Ant International, a digital payment and financial services leader dedicated to building an inclusive and sustainable global commerce ecosystem, is expanding its existing partnership with Yapily, the leading European open banking platform to introduce Europe’s first-ever commercial variable recurring payments (VRPs) for e-commerce via Open Banking on mobile payment platforms.

This new payment method debuts first on HungryPanda, the leading Asian food delivery platform, offering a more convenient and seamless option for customers making mobile payments. This launch includes both commercial VRP “One Click Payment” and standard Open Banking payment “Pay by Bank”, powered by Antom, Ant International’s global merchant payment processing solution.

Starting today, HungryPanda users in the UK can elevate their food delivery experience by placing orders via their mobile devices and seamlessly completing payments directly from their bank accounts. This streamlined payment process not only enhances user satisfaction but also provides merchants with the added benefit of reduced transaction costs.

Implementing open banking changes for mobile payments

The deployment of Open Banking solutions marks the latest development of Ant International’s partnership with Yapily to explore and implement Open Banking technologies on mobile payment platforms. It intends to enable consumers who bank with UK financial institutions to make payments to merchants across the world via Antom, directly from their bank accounts, with a smooth and secure payment experience. The launch will benefit its UK customers, who are mobile-savvy and prefer convenient digital payment options.

This collaboration marks the first step of a wider roll-out of Open Banking technologies to more mobile services. Globally, Antom supports merchants in over 40 countries and provides them with one-stop, vertical-specific digital payment solutions. Open Banking enables UK merchants to benefit from the Antom global digital payment solution using their preferred bank account.

Pietro Candela, Ant International’s Head of Business Development in Europe said: “The UK and Europe is on the front lines of open banking. We’re pleased to continue our collaboration with Yapily to develop payment solutions that bring value and convenience to European consumers and global merchants, including Hungry Panda, and we’re excited to see continued adoption of this technology with our partner merchants as it scales across the platform.”

Stefano Vaccino, CEO and Founder of Yapily said: “We’re delighted to bring the benefits of open banking and commercial VRP to Europe. VRP technology is faster and more secure when making payments, giving an improved experience for both merchants and customers. By innovating finance in this way, we can power a more open and productive economy to the benefit of businesses and consumers. As a London-founded fintech, we’re delighted that the UK is the first country to enable this technology of the future.”

Kelu Liu, CEO and Founder of HungryPanda said: “Our partnership with Ant International enables HungryPanda customers in the UK to order their favourite dishes more conveniently and securely using a preferred payment wallet.”

 

Two in five UK adults have missed a utility bill payment in the last six months according to new research from Moneyhub Payments, highlighting the need for more flexible ways to pay. 

Moneyhub’s recent financial wellbeing survey has shown that around a quarter (24%) of UK adults have missed a payment of some kind in the last 6 months. Of these consumers who have missed a payment in the last six months, more than 2 in 5 (41%) missed utility bills. More than three-quarters (77%) of those surveyed felt anxious when expecting bills to arrive or be paid, with utility bills causing consumers the most concern with 51% citing them as the bill type that causes them the most anxiety.

Escalating utility prices in the UK, combined with the wider cost of living crisis, have become a significant concern for consumers, with households grappling with the daunting challenge of managing their monthly budgets. The size of the issue is exemplified by Ofgem’s figures published in December (2023) that showed the UK consumer energy bill debt had hit a record £3bn.

This surge in utility prices not only strains the average household’s financial resources but also stirs deep anxiety about future affordability, particularly among lower-income families and those already struggling with economic hardships, leading to heightened financial stress and uncertainty.

Across the types of utility bills, energy bills were unsurprisingly found to be the most stressful for consumers, with 41% saying they made them the most anxious. This was followed by water bills (14%) and broadband payments (10%). 

However, there are solutions available for utility companies to support their customers, particularly those who are regularly struggling with payments. When asked what would help them manage their money or reduce instances of missed payments 38% of UK consumers said that choosing the day of the month Direct Debits are taken would make a difference. A warning before payments are expected (28%) and better oversight of their incomings and outgoings (27%) were also key solutions.  In addition, 17% said the ability to pay bills weekly rather than monthly would help them manage their money. With the same percentage (17%) of respondents paid on a weekly basis, this would indicate that such a change could be truly transformative for that group. 

