iDenfy, a Lithuania-based RegTech firm specializing in identity verification and fraud prevention solutions, announced a new collaboration with bestshopping.com, a leading Italian e-commerce brand operating in the online retail space. This partnership aims to take security measures to the next level, protecting bestshopping.com from potential fraudulent activities and ensuring a safer online shopping experience for its users.

The global landscape has witnessed a surge in online payment fraud over the past few years. In 2022, the estimated global losses to e-commerce fraud reached a staggering 41 billion U.S. dollars. By 2023, Statista has reported that this figure escalated to an alarming 48 billion U.S. dollars. According to iDenfy, such growth is expected to be fueled by the increasing use of alternative payment methods, such as digital wallets and the Buy-Now-Pay-Later model, which introduced new avenues for fraud risks in the e-commerce industry. 

Bestshopping.com, with platforms targeting Italy and Germany, has become a trusted provider of reliable cashback experiences for over 600,000 users. The e-commerce site, known for its innovative approach, relies on in-house technologies, seamless integration into partner platforms, and growth strategies involving apps and browser extensions. Despite its successful growth, the rise in e-commerce fraud prompted the company to seek professional verification services. 

According to the e-commerce platform officials, before the partnership, the goal was to find a new solution to identify and mitigate potential fraud risks proactively. The decision to partner with iDenfy was driven by the necessity to enhance security measures and protect users from evolving internet attacks by unknown entities. iDenfy's reputation for robust identity verification solutions, particularly in the Know Your Customer (KYC) process, made it the ideal choice for Bestshopping.

The e-commerce professionals now use iDenfy's KYC verification to strengthen the platform’s anti-fraud measures and improve the efficiency of user verification processes. This partnership empowers bestshopping.com to identify potentially illegitimate customers, reducing the risk of financial fraud and creating a secure online environment for its users. Additionally, the robust ID verification solution accepts more global documents, helping the platform scale and onboard more users in less time. According to bestshopping.com, with iDenfy’s biometric verification solution, the users benefit from a simple, user-friendly KYC process, which is crucial for minimizing cart abandonment rates. 

At the same time, iDenfy acknowledges the critical importance of applying advanced biometric identification technology and consistently enhancing and expanding its RegTech solutions. As part of the collaboration with bestshopping.com, iDenfy is committed to further monitoring and analyzing emerging trends and threats in the evolving regulatory landscape.

“Our collaboration with Pointer Srl aligns with our mission to empower e-commerce businesses with innovative identity verification solutions. Together, we look forward to driving efficiency for a simpler and better online shopping experience,” — commented Domantas Ciulde, the CEO of iDenfy.

"We’re excited about the value that iDenfy brings to our e-commerce platform. Their identity verification enhances our security strategy, enabling us to offer more robust and efficient services to our clients," — added Edoardo Rodolfi, Content Manager at bestshopping.com. 

“The identity landscape is facing a seismic upheaval, and Igor joining our team of innovators is just another step we’re taking to ensure Jumio remains the clear leader in this space,” said Jumio CEO Robert Prigge.

 

“I’m thrilled to join Jumio at such an integral moment in the company’s evolution and look forward to helping make 2024 the company’s best year yet,” Beckerman said.

Sovos, the always-on compliance company, today announced the launch of the Sovos Compliance Cloud, the industry’s first and only solution that unifies compliance, tax, and regulatory reporting software in one platform and provides a holistic data system of record for global compliance. The Sovos Compliance Cloud represents the culmination of more than eight years and hundreds of millions of dollars of investments in native engineering. That investment is combined with integrations into most ERP, P2P, and eCommerce technology ecosystems and incorporates several billions of dollars of acquired, best-of-breed products from around the globe.  

“It’s time to transform tax compliance from a business requirement to a force for growth,” said Sovos CEO Kevin Akeroyd. “Sovos recognized this need almost a decade ago and invested in building the industry’s only truly integrated, complete compliance solution. Just as enterprise resource planning (ERP), customer relationship management (CRM), and human capital management (HCM) all shifted from disparate point solutions to holistic system of record platforms that unlocked tremendous business value, the Sovos Compliance Cloud does the same for tax and compliance.”  

