Equiniti Group plc, the specialist technology outsourcer, providing non-discretionary payment and administration services to blue-chip companies, Government and retail investors in the UK, today announces that is has completed the acquisitions of Marketing Source and Gateway2finance. The acquisitions are further examples of Equiniti’s growth strategy of integrating scalable technology platforms to provide regulation- driven, technology-enabled services.

Marketing Source

Marketing Source is a data analytics and cyber security business based in Exeter, which helps clients mitigate risk and improve effective customer targeting through data analytics, identity checking and cyber security products.  The business is aligned with the Group strategy of providing regulatory-driven, technology-enabled specialist services, and the offering is particularly relevant for major retail banks, challenger banks, retail clients and other consumer facing businesses, including utilities. These businesses face the challenge of ensuring that data is reliable, analysed effectively and handled in a compliant way, which minimises the risks of cyber security breaches. 

Marketing Source’s cyber security products primarily target financial services firms and consumer brands focussing on prevention of email fraud and phishing scams. 

Gateway2finance (G2F)

G2F is a loan brokerage firm based in Halifax, West Yorkshire. G2F’s mortgage and consumer credit expertise will support Equiniti’s strategy to promote loan, mortgage and technology solutions to meet the requirements of the fast-moving credit market place, and provides Equiniti with the necessary licensing to access the high-growth loans BPO market. 

Commenting on the acquisitions, Guy Wakeley, Chief Executive, said:

“We are delighted to announce the acquisitions of Marketing Source and Gateway2finance.  Both businesses are strongly aligned with the Group strategy of providing regulatory-driven, technology-enabled services, primarily to the financial services sector, and will contribute to organic growth as we leverage our cross-sell opportunities to existing clients.”

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced the latest version of its UP Immediate Payments solution. Available via a SaaS delivery model or on-premise, UP Immediate Payments is highly flexible and adaptable, providing access to all Immediate Payments (IP) schemes globally.

The newly launched version includes a number of key updates for IP processing and connectivity that are already live and in use at multiple financial institutions worldwide, including leading banks in the UK and Singapore. The solution features new functionality designed specifically for the management and processing of real-time payments, and is designed to provide connectivity to the pan-European SEPA Instant Credit Transfer Scheme (SCT Inst) and TCH Real-time Payments in the US, both of which will be launched this year.

The pan-European SCT Inst scheme is due to go live in November 2017. In December 2016, ACI was named by EBA Clearing as one of the ‘frontrunner service providers’ for the scheme, which will enable consumers and businesses to make euro credit transfers in real-time between accounts across an international area—eventually spanning over 34 European countries.

The pilot for the TCH scheme in the US is expected to go live later this year. The core technology of the TCH scheme is being built by VocaLink, with which ACI has recently entered into a global partnership. It will offer participants a pre-integrated solution, with VocaLink providing software for TCH and ACI delivering its UP Immediate Payments solution to enable banks easier, faster and cheaper access to the scheme.

Barry Kislingbury, Director Solution Consulting, Immediate Payments, ACI Worldwide comments:

“2017 will be an exciting year for immediate payments in Europe and the US; however, it is crucial that financial institutions and payment service providers that want to participate in these schemes start getting ready now.”

“ACI’s UP Immediate Payments offers a proven solution for financial institutions to provide connectivity to IP schemes globally. We not only provide our customers with a technical gateway, but also payment processing functionality, guidance on compliance, fraud, scheme rules, testing and certification, as well as support throughout the complex on-boarding process.”

“The new schemes will be the most comprehensive real-time payment systems ever developed. They will not only empower consumers and businesses to send and receive real-time payments from their existing accounts, but will also provide a platform for banks to launch new and innovative services built around a real-time payments hub for today’s and tomorrow’s digital economy.”