Open Banking and Open Finance payments could offer the flexibility required by customers. With Open Banking and Open Finance payments technology, the provider can much better support the consumer by preventing situations when they are blindsided by an unexpected price increase or payment and at the same time making it very easy for the customer to pay or transfer funds. 

This means that companies that provide essential services like heating, electricity, broadband, and water have another option: they can track how much the customer can afford and offer them the option to split payments in a way that suits their circumstances.

Open Banking payments enable providers to step in and take actions that would go a significant way to mitigating the issues associated with missing payments, payment anxiety and support overall financial wellness.  

Mark Munson, MD of Payments at Moneyhub comments: “Missed payments are causing significant concern for UK consumers, with utility bills the number one culprit. With energy bills high, there is a real worry that this problem will only worsen without intervention. 

“Fortunately, there are technologies that utility providers can adopt to improve their offerings to customers and better support when that customer is showing signs of distress. Often customers just need a little extra flexibility to help them get back on their feet, and with Open Banking and Open Finance, providers will be able to identify those struggling and be able to offer them individualised solutions. 

“Utility businesses can benefit too by offering alternative payment options tailored to the specific needs of their customers.Companies that offer choice and more control over how consumers pay will reap rewards in improved consumer loyalty, reduced churn and increased customer satisfaction.”

Fyle, an expense management platform that works with customers' existing credit cards, today announced a new integration with American Express to offer U.S. Business and Corporate Card Members the ability to issue on-demand virtual Cards via the Fyle platform, with built-in controls, and enhanced security. To achieve this integration, Fyle is participating in the American Express Sync™ Commercial Partner Program.

"We are teaming up with American Express to give our customers access to the control, enhanced security, and cash flow management that come with using an American Express virtual Card, alongside the ability to automate receipt tracking, credit card reconciliation, and expense accounting with Fyle," said Yashwanth Madhusudhan, Co-Founder & CEO of Fyle. "The integration helps us provide an elevated user experience and more value to our customers." 

With the integration, Customers with an American Express Business or Corporate Card can issue unlimited virtual Cards linked to their existing physical cards using Fyle. The benefits of issuing virtual Cards are:

• Establish specific controls for each on-demand virtual Card, including spending limits and expiration dates.
• Pay suppliers using virtual Cards and take advantage of their American Express billing cycle to manage cash flow for their business until their Card payment is due.
• Receive real-time transaction data and notifications via text messages to maximize visibility.
• Automate receipt collection and make reconciliation faster with Fyle's expense management platform.
• Pay with enhanced security by enabling employees, freelancers, and subcontractors to make payments on their behalf without sharing their physical Card details.

B2B payments platform Sprinque today announces a partnership with Mangopay, a modular and flexible payment infrastructure provider for marketplaces and platforms.

The collaboration enables merchants and marketplaces to take advantage of holistic and customizable payment infrastructures and terms, allowing them to grow revenues by tapping into B2B cross-border opportunities.

The partnership between Mangopay and Sprinque launched today highlights both companies’ commitment to driving payment innovation for B2B marketplaces.

Established in Amsterdam in 2021, Sprinque is the B2B payments platform that helps merchants and marketplaces expand globally by enabling frictionless purchasing with business customers. Sellers can conveniently service international buyers by offering them the net payment terms flexibility they need to complete the transaction, while risk and fraud management and other financial operations are handled by Sprinque. Sprinque is headquartered in Amsterdam and has offices in Berlin and Madrid.

Founded in 2013, Mangopay supports multiple business models in the platform economy with its modular payment infrastructure. The company has supported over 2,500 platforms and marketplaces through its programmable e-wallet solution and end-to-end payment infrastructure which covers everything from pay-in to payout.

With market reports suggesting that the B2B marketplace industry has grown by as much as 8.6 times since 2015, the payment experience continues to play a key role in the growth of businesses operating in the sector.

