QV Systems, the SaaS asset finance software provider, has extended its partnership with Time Finance to unify and modernise credit origination to support high-growth businesses.

Through the partnership, QV Systems has provided the front and middle-office software to run key operations for Time Finance, helping them to deliver lending and finance solutions to customers.

The partnership supports Time Finance’s cloud adoption to lead remote operations, fuelled by QV Systems’ cloud-native Accelerate platform.

Time Finance, an AIM-listed B2B lender, provides flexible funding for Asset Finance, Invoice Finance, Business Loans, Vehicle Finance and Asset Based Lending.

Ed Rimmer, Time Finance CEO said “We are pleased to extend our relationship with QV Systems. As with any long-term relationship, there have been challenges over the years, but we know that when the chips are down we can count on QV Systems to demonstrate agility, flexibility and passion from their side. I am looking forward to seeing what we can achieve together in the coming years.”

Daniel Layne, QV Systems CEO added “Time Finance is one of our strategic customers, and we are delighted to be able to announce this deal. Since 2018, Time has quoted almost £2Bn worth of business through Accelerate! All of us at QV Systems have greatly enjoyed the partnership and are excited to see what further innovations we can deliver together.”

QV Systems was born from a belief in a better way of financing, providing SaaS financing systems that deliver an improved experience for business and their customers alike. The company was founded by Daniel Layne, who regularly participates in Government trade missions to promote the UK Fintech industry in countries such as Australia.

A distinguished panel of experts gathered at the Tate Modern Museum recently to dissect the evolving landscape of digital wallets, crypto and Web3. The panel included John McNaught (Worldpay), Daniel Fogg (IOV Labs), Michael Coscetta (Paxos), Gut Hadar (Fireblocks) and Peter Stilwell (Coinbase).

Among other key insights, the panel agreed that user experience greatly determines a digital wallet’s superiority. Wallets that offer an intuitive interface, smooth on-ramps and off-ramps for asset transfer, secure and easy identity proofing, and personalised features emerge as an extension of the user’s digital personal rather than just a tool.

Significant attention was drawn to the potential impact of big tech companies entering the crypto space. Their resources, user bases, and infrastructure can accelerate the adoption of digital assets, lending credibility and familiarity to the relatively nascent field of cryptocurrencies. Their involvement could lead to greater regulatory clarity and integrations of crypto in everyday transactions, thereby protecting against issues such as hyperinflation.

The Panel also discussed the recent focus on crypto rails – the fundamental structure enabling cryptocurrency transfers in Latin American countries like Brazil and Argentina. They highlighted these countries’ non-specialised approach, catering to basic retail market instead of solely high-end financial transactions, as a means of normalising digital asset use. Crypto rails are especially beneficial for remittance payments, offering a cheaper, more efficient alternative to traditional channels.

Cross-border remittances, which are crucial in today’s global economy, were also a point of discussion. The Panel underscored how digital assets, blockchain technology and open source systems like the Rootstock Infrastructure Framework (RIF) can transform the landscape, making remittances more accessible and affordable. Cryptocurrencies bypass traditional intermediaries, reducing transaction costs and processing times and leading to greater financial inclusion worldwide.

A recurring theme during the discussion was the vital role of trustworthy wallets in securing user assets against potential bad actors in the rapidly evolving cryptocurrency space. The panel agreed that reliable wallets prioritise robust security measures, such as two-factor authentication and encryption. Moreover, a reputable wallet offers robust customer support and demonstrates transparency about its operations.

Daniel Fogg, CEO of IOV Labs also highlighted the company’s dedication to providing next generation fintech innovators with decentralised tools and technology to build a new global economy. “At IOV Labs, we develop blockchain technology to help fintechs and financial institutions to improve speed, scalability and efficiency.” he stated.  “Rootstock, a decentralised platform secured by Bitcoin, provides an ideal foundation for the swift launch of new services. As one of many contributors to Rootstock, IOV Labs brings to the table a wealth of resources and expertise. Our deep roots in Latin America also gives us unique insights and capabilities to assist firms aiming to expand or enhance their operations in this region.”

Currently, as nearly 70% of the Latin American population are underbanked, platforms like Rootstock serve as a beacon for the potential of decentralised finance, providing accessible and efficient financial services, transforming the way these underserved communities interact with the global economy.

