Research from Freedom Finance, one of the UK’s leading digital lending marketplaces and embedded finance providers, reveals the extent to which the UK’s most valuable retail brands are adopting financial services. 

The analysis reveals three of the top ten most valuable retail brands in the UK1 already offer embedded finance services to customers, while Morrisons is the only retailer in the top 10 not to offer financial services of any sort. 

When it comes to the top 15, only Ocado and Pets at Home joined Morrisons in not offering customers finance options. However, many of the finance options were limited to Buy-Now-Pay-Later (BNPL). None of the retail brands outside the top-ten offered the range of finance available via a full embedded lending offering. 

Embedded finance has become increasingly popular in recent years as retailers and brands have sought to create a smoother online experience for customers while diversifying their income streams. It involves non-financial brands offering financial products to customers within their online ecosystem, via a website 

or app. In its simplest form it is offering BNPL services via a single provider like PayPal or Klarna at the point of sale, but more sophisticated providers can offer range of products from a wide panel of financial institutions via a full embedded finance (lending) offering. 

Recent research from Freedom Finance has revealed how rising interest rates and tightening lending criteria have made the need to for access to a wide range of products and lenders is more important than ever. The research revealed that as interest rates on overdrafts and credit cards have increased rapidly since the middle of last year, so have the number of people looking to consolidate more expensive,  ongoing debt into lower-cost, fixed-term personal loans. While its latest Credit Monitor revealed that credit card rates are now at their highest level since December 1997. 

Freedom Finance allows customers to choose from the widest panel of unsecured loan providers on the  market. Its proprietary technology is dedicated to helping consumers find the best deal, in the easiest possible way, without damaging their credit scores. 

Emma Steeley, CEO at Freedom Finance said that tightening credit conditions meant that a wide range of credit options was increasingly important for borrowers, lenders and brands. 

She commented: “The boom in embedded finance has for a long time been linked to growth in BNPL seen during the pandemic lockdown, but the adoption of financial services by retail brands is far more sophisticated than that. 

“The best retail brands want to offer their customers the most appropriate credit options available to them and an embedded finance platform with a wide panel of lenders is a user-friendly way to do that.  

“By adopting this type of technology, brands are offering consumers the best financial services options that  are available to them and lenders get higher-quality loan applications, which they are willing to pay for, so  it creates a whole new income stream for the brand.” 

MoneyFitt™, a Singapore-based FinTech, are excited to announce its official launch in Singapore. MoneyFitt™ aims to empower individuals to take control of their financial well-being by offering personalised tips, a network of trusted experts, and a wealth of educational resources. The launch follows a successful proof of concept project in collaboration with Prudential.

MoneyFitt™ recognises that each person has unique financial needs and goals. By leveraging advanced algorithms, the app provides users with actionable steps to improve five foundational areas of financial well-being: Spending, Credit Card, Emergency Fund, Protection, and Investments. Through the app's intuitive interface, users understand what to do, which steps to prioritise, and why they are essential.

One of the standout features of MoneyFitt™ is its access to a matching service of Singapore's trusted financial experts. Users can complete their profiles with relevant financial information and objectives, and then select a licensed financial advisor who users feel they can relate to and understand their needs. MoneyFitt™ does not charge users for connecting with advisors, nor does it take any commission from action taken through experts, for a transparent and hassle-free experience. It's the perfect platform for individuals seeking expert guidance without the risk of a hard sell.

"Our primary focus is to help individuals address multiple areas of personal finance, ultimately improving their financial, mental, and physical well-being," stated Lim Ka-ming, CEO of MoneyFitt™. The platform leverages content and customised suggestions to push action in every aspect, whether creating a budgeting template, developing an emergency fund, building an investment portfolio, or contacting a human advisor.

MoneyFitt™'s target audience for the Singapore launch comprises Gen Z and Millennial Singaporeans and working professionals who desire financial security but may lack the knowledge or confidence to attain it. The app caters to individuals who want to take action and are not afraid to ask for help from an expert.

