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.”

Temenos, today announced that Commerce Bank, a top US bank, has gone live with Temenos’ (Infinity) loan origination solution, increasing operational efficiency and delivering a frictionless, hyper-personalized customer experience.

The latest go-live follows the successful modernization of the bank’s core banking system, moving from legacy systems for deposits to Temenos’ modern, agile and open platform tailored for the US market. In 2022, the bank migrated over 2.5 million customers and 6.9 million accounts to the Temenos platform.

Named among America’s Best Banks by Forbes, Commerce operates using a “super community bank” model that brings together sophisticated banking products with high-touch, high-tech delivery to create and build deep relationships.

Temenos (Infinity) Loan Origination offers powerful decisioning, highly customizable applications, dynamic features, and extensive third-party integrations. The solution has been deployed to create a fast, omnichannel origination experience for securities-based loans and lines of credit provided through Commerce Trust - Commerce’s Private Bank.

Commerce previously relied on manual calculations, documentation and collateral gathering to process applications, which was complex to configure and set up. With Temenos (Infinity) Loan Origination, Commerce has been able to automate the process with increased digitization to eliminate paper processes, improve reliability, and drive the end-to-end product origination process down to 5 minutes or less.

John Handy, President and Chief Executive Officer for Commerce Trust, commented: “Commerce helps high-net-worth individuals simplify their complex financial lives. The Temenos’ loan solution will help us keep ahead of the competition, to take the lending experience to the next level, increasing staff efficiency and customer satisfaction.”

Philip Barnett, President – Americas, Temenos, said: “We are delighted to build on our close relationship with Commerce to modernize its loan origination capability. This latest go live proves the strength of our banking platform, which is tailored for the needs of US banks - from large regional incumbents, and global disruptors to challenger banks. Private banking is an increasingly competitive segment in the US and with Temenos, Commerce can continue to differentiate and meet the rising expectations for personalized, fast and easy banking interactions.”

Temenos was recently named a Leader in IDC MarketScape: North America Lending Decisioning Platforms and is ranked as the #1 best-selling banking software for Digital Banking and Channels by IBS Intelligence.

API-first fintech Monite, providing hassle-free finance automation for B2B platforms, has secured a $6M top-up round, bringing its total seed funding to $16M. The round was co-led by Valar Ventures and Third Prime, with continued support from existing investors. The company intends to use the funds to consolidate its position as a European embedded finance leader and to expand its footprint in the US.

Most B2B payments are slow and inefficient: of the US $27 trillion B2B transaction volume in 2022, the largest portion – around $12 trillion – used cash or checks. In this case, one of the most favorable scenarios for businesses is to get automated financial operations within the B2B platforms they use every day: banks, neobanks, payment providers, verticalized SaaS, and more. 

With 64% of SMBs expressing interest in using financial services embedded in the platforms they use daily and consider their 'system of record', these B2B companies are striving to meet the demand and become one-stop shops for their business clients. For these B2B players, success in handling customer payments lies in efficiently managing the entire sequence of activities leading up to the transaction. The real opportunity here is to offer solutions that enable companies to streamline and own payment-related workflows, such as order-to-cash and procure-to-pay workflows invoice mapping, internal approvals, and regulatory compliance adherence.

Monite helps B2B platforms offer robust revenue & spending management workflows to their clients within 4-5 weeks using flexible APIs and SDKs. In days, not months, platforms can start providing a comprehensive invoicing solution designed to facilitate payments for SMBs, incorporating compliant quotes, reminders, payment links, and seamless accounting integrations. Monite also enables the embedding of cutting-edge accounts payable automation, including email capture, OCR, approval workflows, and a range of suitable payment methods.

While research by Axios has indicated that venture capital interest in fintech fell by 40% in 2023, Monite’s remarkable 10x increase in monthly recurring revenue and 5x year-over-year customer growth piqued the interest of Valar Ventures, backers of Xero, N26, Qonto, and other notable fintech startups. James Fitzgerald, Founding Partner at Valar Ventures, said "The SMB market remains underserved, especially within finance automation. We see many startups and incumbents attacking this problem, but Monite's unique infrastructure lets companies add bill pay, invoicing, and other payment solutions to their offering quickly and cheaply simply through Monite's APIs. It also enables platforms serving SMBs to add new revenue streams by offering their clients more real value. Monite's customizable embedded workflows for B2B platforms align perfectly with our vision of how finance automation will be evolving in the next years."

