Jack Henry™ announced today that Machias Savings Bank, a $2.4 billion-asset mutual savings bank, has selected Jack Henry to modernize its technology stack and help it continue delivering high-level customer service as the bank grows.

Founded in 1869, Machias Savings Bank is one of Maine’s oldest community banks, heavily focused on its commercial portfolio, but also serving small business, and retail customers. The bank needed a technology strategy that would help it continue to support customers’ financial needs and compete with big banks in its community.

Jack Henry’s open, modern, and highly customizable core processing solution will help the bank automate processes and boost efficiencies, while business process solutions such as Enterprise Workflow will allow the bank to stay top of mind for larger businesses in their community. Machias Savings Bank will also have access to over 950 API-integrated, third-party fintechs within the Jack Henry ecosystem, with the option to seamlessly integrate their vendors of choice.

“Jack Henry’s innovative mindset positions us well for a technology transformation that will help us stay competitive throughout shifting market and economic conditions,” said Peter Greene, executive vice president and chief operating officer of Machias Savings Bank. “They will help us operate more efficiently while reducing costs and meeting the evolving needs of our commercial customers who need fast, streamlined, and convenient service. Jack Henry’s commitment to community banks also makes the collaboration a great cultural fit; they think, talk, and act like us.”

Jack Henry’s technology modernization strategy, which will make service components available for financial institutions in the public cloud, also fits the strategic direction of Machias Savings Bank. “We’ve been serving our community for more than 150 years and want to continue doing so for generations to come,” Greene added. “Jack Henry’s new open technology strategy positions the company ahead of its peers, and in turn, will help us stay innovative and ahead of the curve.”

“Historic community banks like Machias Savings Bank are driven by long-term relationships they have created with their employees, customers, and communities,” said Stacey Zengel, senior vice president of Jack Henry and president of Bank Solutions. “These modernization efforts will help Machias Savings Bank strengthen its connection to a new generation of customers, compete with the big banks, and remain a strong pillar in their community.”

Sorare, the global sports entertainment company, has partnered with Mangopay, the platform-specific payment infrastructure provider, to launch Cash Wallet, a new feature which allows Sorare’s 5 million registered users or “Managers” to make payments using real-world (or ‘fiat’) currencies such as the US Dollar (USD), Euro (EUR), and British Pound Sterling (GBP), a major milestone for both Sorare and the wider Web3 industry. Starting early August, Cash Wallet will be available to all Sorare Managers as part of the Sorare Wallet System. 

Sorare started at the intersection of collectibles and fantasy sports, with the innovative proposition of digital card ownership made possible by Web3. It brings unique benefits to users: monetization of digital cards, ability to play them across seasons and games, provable scarcity, and authenticity. Sorare has experienced rapid growth since its launch in 2018, partnering with many of the world’s biggest leagues and teams including the Premier League, MLB, MLS, and NBA, and attracting sporting icons such as Lionel Messi, Serena Williams and Zinedine Zidane as investors, ambassadors and advisors. 

However, since launching, Sorare has been working to build a seamless experience where millions of sports fans can enjoy the benefits of Sorare digital cards without experiencing the frictions commonly experienced by consumers who are new to Web3.

By partnering with Mangopay to introduce fiat currency, Sorare Cash Wallet eliminates one of the main barriers to entry and makes it easier than ever for existing and new Managers to experience its fantasy sports game and marketplace. The innovative and intuitive solution will allow Managers to securely connect their bank account to Sorare, store credit card details, and deposit money directly in their Cash Wallet to buy and sell cards using widely accepted currencies like the US Dollar, Euro or British Pound Sterling. This feature will be powered by Mangopay, a payment infrastructure provider for platforms & marketplaces.

The launch of the new feature is the latest step in Sorare’s long-term strategy to grow its user base, create the largest sports community in the world, and build the next global sports entertainment giant. The rollout of Cash Wallet comes ahead of the start of the European football season, the 2023 MLB Postseason, and Season 2 of Sorare: NBA.

Commenting on the launch, Nicolas Julia, CEO and co-founder at Sorare, said: “Sorare is built using blockchain technology because we believe it can deliver unique benefits to sports fans and fantasy gamers in the form of proven authenticity, scarcity, and portability. However, new technologies must be accessible to all if they are to fulfill their potential. The launch of Cash Wallet is key to our goal of making Sorare as simple and user-friendly as possible for all sports fans and we are thrilled that we can now enable Managers to build their teams and collections using real-world (or fiat) currencies for the very first time.”

