BNY Mellon and Microsoft are joining forces to transform capital markets and the broader financial services industry. Using Microsoft Azure cloud and BNY Mellon's extensive financial data and analytics capabilities the platform will provide BNY Mellon's buy side and sell side clients with a leading data management solution.

The global alliance between two of the world's leaders in their respective industries will help enable financial institutions to navigate complex market dynamics with precision and agility while enhancing risk management and optimizing operational efficiency.

As part of the expanded collaboration, the two companies will look to explore how artificial intelligence (AI) technologies can be incorporated for improved productivity and better-informed decision-making.

With a focus on innovation and the expertise and platforms to help clients achieve their goals, BNY Mellon will also migrate its data and analytics workloads to Microsoft Azure.

"The technology and data ecosystems are becoming more complex, competitive and cost-intensive for our clients," said Akash Shah, Chief Growth Officer, BNY Mellon. "Combining BNY Mellon's data infrastructure and analytics services with Microsoft's cloud solutions will provide our buy side and sell side clients with a leading data management solution designed to offer deeper insights and actionable data that can help improve their investment performance, distribution reach, and risk management. For 240 years, we have been building new solutions to help our clients grow their businesses, and this is the latest step towards making investing more effective, easier, and less expensive."

As an organization with a dynamic culture focused on delivering solutions with excellence and speed, part of what led BNY Mellon to the Microsoft Azure platform is working with a cloud provider that is committed to a trusted and resilient cloud that serves the markets in which it operates.

Key details of the collaboration include:

• Innovative applications for data and analytics: BNY Mellon will take advantage of multiple technologies from Microsoft to develop next-generation data management and software products tailored to the unique needs of capital markets firms. This includes data and analytics associated with increasing investments in private markets and alternative assets. The integration of these advanced analytics capabilities will provide BNY Mellon's clients with near real-time, data-driven decision-making tools that can help improve agility and adaptability in the fast-evolving capital markets landscape.
• BNY Mellon's data and analytics suite fully available on the cloud: The collaboration will accelerate the release of BNY Mellon's next generation data and analytics cloud-based Software-as-a-Service (SaaS) offering. This will help clients fast-track their asset onboarding and take advantage of optimized data and analytics at scale. It will also provide clients with continuous integration and delivery of new features and upgrades.

"This strategic alliance underscores Microsoft's commitment to advancing the frontiers of cloud computing to drive transformative change across industries," said Karen Del Vescovo, Corporate Vice President & U.S. Financial Services Lead, Microsoft. "The collaboration with BNY Mellon sets the stage for a new era in capital markets, where the fusion of data analytics and emerging technologies, such as AI, powers unprecedented platform innovation and provides an ecosystem of capabilities across investment and data lifecycles."

This is the latest example of a longstanding relationship between BNY Mellon and Microsoft. The companies have spent years driving success for customers around the world, creating data, technology and content solutions for investment managers on Microsoft Azure.

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, and Binah.ai, the number one health and wellness check software provider, today announced a partnership to empower more insurance companies worldwide to use client-provided health data for improved risk management and value-added services at reduced costs. The partnership enables Binah.ai to leverage Sapiens' strong global presence and provide Sapiens' customers with seamless access to Binah.ai's software-based health and wellness check technology.

Access to health data shared by end-users through Sapiens' platform, enhanced with Binah.ai's technology, provides a myriad of benefits for both clients and insurance companies:

• Improved risk assessment and prevention measures
• Improved market understanding and competitiveness
• Streamlined underwriting and more efficient straight-through processing
• Increased engagement in wellness programs
• Enhanced user experience at reduced costs

Binah.ai's Health Data Platform is disrupting healthcare and wellness monitoring by leveraging AI technologies to transform smartphones and tablets into powerful tools for both on-the-spot checks and continuous health and wellness checkups. Users have the flexibility to conduct either a quick spot check by simply looking at the device's camera or opt for continuous monitoring by wearing the Polar Verity Sense™ optical heart rate sensor. This enables them to measure and share a comprehensive array of vital signs, including blood pressure, heart rate, heart rate variability, oxygen saturation, respiration rate, pulse-respiration quotient (PRQ), and mental stress-related biomarkers like sympathetic stress and parasympathetic activity. Additionally, users can simultaneously obtain an overall wellness score.

"We are extremely excited to partner with Sapiens, a leading player in the global insurtech sector. Sapiens' strong presence will help boost our expansion in the insurance industry and provide their customers with seamless access to our solution. I look forward to a great partnership, for the benefit of the entire industry and its clients," said David Maman, Co-Founder and CEO of Binah.ai.

