VIXIO Regulatory Intelligence, the leading provider of regulatory and business intelligence to the global payments and gambling industries, announced today that it has launched Horizon Scanning, a SaaS solution that provides real-time intelligence to enable payments compliance professionals to stay on top of global regulatory changes.

Horizon Scanning offers three main use cases that fit within a payments compliance framework:

• In depth global coverage of the regulatory payments landscape. By offering intelligence across 130+ jurisdictions, from the US and Canada to Europe, LatAm and APAC, compliance professionals are able to monitor and prioritise regulatory changes based on whether it’s actionable, indicative or informative. 

• Analysis of regulatory trends and policy movements to inform market strategies and manage risk. The highly customisable and dynamic dashboards accessible in the platform allow customers to filter results, assess regulatory impact by type and volume. The ability to build custom watchlists enables compliance professionals to instantly see where markets may be opening up for new product types or where regulatory change is trending towards stricter obligations.

• Reporting to the Board. Any analysis built in the platform can be easily exported for ease of reporting. Customers can create a report structure and refresh monthly to keep stakeholders informed.

VIXIO analysts assess, analyse and distil key regulatory events to provide actionable insights. The increasing volume of regulatory change is introducing noise into the system. Horizon Scanning showed that in the first half of 2022, of the 300,000 regulatory events tracked, only 978 were relevant to payments. It also showed that only 200, or 0.32% required action. 

Apart from the significant time-saving Horizon Scanning offers compliance teams, it also offers the benefit of being extremely customisable to ensure that it fits within a client’s requirements and how they view the landscape. Complementing this core requirement, the solution acts as a training tool to help teams approach different jurisdictions and regulations within their specific roles.

Roseanne Spagnuolo, VIXIO Chief Content Officer, said: “The payments industry continues to evolve and be disrupted by new technologies and business models, reducing friction and creating new customer experiences. Risks too are also emerging due to tough market conditions, rising fraud and pressures on firms to grow quickly.”  Spagnuolo further stated “Regulators are responding in kind, and at pace, focussing on consumer protection and handing out enforcements to those who fail to comply. We developed Horizon Scanning to empower our clients to systematically manage regulatory change and safeguard their business and customers from non-compliance.”

Xapo Bank, a fully licensed private bank that combines traditional banking with access to Bitcoin and stablecoins, has become the first bank in the world to integrate Tether (USDT) payment rails. Beginning with a phased roll out, the payment rails will be fully available to all members by the end of the month. Building on its existing USDC rails that were launched in March, the bank is now enabling members to leverage the world’s most widely adopted stablecoin for payments as an alternative to time-consuming and costly SWIFT rails. 

With a market cap of $82 billion USD, USDT is the world’s most used stablecoin, and one of the most traded cryptocurrencies by volume, having pioneered the digital dollar concept. It empowers growing ventures and innovation throughout the blockchain space, providing a quicker and more efficient way for millions of people across the globe to send and receive money for remittances and other payments. It is also particularly popular in emerging markets that are suffering from hyperinflation and economic uncertainty. 

Xapo Bank has seen a strong appetite for the efficiency of stablecoin deposits and withdrawals amongst its members, many of whom are based in emerging markets. Since enabling USDC deposits in November it has received $48 Million in USDC deposits and enabled $4.5M in USDC withdrawals since the function went live in March. It has also experienced a 19% increase in member onboarding requests since the USDC withdrawal function went live in March. 

By allowing members to deposit and withdraw using USDT with no fees charged, Xapo Bank is bringing its attractive 4.1% annual interest rate return on deposits to the attention of a new cohort of potential members who are looking for an alternative to SWIFT payments. Similarly to its USDC offering, Xapo Bank is offering a 1:1 conversion rate from USDT to USD. All USDT deposits received by Xapo Bank are automatically converted to USD, meaning that members can benefit from a 4.1% annual interest rate on USD deposits. 

A fully licensed and regulated bank, Xapo Bank is a member of the Gibraltar Deposit Guarantee Scheme, meaning that Xapo Bank guarantees its members’ USD deposits up to the US dollar equivalent of €100,000. Xapo Bank does not take any risks with deposits received using USDT. All such deposits are automatically converted to USD and deposited into the member's account. Unlike traditional banks, Xapo Bank does not lend and therefore does not rely on fractional reserve banking to make money as its core business model. Instead, it has all its customers' funds in reserve and invested in short-term liquid assets in order to pass the benefit of that interest earned, to its customers. 