Romain Mazeries, CEO at Mangopay, said: “As a frontrunner in the payment infrastructure industry, we are committed to shaping the next era of payments. Our collaboration with Sorare underscores this dedication. Sorare, an industry leader in the sports, collectibles, and gaming domains, boasts an impressive growth trajectory with over 5 million registered users. Partnering with them not only fortifies our strategic position but also paves the way for joint advancements in payment solutions, enhancing accessibility to their innovative blockchain platform".

The Cash Wallet feature, powered by Mangopay, will be available to all Sorare Managers from early August.

finova, the UK's largest cloud-based mortgage and savings software provider, today announced that its Apprivo² core banking originations platform has been chosen by Aviva to power its equity release business. 

The Initial Borrowing phase of the project is now live, and the rest of the program will roll out later in the year.  

Apprivo² will help Aviva connect to a significant number of integration points across various third parties. In the near future, the platform will facilitate contract variations for new and existing customers, enabling Aviva to seamlessly migrate from its previous systems to Apprivo².  

Apprivo² is fully customisable allowing Aviva to add different modules as needed. The platform also gives the lender access to a range of additional services which can be integrated via finova’s API ecosystem, including conveyancing, valuations, and payment processing.  

Chris Little, Chief Revenue Officer at finova, commented: 

“We are delighted to have assisted Aviva with the launch of this new ground-breaking equity release program. The first phase of the partnership has just gone live and will set a new benchmark in later-life lending, and we’re proud to see our technology help Aviva support this hugely important segment of the market.  

“Once again, our Apprivo² platform has also demonstrated its adaptability and flexibility. The powerful pricing engine will be a gamechanger for Aviva and represents our commitment to staying ahead of the curve so that lenders are well-equipped to deliver a streamlined, efficient service.”  

Matthew McGill, Equity Release Director at Aviva, commented: 

“Aviva have this year been in the Equity Release market for 25 years and what better way to celebrate this and illustrate our ongoing commitment to the market than through this investment and launch to the market. We’ve been delighted with finova’s comprehensive understanding of the market we operate in and collaboration to build a market-leading platform fully integrated into Aviva and our wider technology partners.” “We’re looking forward to continuing this partnership as we adapt the platform over time and move closer to rolling out the end-to-end program.”  

Archangels, a leading business angel syndicate investing in early-stage Scottish life sciences and technology companies, is bolstering its funding firepower after securing a £12m co-investment agreement with British Business Investments via its Regional Angels Programme.

The deal will provide the Edinburgh-based syndicate with additional capital to fuel the success of Scotland’s next generation of entrepreneurs and innovators.

Archangels will deploy the capital from British Business Investments, a wholly owned commercial subsidiary of the British Business Bank, alongside syndicate funding across all of its investment activity.

Operating for over 30 years, Archangels is deeply committed to its long-term role in maximising investor returns, building and nurturing successful businesses and helping Scotland prosper. Archangels has invested over £160 million in the most innovative early-stage companies, with disruptive technology, protectable IP and the potential to scale globally. In recent years Archangels has enjoyed a number of significant exits, including the sale of medical AI business, Blackford Analysis, to Bayer Pharma earlier in the year and the sale of optical platform business, Optoscribe, to Intel Corporation in 2022.

As lead investor, Archangels regularly invests alongside a range of co-investment partners including Scottish Enterprise, other angel syndicates and VCs. Recent investments include participation in a £2.2M funding round to support Edinburgh-based Bioliberty.

David Ovens, Joint Managing Director at Archangels, said: “The co-investment agreement from British Business Investments means that, in a challenging global market, Archangels will have access to significant levels of aligned co-investment capital. This additional funding will allow us to support current and future portfolio companies to grow their businesses and provide returns for both our investors and the broader Scottish economy. We are in advanced discussions with a number of exciting new companies, and we anticipate seeing these deals coming to fruition over the coming months.”

Judith Hartley, CEO at British Business Investments, said: “The Regional Angels Programme plays a vital role in developing the early-stage funding ecosystem across the UK Nations and Regions, bringing together finance, business experience and skills to support the development of high-growth smaller businesses. By investing alongside Archangels’ syndicate, this £12m co-investment agreement from British Business Investments will support early-stage life sciences and technology companies across Scotland.’’

