NewDay has extended its partnership with Cogo by enabling customers to track the carbon footprint of their Aqua card purchases through the Aqua app . The feature, jointly created with carbon footprint management experts Cogo, gives Aqua customers an estimate of how their spending impacts their individual carbon footprint. The addition of carbon tracking to Aqua follows the successful launch of the technology with NewDay’s digital credit card Bip in November last year. 

Cogo's technology gives users an estimate of the CO2 emissions linked to their spending. Purchases are classified into different categories such as 'travel' and 'fashion', which Cogo then uses to calculate the emissions of each purchase, based on the carbon-intensity of the particular retailer or the broader operations of the relevant industry.  

With Bip customers accessing the carbon footprint tool every 1 in 4 times they view their transaction details in the app* there is a clear appetite for carbon footprint tracking amongst NewDay’s customer base. 

Emma Kisby, Cogo CEO, EMEA: "Expanding our partnership with NewDay is particularly pleasing as it demonstrates the strength of our partnership and that the technology we’ve created is working well for their customers.”

Sharvan Selvam, Commercial Director, NewDay: “Consumers are increasingly conscious about the environment, and the role they play in helping reduce carbon emissions.  Having carbon tracking insights within the app gives customers easy access to the information they need to better understand how their purchase decisions impact their personal carbon footprints.”

Kisby adds: “It is increasingly important for financial service providers and banks to respond to the wants and needs of their customers. We know from research that 62%** of customers are looking to their financial services providers to help them lower their environmental impact so it is great to see NewDay tackling this head-on with the launch of carbon insights for another of its products.” 

Cogo launched its first banking partnership in November 2021 and now works with 16 banks globally. 

In 2020, new regulations entered the e-commerce landscape: PSD2 Strong Customer Authentication (SCA). A part of the Payment Services Directive 2 (PDS2), it had one aim – to make digital commerce more secure.

But with the protection against fraudulent orders came another effect merchants were not prepared for. The two-factor authentication customers are required to complete upon checkout causes friction in the customer experience. What this means for merchants is lower conversion rates and potential revenue losses.

Here, we explore how SCA has caused disruption to the customer journey and what merchants can do to ensure a friction-free experience.

A frustrating experience
In a survey conducted by e-commerce fraud protection platform Signifyd aiming to determine customers’ awareness of SCA across France, Italy, and the UK, 71% of UK respondents ranked their frustration with the new implementation at five or higher (out of ten). In France, that number was even higher – 80%.

The reason consumers experience frustration is because the SCA requirement involves completing additional steps to verify their identity upon checkout. This makes the process longer and tedious, which doesn’t align with customers’ demands for a quick and efficient online shopping experience.

Increased cart abandonment
Customers’ frustration with the checkout experience is only one side of the coin. Most online shoppers wouldn’t stay at the frustration stage and would take further action to ratify their own negative experience.

The survey shows that 33% of UK respondents have decided against shopping with a particular retailer due to a frustrating experience. Additionally, it takes two or fewer bad checkout experiences with one retailer for 37% of the UK respondents before abandoning the business for good.

Switching to rivals
So, what do shoppers do after deciding against shopping with a particular retailer? They go to their rivals. Often, small businesses would suffer in favour of giant retailers, such as Amazon and Alibaba, who are able to offer faster and more efficient services due to the scale of their business. Not only that but they also offer a range of products from various merchants, so it’s likely that a consumer would find what they’re looking for at those marketplaces.

According to Signifyd’s survey, 68% of respondents in the UK are “likely” or “very likely” to seek the same product with a larger company, meaning that convenience wins over loyalty.

There is hope in sight, however, as shoppers are starting to favour smaller and independent businesses. That means that you have the back-up from consumers’ interests and preferences, and when matched with a robust SCA strategy, you stand higher chances of retaining customer loyalty.

The solution: developing a robust SCA strategy
The effects of the negative checkout experiences for merchants are also frustrating. In fact, the CMSPI’s September Impact Assessment shows that the European average transaction failure rate is 29% post-SCA enforcement as of September 2021.