The collaboration between Sprinque and Mangopay is designed to empower B2B marketplaces with robust tools and a choice of payment methods to manage their payment flows with more flexibility, including those looking to introduce a buy now, pay later service to their B2B customers.

Sprinque CEO Juan Espinosa said: “We are incredibly excited about this partnership between Mangopay and Sprinque as this creates collaboration in an ecosystem where ambitious international merchants, both B2C and B2B, will be able to have access to both consumer and business tools to ensure that they can capture and service both sides of the coin, B2C and B2B.“

“We are also extremely aligned with Mangopay's vision in terms of capturing the opportunity at a global scale so we couldn't think of a better partner for us at this stage.”

Derrick Lynagh, Head of Sales, Partners, at Mangopay, said: “We aim to power the payment infrastructure and operations of the world’s largest and most innovative marketplaces and platforms. We’re committed to finding new ways to help our platform customers create and operate payment infrastructures that will help their businesses to scale.

“Partners such as Sprinque are an important part of our strategy, and collaborations like this further strengthen our proposition for B2B marketplaces and platforms. We’re delighted to form this new partnership to offer B2B marketplaces the chance to meet the demand for a greater choice of payment methods.”

Inbank has entered into an exclusive partnership with Montonio, a leading provider of checkout solutions in Estonia. The initial phase of the partnership will be rolled out in Estonia, with future plans to expand to other markets.

Montonio is known for offering a range of payment and e-commerce services to its merchants, including bank payments, card payments, pay later, and financing. These services empower merchants to seamlessly manage various e-commerce transactions, and offer flexible financing to consumers. As of now, Inbank will exclusively provide pay later and financing services through Montonio’s checkout.

Piret Paulus, Inbank’s Head of Growth and Business Development and Member of the Board, comments:
“Inbank looks for solutions that make sense and we want to do things in a smart way. Instead of always building everything from scratch, we sometimes choose to work with highly competent partners. And vice versa – our strategic partners might not have the know-how in financing, but that’s where Inbank can step in and provide valuable support. 

Our current and potential partners have emphasized the need for a full checkout solution and we’ve been on the lookout for a strategic partner who’s capable of delivering a top-notch solution. Montonio caught our attention with its high-quality and user-friendly platform for merchants. Their technological capabilities and user-friendly interface make them an excellent choice for providing a complete checkout solution with.”

Markus Lember, Montonio’s CEO and co-founder, comments:
“Buy now, pay later options have transformed the way consumers shop, offering flexibility In 2024, this trend continues to grow, especially among younger shoppers who appreciate the ability to spread payments over time without incurring interest. This trend not only empowers consumers with more purchasing power but also urges retailers to integrate these options seamlessly into their payment systems.”

London-based RegTech company, docStribute, today announces the successful completion of a pre-Series A funding round, securing £820,000 in investment from financial service angels. 

This substantial funding milestone positions docStribute to advance further its mission of redefining financial services customer communications. docStribute will be using the funding to add to its development and marketing capability to enhance customer integration and accelerate the scale-up of the business.  

docStribute harnesses the power of Distributed Ledger Technology (DLT) to ensure the unalterable integrity of information to meet the stringent requirements set by the FCA guidelines for a durable medium.

This compliance with durable medium guidelines allows docStribute to take an innovative channel-agnostic approach to communicate with customers through their preferred channels to significantly enhance their overall communication experience. 

Results from docStribute's implementation with customers, both large and small, are auspicious, showing elevated levels of engagement and click-through rates. By improving engagement and understanding, docStribute’s clients are driving their organizations to deliver better outcomes for their customers, and by monitoring that engagement in detail they are ensuring an ongoing cycle of improvement. This is at the heart of the Consumer Duty regulation.

By incorporating DLT technology, the company ensures that the communication process not only meets regulatory requirements, but also builds trust between financial institutions and their clients securely, whilst delivering significant cost savings.

Christopher Ansara, Founder of docStribute, said:

"Securing £820k in pre-Series A funding allows docStribute to continue to redefine financial services communication. Our commitment goes beyond compliance, as it is changing our clients’ relationships with their customers by ensuring crucial financial information is communicated effectively and efficiently.