Profile Centevo, a leading Asset and Fund Management software provider in the Nordics and member of Profile Group, has announced that it has joined the esteemed SWIFT community via Amazon Web Services (AWS), marking a significant financial and technological milestone and solidifying its position in the market.

Profile Centevo has developed an innovative service module that facilitates transmission of messages for securities on the SWIFT network and is seamlessly integrated with the existing comprehensive asset and fund management services. The new services are incorporated into Profile’s cutting-edge AWS Cloud service setup and form part of the wider range of cloud-based services offered by the company. The solution targets Banks, Payment Institutions, Neobanks, Digital Banks as well as any other Financial Institution that uses SWIFT.

Mr. Jan Wahlström, Managing Director at Profile Centevo (Sweden) says that “we are delighted to announce that Profile Centevo has gone live on SWIFT with ISO 20022 securities messages now with its own BIC. By harnessing the power of cloud technology, we ensure scalability, flexibility, and enhanced security by offering an unmatched experience to our clients”.

Dr. Apostolos Kritikopoulos, Group Technical Director at Profile Group says that “we recognise the importance of staying ahead in the dynamic financial landscape, and thus, we remain committed to delivering advanced solutions by offering an edge to our clients to streamline their operations, boost efficiency and fuel growth”.

Profile Centevo supports the growth of the financial institutions by providing innovative solutions that transform the asset and fund management experience and maximise overall client performance.

Do you own an e-commerce site and wonder how to enhance the client experience while making massive sales? Well, look no further than introducing payment in instalments. By allowing your clients to pay in instalments, you not only win their hearts but also get to make sales. This is because the terms of engagement are much more manageable, and they can buy more items. But is it a great idea to set up instalment payments for your e-commerce site? Read on to find out!

1. Better Conversion Rates

Having payment in instalments for your e-commerce site boosts conversion rates. With a ‘Buy Now Pay Later’ prompt, your clients can be sure to get whatever item they require without the hassle of upfront payments.

For instance, if a client was window-shopping for a television or a washing machine and you happen to have it, they are more likely to accept the offer for instalment payments other than buy it at full price. You get to convert a site visitor into a client within a few clicks. This is because it reduces the upfront payment and is thus very affordable for the client. They will not be hesitant to make the purchase.

2. Bigger Customer Base

Instalment payments ensure that your e-commerce site can cater to all clients; those with the cash up front and those without. This expands your customer base. For example, if your shop deals with electronic items and a client buys one device in instalments, they will likely purchase more items on the same plan. The plan ensures you make massive sales, and no one gets locked out from purchasing quality items from your e-commerce shop.

3. Reduced Instances of Cart Abandonment

Have you noticed your clients pick items, put them in the cart, and leave? Well, it is time to incorporate payments in instalments. With instalment payments, clients can easily shop on your website, have items in the cart, and begin paying slowly until they reach the required amount. After this, your e-commerce site ships them to the client’s desired location. It is that simple.

Conclusion

And there you have it! The above are the top 3 reasons you should incorporate the payment method into your e-commerce site. The best thing is that most online payment providers have crafted the terms and have the infrastructure to get you started ASAP.

TransUnion has today unveiled a new advisory paper, "Thriving in the Age of Consumer Duty: Strategies for Success," to support businesses as they move into the new era of Consumer Duty, with the implementation milestone coming into effect on 31 July 2023.

The new Consumer Duty regulation from the Financial Conduct Authority (FCA) requires firms within the financial services sector to prioritise customer needs and empower them to make informed financial decisions. 

TransUnion's report expands on four key areas of focus:

• Products and services outcome – firms will need to revisit their existing offerings to ensure they are fit for purpose.

• Price and value outcome – firms must reassess their pricing and the value their products provide to consumers.

• Consumer understanding outcome – a firm’s communications should support consumers and enable them to make informed decisions.

• Consumer support outcome – firms must ensure they are able to offer support that meets consumers’ needs throughout the relationship.

Sharing his views on the importance of Consumer Duty, CEO of TransUnion in the UK, Satrajit "Satty" Saha said: "Whilst firms will no doubt already have been working hard to achieve positive outcomes for their customers, this added regulatory focus will help reinforce just how pivotal it is that the consumer is at the heart of everything we’re doing in financial services.

“The long-term financial wellbeing of consumers is crucial, not only for their own prosperity, but also for the success and sustainability of the economy. It’s imperative the industry proactively embraces conversations surrounding financial wellbeing, treating it with the same importance as mental and emotional wellness.”

