Path Solutions, a global Islamic Fintech solutions provider, is delighted and proud to announce that it was selected ‘Best Islamic Technology Provider’ at IFN Service Providers Poll 2018 for the 11^th consecutive year, 12 times in total.

Commenting on the above achievement, the Group Chairman & CEO of Path Solutions, Mohammed Kateeb stated, “I’m honored to celebrate our record-breaking 11^th win today. This recognition arrives on the heels of many other 2018 honors for Path Solutions’ excellence and innovation in industry-leading Islamic financial technologies. Our vision is rooted in our drive to innovate. Over the years, we have capitalized on the strength of our Islamic core banking platform, and we are continuously enriching it by introducing technologies that focus on intelligence, analytics and digitalization of our client services enabling them to offer rich, consistent and highly differentiated customer experience. We thank our clients, partners and IFN readers for voting for us, as it inspires us in our mission to advance and continue to deliver state-of-the-art set of solutions and services”.

This year, REDmoney’s IFN poll received a record-breaking number of votes. Eleven categories were contested to determine the most influential Islamic finance service providers with high-level commitment to continuously contribute to strengthening the soundness of the global Islamic finance industry as it continues its positive growth trajectory.

Andrew Morgan, Managing Director & Publisher of IFN commented, “In another big year for Islamic tech behemoth Path Solutions, the firm is crowned ‘Best Islamic Technology Provider’ for the 11^th consecutive year, winning a total of 12 times, demonstrating its unparalleled edge in one of the most hard-fought categories of the poll. Oracle FSS came in second. IFN would like to extend its most sincere and heartiest congratulations to all winners and deepest gratitude to all voters for making the IFN Service Providers Poll the most trusted yardstick for performance and benchmark of excellence for the industry’s unsung heroes”.

Path Solutions’ string of recognitions is a result of its pioneering and catalytic role, being at the forefront of the international Islamic financial services industry. The company’s multi-award winning Islamic core banking platform includes a web-based, cloud-first solution designed to add significant value, flexibility, control, and operations visibility to clients around the world. Path Solutions has received praise from distinguished scholars and industry analysts on a global scale.

The Western Union Company (NYSE: WU), a leader in cross-border, cross-currency money movement, has launched online money transfers in Malaysia via the Western Union^® mobile app and westernunion.com, enabling customers to send money with a few clicks, 24/7, to almost anywhere in the world.

Western Union’s digital services in Malaysia enable direct money transfers for payout at Western Union’s retail network of more than half a million agent locations in more than 200 countries and territories, or directly into billions of bank accounts worldwide. Western Union is fast-tracking its digital footprint across the world and today has online services in more than 50 countries and territories.

“We are accelerating our digital presence to mirror our iconic retail footprint globally and locally to offer customers multi-channel choice to suit all their money transfer needs,” said Molly Shea, Senior Vice President & General Manager, Global Money Transfer, Asia Pacific, Western Union. “Our customers value us for our speed, convenience and reliability in serving their money transfer needs – up until now, offered through our wide retail footprint. We are pleased to take all of these features and much more and offer our services at their fingertips via our globally high star-rated mobile app or transactional web.

“Our customers still retain the choice to access 2,800 Western Union Agent locationsⁱ across the country to send money transfers in person – this reflects our commitment to providing true choice and more options to connect to their families and friends around the world,” said Shea.

Western Union’s mobile app also enables customers who prefer paying for their transactions in person to commence their transaction on the app and then visit an agent location to complete their transaction more quickly.

Customers can send up to RM3,000 per day and fund their transactions online from their local internet banking accounts with FPX (Financial Process Exchange) participating banks.

The advanced economy of Malaysia makes it a notable destination for labor migrants from neighboring countries. According to the IMF, Malaysia’s economy continues to perform strongly, and the country is well on its way to achieving high-income status. On the domestic front, Malaysia’s strong employment is boosting private consumption, and investment is also helping to drive growthⁱⁱ.

Malaysia has a high smartphone penetration at 98 percentⁱⁱⁱ. According to a study titled Unlocking the Economic Impact of Digital Transformation in Asia Pacific^iv by Microsoft and IDC Asia/Pacific, by 2021, digital transformation will add an estimated USD $10 billion to Malaysia’s GDP, and increase the growth rate by 0.6 percent annually, factors that underscore the need for convenient digital channels for cross-border money transfers.

