Dynatrace, the leader in unified observability and security, today announced that BMO, North America’s eighth-largest bank by assets, is using the Dynatrace® platform to scale its digital capabilities and deliver best-in-class experiences to customers worldwide. As demand for digital interactions increases, BMO has reimagined traditional services and is optimizing operating efficiencies to enhance customer loyalty.

To do this, the bank works with Dynatrace. The Dynatrace platform’s core technologies, including the Grail™ data lakehouse and Davis® hypermodal AI, along with its continuous automation capabilities, assist BMO’s Technology, Resiliency, and Experience Operations (TREO) team in accessing precise answers about its technology environment. The insights BMO gains from Dynatrace have helped the bank continually improve the digital banking experience for customers, providing faster, more innovative banking experiences with lower risk.

“To drive our digital-first strategy and continue delivering speed and scale for our customers, BMO innovates rapidly and with confidence,” said Angela Sim, Chief Technology, Resiliency, Experience and Operations Officer, BMO. “The Dynatrace platform has allowed our team to embrace the principles of site reliability engineering (SRE) and ensures reliability is built into the core of our digital banking services. With the help of Dynatrace, we have significantly improved our response time and are increasing our continuous service availability. This allows us to focus on driving innovation and improving the digital experience, helping millions of customers make real financial progress.”

Dynatrace Grail unifies, stores, and processes BMO’s data while retaining the context of the environment where it originated. Dynatrace Davis AI then leverages the unified data from Grail to deliver precise answers in real time, enabling BMO’s TREO team to identify, report, and resolve issues instantly. This has resulted in an 80% reduction in the bank’s mean time to identify (MTTI) issues and root cause analysis (RCA) timelines.

“The Dynatrace platform has already delivered significant benefits to BMO,” continued Sim. “For example, log analytics previously required manual input that would take significant time and resources to complete. With Dynatrace, this process happens in seconds. In a rapidly evolving market, these efficiencies allow us to free up human resources, enabling employees to focus on delivering expert advice and strategic innovation.”

Dragonfly Financial Technologies Corp., a digital banking and treasury management FinTech, today released the findings of its "State of Banking" survey. Dragonfly surveyed over 100 bank executives to gain insights into their bank's biggest challenges, spending initiatives, and tech preferences for 2024. Bank executives were overwhelmingly bullish about the banking industry with 85% stating a positive outlook for 2024. With renewed optimism, 51% of respondents believe banks are expecting to increase their tech spend or stay the same (41%). While less than 8% are expecting to decrease their tech spending in 2024.

The survey also found some serious headwinds, with more than 53% of banking executives concerned or very concerned about their current dependency on legacy technology and rising tech debt. Furthermore, over half (51%) said legacy technology/tech debt is standing in the way of their bank's success. Bank executives also note the following key concerns for 2024:

• 65% are most concerned about protecting and growing deposits.
• 59% believe fraud will be a top concern in 2024.
• 58% believe the biggest challenges to digital business banking success are staffing resources, while 46% believe feature function/competitive gaps and budget are cause for concern.

"2023 was a difficult year for bankers, and as they are now looking to come out strong in 2024, they are facing a complex environment with economic uncertainty, introduction of new payments, modernization of old payments, and customer adoption of APIs and embedded banking," said Jim Gillespie, chief product officer of Dragonfly Financial Technologies. "Prioritization of tech debt will be key in 2024, and the Dragonfly survey identified some near-term winners and losers as banks look to make the most of tight budgets."

Bankers are responding with plans to invest in new technologies that will not only improve their customers' experiences but help them trim down technology debt. Some key technology investments include:

• Real-time payments, with 63% of bank executives stating they are likely to add FedNow service to their payments' portfolio.
• 67% of bank executives are open to introducing FinTech applications, including NetSuite and QuickBooks, to customers.
• API banking adoption is a must-have in 2024, with 57% of bank executives believing API banking will provide impactful applications and connections.

