LogRhythm, the company empowering security teams to navigate the ever-changing threat landscape with confidence, has partnered with eFinance, a subsidiary of eFinance Investment Group to rapidly detect and mitigate threats in Egypt’s digital payment security ecosystem with LogRhythm SIEM, LogRhythm’s security information and event management (SIEM) solution. LogRhythm has partnered with eFinance to secure operations across the entire Egyptian payment network and establish its reputation as a trusted fintech provider throughout the region. 

By adding LogRhythm SIEM into its security systems, eFinance benefits from reduced mean time to detect (MTTD) and mean time to respond (MTTR). It gains a scalable, accessible and easy-to-integrate solution that will enable it to establish a fully functional security operations center (SOC) with a unified security solution that can grow with its business.  

“The fintech sector is a massive target for threat actors as they continue to launch attacks on industries that give them the biggest pay-out. Egypt must strengthen its security posture to keep consumers safe and maintain trust within the digital economy. Our SIEM solution is providing the tools for eFinance to detect security issues before they can cause damage,” said Mazen Adnan Dohaji, General Manager and Vice President, IMETA at LogRhythm. “As the digital payment ecosystem continues to grow, creating a safer financial environment for businesses, governments and customers is more important than ever. We’re working in partnership with eFinance to transform digital payment security and create better financial customer experiences throughout the region.” 

eFinance is now able to leverage custom rules that protect its critical servers and quickly remediate security issues. Its SOC benefit from a single pane-of-glass view for full visibility over its entire network. This allows eFinance to identify risks earlier in the Cyber Attack Lifecycle and provide a secure service to its customers in Egypt. 

“Not many SIEM solutions on the market support our need to scale. LogRhythm SIEM provides us with a flexible, scalable, and reliable solution that can evolve to match the ever-changing threat environment,” said Mahmoud Dorgham, InfoSec Head at eFinance. “LogRhythm’s integration capabilities, and its user-friendly interface and dashboards allow our analysts to drill down on emerging security risks in real time. With LogRhythm we know our security needs are covered. This means we can focus on the continued development of our digital financial network whilst overcoming significant security threats.” 

eFinance is a national developer of digital payments infrastructure in Egypt and has successfully built a solid foundation to provide industry-leading fintech solutions across the nation. It is an integral partner in the Egyptian government’s push for digitization. Its flagship Government Financial Network processes an annual aggregate of around 500 million transactions for 1.6 trillion Egyptian Pounds (EGP) between government payments and collections. 

Award-winning accounting software provider iplicit, is launching a suite of tools to save customers time and resources by tackling fixed asset management.

The new features – launched to coincide with the accountancy and finance conference Accountex London – were developed after listening to customer and market feedback. 

iplicit's fixed asset management module eliminates many hours of work in spreadsheets, handling such tasks as capitalising assets, calculating and applying depreciation, and tracking assets across different entities in a group. 

The module will also make life easier at period end and audit time, by storing records and documents together with the asset in iplicit’s system. 

Paul Sparkes, Commercial Director at iplicit, said, “We are constantly listening to customers and the market and use this data to inform our product strategy.

With this in mind, we’ve invested heavily in delivering a really strong set of features for managing assets in modern organisations.”

iplicit was launched to offer a high degree of functionality to organisations which have outgrown entry-level accounting packages or legacy on-premise software – but which do not want the high costs and costly implementation associated with enterprise-level systems.

iplicit's new features will enable users to:

• Import fixed assets from an existing spreadsheet, or automatically create them from purchase invoices, cashbook entries or journal postings;

• Calculate depreciation by established methods such as straight line or reducing balance/double depreciation, or according to any other rule the user needs;

• Automatically apply the depreciation at whatever frequency the user requires;

• Store documents such as invoices, warranties, photos and manuals together with the asset, as well as recording where the item is;

• “Slice and dice” data about assets and their value, reporting and analysing in a host of ways;

• Handle different currencies and report in the base currency of the owner;

• Keep a record of workflows, so it is easy to see who made decisions over an assert’s lifetime;

• Keep track when assets are disposed of, written off or moved from one part of a group to another.

The new functions are the latest addition to a host of iplicit features including expense management, purchase order processing, project costing and stock management. 

Sparkes added, “All these features are available as part of iplicit’s core product, minimising the need for third-party systems. 

We hope this launch reinforces iplicit’s reputation for fast-paced innovation. We continue to invest heavily and have exciting new product releases planned for releases throughout the coming 18 months.” 