This significant funding milestone follows a notable stride towards industry recognition, as docStribute successfully onboarded a tier 1 bank at the end of 2023. This brings our number of clients to over 30 and means we will be sending out more than 5 million documents a year. Adding such a prominent financial institution underscores the effectiveness of docStribute's solutions in meeting the evolving needs of the finance sector.”

docStribute has now raised over £1.7m to date,  on top of the Innovation Smart grant awarded in 2020. 

10x Banking, the transformational cloud-native SaaS core bank operating system founded by former Barclays CEO Antony Jenkins, has today announced a partnership with Old Mutual as it expands into Africa and scales its evolving core banking system into new markets in response to growing demand.

10x’s expansion into Africa, starting in South Africa, will see its solution used by major financial services companies, including Old Mutual, Africa’s second-largest financial institution, to develop new products that will drive financial inclusion for unbanked populations – a move that closely follows its launch in Australia and New Zealand last year. Further afield, 10x is seeing growing interest in its platform worldwide among banks in India, Sri Lanka, Vietnam, and the USA, and looking further ahead it expects to work closely with banks in Canada, pan-Africa, and central and southern Europe.

“These are the markets where we see a significant shift to a more customer-centric mindset among banks,” commented 10x’s Chief Revenue Officer, Matt Mills, who joined the company last month from fintech scale-up Featurespace. “Banks can see the issue for themselves and come to us because they have a creaky core, unfit for rolling out financial products which meet the increasing demand among their customers for a better, digital-first user experience.”

10x’s international expansion closely follows its $45m (£35m) funding round announced in January, as it continues to capitalize on the significant momentum in the core banking market, underpinned by big banks actively looking to adopt neo-core banking systems to accelerate their digital transformation and thrive in an increasingly competitive battle to win and retain customers.

Old Mutual is actively looking to serve those who have bank accounts but are severely underserved, with their day-to-day money management needs not met by what’s currently available. It is also taking proactive steps to address the barrier of financial literacy across the continent, through a truly customer-centric approach.

“It’s clear that in Africa the big driver is digital”, commented 10x founder and CEO Antony Jenkins. “By 2025, over half a billion people on the continent will have access to mobile internet, providing a platform for them to make payments, source financial advice, secure loans to buy a home or start a business. This opens up a huge set of opportunities for the underbanked and unbanked, which in turn drives economic growth. Working with major players in the financial services space, including Old Mutual whom we are delighted call a customer, we are proud to be at the heart of banking transformation in the most exciting markets with huge potential for growth.”

Having created the modern technology platform focused on a seamless customer experience that powered J.P. Morgan Chase’s entry into the UK retail banking market, 10x is committed to helping banks transform the way they operate in response to a rapidly evolving financial sector, catalyzed in part by the dominance of digital transactions and consumer demand for greater control and flexibility around the way they manage their money.

FintechOS announced 40% year-over-year revenue growth in 2023, with the company expecting to achieve profitability in the first half of 2024. Growth has been driven by winning new customers in strategic markets, including the US, UK, Continental Europe, and most recently Asia-Pacific.

In a challenging year for the wider fintech industry, FintechOS was able to both enter new markets and unlock new vertical segments, by enabling banks, credit unions, and insurers to modernize and innovate in multiple business/product lines. In the banking sector, the FintechOS platform enabled solutions, such as embedded finance, point-of-sale lending, digital account opening, and mortgage automation. In insurance, the FintechOS platform was used to transform P&C, health, and life insurance solutions.