Felix Pago, a US fintech that specializes in remittance payments, utilized SEON’s powerful phone and email lookup tool to cut its fraud rates to almost 0% while delivering a 100% improvement in detecting multi-accounting users and significantly lowering dropout rates experienced through the verification process. In doing so, the company’s solution has provided Felix Pago’s team with 90% more confidence in accepting or rejecting transactions. 

Felix Pago specializes in enabling individuals across the US to make quick, efficient, and secure remittance payments to family or friends living abroad, with a special focus on connecting individuals in the US with those across the LatAm region. At its core, the company aims to make life easier for Latino immigrants living across the United States, and is using innovative technologies like AI to meet its goals. 

Since launch, Felix Pago has been looking for additional ways to verify the authenticity of users without requiring high-friction checks during the onboarding process. The company’s solution leverages the popular messaging platform, WhatsApp, which is very popular and widely accessible among Felix Pago’s customer base. Through WhatsApp, Felix Pago utilizes a chatbot service to determine the authenticity of users before providing the information, as well as a payment link needed to safely complete cross-border digital payments. 

Impressed by the company’s broader societal mission, SEON wanted to help Felix Pago fortify its authentication process and further improve trust in the field of cross-border digital payments. To do this, SEON provided Felix Pago with access to its innovative phone and email lookup tool. As well as being totally frictionless, the innovative solution was capable of supporting many of Felix Pago’s users who lack extensive digital footprints, and who often only have access to solutions, such as WhatsApp. 

Speaking on the decision to add SEON to the company’s existing fraud prevention toolkit, Bernardo Garcia, Co-Founder at Felix Pago commented: “One core piece of data we get from SEON is the ability to profile customers based on a phone number. The effect of deploying the company’s solution has been pretty immediate. It was really eye-opening. And ultimately what it’s allowed us to do is have that peace of mind to drive our growth initiatives forward at full steam, knowing that we’re able to identify and mitigate the risk from potential fraud.

 “We found that the barrier to sending money digitally really came down to trust. There was a short period of time after we went to market, where we saw a few isolated fraud cases. The volume was low, but it was an indication that we would need a solution to manage risk as we scaled rapidly. SEON’s end-to-end platform was the ideal system, and enabled us to identify the tell-tale signs of fraud and financial crime before they’ve even occurred.”

Speaking on his company’s work alongside Felix Pago, Tamas Kadar, CEO and Co-Founder of SEON commented: “Our solution aligns perfectly with Felix Pago’s system and has enabled them to generate more actionable intelligence insights from a number of highly relevant social signals. We’re enabling the company’s team to catch more bad agents, while ensuring that good actors can continue to send money without friction.

“In doing so, we’re helping Felix Pago to go further in its efforts to improve trust within the field of cross-border digital payments. As our world becomes more interconnected, the need for solutions like this only grows. The unique appeal of our solution, as well as its ability to determine authenticity among customers with small digital footprints makes it the ideal system for use by companies working in this rapidly expanding sector.”

BVNK, the global payments platform that brings together distributed ledger technology (DLT) and bank payment rails to help businesses send and receive payments, announces the appointment of Jane McEvoy as VP of Platform Partnerships. 

Jane joins BVNK's global leadership team, bringing with her a decade of experience in fintech and banking at Wise, Starling Bank, Koinly and Capgemini Consulting, and a track record of building strategic partnerships in the sector.

Jane commented: “I’ve seen lots of innovation in fintech in the last decade, but I’ve also seen the challenges created by legacy financial infrastructure – things like slow settlement and opaque payment processes. Distributed ledger technology and blockchain rails have a lot to offer fintechs here, and we’ll see this tech increasingly being used alongside more traditional networks, as part of a multi-rail payments strategy.”

In her role as VP of Platform Partnerships, Jane will be building out the firm’s partnerships and bringing to markets its new Embedded Payments proposition, which allows businesses to use BVNK’s infrastructure to provide own-brand stablecoin and DLT-based services to customers.

Jane said:  “In the last two years, banks and neobank have recognised the importance of multi-currency accounts in retaining and growing their customer base. Stablecoin-enabled wallets are the next generation of multi-currency accounts and we’re already seeing enterprise businesses testing out this functionality. 