Additional New Key Features in UP Immediate Payments include:

• New business operations, including customer service functions, liquidity management and exception handling
• Supports both ISO 20022 and ISO 8583 schemes
• Supports ISO 20022 Real Time Payments Group and EPC SEPA Inst Rule books
• Supports real-time and batch payments
• Multi-tenant and multi-IP scheme ready

ACI has an unmatched global customer base of financial institutions and payment service providers using its UP Immediate Payments solution. In the UK, the solution has been used by financial institutions to access the UK Faster Payments scheme since its launch in 2008. Currently, 9 out of the 14 direct participants of the UK’s Faster Payments Scheme use ACI’s solutions, and it has recently begun offering UK aggregator services out of its Limerick data center. Additionally, ACI has customers using UP Immediate Payments to access Singapore FAST and the Australian NPP (New Payments Platform). ACI serves on the ISO 20022 Real-Time Payments Group, the EPC Instant Payments Technology Group, payments and security task forces for the U.S. Federal Reserve, and chairs the IPFA rules working group.

Ethoca, the industry standard for collaboration-based technology solutions that enable card issuers and online merchants to increase card acceptance and stop e-commerce fraud and disputes, today announced a partnership with Silicon Valley analytic software firm FICO. Card issuers using the industry-leading FICO® Falcon® Fraud Manager will be able to easily connect to Ethoca’s Global Collaboration Network to maximise the recovery of card not present (CNP) fraud losses and avoid the costly, inefficient chargeback process.

Card issuers face increasingly high volumes of costly fraud claims and dispute cases that strain operating margins and create a poor cardholder experience. Ethoca’s flagship service – Ethoca Alerts – works hand in hand with FICO’s Falcon software to provide a comprehensive CNP fraud solution that spans every stage of the fraud lifecycle: protection, prevention, alerting, investigation and recovery.

Through this partnership, FICO will provide a flexible range of simple connection options so card issuers can easily participate in Ethoca’s Global Collaboration Network. Issuers who rely on FICO Falcon Fraud Manager can elect to take part in Ethoca’s network through direct integration. While Falcon uses advanced analytics to evaluate and score card transactions for potential fraud, Ethoca Alerts kick in once CNP fraud has been confirmed between a cardholder and their bank. Cases of confirmed fraud reported by card issuers are marked in Falcon and fraudulent CNP transactions are advised to Ethoca for immediate distribution as alerts to more than 5,000 merchant customers globally, covering more than 194,000 merchant descriptors.

Ethoca’s merchant customers act on alerts immediately by stopping the fulfilment of fraudulent orders and issuing cardholders a refund. This faster, more efficient process takes just hours instead of the weeks of delay typical of the chargeback process and prevents criminals from monetising their crimes. Card issuers now eliminate operational costs associated with chargebacks and speed the recovery of dispute and fraud losses, while ensuring a better experience for cardholders.

“At FICO, we’re continuing to strengthen the arsenal of analytics-driven solutions we deliver to our clients and their ecosystem,” said Robert Duque-Ribeiro, Vice-President and General Manager for Fair Isaac Advisors at FICO. “Our partnership with Ethoca broadens our complement of fraud management solutions and expands the partnership between issuers and merchants. This first step in our partnership gives card issuing banks access to the largest card issuer-merchant collaboration network in the world. That means they are now able to recover issuer-liable fraud losses like 3D Secure transactions and low-value transactions they would normally write off, while making the recovery of merchant-liable CNP fraud transactions faster and much more cost-effective. Crucially, the speed with which the Falcon and Ethoca transmission can be effected now enables the card payment system to frustrate and prevent the criminals getting access to value, not simply stop the transaction.”

“Our partnership with FICO is yet another example of Ethoca’s commitment to making collaboration a no-brainer for the world’s leading card issuers and merchants,” said Trevor Clarke, EVP, Business Development, Ethoca. “FICO’s Falcon fraud software is trusted by card issuers looking to reduce fraud losses, mitigate reputational risk and ensure good customers are minimally impacted by false declines. Ethoca shares that vision, and adds a new layer of value – recovery – that can be delivered only through more effective collaboration between card issuers and merchants. Through this partnership, everyone in the payment lifecycle gets more value and enjoys a better experience – except the fraudster.”

FICO® Falcon Fraud Manager is the world’s leading card fraud payment solution, and protects more than 2.6 billion payment cards worldwide.