Seamus Rocca, CEO of Xapo Bank said: “Xapo Bank is the only regulated bank in the world which offers a USD account with stablecoin rails. This is a unique offering that combines the compliance and safety of a traditional bank, with the speed, efficiency and breadth of use of USDT. By growing our payment rail options, we are committed to eliminating the timely and often expensive deposit and withdrawal processes into regular banks. We are empowering our members to grow their wealth and access and spend it in a seamless manner.”

Xapo Bank is constantly striving to grow its payment rails options, offering members additional currency choices managed with the security of a fully-regulated Bank. Reflecting this, in addition to the USDC and USDT payment rails, Xapo Bank previously integrated with the Faster Payment System (FPS) to activate support for GBP settlement for account deposits and withdrawals. It also announced an integration with Bitcoin’s Lightning Network, in collaboration with Lightspark, earlier this month.

Airwallex, a global payments and financial platform for modern businesses, today announced its official launch in Israel to fuel future expansion across the region, including the appointment of Or Liban as Airwallex’s Head of Israel and the Middle East. 

This expansion comes at a pivotal moment for Airwallex, as the company continues to strengthen its global footprint. Airwallex has chosen Tel Aviv as the location for its first office in the region due to strong customer demand and the thriving Israeli technology ecosystem. The company already serves many of Israel’s leading technology businesses, including Papaya Global and OurCrowd as well as global companies such as Shein, Qantas, Plum and Navan (formerly TripActions).

“Setting up local operations in Israel is just the first step in our ambitious plan for expansion across EMEA in 2023,” said Pranav Sood, GM, EMEA at Airwallex. “Israel is at the forefront of tech innovation and a global hub for high-growth startups. Israeli technology businesses are ‘default global’ and we have already seen the impact that our payments and financial infrastructure can have for them as they grow across borders. I’m excited to welcome Or to the team - he will be instrumental as we supercharge our operations in Israel and the Middle East.”

Prior to Airwallex, Liban served as Google’s Head of Global Partnerships and previously held leadership roles at Orange and the Israel Prime Minister’s office. With over 15 years of experience as a Sales, Business Development and Partnership executive, Liban will oversee Airwallex’s expansion into Israel and the Middle East. His background in leading hyper-growth businesses on a global scale, coupled with his expertise in the Israel and Middle East markets, will make him invaluable to Airwallex and its customers. 

“I’m delighted to join Airwallex as we continue our global growth momentum into Israel and the Middle East,” Liban said. “Technology is core to unlocking the power of global payments, and digital trade is front and centre for economic development throughout Israel and the Middle East. Airwallex’s unique financial infrastructure and embedded finance capability is a winning combination as businesses look for new revenue streams through global expansion or are interested in improving their bottom line through cost-efficiency gains. I could not be more excited to partner with the talented Airwallex team and support new and existing customers as we expand our footprint in the Middle East.”

Founded in 2015 in Melbourne, Australia, Airwallex is one of the fastest-growing payments and financial infrastructure companies in the world - it is valued at US$5.5 billion and has raised over US$900 million from some of the world’s top investors including Salesforce Ventures, Sequoia, Tencent, Square Peg, Lone Pine Capital and 1835i. Globally, Airwallex’s revenue has doubled year on year and it has processed more than US$50 billion in annualized transaction volume for a global portfolio of companies. With 20 locations globally and a team of 1,300 employees worldwide, Airwallex plans to continue its exponential growth by hiring an additional 500 global employees by the end of 2023. 

SentinelOne, a global leader in autonomous security, has been recognised as one of the UK’s Best Workplaces™ (2023) by Great Place to Work®, the global authority on workplace culture.

SentinelOne’s values-driven culture of trust, community and excellence is just one of the reasons why the company ranked as a Great Place to Work in the small category, and why employees love working for SentinelOne. This marks the second year in a row that SentinelOne has been both certified and won the title, reflecting continued success.

“We are immensely proud to be recognised as a Great Place to Work for the second year in a row”, said Katie Southern, AVP, People, EMEA/APJ, SentinelOne. “At SentinelOne, we believe that a great workplace is one where employees feel valued, trusted and supported, and we are proud to have created an environment where everyone can thrive".

