Wirecard, the leading specialist for digital financial technology, has partnered with Fitbit (NYSE: FIT), the leading global wearables brand, to offer contactless payments using Fitbit Pay. In the coming weeks, all customers of Wirecard's flagship product boon will benefit from an extended range of devices they can use to make secure payments at the point of sale, so they can leave their physical wallets at home and be mobile phone free. From now on, users from Italy, Ireland, Spain, Switzerland and the UK will be able to add their digital boon cards to Fitbit Pay and make secure purchases with their Fitbit Ionic or Fitbit Versa smartwatch devices anywhere Mastercard Contactless is accepted.

Georg von Waldenfels, Executive Vice President Consumer Solutions at Wirecard, comments: "We are proud to announce our partnership with Fitbit, offering our customers increased flexibility and freedom of choice when selecting their favorite devices to use their digital boon cards. boon customers can now even lock away their phones and worry less about their belongings during sporting activities without compromising their daily activities."

Fitbit Pay can easily be set-up on Fitbit Ionic and Fitbit Versa by following the simple steps in the Fitbit mobile app to add a credit or debit card to the user's Fitbit Wallet*. To pay, they simply press and hold the left button until the debit or credit card is seen on the smartwatch screen, and hold the watch against the payment terminal until a payment confirmation appears on the device screen.

Fitbit Pay includes many security features. Using an industry-standard tokenization platform, a user's card information is never revealed or shared with merchants or Fitbit. Plus, a personal 4-digit PIN code is chosen by the user during device set-up for an added layer of protection. 

Research by CREALOGIX Group, provider of mobile banking solutions, has revealed that 46 per cent of the consumers are concerned about the security implications of Open Banking, including identity theft and data breaches. When asked whether they thought Open Banking was a good idea, 69 per cent said no, with security being their primary concern. Those that thought it was a good idea said they believed it would help them budget better, switch banks more easily and see their family’s finances. The study of 2,000 consumers across the UK illustrates that Open Banking faces a perception issue that needs addressing for wide scale adoption. 

The research showed that younger, digital native, respondents were less concerned about security and protecting their data with only 28 per cent of 16 – 34 year olds expressing this fear, versus 64 per cent of the over 55s.

The EU regulation, PSD2 sees the start of Open Banking and requires financial service providers to provide legitimate third parties with access to their customers’ account data, and to enable them to initiate payments. The principle bank – the bank where the account is held – is obliged to create the IT basis for this in the form of APIs. As sensitive information is involved, all automated access to data is subject to strict security requirements. 

Xx, Crealogix says: “PSD2 brings fundamental change to the entire banking industry, but consumers are not being informed properly about the benefits, leaving them fearful of data breaches. The regulation puts the consumer in the driving seat, providing choice and better control. It will increase the intensity of competition, ultimately leading to innovation. Traditional players who merely respond by doing the minimum necessary to become compliant will see their influence dwindle.”

The research strongly suggests that banks are doing little to communicate with the consumer as 85 per cent of consumers have either never heard of, or are unsure what the Open Banking initiative is and how it will affect them. This is despite the Financial Conduct Authority (FCA) ordering nine of the country’s biggest banks – several of which missed the 13 January launch – to open up the information they hold so that it can be used to create new banking products and services.

In addition to only one-in-six (14.3 per cent) being aware of the Open Banking initiative, less than a quarter (22.8 per cent) of respondents had heard about it directly from their own bank or building society. 

CREALOGIX is a fintech top 100 firm and a global market leader in digital banking. Its fintech solutions offer bank clients a better customer experience, greater security and effortless online money management. The CREALOGIX product and service range spans the areas of Digital Banking, Digital Payment and Digital Learning.

Gemalto, the world leader in digital security, today announced, it is bolstering protection against cyber-attacks for the new generation of cloud-based virtualized networks being planned and deployed with Intel® technology. 

This new initiative combines the Intel® Software Guard Extensions (Intel® SGX) trusted 'enclave'⁽¹⁾, deployed in the company's industry-leading cloud server CPUs, with Gemalto's advanced SafeNet Data Protection On Demand security software services to create a robust processor-level security solution for virtualized networks. 

With physical network functions being migrated to the cloud resulting in increased 'attack surfaces' for malicious forces, one of the challenges for the mobile industry is to ensure identity protection, confidentiality and integrity of these newly virtualized network functions. Addressing this, the combined solution secures virtualized networks from core to multi-access edge by ensuring virtual functions and applications residing in network slices are protected and isolated. Preventing confidential data leakage is vital to ensure that new 5G applications, including IoT and critical communications, achieve the highest standards of reliability, safety and privacy.