Notable projects in 2023 include:

• Tier 1 North American Bank: A Tier 1 Bank selected the FintechOS platform to aggregate and better secure disparate data and automate back-end processes related to customer onboarding.
• Top UK/Ireland Financial Institutions: Two top Financial Institutions, based in the UK/Ireland, selected the FintechOS platform to deploy their digital mortgages solutions.
• Admiral Group: Admiral, a top-20 UK insurance provider, successfully launched its digital pet insurance product built in-house with FintechOS.
• Benenden Health: Using FintechOS, Benenden Health transformed its health policy platform to create a more cohesive experience for customers and employees alike. 
• First Bank: FirstBank developed an end-to-end digital mortgage journey with FintechOS that has boosted the bank’s mortgage conversion rate to 25%.
• Sunsave: Advancing its mission to make solar power accessible to all UK households, Sunsave is using the FintechOS platform to offer FCA-authorized finance plans.
• Vibrant Credit Union: Using the FintechOS platform, Vibrant Credit Union launched a point-of-sale lending solution that achieved $40 million in new loans in its first year.
• Tower Community Bank: Tower Community Banked leveraged FintechOS to enable a point-of-sale lending platform that empowers local businesses to provide bespoke financing options directly to their customers

FintechOS unveiled FintechOS 24 in December 2023, the fifth major release of its fintech enablement platform. This latest version streamlines the definition, creation, distribution, and management of financial products for banks, credit unions, and insurers, leveraging no-code/low-code, generative AI (GAI), and cloud technologies. In particular, the release included the first language-driven, GAI-enabled product designer. It allows any company, no matter its technical team or legacy technology infrastructure, to get innovative financial products to market at speed.

Moreover, FintechOS demonstrated its commitment to advancing GAI technology trends with the launch of its research report, GAI: The Technology Polarizing the Financial Services Industry. Based on insights from a Censuswide survey of over 500 C-level decision-makers in banking and insurance, the paper delves into financial institutions' perceptions of GAI.

Acknowledging FintechOS's contributions to the industry, the company also received plenty of recognition last year, including:

• Named a Top 200 Global Fintech Company by CNBC.
• Awarded the Insurtech Company of the Year at the Fintech Awards London.
• Named a Representative Vendor in the 2023 Gartner® Market Guide for Commercial Loan Origination Solutions.
• Named a Technology Standout by Celent in its 2023 EMEA Life Policy Administration Systems Report.

"We are pleased to report 40% YoY revenue growth in 2023, reflecting FintechOS's commitment to innovation and strategic market expansion,” said Teo Blidarus, CEO and Co-Founder at FintechOS. “As we achieve profitability in 2024, we become one of the fortunate few fintech scale ups in today’s market who can claim both business growth and self-sustainability. Our success is driven by our continuous efforts to provide cutting-edge technology and solutions, expand into key markets, and forge valuable partnerships. The achievements of the past year reaffirm FintechOS's position as a leading player in the financial technology sector. We remain dedicated to enabling best-in-class solutions with our platform and empowering our clients to navigate the evolving landscape with agility and efficiency.”

Tuum, the leading next-generation core banking provider, today announces that it has raised EUR25m, in a series B financing round led by CommerzVentures, with participation from Speedinvest alongside existing investors.

Tuum has expanded rapidly since signing its first client partnership in February 2019, working with banks to ease their digital transition onto cheaper, flexible systems that can free them up to develop new products and enter new verticals. The company now boasts a customer base across 10 countries, with a pronounced presence in the UK, and Nordics. Over the last three years, Tuum's revenues have soared, demonstrating a compound annual growth rate of over 250%.

Andreas Kitter, co-CEO of LHV UK, a Banking-as-a-Service provider working with over 200 fintechs, commented: “Bank executives are put off doing core replacements because of the costs and risks involved. With Tuum, we migrated millions of customers accounts in 2 months. We are now running a state-of-the-art core system with a small team and spending 75% of our IT budget on innovation.”

The fresh infusion of capital will bolster Tuum’s international presence, allowing it to target new territories in the DACH region, Southern Europe, and the Middle East, where it is opening a new office. The company plans to enhance its direct sales and marketing operations, while also fortifying its partner channel with key managed service relationships to amplify sales reach and implementation scalability.

The fundraise will also be used to deepen Tuum’s key competitive differentiators. The company will increase investment into its “smart migration” capabilities, which are making complex core migrations possible in as little as two months. Further investments will refine Tuum’s 'Business Builder', a platform designed for significant customisation through configuration, providing a compelling alternative to the generic 'one size fits all' or 'toolbox' approaches of other cloud-native cores. Finally, Tuum will invest funds into expanding its comprehensive suite of modules and rich functionality, which currently include accounts, lending, payments, and card services, catering to both corporate and banking sectors.