In addition, the survey revealed that banks are cautiously moving more operations to the cloud. 84% of banking executives polled said their banks are already operating in the cloud and of those not operating in the cloud (16%), 44% said their banks are planning a move to the cloud. While banks are moving some operations to the cloud, they are less inclined to move to a cloud-based model with only 8% running more than 75% of operations in the cloud to date.

As banks invest more in technology resources, it will be important to focus on adding quality services that their business customers want. One way to accomplish this goal is to look at composable embedded banking solutions that enable banks to gradually add services and improve overall feature functionality.

Revolut, the global financial app with over 35 million customers worldwide and 8+ million in the UK becomes the first financial institution in the UK to offer eSIMs and global data plans to its UK customers. Revolut eSIM allows customers to roam like a local, and stay connected without unexpected roaming charges and interruptions.

Available to UK customers later this week, Revolut customers on eSIM-compatible devices will have access to the eSIM, regardless of their plan. Once installed, customers will be able to top up data wherever they go - without any need for a physical SIM. Connecting the eSIM enables customers to use the Revolut app without using up their mobile data allowance - so if a Revolut customer lands in a country and doesn't have data access, they can still access their Revolut app and use all the products and features, including topping up their data if they run out.

With the eSIM installed via the Revolut app, Ultra customers will gain access to a new benefit as part of their plan - 3GB of mobile data to use globally, with a rolling refresh every month. UK customers who install their new eSIM by 1 May 2024 will also be able to take advantage of an introductory offer of 100MB of global data at no cost (terms and conditions apply LINK).

The cost of using mobile data overseas has increased in recent years. Most UK mobile networks no longer allow their users to "roam like at home" in the EU, and data charges for the rest of the world are almost always outside the standard benefits.

Elyas Sadou, Product Owner of eSIM at Revolut, commented: “At Revolut, we harness technology to simplify our customers’ lives, and that’s precisely what our eSIM accomplishes. It offers seamless access to mobile data, eliminating the inconvenience of high prices or the need to buy and organize a physical SIM card.'

Whether you are in the US, Australia, or Egypt, you can effortlessly secure a data plan with just a few taps on your phone, and then instantly share those breathtaking photos of your trip with friends and family. It’s a game-changer for people who love to travel.”

The launch of eSIM ensures travelers are supported by Revolut from the very beginning of their trip through to the very end. From booking accommodation through Stays to enjoying lounge access at 1,000+ airports, as well as having peace of mind with emergency medical and dental cover for Premium, Metal, and Ultra plans (Insurance T&Cs apply, Paid Plan terms and subscription fees apply). Customers can then take advantage of Experiences for tours and attractions, as well as spend like a local with currency exchange at competitive rates in 30+ currencies. Now with eSIM, customers no longer have to worry about extortionate roaming charges.

ConnexPay, the world’s first all-in-one platform to manage PayIns and PayOuts, today announced the launch of ConnexPay Flex, a variable-rate virtual card with over 30 dynamic rates, designed to facilitate strategic supplier spend, often at a pre-negotiated rate.

Part of ConnexPay Exclusives, a suite of payment options designed to increase supplier acceptance and boost profitability, ConnexPay Flex offers clients a very broad spectrum of rate categories when paying suppliers in the United States. This flexibility allows clients to meet supplier payment preferences while driving maximum card spend and revenue.

“I’m excited to announce the ConnexPay Flex card, our newest payment capability for our valued clients,” said Bob Kaufman, Founder and CEO, ConnexPay. “With ConnexPay Flex, our clients now have over 30 payment rate options for any unique supplier payment challenge, providing them with the maximum flexibility for driving supplier acceptance while also increasing profitability.”

A premier payments provider, ConnexPay is the first payments technology company to unify B2B payments, both PayIn and PayOut, inside a single platform. Over the past year, ConnexPay has more than doubled its customer base, expanded its global footprint, and continued to launch new products and features that transform the B2B payments space.