At the RSA 2018 Conference (April 16^th-20^th), Intel and Gemalto will be demonstrating in detail how the solution is protecting these new 5G networks. Join us at Intel's booth (North #3435) to learn more. 

"Mobile operators cannot afford to let security weaknesses undermine the compelling commercial benefits of 5G and virtualized networks," Todd Moore, senior vice president Encryption Products for Gemalto. "Our work with Intel^® will give organizations deploying cutting-edge, cloud-based virtualized networks all the tools necessary to address the profound dangers posed by the consequences of increasing data breaches or network disruption in our increasingly connected world."​

The 4th IBFD Africa Tax Symposium draws together tax professionals from industry, practice, government, civil society and the judiciary to explore important developments in international taxation affecting Africa. This year's symposium will be held from 9-11 May at the Sarova Whitesands Beach Resort in Mombasa, Kenya.

In just three years, the IBFD Africa Tax Symposium has become Africa's key tax event. An annual initiative of the autonomous think tank the IBFD Centre for Studies in African Taxation (CSAT), the Africa Tax Symposium offers a platform for ongoing discussion about international tax developments and issues as they relate to Africa.

The key topics at this year's symposium will include the impact of the Multilateral Instrument on bilateral tax treaties; the challenges of the digital economy in an African taxation context; transfer pricing and indirect tax challenges in Africa; and global exchange of information and tax transparency in the post-BEPS era. The symposium will be conducted in English, and simultaneous translation into French will be provided.

"Of all of the events around the world focusing on recent developments in international taxation, there are very few that explore these developments within an African taxation context, and that is what makes this event very unique," states Belema Obuoforibo, Director of the IBFD Knowledge Centre. "The Africa Tax Symposium is one important way IBFD works to realize its goals of building tax expertise in the region by discussing well-researched opinions and exploring practical solutions that work within an African context. We are looking forward to welcoming tax professionals from throughout Africa and around the world."

The symposium has quickly filled again, with limited places available before the closing date of 23 April. To register and learn more about the topics, speakers and programme, please visit the IBFD website.

For the second time consecutively, the Financial Times has recognised the European online payments provider Trustly as one of the fastest growing companies in Europe. Again, Trustly is placed in the top quartile of the FT1000 list earning a place as the 245th fastest growing company. Looking closer at its fintech peers Trustly is ranked 11 and as number 4 among the Swedish companies.

The companies ranked on FT1000 list have been selected based on their revenue growth, the number of employees and pretax profit between 2013 and 2016. The full report ‘FT 1000: Europe’s Fastest Growing Companies’ is being published on April 30.

Oscar Berglund, CEO of Trustly, said: “We are proud to be recognised as one of Europe’s fastest growing companies. This recognition reflects the demand for Trustly’s offer and on expanding into new markets. As the technology for authentication becomes more convenient and has provided added layers of security for consumers and merchants, we are seeing increasing interest in direct online banking payments, and Trustly is well placed to meet future demand. Through Trustly’s payment method, e-merchants can reach up to 400 million consumers and many of those prefer to pay directly from their bank account”

 Finastra is bringing its mortgage lending solutions to the cloud via Microsoft Azure. As part of the strategic alliance between the two companies to use Microsoft’s enterprise-ready, trusted cloud platform as a base for a selection of Finastra’s payments and retail banking technology, Finastra’s Fusion MortgagebotLOS product is now available via the Azure cloud. As of today, US clients that access this service will realize streamlined access to their data, improved operational control and increased productivity.

By accessing technology remotely via the cloud, financial institutions benefit from a flexible cost structure in which they can access only the resources required, and where system upgrades are rolled out immediately and automatically. Cloud technology also offers enhancements in availability, disaster recovery, environment / process monitoring, mobility and collaboration.

Finastra already uses the Azure cloud platform to deliver its payments solutions and more business lines will move to the cloud over the next 12 months. The addition of Fusion MortgagebotLOS to the cloud advances Finastra’s commitment to deliver the broadest portfolio of solutions for financial institutions of all sizes, on premises or in the cloud. Fusion MortgagebotPOS, which allows lenders to receive accurate, qualified mortgage applications through every point-of-sale channel, will be available on the Azure cloud in the coming months. The alliance between Finastra and Microsoft, announced in March, also serves to underpin Finastra’s FusionFabric.cloud open platform for innovation.

“Finastra is changing the way software is written, deployed and consumed as part of our open vision. Within that mantra we are committed to helping our customers embrace innovation and giving them choice when it comes to software delivery models. Bringing Fusion MortgagebotLOS to the cloud is a significant step forward in changing how clients can access and benefit from our solutions,” said Simon Paris, Deputy CEO, Finastra. “By teaming up with Microsoft, we have a partner that shares both our vision and our values for providing a secure, highly-available and proven cloud platform.”

