ARK36, the Cyprus-based leading alternative investment digital asset fund, has announced today the launch of a unique, proprietary machine learning-based trading software system, to improve the way its portfolio management team can navigate the dynamic world of cryptocurrency trading. The new software will leverage advanced algorithms to enable ARK36’s traders to make more informed decisions, navigate market challenges and optimise their trading strategies with precision and confidence. The software will access updated cryptocurrency price information every second and through the recent many months of intensive development work,  back-tests and live-tests will predict price movements of specific crypto assets and complete either short or long-positions or not trade dependent on the market developments. It can make investment decisions within 1 minute for complex investments or 1 second for simple tasks.

A key element of the software is Advanced Algorithmic Trading, utilising sophisticated algorithms to analyse vast amounts of market data, identify patterns, trends, and opportunities in real-time, allowing swift execution and maximum profit. This algorithm uses machine learning to continuously learn and adapt to market conditions, improving its decision-making capabilities over time. An intuitive, user-friendly interface simplifies the trading process, enabling users to easily customise strategies and monitor performance. Built-in risk management and portfolio optimization features help ARK36’s traders to mitigate potential risks, while other tools include price alerts, technical indicators, and technical updates. In testing, the software displayed an average monthly +10% increase in performance gains over 12 months. Tests also proved the effectiveness of the software’s risk mitigation and wealth preservation systems, designed for investors who prefer to have stable, smaller returns.

ARK36’s team developing and maintaining the new software includes Mikkel Morch, Chairman and Non-Executive Director of ARK36, and Dr. Mark Moore, Senior Developer and Chief Executive Officer at Atlantic Alpha Strategies LLC, an absolute return hedge fund and a development company in machine learning technology. Mikkel Morch’s role is to ensure the effective use of different forces and competencies within and outside of the fund and that the software company is put to optimal use, and to secure financing for the development of the technology.

Dr. Mark Moore is well-known in the investment industry for co-founding Trendlogic Associates, Inc., a registered Commodity Trading Advisor. He served as a board member at numerous well-known companies, including the large international hedge fund Millennium Partners, LP and Health Discovery Corporation. Dr. Moore is at the core of the technical development team and will coordinate the technical efforts with the rest of the Board and other developers from ARK36’s team.

Mikkel Morch, Chairman and Non-Executive Director at ARK36, commented: "We are proud to introduce our algorithmic trading system, a state-of-the-art machine learning trading software system that empowers our traders in the ever-evolving cryptocurrency market. Our mission is to level the playing field by providing our traders with cutting-edge tool that harnesses the power of data and technology. Our algo aims to bring even higher levels of efficiency, accuracy, and profitability to our cryptocurrency trading."

Mphasis, an Information Technology (IT) solutions provider specializing in cloud and cognitive services, was named winner of the prestigious Bronze Stevie Award® in the Business Technology category under Product Management & New Product Awards category in the 21st Annual American Business Awards®.

Mphasis was nominated in the Product Management & New Product Awards category for providing exceptional DevOps solutions through Stelligent AWS Landing Zone QuickStart. It is a new accelerator that helps organizations implement an enterprise production-ready multi-account environment in weeks instead of months. It enhances the core AWS Control Tower solution and provides organizations with a faster and more efficient way to set up and manage their AWS environments. 

The DevOps solution provides a seamless, automated experience for deploying secure and compliant landing zones while maintaining flexibility and scalability. The solution is ideal for enterprises looking to adopt AWS Landing Zone for the first time or optimize their existing deployment. Additional benefits of the solution include meeting the requirements for the industry and line of business (LOB) in regulatory, compliance, and governance areas.

The American Business Awards are the U.S.A.’s premier business awards program. All organizations operating in the U.S.A. – public and private, for-profit, and non-profit, large, and small are eligible to submit nominations. More than 3,700 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories, including Startup of the Year, Product Management & New Product Awards, Executive of the Year, among others.

"We are honoured to receive the Bronze Stevie® Award for our Stelligent AWS Landing Zone QuickStart solution in the Business Technology category. This recognition is a testament to our commitment to delivering innovative cloud solutions that drive digital transformation and create value for our clients. The Stelligent AWS Landing Zone QuickStart is a game-changer for enterprises looking to set up and manage their AWS environments faster and more efficiently. We are proud to be at the forefront of this transformation," Nitin Rakesh, Chief Executive Officer, and Managing Director, Mphasis.