“As the global authority on workplace culture, our mission at Great Place to Work® has always been to build a better world by helping organisations become a great place to work for all. We strongly believe in the notion of ‘better for business, better for people, better for the world,” said Benedict Gautrey, Managing Director of Great Place to Work® UK.

“Best Workplaces™ consistently put people first – not just in terms of looking out for their own employees but also by caring for and supporting their surrounding community and environment. We’re incredibly proud to recognise the very best ‘For All’ organisations committed to equity and unfaltering in ensuring that all employees are empowered to deliver the right strategic solutions to ever-changing business opportunities and challenges.”

A great workplace is more than lavish perks, fancy parties and amazing benefits. While those elements are present in many Best Workplace™ organisations, at its core, a great workplace is about the level of trust that employees experience in their leaders, the level of pride they have in their jobs; and the extent to which they experience camaraderie with their colleagues.

CMFG Ventures, the venture capital arm of CUNA Mutual Group, has announced a strategic investment in DataVisor, a global leader in online fraud detection and risk management for financial services and e-commerce, as they expand their services into the credit union market.

Credit unions experience various types of fraud involving applications, transactions and account takeovers. In fact, nearly 40% of Americans have been identity theft victims, leading to fraudulent applications at financial institutions. Resulting losses are often disguised as normal credit losses.

Nevertheless, fraud costs for financial services and lending institutions are up 10% since 2020. Many legacy fraud solutions are dated, segmented, slow, and cost prohibitive for credit unions to implement. DataVisor provides an integrated, comprehensive fraud platform with real-time prevention and detection that can save credit unions time and money.

“With increased adoption of real-time transactions, the necessity to respond to fraud threats with speed, agility, and better technology is imperative for credit unions to minimize fraud losses and deliver impeccable service to their members,” said Yinglian Xie, CEO of DataVisor. “We want to help credit unions deploy a modern fraud solution that delivers high return on investment and quickly detects and combats sophisticated fraudsters in a more cost-effective way.”

Powered by transformative AI and machine-learning capabilities, DataVisor enables proactive fraud detection in real-time, with a 40-90% increase in detection versus traditional services. CMFG Ventures’ investment highlights an opportunity for credit unions to deploy more modern and innovative solutions to combat fraud.

NASA Federal Credit Union launched DataVisor’s platform in 2021. “We partnered with DataVisor to enrich our fraud-fighting capabilities with a scalable infrastructure,” said Doug Nahas, chief operating officer, NASA FCU. “They have exceeded our expectations and proven to be one of our most innovative partners. DataVisor’s team understands our business needs and are experts at extracting, categorizing, and modelling data. This has allowed us to replace a series of previous vendor fraud solutions with improved models and significant cost savings.”

CMFG Ventures sees the investment in DataVisor as a way to help more credit unions mature their fraud prevention strategies. “The shift toward digitization and real-time payments has amplified the need for credit unions to prioritize fraud solutions that are proactive and real-time,” said Mike Kraus, principal at CMFG Ventures. “This is evidenced by the National Credit Union Administration making fraud prevention and detection one of its supervisory priorities in 2023. We’re thrilled to invest in DataVisor, which offers innovative and leading technology that can help our credit union partners stay ahead of emerging threats.”

MaskEX, a next-generation cryptocurrency exchange, has announced that it has received initial approval from Dubai's Virtual Asset Regulatory Authority (VARA) to begin making preparations for its launch in the United Arab Emirates (UAE). The approval represents a major milestone for MaskEX, which has been working tirelessly to expand its presence in the Middle East and bring the benefits of virtual assets to a wider audience.

With the initial approval from VARA, MaskEX will begin finalizing its entity incorporation, engage banking services, hire more staff in Dubai for its soon-to-be-opened headquarters office, and take the necessary steps to become the first regulated exchange in the UAE. The services and activities MaskEX has applied for include exchange, lending and borrowing, broker-dealer, and virtual asset management and investment services, with the aim of obtaining VARA's highly acclaimed FMP license. This license will enable MaskEX to operate in and from Dubai while upholding its commitment to regulatory compliance, customer protection, and innovation.

"We are extremely proud and grateful to have received initial approval from VARA, which is a testament to our commitment to meeting the highest regulatory standards," said Eric Yang, CEO of MaskEX. "We believe that our platform will provide users in the UAE with a safe, reliable, and efficient way to access the world of virtual assets, and we look forward to launching as soon as possible, while strictly adhering to the requirements laid out by VARA."