Buddy has secured a significant boost in funding, raising $7m from 49 investors, to bring its total funding to $8m.

The recent funding round was closed in mid-January, and it saw notable investors: Sequoia Capital, Plug and Play, and Atypical Ventures contributing to Buddy’s growth trajectory.

The initial sale of the round commenced in March 2023, indicating sustained investor interest over time.

Buddy, founded by CEO Charles Merritt, insurance veteran Jay Paul, and Martin Agency alum David Vogeleer, offers its software to brokerages and insurance carriers through a subscription-based model. The platform charges a monthly fee for each insurance product available, providing a seamless experience for managing and presenting products to clients.

The startup provides accident insurance tailored for outdoor enthusiasts engaged in intensive activities like rock climbing or mountain biking.

This innovative approach caters to the evolving needs of modern consumers, offering coverage solutions for niche segments of the market.

Marqeta, the global modern card issuing platform enabling some of the world’s most innovative embedded finance solutions, today announced its new customer, Internet Travel Solutions (ITS), a leading provider of travel management software that will utilize Marqeta’s comprehensive credit card platform to launch a multi-use travel and expense (T&E) commercial credit card for the mid-sized business market.

“Building our T&E credit card on Marqeta’s platform gives us access to a full suite of credit card capabilities and the flexibility and control to develop, launch, and scale branded credit solutions that seamlessly integrate into our digital experience.”

Business travel in the US is rebounding to pre-pandemic levels, with $237 billion dollars in spending expected in 2024, almost 90% of the total in 2019. With this recent growth and the profound shift to digital services during the pandemic, businesses seek flexible expense management tools that match their evolving needs. ITS has strategically partnered with Marqeta to build customizable credit card solutions that help businesses streamline expenses, access capital and boost operational efficiency. Marqeta’s credit card platform gives ITS control over the customer experience, supported by a unified, modern tech stack and program management capabilities, enabling them to develop credit solutions tailored to individual business needs.

"ITS is redefining how we manage corporate travel expenses, and with Marqeta’s highly configurable credit card platform, we can go beyond conventional offerings to meet the specific needs of our corporate clients,” said Rick Kumpf, CEO of ITS. “Building our T&E credit card on Marqeta’s platform gives us access to a full suite of credit card capabilities and the flexibility and control to develop, launch, and scale branded credit solutions that seamlessly integrate into our digital experience.”

ITS is an industry leader and innovator in travel and expense management. Its corporate card program solutions, EasyCard, aim to enable businesses to fulfill the diverse payment service needs of their employees, spanning across all roles and functions. With Marqeta, ITS has access to real-time card issuing, live transaction data, and spend controls that allow it to create dynamic credit card offerings and rewards. Additionally, Marqeta allows ITS the flexibility and extensibility to launch on a payments platform that can support and grow their products as they expand over time.

“As corporate travel ramps up, it will be critical for businesses to have access to individualized credit solutions that remove friction for users and simplify expense management capabilities,” said Todd Pollak, Chief Revenue Officer, Marqeta. “Marqeta is proud to partner with ITS, a pioneer in travel technology, delivering on our promise to provide dynamic and embedded credit experiences that transform customer loyalty and establish lasting relationships.”

Iliad Solutions, the world’s foremost payment testing company has announced a strategic partnership with Enqura, the Turkish-based experts in financial services digital transformation. 

From the outset the companies will work collaboratively offering Iliad’s payments testing capability to all existing Enqura customers, where relevant, providing an end-to-end testing capability. As both companies extend their international reach they will work in partnership on new customer opportunities.

Iliad Solutions’ products and services, used by leading financial institutions around the globe, help to minimize the risk when deploying new payment technology, reducing the costs associated with testing and improving the speed of launching new systems.

t3, orchestrates and simplifies the process of payment testing and certification. Sophisticated controls can be applied to projects at every level, with real-time data available via intuitive dashboard views. Customers can test complex transactions with schemes simply and with efficiency - tests are fully automated and can run at up to 15000 transactions per second. 