“The Stevie Award reflects our team's dedication to driving progress forward through innovative solutions. We are thrilled to see the impact that our technology has on our clients. This recognition motivates us to continue pushing the boundaries of what's possible and to strive for excellence in everything we do,” Elango R, President – Enterprise 5, North Americas, Mphasis.

More than 230 professionals worldwide participated in the judging process to select this year’s Stevie Award winners. Nicknamed the Stevies for the Greek word meaning “crowned,” the awards will be presented to winners at a gala ceremony at the Marriott Marquis Hotel in New York on Tuesday, June 13, 2023.

“It is gratifying for us to be able to recognize the achievements of such a wide variety of organizations, teams, and individuals in the 21st American Business Awards, and we look forward to bringing them together in New York on June 13 this year to celebrate with them,” said Maggie Miller, President of the Stevie Awards.

Details about The American Business Awards and the list of 2023 Stevie winners are available at Product Management & New Product Awards | Stevie Awards.

Small and medium businesses waste an average of 11 hours per month – the equivalent of more than three working weeks per year - submitting or managing expenses, new research by American Express reveals. 

However, it’s not just time these businesses are wasting; the business leaders surveyed estimated their employees collectively lose almost £300* a month due to manual errors and inefficiencies, suggesting current expense management processes aren't fit for purpose in many SME businesses.

Business leaders said getting back lost time on expense management would allow them to focus on more value-adding activities, such as new business development, staff recruitment and customer and supplier relations. 

Almost half of businesses (46%) said they have either a manual process, involving scanning paper receipts and manual data entry, or no formal expense process at all. Half (50%) of business leaders and employees admit to being frustrated at the prospect of completing their expenses. This frustration is so great that many respondents from both groups would rather undertake mundane tasks such as update their computer software (21%) or attending a weekly 8 am Monday meeting (20%).

A digitised expense management solution has the answer to some of these demands, as the most common reasons businesses use one is the ability to connect employee cards to the tool and reduce the time employees spend submitting their expenses (31%), generate less paperwork (30%) and reduce admin (30%). 

However, there appears to be a disconnect between bosses and their workforce; a quarter (26%) of businesses that haven’t digitised believe their employees prefer a manual process. However, half (50%) of employees say their current expense management process is inefficient – with lost receipts, inaccurate data and lack of time to submit and process claims the biggest pain points cited.

AmexExpense is a fully digital expense management tool that empowers business leaders and employees to scan, upload and approve expenses in seconds. It can be seamlessly integrated with accounting platforms, giving business leaders more time to focus on value-adding activities.

Caroline Bouvet, Vice President, UK Products & Partnerships at American Express, said: “In today’s technology-rich world, businesses have more opportunities, through intuitive tools such as AmexExpense, to save time and free up people to focus on their day job. Removing frustration around expense management and helping SMEs convert wasted hours into time spent on value-adding activities that grow their business is something we’re focused on.”

For more information on AmexExpense, visit: https://www.americanexpress.com/en-gb/business/benefits/amex-expense/

LHV Bank, a leading provider of banking services to fintechs and SME lending solutions for UK businesses, announces the extension of its maximum loan size to £5 million, enabling further support for UK SMEs aiming to grow.  

LHV Bank’s Manchester-based SME lending team offers commercial mortgages for investment properties and trading businesses, with loan amounts starting from £0.5m. A key aspect of LHV's approach is its regional focus, which allows Lending Directors to better understand and address the specific needs of local borrowers.

By leveraging its robust balance sheet, ready access to capital, and purpose-built technology that accelerates the funding process, LHV Bank can deliver swift decisions on loan applications and rapid access to funds. The bank recently completed a £1.5 million loan for the Hurstwood Group, a prominent North-West property investor with commercial property assets exceeding £250 million, in just 16 working days.

Stephen Ashworth, the CEO of Hurstwood Group, conveyed his appreciation for the collaboration, remarking, "LHV Bank's team demonstrated remarkable efficiency in arranging the £1.5 million loan, their dedication to understanding our distinct needs, and their notable capacity to meet the short deadline allowed us to promptly capitalise on the investment opportunity. The team have a wealth of property experience, and I look forward to our next deal together."

Alongside the regional approach, LHV Bank’s business also prioritises working with commercial brokers, who are key partners for the Bank and source of referral business. To strengthen this aspect, LHV Bank recently joined the Financial Intermediary & Broker Association (FIBA) and The National Association of Commercial Finance Brokers (NACFB), trade bodies focussing on supporting and representing commercial finance brokers and intermediaries in the UK.  