INDATA, a leading industry provider of software, technology and services for buy-side firms, today announced that MCT - MacGuire, Cheswick & Tuttle Investment Counsel, based in Darien, CT has implemented INDATA’s iPM Cloud – Intelligent Portfolio Management® platform. The wealth management firm, a long standing INDATA client, decided to upgrade to iPM Cloud as it was looking for ways to improve system performance in terms of speed and scalability compared with its previous in-house IT setup as well as having built-in disaster recovery and business continuity planning (BCP) capabilities in line with industry best practices. 

iPM Cloud, stored privately, provides significant improvements for MCT including mobile-friendly responsiveness, advanced performance improvements and better connectivity to third-party systems due to INDATA’s state-of-the-art infrastructure. With iPM Cloud, data and infrastructure, delivered via iPM, can rapidly scale with each client’s ongoing needs giving them a competitive advantage and faster time to market compared with conventional hosted or SaaS approaches.

“We are very pleased with our decision to migrate to iPM Cloud,” commented Susan Brewer, Partner, MCT. “Having a private, cloud-based infrastructure allows us to focus on our business of investing without worrying about IT concerns. Our iPM Cloud solution is also faster, mobile-friendly, and better connected to the third-party systems we use than the in-house deployment we had before.”

RBR study shows that cards account for the majority of cashless payments because of their frequent use for retail purchases, and their share continues to increase

Rise in cashless payments outpaces cash withdrawals

According to RBR’s Global Payment Cards Data and Forecasts to 2021, 471 billion cashless payments were made worldwide in 2015, up 52% since 2011. At the same time, ATM cash withdrawals increased at a slower rate of 33% as consumers are increasingly moving away from using cash and taking advantage of alternative payment methods.

Cards account for the majority of cashless payments and their share continues to rise

According to RBR, payment cards account for 55% of cashless payments in 2015, up from 50% in 2011 – they represent the largest share in all regions except Asia-Pacific. The predominance of cards is driven by their common use for retail payments – and campaigns by governments and the banking community in less developed markets to promote card usage at the point of sale are making this more widespread. Cards are often used for comparatively low-value purchases and so represent a mere 2% of the value of all cashless payments in 2015.

The RBR study shows that the share of credit transfers has also increased. They tend to be used for high-value payments, such as salaries and business-to-business payments, and account for 89% of the value of cashless payments. Credit transfers are the most frequently used cashless payment instrument in China where they are a common means of payment for online shopping.

Direct debits are increasing at a steady pace, although their share of cashless payments has fallen since 2011. They are used for recurring payments such as mortgages, rent and utility bills, and have particularly high usage in western Europe.

The use of cheques continues to plummet, accounting for 4% of global cashless payments in 2015, down from 10% in 2011. RBR found that, even in countries where cheques are still relatively common, usage is in decline. In the USA, for example, the number of cheque payments made in 2015 was 40% below 2011 levels.

Contactless cards and instant credit transfers boost cashless payments

The impressive growth of cashless transactions will continue, with cards increasingly being used for low-value payments, supported by the spread of contactless cards and EFTPOS terminals. Meanwhile, growth in credit transfers is being aided by the implementation of systems enabling real-time transfers. For example, in November 2016, the European Payments Council announced the launch of the SEPA Instant Credit Transfer scheme.

RBR’s Chris Herbert commented: “The soaring use of contactless cards for low-value payments as well as immediate payment initiatives, which will facilitate person-to-person mobile payments, will further displace cash usage over the coming years”.

Backbase, two time winner of Finovate ‘best of show’, returns to unveil its latest innovation for digital banking at Finovate Europe.

Backbase will be demonstrating their latest ‘Everyday Banking’ solution, that combines banks’ customer data and AI technology to assist their customer in their everyday live decisions, making the bank a trusted and relevant personal assistant.

The Everyday Bank is all about making complex tasks simple and being super relevant to customers by providing personalised experiences - right on time, in the right context. The Backbase platform empowers banks in leveraging their vast data records into actionable insights and advice for their customers.

With the ‘Everyday Bank’ solution, banks will be able to create personalised customer journeys highly relevant to their users, resulting in increased customer acquisition and retention. Instead of simply providing customers with traditional banking products such as account access and payment tools, the new solution will push the boundaries of personalisation to the next level by delivering tailor-made customer journeys based on real-time behavior, interests, location and preferences.