Find out more about iplicit’s fixed asset management features here

Europe’s leading provider of digital transformation solutions, CRIF, has launched its new open banking-powered suite of solutions for organisations in the insurance sector. 

While the number of consumers and SMEs actively using open banking-powered services in the UK has reached 7 million, this is predominantly in the online banking and personal finance sectors. The insurance industry has by contrast been slower to embrace this innovation to enhance its own services.   

CRIF’s new product suite utilises the company’s existing open banking solutions which helps lenders assess the creditworthiness of customers through its AI-powered categorisation engine, reducing the overall risk for insurance companies by enabling them to make more informed decisions on customers. These capabilities also help insurers determine whether customers can pay for policies monthly (e.g. by direct debit) rather than upfront, ensuring that payment methods accurately match affordability, while mitigating the need for insurers to chase missed payments down the line. 

The new open banking-powered suite also enables insurers to offer more tailored products and services that meet customer needs. For example, this could empower insurers to offer tailored motor insurance to an individual who makes monthly payments towards a car lease. It also simplifies the application and onboarding process, saving consumers time when applying for insurance, driving up satisfaction, and ultimately enhancing customer loyalty.   

Sara Costantini, Regional Director for the UK & Ireland at CRIF said: “CRIF has been a stalwart in the insurance industry for over two decades. As such we’re well placed to know what businesses across the sector want and need.  

“We see open banking as natural progression when it comes to the development of the industry. Open banking technology has the potential to bring many benefits to insurers, not least helping those who embrace these innovations to stay ahead of the curve and offer a better service to customers than their competitors. 

“Our open banking solutions empower insurers to harness new data sources and deliver seamless customer experiences, and we do this without compromising on security, compliance or the ability to collect, handle, or process customer data.” 

CRIF, as a nominated supplier of the Claims and Underwriting Exchange Register database in the UK, is helping combat fraud in the sector – which has peaked during the cost of living crisis. It’s doing this by undertaking due diligence and sharing data – obtained via open banking - with organisations across the industry to spot prolific fraudsters and identify scams.  

The launch builds on CRIF’s expansion of its pan-European open banking-powered consumer credit scoring services to the UK last year, which enhance existing UK services to allow the evaluation of creditworthiness for both consumers and businesses. Today’s announcement helps further its provision of open banking services – including NEOS and Credit Passport®- but for the insurance sector specifically.   

CRIF has been supporting the UK insurance industry – working with over 120 insurance brands - for 25 years and now holds over 7 million households, 19.9 million motor and 13.5 million personal injury insurance claims. 

Onfido, the leading global provider of automated digital identity verification and authentication announced that its award-winning Real Identity Platform services are now available for Salesforce [NYSE: CRM] Financial Services Cloud customers. Watch a demo here.

Financial Services Cloud customers now have access to a suite of Onfido’s services, including Onfido’s library of global identity verification tools, Studio, Onfido’s identity orchestration product, and Atlas AI, Onfido’s anti-bias artificial intelligence software. These tools can be integrated with Onfido’s Smart Capture Link, enabling Salesforce customers to use low-code technology to verify the identity of prospective and existing customers.

Up until now, Salesforce customers have only been able to use Onfido’s app in the Salesforce AppExchange to reduce customer friction in the onboarding process. Nottingham Building Society, a UK-based credit union, has been able to modernise their services to better serve customers through the implementation of Onfido: 

“We’re 164 years old and still very paper-based,” said Scott Devereaux, Head of Innovation, The Nottingham. “Onfido lets us take away paper and form filling by bringing in facial recognition and doc verification which really speeds up the onboarding process and helps build trust with our customers.”  

Through the new pre-built Financial Service Cloud integration, creating an Onfido onboarding process is easier than ever. By switching the Onfido app on in their dashboard, Financial Services Cloud customers are able to easily add ID and biometric checks to their onboarding processes. Take a look at the product tour here.

"Financial Services Cloud is a must-have solution for financial institutions looking to deliver quality service experiences while also creating more efficiencies across internal teams," said Eran Agrios, SVP & GM of Financial Services, Salesforce. "With Onfido's integration available for Financial Services Cloud customers, organizations now have the technology in one platform to easily make verifying customer identities more secure.”

“We’re thrilled to be integrating Onfido’s identity verification services for Salesforce Financial Services Cloud customers,” said Onfido CMO Nate Skinner. “This collaboration further pushes Onfido’s ability to lower customer acquisition costs with a streamlined integration that continues to put security and protection first.”

Salesforce, Financial Services Cloud, and others are among the trademarks of salesforce.com, inc.

