Vitesse announces its membership of the International Association of Claims Professionals (IACP), the leading organisation that brings together claims experts from across the global insurance market.  

The IACP provides a forum where members from all aspects of the Insurance industry can discuss the latest developments in the claims environment whilst considering alternate solutions in handling, managing and resolving claims. The Association’s primary objectives of maintaining an organisation that fosters cooperative sharing of knowledge, open communications and developing professionalism align directly with Vitesse's. The InsurTech joins 250+ members worldwide to help innovate and revolutionise claims for the future. 

The membership will allow Vitesse to further grow their knowledge of new insurance markets and to understand the challenges insurers face when paying claims.  This in-turn will help Vitesse to ensure their claims payment solutions continue to be developed with the end user in mind. 

“Given the growing utilisation of Vitesse’s solutions to manage the payment of claims across the insurance market, our membership of the IACP is certainly a key milestone in the Vitesse journey,” said Mark Rogers, Head of Business Development at Vitesse.  

“We were very fortunate to have our membership supported by incumbent members, and we look forward to playing an active role in the insurance industries focus on delivering continual improvement when it comes to the insured’s claims experience.”  

This opportunity is the latest in the string of partnerships that Vitesse has set up to broaden their understanding of the insurance industry and to ensure their product development remains aligned with the needs of their customers - in April this year, they joined the India InsurTech Association, whilst, at the end of last year, they launched their industry-changing Faster Claims Payments solution with Lloyd’s of London. 

Vitesse’s CEO and co-founder, Phillip McGriskin, is thrilled with how the company is making great strides in making much-needed changes to the industry. 

“Once again, memberships like our one with the IACP help to showcase how serious we are as a company,” said Phil. “We’re committed to making the insurance industry more efficient and quicker - being part of this global association will allow us all to work together to make it happen. We look forward to what the future holds.” 

UK payments FinTech Atoa, a rapidly emerging player set to challenge the status quo in the traditional finance sector, has bagged $6.5m.

This innovative startup seeks to disrupt the conventional methods of card payments prevalent in the high-street retail business.

The round was led by Valar Ventures, a US fund well known for its backing from Peter Thiel, the co-founder of PayPal. Other noteworthy contributors included Passion Capital, known for their previous investment in Monzo and Tide, and Singapore-based Leo Capital, which carries significant experience with alternative card models in India and Asia.

At its core, Atoa provides small to medium-sized retail businesses with a fairer, faster, cheaper and more secure alternative to accepting card payments. Its primary solution is account-to-account payments, a mechanism which aligns with the ‘Axe the Card Tax’ campaign’s goal to reduce the high card fees imposed by giants like Visa and Mastercard.

This newly acquired funding will be used to further Atoa’s ambitious objective. It aims to offer relief to UK SMBs, which have been hit hard by unfavourable economic conditions, the pandemic, and consistent rises in inflation. Atoa claims that card programmes like Visa and Mastercard operate with profit margins as high as 67% and 75% respectively and states that the cost of payments has surged by up to 44% since 2016, according to the Coalition for a Digital Economy (COADEC).

The firm is challenging the payment giants by enabling consumers to pay in-store via an instant bank transfer, bypassing the ‘obsolete payment stacks’. This eliminates the need for customers to download any additional mobile apps and allows them to approve payments via their existing banking apps, resulting in a seamless payment experience. Atoa boasts that this strategy can save merchants up to 70% on transactions.

Since its launch in June 2022, Atoa has reported an impressive 60% month-on-month growth in processed payments. With the total funds now amounting to $8.6m, Atoa is geared up to continue targeting in-person SME payments and accelerate its growth trajectory.

American Express today announced an agreement with Plaid, a data network that powers the digital financial ecosystem, for an API-based integration that will provide new digital banking options for customers while enhancing their account security. Millions of American Express customers will now have the ability to connect with even more safety to Plaid’s 8,000+ connected apps and services across the digital banking ecosystem, without having to share their American Express password with a third-party. This is particularly important as U.S. consumers, on average, use three fintech apps to manage their finances.

Integrating the services Plaid powers with the American Express’ Account Financials API offers customers transparency and control over where and how their financial information is permissioned and shared. The integration also removes the need for customers to share their American Express credentials with any other party besides American Express in the ecosystem. The integration allows the customer to leverage American Express’ secure authentication procedures designed to enhance the security of their transaction before releasing their account financial information to the third parties they trust.   

“This agreement reflects American Express’ commitment to providing our customers with the security, control and transparency they want when sharing their account data with financial apps of their choosing,” said Danielle Cloud, Senior Vice President, Enterprise Data Governance & Platforms, American Express. “With Plaid, we’re taking another key step in our effort to create a safer digital experience for our customers in a world where people increasingly rely on a variety of digital tools to manage their finances.”