The launch of the Sovos Compliance Cloud comes amid a period of increased risk and inefficiencies for businesses trying to address compliance with individual point solutions. In fact, 82% of companies believe they’re more exposed to tax-related compliance risk than they were five years ago (source: Bloomberg), and 90% expect their compliance-related costs to keep climbing (source: Accenture).  The move to a unified cloud empowers companies with greater visibility and more economies of scale in their technology infrastructure across the enterprise – saving time, and money, and reducing risk. 

The Sovos Compliance Cloud also helps CFOs and CIOs maximize their existing investments by embedding itself into a rich ecosystem of partners and technology providers. To date, the company features more than 75 embedded integrations into key enterprise resource planning (ERP), accounts payable (AP), and accounts receivable (AR) systems, as well as over 425 Connectors in the Sovos App Marketplace. This means that companies do not need to replace or modify costly infrastructure to deliver more accurate tax compliance and reporting.   

Sovos’ Compliance Cloud will facilitate more than six billion tax and e-invoicing transactions across 80-plus countries this year; whereas the next largest provider will facilitate less than 100 million. The Sovos Compliance Cloud represents the most scalable and secure global compliance solution ever introduced for the modern enterprise.  

“Compliance is now inside the transaction, elevating its importance and driving businesses to look beyond just meeting a minimum threshold. Now, the goal is a global view of compliance with a single source of data that allows them to generate actionable business intelligence,” says Kevin Permenter, Research Director, Financial Applications, IDC. 

A New Platform for Modern Compliance 

The Sovos Compliance Cloud is the only platform solution to address the five fundamentals for modern compliance, enabling companies to: 

• Connect to pertinent internal and external data and systems, including every government tax authority via the Sovos Compliance Network.  
• Identify each party to a transaction or obligation and verify they are who they purport to be via the Sovos Identity solution. 
• Determine every transaction is accurate and compliant via the Sovos Tax Determination for VAT & SUT, Sovos Tax Withholding, Sovos eInvoice and Sovos Shipping. 
• Report every transaction or tax obligation and file it correctly while ensuring fidelity between business records and the tax agencies via the Sovos Tax Information Reporting and Sovos Filing. 
• Analyze and derive data from all transactions and taxes to gain a single source of truth, mitigate risk, and find key patterns that show business changes via Sovos Intelligence solutions. 

The Sovos Compliance Cloud provides comprehensive capabilities that address the full breadth of a global business’s needs, ensuring companies file accurately on employee, vendor and partner income. Its Tax Determination, Filing, and Reporting for Value Added Tax (VAT), Continuous Tax Control (CTC), and Sales Use Tax (SUT) produce accurate calculations across more than 19,000 tax jurisdictions globally. Sovos Tax Information Reporting already handles more 1099s than any company in the world. 

Tandem, the UK’s greener, digital bank has announced it has become a signatory of the Women in Finance Charter, becoming one of the latest banks to back the Government and industry’s push for gender balance in financial services. 

The Charter, launched by HM Treasury, commits signatories to support the progression of women into senior roles across financial services. 

Tandem’s signature marks its latest move in its transformation to become one bank, with a single established culture since significant acquisitions, including Oplo in 2022.  

While Tandem is finalizing its specific plans to underpin its commitment, the charter makes four pledges: 1. Having a member of the senior executive team who is responsible and accountable for gender diversity and inclusion 2. The setting of internal targets for gender diversity across senior management 

3. Publishing of progress annually 

4. An intention for the pay of the senior executive team to be linked to these targets 

Commenting on the charter, Tandem Chief People Officer, Steve McNicholas, said: “Culture is such an important thing across any business, but Tandem’s transformation has meant it is even more so. Diversity and inclusion are at the heart of that. And I  couldn’t be prouder of the steps we’re taking to ensure we are leading the way in creating female role models that lead and inspire the next generation of female leaders. 

“Signing of the charter marks our commitment to see gender balance across financial services and our work to build a fair,  balanced, and best place to work in the sector.” 

Benefiting customers’ pockets and the planet, Tandem offers greener ways to save, borrow, spend, and share. From low-emission motor loans to lending for greener home improvements, to EPC discount mortgages and green savings, its products make it easier for more people to choose a greener lifestyle – helping save money, whilst reducing carbon footprints. 

