Global cross-border payments company, Thunes, has today expanded an ambitious tree-planting initiative with its partner, Handprint, an Impact-as-a-Service company.

Thunes pledges to plant one tree for every 5,000 transactions processed on its platform over the next two years with Handprint. Additionally, this initiative will enable Thunes’ customers and partners to make positive environmental changes through payment processing.

Handprint empowers businesses to make a meaningful impact by connecting them to regenerative projects aligned with the UN Sustainable Development Goals (SDGs). These initiatives range from reforestation and coral reef construction to targeted education and biodiversity loss.

Thunes currently supports reforestation efforts in Indonesia, Nigeria, India, and Kenya; the vast majority of these projects are for mangrove tree restoration. The company plans to extend its tree-planting initiatives further to additional areas in the regions where it operates.

The company partnered with Handprint in 2022. Since then, Thunes has planted over 125,000 mangrove trees. Depending on local conditions, each mangrove tree will absorb between 180 and 500 kg of CO2 over its 20-year lifespan. Mangrove reforestation supports the SDG 13 for Climate Action, SDG 14 for Life Below Water, and SDG 15 for Life on Land.

Thunes’ pledge is a key part of its ‘Turning Transactions into Actions’ ESG programme, which promotes sustainability, responsibility, diversity, and equality.

Handprint ensures trees are planted in areas with the most pressing ecological needs. All reforestation efforts are fully traceable and audited using the company's innovative technology platform. Its technology reduces intermediary costs, helps ensure the reliability of its NGO partners, and tracks project fulfillment.

Peter De Caluwe, Deputy Chairman, Thunes, commented: “With our commitment to reforestation and biodiversity, we are making a positive impact on the environment with every transaction. Handprint’s impressive standards and far-reaching work will enable us to deliver an effective sustainability programme. Furthermore, our pledge helps differentiate Thunes as a truly innovative payment partner.”

Dr Simon Schillebeeckx, Chief Vision Officer of Handprint, said: “We are delighted to deepen our partnership with Thunes to help it and its customers play a more meaningful role in regenerative sustainability. All industries, including fintechs, can do more to support nature, improve biodiversity and protect people. Our platform connects an enterprise’s KPIs to specific sustainability initiatives, making it easy for them to make a tangible difference.”

Two in three (66%) larger UK businesses say they are very familiar with open banking and users report an average annual saving of 150 hours usually spent on operational tasks such as processing invoices and financial data, recurring payments and processing refunds, new research reveals.

Payit™ by NatWest surveyed 150 business leaders across UK organizations with annual revenue of £2 million or more. The results show how open banking is helping to tackle payment processing costs, reducing operational time spent on finance tasks, and can help improve customer experience.

Business leaders using open banking amongst their payment systems reported spending a monthly average of 44.5 hours on finance tasks compared to just over 57 hours spent by those who don’t use open banking. Across the year this accumulates to more than 150 hours, or over four working weeks.

It appears that with a reduction in time spent on tasks come financial rewards. Businesses without open banking typically spend £1,687 more on payment processes annually, and £1,117 more on card processing fees than those with the technology in place: an 8% difference in spend annually.

Now in its sixth year, open banking’s profile has grown drastically, with 97% of UK firms reporting some level of awareness of the technology. The research shows that businesses with higher revenue are more familiar with open banking, and familiarity drops in line with revenue.

By securely sharing data with third-party apps and services open banking provides access to new payment tools, automated financial management, and real-time updates, which all help reduce operational time spent on tasks such as these.

Financial experts say that open banking adoption can have wide-reaching benefits to businesses, with the ability to tap into real-time data to make better-informed decisions, in addition to tools to help manage payment tasks.

This is evidenced by the research which showed businesses using open banking among their payment processes reported fewer issues with common finance tasks. Just over a quarter (26%) of those using Open Banking view late payments as a top issue, compared to over two in five (42%) of non-users reporting this.

Respondents said that having access to the real-time data provided by open banking would help develop customer experience (39%), improve payment efficiencies, and reduce operational costs (37%).

However, the report unearthed the barriers preventing businesses from implementing open banking, with almost half (48%) having concerns about cybersecurity risks. This is despite Open Banking’s security profile being based on Finance Grade API specifications, similar to bank-level security, and being regulated by the FCA or a National Competent Authority.