American Express’ Account Financials API allows customers to share their financial data, while also maintaining the privacy of their user credentials. The many benefits to American Express customers include:

• Enhanced Security – Supported by the OAuth2 protocol, the Amex Account Financials API provides customers with more control over where and how their financial information is being accessed and shared.
• Greater Reliability – Customer-directed account information is shared in real-time.
• Increased Control and Transparency – Customers can now more clearly understand and better manage their connections to financial service provider apps and have better visibility into where their data is going and what data is being shared.
• Fewer Sign-on Disruptions – Thanks to the API integration, connections are more stable, and may last for longer periods of time, enabling easier sign-ons.

“At Plaid, our mission is to help all consumers benefit from safe and reliable access to their data,” said Christy Sunquist, Head of U.S. Financial Institution Partnerships at Plaid. “We are thrilled to partner with American Express, a storied brand fundamental to the financial lives of so many, to facilitate secure connectivity for their account holders to thousands of apps in our network.”     

The launch of the API-based integration with Plaid is set to begin in 2023.

iDenfy, full-stack identity verification and compliance solutions hub, announced partnering with P100, an innovative cryptocurrency and financial service platform where users can buy, sell, deposit, and swap different digital currencies instantly. iDenfy’s ID verification and screening services will ensure compliance and help P100 maintain a seamless, user-friendly experience.

Money laundering is a complex process where the origin, identity, and ultimate destination of illicit funds are obscured to give the appearance that money comes from legitimate sources. In the United States alone, criminals are believed to launder nearly $300 billion annually. According to iDenfy, traditional financial systems and cutting-edge cryptocurrency solutions are the primary targets for fraudsters looking to conceal their identities and commit fraudulent activities. 

As claimed by iDenfy, the importance of seamless onboarding and straightforward ID verification processes for crypto users lies in the fundamental nature of cryptocurrencies. These digital assets are founded on the principles of decentralization and inclusivity, seeking to provide individuals with convenient financial freedom and control over their assets. iDenfy proposes a solution to both provide a seamless customer journey and combat fraud by emphasizing multi-level security, encompassing both Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.

P100 agrees with this security-first approach. Hence the financial service provider decided to implement iDenfy’s full-stack ID verification and AML screening software. P100 officials claim that the new identity verification integration will add confidence to the company’s proactive approach designed to safeguard users’ accounts, who are more inclined to maintain their engagement with fully secured and compliant services.

During the new account creation process on the P100 app, iDenfy’s solutions will verify users’ identities and conduct cross-checks against various databases, including global sanctions lists, watchlists, politically-exposed person (PEP) lists, and other relevant sources. With this partnership, P100 aims to enhance its comprehensive anti-money laundering program without adding friction to the end-user. 

iDenfy's AML screening solution provides instant notifications to P100, alerting them if a customer belongs to a high-risk category, such as being on a sanctions list or being identified as a known money launderer. As a result, P100 can take proactive steps to prevent these customers from opening an account. iDenfy emphasizes that this automated workflow significantly reduces the burden on compliance officers, who are already faced with the difficulties of keeping up with evolving regulations and handling large amounts of data, thereby minimizing the need for labor-intensive manual database checks.

The primary objective of P100 is to empower users and give them complete control over their assets while simultaneously revolutionizing how individuals interact with traditional financial systems and cutting-edge crypto solutions. Through the P100 app, users gain access to a personal IBAN, a debit card, and a currency exchange, enabling them to manage their finances and cryptocurrencies in one centralized platform effortlessly. According to the company, its state-of-the-art encryption technology and the implementation of iDenfy’s software will guarantee unbeatable security, instilling confidence in users that their cryptocurrencies are safeguarded against any potential threats.

“By prioritizing automation, businesses can enhance conversion rates, optimize internal processes, and maintain compliance with evolving regulations. We’re happy to partner with P100, a company that’s demonstrating thorough KYC and AML due diligence, effectively mitigating the risks of fraud and legal challenges,” — commented Domantas Ciulde, the CEO of iDenfy. 

AppTech Payments Corp. (“AppTech”), an innovative Fintech company powering seamless commerce between businesses and consumers, today announced the execution of definitive Strategic Partnership and Channel Partner Agreements with Broadnet Technologies, LLC., a global leader in business messaging solutions.

Broadnet has over 60,000 customers internationally, making the company an ideal partner to penetrate the U.S. marketplace for Text-to-Pay, 2-way SMS and a suite of SMS tools. The Partnership will strengthen AppTech’s sales and distribution efforts and expand the company’s market share domestically by enabling AppTech to offer competitive SMS rates and innovative new solutions. In addition, the Partnership will allow AppTech to embed its Text-to-Pay solution into Broadnet’s Easy Paperless solution. Easy Paperless enables businesses to print, scan, and send documents to a mobile phone by SMS link.