With more than 40 years of industry expertise, as well as 600 customers in more than 30 countries, Sapiens empowers insurers to transform and become digital, innovative, and agile. Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation.

"Binah.ai's groundbreaking health monitoring technology is a game-changer in our insurance solutions, revolutionizing how insurers harness objective health data for robust wellness programs," emphasized Amanda Ingram, Sapiens Proposition & Ecosystem Manager. "Through seamless integration, we drive straight-through processing and elevate premium rating by leveraging remote, real-time health monitoring. This transformative partnership not only optimizes the underwriting processes but also empowers the insurer to assess risk more accurately and bolster preventive measures."

Unity Trust Bank, the commercial bank with a social conscience that serves SMEs and organizations, has appointed Colin Fyfe as its CEO.

Colin joins Unity with more than 40 years’ experience in the banking sector including 10 years as CEO at two building societies.

With a deep understanding of commercial business and the wider regulatory banking environment, Colin brings a wealth of knowledge and expertise to the role.

Commenting on his appointment, Colin said: “Unity’s very strong track record, its social purpose and driving ambition are compelling.

“Personal service and relationship banking combined with community good is a great proposition for all SMEs and socially-conscious organisations. I’m delighted to be joining as CEO.”

Alan Hughes, Chairman of Unity Trust Bank, said: “I’m very pleased to announce Colin’s appointment. Unity has grown four-fold since it became independent in 2015 and Colin will be a driving force for the next stage of Unity’s progress.

“Colin joins Unity with a strong record of innovation, transformation and growth.”

Colin succeeds Deborah Hazell who stepped down from her position as CEO at year end.

Alan continued: “On behalf of the Board, I would like to thank Debbie for her commitment and wide contribution to Unity. Most notably she has improved our approach to impact, delivered the new digital banking platform for our customers, and raised Unity’s profile externally. We are grateful to her.”

With offices in Birmingham, London, and Manchester, Unity offers an ethical alternative for businesses with a social conscience, working with organizations and SMEs that share its values and philosophy.

With its ‘double bottom line’ strategy of delivering social impact and not simply maximizing profits, Unity lends to customers that make a positive contribution to economic, social, and environmental change in communities across the UK.

Societe Generale has announced a plan to implement organizational changes in its head office in France to simplify its operations and structurally improve its operational efficiency.

During the presentation of the Group’s strategic roadmap in September 2023, Societe Generale announced a goal of gradually and significantly improving its cost/income ratio, with the achievement of approximately €1.7 billion in gross savings in 2026 compared with 2022.

This amount includes synergies expected from initiatives already underway such as the creation of the new retail bank in France, the digitalization of activities at Komerční banks, or the integration of LeasePlan into Ayvens. It also includes additional savings of around €700 million from new projects launched in all Group entities to streamline information systems, optimize purchasing processes, or simplify the organization.

In this context, several French head office entities are considering organizational changes that require specific social support measures. The objective is to group and pool certain activities and functions, remove hierarchical layers to streamline decision-making, and resize certain teams due to reviews of projects or processes.

This reorganization project, which would represent a major step in achieving the additional savings envisaged, is being submitted today for consultation with the staff representative bodies. Following the completion of the consultation scheduled for the second quarter of 2024, the implementation of these organizational changes would result in approximately 900 job cuts at the head office without forced departures (i.e. approximately 5% of head office staff). As a responsible employer, Societe Generale would deploy all the support measures as part of its social pact through internal transfers, end-of-year support, or voluntary departures.

HSBC UK has introduced its first standalone ‘Cash Pod’, which will provide improved access to cash in Nailsea, North Somerset, in advance of the closure of the last bank in town, which is planned for 1 February.

This landmark introduction, which is the first of ten Cash Pods expected to be opened by the bank this year, follows news from HSBC UK that it will not announce any new branch closures in 2024, and comes after the bank announced a new branch to be opened in Loughborough, Leicestershire.

HSBC UK opened two branches in 2023 in Bournemouth and Sheffield, refurbished or updated well over 100 branches in addition to playing an integral role in 18 new Banking Hubs up and down the country.

The exact locations of nine additional Cash Pods are being finalised, but expected to include a farm shop, car parks and shopping centres, many of which will be powered by solar panels. They will include access to defibrillators for the community, bike racks to help with sustainable transport and living walls, to bring additional greenery to the local area.