CUSTOMER GUIDANCE

In line with Central Bank of Malaysia regulations, prior to the first use of the online service and the app, customers are required to register on www.westernunion.com/my. Once the email address is verified, customers will be directed to enter their valid ID details and upload a copy of the same ID. Acceptable ID’s include a passport, government issued ID, driver’s license, residence permit with photo, work permit with photo, emergency passport, UNHCR Card, military/police/government ID or I-Kad.

After registration, to complete the initial transaction, customers should input the amount to be sent and the destination country. Customers can then choose the “pay in store” option, enter receiver details, verify the information is correct and click send. Within 24 hours, customers can head to the most convenient location with the money transfer control number (MTCN) and the same original valid ID used during registration. In store, once the Western Union representative verifies the original ID with the details online, the sender can proceed to fund the transaction. The customer will be notified via email of their successful verification. After the initial registration and verification process, the customer can conveniently send Western Union money transfers any time, with a few clicks, from their mobile phone or online.

In addition to the convenience and reliability of sending money any time, the website and app (available for iOS and Androidusers) enable customers to estimate fees and foreign exchange rates for online money transfers, view past and pending transactions, view payout options available in the receiver’s country, and access round-the-clock customer service. Customers can also track money transfers online or find a Western Union agent’s location where the money can be collected.

nexo standards, the association dedicated to delivering fast, interoperable and borderless card payment acceptance, today announced that First Data (NYSE: FDC), a global leader in commerce-enabling technology, is one of a group of early adopters deciding to implement the latest nexo messaging protocols and specifications into its payment platform.

First Data, which became a member of nexo standards in 2013, will integrate the new nexo standards NIS v.4.0 Specification Guidelines. The updated specification defines the necessary nexo standards messaging protocols and related steps required to implement nexo IS solutions; this includes the development of point of interaction applications, host systems and terminal management systems.

“First Data is thrilled to be one of the early adopters of the latest nexo standards specifications, which simplify the process for our clients working to expand their businesses into new regions,” said Michael Neborak, Executive Vice President, Head of EMEA Region at First Data. “This cross-border payment systems compatibility will help global businesses manage all of their POS and eCommerce transactions from one central payment acceptance platform, regardless of the country they operate in.”

nexo standards offers a suite of messaging specifications and protocols which adhere to ISO 20022 standards, are universally applicable, and freely available globally. The specifications and protocols enable card payment acceptance stakeholders to establish standardised cross-border payment infrastructures.

The freedom that nexo’s universal acceptance standards provide put First Data at the forefront of new payment innovation.  First Data utilised the nexo messaging specifications to provide a central payment acceptance platform for the AccorHotels Group, a global leader in travel and lifestyle. The nexo specifications have enabled AccorHotels to manage all its POS devices and eCommerce transactions from one central location, regardless of which country they are operating in.

First Data’s integration of the latest nexo specifications will include future adoption on its Clover platform. Clover is a business management platform designed for small and institutional businesses, and is currently available to merchants in the United States, United Kingdom, Ireland, Germany and Austria.

“As a Principal member of nexo standards, First Data has long been an advocate of the benefits of our messaging specifications and protocols,” comments Arnaud Crouzet, General Secretary of nexo standards. “The company handles 79 billion transactions per year across more than 100 countries, so its decision to incorporate nexo into its worldwide payment strategy is a huge endorsement.”

First Data will be using the nexo FAST, nexo Retailer, nexo Acquirer and nexo TMS Specifications.

SysGroup PLC (‘SysGroup’), the award-winning managed IT services and cloud hosting provider, has today announced another period of significant growth with revenue up 47.3 per cent to £5.8m for the six months ending 30th September 2018.

Recurring managed IT services represented 77.8 per cent of the Group’s total revenue during the period, underpinning the ongoing success of its growth strategy and investment in people.

The results follow the unification of SysGroup’s operations and service offerings, which were launched under a single brand earlier this year. The company also welcomed Martin Audcent to its board of directors in the summer, taking up the position of Chief Financial Officer.

Continuing to invest in its service offering and keep up with the pace of technological change, SysGroup added its second hyper-scale cloud platform into active service during the period to continue to meet the demands of its existing customers and support future growth.