Key features of the MoneyFitt™ app:

The app's features are designed to address the most important pain points faced by users, providing tangible benefits to enhance their financial well-being:

1. Content Feature: A vast library of financial literacy content, including articles, videos, quizzes, infographics, and tools. Users can choose their interests to access relevant content related to investing, retirement planning, saving, and wellness. The content produced by MoneyFitt™ and trusted third-party sources ensures unbiased and engaging information, free from product sales pitches.

2. Sliders Feature: A personalised feature that provides actionable steps to address the five foundational areas of personal finance. By addressing pain points and providing guidance on prioritising financial actions, MoneyFitt™ helps users take crucial steps toward financial freedom.

3. Expert Matching Feature: MoneyFitt™'s matching service allows users to connect with financial experts who can understand and relate to their unique needs and aspirations with the touch of a button. MoneyFitt™ does not provide investment or insurance advice but arms users with knowledge they can use to address their financial needs.

4. MoneyBott AI Chatbot: MoneyFitt™'s innovative feature transforms how users consume information and enhances the overall experience, acting as an intelligent and interactive guide to answer key personal finance questions. By offering a more targeted content experience, users can learn more about subjects of interest, whether that be MoneyFitt™'s features or personal finance-related questions.

MoneyFitt™ has already received highly positive feedback from early Singaporean users, who noted the app is intuitive, proven effective, and action-driven.

The all-new MoneyFitt™ App is available for download on [August,22,2023] on both iOS and Android platforms.

OneSource Virtual (OSV), the leading provider of services for Workday, and an innovator of extensible applications built on Workday technology, announces a first-of-its-kind partnership with Highline, a fintech company transforming payments to benefit consumers and billers alike. This collaboration enables OneSource Virtual customers to further improve the financial health and well-being of their employees with Highline’s revolutionary new payments network, which powers Pay by Paycheck, designed to simplify consumer finances between payday and bill due dates.

“One of our core missions is to deliver innovative solutions that drive employee financial wellness in the U.S. market,” explains John Bax, CFO of OneSource. “Partnering with Highline is a natural extension of our existing product suite enabling us to expand our mission to include better automatic bill payment with built-in budgeting, access to lower-cost financial products and the ability for employees to save money as a result. This builds upon our current solution suite, including myFlexPay, which supports organizations by offering on-demand pay to their employees and from a more recent release, myFlexSpend – an enhanced consumer-directed health (CDH) solution providing streamlined and intuitive tax-advantaged accounts.”

A recent report from LendingClub and PYMNTS found that as of January 2023, 60% of adults in the U.S., including more than four in 10 high-income consumers, live paycheck to paycheck.

Highline is taking the concept of open banking with account-to-account payments and applying it to payroll to create a richer payment experience that truly solves the greatest challenge facing consumers.

“Consumers need better tools to manage their finances and there’s a big misalignment between their payday and the due dates of their bills,” said Geoff Brown, founder and CEO of Highline. “With Pay by Paycheck, recurring bills can be more easily and reliably automated while improving consumer control over their money. This earns discounts based on the work people do and naturally helps them manage a budget.”

Highline’s Pay by Paycheck enables consumers to make payments directly from their paycheck, bypassing traditional banking and payment rails. This new way to pay helps consumers avoid missed payments and associated late fees and penalties, including repeat debit attempts from their bank accounts that can result in costly overdraft fees.

“This lower-cost alternative payment method provides a greater level of comfort regarding repayment for billers,” said Brown. “Billers present Highline Pay by Paycheck as a better alternative to ACH and card payments. They do so because it dramatically improves payment rates and reduces their credit losses and customer churn.”

A great mechanism for consumers to spread bill payment across their paydays, Highline’s Pay by Paycheck makes it possible to avoid making large, lump sum payments at all once. With Pay by Paycheck’s “Pay as You Earn” feature, consumers can make partial payments from each paycheck to participating billers, enabling them to pay down loans earlier and minimize interest. Additionally, Pay by Paycheck offers “Pay on Due Date” to push the total amount due to billers on the billing due date.

“We’re excited to be partnering with Highline to deliver these benefits to our customers’ employees as well as our ongoing collaboration to innovate new products and features that continue to improve employee financial health and well-being,” stated Bax.

