Published
Arturo González Mac Dowell
CEO & Founder at Eurobits Technologies
On Monday 27 March 2017 the European Parliament’s Committee on Economic and Monetary Affairs held a Scrutiny Session on the see more
- 07:00 am
Today, Walmart, an American giant multinational retailing corporation, has revealed launch of Bluebird2Walmart money transfer service via mobile phones, scheduled for beginning of May.
The new solution will enable accountholders of Bluebird to digitally transfer money for cash pick up at any Walmart store. Bluebird users can access the new service by visiting the website or by downloading Bluebird app on their smartphones. There is no need for money receivers to have a personal account on Bluebird. They just can collect it at any Walmart store, in a few minutes after the transaction is completed.
Earlier, Walmart has already introduced money transfer service, powered by Ria and delighted its customers with considerable amount of saved fees and ease of procedures. The new online service will also allow lowering transfer fees, while providing convenient and smooth money transfer experience. Moreover, company’s representatives promise price consistency with the new Walmart2Walmart prices, irrespective of the stores location.
Kristy Ward, vice president, Walmart services comments: “We are extremely proud of the significant savings our customers have enjoyed in the three years since Walmart2Walmart was introduced. For the millions of customers who rely upon transferring money to help family and friends – whether regularly or in times of urgent need – we know saving money on costly fees can make a big difference.” “Now, with even lower fees for Walmart2Walmart, as well as the option to send money digitally with Bluebird, we continue to deliver on our mission to save customers’ money, as well as time.”
- 04:00 am
AGORA Data, Inc., a Texas-based provider of technology solutions for the financial services industry, announces the launch of its groundbreaking and market-disrupting exchange software for the auto finance industry. AGORA is a cloud-based marketplace that enables buyers and sellers of auto loans to transact in a direct manner without the need for brokers or intermediaries.
AGORA founder and CEO Steve Burke, a thirty-year veteran of auto finance, launched the business in response to the many friction points and inefficiencies that exist in the manner that auto loan portfolios currently trade – namely poor and inconsistent data, lack of transparency from the brokers that dominate the market and heightened regulatory concerns over unsecured transmission of personal consumer data.
AGORA founders partnered with a Silicon Valley firm to combine market-leading software development and financial services expertise to build their revolutionary platform.
"We are highly confident that AGORA will massively disrupt the status quo and rapidly become the standard through which auto loans are traded going forward," said Burke. "We have strong conviction about the future success of AGORA and that it will be a game changer for the industry. Since we launched AGORA on April 3, 2017 we have listed over $100 million in loans for sale – well ahead of our projected pace. By using AGORA, buyers and seller will never pay broker fees again!" Burke continued.
Steve Gertz, partner to AGORA said, "With AGORA, we've created an innovative platform that introduces a new way to buy and sell loans in a secure marketplace. Our focus is providing a more sophisticated and easy way to transact."
Through its proprietary technology, AGORA maps directly into dealer management systems ("DMS") and loan servicing systems ("LSS") to allow dealers, finance companies and other prospective sellers of loans to seamlessly load their loan data into the AGORA network. AGORA captures and stores the data in a standardized fashion and in a highly secured and encrypted environment. Once loaded, sellers can flag specific loans they wish to advertise as available for sale, along with any key terms and conditions of the offered portfolio.
Using AGORA's flexible and customizable search engine, interested buyers can search to find portfolios that meet their specific criteria, filter based on a wide range of conditions and reflect bids (including material terms and conditions) back to the seller.
- 04:00 am
Jack Henry & Associates' Symitar division today announced that, included in its new core wins during the first ten months of its fiscal year, the company has added six new billion-dollar core credit union footprints for the Episys system.
The $1.3 billion-asset Credit Union of Texas out of Dallas is one of these additions, selecting Episys for in-house processing. Eric Pointer, the credit union’s president, said, “We identified the need for a core partner that could deliver both internal process efficiencies and the technology to better serve our members. Episys is simply the best fit for our needs due to its high level of customization and extensive third-party integration. The system possesses a level of flexibility and scalability that can effectively grow with us in the future.”
Four of the other credit unions will also deploy Episys in-house, including the $1.1 billion Black Hills Federal Credit Union in Rapid City, S.D., and $2.3 billion Langley Federal Credit Union in Newport News, Va.