Job den Hamer, Head of Business Development, Encompass Corporation, comments: “Joining Encompass at such a pivotal time for the organisation is a fantastic next step, which allows me to continue my efforts to contribute genuinely exciting innovation to the financial services industry, which improves the KYC journey for banks and corporates. 

“CDI offers real value, solving critical challenges banks face today, and to be involved in this journey, and able to carry on the story of CoorpID as part of Encompass, is a huge privilege. 

“The bringing together of Encompass and CoorpID will facilitate change and impact like we have never seen before, and I am thrilled to play my part in bringing the possibilities to life.” 

Steve Hadaway, Chief Revenue Officer, Encompass Corporation, adds: “There is so much to be excited about on the road ahead for Encompass, and I am delighted to build on the acquisition of CoorpID by welcoming Job to my leadership team. 

“Not only does he possess decades of experience and enviable knowledge, but being the driving force behind CoorpID means he will add tremendously to what we bring to our customers as we lead the way in transforming KYC with CDI.”

Danish RegTech firm, Muinmos is proud to announce it has been awarded the prestigious, internationally recognised ISO 27001 certification – an official endorsement of the company's unwavering commitment to maintaining the highest standards of information security.

Achieving the ISO 27001 standard confirms that Muinmos’ information security management programme for its onboarding platform and across the entire organisation is comprehensive and follows leading practices in risk management, cyber-resilience and operational excellence. Additionally, the certification demonstrates Muinmos’ continued commitment to information security at every level and ensures the data and information security has been addressed, implemented, and properly controlled.

Remonda Kirketerp-Møller, Founder and CEO, Muinmos said: “We have always prioritised and invested in IT security and felt it was important to be able to demonstrate this by having a highly respected accreditation and independent verification. The ISO27001 process was extremely rigorous, comprising of a comprehensive audit programme and involving all our people, processes and technology. At a time when cybersecurity is one of the biggest concerns for financial institutions worldwide, this UKAS accreditation sends a clear message to our clients and stakeholders that security and compliance are of the utmost importance to Muinmos and we adhere to the highest possible standards. This is a fantastic achievement, reinforcing our position as a global market leading RegTech.”

Emil Kongelys, CTO, Muinmos added “This major milestone for Muinmos demonstrates our significant investment in IT security and demonstrates effective management of information security risks, prioritising the safeguarding of clients’, staff and stakeholders’ data. We passed the audit with flying colours, with zero non-conformities which is an exceptional result. Muinmos’ achievement of the ISO 27001 standard places us at the forefront of RegTechs and reflects our ongoing commitment to security excellence ”

Muinmos’ accreditation is in accordance with the new and updated The ISO 27001:2002 standard which helps organisations to establish and maintain an effective Information Security Management System (ISMS), using a continual improvement approach. It involves systematically assessing any risks to the company’s information security by putting in place policies and procedures to manage those risks.  It also requires regular review by an independent body, so clients will know the information security is of the highest standards.

The scope of Muinmos’ ISO 27001 certification includes all of Muinmos’ employees, organisational units, technology, IT infrastructure and information assets. The certificate was certified by A-LIGN Compliance and Security, Inc., an independent, third-party auditor accredited by the UK Accreditation Service (UKAS) to perform ISO 27001 certifications.‍

Founded in 2012, Muinmos has revolutionised client onboarding with its pioneering platform that fully automates the entire client onboarding chain, from AI powered client categorisation to fully automated KYC/AML checks and client risk assessments. The platform also performs constant monitoring, keeping up-to-date with changes both in regulation, clients’ details and risk profiles.

Adyen, the financial technology platform of choice for leading companies, and Billie, the B2B payments innovator, join forces to let Adyen’s customers enable B2B Buy Now, Pay Later (BNPL) payment services. 

By partnering up with Billie, Adyen helps merchants and their business customers tackle everyday hurdles in B2B commerce. This includes managing cash flow for buyers and sellers, eliminating payment defaults and fraud risks, and simplifying dunning and collection processes. Billie's BNPL solution therefore offers a cost-efficient alternative to corporate credit cards.

