Published
- 06:00 am
Portware, a FactSet Company and a leading global provider of multi-asset trade automation solutions powered by artificial intelligence, today announced it has joined the Foreign Exchange Professionals Association (FXPA).
Launched in 2014, the FXPA is designed to engage key regulators and policymakers to advance a sound, liquid, transparent, and competitive global currency market.
As a Supporting Member, Portware will help drive the global FX regulatory reform conversation, construct execution frameworks for FX, and collaborate with other thought leaders on key FX issues and market challenges.
“We are pleased to join the FXPA and support its commitment to improving FX industry standards and practices through education, research and advocacy across the globe,” said Christopher Matsko, Head of FX Trading Services, Portware. “Membership in the FXPA gives us a unique opportunity to contribute Portware’s insights and perspectives to the global regulatory reform dialogue and help represent the best interests of the FX community worldwide.”
Portware has been at the forefront of FX innovation for over a decade. Portware FX offers a real-time, aggregated view of the entire foreign exchange marketplace through a single, fully customizable, broker-neutral front-end. Leading asset managers and hedge funds worldwide have deployed Portware FX to help meet their most complex trading requirements. Portware FX aggregates liquidity from global providers, including banks, ECNs, and interdealer platforms, equipping FX traders worldwide with a full range of strategies and order routing destination options.
- 07:00 am
Zain has signed a strategic partnership agreement with Mastercard, a leading technology company in the global payments industry, to boost digital payment services in Jordan through ‘Zain Cash’ mobile wallet service powered by Mastercard.
Aimed at extending the benefits of the Zain Cash service to Zain’s growing subscriber base and enriching their experiences, the announcement was made on the sidelines of the World Economic Forum on the Middle East and North Africa, held recently in Jordan.
The MoU was signed by Ahmad Al Hanandeh, CEO of Zain and Timothy Murphy, General Counsel and Chief Franchise Officer, Mastercard, in the presence of Dr. Ziad Fariz, Governor of the Central Bank of Jordan.
Under the license granted by the Central Bank of Jordan, Zain has been approved to issue Mastercard prepaid cards linked to the Zain Cash mobile wallet to provide subscribers with the advantage of obtaining and utilizing the card locally and globally through a network of more than 50 million Points of Sale, where Mastercard cards are accepted, as well as the possibility of shopping online and using it on the ATM network.
Commenting on the signing, Mr. Al Hanandeh said: “We are very pleased to sign this strategic partnership with a leading technology company such as Mastercard, as we continue to deliver the latest and world-class services to our subscribers and provide features that make it easier for them to complete their daily transactions. This partnership is part of our efforts to boost the electronic payments system in Jordan, and expand the Zain Cash services to enrich the subscriber experience and provide them with an unprecedented, easy and secure way to pay by mobile in the Kingdom.”
Mr. Al Hanandeh added: “We want Zain Cash to be a complete service, as its launch reflects our commitment to providing all advanced ICT solutions to our subscribers. Our customers have always been at the forefront of the most advanced technologies in the world, so our strategic partnership with Mastercard will contribute to the goal behind Zain Cash and to provide e-payment solutions to all citizens.”
Basel Eltell, General Manager, Saudi Arabia and Levant Cluster, Mastercard, said: “Our collaboration with Zain is an important strategic step aimed at enhancing the e-payment sector in the Kingdom. Mastercard recognizes the need to create secure solutions that meet the growing expectations of customers and drive the wider adoption of e-payments. We are pleased to sign this agreement with a prominent company such as Zain, which comes as part of our relentless efforts to deliver innovative financial solutions for mobile payments while also reflecting our vision of paving the way for all segments of the society to have access to financial services.”
Zain Cash offers all local mobile network subscribers a convenient and secure way to to make payment transactions and process monthly payments by saying their time and efforts. The re-launch of Zain Cash comes as part of the company’s partnership with the Central Bank of Jordan, through the national link “JoMoPay” that was launched and is being operated by the Central Bank of Jordan.
- 06:00 am
Discover announced today the launch of messaging, a customer service option that allows customers to communicate with Discover’s customer service agents without having to stop and restart numerous interactions.
The new feature, which will be rolled out in phases, enables customers to message Discover’s customer service representatives via the Discover mobile app.
Unlike traditional session-based chats, messaging allows customers to message back and forth with an agent whenever it is convenient for them, eliminating the need to stay logged in to the app in order to reach a customer service representative. Agents also will have access to customers’ messaging history, eliminating the need for customers to start over and describe the same issue to multiple agents.
Upon completion of the rollout this summer, messaging will replace Discover’s current Live Chat feature, enabling seamless communication between Discover customers and the company’s live, U.S.-based customer service representatives.
“Delivering a world-class customer experience is at the core of who we are at Discover. We continually evaluate our products and services to make sure we are meeting customer needs and are providing the most relevant features and benefits,” said Dennis Michel, senior vice president of customer service and engagement. “Communicating via messaging and other messaging apps has become second nature, so it only makes sense that customers should be able to enjoy the same convenience when communicating with our customer service team.”