In its spring 2023 survey, the FCA found that 64% of firms expect to be fully compliant with the new regulation by 31 July, indicating that many companies are still in the process of amending their offering and will need ongoing support. The report delves into practical strategies, with data and insights at their core, to help ensure compliance, now and in the long-term.

TransUnion has prepared its own readiness plan to align with the new regulatory requirements and stands ready to assist businesses with resources and tailored solutions during this transformative phase.

"Thriving in the Age of Consumer Duty: Strategies for Success" is available for download now: https://www.transunion.co.uk/lp/thriving-in-the-age-of-consumer-duty 

Finastra, a global provider of financial software applications and marketplaces is partnering with MX Technologies, Inc., an industry leader in Open Finance, to provide more seamless, personalized money experiences by integrating MX's Personal Financial Management (PFM), Insights, and Account Aggregation solutions with Finastra's Fusion Digital Banking solution.

"Consumers are looking to their financial providers to help them better manage their money and guide them toward financial health. By partnering with Finastra, we're enabling more than 150 financial institutions using the Fusion Digital Banking solution to improve the money experience and meet consumer needs with personalized recommendations, services, and tools," said Raymond den Hond, Chief Commercial Officer, Partners, at MX.

With the integration of MX and Fusion Digital Banking, financial institutions can provide consumers with a robust set of PFM and financial wellness tools, including budgeting and debt management, personalized, proactive insights based on their spending and saving behaviors, and the ability to create a consolidated view of their finances by connecting all of their financial accounts.

In addition, financial institutions can better identify when, where, and how consumers are engaging with their finances with enhanced data and customer analytics. This enables financial institutions to increase member engagement and retention, drive financial wellness, and uncover new business growth opportunities.

"Finastra is thrilled to partner with MX to offer our customers new tools to help support an enhanced customer experience," said Peter Longo, Vice President, Product Management at Finastra. "As the industry continues to embrace Open Finance and account holders look for more holistic solutions to manage their finances, it is critical that we bring in the right partners to help provide what today's banking customers have come to expect. We look forward to working with MX to bring the benefits of Open Finance to more banks across the United States."

Allfunds Group plc (“Allfunds” or “the Company”), one of the world’s leading B2B WealthTech platforms for the fund industry, offering fully integrated solutions for both fund houses and distributors, and Iccrea Banca have signed today a Memorandum of Understanding by which Allfunds will acquire Iccrea Banca’s local paying agent business (Banca Corrispondente e Banca Agente), with a related exclusivity agreement.

Iccrea Banca is the parent company of Gruppo BCC Iccrea (“BCC Iccrea Group”), the largest Italian cooperative banking group, ranked as the fourth largest banking group by total assets (€173.5bn) and third by number of branches in Italy (~2,440). BCC Iccrea Group was formed in 2019 as part of the reform of Italian Cooperative Credit Banks with 120 cooperative banks (BCCs).

With this transaction, Allfunds will build upon its position in the Banca Corrispondente or local paying agent business in Italy to better serve customers, while strengthening the partnership with an important financial institution in the country. The transaction will be Adj. EBITDA margin and EPS accretive from year 1 in consideration of the improved level of services and broader portfolio offered to clients.

It will have a neutral impact on Allfunds Banking Group’s liquidity position, as the acquisition will be fully funded through the Allfunds Group revolving credit facility.

Juan Alcaraz, Allfunds’ founder and CEO, said: “I am very pleased that we have entered this agreement with Iccrea Banca, parent company of BCC Iccrea Group, one of the leading players in the Italian banking sector. Being one of our core markets, in which we have been present since 2003, this transaction will contribute to our ambition to remain the top choice for any Italian institution in the WealthTech segment, by providing cutting-edge and comprehensive solutions for our clients. Our integrated offering will certainly help Iccrea to deliver superior added value to their clients.”

Mauro Pastore, General Manager of the BCC Iccrea Group added: “This agreement is part of the BCC Iccrea Group's strategy aimed at supporting development projects in the area of asset management, which correspondent banking is closely related to, and at improving the level of services related to access to financial markets provided to our BCCs and their customers. This transaction will allow us to capitalise on the value of these assets and to further increase our solid capital ratios.”

The transaction is expected to be signed before the end of 3Q2023 and closed before the end of the year, subject to customary closing conditions. Further terms of the transaction were not disclosed.