With the seamless integration of Billie’s B2B BNPL solution into the Adyen platform, the partnership is making online payments effortless for buyers via e-commerce and m-commerce channels. It allows merchants around the world to offer their business customers one of the most in-demand payment methods in B2B commerce: Pay later by invoice. The technical integration for Adyen’s customers is easy, allowing them to offer Billie in their B2B checkout with just a few clicks. 

With Billie, business buyers of shops that run on the Adyen platform can make purchases and defer payment for up to 30 days. At the same time, merchants receive payment upon the shipment of goods, making Billie’s payment method a beneficial tool for the cash flow management of both merchants and business buyers. This is possible because Billie performs real-time credit approval of buyers at checkout, as well as providing default and fraud risk protection for merchants. In this way, Adyen’s B2B sellers can offer their business customers flexible payment terms, while reducing their own credit risk and administrative burden of commercial credit collection to zero. Through Billie, merchants benefit from +64% conversion rates as well as +18% average order values and can also manage the full post-purchase cycle, from capturing shipments to handling refunds.

The partnership is part of Adyen’s commitment to offering a subscription to innovation to its customers, ensuring that they always have access to the latest payment developments. Adyen customers can benefit from more than 150 payment methods on a single platform built for enterprise-level online payments.

The first countries to go live today as part of the partnership are Germany, Austria, Sweden, and the Netherlands. France, UK, and Switzerland will follow in the coming months. This refers to the countries of buying companies – the integration is already available to all Adyen merchants globally, both for domestic and cross-border transactions.

“We are very happy to offer our customers and their business buyers a strong Buy Now, Pay Later option,” says Hella Fuhrmann, Country Manager DACH at Adyen. “With Billie being one of the leading BNPL solutions for B2B checkouts, we have a great partner on our side and are looking forward to seeing our partnership grow.”

“We are excited to give Adyen merchants easy access to the preferred payment method of their business buyers: pay later by invoice,” says Christian Grobe, co-founder and co-CEO of Billie. “Our partnership will enable thousands of merchants across Europe to grow their customer base, modernize their B2B payment stack, and expand risk-free into new markets.”

JCB International Co, Ltd, the international operations subsidiary of JCB Co, Ltd, and Value Retail, creator and operator of The Bicester Collection, today announced the expansion of their partnership for another two years, following the success of the initial three-year partnership. This offering will be available in eight luxury shopping destinations across Europe. With the increase in international travel, the extension of this collaboration provides new growth opportunities. 

In line with JCB’s commitment to expand card acceptance across Europe, the partnership initiated in April 2019 has played a pivotal role in fostering growth. Beginning with JCB Card acceptance at boutiques in Bicester Village (London) and La Vallée Village (Paris), JCB Card acceptance has progressively extended to additional Villages across Europe. Over the past two years, this collaboration has resulted in an impressive 51% YoY growth in spending by JCB Cardmembers at The Bicester Collection (as of June 2023). Better still, JCB Card acceptance has expanded to an additional shopping destination, Maasmechelen Village (Brussels).

In addition to increased acceptance opportunities for cardmembers, this collaboration will offer more special promotions and savings for valuable JCB Cardmembers. The luxury Villages' brand partners stand to gain from increased spending by Cardmembers from the Asia-Pacific region into Europe, notably from top-spending countries and territories such as Japan, Taiwan, Indonesia, Philippines, and South Korea. In addition, emerging countries and territories such as India, Vietnam, Laos, and Bahrain, characterized by a commendable uptick in spending, present a promising avenue for brands to explore new revenue streams. This partnership, therefore, serves as a strategic conduit for brands to engage with the valuable clientele that JCB Cardmembers represent, fostering a mutually beneficial relationship.

Ray Shinzawa, Managing Director, JCB International (Europe) Ltd, said: “Our partnership with The Bicester Collection has been a great success over the past three years and we are thrilled to extend it for another two years. This expansion allows us to continue to offer our valuable cardmembers exclusive benefits and increased spending opportunities at luxury shopping destinations across Europe.”