Anthony Walton, Iliad Solutions CEO commented: “We are delighted to be partnering with Enqura, it’s a collaboration that will benefit both businesses and our respective customers. The partnership effectively extends the reach of our end-to-end payment testing capability giving Iliad wider access to financial institutions in Turkey, the Middle East, and beyond.”

Walton adds: “Those licensing the newly enhanced t3 testing platform will be able to bring their digital payments and transaction solutions to market quicker and more efficiently via the high-level of automation and configurability the t3 platform provides.”

Metin Karabiber, Founder, CEO of Enqura added: “We too are very excited to join forces with Iliad. This partnership will enable us to offer our customers a comprehensive and robust testing capability for their payment systems, ensuring quality, security, and compliance. 

In addition, we will be able to showcase our innovative product EnQualify, a remote ID verification & digital onboarding solution, to Iliad’s customers and partners. EnQualify is powered by AI on Mobile Edge technologies, and provides a seamless and secure digital identity verification experience. We believe that this partnership will create new opportunities and value for both Enqura and Iliad in the fast-growing fintech market.”

IDnow, a leading identity verification platform provider in Europe, joins a consortium of five partners including the IOTA Foundation, walt.id, SPYCE.5, and Bloom Labs with the goal of making Crypto Asset Service Providers (CASPs) and self-hosted wallets compliant with the European Anti-Money-Laundering Regulation and the Transfer of Funds Regulation (TFR). 

The new TFR regulation in the EU mandates that all cryptocurrency transactions will need to carry identifying data of the sender and the receiver. According to the new rule, compliance with TFR is mandatory for all CASPs. Additionally, the new AML Regulation will require all CASPs to comply with similar AML rules as other financial institutions. For example, when a user opens an account and registers a wallet with a CASP, an identification process is required to comply with the new AML Regulation and TFR.

One challenge for CASPs to adhere to the new rules lies in GDPR compliance, as personally identifiable information (PII) should not be stored on blockchains or Distributed Ledger Technologies (DLT). However, to comply with the new regulations, CASPs need to know with whom they are doing business and continuously verify this information.

Raising trust and transparency in crypto asset transactions

To address this challenge, the partners have formed a consortium to propose a system where a trusted party tokenizes an identification process it has witnessed, allowing CASPs to have confidence in this process, without revealing any PII. The resulting soul-bound token (SBT) can be used for blockchain processes, enabling web3 native interactions. Furthermore, the trusted party can reveal the identity information, if requested by an authorized party, such as law enforcement, as well as revoke the SBT, if needed.

Within the consortium, the IOTA Foundation, a non-profit foundation supporting the development of the IOTA protocol, will provide the underlying network as the proposed solution will be implemented on an Ethereum Virtual Machine (EVM)-compatible IOTA Smart Contract Chain. walt.id, a leading open-source vendor of decentralized identity and wallet infrastructure, will develop, provide, and maintain the trusted witness service for creating and verifying SBTs like identity proofs, while IDnow will deliver the identity verification solution to onboard users into the wallet solution. Bloom, an all-in-one wallet for the IOTA, Shimmer, and EVM ecosystem, will provide the capabilities for users to store, present, and prove ownership of the SBT. SPYCE.5, specializing in the integration of hybrid blockchain technologies, will provide the essential infrastructure for seamless interchain communication and transaction validation, ensuring the system’s overall efficiency and regulatory compliance.

Statements

“We are excited to be part of this forward-thinking consortium alongside highly esteemed crypto asset industry players to address a pressing need for crypto wallet solutions that comply with the latest EU regulations. Crypto companies are facing a race against the clock to implement new requirements, which is why we wish to submit this proposed solution to the EU for consideration to address the technological and regulatory challenges around AML, KYC and TFR in crypto,” says Rayissa Armata, Director Global Regulatory and Government Affairs at IDnow.