The launch of MaskEX in the UAE is expected to bring significant benefits to the local economy, including the creation of new jobs and the attraction of foreign investment. As the UAE takes a leadership position in the region by prioritizing digital transformation and aiming to become a leader in blockchain technology and virtual assets, the launch of MaskEX will be a major milestone in achieving these goals.

MaskEX offers a user-friendly interface and advanced trading tools, making it easy for both novice and experienced traders to navigate the crypto market. The exchange offers a comprehensive range of products, including savings packages, deeply liquid markets across a wide range of trading pairs, and efficient on- and off-ramp products to help users easily convert fiat currency to digital assets and vice versa.

"The initial approval from VARA is a major milestone for us, and is of great significance not just for the UAE but for the entire MENA region," said Ben Caselin, Vice President and Chief Strategy Officer of MaskEX. "We look forward to working closely with the regulatory authorities to ensure that our platform meets all necessary requirements and provides a secure and transparent environment for our users."

First National Bank of Oklahoma and Teslar Software today announced their partnership to streamline the bank’s lending processes. With Teslar, First National Bank of Oklahoma will be able to track exceptions and manage documentation with greater speed and ease.

“Teslar Software was the natural fit to partner with based on the positive experience we had when leveraging their PPP solution; we experienced firsthand that they’re a nimble, dependable organization that truly understands and cares about community banks,” said Mel Martin, president and CEO of First National Bank of Oklahoma. “Teslar’s technology will not only significantly help us improve operations from an efficiency standpoint but will also help us better manage risk in our portfolio.”

First National Bank of Oklahoma has experienced steady organic growth over the past 15 years. With Teslar, they’ll leverage automated workflows, reporting and exceptions management tools and easily access data directly from the core to improve the commercial, consumer and agricultural lending process as they continue to scale.

“We’re excited to partner with First National Bank of Oklahoma as they leave the era of pen, paper and Excel spreadsheets behind,” said Joe Ehrhardt, CEO and founder of Teslar Software. “Modernizing technology will allow the bank to provide a better borrower experience and create new efficiencies throughout the lending process. We’re glad Teslar is part of the journey and look forward to supporting their team.”

nCino, Inc., a pioneer in cloud banking for the global financial services industry, today kicked off nSight 2023, its annual user conference in Charlotte, NC.

The three-day immersive event brings together over 1,700 professionals from the global financial services industry including corporate; commercial; regional and community banks; credit unions; and strategic ecosystem partners to demonstrate and discuss the latest trends, best practices, and innovations in the financial services industry. In the 11 years since its inception, nSight has grown to become a must-attend event for those interested in staying ahead of the curve in the banking industry.

During the conference, nCino will announce the winners of its Financial Services Impact Awards, an annual recognition program that honours financial institutions that are innovating and delivering value to their clients through nCino’s platform. U.S. Bank is a finalist this year in the Innovation category.

“Innovation is not just about doing something new; it’s about challenging the status quo and finding new ways to add value to the lives of our clients. By adding simplicity and agility throughout our processes, we can improve outcomes for our clients. This recognition is a testament to the hard work and dedication of our team across the bank focused on helping us create a better banking experience for all,” said Tina Cartwright, SVP, Transformation Strategy Executive, U.S. Bank.

For additional details about the conference, including the full agenda, list of keynote speakers and breakouts please visit www.nsightconference.com.

Soundbites:

“Banking is a lot like race car driving. It's all about momentum, knowing when to accelerate and taking calculated risks to come out ahead. As a keynote speaker at nSight, I look forward to inspiring and motivating the audience to move with speed and an entrepreneurial mindset driving the financial services industry forward,” said Rusty Wallace, former NASCAR driver and Hall of Fame inductee.

“We’re pleased to welcome so many industry experts to Charlotte for our largest nSight conference yet. Banks and financial institutions must focus on modernizing their tech stack and put the right tools in place to promote efficiency, automation, and CX. Through nSight, nCino is providing an experience that allows individuals to take advantage of the learning and development they want most,” said Pierre Naudé, Chairman and CEO of nCino.

FOO, an award-winning fintech solutions provider operating in the MENA region, has partnered with XSIGHT Future Solutions, Majid Al Futtaim’s newly formed digital arm accelerating the company’s digital transformation journey, to provide an embedded wallet experience for Majid Al Futtaim’s retailers.