According to data from Barclaycard Payments, £130m worth of sales have been lost in the first month of the SCA enforcement in the UK, meaning that more than 22,000 transactions worth £4.3m have been declined per day.

While SCA is causing disruption in the checkout experience, it is serving its purpose to reduce fraud attacks and protect both merchants and consumers.

With the right use of tools, you can minimise friction and reap the benefits of fraud protection that PDS2 bring. It all feeds into developing a robust SCA strategy.

There are two key elements that inform a well-executed SCA strategy: smart use of exemptions and low fraud rate.

Certain transactions, such as low value, mail order to telephone order (MOTO), reoccurring transaction, and trusted beneficiaries, can be exempt from SCA if the right protocols are followed. What can help you navigate exemptions is implementing smart exemption engines that automatically detect transactions that fall into the exemption scope.

One type of exemption merchants can utilise is called Transaction Risk Analysis (TRA). Based on the merchant’s fraud rate, transactions up to €500 can be made exempt. The lower the fraud rate is, the higher the value of potential exempt transactions is.

To keep a low fraud rate, merchants can implement a robust fraud solution that detects fraudulent transactions and approves more good orders. This will also increase the authorisation rate and lead to better conversion.

While SCA is putting a stop to the frictionless checkout experience both merchants and consumers are used to, the new regulations are here to improve the world of e-commerce in the long run. What merchants need to do is adapt to the new changes and implement tools and solutions that have the power to turn the game around.

Sources
https://cmspi.com/eur/en/resources/content/strong-customer-authentication-sca-impact-assessment-september-2021/

https://www.finextra.com/newsarticle/40074/uk-retailers-lost-130-million-in-sales-in-first-month-of-sca-rules?utm_medium=newsflash&utm_source=2022-4-14&member=135298

Synechron, Inc., a leading global digital transformation consulting firm focused on financial services and big technology organizations, announces the opening of its new Canada Delivery Center, located in the heart of the Montreal financial district. This expands Synechron’s Canadian footprint and enables it to consult with, strategize, build, implement and deliver cutting-edge digital technology and future-forward solutions for leading financial services and technology companies. This office’s dedicated delivery management structure will ensure Synechron teams from across the world operate as an integrated global “virtual team.”

Montreal was selected as a Synechron delivery hub as it sits at the epicentre of North American technology innovations. It is a talent hotspot for furthering the digital revolution that businesses across the world are embracing. Synechron is enthusiastic to be a participant and invest in this lively ecosystem.

The ultramodern Montreal office located at 1250 Boulevard René-Lévesque is Green Building Certified with BOMA and LEED Platinum. It offers a state-of-the-art infrastructure that includes seating for 100 with expansion possible. In addition to a host of modern amenities, the building offers to employees a 200-seat conference centre as well as direct access to Montreal’s underground subway network. This new, more expansive office, replaces Synechron’s original Montreal business location and is in addition to Synechron’s existing business office in Toronto, Canada.

As a trusted global innovation partner to over 100 financial institutions, Synechron has a two-pronged focus: to bring the company’s deep consulting, data, cloud, payments, architecture, engineering and design technology expertise, as well as its significant capabilities for implementation and delivery of customized cutting-edge solutions, directly to clients wherever their operations live. 

Faisal Husain, Synechron’s Co-founder and CEO said, “We are excited to open our new Montreal nearshore delivery centre, just as the Montreal financial services community has given us such a warm welcome for our expanded facility. As Synechron continues to grow to meet the needs of our clients, we have plans to hire additional skilled talent who want to join our digital transformation mission, and recognize the opportunities that Montreal and its tech business community offer.” 

Camille Labat, Senior Manager, Operations at Synechron Montreal added, “Synechron is pleased to expand its Montreal footprint and increase our presence in this diverse and talented community which includes a vast pool of software development tech workers and IT professionals. In close proximity to several major universities, we look forward to welcoming passionate individuals with aligned technical skills, functional knowledge and the desire for the personal development that Synechron offers.”