Located in the Crown Glass Shopping Centre, the Cash Pod will enable all residents and businesses to withdraw cash and allow HSBC UK customers to deposit cash conveniently. The machine features internal cash recycling, reducing the frequency of refills and contributing to a more sustainable and efficient banking experience for the community. The Cash Pod will also enable customers to check their account balance, print mini-statements, activate a card and reset their PIN, and make payments linked to their HSBC UK credit card. The Cash Pod will provide access to cash 24 hours a day for customers and non-customers alike, and will be fee-free.

Oli O’Donoghue, Managing Director of HSBC UK’s branch network said: “We continue to invest tens of millions of pounds into our branch network and local communities. We fully understand a community’s need for access to cash and are excited to be launching our first Cash Pod in Nailsea. This marks the start of a new initiative for HSBC UK as part of our strong focus on maintaining and improving our local presence, alongside digital and remote banking.

“We understand the impact of the recent bank closure on the community, and we are excited to assist with access to cash with this new standalone Cash Pod.”

The number of people falling victim to romance scams increased by a fifth (22%) in 2023, compared to 2022, according to the latest data from Lloyds Bank.

However, overall, the average amount lost to romance scams was £6,937, less than in 2022 (£8,237). 

What is a romance scam?

A cruel and very personal scam, fraudsters target those looking for love, often using fake photos and information on social media and online dating apps to lure in potential victims.

These scams can last long periods, as the fraudster builds a trusting relationship with their victim, showering them with affection and attentiveness.

However, the scammer will have numerous – and often increasingly implausible - excuses for why they can’t meet in person or show their face on video calls. Common excuses involve working away in the armed forces or in international aid and charity work.

Eventually, they will ask for money, usually claiming family issues, medical bills or needing money to arrange travel to meet up with the victim. It may start as small amounts and build up over time.

Men more likely to fall victim

In 2023, men were slightly more likely to succumb to a romance scam, making up 52% of cases.

When women do fall victim to a romance scammer, they tend to report higher losses - an average £9,083, compared to an average £5,145 lost by men.

When looking at the age of people who had fallen victim, men and women aged between 55 and 64 were most likely to be tricked by fraudsters masquerading as love interests, as the number of cases amongst this age group rose by almost 49% compared to 2022.

However, it is those aged between 65 and 74 who lose the most money, giving romance scammers an average £13,123, the highest amount of any age group.

Liz Ziegler, Fraud Prevention Director at Lloyds Bank said: “Targeting those looking for love is a cruel, but sadly common, way for fraudsters to cash in. Scammers can be incredibly convincing and leave their victims both emotionally and financially drained.

“Social media and online dating apps are rife with fake profiles, and it can be hard to tell who is genuine. Remember that no good relationship starts off by sending money to someone you haven't met and this should be a big red flag.

“As soon as someone you’re talking to starts asking for money, step back from the situation and never hand anything over. Talking to a real-life friend or family member can be a good way to sense check what’s going on.”

What can you do to prevent falling victim to a romance scam?

• Be cautious of strangers contacting you on social media
• Look out for profile photos that look professional or ‘model-like
• Speak to someone who already knows you well to get their point of view
• Never send money to a stranger, no matter how well you think you know them online
• Be very wary when someone has endless excuses about why they can’t meet in person
• Never give out personal or financial details

Nium, the leader in real-time global payments, proudly announces it has received in-principle approval from the Reserve Bank of India for two prestigious payment licenses – the Prepaid Payment Instrument (PPI) Licence and the Payment Aggregator (PA) Licence. The two licenses will allow the global payments company to offer and improve upon a variety of financial products in the country, from prepaid cards to merchant payment acquiring. Nium continues to expand its license portfolio to serve the needs of a rapidly evolving global payments landscape.

Nium has received in-principal approval from the Reserve Bank of India for a Prepaid Payment Instrument (PPI) Licence in India, which will empower the global payments leader to issue prefunded, pre-loaded cards within India. These versatile prepaid cards can be designed for a variety of consumer and business applications, from employee spending to domestic wallets. Nium's unique approach involves collaboration with strategic card partners, ensuring a seamless end-to-end experience for users. 

In addition to the PPI License, Nium has been granted in-principle approval for a Payment Aggregator (PA) Licence, which will allow the company to provide merchant onboarding and acquiring services in the dynamic Indian market. This includes provisioning an online space for merchants, streamlining fund flow processes, and integrating cutting-edge technology into websites for smoother checkout experiences. This licence will also enable Nium to connect to real-time payment offerings, such as India Unified Payments Interface (UPI). Nium is establishing itself as a true end-to-end acquiring solution provider. 