Embedded Payments is really exciting because it means businesses can get the benefits of this technology without the upfront investment or risks – innovating quickly, while relying on BVNK to manage the burden of compliance and maintenance.”

Prior to joining BVNK, Jane led partnerships for cryptocurrency tax firm, Koinly, where she established a network of over 40 global partnerships including collaborations with leading UK neo bank Revolut. 

Jane began her journey in fintech as an analyst at AIB in Ireland, before moving to Starling Bank, where she served as a business manager to CEO, Anne Boden and was part of the team building the neo-bank from the ground up. 

Jane later led financial services partnerships for Capgemini Consulting, before moving to Wise as Head of Banks in UK & Ireland. Jane's team at BVNK already includes top talent from Stipe and Koinly, and she is currently hiring for new team members in APAC.

TrueLayer, Europe’s leading open banking platform, today announces that global trading platform CMC Markets is live using its closed-loop payments product. CMC Markets users in the UK and Europe can now benefit from smooth, secure and fast payments using TrueLayer’s open banking technology compared to traditional methods such as debit, credit cards or manual bank transfer.

With its award-winning online and mobile platforms, CMC Markets lets customers spread bets and trade contracts for difference (CFDs) through financial foreign exchange, commodities, indices, cryptocurrencies and more. A leader in online financial trading since 1989, it serves more than 300,000 clients worldwide.

The partnership with TrueLayer allows CMC Markets to offer its customers a faster, smoother account-to-account payment experience, meaning they are now able to leverage a faster payments experience with funds deposited into their CMC Markets accounts. With TrueLayer payments, customer details are also instantly pre-populated and have strong customer authentication (SCA) built in, further reducing friction and the risk of fraud.

Investors increasingly prioritise fast, frictionless payments experiences such as those offered by open banking technology. A survey of over 3,000 current and prospective users of online wealth management services across Europe conducted by TrueLayer and YouGov has revealed that slow deposits have also caused nearly a quarter (24%) of those surveyed to miss out on investment opportunities, while two in three current or prospective investors (64%) would be more likely to trust a provider that offers instant payments. 

Commenting, Colleen Bohm, Head of Payments at CMC Markets said:

“Our clients value an interactive payment method and one which can deliver near real-time payments. Open Banking delivers this for CMC in the UK market and in Europe where clients can use Instant SEPA. We’re excited to work with TrueLayer and look forward to working with them as they expand geographically”.

Commenting, Mariko Beising, VP of Financial Services & Partnerships at TrueLayer said: “Speed has never been more important for customers paying into a trading account: delays or clunky payment methods can lead to investment opportunities being missed and customers using rival services. Open banking payments make deposits faster and smoother, while maintaining rigorous security standards. We’re excited to work with CMC Markets to bring these advantages to their customers.”

Agent IQ, the pioneer in digital relationship banking providing personal banker engagement and AI-supported self-service, and WBR Insights, the custom research division of Worldwide Business Research (WBR), the world leader in industry-driven thought-leadership conferences, and Future Branches, released their most recent report, “Banking from Anywhere: Consumer Perspectives on Mobile, Remote, and In-Person Banking.”

This report explores consumer preferences toward embracing digital banking, changes to branch operations after expanding digital capabilities, and comparisons between branches’ upgraded in-person and online experiences. To generate the results featured in this report, the WBR Insights research team surveyed 575 consumer banking customers across the U.S. regarding their experiences with FIs’ remote and in-person banking programs, revealing insights into how to improve the customer experience and what capabilities consumers expect next from their banks.

Some initial insights from the survey results include:

• 47% of respondents say the pandemic changed the way they prefer to do their banking.
• 55% of respondents will not change their banking habits over the next three years, but 40% will do more online banking and less in-person banking.
• Only 41% of respondents say their institutions let them work with a dedicated personal banker of their choosing.
• 73% of respondents would like their institutions to provide proactive advice that could improve their financial situation.

“Consumers continue to adopt mobile and remote banking services as convenient alternatives to visiting bank branches, and as such, banks must be able to deliver fast, convenient, and effective digital experiences through touchpoints like apps and websites,” said Slaven Bilac, CEO & Co-Founder, Agent IQ. “With 40% of respondents confirming they will do more online banking and less in-person banking, this survey reaffirms an industry need for digital relationship banking products and services that help blend the best of human emotion and empathy with the speed and efficiency of computer intelligence.”