Ivan Maryasin, CEO and founder of Monite, says "We are thrilled to get continuous support from existing backers like Third Prime and welcome Valar Ventures among our investors. Valar has a history of picking stars in the B2B finance and payment space. They recognize talent and growth potential and offer hands-on support in the company’s development. Our ambition, backed by impressive achievements against bold targets, makes Monite a perfect fit for Valar.” 

Building on the additional funding, Monite plans to double down on product development and expand its suite of embeddable financial services for US B2B platforms and their customers. The company has already taken strategic steps to enter the US market signing clients such as Capital on Tap and OpenSolar, both of which undertake extensive operations in the United States. It has launched Invoicing and Bill Pay solutions for US clients, adding payment rails for ACH and check payments, and ensuring that the service aligns with local regulatory standards. 

FullCircl, a UK-based SaaS platform that automates the verification of global businesses and individuals, today announces the appointments of Hema Marshall as its new Chief Revenue Officer (CRO), Amy Musk as Chief Operating Officer, and new VP Product Immy Tugcu.  These appointments signal a step change for FullCircl as it moves from a founder-led scale-up to a C-Suite-driven organization.

Hema Marshall joins as FullCircl's first-ever CRO from Sparqa Legal. She also brings with her 13 years of senior leadership experience at Cisco.  Hema has a track record of driving growth by successfully building and leading high-performing sales teams and implementing holistic strategies for growth-driven alignment across all revenue-related operations.  Marking a huge strategic addition to the FullCircl senior leadership team, she will play a pivotal role in driving even more value for customers and partners.

Amy Musk, who previously served as VP of Growth, moves into the role of COO.  Amy has been with the business for 6 years; her clarity of execution has consistently delivered exceptional results.  Moving into the COO role Amy will accelerate FullCircl's growth trajectory by shaping the next phase of its strategy, facilitating collaborative optimization of its business operations, and delivering a best-in-class customer experience.

Immy Tugcu, who has been with FullCircl since its formation, has also become its new VP Product.  She will lead the team in formulating and executing a product strategy and vision that ensures the business continues to foster innovation and deliver cutting-edge solutions to the financially regulated industries FullCircl serves.

Speaking about the appointments, Andrew Yates, CEO of FullCircl, commented: "These new appointments are the next building block in FullCircl's journey, moving us from founder-led to C-Suite managed.  We've restructured our business for even faster growth and to ensure we remain highly responsive to the changing needs of the regulated businesses we serve."

"We sit at a unique intersection between being a RegTech and a data intelligence technology that drives revenue, giving us an exciting opportunity to drive the future direction of digital transformation.  These new leaders are incredibly talented, and I look forward to working in partnership with them to take our business and our customers into the future."

As the market watches for an anticipated drop in U.S. interest rates following recent Federal Reserve Board pronouncements, American auto finance professionals await the potential impacts lower rates will have on their business, says Tim Yalich, auto lending industry expert and Head of Automotive Strategy, Wolters Kluwer Compliance Solutions. The impact of high rates from the past year, together with the potential for lower rates this year, will likely lead to an increase in demand for auto loan refinances, he suggests.

“Auto lenders will start to use artificial intelligence to increase their touchpoints with customers and to detect mistakes and fraud,” said Yalich. “Those who have digitized will find it easier to manage the influx of customers and make sure that they are in contact with customers along their lending journey.”

In any year in which loan volumes are higher, Yalich says it will be imperative for auto lenders to be on the lookout for mistakes and inconsistencies in data. A December 2023 Wolters Kluwer auto lending survey revealed that 77% of auto financiers who still rely on manual or paper processes acknowledge that their documents contain errors in a third or more of deals.

According to Yalich, while lending will always be subject to the vagaries of the financial markets, auto lenders are likely to handle a higher volume of loans this year: “The pent-up demand from consumers waiting to buy a new car will likely release this year, with consumers who bought when rates were higher looking to refinance as rates lower.” He notes that while the traditional practice of refinancing auto loans hasn’t been as popular in recent times, relatively low rates during the early 2020s led many lenders to offer auto loan refinancing.