Commenting on the fundraise, Myles Bertrand, CEO of Tuum, said: “I joined Tuum in the summer of last year because I saw the gap in the market for its proposition. Everyone knows that banks need to replace their ageing core banking systems if they are going to successfully adapt their business models for digital banking. However, no core banking vendor has to date made core migration simple and predictable, which is what Tuum is now doing through a combination of smart migrations, a modular and functionality rich core, massive extensibility, and a broad ecosystem of partners. With this Series B funding, we're not just expanding our reach: we're redefining the very essence of core banking for a digital-first future.”

Heiko Schwender, Managing Partner at CommerzVentures, added: “At CommerzVentures, we have been following and investing in the core banking market for a long time. While it’s hard to break into, this is a huge, highly attractive space, with over USD15bn in annual spending. Tuum’s standout modular approach is particularly suited to today’s ever-changing environment, offering a mature, yet flexible solution to a real pain point.

Tier 2 to 5 banks around the world will have to replace their ageing core systems smoothly and cost-effectively. Tuum has developed an impressively mature and differentiated offering that can help them do just this. We are delighted to be leading this series B and we look forward to working with the Tuum team to help realise the company’s massive potential.”

The majority of wealth managers are either dissatisfied with or indifferent to their current technology systems according to new research from Avaloq, a global leader in digital banking solutions and wealth management technology.

The study was conducted among 200 wealth managers across Europe and Asia, and includes contributions from firms such as BlackRock, which has a strategic partnership with Avaloq. The research revealed that just 31% are satisfied their technology is up to date, versus 45% who say their systems are outdated and 25% that are indifferent. Meanwhile, just 29% believe their technology is designed to suit their needs and 38% say they can easily find the information they need. 

Just over half of wealth managers globally (54%) use investment advisory technology in client meetings. Of those not yet using their advisory systems in client meetings, two thirds (67%) would like to, indicating a significant opportunity to integrate systems that are up to the task. The biggest barriers to using advisory tools in client meetings, cited by overwhelming majorities, are user interfaces that are not optimised (69%) and technologies that are too confusing to use with clients (60%). For UK wealth managers, while a similar amount (55%) use investment advisory tools in client meetings, just 44% of those who don’t say they would like to, suggesting it is even more important to overcome key barriers around usability.

More than half of wealth managers globally identified similar challenges plaguing their broader use of technology, with unintuitive navigation (58%) and the requirement to use too many different systems (54%) the most commonly cited. The latter complaint is compounded by Avaloq’s finding that almost a fifth of wealth managers (17%) currently rely on over ten technology systems to conduct their daily tasks, while half (50%) of respondents use between four and six.

Despite this, Avaloq found widespread enthusiasm and demand for well-functioning technology systems. Enhanced data visualisation (66%), automated regulatory checks (58%) and automated portfolio monitoring (57%) emerged as the top three functionalities offering a major improvement for wealth management professionals, with and enhanced data analytics (57%) and automatic summary-creation of client meetings (54%) also in high demand.

Suman Rao, Managing Director for the UK and Ireland at Avaloq, says: “Our research reveals that too many wealth management professionals are burdened with complex, outdated technology systems that do not provide them with the support they need in client meetings. Despite this, they are well aware of the potential benefits a well-functioning technology system can provide to their day-to-day operations, so it is important that providers step up to deliver the analytics, automation and visualization that they need.

“Often, wealth management professionals use too many different systems and would benefit from simplifying or consolidating their technology ecosystem. Finding the right partner will help them to streamline their operations and better use their technology to improve client service.”

Britney Lewis, Head of Advisory Product for Aladdin Wealth Tech at BlackRock, says: “A streamlined, user-friendly advisory platform designed for real-time client interactions can address these concerns. Deploying an end-to-end platform is all about scaling the personalized proposal generation process with effective and compliant investment proposals that are easy to execute. Features like instant proposal guides or suitability checks give wealth managers the much-needed time back in their day while also equipping them to still have solid interactions with their clients.”