This report follows the release of “The Annual Future Branches Emerging Technologies Report: How the Latest Technologies are Transforming Banks and Their Branches,” an industry survey with a special focus on virtual banking and consultations while identifying how branches are likely to adapt and strategize over the coming months and years.

Reward Finance Group has appointed David Owen as business development director to elevate Reward’s profile as a prominent alternative finance provider in Wales and the South West.

David brings over two decades of financial services experience, eight of which were focussed on specialist finance. He joins Reward, a leading provider of tailored business finance loans and asset based solutions up to £5m across the UK, from Hope Capital where he provided a range of financial solutions to a diverse business portfolio.

In his new capacity as business development director, David will leverage his extensive network of intermediaries and brokers in the two regions to promote Reward’s flexible and pragmatic approach to SME lending.

Commenting on his appointment, David said; “I am really looking forward to working with such a forward-thinking company in the lending sector.”

“Having operated in the alternative finance sector for many years, I have admired the way Reward broadened its presence across the UK. One of the key factors for this rapid growth is how they have challenged the way SMEs secure funding to either develop their business or get over a cash flow hump.”

“I am eager to engage my network and introduce them to Reward’s refreshing fast, flexible, and common-sense approach to lending.”

Steph Brown, Reward’s regional director, added; “It is great to welcome David to the team. With his experience and connections, David will help us continue to expand both regionally and nationally.”

“Having recently broken through the £200m lending milestone, we are keen to build upon this achievement with the addition of David to our team. We are confident in accelerating  towards our next milestone as we continue to expand our UK presence.”

HSBC and B2B fintech Tradeshift have today announced an agreement to launch a new, jointly-owned business focused on the development of embedded finance solutions and financial services apps. 

As part of this agreement, HSBC will make a $35 million investment into Tradeshift in two stages and will join its board. The agreement is part of a funding round which is expected to raise a minimum of $70 million from HSBC and other investors. 

The new joint venture will allow HSBC and Tradeshift to deploy a range of digital solutions across Tradeshift and other platforms. This will include payment and fintech services embedded into trade, e-commerce and marketplace experiences, and will help enable Tradeshift to scale its business commerce proposition across the globe. More details about the joint venture will be announced ahead of its planned launch in early 2024.

Barry O’Byrne, CEO of Global Commercial Banking at HSBC, said: “Enabling and growing global trade has been in HSBC’s DNA for almost 160 years. We are very excited to partner with Tradeshift to help businesses and their suppliers trade more smoothly using world-class technology and solutions that the joint venture will deliver.”

“This agreement supports our strategy of being a digital-first bank, which includes our commitment to partnering with fintechs and embedding our solutions into the platforms of others.”

Christian Lanng, CEO and Co-founder of Tradeshift, said: “The world’s biggest trade bank and the world’s largest trade network are joining forces. Our deepening partnership with HSBC delivers a strong foundation from which to scale and accelerate our vision of a trade network that creates economic opportunity for businesses everywhere.”

“HSBC’s reputation and global infrastructure bring instant credibility and broad appeal to any financial solutions brought to market through the Tradeshift platform. It’s transformative, and it’s a tremendous validation of the innovation and product architecture we have developed over the past decade.”

HSBC supports around 1.3 million businesses worldwide and is the world’s largest trade bank, facilitating over $800 billion of trade flows annually. Tradeshift supports over $260 billion of annual gross merchandise value for a million business users on its platform. 

JobNimbus, a CRM software company for roofing contractors has partnered with Wisetack, the leading pay-over-time platform for in-person services, to provide transparent, consumer-friendly financing options to Americans. Contractors on the JobNimbus platform are now able to better support their customers by providing access to attractive financing options, with terms up to 60-months for those who qualify.

The process for both contractors and customers is simple. Contractors can quickly text a financing application to a customer at any point in their sales process. The customer provides simple information and, in under a minute, can see and select from up to six options. The process is seamless for contractors and their team as well. There is no need for paperwork or handling sensitive customer information.