Mike Elliff, CEO at PayIt by NatWest, said, “It’s encouraging to see UK businesses embracing open banking and benefitting from the operational and cost efficiencies it can bring. We hope to see this awareness and adoption of new payment solutions grow and would encourage businesses to give it a go.

“While the concerns around security and fraud are apparent in this research, businesses can be confident that open banking is based on the security inherent in your online or app-based bank account. Wider understanding of this could help tackle barriers to implementation and open opportunities for businesses to lower operational spend and move closer to their objectives.

“As the financial landscape evolves, companies embracing the technology stand to gain a competitive edge in the ever-changing business environment.”

Torpago, a commercial credit card and spend management provider, Marqeta, a strategic partner of Torpago and the global modern card issuing platform, and Sunwest Bank, a leading entrepreneurial business bank, announce the launch of Sunwest Visionary Card, Sunwest’s commercial credit card and expense management solution. Combining a cloud-native, event-driven infrastructure with Marqeta’s modern card issuing API, Torpago ‘Powered By’ empowers Sunwest to launch a market-leading, bank-branded credit card program.

Community banks are financial pillars of their surrounding communities, providing critical financial services to their customers. In the U.S. alone there are nearly 4,500 community banks, representing approximately 97% of all banks in the country. These banks are committed to their customer bases, working to support the growth and financial health of local businesses and neighborhoods. 

A recent Torpago survey of community banks in the U.S. found that 93.2% recognize the significance of delivering customer experiences, with a focus on digital and mobile banking.

Sunwest views modernization with Torpago as a growth engine. Offering market-leading products under the Sunwest brand allows Sunwest to deepen existing customer relationships and attract new business.

“At Sunwest Bank, we empower our clients, who we consider Visionary Entrepreneurs, with tools to grow and manage their business. The Visionary Corporate Card platform solution is one of the tools we consider essential for every business,” said Carson Lappetito, President of Sunwest Bank. “After an exhaustive search, we found a fintech partner, Torpago, whose technology helped us bring the world-class platform solution to life.”

Torpago provides a bank-branded, low-code/no-code technology platform. The platform provides end-to-end infrastructure including loan origination and underwriting, card issuing and fulfillment, fraud monitoring, web and mobile apps, expense management tools, third-party integrations, and account servicing software. Torpago also manages services such as compliance, cardholder support and collections. Torpago’s card issuing, spend controls and card fulfillment are made available via Marqeta APIs. Sunwest is responsible for customer acquisition and leverages its own balance sheet.

“By equipping Sunwest with a powerful technology platform, we expect Sunwest to generate new income streams, attract deposits and improve operating efficiency.” said Brent Jackson, CEO and Founder of Torpago. “Working with Sunwest and Marqeta has been fantastic and we are thrilled to be the engine behind the Visionary Card.”

“Creating a delightful banking experience for customers is key to keeping them coming back for more, and deepening their relationship with their bank,” said Todd Pollak, Chief Revenue Officer, Marqeta. “Marqeta is proud to partner with Torpago to give Sunwest the tools it needs to build a truly differentiated solution from the ground up, enabling Sunwest to customize its card program and deliver a highly personalized and smooth experience for their cardholders.” 

 

Neo, the open-source, community-driven platform where developers are building the Smart Economy, announced that it has officially opened its Hong Kong office, expanding its presence in the emerging blockchain hub. Located within Cyberport, Hong Kong’s leading digital tech and Web3 hub, the new office will be at the forefront of Neo’s drive to realize the Smart Economy and will serve as a base to support Hong Kong’s leading Web3 developer talent and promote investment in the region.

As part of the new office opening, Neo is joining the Cyberport Incubation Programme where it will benefit from financial support as well as key networking support and opportunities.

Speaking at the opening of the new office, Da Hongfei, Founder of Neo and CEO of Neo Global Development said, “I’m thrilled to officially open this new office in Hong Kong, marking a significant step in our continued expansion across Asia and aligning our efforts with the already excellent work being done by the Hong Kong government authorities to solidify Hong Kong as a Web3 hub. Hong Kong’s position as a center of innovation was exemplified by our recent highly successful Neo APAC Hackathon that featured events in five cities across the region, uncovering and showcasing the finest in developer talent across Asia. We held our well-received hackathon Hong Kong finale and associated celebration at Cyberport in recognition of its critical role in fostering development of the Web3 sector. We are now delighted to join the Cyberport Incubation Programme in recognition of our own role as a Web3 innovator.”