Geoff Brown shared in the sentiment, “Highline is very grateful to OSV for building such a deep partnership with us. It’s only together that we are able to create such a brilliant experience for both consumers and billers alike.”

SRM (Strategic Resource Management), an independent advisory firm serving financial institutions and other industries across North America and Europe, today released its most recent report: "Why Every Financial Institution Needs a Fintech Blueprint."

Over 95% of banks and credit unions are dependent on one or more service providers to deliver and update banking services. The market is evolving so rapidly that even institutions possessing an existing digital strategy may be overdue for a refresh. COVID's aftermath, macroeconomic shifts, and the omnipresence of fintechs are all catalysts for such a refresh.

SRM's report details why financial institutions need a specific fintech blueprint – a more descriptive roadmap providing additional detail on what the institution hopes to accomplish and when, how, and with whom. It also describes the many challenges these financial institutions face from outsiders and non-bank entities. The report is authored by two of SRM's leading experts on fintech, emerging payments, and open banking – Prakash Natarajan (Managing Director, Payments Strategy) and Jeff Ostheimer (Director, Fintech Advisory Services).

"The operational changes imposed on financial services by the pandemic served as a wakeup call for banks and credit unions," said Jeff Ostheimer, Director of Fintech Advisory Services at SRM. "Today's financial institution must deeply understand the behaviors of its current and prospective customers and members, determine which products to implement based on the organization's strong suits and opportunities, and prioritize accordingly. A fintech blueprint has never been more important."

Onfido, the global leader in automated digital identity verification, today announced that they have partnered with 0xKYC, an innovative startup bringing zero-knowledge proof identity solutions to Decentralized Autonomous Organizations (DAOs).

0xKYC, which is currently in its seed round of investment, is backed by Outlier Ventures and New Order. Using Onfido’s technology, 0xKYC developed the 1VOTE plugin for Aragon, enabling users to verify their identity without sacrificing anonymity. 

Powered by Onfido’s biometric verification solution, Motion, users are guided through the capture process, taking a picture of their ID for document verification and taking a photo or short video of their face using their smartphone. Their information is quickly compared to Anti-Money Laundering (AML) and Web3 fraud databases using Onfido’s Verification Suite. Once cleared, 0xKYC generates a Soulbound Token with proof that the user is OFAC and Web3 verified, as well as over the age of 18. 

The solution empowers businesses to ensure the real identity of their customers, while preventing fraud and interactions with bad actors. 0xKYC’s 1VOTE solution is already being adopted in DAO circles. In May, 1VOTE won Aragon’s DAO Global Hackathon under the “Most Creative Use of OSx'' category. The solution is also being used by Web3 gaming companies like Insert Stonks to prevent bots and allow for a fair gameplay thanks to the prevention of duplicate accounts.

“The solution that 0xKYC has created using Onfido’s technology is hugely innovative,” said Onfido’s CPO Yuelin Li. “By creating a token for cleared users, 0xKYC has established a level of privacy that will boost security on Web3 and the Metaverse.”

“0xKYC is focused on ensuring user security and privacy, while ensuring accuracy and data compliance for businesses,” said 0xKYC CEO Adam Zasada. “Thanks to Onfido’s suite of products, we’re able to create a robust KYC and AML solution. By extending this capability to the blockchain, we’re able to offer a permissionless way that allows protocols that use Aragon OSx or any other system to verify if their DAO users are unique and eligible for a vote in a decentralized organization.”

NCR Corporation, a leading enterprise technology provider, and Autobooks have partnered, seamlessly integrating sophisticated digital invoicing, payment acceptance, and accounting features into NCR Digital Banking. NCR and Autobooks have more than 100 joint financial institution customers live.

The partnership enables financial institutions to offer a comprehensive suite of integrated payments and cash management solutions built specifically for small businesses. By allowing small businesses to accept payments in a variety of ways, both in-app and online, and manage those receivables through additional accounting and reporting tools, banks and credit unions can more effectively attract, retain and support these customers.

“In recent years, third-party competitors have attempted to enter the small business segment with a wide range of products and services, many designed to disintermediate relationships with primary financial institutions,” said Derik Sutton, Chief Marketing Officer of Autobooks. “Together, Autobooks and NCR are delivering leading digital-first payment and receivables tools, helping financial institutions strengthen relationships and loyalty with the critical small business market.”

