The Mass Payments arm of Ebury, the global financial technology firm, is delighted to announce its partnership with ABN Australia, to provide payroll payments for their international clients, and enhance and expand ABN’s payment services globally.  

ABN Australia is a leading corporate solutions provider in the Australia region, offering market entry,  accounting, payroll, and employer-of-record services to clients across the globe.  

Through working with Ebury Mass Payments, ABN Australia hopes to streamline its end-to-end payroll and employer-of-record services, allowing funds to be received in multiple international currencies to help pay employees and other beneficiaries in Australia more efficiently.  

Ebury’s Mass Payments solution safeguards client money and reduces counterparty risk, whilst enabling ABN Australia’s clients to transact across currencies effortlessly. In fact, Ebury’s 99.97%  payment success rate reflects ABN Australia’s own mission to support global business operations in the most time and cost-effective way possible, ultimately helping global businesses to better succeed within the Australian marketplace. 

Ebury Mass Payments supports businesses across various sectors, including insurance providers,  payroll providers, pension administrators, financial institutions and other industries. Its cutting-edge technology and bespoke client services deliver unmatched, award-winning support for any company needing high-volume payment and execution solutions. 

Ebury has the ability to settle in over 200 countries across 130+ currencies with a geographical footprint spanning 32 global offices. It has transacted over $21 billion in the last 12 months. 

Owain Walters, Global Managing Director of Ebury Mass Payments, commented: “We are delighted to be working with ABN Australia to provide an enhanced and versatile payroll and employer of record service for their global clientele. ABN Australia’s reputation in this sector,  alongside our breadth of experience and knowledge of payment solutions, indicates the strength  and fruitfulness of this partnership.” 

“Our global payroll specialists will provide their wide-ranging expertise to support ABN Australia to  achieve the best outcome possible for their clients.” 

Aaron Garry, Managing Director of ABN Australia, said: “We are very excited to be working with  Ebury’s Mass Payments division, using their end-to-end international payroll payment solutions to optimise our clients’ international transactions, and ensure their needs are met as efficiently as possible. Ebury seemed like the obvious partner for helping us achieve these goals, and we are  delighted to be collaborating with them to expand and streamline our services.” 

Finastra, a global provider of financial software applications and marketplaces and one of the largest suppliers of Bacs and Faster Payments Service (FPS) solutions for the UK, today announced its partnership with Priority Software, a leading provider of scalable, agile, and open cloud-based business management solutions, to enable UK corporates to send Bacs payments from within Priority Software’s enterprise resource planning (ERP) products.

Bacs is a UK bulk payments rail operated by Pay.UK which enables payments to flow from one bank account to another. By utilizing the Open API module in Finastra’s Bacsactive-IP solution, customers can generate transactions within Priority Software’s product, and upon authorization, the payments are sent to Bacs – all completed within one automated and seamless user journey.

“Making and receiving regular payments directly from one bank account to another, for example initiating supplier payments, can be time consuming and expensive for corporates,” said Gil Michaeli, Global Alliances & Business Development at Priority Software. “By integrating Finastra’s solution, our customers can facilitate these payments quickly and with ease, without leaving our ERP software. Priority’s open technology also allows us to integrate additional modules in future to help us evolve with industry changes.”

Finastra’s Bacsactive-IP is a comprehensive payment processing solution with a wide range of optional modules, including Open API technology, which enables the processing of simple, low-volume payments with easy-to-use functionality, up to and including the handling of mission-critical payment operations. Priority Software’s solutions provide real-time access to data and insights from any desktop or mobile device, enabling organizations to increase operational efficiency, improve the customer experience and identify new opportunities.

“Larger organizations in particular may have multiple functions for bank-to-bank payments which can cause disjointed processes,” said Amit Agarwal, VP & GM, Financial Messaging Marketplaces at Finastra. “By integrating our Open APIs within its solutions, Priority Software can easily roll out the combined offering for all their UK customers, enabling them to make Bacs payments through a quick and seamless onboarding process. We look forward to a long-standing relationship with Priority Software to support continuously evolving industry and customer demands.”

New research from Tembo, the tech-focused mortgage broker reveals 16% of young people surveyed aged 22-24 plan to invest in NFTs or crypto in the next five years. This compares to 14% who plan to invest in an ISA and just 10% who plan to invest in a pension.