Azentio Software (“Azentio”), a leading software products company headquartered in Singapore, proudly unveils ONEERP Cloud, a revolutionary transition to the cutting-edge industry cloud. The ONEERP platform from Azentio represents a significant leap forward in empowering supply chain, manufacturing, and financial functions with unrivaled efficiency and flexibility.

By embracing the industry cloud paradigm, ONEERP Cloud is thoughtfully designed to cater to the unique needs of manufacturing, distribution, and ancillary sectors, thus delivering a comprehensive solution to industry-specific challenges. In a dynamic era where agility and adaptability reign, this move marks a defining moment in the evolution of enterprise solutions.

Manufacturing organizations driven by their quest for growth and profits will find unparalleled support in ONEERP Cloud’s seamless integration of core business processes into shop floor operations. The platform presents a myriad of enhancements to core functionality, enabling advanced planning and production processes backed by real-time recommendations, thereby minimizing downtime and boosting productivity. Moreover, the system ensures meticulous forward and backward traceability for batch and non-batch items, instilling comprehensive tracking and compliance. ONEERP Cloud introduces a multi-level Bill of Materials (BOM) system, equipped with automated workflows that facilitate efficient routing to multiple production centers. Embracing the future of inventory control, the platform incorporates the First Expired, First Out (FEFO) shelf-life expiry approach, supported by effective product life cycle management. While emphasizing regional and industry-specific statutory compliance, such as MSDS for the chemical industry and FDA regulations for pharmaceuticals, further enhances the platform’s capabilities, providing organizations with a competitive edge.

Addressing the evolving needs of the industry, ONEERP Cloud encompasses Halal production processes and related compliances within the supply chain and manufacturing operations. The platform further offers industry-specific reports, alerts, and document management to establish audit trails, while the Application Programming Interface (API) paves the way for effortless configuration and customization, enabling organizations to tailor the solution to their unique requirements. The platform also includes the ONEERP Solution Manager (OSM), streamlining the ERP life cycle management in a distributed cloud setup. OSM allows for standard configurations for different industry sectors. It also allows partners and consultants to adjust the solution according to the requirements of each customer. A central repository of ONEERP solution suite maintains best practices, making it faster to set up the solution for new clients, thus saving time during deployment.

Azentio ONEERP has notably excelled in servicing the manufacturing sector. With a wide-reaching customer base across the Middle East, Africa, and Asia-Pacific, the solution has consistently enabled organizations to achieve higher levels of efficiency. This strength underscores Azentio's commitment to delivering tailored solutions that meet the unique demands of the manufacturing industry.

In the realm of supply chain management, supplier relationships are critical, and ONEERP Cloud rises to the challenge with enhanced supplier management modules. Users gain the ability to classify suppliers into tiers based on performance metrics, cost, delivery timelines, and sustainability compliance. The platform further offers intelligent suggestions for the most suitable supplier for each item, streamlining procurement processes and optimizing supply chain efficiency.

In the financial domain, the automation of workflows within ONEERP Cloud reduces manual tasks and enriches transactional traceability, ultimately improving cost control and profit performance tracking for organizations. Users are further able to perform automated data entry and data matching for financial transactions such as debit/credit note, vendor payments, post-dated cheques (PDC), and receipt issuance management.

In tandem with these advancements, Azentio has revitalized the ONEERP Cloud user interface, focusing on interactivity and personalization. Users can now configure and customize data visualization dashboards based on their respective job roles, affording swift access to mission-critical information. These role boards empower manufacturing and logistics managers with real-time performance monitoring, while interactive help and guidance minimize the need for additional user training, boosting overall usability.

Beyond its innovative features, ONEERP Cloud stands out for its seamless delivery and robust support services. With hassle-free implementation and a dedicated support model, businesses can swiftly transition to the cloud while enjoying continued assistance. This streamlined approach ensures a smooth journey from adoption to proficient utilization.

Suryanarayan Kasichainula, President and Global Head - ERP at Azentio said, “The launch of ONEERP Cloud represents a monumental achievement for Azentio and a pivotal moment for the wider ERP market. We have witnessed and meticulously studied the evolving needs of the market, and ONEERP Cloud is our resolute response to the demands of the modern business landscape. With this groundbreaking solution, we are empowering enterprises to elevate their supply chain, manufacturing, and financial management to unprecedented heights. For our valued clients and their customers, ONEERP Cloud means witnessing a transformative experience. By leveraging the power of industry cloud, they benefit from enhanced efficiency and flexibility, and deeper insights, that will ultimately drive their growth and success.”