Respondents in that same Wolters Kluwer survey indicated they were looking to transition to digitized documents in the following areas: loan processing and funding (31%); credit application and decisioning (28%); and securitization or collateralization (24%).

“The industry has been focused on the consumer experience and making sure that it is digitized to match consumer buying habits,” explains Yalich. “What I believe we will see this year is an emphasis on prioritizing the back end of the lending process. This is a shift in the industry and a new point of focus that will minimize errors, create efficiencies, and keep pace with early adopters who prefer a fully digital lending experience.”

Wolters Kluwer Compliance Solutions is a leading provider of digital technology and expert professional services. Its suite of products and insight resources serve as an industry enabler in the evolution toward digitization for the entire automotive and lending ecosystem.

Fiserv, Inc., a leading global provider of payments and financial services technology, today announced the appointment of Lance Fritz to its board of directors.

Fritz served as chairman, president, and chief executive officer of Union Pacific Corporation from 2015 until his retirement in 2023. Fritz began his Union Pacific career in 2000 as a vice president of marketing and sales and held executive roles in operations and labor relations during his tenure. Before joining Union Pacific, Fritz held roles with Fiskars Inc., Cooper Industries, and General Electric. He currently serves as a member of the board of directors of Parker-Hannifin Corporation and The Business Council.

“Lance is a welcome addition to our board,” said Frank Bisignano, Chairman of the Board of Directors of Fiserv. “His substantial experience as an operations-focused CEO, senior executive, and director across a diverse range of industries will bring unique perspective to the Fiserv board as we continue to execute on our strategic growth priorities.”

In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life.

Flagright, the leading provider of AI-native Anti-Money Laundering (AML) compliance and fraud prevention solutions, is excited to announce its newest customer, Traxion, a key player in transforming digital transactions in Southeast Asia. This partnership is set to significantly elevate the security and reliability of digital financial services in the region.

Traxion, with its innovative approach to digital transactions, offers businesses and consumers a secure and efficient platform for a wide range of services, including payments, remittances, and business solutions. Through this collaboration, Traxion will leverage Flagright's cutting-edge technology to further enhance its security measures, ensuring a safer transaction environment for all users.

Ann Cuisia, CEO at Traxion, shared thoughts on the partnership: "Aligning with Flagright is a game-changer for Traxion. It amplifies our commitment to providing the most secure and trustworthy digital transaction platform in Southeast Asia. Flagright's advanced AML and fraud prevention solutions will play a crucial role in safeguarding our users' transactions against the evolving landscape of digital financial threats."

Flagright's AI technology and easy-to-use, no-code interface will enable Traxion to seamlessly integrate comprehensive compliance and fraud prevention measures, reinforcing the security of its digital transaction platform. This partnership underscores both companies' dedication to enhancing the digital financial ecosystem's integrity and trust.

Baran Ozkan, Co-founder and CEO of Flagright remarked, "We are thrilled to partner with Traxion, a company at the forefront of digital transaction innovation in Southeast Asia. This collaboration is a testament to our shared vision of making digital transactions more secure and accessible. We are eager to support Traxion's growth with our robust security solutions."

MoneyHero Limited, a market-leading personal finance aggregation and comparison platform in Greater Southeast Asia, today reported that, based on a preliminary and unaudited review, the Company anticipates year-over-year revenue growth of at least 60% in Singapore and 50% in Hong Kong for January 2024. This growth has continued to dramatically outpace competition and further establishes MoneyHero as the dominant consumer finance platform in Southeast Asia.

“Our strategy continues to show significant results, our revenue pool is expanding at an accelerated rate, and our competition has never been under more pressure,” said Prashant Aggarwal, Chief Executive Officer of MoneyHero. “Singapore and Hong Kong represent the center of Southeast Asia’s economy. To win in these markets, companies need to dedicate themselves to maintaining pace with ever-evolving consumer demands through both consistent innovation and elevated customer experiences. Over the past year, MoneyHero’s products have helped consumers take more control of their personal finances for exactly these reasons. We are thrilled to have achieved such strong year-over-year performance and look forward to continuing this momentum throughout 2024 and beyond.”