Janet Lewis, Vice President of Worldwide Financial Services at Microsoft said, “Together, Finastra and Microsoft Azure are able to offer our mutual clients greater flexibility in how they receive Finastra’s solutions. Using the Azure cloud platform, banks are now able to access Finastra’s loan origination software in a manner that reduces cost of ownership and simplifies solution updates.”

PrePay Solutions (PPS), Europe’s leading prepaid and digital banking services provider, has partnered with challenger bank Countingup to provide business accounting and banking together in one place.

Countingup is committed to providing every small business with easy accounting and business banking together in one place, offering automated, hassle-free financial services to simplify business operations. The financial services start-up gives businesses a UK sort code and account number, complete with Mastercard, to enable them to begin operations immediately. It offers dedicated packages designed specifically for start-ups, freelancers, contractors, self-employed sole traders and limited companies to meet their particular banking needs.

Users can download the smartphone app, designed to give business owners an overall look at the financial health of their business at a glance. For instance, the app automatically categorises transactions so they don’t have to worry about doing the bookkeeping. Moreover, the app will automatically provide running tax estimates, create invoices and generate profit and loss reports.

PPS is providing Countingup with the banking infrastructure needed to offer this complete service. PPS has a proven track record in providing such services to challenger banks, and in giving them reliable services to support their customers’ day-to-day financial needs. As a result, Countingup’s customers will now benefit from a cost- and time-effective banking solution.

Ray Brash, CEO of PrePay Solutions, said:

“Countingup is brand new to the market and offers a truly innovative service to small businesses, which is why we are so pleased to support it in launching in just 12 weeks. Working together, we’ve been able to provide a mobile banking system tailored to meet the specific needs of the UK’s large and fast-growing SME sector.

“We are focused on continuing to support Countingup in providing businesses with the services they need to achieve success, whatever market they are in. We’ve no doubt that the alliance will develop with the implementation of additional, high-performance banking products, as we find new solutions to meet businesses’ changing needs.”

Tim Fouracre, Founder & CEO, Countingup, said:

“The UK tax regime is changing, as a result of HMRC’s Making Tax Digital initiative. This will transform the UK tax filing system for small businesses, requiring them to file quarterly tax returns for VAT and, eventually, for self-assessment and corporation tax. This will bring with it challenges for business owners, requiring them to spend extra time and resource on their accounting that they may not be able to afford.”                                                                                                                                       

“With PPS’s support, we are able to provide small business owners with access to banking services designed to streamline the tax return process and minimise their operating costs. We had a host of requirements for our partnership, but PPS understood our needs straight away, enabling us to deliver on our commitment to offer our customers accounting and banking in one place, giving them a simple way to run their businesses.”

FSS, a Payments and Fintech leader, announced the launch of Paynalytix-As-a-Service at Seamless Middle East, the region’s premier industry event in Dubai.  FSS Paynalytix-As-a Service brings multi-source, multi-format data together in the cloud and helps banks harness the value of their data for improved business outcomes.

With the growth of digital payments, banks have a plethora of data available from an increasing number of digital payment sources including issuance and acquiring systems. FSS Paynalytix-As-a-Service leverages Paynalytix, an advanced big-data platform to help banks efficiently model performance along multiple business and operational dimensions. The solution synthesizes data from the Switch and multiple payment applications including Mobile Banking, Internet Banking, Card Management Systems, ATM Monitoring Systems, Payment Reconciliation Systems, Payment Gateways and POS to generate actionable insights for maximizing revenues as well as driving operational efficiencies.

Intuitive data visualization dashboards provide on-demand access to insights to a range of authorized end users, making it easy for various business units within financial institutions to analyze operational performance, fraudulent transactions, channel profitability and the end-customer experience.

Speaking on the launch, Suresh Rajagopalan, President Software Products, stated, “In an age of payments disruption, analytics is at the core of innovation and differentiation. FSS Paynalytix-As-a-Service helps banks achieve success by bringing a culture of data-driven decisioning at scale. By exploiting vast underutilized repositories of transaction data, we can help banks carve new business models and services and transform their go-to- market approach.”