“The Company plans to roll out a link to phone invoice payment checkout experience using text-to-pay,” said Virgil Llapitan, President of AppTech Payments Corp. “The integration with Broadnet’s network will bolster AppTech’s fully integrated approach to all payments experiences and purchasing journeys. As a result, the Partnership enhances the development and growth of Commerse^TM.”

“Broadnet, the creator of the first short message service centre (SMSC) gateway, is thrilled to collaborate with AppTech. SMSC handles text message operations and is responsible for receiving, storing, routing, and forwarding SMS messages to and from mobile handsets.” Rabih Al Zubaidi, Founder and CEO of Broadnet, stated, “We are excited to work with AppTech and their engineers to expand our suite of products to include AppTech’s text-to-pay and other Commerse^TM products. Additionally, AppTech will offer our SMS products integrated into their Commerse^TM platform.”

UK SMEs are preparing to increase investment despite concern over wider economy, new research reveals today.      

Small and medium-sized enterprises (SMEs) are increasingly positive about their own future, despite fears around the wider economy.

According to Opinium data analysed for Paragon Bank, 45 per cent of SMEs expect cashflow to improve over the next three months. Over the course of a year, this figure rises to 55 per cent.

Over a third of SMEs will use the increased cashflow to invest in their business, the data shows, with just ten per cent expecting to reduce spending. A third of businesses were also planning to recruit additional staff over the next six months.

Across sectors, over half of SMEs were confident in their own business despite the difficult environment in which many are operating, including high inflation and fears of a recession.

Confidence in the broader economy was less strong, with only 31 per cent of businesses taking a positive view on the UK economy.

Neh Thaker, Co-Founder of HedgeFlows, commented: “Empowering SMEs to drive investment and innovation is critical for the UK economy as it’ll help lead new solutions to global challenges, the development of emerging technologies and create millions of jobs across the country. Giving SMEs access to the right financial tools is an important part of this, enabling new investment opportunities overseas, for example, by mitigating foreign exchange risks and enhancing financial planning. Despite wavering economic confidence in recent times, taking the plunge and investing in new resources, technology and staff is vital for business growth.”

Laimonas Noreika, Co-Founder of HeavyFinance, comments: “It is great to see a confidence boost in UK SMEs even at a time of economic uncertainty. Key to this can be access to funding, enabling businesses to invest in important technologies including agri and climate technology which can help firms with carbon reduction policies through means such as investing in Article 9 funds. Being able to achieve the necessary funding or lending should be more accessible to SMEs to bolster confidence and facilitate businesses to help the economy to reach its full potential.”

John Phillipou, managing director of Paragon’s SME lending division, said: “No one should ever doubt the resilience and forward thinking of SMEs. After facing challenge after challenge, they are now ready to drive economic recovery throughout the UK.”

The data reinforces the notion that small businesses have not just withstood a hostile economic environment but have sought to expand too. Paragon’s research found that 49 per cent of SMEs sought loans over the last three months.

Recent data from fintech firm Iwoca revealed that the most common reason for lending to SMEs was to finance expansion.

However, concerns have been raised that the strong performance of SMEs might be hampered by proposed changes to banking regulations, which would make it more difficult to lend to the sector.

Regulators are considering proposals as part of the Basel 3.1 regulations which would remove existing incentives for SME lending. These proposals have come under fire from many in the industry who argue that it could reduce lending to the sector by as much as third.

NEAR Foundation announced a strategic partnership with Mirae Asset, a subsidiary of Asia's largest financial group Mirae Asset Global and a leading company in the financial services industry, for further development of Web3 technology.

Through this strategic collaboration, NEAR Foundation and Mirae Asset aim to expand the Web3 business domain and lead the global financial paradigm by conducting joint research and collaboration. This will be achieved by organizing global joint events to enhance brand awareness, and establishing a mutual support system to strengthen the Web2/Web3 business network.

Mirae Asset is an investment specialist aiming to leap as a global top-tier investment bank (IB). It provides competitive services in major businesses such as corporate finance, trading, wealth management (WM), and private equity investments (PI). It is much anticipated that NEAR Protocol will engage in joint research efforts with Mirae Asset to both apply and drive Web 3 adoption in the financial industry.

NEAR is a global Layer 1 protocol with a strong emphasis on usability (NEAR Protocol). Its FastAuth feature provides a user experience similar to login via email. It also offers Web2 companies and developers solutions through its blockchain operating system, BOS. This lowers the entry barriers for the initial adoption of Web3, allowing existing companies and users familiar with traditional financial services to easily adopt the new financial ecosystem and contribute to the development of innovative financial services.