The research, based on a survey of 2,003 people aged 22-30, shows significant regional and gender differences when it comes to investing. Almost one-fifth (19%) of men plan to invest in NFTs or crypto, versus only 7% of women. 

While young people in Liverpool (19%), London (17%) and Norwich (20%) have plans for NFT or crypto investments in the next five years, far fewer plan to do the same in Belfast (7%), Newcastle (6%) and Southampton (5%).

Social Media

The survey also revealed the impact of social media on financial decisions. 30% of those surveyed say social media like TikTok and Instagram is their primary source of information on finances and investments, rising to one-third (33%) for 22-24-year-olds. While 23% get information from family, 22% from financial advisers and just 5% turn to books for their financial education. 

Get rich quick?

Although 60% say their motivation for investing is to secure their financial future, over a quarter (26%) say they invest in order to double or triple their money in a short period of time, rising to 30% for 22-24-year-olds.

Looking to the future

When asked about the thing they fear most, 29% said it was never owning their own home in future. But more said never having their own family (36%) was their biggest fear.

Almost everyone surveyed believed that the milestones they most want to achieve in life are different from their parents. This is, perhaps, best reflected in the very low numbers of those surveyed who wanted to get married, - only 7% think marriage is an important milestone. 

56% believe it was easier for their parents’ generation to get on the property ladder, with over half (51%) of these respondents believing this is because their parents had better access to finance. 

Pension planning

Although few respondents said they planned to invest into a pension, more people (38%) said they plan to fund their retirement with a pension than by any other means. Almost half (49%) of women plan to fund their retirement with a pension compared to just over a quarter (28%) of men, more of whom said they plan to fund their retirement through their own assets (35%) or through property (20%).

Women’s finances seem to have been significantly worse affected by the cost of living crisis. Over 20% more women than men who have a pension say they have been prevented from contributing more to their pension because of the need to save for general cost of living – 61% of women compared to 40% of men.

Richard Dana, Founder and CEO, Tembo said: “It is interesting to see how young people think about planning for their financial future, but it is sad to see so many of them fear they will never own their own home. With so much innovation in the mortgage market right now, however, young people may be able to make their home-owning dreams a reality in a way they may not currently realise. Although there is so much information out there about financial planning, it has never been more important to make sure you are getting information from credible sources and being savvy about where you invest your hard-earned cash.” 

Indian top-rated crypto assets platform Giottus and leading tax solutions provider TaxNodes have entered into a strategic partnership to provide a safe and reliable solution to customers trading and investing in virtual digital assets (VDAs). 

With both brands sharing a common goal of investor education and compliance around crypto taxation in India, this partnership reinforces their commitment to empowering investors in the VDA space.

Giottus customers can easily access and use the TaxNodes platform to compute their tax obligations accurately for all transactions done on the platform. Additionally, TaxNodes will offer comprehensive support for customers who had opted for various Giottus’ products such as Fixed Rewards and Staking.

Giottus CEO Vikram Subburaj said, “Giottus is delighted to partner with TaxNodes on our mission to strengthen tax compliance in the industry. We believe this partnership will bring value to our million-strong customer base. They will be able to confidently manage tax obligations across our products while enjoying a seamless trading experience with us. By leveraging TaxNodes’ expertise and advanced tax computation capabilities, we aim to simplify the tax reporting process for our customers and ensure compliance with Indian tax regulations.”

Avinash Shekhar, Founder & CEO, TaxNodes, said, “Our partnership with Giottus marks an exciting milestone in our commitment to revolutionize the crypto landscape. We are delighted to offer our cutting-edge solutions to Giottus' esteemed customers, simplifying their crypto tax computation and tax filing process. At TaxNodes, we understand the complexities of crypto taxes and aim to mitigate the burden for investors. Our mission is to empower individuals by providing accurate tax calculations, expert advice, and personalized services, allowing them to trade crypto with confidence.”

Hokodo, Europe’s leading provider of digital trade credit, and Mangopay, a platform-specific payment infrastructure provider, announced today a strategic partnership that makes Hokodo's solutions available to Mangopay B2B platforms. This cooperation will allow B2B marketplaces to foster their growth and scale their payments capability.