FSS Paynalytix-As-a-Service offers pre-built applications to help banks accelerate time-to-value. These include:

• Customer Analytics: Analyses structured and unstructured cross-channel customer data (in-store, ATM, online, mobile, social) to infer and predict customer journeys and transaction patterns. This helps to optimize product performance, launch new product offerings as well as deliver real-time customer incentives and relationship pricing.   
• Merchant Analytics: Acquirers can exploit transaction trend data to improve the quality and profitability of merchant portfolio. For example, acquirers can glean transaction patterns across merchant categories, instrument type and interchanges. This can help in scoring individual merchants based on transaction recency, frequency and monetary value, which in turn can inform strategies related to acquisition, promotions, pricing and retention
•  Risk Analytics: Uses automated machine learning to identify risk patterns and continually hone risk control framework as well as proactively preempt potential threats
• Operational Analytics: Captures and analyzes real-time information on ATM networks, enabling banks to predict cash utilization and reduce cash outages, improving uptime and the first fix-rate to predict future maintenance needs.

FSS’ Paynalytix-As-a-Service platform is available on an outcome-based ‘pay-per-insight' cloud delivery model. Banks can use pre-built applications or leverage FSS expertise in Payments and Big Data to develop new applications over the platform. 

Scale-Ups.eu, a spinoff of the European collaboration innovation platform B-Hive, is organizing SuperNova together with Flanders DC on September 27-30. This four-day event aims to bring the most promising scale-ups, outstanding tech companies, and thought leaders from all around the globe in Antwerp to talk, pitch, and showcase.

One of the highlights of SuperNova is a two-day deep pocket investor program featuring 55 most promising European tech scale-ups. On September 27 & 28, all pitching tech companies with trailblazing potential have a 10-minute opportunity to present their future-proof business concepts to 100+ top-tier global investors including JVP, Columbia Lake Partners, Idinvest, Summit Partners, and more.

Open call for scale-ups to pitch for growth financing

In line with its ambition to become the top-of-mind time squeezer for scale-ups in Europe, Scale-Ups.eu is launching an open call for all scale-ups that want to boost their growth and score their extra investment round. 

“Reducing time is the essence of entrepreneurship. SuperNova squeezes time for both scale-ups and VCs by connecting them for two days. As a result, we at Scale-Ups.eu help accelerate the growth of their company or portfolio.”, Jurgen Ingels, Founder Scale-Ups.eu.

To join the pitching stage at SuperNova, scale-ups have to meet the following growth criteria:

• Raised at least €1 million funding but less than €40 million (excluding loans)
• At least €3 million recurring revenue
• Annual growth of more than 20% in the last three years

The final selection of scale-ups that will pitch at SuperNova will be selected by Scale-Ups.eu’s co-curating VCs namely Colombia Lake Partners, Fortino Capital, GIMV, HPE Growth Capital, ID Invest Partners, Jerusalem Venture Partners, Prime Ventures, Runa Capital, Smartfin Capital, Summit Partners and Volta Ventures. The Belgian Venture Association is also supporting this initiative. 

Scale-ups that meet the growth criteria and want to pitch their solutions & ambitions to top-tier VCs at SuperNova can submit their profile until May 4th on Scale-Ups Preselections page.

Digital Week 2018

SuperNova (September 27-30) is the final stop of B-Hive’s Digital Week 2018 in Belgium. This full week gives all tech and financial players from all Europe the opportunity to shape the future together and connect with top thought leaders and innovators in the region. Discover the full program on B-Hive’s events page.

Digital disruption has brought a new level of convenience to retail, with product information available at the press of a button and payments completed almost instantly. With 44% of global consumers still shopping at physical outlets every week, however, many businesses are challenged to deliver a consistently excellent customer experience whether online or in-store.

That’s why PayPal, in partnership with point of sale (POS) solution provider, ebizmarts, has developed an omnichannel payment system to help retailers deliver the best of both worlds when it comes to shopping in-store.

For example, by combining PayPal’s mobile card solution - PayPal Here - with ebizmarts’ iPad-based app, Magento retailers can synchronise their online catalogues and in-store product suites. The combined technologies allow retailers to provide product information to customers and conduct orders and payments seamlessly in-store.

Products, pricing, customer requests, redeemable coupons, orders and returns can all be managed by in-store staff via the app, while PayPal Here’s card reader enables payments to be taken conveniently and quickly. As a result, retailers can seamlessly translate their online customer experience to the physical environment and give customers all the advantages of online shopping when visiting retail outlets in person.

John Fitchett, Managing Director UK & Europe, ebizmarts commented that by combining their expertise, PayPal and ebizmarts offer a well-rounded solution for merchants looking to provide the next level in in-store omnichannel technology. He went on to say that retailers can offer their customers a more enhanced consumer shopping experience – especially important considering the amount of time that consumers still spend in physical stores.

For more information about the partnership, please watch this video.

At PayPal, we believe paying should always be painless. PayPal Here provides an innovative and easy-to-use solution that can help drive sales for all retailers and stores, regardless of size.