- 04:00 am
KeyCorp and Morningstar, Inc., today announced that they have entered into a definitive agreement for the acquisition by KeyBank of leading personal software platform HelloWallet from Morningstar, Inc.
The acquisition is subject to customary closing conditions. Financial terms of the transaction were not disclosed.
The combined platform of Key Community Bank and HelloWallet integrates two companies with a commitment to Financial Wellness and to helping clients make more confident financial decisions.
Approximately 36 HelloWallet employees will join KeyBank. The employee teams will continue to be based in Washington, D.C., and Chicago.
KeyBank in 2015 established an exclusive relationship with HelloWallet that made KeyBank the only banking institution providing access to HelloWallet's award-winning personal finance platform. Since that time, hundreds of thousands of KeyBank clients have improved their financial wellness, using HelloWallet's digital tools to determine their personal financial wellness scores. Those scores provide practical, user-friendly insights that KeyBank then combines with personalized guidance from bankers to help clients improve their financial wellness scores.
This high-tech, high-touch combination has made a significant difference for KeyBank clients. KeyBank proprietary research shows using HelloWallet's digital tools boosted clients' financial confidence. Clients who followed up with regular financial wellness reviews with their personal banker stated they found high value in the personal reviews.
Through this strategic acquisition, KeyBank will be even better positioned to support clients, with every interaction driven by a deep understanding of each client's individual circumstances and goals.
"KeyBank is transforming our clients' banking experience by embedding financial wellness into every interaction, whether digitally, at the branch, or via telephone. We are committed to keeping our clients' financial wellness at the core of our relationship with them," said Dennis Devine, co-president, KeyBank Community Bank and head of Key Consumer and Business Banking segment.
"We are thrilled to bring the HelloWallet team to KeyBank so they can join us on our clients' journey toward financial wellness, one step at a time," Devine said.
"The decision to sell HelloWallet aligns with both Morningstar's and KeyBank's long-term strategy," said Brock Johnson, who heads up Morningstar's global retirement and workplace business. Morningstar has significantly enhanced its overall capability set since the acquisition of HelloWallet more than three years ago and we will continue to incorporate many of the financial wellness best practices into our broad-based solutions. As HelloWallet's largest customer, KeyBank was HelloWallet's single greatest source of new users and this agreement allows them to advance their mission even further," he said.
"We haven't changed our view on financial wellness, and we believe financial wellness is core to setting investors up for success. KeyBank believes strongly in HelloWallet's potential and is able to give HelloWallet the level of focus and investment that it needs to maintain a leadership position in a rapidly changing industry," he said.
Peter Kirk
Managing Director, Distribution & Marketing at Accenture
For years, we’ve heard people proclaiming the demise of the bricks-and-mortar bank branch, supposedly swept away by customers’ mass-migration to online and—increasingly—mobile alternatives. see more
- 06:00 am
Bank of America has launched new capabilities for mobile clients to complete the auto financing process with the company.
“These new capabilities deliver on our ongoing promise to provide our clients an enhanced and transparent experience derived from our leadership in mobile banking technology,” said D. Steve Boland, head of Consumer Lending. “Our convenient auto shopping experience allows clients to search for cars at local dealerships and get their Bank of America financing completed in one place and on their own time, whether on the go or in the comfort of their home.”
“Technology is shifting the auto-buying process towards greater transparency, with the vast majority of those looking for a vehicle now beginning their shopping online,” said Michelle Moore, head of Digital Banking. “Enabling buyers to perform the bulk of their browsing and research - and even arranging financing - on a mobile device makes the experience that much more efficient and convenient for them.”
Car shoppers can now seamlessly integrate their shopping and financing experience by selecting new or used cars from participating dealerships, estimating their monthly payment, and applying for a Bank of America loan on the specific car selected prior to their dealer visit and all in one place. The car shopping service is optional, and clients will still be able to obtain a bank loan approval, not linked to a specific vehicle, if they wish.
The process is simple:
The tool allows the user to locate their preferred vehicle, look up the closest participating dealerships and find an available vehicle in their price range.
Then, the user can move directly to applying for a Bank of America loan through the tool, typically receiving a decision within seconds. Once approved, the user receives an official approval letter via email.
After that, shoppers can go to the dealer, take a test drive and finalize the sale and financing transaction with the dealer.
“We’ve achieved the seamless experience our clients have told us they want,” says Boland. “When people go to the dealership, they want to focus on the car purchase and not the financing.”
- 09:00 am
TSYS announced today that it has enabled tokenization across all of its North American commercial card platforms.
According to Business Insider’s Mobile Payments Report from June 2016, the number of mobile payment users is projected to be 150 million by 2020. With TSYS’s new commercial tokenization, corporate cardholders can now carry their personal payment preferences into the commercial setting with the ability to take advantage of the ease and security of mobile payments.
U.S. Bank, a long-time TSYS client, recently became the first commercial card issuer to begin enrolling clients with a mobile payment solution for Visa corporate card transactions.