Marketplaces continue to become increasingly ubiquitous in the B2B e-commerce space. Thousands of industry-specific marketplaces are now in operation, serving as a bridge connecting suppliers with business buyers globally. Large suppliers and other merchants are capitalising on the phenomenon, with 75% actively developing marketplace strategies. With up to 80% of B2B transactions expected to take place online by 2025, seamless online payment experiences are a priority for B2B buyers.

As the B2B marketplace industry continues to grow, the payment experience remains a key differentiator for such players. Enhancing Mangopay’s payment infrastructure capabilities with Hokodo is a meaningful step to help B2B players drive global growth for marketplaces. With their combined solutions and expertise, the two companies deliver a comprehensive payment offering and optimised payment flows for B2B marketplaces. From the granting of credit terms and payment collection through the disbursement of funds to sellers and marketplaces operators’ commissions, funds flow smoothly thanks to the partnership.

“The success of a given marketplace relies partly on providing buyers and sellers with a payment experience that they cannot replicate off-platform. Business buyers expect payment terms, while suppliers want to get paid up front,” explains Raphael Caruso, Director of Strategic Projects & Partnerships at Hokodo. “Marketplace operators themselves also need access to their funds as soon as possible to avoid working capital issues. Together, Mangopay and Hokodo’s complementary solutions satisfy the demands of each party.”

“Businesses need to move quickly to keep up with changing consumer preferences to help drive increased conversion," said Luke Trayfoot, Chief Revenue Officer at Mangopay. “For five years, Hokodo has been a powerful solution for businesses to reach new customers and drive growth. Mangopay users can now get started accepting payments with Hokodo in mere minutes and providing better payment user experience which ensures higher conversion."

"We are thrilled to partner with Noda and integrate DECTA Open Banking into our Gateway platform," says Norberts Millers, Product Owner at DECTA. "This integration opens up new possibilities for our merchants, allowing them to tap into the power of Open Banking and offer seamless payment experiences to customers across different markets, including the United Kingdom".

DECTA Open Banking empowers businesses to leverage the advantages of Open Banking, enabling them to streamline cross-border payments and reduce reliance on traditional banking intermediaries. By integrating with Noda, a leading technology provider, DECTA expands its reach and offers enhanced payment capabilities to its clients.

"Open Banking has emerged as a key driver of innovation in the financial industry," states Nikola Tchakarov, Head of Market Expansion at Noda. "By integrating DECTA Open Banking with Noda, we provide both of our clients with a robust solution that enables them to tap into the global marketplace and deliver efficient and cost-effective international transactions".

The integration of DECTA Open Banking with Noda allows merchants to leverage the benefits of Open Banking, such as secure access to customer banking data and the ability to initiate payments directly from customers' bank accounts. This not only streamlines the payment process but also enhances security and reduces transaction costs, ultimately improving the customer experience.

"DECTA Open Banking, combined with Noda's expertise, offers a comprehensive solution for merchants seeking to expand their payment options and reach a broader customer base," adds Tchakarov. "Whether it's facilitating international transactions or catering to customers in the United Kingdom, our integration empowers businesses to offer seamless and convenient payment experiences".

DECTA encourages businesses interested in exploring the benefits of DECTA Open Banking and expanding their payment options to reach out to their team. By leveraging the power of Open Banking and embracing innovative solutions, merchants can enhance their payment offerings and stay ahead in today's rapidly evolving digital landscape.

A report launched today by the Lending Standards Board (LSB) drives financial inclusion for d/Deaf customers in the banking and credit industries.

An estimated 11 million people in the UK experience hearing loss of some kind. The report by the primary financial self-regulatory body includes insights from leading community representatives and provides key insights and considerations for ensuring financial services firms understand d/Deaf cultures and how they can ensure accessibility for this vital community.

Tom Pursglove MP, Minister of State for Disabled People, Health and Work, supported the report, commenting in his Foreword: “Financial services impact all areas of life. That’s why it is so important that we in the UK do all we can to have a fully inclusive financial services industry that works for everyone, regardless of access needs.

[The report] is an important step towards the shared goal of ensuring that all consumers can bank in a way which is accessible for them.”