"We're honored to be among the few trusted by the RBI with these licenses and we look forward to helping India further its leadership in payments innovation," said Anupam Pahuja, Executive Vice President and General Manager, Asia Pacific, Middle East, and Africa at Nium. "Nium prides itself on applying its expertise in global payments to advancing payments ecosystems around the world. These licences make Nium a one-stop-shop for all payment needs in India. For the end customer, Nium is making it seamless for Indians to shop the world."

As Nium expands its footprint in India, the company aims to leverage these licenses to offer a wide array of services, fostering financial inclusion and empowering businesses with advanced payment solutions. These two new licenses, in addition to the 11 other licenses Nium holds, allow the company to offer seamless global (in addition to local) payments for both customers and merchants in India. As a part of Nium's card issuance, the licenses will also ensure that Nium continues the issuance of pre-paid Forex cards for the Nium Forex brand.

Global online sports bettors prioritize rapid payouts and payment choices when starting their customer experience with sportsbooks, according to the 2024 All the ways players pay research from Paysafe, a leading payments platform. Released today, the report also reveals that payments are just as valuable in strengthening the customer experience for players, whose appetite for digital wallets and even crypto payments is rising.

Showcasing Paysafe’s all-new brand identity, which the company recently unveiled, the report surveyed 3,000 sports bettors in six U.S. states (Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania), the Canadian province of Ontario, the U.K., France, Germany, and Italy, in December 2023. The research found that streamlined payouts were players’ top factor when choosing a sportsbook (prioritized by 37%). They consider this more important than brand trust (34%), odds (29%), promotions (26%), user experience (17%), sports markets (15%), and sponsorships (10%).

When selecting a sportsbook, players also prioritize their favorite payment methods’ availability (26%) and seamless deposits (26%) over every factor except brand trust, odds, and promotions.

Payments are just as crucial for strengthening player retention, with 78% of bettors considering the payment experience important in why they remain with a brand. This trend is even higher in Italy (88%), New York (84%), and Germany (80%).

Bettors’ payment preferences continue to diversify. Debit cards remain the dominant choice globally (a preference of 38%), though this is being challenged by digital wallets (37%). Wallets are today the top payment preference in Italy (53%) and Germany (52%). By facilitating wagering across multiple sportsbooks, digital wallets are a leading payment choice of VIP players, with 46% of bettors wagering 5-7 times weekly favoring a digital wallet versus 43% a debit card.

Credit cards’ overall popularity is limited by markets like the U.K. and the U.S. state of Massachusetts banning their use. Despite this, the preference for credit cards remains robust both globally (25%) and across the U.S. (also 25%), while in France they are the favorite payment method of all (47%).

Interest in eCash remains niche but significant, with 13% preferring online cash. This trend is higher in countries with an enduring cash culture like Germany (16%) and the U.S. (16%).

Local payment methods (LPMs) available only in a single country are a preference of 13%, trending higher in the U.S. (17%) and Canada’s Ontario (17%), with their established LPM brands.

Confidence in the transactional security at sportsbooks continues to improve, with 57% of players more confident than last year. However, there is no room for complacency, with 10% less confident and 33% unsure.

Player adoption of digital wallets, eCash, and other alternative payment methods (APMs) will likely grow, with 58% of players expecting to use APMs more through the end of 2025. And despite cryptocurrency market volatility, crypto payments appear attractive for players, with 50% interested in this when permitted by regulators. This trend is higher in the U.S. (58%), especially in New York (72%).

Zak Cutler, President of Global Gaming at Paysafe, commented: “Our latest research indicates the value of payments to online sportsbook operators at all stages of the player experience. Operators that optimize their payment offerings will gain a competitive advantage when starting their brand’s relationship with new bettors. Given the correlation between the payment experience and brand loyalty, operators can maximize player retention by getting payments right. This includes upgrading their cashiers to cover all possible payment choices to meet evolving transactional expectations.”

Wirex, a leading Web3 money app, has announced a strategic collaboration with Gateway.fm, a global multi-chain architecture decentralized blockchain infrastructure node provider. This partnership is set to revolutionize the scalability and efficiency of Wirex's recently launched WPay Decentralised Payment Network. By teaming up with Gateway.fm and utilizing their PaaS, Presto, Wirex wants to scale its Zero-Knowledge (ZK) powered WPay platform.

With Presto, Wirex aims to enhance the network's transaction throughput, reduce strain on the Ethereum mainnet, and provide users with a smoother experience as they navigate between traditional finance and Web3. It's a practical step towards making decentralized payments more seamless and efficient for everyone involved.