The launch of ONEERP Cloud cements Azentio’s position as an industry leader in vertical-specific ERP solutions. This transition to the industry cloud takes financial management to greater heights, streamlines supplier relationships, and ushers in a new era of customer experience. As Azentio Software pushes further the boundaries of innovation and excellence, the unveiling of ONEERP Cloud is set to redefine the future of cloud ERP solutions, empowering businesses to embrace the opportunities of tomorrow, today.

10x Banking, the transformational cloud-native SaaS core bank operating system founded by former Barclays CEO Antony Jenkins, is delighted to announce the appointment of Okan Ozaltin as its new Chief Product Officer (CPO).

10x's latest strategic hire marks a significant milestone in the company's journey to revolutionise the banking industry through cutting-edge technology and innovative financial solutions. 

Ozaltin brings with him a wealth of industry experience and expertise. With a distinguished career of more than 20 years in the financial technology sector, Ozaltin has proven himself as a visionary leader who understands the intricate dynamics of the banking landscape and has consistently overseen the delivery of customer-centric products.

Prior to joining 10x, Ozaltin held key leadership positions in prominent financial technology firms, including Signifyd, Fiserv and J.P. Morgan Chase earning a stellar reputation within the industry. His accomplishments and insights have propelled him to the forefront of innovation throughout the financial sector, and his track record of driving product development and enhancing user experiences is unmatched. 

“We are thrilled to welcome Okan Ozaltin to 10x Banking as our new Chief Product Officer,” said Antony Jenkins, CEO at 10x Banking. “Okan’s deep understanding of the financial technology domain and his passion for delivering customer-focused solutions align perfectly with our mission to accelerate banks’ transformation journeys by empowering them with state-of-the-art technology. With Okan on board, we are confident in our ability to continue driving ground-breaking advancements in the banking sector.”

As the newly appointed CPO, Ozaltin will play a pivotal role in shaping 10x’s product vision and strategy. His strategic insights will guide the development of innovative solutions that cater to the evolving needs of banks and the wider financial industry.

"I am truly honoured to join 10x Banking,” says Ozaltin. “The company’s commitment to redefining the banking industry through transformation aligns perfectly with my passion for driving positive change in the financial technology space. I am excited to work alongside the talented team at 10x, and together we will create revolutionary solutions that empower financial insitutions and ultimately benefit society as a whole. Our collective focus will be on delivering cutting-edge products that transform the way banking is experienced by all, setting new standards for excellence in the industry." 

Currencycloud, the experts in simplifying business in a multi-currency world, has announced a nearly 70% per cent customer growth rate since obtaining its Australian Financial Services (AFS) licence to operate in Australia in June 2022.

With its customer base increasing from 18 to 34 organisations across Australia, New Zealand and the wider Oceania region, Currencycloud will continue to offer customers a full suite of cross-border services for collecting, converting, paying, and managing multiple currencies globally.

Greater opportunities by unlocking adjacent customer segments

Currencycloud has enjoyed success in Australia by working with regulated FX brokers and remittance companies, where Currencycloud’s renewed customer focus and local presence is driving accelerated growth. With increased local capacity, the company will now look to diversify its client portfolio across sectors including regulated derivative brokerages, PSPs and wealthtech companies. Currencycloud is also working closely with banking institutions as far afield as the Pacific Islands to help them expand their multi-currency accounts and cross-border payment solutions.

Nick Briscoe, Country Manager of Australia, Currencycloud said: “Australia’s Fintech scene has seen remarkable growth in recent years. The Federal Government’s Trade and Investment Commission (Austrade) recognises this potential and has positioned Australian Fintech as one of the fastest-growing markets in the world, on the back of Australia’s $10 trillion financial services industry.”