Da said that this opportunity will prove critical in Neo’s efforts to support local developer talent in Hong Kong: “Our mission has always been to discover and support local talent,” he said. “Our new office now opens exciting doors for local developers to make global connections.”

Neo’s expansion into Hong Kong solidifies its presence within Asia’s booming Web3 ecosystem, promoting community growth and innovation. As countries across Asia have deployed new regulatory frameworks for the adoption of digital assets, Hong Kong has clearly emerged as a significant player in the new financial market. By establishing its own anchor in Hong Kong, Neo is now adding to the regional momentum with a drive to forge new relationships with local enterprises, universities, and local talent, truly fostering a distributed network for the Smart Economy.

Mesh, the modern embedded finance solution that makes digital asset transfers and account aggregation seamless, today announced an investment from PayPal Ventures. This investment helps to reinforce Mesh's position as a leading player in embedded finance and highlights PayPal's commitment to fostering innovation in the digital payments landscape.

PayPal Ventures' investment was made almost entirely in PayPal USD (PYUSD), an Ethereum-based stablecoin that is 100% backed by U.S. dollars, short-term U.S. treasuries, and similar cash equivalents. This marks the first time that PYUSD has been used as the funding instrument for a PayPal Ventures investment since it was launched by PayPal in August 2023. The PYUSD funds were transferred on-chain using Mesh's Application Programming Interfaces (APIs).

The investment comes on the heels of Mesh's $22 million Series A funding round, backed by new investors including Money Forward, Inc., Galaxy, and Samsung Next.

Mesh empowers businesses to integrate seamless and secure crypto transfers and payments directly into their existing platforms, eliminating the need for users to switch between platforms. Mesh was established in 2020 as an account aggregation platform and now has over 300 integrations with different exchanges, wallets and brokerages.

"We're thrilled to have the backing of PayPal Ventures as we execute against our vision of becoming the connection layer for a critical mass of crypto platforms and financial service providers," said Bam Azizi, Co-Founder and CEO of Mesh. "PayPal has an incredible track record of moving the payments industry forward, so it's no surprise they are at the forefront of stablecoin innovation and share our vision for the future of the industry."

"As the world of financial services undergoes rapid transformation, we believe that user ownership and portability of assets will become a critical building block of product innovation, with crypto serving as the first beachhead where this is possible," said Amman Bhasin, Partner at PayPal Ventures. "Mesh's commitment to these principles, coupled with its innovative technology, makes them a clear leader in this dynamic landscape. We are confident that this investment will fuel Mesh's growth and contribute significantly to the advancement of embedded finance and native stablecoins."

CarbonPool, set to be the world’s first insurance company with a carbon credit balance sheet, has closed a CHF 10.5 million ($12 million) funding round.

Founded by former Allianz executives Coenraad Vrolijk, Nandini Wilcke and Frederic Olbert, CarbonPool aims to accelerate investment in carbon credits, which are crucial to achieving net zero, by providing carbon credit insurance with claims payments made in-kind.

Almost half of the world’s top 2,000 companies have plans to hit net zero emissions by 2030, part of an accelerating effort to achieve the Paris Agreement’s goal of global net zero by 2050. Many of these companies, alongside thousands of others, depend on carbon credits to reach their net zero goals. But after considerable turbulence in carbon credit markets, credit integrity, proper risk underwriting and certainty of outcomes are critical to reassure investors, regulators, and other stakeholders that these promises represent real environmental gains.

“CarbonPool’s in-kind payments make it unique among insurers in not only offering protection to holders of carbon credits in cases of natural disaster or technology breakdown, but also in providing a guarantee that carbon credits live up to their promises, giving purchasers certainty and ensuring that they can meet their net zero goals,” said Coenraad Vrolijk, former regional CEO of Allianz Africa and CarbonPool’s co-founder and chief executive.

The funding round was co-led by Heartcore Capital and Vorwerk Ventures and included HCS Capital, Revent Ventures and former members of the management board of insurance giant, Allianz, Axel Theis and Christof Mascher.

“Insurance represents 5-10 percent of revenue of most mature markets, yet it has only just begun to touch carbon trading. This is a space that desperately needs the credibility that established financial controls like insurance can offer,” said Christian Jepsen, a founding partner at Heartcore.  “We are excited to be backing a world-class team of climate scientists, carbon specialists and most uniquely, insurance experts with a combined 60 years of experience in global underwriting. I’m confident they will bring much-needed professionalization to this sector.”