Paymentology, the leading global issuer-processor, today announces a strategic partnership with Nomo Bank (Nomo), the world’s first fully digital Sharia-compliant cross-border bank.

Nomo, part of the Bank of London and The Middle East (BLME), and backed by Boubyan Bank, offers Middle East customers a range of international banking services, including current accounts, fixed-term deposits, property finance, multi-currency services and international transfers. Customers can access these services through the Nomo app, which is available for download on iOS and Android devices. The app provides a seamless and intuitive experience, allowing customers to manage their accounts, track their spending, and make payments with ease via a Nomo debit card, and Apple Pay.

The announcement follows the latest news from Nomo, and the introduction of its multi-currency accounts thanks to support from Paymentology’s technology. The new multi-currency feature enables customers to hold, spend and send their money in six different currencies – GBP, USD, EUR, KWD, AED and SAR, helping to avoid exchange fees at the checkout, and when money is being transferred. An incredibly timely announcement as cross-border payments surged to a staggering USD 390 billion last year, highlighting the growing demand among consumers for transfer providers who offer safe and cost-effective cross-border payment services.

Nomo is leveraging Paymentology's cutting-edge cloud-based digital payment platform to deliver a seamless payment experience to its customers. By doing so, Nomo can offer its customers faster transaction processing, best-in-class fraud monitoring, and Mastercard virtual cards. In addition, Paymentology delivers a real-time data feed that provides granular customer spend insights to help Nomo continually improve its proposition. 

Martin Heraghty, Regional Director Europe of Paymentology commented: “As the demand for Sharia-compliant digital products and services continues to grow, Nomo is at the forefront of delivering solutions that cater to the needs of Islamic customers and beyond. With our innovative payments technology, Nomo is paving the way towards a seamless, customer-centric, digital banking future. We look forward to launching more ground-breaking services together.”

Sean Gilchrist, CEO of Nomo added: “At Nomo, our customers want digital banking experiences that helps them transact like a local wherever they are. Paymentology’s technology has helped us build a unique offering for our customers, helping them to conduct cross-border transactions without high fees, directly from the Nomo app. We remain committed to continuously developing innovative solutions and reimagine digital Sharia banking for everyone.”

Ebury is one of the world’s fastest-growing fintechs, specializing in Foreign Exchange, International Payments, and Business Lending. Recently, it confirmed its sponsorship of Web Summit Rio, a technology and innovation event that gathers entrepreneurs, investors, technology companies and leaders from around the world. For the first time ever, Web Summit will be hosted in a Latin American country.
 
With over 1,400 employees in 21 countries, Ebury aims to offer robust digital payment solutions integrated with platforms and marketplaces, such as Amazon, in addition to offering seamless solutions to small and medium businesses to simplify international trade. The fintech aspires to expand its talent in the technology and innovation area and Web Summit will be an excellent opportunity to strengthen relations with the innovation ecosystem as well as with professionals in the field.
 
Bexs Bank, which was recently acquired by Ebury, will also participate in the event, sharing a booth with Ebury. For Bexs Bank, Web Summit is a great opportunity to present its cross-border payment solutions (API), which are widely used by large digital companies and now target gaming and sports betting companies.

According to Ebury’s Global Chief Commercial Officer, Fernando Pierri, the initiative aims to strengthen the Ebury brand in the innovation ecosystem and in Brazil. “Ebury is expanding its digital solutions offering in the marketplace segment and other digital economy sectors. We want to access talent, technological solutions and reinforce our brand’s presence in Brazil. Our participation is aligned with the acquisition of Bexs, because we are betting big on the country.”

Bexs Bank is a pioneer in cross-border digital payment solutions, and Web Summit not only offers interaction with potential clients, but also the participation of fintechs that already use the bank’s solutions. “We have been on this journey for over ten years offering payment solutions for marketplaces, fintechs and other high technology sectors. At Web Summit, we can find global partners, based in Brazil or abroad, and showcase new products that simplify cross-border trade for all businesses, always within the payments and foreign exchange scope”, said Luiz Henrique Didier Jr., CEO of Bexs.

Over 15,000 people are expected to visit the booths of more than 500 investors and 750 startups participating in the four-day Web Summit in Rio de Janeiro.
 
Bexs Group was acquired by Ebury in May 2022, in a deal involving Bexs Bank (foreign exchange) and Bexs Pay (cross-border payments). The acquisition, which is pending regulatory approval, aims to expand the company’s offering of foreign exchange solutions for small and medium businesses, as well as provide digital services for companies selling products and services online in Brazil or for Brazilians who want to buy products and services across the world with easy-to-use, digital solutions.