Austrade states that the fintech industry has grown from  A$250 million industry in 2015 to A$4 billion industry in 2020. According to recent research from SPER, that market potential is set to grow exponentially in coming years, with a projected value of USD 33.99 billion by 2033.

This market potential follows immense shifts in the local industry, driven by corporate investment and regulatory change. Higher visibility and speed, lower costs, and greater interoperability remain increasingly important, and continue to present a valuable opportunity for Currencycloud to enhance its sales, operations and customer support in-country.

ACY Securities, headquartered in Australia, echoed the sentiment, with CEO Jimmy Ye emphasising Currencycloud's role as a crucial partner in adding value and supporting their clients. Ye remarked: “We have optimised our payments infrastructure to seamlessly manage trading deposits and withdrawals with ease using Currencycloud's plug-and-play platform. This has allowed us to enhance and expand our offerings for our traders, ultimately enabling them to maintain a competitive advantage in the market. By prioritising our clients' needs and leveraging Currencycloud's solutions, we can deliver a superior experience that truly adds value

Building the team to reflect customer growth

To support its continued growth, Currencycloud has further expanded its team with two new hires in the Sydney area. The added resources will bolster Currencycloud’s efforts to drive business growth in line with the company’s customer-first approach, and support the wider APAC expansion plans for Currenycloud. Both new team members bring extensive experience in FX markets and cross-border payments.

Briscoe added: “I am excited to welcome our new team members to Currencycloud. We have made significant progress expanding our team across APAC in recent months, and adding more resources in Australia brings a new dimension to that growth. With their proven track records and expertise in the industry, they will play a pivotal role in accelerating our growth and driving customer success in Australia. We look forward to forging strong partnerships with local businesses and delivering innovative fintech solutions that address the evolving needs of our customers.”

The British Insurance Brokers’ Association (BIBA) has launched a new member facility with FullCircl, the Customer Lifecycle Intelligence (CLI) platform, that provides insurance brokers with a wealth of comprehensive company information and insights for businesses in the UK and Ireland.

FullCircl SmartBroker^TM, available to BIBA members at a special discounted rate, is a unique proposition designed to help brokers prospect with precision, deliver tailored outreach at scale, provide better underwriting submissions, increase client retention, and cultivate existing books of business efficiently and cost-effectively. 

Mike Hallam, BIBA’s Head of Technical Services said: “We’re delighted to launch this exciting new facility that promises to help our members tackle some of their biggest challenges. The SmartBroker platform is the culmination of close collaboration between BIBA and FullCircl, we believe it will deliver meaningful opportunities to drive growth across our member base.”

Ashleigh Gwilliam, Insurance Success Director at FullCircl added: “As an ex-broker I am truly delighted to bring SmartBroker to BIBA members. Insights surfaced by processing vast amounts of information on UK companies, and delivered through a simple web application, creates a powerful tool for brokers to have at their disposal. SmartBroker provides access to the most comprehensive and up-to-date information throughout the life of a customer; something we call Customer Lifecycle Intelligence. SmartBroker improves business performance, enables faster and more accurate decision making, and differentiated client experiences, delivering the same ROI no matter the size of the business.”

SmartBroker brings together super-connected and enriched data and insight on companies and the officers inside them using FullCircl’s proprietary graph technology. The FullCircl Business Information Graph^TM ingests and matches billions of data points from official and premium 3^rd-party sources, which can be integrated directly via API into Acturis, Salesforce, and other workflow and operational platforms, or simply accessed through the FullCircl SmartBroker web-based application.

FullCircl SmartBroker is available on a subscription basis with special terms for BIBA members through the BIBA facilities website. FullCircl already works with 40 of the top 50 UK brokers and many more independent brokers.