Becky Owen, Commercial Director of LHV Bank, said, "Expanding our maximum loan size will allow us to better support UK businesses in achieving their growth ambitions. With our processes, team and technology proven to deliver rapid funding to businesses, our near-term goal is to strengthen our broker network and establish long-term, mutually beneficial relationships.”

In addition to the Manchester office serving the North, LHV Bank plans to begin issuing loans in the South from its London headquarters.

LHV Bank entered the SME lending market in October of last year by acquiring Bank North’s SME lending business and received approval from the Financial Conduct Authority to start issuing loans in December 2022. In early May, LHV became the first financial institution in 2023 to secure a UK banking license without restrictions from the Prudential Regulatory Authority.

Synechron, Inc. a leading global digital transformation consulting firm, has appointed Roelof Derickx as Director Commerce of Synechron Netherlands, effective April 1, 2023. Together with Jaap Hofstee, he is responsible for commercial activities of the Dutch branch of Synechron at a time of great growth and development of the full range of services in the areas of Consulting, Digital, Cloud, Data, and Engineering.

In his role, he will help Synechron Netherlands realize further growth of digital transformation activities at Synechron's clients in the financial services industry. Roelof has over 25 years of experience in the ICT sector, the last 10 years in executive Sales, Marketing and Management roles at Dell, NTT and Atos.

Eveline van Raaij, Head of Synechron Netherlands said, "We are delighted that Roelof, with all his experience and knowledge, is joining our commercial and management team. We initiated a growth strategy last year that has led to growth figures we are proud of. We look forward to Roelof working with us and our customers to further expand this strategy."

Roelof Derickx, Synechron Netherlands' newly appointed Director of Commerce said, "I am very excited to join Synechron and help further the growth of the organization. I am impressed by the depth of knowledge and all of the valuable work Synechron does with our customers by applying innovation, the in-depth business and technical knowledge, and truly delivering the digital transformation promise for our customers' clients. In addition, I chose Synechron because of the people who work there, who give the company a unique energy and culture. I believe I can add a lot of value to the team with my knowledge and experience."

Fabrick, a European leader in ‘Open Finance’, announces today the acquisition of Judopay, a leading UK-based mobile payments company. This deal will allow Fabrick’s Payment Orchestra™ to benefit from Judopay’s innovation expertise in digital commerce. Together, they will define new models and standards to provide smoother payment solutions, frictionless processes, and seamless check-out experiences for both merchants and customers alike.   

The acquisition of Judopay will expand Fabrick’s proprietary technology enabling the company to offer a better service to merchants who will be able to manage more efficiently all the financial and data flows involved in the payments process from a single point, even when taking payments from multiple gateways (“checkout” portals which are used to enter credit or debit card information or credentials for services such as PayPal and Klarna). The deal will enhance Fabrick's Payment Orchestra™, a revolutionary payment orchestration solution that is transforming the way businesses accept payments. By combining multiple payment processes, Payment Orchestra™ optimises payment processing at each stage of the payment flow, reducing the transaction time, costs, and improving the customer checkout experience and decreasing the cart abandonment rate.  

This acquisition also marks an important step in Fabrick’s expansion into the UK market – the largest digital payments market in Europe (the total transaction value of the UK digital payments sector is forecast to reach almost $440 billion in 2023[1]) and one of the most cashless societies in the world – where 95% of people have access to the internet and 97% have a bank account which has fostered widescale digital payments adoption. Moreover, 65% of the population has a credit card and card payments account for more than half of all payments in the country (51%). The propensity for innovation in the UK is reflected in data showing that 41% of transactions are being made using alternative payment methods.[2] 

Furthermore, The Ecommerce industry in the UK has an estimated overall revenue of $199.9 billion in 2022 (up by $22.4 billion since 2021 representing an 11% increase). This makes the UK the ideal country to develop new models and standards of embedded finance based on the most advanced and complete payment solutions to support corporations in taking advantage of the current revolution in addition to representing a large addressable market. 

Judopay, which will continue operating under its own brand, was an early mover in mobile commerce and anticipated the need to optimise payment processes to fulfil the essential needs of merchants and retailers in accepting digital payments. Judopay’s optimisation of payments comprised checkout customisability, flexibility of set up, and enhanced processing speed and security. This resulted in the development of a platform providing access to alternative payment methods, including account-to-account transactions and anti-fraud solutions. Via its efficient and reliable solution, Judopay currently handles over 60 million transactions a year worth over €2 billion. As a result, Judopay has emerged as a significant player in the UK market and is partnered with major companies such as KFC, PaybyPhone group, and Autocab. The company has also been a launch partner for Apple in launching Apple Pay in-app payments in the UK, and Mastercard (to enhance Click2Pay and Pay by Bank App). 

