investigation Service and organized in partnership with Ellex Valiunas, an internationally recognized law firm from the Baltics. 

"Our event will bring together prominent experts, thought leaders and industry professionals from around Europe to explore the latest trends in anti-financial crime and compliance. As the regulatory landscape becomes increasingly challenging, there is a clear demand for the community to come together and discuss the latest developments. It will undoubtedly be one of the most important anti-financial crime events in the country this year, with thousands of highly skilled AML/CFT professionals in attendance and the country’s ambitions to attract the European Union's Anti-Money Laundering Authority (AMLA) to establish its office in the country," said Alexandre Pinot, Co-Founder and Head of Innovation and Strategy at AMLYZE.

Among the topics to be discussed at the conference are the long-awaited implementation of the MiCA regulation, the emergence and evolutions of the banking as a service (BaaS) model, the upcoming third Payment Services Directive (PSD3) and the urgent need for information sharing mechanisms between financial market participants.

Among the distinguished speakers and panellists at the conference will be representatives of the Council of Europe's Moneyval, the Bank of Lithuania, the Bank of Latvia, the Financial Crime Investigation Service in Lithuania, The Center of Excellence in Anti-Money Laundering in Lithuania, Ministry of Finance of the Republic of Lithuania, Financial Intelligence Unit in Estonia, SEB, Swedbank and other companies and institutions.

The event is free, registration is required and is now open here. The full agenda of the event is published on the AMLYZE website here.