RMA - The Royal Marines Charity (RMA), the membership body supporting serving and veteran Royal Marines and their families, has launched a debit card in partnership with Currensea, enabling supporters to make charitable donations each time they spend at home or abroad, boosting donations for the vital support programmes the charity offers.  

The new Royal Marines Charity by Currensea card links to supporters’ existing bank accounts and will be available to both members and supporters wishing to donate to RMC. Donations can be made by rounding up spending to the nearest 50p or £1 in the UK, and also when spending abroad. 

The Currensea card also allows users to save money when using the card abroad. People save at least 85% - and up to 100% - on every transaction abroad by removing the normal fees leveraged by banks and other card providers, and RMC supporters are able to donate some or all of these savings on top of the donations on UK spending. For example, a user spending $1500 while visiting the USA can choose to contribute 50% of their savings – which would equate to more than £20 – while still saving money.

All of the donations made using the new RMA card will help the charity provide vital support for serving and veteran Royal Marines and their families. The charity offers its members a range of services including financial support such as grants for medical treatment, mental health support and programmes providing assistance for education and employment needs.

Since 2008, it has distributed £23m in grants, and - in the past year alone - supported 22k individuals, 2,700 of whom were in acute need.

Jonathan Ball, Chief Executive, RMA - The Royal Marines Charity, said: "At RMA - The Royal Marines Charity, we are constantly looking for innovative ways to drive donations for our lifelong programmes for serving and former serving Royal Marines and their families. Our partnership with Currensea and the launch of our branded debit card will not only enable our supporters to donate easily and conveniently, but it also provides them with a way to save money when spending abroad. We are also grateful to have this opportunity to attract new donors through Currensea's 'powered by' programme."

James Lynn, Co-Founder of Currensea, comments: “Last year alone, 22,000 veterans and serving Marines contacted RMA - The Royal Marines Charity in need of support. This partnership will be vital in driving funding to support the fantastic work the charity performs in providing a wealth of support to those who have served our country. The new card also acts as a useful benefit for supporters during the cost of living crisis, ensuring they can both save money and continue donating to a cause close to their hearts.

“Supporters can donate to the Royal Marines Charity every time they use their Currensea card both in the UK and abroad. Charity donations can be made instantly and automatically as the card connects directly to existing current accounts, with users able to simply change the proportion of their savings they wish to donate. Our innovative powered by programme provides charities with a unique way to increase engagement with existing supporters, boost donations and attract new donors.”

RMA is the latest charity to partner with Currensea’s unique ‘powered by’ programme, launched in Q4 2021, which allows charities to issue branded cards to supporters and increase donations. 

Currensea adds that one of the charities offering its own card through its ‘powered by’ programme has raised four times as much via donations from Currensea users compared to donations via Amazon Smile which closed recently. 

Other ‘powered by’ partners include:

●       Dogs Trust - one of the UK’s largest animal welfare charities

●       Royal Society of Medicine - a global membership organisation of 20,000 healthcare professionals

●       Royal Trinity Hospice - the oldest hospice in the UK

●       St Martin-in-the-Fields Trust - which works with many of London’s most vulnerable communities

To find out more and sign up for a Royal Marines Charity powered by Currensea card visit:  https://www.currensea.com/partner/the-royal-marines-charity

Biometrics now play a central role in mobile devices, and this milestone highlights Fingerprints’ continuing ability to drive innovation, offering world-leading products in terms of security, user-friendliness and performance.

World-leading biometrics company, Fingerprint Cards AB (Fingerprints™),  today announced that 700 different smartphone models have officially incorporated its fingerprint sensors.

Having reached the 600-device milestone in March 2022, and 500 at the beginning of 2021, the recent achievement reflects the increasing demand for mobile biometrics as customers demand more intuitive, versatile, convenient and secure solutions at their fingertips.

The 700^th mobile device, the Xiaomi K60, integrates Fingerprints’ recently launched optical under-display sensor – FPC1632 – which attracted industry attention late last year after the company received its first volume purchase order for the sensor.

“Our fantastic journey continues, and we are committed to driving growth by delivering secure and convenient identification and authentication, simplifying the everyday lives for our global user base,” comments Haiyuan Bu, Fingerprints’ President of Mobile, PC and Access China.

“Furthermore, we have witnessed accelerated demand for biometrics in smartphones over recent years. To see Fingerprints’ sensors now integrated into 700 different smartphone models is a phenomenal achievement. It’s proof that our products are trusted globally and are paving the way for biometrics’ use across a range of other industries and use cases, improving the ease and security of our daily lives.”