Emma Lovell, Chief Executive of the Lending Standards Board, commented, “We are delighted to release this report, which provides a much-needed spotlight on the challenges faced by the d/Deaf community when accessing banking and credit services. Putting accessibility at the heart of design and delivery helps ensure that every customer can have full and independent access to banking and credit, creating a more inclusive and accessible environment for all customers, including those with hearing loss. By using this report to consider how they currently treat d/Deaf customers and those with hearing loss, firms can continue to improve to deliver better outcomes for all."

The report forms part of the LSB’s inclusion report series for banks and lenders registered with the LSB’s best practice Standards and Codes, and those yet to sign up. The first report on inclusion in business banking for disabled customers and those with other access needs can be found here.  

Gala Technology and Nuapay (EML Payments Limited’s Open Banking business) have joined forces as pioneers in payment technology to launch Link-Pay-Bank, a ground-breaking instant bank payment solution. This market-leading product creates a seamless, instant experience for both the consumer and the merchant, leveraging the smarts of both SOTpay and Nuapay technologies. The result - a comprehensive package addressing the convergence of physical and digital channels for businesses.

SOTpay’s Link-Pay-Bank solution taps into the latest open banking technology to enable fast and secure verified payments that can be carried out via phone, email, SMS, web chat, or social media platforms.

''We're so excited by the innovative customer-led solution that SOTpay has been able to create utilising the latest in our open banking payments technology. The launch of Link-Pay-Bank is a great example of how advanced payment technologies improve both the merchant and end-user experience," said Dawn Beeby, Nuapay.

"This partnership represents a significant milestone for us. As open banking gains traction and the demand for digital payment solutions grows, we believe Link-Pay-Bank is perfectly poised to transform the payment industry for all parties," added Jason Mace, CEO, Gala Technology.

Link-Pay-Bank offers:

• Real-time payments, with transactions processed instantly and seamlessly

• Enhanced security with open banking APIs verifies compliant transactions

• Unrivalled convenience, allowing customers to make payments anytime, anywhere, with fewer clicks than traditional methods

Kiwi, a fintech dedicated to helping consumers build credit history and improve financial literacy, today announced that it has closed a $75 million credit facility and $4.5 million pre-series A funding round. The debt financing was provided by i80 Group an investment firm that specializes in providing credit solutions to growth companies, while Advent-Morro Equity Partners, Altio Capital and Independent Capital led the equity round.

Founded in 2020 by first-generation immigrants Mariano Sanz and Alexander Schachter, Kiwi is committed to addressing the financial challenges faced by millions of Latino consumers in the US. These individuals often lack credit history and are excluded from the traditional financial system. Utilizing proprietary AI and machine learning models, Kiwi offers thin-file borrowers with affordable capital, enabling them to build their credit profiles and manage everyday expenses.

With a strong customer base of over 30,000, Kiwi has already demonstrated its leadership in its market. Now, fueled by new funding and a surge in demand, the company is set for a phase of exponential growth. The company plans to introduce new products to establish itself as the primary platform where underbanked Latinos access a broader suite of financial services.

“Our investors’ support is a testament to the value of our mission and the impact that we’re having on our customers’ lives,” said Mariano Sanz, Co-founder and CEO of Kiwi. “We take pride in equipping underserved Latin immigrants with the tools and resources necessary to establish credit and secure access to capital. Addressing the difficulties faced by underbanked consumers in joining the traditional credit system will have the most significant positive impact on their financial lives. We remain dedicated to growing and expanding our services to serve more customers across the US and eventually Latin America."

Market statistics reveal that US Latinos are the fastest-growing and largest minority group in the country, for example, comprising over 18% of the total US population. With more than 60 million US Latinos, this number is expected to surpass 100 million in the coming decades. If compared to global economies, the US Latino GDP would rank fifth-highest worldwide.

"We're excited to support Kiwi in their mission to promote financial inclusion amongst underbanked Latinos," said Edward Goldstein, managing director at i80 Group. "Kiwi's innovative approach to credit access and their strong reception from customers make them a leader in the market and position them well to provide essential financial resources to people who need it. We look forward to seeing their continued growth and success."

Kiwi plans to use the funding to continue to expand its services and reach more customers across the US and Latin America.