By using transactional data and AI technology banks can surpass the simple features they offer and enhance the customer journey with relevant personal virtual assistant capabilities that truly improves their life. Customer profiles and preferences become richer with each interaction they make, and as the customer adds new steps to their journey, ‘The Everyday Bank’ learns what they want and need.

The Backbase Digital Banking platform provides banks with a flexible solution to orchestrate and streamline daily customer interactions in a one-to-one, highly personal manner. Within the Backbase platform, banks can easily compile customer profiles with unique identifiers that can guide content, offers, interactions, and recommendations across daily interactions, offering each individual customer a unique journey.

Oldest credit union in Oklahoma partners with Fiserv to nurture member relationships, increase efficiency and deliver new services in step with the speed of life today

Fiserv, Inc., a leading global provider of financial services technology solutions, announced today that First Oklahoma Federal Credit Union, based in Tulsa, Oklahoma, has selected Fiserv to help the credit union drive growth and enhance the member experience through digital innovation. First Oklahoma selected the Portico^® core account processing platform from Fiserv with an integrated technology suite featuring digital banking solutions. First Oklahoma will streamline its technology as it migrates from its current providers to Fiserv.

“As a pioneering credit union in the Sooner State, we have great pride in our tradition of providing members with high quality and convenient services that enrich their lives,” said Mark A. Colley, president, First Oklahoma Federal Credit Union. “We are broadening our role in the communities we serve, and have partnered with Fiserv to ensure we have the tools we need to support members, including superior digital and mobile banking technology. It is an exciting time for First Oklahoma and our members, and we look forward to the future growth that Fiserv can help us achieve.”

The software-as-a-service (SaaS) suite selected by First Oklahoma includes Virtual Branch^® for online banking with enhanced bill pay, Mobiliti™ for mobile banking, Mobile Source Capture™ for mobile deposits, Loancierge^® for lending automation, and Wisdom™ for accounting and call report management, in addition to solutions for statements, identity verification, web signatures and website hosting. All of the integrated digital and mobile solutions will be managed through the Portico core platform.

“Innovative core account processing platforms like Portico enable credit unions to integrate digital and mobile banking solutions to increase efficiency, while driving opportunities to grow new and existing member relationships,” said Ryon Packer, senior vice president, product management, Credit Union Solutions, Fiserv. “Our team at Fiserv is honored to be joining forces with First Oklahoma. Working closely together, we can help the credit union deliver an enhanced, multi-channel member experience.”

First Oklahoma was established in 1923 with the assistance of Edward A. Filene, who is often referred to as the father of the U.S. credit union movement, and is the oldest credit union in Oklahoma. With $36 million in assets and more than 4,000 members, the credit union serves those who live, work, worship, or attend school in Oklahoma’s Creek, Okmulgee, Osage, Pawnee, and Tulsa counties. By partnering with Fiserv on a range of hosted solutions, First Oklahoma will gain leading-edge technology that is managed by Fiserv and protected with world-class security protocols.

Fiserv is the U.S. market leader in account processing services, and more than one-third of U.S. financial institutions rely on Fiserv for account processing solutions and expertise. Portico is built on a service-oriented, open architecture framework, which enables credit unions to integrate solutions from Fiserv and other vendors with greater ease and speed.

In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today – financial services at the speed of life. Learn more at TheSpeedofLife.com.

Yes Bank, the fifth largest private sector bank in India, has launched a fintech accelerator programme in partnership with T-Hub, Anthill and LTP. The Bank invites fintech start-ups from different regions which are planning to operate and do business in India. The application deadline is February 2nd, 2017. The cohort will commence on 13th March and continue for 15 weeks in a dual mode.

Only 12 companies will be shortlisted to continue the challenge and help the bank and its corporate clients to enroot innovations and digitise financial industry in the country in context of Alliances, Relationships & Technology (ART) agreement.

Yes Fintech Accelerator Programme covers the following industry areas: payments, trade finance, treasury, lending,  wealth management, core banking, blockchain, KYC, reg tech, capital markets, APIs and infrastructure, cloud.

Successful applicants will be further mentored and receive access to funding through Yes Bank and its network of investors and partners.

Start-ups can submit their applications here