St. Paul, Minn.-based Affinity Plus Federal Credit Union with assets of $1.9 billion was the record-breaking sixth billion-dollar signing. The credit union has opted to run Episys in an outsourced environment via Symitar EASE™. This delivery model is attractive to Affinity Plus because of how it will allow the credit union’s team to focus on optimal system utilization and efficiency. Affinity Plus wants to afford its IT staff the time to really partner with various business units on using Episys to its fullest, and in turn enable those business units to be as efficient as possible.
All six credit unions will implement multiple other offerings from Jack Henry & Associates to further enhance their core platform. Two solutions consistently included across each of these new relationships are Symitar’s Advanced Reporting for Credit Unions™ for business intelligence and analytics, and Episys® Data Store™ for near real-time analysis and reporting. Together, these tools arm credit unions with a meaningful view of their data for more effective, proactive decision making.
Ted Bilke, president of Symitar, said, “Our Episys system continues to prove its value for credit unions of all sizes. It has the most diverse user base in the market, and is the most widely deployed core platform. While we’ve served a large share of the billion-dollar space for a while now, we are excited to bring more credit unions of this size into the Episys family. Oftentimes it is these clients who help drive ideas and innovation for the entire Episys community, finding new ways for credit unions to better serve their members year after year.”
This week, Symitar hosts its annual Executive Forum in Las Vegas, an event that brings together Episys credit union executives to talk candidly about their core platform’s latest enhancements, new ideas, and industry trends. This year’s gathering will have executives from more than 60 billion-dollar credit unions, another company milestone.
- 09:00 am
IHS Markit, a world leader in critical information, analytics and solutions, today announced it has joined the Chamber of Digital Commerce, a global trade association that promotes the understanding, acceptance and use of digital assets and distributed ledger technology (DLT), also known as blockchain technology.
“We see opportunities to use DLT to help our clients reduce operational risk and cost, use collateral more efficiently and fundamentally change the risk profile of complex financial products,” said Jeff Billingham, vice president at IHS Markit. “We are pleased to support the Chamber in advocating for policies that help realize these goals while fostering higher levels of trust in global financial infrastructure through technology innovation.”
“The deep industry expertise that IHS Markit offers will be key in furthering the Chamber's advocacy and education initiatives and securing the future of distributed ledger technology," said Perianne Boring, founder and president of the Chamber of Digital Commerce. “We are thrilled to welcome IHS Markit to the Chamber’s membership.”
Based in Washington, D.C., the Chamber of Digital Commerce brings industry leaders and policymakers together to engage on digital assets and blockchain. Chamber members are from prominent organizations in the blockchain ecosystem, including startups, software companies, global IT consultancies, financial institutions and investment firms.
- 05:00 am
As our APAC hub, our Singapore office will allow us to work even closer with our customers across the region. We’re building a team within Singapore's growing FinTech scene, focussed on bringing TransferWise’s fast, fair money transfer services to Asia Pacific.
The Singapore government’s commitment to FinTech makes it a prime location for innovation. We’re looking forward to contributing to the flourishing FinTech ecosystem.
Online verification
Working alongside the Monetary Authority of Singapore (MAS), TransferWise is one of the first remittance companies allowed to verify customers online. That means customers won’t have to come to our office to get verified anymore.
Here's what our CEO, Taavet Hinrikus had to say: “Online verification not only makes it easier and more convenient for the customer, it also provides better protection as it means that companies can tackle financial crime more effectively.
It’s a great step forward in creating a financial services sector that is focused on what’s best for the customer, rather than what’s best for the banks. Because of this we can fully launch our service in Singapore. That means people in Singapore finally have an alternative to the banks and remittance companies.”
People and businesses send over SGD 1.75 billion monthly with TransferWise. And they’re saving SGD 2.5 million in bank fees every single day.
- 06:00 am
Samsung Electronics today celebrates the continued growth and enthusiasm for Samsung Pay around the world by expanding in four markets over two days. Samsung Pay officially launches in Sweden and the United Arab Emirates (UAE), and enters early access in Hong Kong and Switzerland.
With these market expansions, Samsung Pay continues to both bring mobile payments to new regions of the world and expand to new markets in regions where the service is already available. Launches in the UAE and Sweden showcase Samsung Pay’s first markets in the Middle East and the Nordics respectively, while Hong Kong and Switzerland demonstrate continued commitment and strength in Asia and Europe.