Later this summer, NCR and Autobooks will also enable Tap to Pay capabilities, allowing financial institutions to offer their small business customers the ability to use smartphones to accept in-person, contactless payments — without the need for additional hardware.

“We are proud to enable leading payments features and functionality for small businesses, seamlessly embedded into their digital banking experience,” said Doug Brown, president, NCR Digital Banking. “Together with Autobooks, we are providing small businesses with an easy way to get paid – an important yet traditionally underserved need. These innovations will allow our banks and credit unions to grow deposit relationships, increase revenue and create a competitive differentiator.”

nCino, Inc., a pioneer in cloud banking for the global financial services industry, today announced that WaterStone Bank will be upgrading its technology stack and migrating its commercial, consumer, and residential lending activities to the nCino Cloud Banking Platform.

WaterStone Bank, established in 1921 and headquartered in Wauwatosa, Wisconsin, offers a full suite of personal and business banking products and services. The Bank maintains a customer-first approach by providing highly personalized services through enhanced digital channels and new product offerings. To enrich the lending experience for its clients even further, WaterStone recognized the benefits a single platform could deliver to help eliminate inefficient operations, improve compliance management, and integrate rich data and insights into key workflows.

“WaterStone selected the nCino Cloud Banking Platform as a strategic move to help us consolidate and streamline our lending processes across all lines of business,” said Ryan Gordon, EVP and Chief Credit Officer at WaterStone Bank. “By utilizing a single platform that delivers a true end-to-end lending experience, we will be empowered to deliver more seamless experiences to our customers while gaining efficiencies and added transparency across our operations and portfolio. I’m excited about this partnership and the path forward.”

“WaterStone’s decision to upgrade to nCino's platform aligns perfectly with their commitment to digital excellence in today's rapidly-changing banking landscape,” said Will Cameron, SVP, Community and Regional Banking at nCino. “We’re extremely proud to be partnered with Waterstone to deliver the nCino platform and look forward to the long-term benefits the system will provide to the Bank and its customers.”

CAPEX.com, a leading global multi-asset financial services provider, proudly announces the appointment of Maria Evripidou as the broker's new Head of Product. With an impressive track record in the financial services industry, Evripidou brings a wealth of experience to elevate CAPEX's product offering. 

Reporting directly to Octavian Patrascu, Global CEO of CAPEX.com, Evripidou's primary focus will be on fostering the continued growth momentum of CAPEX's product offering, while executing strategic business plans aligned with the Group's vision to become the number one global brokerage for online trading. 

"We are thrilled to have Maria Evripidou join our team as the new Head of Product for our global operations. With her wealth of experience in the finance sector, we are confident that Maria will infuse a fresh perspective and innovative ideas for our endeavours. We eagerly anticipate collaborating closely with her to sustain our business momentum and deliver exceptional results for our esteemed clients, and partners.", commented Octavian Patrascu, Global CEO of CAPEX.com on the new hire.

Maria Evripidou, the newly appointed Head of Product, expressed her enthusiasm about joining the leading brokerage:

"Being part of CAPEX.com fills me with immense excitement – it's an energetic and forward-thinking brokerage; with a commitment to embracing progressive ideas in the financial services sector, and prioritising exceptional client service, we are presented with a remarkable opportunity to continue to build on CAPEX’s success journey together. Collaborating with a team of highly skilled professionals, whose ranks are continuously expanding, ignites my passion to further elevate the firm's already impressive accomplishments in the realm of multi-asset trading and FinTech."

Throughout her illustrious career, Evripidou has held various significant roles, including Operations Officer, Business Intelligence Officer and Head of Product. In her new capacity, she will lead CAPEX's endeavours to continue to enhance its product offering. This entails overseeing the brokerage’s existing asset classes and technology, as well as adding new products to ensure the firm continues to stay at the forefront of the industry's offering, while being a leader with innovation. 

Crossover Markets Group, Inc., a digital asset technology firm focused on meeting the unique liquidity requirements of institutions, today announced they have joined forces with Cboe Digital, a U.S. regulated exchange and real-time clearinghouse for spot cryptocurrencies and futures. This collaboration offers a clearing solution for trades across multiple digital asset execution platforms. 