Paolo Zaccardi, CEO, and Co-Founder of Fabrick commented: "We are excited to begin this new journey with Judopay. Their expertise and visionary mindset are essential for those who, like us, strive to create a new industry built on digitalisation and the growth of companies in an array of industries. At Fabrick, we have always seen the governance and development of new payment methods and processes as a cornerstone of the new era of embedded finance enabled by evolving models. In this regard, the platform developed by Judopay seamlessly integrates and enhances our Payment Orchestra™ solution and is in line with our strategic vision of Open Payments. 

“This milestone with Judopay also represents an important marker in Fabrick’s journey to become a market leader in the UK with a robust pan-European presence. The UK remains a significant financial hub and world economy and by deepening our penetration into this market, Fabrick underscores its ambition to provide innovative Open Payment solutions to customers Europe wide. In the European context the UK has a leading position in the adoption of digital payment tools and is at a high level of maturity, on a global scale it is third place worldwide right after China and the US for total transaction values via digital payments. Fabrick together with Judopay looks forward to serving this large market with best-in-class solutions.” 

Jeremy Nicholds, CEO of Judopay, commented: "Joining a company like Fabrick provides a great opportunity for us to enhance our solutions and platform and work with more companies in more markets in Europe. Fabrick has a winning combination of pioneering spirit and ability to implement concrete projects. We are convinced that this collaboration will also bring great value to our customers operating in a variety of sectors - from hospitality to food and beverage to transport and consumer finance. Thanks to the integration of our solution with those of Fabrick we will be able to find new tools and ideas to support and manage their customers and all merchants”. 

Launched in the UK in February 2022, via Fabrick’s subsidiary Axerve, Payment Orchestra™ has provided its users and customer base of international retailers with many tangible benefits such as instant access to hundreds of local and cross-border acquirers, card, mobile, and digital payment methods. The platform also features automatic reconciliation, saving merchants time and internal resources. Moreover, Payment Orchestra™ provides real-time ledgers that ensure visibility of financial data, simplifying tracking and accountability; this guarantees customers are only charged once for multiple charge requests. Ultimately, payment orchestration has become increasingly necessary as the Ecommerce sector continues to grow in size, complexity, and prevalence.  

Moreover, Fabrick has obtained from the Bank of Italy the authorisation to operate as a Payment Institution, adding to its role as an enabler of new business models. It can, in fact, exercise the activities of Account Information Service Provider (AISP) and PISP to propose "turnkey" solutions and make its license available to customers in "as a service" mode. This transaction is also subject to authorisation by the Bank of Italy. 

Ledgible, the leading institutional and enterprise digital asset tax and accounting platform, and Ledger Enterprise (Ledger), the world leader in critical digital asset security, announced the full integration of their platforms and a strategic partnership to serve their mutual clients. Ledgible and Ledger have partnered to bring institutional and enterprise-scale tax & accounting solutions to Ledger Enterprise's full suite of clients.

The Ledgible Crypto Tax and Accounting Platform is built for enterprises, institutions, and tax and accounting professionals. Serving as a bridge between cryptoassets and traditional financial accounting, Ledgible determines crypto tax liabilities & accounting data, then delivers that data to existing and novel TradFi accounting tools. The platform makes crypto data, Ledgible, across the entire crypto vertical.

"As enterprises and institutions continue to adopt digital assets at record pace – especially through the push towards tokenization – Ledger and Ledgible's partnership and integration comes at the perfect time, laying the necessary infrastructure to allow regulatory and accounting compliance for crypto-focused businesses," said Ledgible CEO, Kell Canty.

Users of each platform can now fully leverage the other for their business needs. Ledger Enterprise users now have a comprehensive and fully-integrated tax & accounting solution to meet their needs. Ledgible's system is SOC 1 & 2 Type 2 certified, leading the space in data integrity and security - a fact that positions the tax and accounting platform perfectly for institutional and enterprise partners. Legible users now also have a trusted partner to build, scale, and develop their Web3 business within Ledger.

"Comprehensive security for a company's digital assets has never been more important," said Sebastien Badault, VP of Enterprise at Ledger. "Legible and Ledger can now offer our enterprise customers an even more robust way to protect their organization, with full tax and accounting capabilities alongside Ledger's custom-fit digital asset solutions. This is another major step forward for the self-custody experience for businesses."