“Less than two years ago, Samsung Pay came to life in Korea with a simple mission: To empower customers with mobile payments that are simple, secure and available almost anywhere,” said Thomas Ko, VP and Global General Manager of Samsung Pay. “Today, Samsung Pay is so much more. Our launches in different parts of the world demonstrate governments’ and consumers’ changing attitudes towards progressing to a cashless society. It is through the interest and support of our partners that we are able to answer their needs by offering Samsung Pay in these markets. We are incredibly proud of our rapid expansion and growth in such a short period of time, and look forward to bringing the most comprehensive digital wallet to all our users around the world.”
With the availability of the Galaxy S8 and S8+, users will be able to exclusively take advantage of several new features for an enhanced experience with Samsung Pay.
In addition to the existing authentication methods, Galaxy S8/S8+ users can make use of iris scanning as a new form of biometric authentication to access Samsung Pay, enabling a secure, yet more convenient way to pay.
To continue the evolution to a digital wallet, Samsung Pay continues to expand its availability beyond smartphones by introducing Samsung Pay on the Gear S3 in three additional markets. Beginning in April, Samsung Pay is newly supported on the Gear S3 in Russia, Sweden and the UAE, in addition to the US, Singapore and Australia, enabling an even more convenient way for users to pay with their smartwatches. Details on additional Gear S3 support elsewhere will be available soon.
Attaining the Vision of a Digital Wallet
Since the initial launch of Samsung Pay, Samsung has remained committed to the vision of building more than just a mobile payment solution through the introduction of value-added services tailored to local audience preferences.
Samsung Pay continues to enhance and add even more value-added services worldwide, bringing custom solutions and partnerships to users wherever they are.
With the latest launches, Samsung Pay now also integrates loyalty and membership cards in Sweden and the UAE, which can be added to users’ mobile wallets without requiring physical cards. In Switzerland, pre-paid cards will also be supported, allowing users to pay from their preferred cards outside of the normal credit and debit options.
Value-added services continue to be a critical differentiator for Samsung Pay in the mobile payments market. More custom services for users around the world will be made available in respective markets shortly.
- 03:00 am
The Western Union Company (WU), a leader in global money transfer and payments services, is teaming up with the Department for International Trade (DIT) to host 16 ‘RegTech’ industry leaders in a ‘RegTech’ Lunch and Learn session in New York.
‘RegTech’, which refers to a group of companies that use technology to help businesses comply with regulations, has been on the increase in the years since the 2008 financial crisis as more technology-driven products to enhance the customer experience and engagement are sought after by financial institutions.
International Trade Minister, Mark Garnier, said:
“UK firms are leading the way in finding innovative technology solutions to help businesses comply with regulation. Following hot on the heels of the UK-India FinTech conference in Mumbai and the International FinTech conference in London, my department is working with Western Union to ensure the UK is well represented at RegTech in New York and together we will ensure UK tech companies take advantage of the global opportunities in this growing sector.”
The collaboration comes at a time when regulation, compliance and global trade are of a key focus for small to medium businesses on both sides of the Atlantic. The recent Western Union International Trade Monitor* revealed nearly a third (30%) of UK SMEs, and nearly a fifth (18%) of US SMEs are concerned about the impact of changing international regulation and compliance.
The research also highlighted that in light of the EU referendum, while businesses showed little sign of increasing their company’s international operations, over 80% of UK SMEs are placing an increased focus on international vendors and supply chains, emphasizing the shift towards global trade partnerships rather than a direct physical presence abroad.
Kerry Agiasotis, President at Western Union Business Solutions said, “In an ever changing regulatory landscape, the role of compliance has never been more important. As world leaders in technology and innovation, this trade mission is a fantastic opportunity for US firms to learn from some of the UK RegTech industry’s brightest minds. This initiative, in addition to our new ‘WU® EDGE’ platform, demonstrates our dedication to providing SMEs with the tools necessary to engage with global trade.”
Western Union Business Solutions is one of several other financial companies including the five major banks - Barclays, HSBC, Lloyds, RBS and Santander, and four consultancies - EY, KPMG, Deloitte and PwC, who are all helping potential exporters make the most of international trade opportunities through a partnership with the Department for International Trade.