Carrefour, owned and operated by Majid Al Futtaim in the UAE, is the first retailer to adopt this technology and has already launched the solution in the UAE, KSA and Egypt, with many more countries to follow. FOO has expedited Carrefour’s current refund process by integrating its closed-loop mobile wallet and stored value account (SVA) solution into Carrefour’s existing mobile app, enabling customers to receive instant refunds to their personal accounts.

The collaboration with FOO will streamline the hypermarket chain’s refund procedure and provide a more seamless shopping experience for its customers. The embedded wallet solution is just the beginning of a long-term partnership between FOO and XSIGHT Future Solutions, laying the groundwork for additional fintech capabilities that will soon be implemented.

The agile and efficient closed-loop solution offers several benefits for both Majid Al Futtaim and the end user. For instance, the credit received from the refund can be used immediately against purchases from any of its merchants, helping to drive customer retention. Moreover, retaining a significant portion of revenue within the Majid Al Futtaim ecosystem contributes to the company's further growth and success.

Hussam Kayyal, Chief Revenue Officer at FOO commented: “There’s no doubt that customer satisfaction is the number one priority for all businesses. Embedded finance can significantly enhance consumer experience by eliminating traditional pain points. Integrating a closed-loop mobile wallet into the various Majid Al Futtaim consumer apps improves ease of service, therefore enhancing customer satisfaction and brand loyalty.”

By leveraging an in-house design and development approach, FOO crafts solutions using a modular platform built on microservices. This unique 'plug and play' model enables the delivery of super-personalized solutions with exceptional time to market. FOO’s products and services offer an unparalleled level of flexibility and scalability, aligning perfectly with Majid Al Futtaim's plans to implement the same solution across all its retailers and markets.

Joe Abi Akl, Chief Corporate Development Officer at Majid Al Futtaim Holding and Managing Director of XSIGHT Future Solutions, added: “We are delighted to partner with FOO to elevate our digital services and deliver an exceptional shopping experience to our customers. By leveraging FOO’s advanced capabilities, we can enhance our existing digital infrastructure and optimize our operations to meet the evolving needs of our customers. We are confident that this strategic partnership will enable us to set new industry standards and redefine the future of retail.”

Mahalo Banking, a CUSO that provides online and mobile banking solutions for credit unions, today announced a new partnership with Loves Park, Ill.-based Rock Valley Credit Union (‘Rock Valley’ – $150M in assets). The credit union is launching the Mahalo platform to offer a modernized digital banking system and strengthen its member experience.

Rock Valley serves approximately 16,000 members in the Greater Rockford, Ill. area. The credit union intends to leverage Mahalo’s digital banking platform to offer financial education opportunities, more easily integrate with third-party solutions, strengthen member communications and launch several member-requested features such as card controls, alerts, seamless statement views, credit score access and more.

In addition to the aforementioned tech features, the credit union is also implementing Mahalo’s multi-lingual functionality. This tool enables greater self-service capabilities for members whose first language is Spanish and can help the credit union attract new prospective members who also speak Spanish.

“Understanding the need to upgrade our digital banking platform, we wanted to ensure any new investment in our digital capabilities would empower our members via increased service options, greater inclusivity and improved member experiences,” said Tanya Peterson, Executive Vice President of Rock Valley. “Mahalo has proven to be a partner whose product and collaborative working style best suit us in working toward achieving our digital goals. We appreciate the team’s flexibility and commitment to ensuring we are able to execute on agreed upon deliverables in a timely, streamlined and efficient manner.”

Mahalo Banking offers a robust digital banking platform designed to meet the needs of credit unions and their members. The platform offers the industry’s first and only online banking solution to fully integrate comprehensive neurodiverse functionality, allowing credit unions to better support all members. Designed by credit union industry natives, the platform offers a modernized digital banking experience that enables credit unions to maintain a competitive edge with a unified omni-experience, deep integrations into credit union cores, streamlined third-party integrations and a highly secure architectural design.

“Digital banking technology is advancing quickly, and credit unions must act strategically to continue serving members with progressive functionality that meets their needs,” said Denny Howell, co-founder and COO of Mahalo. “Improving platform offerings today requires credit unions to consider where there are opportunities to deliver more inclusive options to expand their reach and interact meaningfully with each member. Our team intuitively understands credit unions’ dedication to serving members well, and we are delighted to play a role in helping Rock Valley leverage a more accessible banking platform for their community.”