Ahn In-sung, Head of the Digital Division at Mirae Asset, stated, "We will continue to innovate and develop the foundational blockchain technology that underpins the industry. We will actively collaborate with exceptional blockchain communities like NEAR Foundation to incorporate Web3 technology into our global business.”

Marieke Flament, CEO of the NEAR Foundation, commented: “Our agreement with Mirae Asset will provide a platform for us to showcase the capabilities of NEAR Protocol and its powerful BOS system to help transform the finance industry. We look forward to supporting  this important partnership and helping to play a key role in transforming the future of Web3 finance.” 

Scott Lee, General Manager, NEAR Korea Hub, commented: "NEAR Foundation is expanding the horizons of Web3 industry by onboarding leaders in the gaming industry (Kakao Games Bora, WeMade, and Netmarble) and Mirae Asset, a pioneer in the financial industry." He further emphasized "NEAR Foundation will continue to expand its reach through collaborations with industry leaders to actively drive the transformation of the existing financial paradigm"

Banks need better cooperation with SMEs to grow the economy as 70 per cent of businesses have abandoned overseas expansion plans due to a lack of resources and support, according to industry experts at Money 20/20.

Almost three quarters (72 per cent) of business owners feel their banks provide ‘very limited’ support around international finances, revealed the SME Empowerment Report from financial toolkit, HedgeFlows.

Speaking from Money 20/20 in Amsterdam, Neh Thaker, Managing Director of HedgeFlows, said: “The SME market is diverse and fragmented which causes the traditional coverage model by banks and other providers to be difficult to scale past payments and current accounts. SMEs are the backbone of the economy and powerhouses for innovation and growth, so it’s important that banks play a key role in supporting businesses, especially when it comes to trading internationally.”

“SMEs are keen for overseas trade which requires access to the right financial tools to help them against fraud, currency swings and hidden costs, but these solutions can be expensive. Many SMEs never grow up to be able to afford the right tools so they never become resilient big businesses and eventually die unnecessarily. This leads to a bifurcation between big and small businesses and so a fundamental unfairness. Bridging the gap by empowering SMEs to plan and manage their finances for international expansion is a key driver for HedgeFlows”, Thaker continued.

The UK government revealed that at the beginning of 2022, the total turnover for SMEs was estimated at £2.1 trillion, equating to 51 per cent of the economy.

Money 20/20, which took place between the 6^th – 8^th June in Amsterdam, welcomed over 7,500 attendees from over 2,300 companies to connect industry leaders in the FinTech and financial services spaces to discuss innovation in the sector and how businesses accelerate growth.

On the 6^thJune, Neh Thaker and Alex Axentiev, Managing Directors of HedgeFlows, presented on the need for a fresh approach to treasury and risk management solutions for businesses aspiring to grow internationally.    

Alex Axentiev, Managing Director of HedgeFlows, added: “Doing business internationally can be a risky and unsettling process for SMEs and early-stage businesses, and it is vital that they have access to the resources and support to simpler financial planning, risk management and AP/AR automation across currencies.”

HedgeFlows is a financial toolkit that enables smaller companies to manage all their international finances on a self-service platform. All the way from invoice management and seamless payments through to expert risk management.

HedgeFlows presents banks with diverse partnership models to extend all these services to their SME customers.      

We are delighted to announce that BMLL has won the ‘Best Data Science Solution’ at the Hedgeweek US Emerging Manager Awards 2023. The award recognises excellence among hedge fund emerging fund managers and service providers. The nominated firms were drawn from a widespread survey of more than 100 emerging hedge fund managers.

BMLL was awarded “Best Data Science Solution'' for providing Level 3 Data to systematic hedge funds. Level 3 data is the most granular data available, covering the full-depth order book data from 65 venues, in 3 asset classes, in 1 harmonised format. BMLL Level 3 Data captures 7 years of every insert, modify, execute or delete order book message, available at a T+1 basis at tick level granularity.

With BMLL, hedge funds and their quant teams can deliver predictive alphas, faster and at a lower price than before; they can unlock patterns in market behaviour, improve signal generation and optimise algorithm performance at a fraction of the cost of building the capabilities in-house.

BMLL data and analytics are delivered as Data Science as a Service; BMLL takes care of data engineering to improve research and analysis performance while enabling users to focus on their business.

Rob Laible, Head of Americas at BMLL, said: “We are delighted to have gained industry recognition for our continued innovation in providing the hedge fund community with the data and analytics they need to make sense of market behaviour and maintain a competitive edge. ”

He added: “We are empowering our users with harmonised cross-venue Level 3 Data sets, pre-calculated predictive features and accelerated signal generation to derive meaningful analytics and make better informed decisions.”