Key highlights of the partnership:

• WPay's Value Propositions: This partnership reinforces WPay's key value propositions, including self-custody, digital asset flexibility, uncompromised security, and instant spending. WPay empowers users by providing full control over their assets, easy management of digital assets, the highest security standards, and the ability to use cryptocurrency for everyday transactions.
• Private zkEVM Rollup: Gateway.fm will provide Wirex with a private zkEVM (Zero-Knowledge Ethereum Virtual Machine) rollup solution. This technology enhances scalability, cost efficiency, and off-chain transaction processing, ensuring uninterrupted services.
• L2 Integration: The integration of L2 (Layer 2) technology facilitated by Gateway.fm's Presto, powered by Polygon CDK, marks a significant step forward in improving Wirex's card services.

Wirex's CEO & Co-founder Pavel Matveev expressed his excitement about the partnership, stating, "We are thrilled to partner with Gateway.fm to enhance the scalability and efficiency of our WPay platform. It underscores our dedication to delivering cutting-edge, user-centric solutions. With Presto's capabilities, we are confident that WPay will continue to redefine the way people use digital assets in their everyday lives."

The implementation of Gateway.fm's Presto is expected to bring about substantial improvements in the performance and user experience of WPay. It will enable faster transaction processing, reduced costs, and increased network capacity, all while maintaining the highest standards of security.

Igor Mandrigin, Co-Founder and CTO of Gateway.fm, said: "This partnership gives expression to the power of private zkEVM roll-ups in terms of driving security, scalability, and cost efficiencies for important real-world use cases. By leveraging our Platform-as-a-Service Presto, Wirex's growing user base can now access streamlined blockchain-enhanced financial services, and we look forward to broadening the scope of this partnership in the months ahead."

Cuautemoc Weber, Co-Founder and CEO of Gateway.fm said: "We're thrilled to partner with Wirex and expand the benefits of our Presto solution to over six million users across the world. The synergies between Gateway.fm and Wirex are clear – much like how we're abstracting the complexity of blockchain infrastructure, Wirex is simplifying the process of buying, selling and spending digital assets. The compound effect of these missions will be huge for facilitating mainstream Web3 adoption."

Wirex and Gateway.fm are excited to embark on this journey together, and they anticipate that this partnership will further strengthen Wirex's position as a leader in the cryptocurrency space.

Banco Santander has today announced the appointment of Petri Nikkilä as the new global CEO of Openbank and head of the Digital Consumer Bank's non-auto consumer business.

Mr. Nikkilä succeeds Ezequiel Szafir, who was Openbank’s CEO until last year, and will report to Daniel Barriuso, head of Retail & Commercial Banking, and José Luis de Mora, head of Digital Consumer Bank. Among his main priorities will be to lead the Openbank business in its current markets and continue to promote its international expansion. He will also manage Digital Consumer Bank’s non-auto-consumer business and the buy-now, pay-later business (including Zinia).

Petri Nikkilä has extensive experience in the European financial sector, both in continental Europe and in the UK, especially in digital banking. Until now, he was working in ING’s global retail digital transformation and earlier as head of Retail Banking for the Netherlands, Belgium, and Luxembourg, which has more than 10 million customers. Before that, he developed his career at Nordea, where he was responsible for digital transformation, as well as at HSBC. In addition, he has experience in the consumer sector, spending six years at Unilever where he led the business in Africa, the Middle East, and Turkey. A Finnish national, Mr. Nikkilä has always worked in an international environment. He holds master's degrees in Economics and Business Administration from the University of Vaasa (Finland) and from the Erasmus University of Rotterdam.

"Petri is an excellent addition to our team and brings a deep knowledge of financial services and a broad strategic vision in the consumer sector. In the past seven years Openbank has expanded to become the largest digital-native bank by deposits in Europe and its technology is central to the group’s transformation. The Digital Consumer Bank is also a vital part of our strategy, allowing us to build stronger customer relationships and deliver consistent, profitable growth. We are delighted to welcome Petri to the group and we wish him every success."

Ana Botín, executive chair of Banco Santander

Petri Nikkilä’s appointment will take effect in May and is subject to the appropriate regulatory approvals. Once he joins the group, he will become a member of the boards of Openbank and Santander Consumer Finance. 

In recent years, Openbank has positioned itself as one of the best digital banks in Europe, having doubled its customer base since its relaunch in 2017 to more than two million and becoming one of the best-rated banks by its customers in Spain.

Santander’s Digital Consumer Bank is one of our growth initiatives created by combining two successful businesses: Santander Consumer Finance (SCF) and Openbank. SCF is Europe’s consumer finance leader.