The Group’s growth over the past six months has been driven largely by investments made to strengthen its sales and marketing functions, whilst continuing the focus on maintaining exceptional customer service levels.  

Adam Binks, Chief Executive Officer of SysGroup, commented:

“Since taking on the role of CEO at SysGroup, we’ve spent the first half of the year investing in our business, our people, our brand and in our systems. As a result, we have a more sales-focused workforce all working towards the same common goals. We are beginning to see the results of this investment through a strengthened pipeline and remain confident in delivering full year performance in line with current market expectations.

“Cyber security, governance and compliance are three key areas that businesses look for in managed IT services. They want to understand where liability lies in the case of a data breach and make their chosen solution as cost effective as possible – which is where SysGroup can really begin to add value.

“We’ve positioned ourselves as an extension to our customers’ existing IT departments and our consultative-led approach allows us to guide customers through the complexities and developments of the ever-changing technology landscape.”

The streamlining of its market focus and brand awareness campaigns has positioned SysGroup as a leader in managed IT services and cloud hosting solutions – the success of which is reflected in the company’s recent award wins, including taking home Security Vendor of the Year in Computing’s Security Excellence awards, and scooping runner-up in Computing Security’s Best Customer Service award.

SysGroup delivers a wide range of managed IT services, cloud hosting, managed IT Security and consultancy services to its customers across a range of sectors, including financial services, insurance, retail, technology, not-for-profit, education and healthcare.

• Product Reviews
• 26.11.2018 07:27 am

What is the solution?

The Auto Collection system is a robust collections software solution that is introduced to reduce and mitigate risk of managing past due or delinquent accounts. This automated system monitors the customer’s accounts which have unpaid arrears in order to track any amount that becomes available, and blocks it against these arrears, before being drawn or used by the customer. ICS BANKS Auto Collection System drives efficiency by providing the financial institution with the ability to automate collections, recovery and tracking of past due accounts, which in-turn optimizes the collection proceses and minimizes operational risk. It streamlines the tracking and monitoring of different types of arrears, using the criteria that was set by the financial institution, according to its needs. The system provides also the financial institution with the facility of choosing from many different criteria, such as arrear type, amount, date and priority. Fully and real-time integrated with ICS BANKS family of products, mainly with ICS BANKS Lending, Credit Cards settlement, discounted bills and charges. The system is easy-to-use that empowers the financial institution to efficiently have control of collecting on arrear accounts.

What was the demand for the solution? 

This solution came up from the increasing need of our clients to replace the manual debt collection proccesses with an automatic and more efficient collection mechanism, which will boost collections success and reduce operating costs and risk.

What is the core function of the solution? 

This solution works automatically in the background, monitors the past dues and validate the related customer account(s) for the availability of fund. Once the fund is available either partially or completely in the customer account, the system blocks the needed amount. Accordingly, the customer will not be able to use this amount until the settlement is done at the end of the day.

Who needs the solution? 

This solution is needed by all banks which grant any type of facilities to its customers.

What are the key features of the solution? 

1. An end-to-end automated system that sits on top of sophisticated business processes to streamline the entire collection process and enhance operational efficiency.
2. One centralized system which follows up all types of past dues.
3. Real-time collection process which works transparently in the background.
4. Eliminates the manual collection processes which in turn reduces operating costs.
5. Reduces the turnaround time of recovering customers debts.
6. Reduces the risk of having delinquent accounts by blocking any amount that becomes available in the customer’s account, to prevent the customer from using it until the past dues are settled.
7. Light and high-speed process.
8. Fully parametrized system where the user can set up the parameters of the system such as the type of dues to be followed up, collection priorities and involvement of the customer’s related accounts.

Nordea is today, together with the United Nations and 27 other banks from around the world, launching the Principles for Responsible Banking at a UN round table summit in Paris. The principles aim to align the financial sector with the UN Sustainable Development Goals and the Paris Climate Agreement. 

As the only Nordic bank, Nordea is part of the 28-member strong core group of banks that has developed the Principles for Responsible Banking together with the United Nations Environment Programme Finance Initiative (UNEP FI). Together the banks represent over USD 17 trillion in combined assets.