“We are thrilled to be working with such incredible partners to create a truly seamless user experience and to provide the underlying distributed ledger technology. Identity verification in Web3 environments should be simple and straightforward, without sacrificing privacy or security. As regulatory requirements grow, we need innovative solutions that are easy to use for both businesses and everyday users,” says Dominik Schiener, Chairman of the Board of the IOTA Foundation.

“We have been building decentralized identity and wallet solutions for many clients across various industries, but this project is particularly interesting as it shows new ways of onboarding and verifying users for crypto and DeFi use cases that have traditionally been struggling with regulatory compliance,” says Dominik Beron, Founder of walt.id.

“Bloom is excited to be collaborating with the partners in this consortium. This project will ensure our users and the crypto ecosystem can benefit from a self-hosted wallet that complies with EU regulations,” says Nicole O’Brien, Co-founder of Bloom Labs.

“We're proud to be part of this groundbreaking consortium, leveraging SPYCE.5's hybrid chain architecture to navigate the complex landscape of EU regulations. Our innovative approach ensures not only compliance but also maintains the integrity and efficiency vital in the crypto space,” says Holger Köther, Managing Director of SPYCE.5.

In today's dynamic and time-sensitive financial market, instant access to a web-based trading platform is crucial. It enables traders to swiftly identify opportunities and execute trades, ensuring they can effectively respond to market changes. 

Thanks to technological advancements, award-winning platforms like MetaTrader 4 WebTrader have emerged. T4Trade offers its clients the MT4 WebTrader platform allowing immediate trades from anywhere in the world with just a few clicks. 

Connect with the markets - fast

The MT4 WebTrader platform eliminates the need for memory-intensive software installations or time-consuming updates, as it is a 100% web-based platform that can be launched directly from an internet browser meaning that trading starts instantly, hassle-free, without any delays. Additionally, the platform is compatible with all major internet browsers, ensuring quick logins regardless of the device or operating system in use. Whether using Chrome, Firefox, Safari, or any other browser, T4Trade's MT4 WebTrader is readily available to help traders catch market opportunities when they arise.

One of the most significant advantages of T4Trade's MT4 WebTrader is its convenience. It adapts to traders’ diverse lifestyles, enabling them to access their trading accounts from various locations and during different activities, such as commuting, attending meetings, or relaxing at home. 

This real-time responsiveness not only makes trading potentially more efficient but also seamlessly aligns it with the fast-paced nature of the financial markets, transforming it into a fluid experience, where traders are not confined by time or place constraints.

T4Trade's MT4 WebTrader redefines convenience in online trading, breaking down barriers and offering flexibility and efficient execution of orders so as to match traders’ schedules and preferences.

The platform is equipped with a range of advanced features to enhance traders’ trading experience. Below are some of the platform’s key features and benefits:

One-click Trading Operations 

When time is of the essence, the one-click trading feature simplifies the execution of trades to just a single click of a button. This feature eliminates the need for multiple steps or confirmation dialogs, enabling traders to swiftly enter or exit trades. Whether scalping the markets or taking advantage of short-term opportunities, this feature ensures that traders can act quickly and capitalize on market movements at will.

Tying in with this innovative feature, the platform offers a user-friendly interface, suitable for both novice and experienced traders, providing a highly reliable and secure trading environment.

Setting Stops, Entry Limits, and Direct Orders

Risk management is an important aspect of trading, and MT4 WebTrader offers a range of tools to help traders manage their positions effectively. The platform features stop-loss orders, take-profit orders, and entry limits directly from the interface. This means that risk parameters and trading strategies can be defined upfront, without the need for additional software or manual calculations. 

By setting stops and limits, traders can better protect their capital and ensure that their trades are executed according to their desired parameters, even if they are away from their trading station.