Graham Stanford, Director of Partnerships, B2B, The Bicester Collection said: “We are delighted to support our brand partners further through expanding our partnership with JCB and its 156 million cardmembers. At The Bicester Collection we are committed to providing magical experiences for our guests, numbering 46 million in 2023 and whom we welcome from all corners of the world. As international travel grows, we look forward to serving more JCB Cardmembers and to creating ever-more memorable experiences for them on their travels in Europe.”

TerraPay, a global money movement company, is pleased to announce the appointment of Ruben Salazar Genovez, recently the Global Head of Visa Direct, as President.

As a seasoned veteran of the payments industry with experience at Visa, Citibank, Barclays, and Mastercard, Mr Salazar Genovez has established himself as a respected leader in the payments industry. Before joining TerraPay, he served as the Head of Visa Direct globally where he successfully spearheaded various initiatives contributing to the growth and transformation of Visa's money movement offering.

As President of TerraPay, Mr Salazar Genovez will be responsible for defining the company's strategic vision for global expansion and the development of its payments infrastructure and non-card network capabilities. Leveraging his deep expertise in the payments sector, he will drive the implementation of innovative strategies to further strengthen TerraPay's position as a leading player in cross-border money movement and non-traditional payments.

Ruben Salazar Genovez, President, TerraPay, said: “I am truly honored to join TerraPay as President during such an exciting phase of its journey. TerraPay has already demonstrated its ability to revolutionize cross-border payments, and I am excited to contribute to the next chapter of its success. With a strong foundation in place, I am confident that we can accelerate our global expansion and develop new, innovative solutions that will shape the future of the payments landscape.”

TerraPay's Board of Directors is confident that Mr Salazar Genovez's extensive experience and strategic insights will be instrumental in driving the company's growth and expanding its global footprint. His appointment reflects TerraPay's commitment to attracting top-tier talent to fuel its ambitious global expansion plans.

Ambar Sur, Founder and Chief Executive Officer, TerraPay, said: “Ruben Salazar is an exceptional addition to our leadership team, and we are thrilled to welcome him as President of TerraPay. His deep knowledge of the payments industry, coupled with his proven track record in driving global growth, will be invaluable as we continue to expand our presence worldwide. We are confident that under Ruben's leadership, TerraPay will continue to revolutionize the payments and money movement landscape and meet evolving customer demands.”

Ani Sane, Co-Founder and Chief Business Officer, TerraPay, said: “Ruben’s servant leadership approach and client-centric perspective will help us accelerate our commercial efforts and strategic partnerships, deepening our participation in the market. We are delighted to welcome Ruben to the TerraPay family.”

OpenPayd, the leading global payments, and Banking-as-a-Service (BaaS) platform, today announced its partnership with TrueLayer, Europe’s leading open banking payment network, to enhance its instant payment solutions offering for its clients.

OpenPayd will leverage TrueLayer’s payments network throughout the UK and Europe to enable secure and instant account-to-account (A2A) payments for its global client base. The partnership will deliver an enhanced user experience and improved conversion rate for depositing funds in real time.

The new service will enable OpenPayd’s clients to offer pay-by-bank functionality that is fully embedded into their payment infrastructure and delivered through their OpenPayd API integration. By enabling this functionality, their underlying customers can initiate payments and authenticate the payment directly via their banking app.

The rapid rise in open banking adoption - over one in nine Brits are using open banking services as well as 80+ banks beyond the CMA9 - is a reflection of its potential to drive innovation, increase productivity and cut costs.

“Our partnership with TrueLayer marks an important step in OpenPayd’s growth strategy. We’re building a payments platform to give our clients access to any payment rail they need, where they need it. This collaboration is the next step in delivering fast, user-friendly payment journeys to our clients and their underlying users”, said Barry O’Sullivan, Head of Banking and Payments Infrastructure at OpenPayd.

“Partnering with industry leaders like TrueLayer, gives us the chance to bring open banking-enabled payment solutions to our clients, so they can reap the benefits of this technology.”

Mariko Beising, VP Financial Services and Partnerships at TrueLayer added: “At TrueLayer, we firmly believe that the future of payments is built on open banking. It  enables the development of new solutions in payment services that foster growth, innovation and provide better solutions for consumers and businesses. We’re excited to collaborate with OpenPayd to deliver better payment experiences to its clients.”