CEOs from 12 of the banks are attending the launching ceremony in Paris today, one of them being Casper von Koskull, President and Group CEO of Nordea.

- Through our products and services, we want to contribute to the transition to a low carbon economy and society’s goals, as expressed in the Sustainable Development Goals, the Paris Climate Agreement and the UN Guiding Principles on Business and Human Rights. It is about mitigating risks, improving resilience and creating opportunities for a better society. Together we are on a journey towards a sustainable future, says Casper von Koskull.

The principles will define and affirm the banking industry’s role and responsibilities in shaping and financing a sustainable future. The principles set the global standard for what it means to be a responsible bank and will ensure that banks create value for both their shareholders and society.  

The principles are now entering a six-month global public consultation period before they will be signed by banks from around the world at the United Nations General Assembly in New York in September 2019. Banks and stakeholders around the world are invited to provide feedback to guide their further development, and to signal their support by becoming endorsers of the Principles for Responsible Banking.

- By developing the set of principles, Nordea and the other founding banks set out a clear purpose for the banking industry, and enable investors, policy makers and regulators, clients and society to compare banks and hold them accountable. I am very proud that Nordea has been able to play such an active part in creating the Principles for Responsible Banking, says Sasja Beslik, Head of Sustainable Finance at Nordea.

The six Principles for Responsible Banking that banks commit to, in summary, are:

1. Alignment: We will align our business strategy to be consistent with and contribute to individuals’ needs and society’s goals, as expressed in the Sustainable Development Goals, the Paris Climate Agreement and relevant national and regional frameworks. We will focus our efforts where we have the most significant impact.
2. Impact: We will continuously increase our positive impacts while reducing the negative impacts on, and managing the risks to, people and environment resulting from our activities, products and services. 
3. Clients and Customers: We will work responsibly with our clients and our customers to encourage sustainable practices and enable economic activities that create shared prosperity for current and future generations.
4. Stakeholders: We will proactively and responsibly consult, engage and partner with relevant stakeholders to achieve society’s goals.
5. Governance and Target Setting: We will implement our commitment to these Principles through effective governance and a culture of responsible banking, demonstrating ambition and accountability by setting public targets relating to our most significant impacts.
6. Transparency and Accountability: We will periodically review our individual and collective implementation of these Principles and be transparent about and accountable for our positive and negative impacts and our contribution to society’s goals.

Tech Bureau Europe has unveiled an online shop for the exclusive series of crypto-design watches by Chronoswiss. The shop boasts a user-friendly design that tells the story of each of the five available crypto-design timepieces. The purchasing process is secure and straightforward. The digital certificate for each crypto-themed watch – dedicated to Bitcoin, Ethereum, Zaif, NEM or COMSA – is recorded on the blockchain, making it secure and impossible to manipulate.

These luxury timepieces by Chronoswiss have been manufactured according to the highest Swiss watchmaking standards. They cut a unique figure on the wrist thanks to their authenticity, high-quality standards, and sophisticated technology. Limited to just 101 pieces per crypto-theme, these collector's pieces boast a high-end aesthetic. The following models are available:

Bitcoin – The currency
NEM – The harvest
Ethereum – The contract
Zaif – The exchange
COMSA – The token

Oliver Ebstein, Owner, and CEO of Chronoswiss, Switzerland Commented;

"With this homage to cryptocurrencies, Chronoswiss is combining the roots of traditional watchmaking expertise with the digital revolution of the new global currencies. It is thus more than natural to be curious and open-minded about the future. Cryptocurrencies and blockchain technology are the future, which Chronoswiss is also actively following and supporting. That is why we are proud to use blockchain as a marketing tool and a means of certifying our timepieces."

Cooperation with LuxTag blockchain platform

The details on each watch in the Chronoswiss Blockchain Series, for instance, the serial number and the warranty period, will be officially registered on the blockchain platform LuxTag. LuxTag is a service provider that uses the latest NEM blockchain platform to combat counterfeit goods and theft. It offers digitised tagging solutions for luxury goods and has specialised in meeting the particular demands of the watch and jewellery sector.

Mathias Schmid, Tech Bureau Europe Ltd., Switzerland stated;

"With Chronoswiss as our partner, we were able to successfully manifest our vision of five cryptocurrency-inspired luxury watches."