Advanced Charting Capabilities

Technical analysis plays a vital role in the decision-making process of traders, and MT4 WebTrader provides advanced charting capabilities to support this. The platform has a wide range of charting tools and indicators to analyse market trends, identify patterns, and make informed trading decisions. Whether the preference is for candlestick charts, line charts, or bar charts, the MT4 WebTrader platform has a variety of options to suit each trading style. Additionally, the charts can be customized according to traders’ preferences, making it easier to spot trading opportunities and execute trades with confidence.

T4Trade's MT4 Webtrader platform has even more features to support traders. It includes 30 built-in technical indicators, 23 analytical objects, and various tools to assist in decision-making for buying or selling. Additionally, traders can set trailing stops and receive trading signals. The platform also provides pre-installed Expert Advisors and over 50 technical indicators for automated trading. 

T4Trade prioritizes the security of financial and data transactions, ensuring that all communication between the server and the MT4 platform is encrypted for high levels of protection.

Multiple Timeframes

Traders can choose from 9 timeframes to better understand the trend of the assets they are trading, instilling confidence in their decisions. Additionally, reviewing longer-term charts can help traders confirm their strategies or warn them when separate time frames are in disagreement. Narrower timeframes also assist traders in improving their entries and exits, ultimately leading to a better understanding of market trends and more reliable trading signals.

T4Trade’s MT4 WebTrader also ensures fast trade execution, and low latency, and supports multiple execution modes, enabling traders to react quickly to market changes.

In summary, T4Trade's MT4 WebTrader has transformed online trading by offering a convenient and efficient platform that facilitates instant trading from anywhere in the world. With its one-click trading operations, risk management features, and advanced charting capabilities, the MT4 WebTrader caters to the needs of both novice and experienced traders. 

The compatibility with various devices and internet browsers further enhances its availability, ensuring that traders can quickly log into their trading accounts and execute trades on the spot. Whether new to trading or looking to enhance their trading experience, T4Trade's MT4 WebTrader is a reliable solution for traders who are looking for a combination of efficiency and advanced features to empower their trades.

Launch T4Trade's MT4 WebTrader today and take your trading to new heights!

Startupbootcamp Australia (SBC Australia), one of the world's largest industry-focused accelerators, has appointed Tim Poskitt as its new Managing Director for Fintech in the APAC region. 

This strategic appointment bolsters SBC Australia’s commitment to nurturing the next generation of digital talent in finance, with a particular focus on sustainability and technological innovation. 

Mr Poskitt has over 20 years of global experience in financial services, including a decade in fintech inside the APAC region. He will run SBC Australia’s Sustainable Fintech Accelerator Program, which supports an annual cohort of 10 early-stage fintech founders to achieve rapid scale, while also being aligned to one or more of the UN’s Sustainable Development Goals. 

Trevor Townsend, CEO of Startupbootcamp Australia, welcomed Mr Poskitt to the team, saying: “Tim has extensive experience and wide connections in the financial services industry and is ideally placed to accelerate the growth of the fintech startups in our program. He has a passion to help founders succeed and is dedicated to Startupbootcamp Australia’s mission to empower impactful innovation globally that contributes to Net Zero by 2030.”

Mr Poskitt will also work closely with SBC Australia’s investment team to meet the financial objectives of the A$5,000,000 Sustainable Fintech Fund, which supports the program. Over three years, the fund aims to invest in 30 global fintech startups that are dedicated to addressing one of the most pressing issues of our time: driving sustainability through finance.

Tim Poskitt shared his enthusiasm for the new role, saying: "I’m extremely excited to be joining the SBC Australia team to spearhead the APAC fintech program and catalyze change for a more sustainable future. I’m loving working with the current cohort and looking forward to receiving expressions of interest for our next round.” 

The specific investment themes of interest are Generative AI, Fraud Prevention, Embedded Finance, DeFi & Blockchain, Sustainable Finance, and Financial Services in the MetaVerse. 

Mr Poskitt was previously the regional head of Envestnet | Yodlee’s operations in APAC and has also held senior roles at illion.