Crossover unbundles execution from clearing, custody and brokerage, avoiding conflicts of interest and the captive nature of all-in-one providers. Crossover’s flagship product, CROSSx, offers institutional and intermediary clients a dynamic technology platform to execute spot cryptocurrencies, complementing Cboe Digital’s native exchange. Cboe Digital Exchange’s clearing arm, Cboe Clear Digital, is a traditionally structured central counterparty for clearing and settlement.   

“Institutional market structure in crypto is being reset,” said Brandon Mulvihill, Co-Founder and CEO of Crossover. “The collaboration of Cboe Digital’s world-class infrastructure and CROSSx, a first-of-its-kind, ultra-low latency ECN is groundbreaking. Cboe Digital promotes competition in trade execution, which may help to reduce trading fees. This collaboration is a natural fit for CROSSx, and we are proud to be the first external technology venue to provide connectivity to Cboe Digital.” 

“We are pleased to provide a U.S. regulated clearing solution to Crossover’s clients,” said John Palmer, President of Cboe Digital.  “Cboe Digital’s clearinghouse supports multiple digital asset execution platforms including crypto spot and futures, which provides operational, technical, and collateral efficiencies to its members. We look forward to supporting Crossover’s clients in innovative ways as the digital asset market evolves.” 

To complement this relationship with a US-based clearing broker, Crossover is expanding its data center footprint to Equinix’s NY4, adding to its existing presence in Equinix’s LD4 for international counterparties. The onshore presence of production servers is expected to avoid unnecessary latency in execution, helping to ensure an enhanced experience for Cboe Digital and Crossover clients. 

Global financial technology leader FIS^® has today announced that its merchant solutions business, Worldpay from FIS, will integrate Alipay+ into its global portfolio for e-commerce and POS offerings. There will be a phased rollout to our merchants, starting with the AlipayHK e-wallet.

Worldpay and Alipay+ have also signed a Memorandum of Understanding in Singapore on August 3rd, 2023 that aims to deepen mutual business cooperation in the sector of electronic payments between the two parties.

Alipay+ features a suite of cross-border digital payment and marketing solutions operated by Ant Group, which connects global brands with mobile-savvy consumers worldwide. It gives global merchants the ability to accept cross-border payments from a wide range of methods such as digital wallets and bank apps, especially across Asia.

Digital wallets are the leading payment method globally in e-commerce and at POS, accounting for ~$18 trillion in consumer spending in the past year, according to Worldpay from FIS’ 2023 Global Payments Report. By enabling transactions on shoppers’ preferred digital wallets in Asia, this new collaboration between Worldpay and Ant Group is an exciting opportunity for merchants to enhance their customers’ payment experience.

Phil Pomford, General Manager for Global E-commerce, APAC, Worldpay from FIS said: “Today’s consumers have high expectations when it comes to making purchases, and they expect nothing less than a convenient, fast and secure payment experience. To stay competitive, merchants must understand and offer the payment methods that their customers prefer. Local wallet providers are extending their dominance in several APAC markets. We’re thrilled to be collaborating with Ant Group to provide our global merchants access to the Alipay+ platform starting with the AlipayHK wallet.”

Guoming Cheng, General Manager of Ant Group in Europe and the Middle East said: “The collaborative effort with Worldpay will empower merchants to sell globally and contribute to our mission of providing more open, digitalised and inclusive financial services to global audiences. Alipay+’s suite of innovation solutions is connected with more than one billion consumers worldwide. By tapping into Worldpay’s market-leading footprint, together we can help more merchants globally accelerate their growth journeys and expansion into strategic markets.”

Worldpay enables merchants of all sizes to take, make and manage payments across channels, geographies, and industries. Over one million merchants globally trust Worldpay solutions to power their in-store, online and mobile transactions, fight fraud, optimize authentication and tap into value-added services that boost commerce. Additionally, Worldpay facilitates payouts to a broad network of suppliers and beneficiaries around the world, with capabilities to send money to approximately 225 markets in 146 countries.