Emin Can Yılmaz, Founder and CEO of Param, said: “Europe is a core focus for us as we continue our bold, yet healthy and sustainable, expansion strategy. Our proven business model and innovative solutions have already set a gold standard, and we are excited to introduce our technology and embedded finance solutions to eight European markets. Not only does the acquisition give us the opportunity to expand our position in the FinTech ecosystem; but it also represents a meeting of minds. Twisto already claims the #1 position in Buy Now Pay Later (BNPL) services in Czechia with a strong, recognisable, and top-of-mind brand awareness. Twisto puts consumers at the core of its business and continuously innovates to deliver reliable and value-adding products to its customers. There is a significant overlap between Twisto’s business model, the Founders’ vision and the Group” 

"In Param, we have found a partner that has proven time and time again the strength of its business model, and thirst for payments innovation. We believe that with this know-how Param will make a significant contribution to the further sustainable growth of Twisto, as we get closer to achieving profitability. In the meantime, we will continue to look for new quality growth opportunities in our region and Europe with the certainty of support from Param," Twisto CEO Michal Šmída commented.

Temenos today announced that Cebuana Lhuillier Bank, one of the most dynamic rural banks in the Philippines, has selected Temenos to modernize its core banking platform, helping the bank, which serves seven million Filipinos, to quickly launch new banking products and scale efficiently. With Temenos, Cebuana Lhuillier Bank aims to expand its product offerings and grow to more than 11 million customers over five years.

Cebuana Lhuillier Bank provides credit and savings accounts to individuals, micro, small and medium enterprises to grow their personal or business finances. With more than half of the Philippines’ 113 million population living in rural areas, banks such as Cebuana Lhuillier Bank play a crucial role in serving the financial needs of those residing in remote and underserved areas of the country.

Temenos’ core banking platform gives Cebuana Lhuillier Bank flexibility and agility to manage customer accounts and transactions with greatly improved performance and efficiency, and offer personalized products, faster and at lower cost. It means Cebuana Lhuillier Bank can introduce affordable new lending products, such as motorcycle loans, to attract new customers while also growing sustainably. The solution will be implemented by Temenos’ delivery partner, Orion Innovation.

Orion provides a suite of digital services and technology solutions that help banks modernize and transform their legacy systems and design and develop next-generation products that allow the banks to create new business opportunities. Being a Temenos multi-regional partner, Orion specializes in delivering full-service implementation & integration capabilities in core banking, payments and digital banking solutions to Temenos clients across the globe.

As a regulated financial institution, supervised by Bangko Sentral ng Pilipinas, the Temenos solution also assists the bank to adapt more easily to changing market conditions and local regulatory requirements. Such changes previously required lengthy and complex manual processes.

While Cebuana Lhuillier Bank will initially deploy the Temenos solution in its on-premise datacenter, the cloud-native solution gives the bank the flexibility to easily migrate to the cloud in future.

Jean Henri Lhuillier, Cebuana Lhuillier Bank Vice Chairman, commented: “Cebuana Lhuillier’s commitment to financial inclusion remains steadfast. In a nation where access to reliable financial services is paramount, this collaboration strengthens our resolve to provide better services, products, and opportunities for Filipinos to create meaningful change.”

Dennis Valdes, Cebuana Lhuillier Bank President, added: “The financial industry is continuously evolving due to rapid technological advancements. Our clients' needs are changing, and it is our responsibility to not only meet but exceed those expectations. This alliance marks as a testament to our commitment to embrace innovation and redefine the banking experience for our valued customers.”

Ramki Ramakrishnan, Managing Director – APAC, Temenos said, “We are delighted to welcome Cebuana Lhuillier Bank as the newest member of our Temenos family in the Philippines. With a robust presence in the country, our partnership with Cebuana Lhuillier Bank reinforces Temenos' position as a compelling choice for banks across various sizes and segments, including rural and thrift banks. We are everyone's banking platform. We eagerly anticipate supporting Cebuana Lhuillier Bank's journey towards greater success.”

Anoop Gala, Global Head of Financial Services, Orion Innovation, added: “We are thrilled to embark on Cebuana Lhuillier Bank’s core modernization program in the Philippines. Our comprehensive offerings around Temenos, coupled with our regional presence in the Philippines, position us well to ensure a successful core banking transformation. This deal strengthens and builds on our core offering along with Temenos and aligns with our strategy to accelerate digital transformation initiatives for our clients.”

Temenos is consistently recognized as the market leader in core banking software by IBS Intelligence, including in the most recent IBSi Sales League Table 2023.