MoneyHero has been operating brands in Hong Kong and Singapore since 2013 and 2015, respectively, and currently serves more than 2.6 million monthly unique users across both markets (for January 2024). MoneyHero’s technology and product teams, which continue to expand with new and elite talent, plan to launch updated offerings for these markets in 2024 that will support ongoing growth—leveraging the latest financial innovations, including artificial intelligence. The Company is also building the largest ecosystem of creators, influencers, KOLs, and channel partners throughout Hong Kong and Singapore to further enhance its platform and reach.

“We are rapidly becoming the go-to platform for effortlessly comparing and choosing financial products, including insurance and credit solutions,” said Rohith Murthy, Chief Business Officer of MoneyHero. “Building on our impressive revenue growth, we're strengthening our leading brands—SingSaver, MoneyHero, Seedly and Creatory—in Singapore and Hong Kong, while deepening our impact in the insurance and banking sectors. Our strategy is clear: deliver top-notch, innovative products and deals that meet our consumers’ needs; enhance their experience through technology investments and innovation; and broaden our reach and range of financial product offerings. We're committed to expanding our extensive ecosystem for all—offering more options for consumers, attracting better customers for our financial partners, and delivering unmatched value in the financial ecosystem."

FICO: A new study of 1,000 UK consumers by global analytics software leader FICO has put the spotlight on the customer acquisition and retention advantages of strong fraud strategies. Once simply viewed as necessary overhead, according to the new research fraud departments are now the secret weapon in winning customers. Fraud protection was cited as the highest priority for individuals when choosing a provider for a new financial account. However, enhanced fraud prevention processes cannot come at any cost. One in five said they would abandon opening an account if ID checks take too long.

More information: https://www.fico.com/en/latest-thinking/ebook/fraud-identity-and-digital-banking-consumer-survey-2023-united-kingdom

Key findings

• 34% rank good fraud protection as their top consideration when opening a new account; 73% had it in their top three
• The type of fraud that worried Brits most was the threat of a fraudster using their identity to open an account, followed by their card being stolen and used
• 18% will abandon opening a current account if identity checks are too difficult or time-consuming
• Biometrics are a favorite security choice, with 68% preferring to use fingerprints

“Financial institutions should use fraud protection as a competitive advantage,” commented James Roche, a principal fraud consultant at FICO. “Customers are looking for providers they can trust, so institutions should shout about the excellent fraud protection they provide. But when it comes to application and onboarding, they must be sure those protections, fraud checks and identity proofing are appropriate, proportionate and time-efficient to reduce the chance of dropouts.”

Whilst 34% said they are more likely to open a financial account digitally than they were a year ago, the expectation for a frictionless experience has also increased. Consumers expect the application process to be fast. Almost one in five will abandon an application if the checks are too difficult or take too long. Two thirds expect to spend less than 30 minutes opening a current account.

“If one place in the onboarding process sees a high proportion of dropouts, FIs should consider altering the order in which checks are made and whether some could happen once the customer has been accepted,” added Roche.

The new report - Fraud, Identity and Digital Banking - reveals how the landscape has changed when it comes to identity verification. Just a few years ago biometrics was an unknown science for consumers. The FICO research shows the shift, as 54% believe fingerprint scans provide essential protection; 52% ranked face scans and 49% iris scans. However, more education is still needed on behavioural biometrics, with just 17% believing these provide excellent protection.

The FICO report also identifies the financial crimes that consumers are most worried about, with identity theft to open a new account the top ranked concern at 30%. Bank account takeover was ranked the crime most feared by 20% of respondents and 16% ranked being tricked into sending money to a fraudster as the top concern. Giving customers confidence that a financial institution is using the best processes to mitigate against these threats is, therefore, critical.

“Aiming for completely frictionless experiences could leave a financial institution over-exposed to fraud,” concluded Roche. “Indeed, appropriate friction can actually help customers feel protected. The reality is, checks must be proportionate and personal to each customer and interaction. Therefore, fraud protection needs to be adaptive, using all streams of customer data for the best outcome for the customer and the institution.”

FICO® Platform unites core capabilities that aid detection and resolution across the customer lifecycle, including pre- and post-book. API access to third-party providers allows users to add and remove data sources as they see fit, and FICO Platform gives data science teams what they need to get their models into production. FICO models reduce false positives so fewer applicants are subjected to additional fraud checks. Two-way, multi-channel communications keep customers informed and automate information gathering to help resolve cases.