“We are excited to be able to offer this capability to our Visa and Mastercard commercial issuers, enabling them to be first in market with a mobile solution for their cardholders," said Pam Joseph, president and chief operating officer, TSYS. “To do this across all of our U.S. platforms, and to have clients in-market already today with these capabilities, is further testament to our standing as the leader in the commercial payments market.”
TSYS’ proven Enterprise Tokenization solution secures commercial payment card information for purchases made online, through mobile devices and “digital wallet” applications.
- 09:00 am
The Global Payments and Receivables business is a strategic business for Citi and a key differentiator from other institutions. In this role, he will report to Naveed Sultan, Global Head of Citi’s Treasury and Trade Solutions and will continue to be based in New York.
Naveed Sultan, Global Head of Treasury and Trade Solutions said, “We are uniquely positioned to maintain our market-leading position through our global capabilities and geographic reach. Manish’s extensive experience across our network will help us capture a greater share of current and emerging flows including e-commerce flows, leverage new technologies and penetrate global, domestic and cross-border flows through digital solutions.”
Prior to this role, Manish was Global Head of Commercial Cards, where he was successful in building and growing a large and diversified business. As a leading global commercial card issuer, Citi has one of the largest global footprints supported by unrivalled card acceptance.
Manish joined Citi India in 1997 as a Management Associate in Trade Operations. He has since worked in a variety of roles in Citi’s businesses in India, EMEA and globally across Payments, Receivables, Trade and Cards. Manish was the EMEA Head of Commercial Cards prior to his move to New York in 2012 to take on his most recent role as Global Head of Commercial Cards. Manish holds a Bachelor of Business Studies and a MBA in Finance from University of Delhi.
Citi’s Payments and Receivables business is one of the largest movers of money in the world for large corporations, financial institutions and governments, maintaining one of the largest proprietary global financial infrastructures and facilitates approximately $4 trillion of flows daily.
Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
- 07:00 am
Red Deer, a next-generation financial technology company dedicated to enhancing the performance of active investment managers, and Convergex’s Westminster RPA, today announce that they are working together to provide an end-to-end MiFID II solution for the asset management industry.
Together, Red Deer and Westminster RPA will enable clients of both companies to benefit from a research valuation and payments process that allows asset managers to remove any scope for conflict by valuing and paying for research independently from trade execution. This seamless end-to-end research valuation and payments solution will meet the MiFID II regulatory requirements around research consumption and valuation, whilst at the same time enhancing operational efficiencies.
Commenting on this initiative, Luke Oubridge, CEO of Red Deer, said, “Our relationship with Westminster RPA will serve as a great asset to clients by offering the research payment functionality needed to deliver an end-to-end solution with true operational efficiencies, whilst at the same time ensuring firms stay on the right side of the regulation. We’ve taken a ‘Front Office First’ approach to our MiFID II research consumption and valuation solution - one that enables Portfolio Managers to track and value research at the point of consumption without interrupting their daily process, whilst still delivering the granularity and control the compliance team needs to ensure they are in line with regulatory requirements. Pricing and valuing research ahead of the January 2018 deadline is still a major challenge for the buy-side, so Red Deer is assisting asset managers to test budgets and broker models, to get ahead of the regulation and prepare for the go-live date.”
“Westminster RPA is focused on building a strong presence throughout the U.K and Europe and this joint service with Red Deer is further testament to our commitment to provide end-to-end solutions for our clients,” said Chris Tiscornia, CEO of Westminster Research Associates. “Westminster RPA is a full-service model that handles a firm’s operations while minimising administrative efforts and costs.”
- 02:00 am
FinFabrik, a provider of specialised software-as-a-service for financial institutions, announced today that Mark Brady joined the company as its Chief Investment Officer to support the strong growth trajectory across the region, particularly with the asset management client segment.
FinFabrik develops software platforms for financial firms to provide investment services to their clients and engage in technology-driven capital market activities. Its flagship solution BrokerFabrik is an integrated, white-label retail brokerage platform. The company expanded its offering with the product AlgoFabrik, a highly sophisticated algorithmic trading platform used for running quantitative investment strategies, an area that has been growing strongly.
“As a financial services focused technology company, the hire of Mark Brady gives us the ability to work with buy-side institutions to develop tailored solutions helping them achieve a competitive advantage in a crowded and competitive space. His track record of building businesses across Asia Pacific speaks for itself and will help to further differentiate us as a company and to continue our commitment to deliver client value in a segment that requires deep expertise”, FinFabrik CEO Alex Medana commented.
Florian Spiegl, the company’s COO stated, “We are delighted to see Mark join our team to focus on developing client solutions that leverage his deep knowledge of capital markets, technology and business strategy. The asset management industry is undergoing a massive shift with the introduction of artificial intelligence, changing distribution models, fee compression and diversification of products away from the traditional mutual fund wrapper. We experience growing demand from clients for both strategy and advanced technology in this space.”