Jeremy Almond, CEO of Paystand, the leading blockchain-enabled B2B payment network, was named an Ernst & Young LLP (EY US) Entrepreneur Of The Year® 2023 Bay Area Award finalist. Now in its 37th year, Entrepreneur of The Year is one of the preeminent competitive business awards for transformative entrepreneurs and leaders of high-growth companies who are building a more equitable, sustainable and prosperous world for all.

Finalists were selected based on the evaluation of an independent panel of judges for their demonstration of building long-term value through entrepreneurial spirit, purpose, growth and impact, among other core contributions and attributes.

Almond founded Paystand in 2013 on the belief that commercial finance needed to be rebuilt from the ground up, and the company is on a mission to create an open and equitable commercial finance system, starting with a zero-fee network for B2B payments.

"I'm proud of the progress we have made since our early days, with more than 600,000 businesses making payments over the Paystand Network," said Almond. "Paystand is driving forward innovation in the B2B payment sector, helping businesses scale without limits and contributing to a thriving economy designed to benefit all who participate within it. Being named an EY Finalist is a gratifying confirmation of the years of work."

"I'm excited to build the future of finance, expand the business throughout LATAM and drive innovative payment technology across the Americas. I want to continue to promote the value of the blockchain system, both through Paystand and through my podcast reDeFined," Almond continued.

On June 9, 2023, regional award winners will be announced. The winners will then be considered by the National judges for the Entrepreneur Of The Year National Awards, which will be presented in November at the annual Strategic Growth Forum®, one of the nation's most prestigious gatherings of high-growth, market-leading companies. The Entrepreneur Of The Year National Overall Award winner will then move on to compete for the EY World Entrepreneur Of The Year™ Award in June 2024.

The Entrepreneur Of The Year program has recognized more than 11,000 entrepreneurs throughout the US since its inception in 1986, and it has grown to recognize business leaders across 145 cities in more than 60 countries around the world.

Sponsors

Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, N.A.; SAP America; and the Kauffman Foundation. In the Bay Area region, sponsors also include Cresa, Woodruff-Sawyer & Co, Big Picture and ADP.

Standard Chartered and the world’s largest merchant acquirer, Worldpay from FIS^®, have announced a strategic partnership to expand the market coverage of, and enable new capabilities on, Straight2Bank Pay, the Bank’s one-stop digital collections gateway for merchants. This global partnership is a testament to Standard Chartered’s continued investment in its cash management solutions via innovation and partnerships to deliver value-added solutions to meet its clients’ digital aspirations.

The collaboration leverages the strengths of both organisations to deliver a comprehensive suite of digital collections solutions that caters to the evolving needs of businesses, enabling them to collect funds from a wider range of payment methods including cards and alternative payment methods (for example, e-wallets and bank transfers). It also allows Straight2Bank Pay to further grow its footprint across Asia, as well as enter into new markets across Europe, Middle East, UK and the US, and support more merchants in facilitating seamless payments experiences for their consumers.

“Businesses and consumers globally continue to cement their preference for seamless digital payment methods. We are thrilled to partner with global banking leader, Standard Chartered, to deliver our advanced acquiring solutions and set the standard for smarter, frictionless payments across the globe. Standard Chartered will take advantage of the global reach of Worldpay from FIS and its ability to provide speed and convenience for merchants to accept the preferred payment methods from their customers. Together, we can drive new growth opportunities and fuel smarter commerce for merchants on Straight2Bank Pay regardless of geography,” said Phil Pomford, General Manager for Global eCommerce, APAC, Worldpay from FIS.

“With the global e-commerce market expected to reach USD8.53 trillion by 2026, businesses need to adapt at speed to both the evolving digital payments landscape as well as their consumers preferred payment options,” said Philip Panaino, Global Head of Cash, Transaction Banking, Standard Chartered. “Straight2Bank Pay was designed to tackle this challenge by allowing our clients to offer their customers more digital payment options without the need for multiple integrations and managing different collection accounts, and we’re delighted that our strategic partnership with Worldpay can further our reach to even more markets across the Bank’s footprint, as well as provide an expanded range of payment capabilities. With a common vision to simplify the payment experience for businesses, we look forward to supporting more businesses on their digital payments journey, so that they in turn can meet their customers’ needs in a more seamless, efficient, and secure way.”

Standard Chartered is serving the growing need for efficient digital collections among corporates through direct connectivity to instant payment schemes across its key footprint markets, along with partnerships with leading payment service providers and fintech players. Since its inception, Straight2Bank Pay has seen steady growth in its client base across various industries, with transaction value more than doubling from 2021 to 2022 and transaction volume growing more than three-fold over the same period.