"We operate with a clear objective: empower our contractors to be heroes in the eyes of their customers," said Ben Hodson, CEO and co-founder of JobNimbus. "When families decide to repair their homes, it is often a stressful time, both emotionally and financially. Our job is to give our contractors the tools needed to alleviate these pressures and enhance the overall experience– and to do so quickly for solo contractors and large franchises alike. This is why we partnered with Wisetack. They're able to quickly onboard our contractors no matter the size of their operation."

Wisetack allows roofing contractors to focus on their expertise, without missing out on potential sales. The pay-over-time platform is:

• User Friendly: It’s easy to start, and Wisetack offers personal training and dedicated resources to help contractors integrate Wisetack into their sales process. Customers can check their options right from their own phone, in under a minute.
• Transparent: With Wisetack, contractors can confidently offer this option to their customers because there are flexible monthly payment options, no hidden fees, and no impact on credit score to check eligibility.

“By partnering with JobNimbus, we’re able to support roofing businesses across the country,” said Bobby Tzekin, CEO and founder of Wisetack. “We recognize that running a roofing business is hard, particularly in times of economic uncertainty. Given our track record of helping merchants sell at least one additional job per week, we’re excited to see similar growth with JobNimbus contractors this year.”

AML RightSource, the leading provider of Anti-Money Laundering (AML), Know Your Customer (KYC), and Bank Secrecy Act (BSA) compliance solutions, has furthered its application of AI and Natural Language Processing (NLP) to allow AML practitioners to reduce time spent on labor intensive, low-value tasks and increase their ability to focus on risks that truly warrant attention. The newly advanced capability optimizes KYC and AML processes, addressing the inherent complexity and costs associated with manually conducting customer due diligence (CDD). This latest expansion is an example of the continued advancement of the company’s comprehensive line of AI-enabled anti-financial crime solutions. 

Purpose-built for AML and BSA compliance, AML RightSource’s AI-enabled technology solutions are solely focused on fighting financial crime. Since its inception in 2014, AML RightSource has been a pioneer in developing and deploying tech-enabled solutions. The company’s ability to couple AI and other advanced technologies with its 4,000+ AML subject matter experts across the globe creates a unique position in the industry. 

“Our team would remind you that we have been advancing AI since before it was cool,” says Frank Ewing, Chief Executive Officer at AML RightSource. “We will continue to prioritize innovation to ensure our customers and analysts have AML-specific tools that leverage the latest advancements in technology. When matched with our world-class AML expertise, these solutions become the key to reimagining compliance programs and fighting financial crime more efficiently and effectively,” the CEO went on to share. 

Within the last decade, regulatory authorities have imposed increasingly stricter measures on banks and large corporations, demanding improved quality and transparency for CDD. Simply adding human resources to carry out manual tasks, however, does not effectively solve the compliance problem, especially in a high-volume environment. Manual operations are time-consuming and prone to error, making CDD one of the costliest procedures in the financial crime customer lifecycle. Additionally, the challenges presented by periodic reviews, siloed teams and disparate systems persist, leaving financial institutions exposed to both bad actors and regulatory risk. 

Poor access to reliable, current, and meaningful data further hampers the ability to promptly make informed risk-based decisions. With millions of news articles published every day in hundreds of different languages, balancing comprehensive adverse media monitoring with efficiency is difficult.

AML RightSource has addressed these challenges with its industry-leading global database of adverse media information. The newly enhanced Adverse Media Monitoring (AMM) capability draws on a proprietary media library across 220 jurisdictions and in 98 languages that boasts two billion searchable news articles with 800,000 articles and documents added daily from 15,000 curated risk-relevant sources. This treasure trove of data sources surfaces risks that are hard to find and often missed by other solutions and is continuously enhanced via advanced technologies.

“This enhanced capability directly addresses the market's need for more efficient and accurate customer due diligence,” explained Phil McLaughlin, Chief Technology Officer at AML RightSource. “Through enhanced AI strategies, our adverse media monitoring provides comprehensive, continual coverage of customers and suppliers, reducing operational costs and improving risk-based decisions.”

The enhanced AML RightSource AMM capability streamlines financial crime compliance and offers improved accuracy and efficiency through NLP functionality including: 

• AI-powered dynamic monitoring that prioritizes most relevant risk-related news.

• NLP post-processing dramatically reduces false positives. 

• An over 50% improvement in true hit rate (the rate at which adverse keywords are accurately matched with the entity being investigated) over standard industry processes.