- 03:00 am
InvestCloud Inc., a global FinTech firm, has been appointed by MASECO Private Wealth to provide client and advisor portals to its clients in the UK and the US. InvestCloud will deliver comprehensive client communication and reporting capabilities, including the automation and consolidation of client reports online.
MASECO specialises in managing the wealth of US citizens living abroad, supporting their cross-border wealth management needs and utilising its knowledge of multi-jurisdictional tax and planning issues to provide expert advice. Established in 2008 by Joshua Matthews and James Sellon, MASECO has more than $1.2 billion in assets under management.
Joshua Matthews, Managing Partner at MASECO Private Wealth, said: “MASECO was designed to bring a sophisticated service to help Americans living overseas. We deal with complex situations and our clients’ needs are demanding, requiring custody of assets to be managed on multiple platforms. So, we sought a solution that served our business but would also assist client engagement and give each client a clear picture of all their assets. InvestCloud will allow us to do this with ease and flexibility.”
MASECO is recognised as an innovative, forward-thinking wealth firm catering to professionals and entrepreneurial wealth creators. As part of this approach MASECO has pioneered the introduction of sustainable investing, started a new venture into Alternative Credit, and won a PAM award for Investment Product Service Innovation. It was also the first financial services firm in the UK to be awarded B Corporation status, which recognises companies pursuing social good.
Will Bailey, EVP for Europe and Innovation at InvestCloud, said: “MASECO is a great customer for InvestCloud. It is a forward-looking and innovative firm that serves clients who have high expectations of the online customer experience. Together, we can help MASECO provide a rich, integrated digital experience to its customers, while also realising the operational benefits of digital transformation within its own business.”
- 06:00 am
Leading digital money transfer service WorldRemit announced today it has partnered with Millicom’s subsidiaries Tigo Money to open up new remittance routes to El Salvador and Guatemala, enabling Salvadorans and Guatemalans abroad to send money transfers instantly to more than one and a half million Tigo Money users in those countries, directly from the WorldRemit app.
Tigo Money is a leading provider of mobile financial services for customers across Latin America and is today the largest bill payments platform in El Salvador. There is one Tigo Money transaction per second in El Salvador, of which international remittances make a significant contribution. In Guatemala, Tigo Money covers 92% of the total territory, becoming the second largest physical distribution network in the country.
WorldRemit users abroad will now be able to make secure, instant money transfers back home from their mobile phone to any Tigo Money user in El Salvador and Guatemala, who, no matter where they are, will have instant availability and capacity to resend money domestically, buy top ups, pay bills, or simply have the possibility to cash out partially or totally their money in Tigo Money’s extensive agent network.
Tigo Money is the only mobile money provider in El Salvador and Guatemala currently receiving international remittances from WorldRemit, reaching more customers with mobile phones. Remittances play a very important role in El Salvador’s and Guatemala’s economies –receiving almost $4.1 billion & $7.1 billions in remittances respectively in 2016 according to the local Central Banks in both countries, primarily from the United States and Canada.
With WorldRemit, people in more than 50 countries can send instant, secure transfers to more than 140 destinations. Known for its mobile-first approach, WorldRemit makes sending money as easy as sending an instant message. More than 70% of the international remittances sent to mobile money accounts in December 2016 were sent via WorldRemit, according to the latest data published by the GSMA.
Ismail Ahmed, founder and CEO at WorldRemit, comments: “Our partnership with Tigo Money in Central America will give more choice to millions of Salvadorans and Guatemalas living and working abroad, giving them a simple, safe way to support their friends and family without having to wait in line at a money transfer agent. Offering our customers the option to send to Tigo Money accounts supports the transition from costly offline remittances via high street agents, to faster, safer and lower cost online transfer methods”.
Ronald Alvarenga, Director of Mobile Financial Services for Millicom says: “The Alliance with WorldRemit is one of our first 100% digital alliances. It responds to our focus of placing our customers in the center of all our services, providing the best customer experience they can get through their mobile phones. This will benefit our Salvadoran and Guatemalan community abroad as well as their relatives who live and receive remittances in El Salvador and Guatemala. We are connecting lives in a digital world, offering a convenient, fast, secure and affordable way for customers to receive their money.”