“CarbonPool’s offering gives buyers, developers and investors in carbon dioxide projects the confidence needed to invest at scale and build the carbon removal industry we need,” said Dr. Dominik Steinkühler, Partner at Vorwerk Ventures. “We have been consistently impressed by the expertise and the track record of the CarbonPool founders and we’re excited to back such an ambitious and purpose-driven team. Their innovative in-kind approach extends beyond typical business insurance, safeguarding Earth’s CO2 balance sheet.”

CarbonPool’s insurance license application is underway in Switzerland, and the company is already offering assessments and pre-underwriting agreements to clients including corporations, institutional investors, and carbon removal developers. It is also in conversation with government bodies, including the United Nations and the State of California, sharing perspectives on how insurance can solve some of the industry’s key challenges, such as securing the permanence of carbon removals from the atmosphere.

“We are very excited to invest in CarbonPool. As a VC with a deep focus on insurtech, we believe in the power of innovation to address the pressing challenges of our time, and CarbonPool’s commitment to mitigating climate-related risks aligns perfectly with our vision for the future of the insurance industry,” said Alex Horvitz, CEO of HCS Capital.

The future of online retail payments is set to take center stage at the eCommerce Payments 2024 Summit, and we are excited to announce Super Payments as the event's official Gold Sponsor.

The online retail payments landscape is experiencing a significant transformation, with continuous improvements to the user and checkout experience, coupled with the introduction of robust security measures and stringent data protection protocols. According to a recent EY survey, over 85% of merchants plan to accept new Alternative Payment Methods (APMs) in the next one to three years, highlighting the dynamic nature of the industry.

Super Payments: Revolutionizing the Online Shopping Experience

Super Payments, the latest addition to our esteemed lineup of sponsors, is at the forefront of this transformation. As the Official Gold Sponsor, Super Payments aims to revolutionize the online shopping experience by powering fee-free payments for businesses and offering rewarding shopping experiences for members.

Join us at the eCommerce Payments 2024 Summit as we explore the dynamic evolution of alternative payment solutions, including pay-by-bank, digital wallets, biometrics, and other cutting-edge technologies. Super Payments' involvement adds a new dimension to the discussions, promising valuable insights into the future of online retail payments.

Key Highlights of the Summit:

•  Insights from industry leaders
•  Exploration of the latest trends in online retail payments
•  Super Payments' transformative impact on the payment landscape

The eCommerce Payments 2024 Summit is a must-attend event for industry professionals seeking to stay ahead of the curve in the rapidly evolving online retail payments space.

For media inquiries or more information about the eCommerce Payments 2024 Summit, please contact: Kerry Smith at ePay@eastmed.co.uk

MioTech, Asia's leading sustainability data and software provider, announced today that it has successfully closed a new round of financing. The ESG and climate tech company's latest and existing investors include global venture capital firms such as ZhenFund, Horizons Ventures, TOM Group, Moody's, HSBC, Guotai Junan International, GIC, and J.P. Morgan.

The latest fundraise will propel MioTech further on its path of profitability and achieve stronger market penetration across APAC. The funds will be deployed to deliver continued revenue growth with its suite of AI-powered ESG and climate tools to corporates and financial institutions. The funding will also bolster MioTech's research and development efforts in green technology, strengthening its expertise and driving digital transformation in the sustainability space.

MioTech's ESG datasets and climate risk analytics, which leverage artificial intelligence, satellite imagery, proprietary climate methodologies, and advanced financial modeling, have enabled clients to quantify their portfolio risks and combat evolving regulations in the face of climate change. Its end-to-end sustainability software-as-a-service has simplified the complexities of ESG reporting and carbon accounting processes, satiating increasingly high demand from organizations looking to kickstart their decarbonization journeys across operations and supply chains.

With the investment, MioTech looks forward to collaborating with investors to pursue strategic partnerships that help broaden its service offerings and tap into fast-growing demand in Asia, supercharging revenue streams and earnings growth.

"The ESG and climate market calls for innovation – especially in how businesses operate," said Jason Tu, Founder and CEO of MioTech. "We are excited to forge new alliances and are ready to fully execute on our shared vision in pursuit of a more sustainable future." 

LTX, a subsidiary of global Fintech leader, Broadridge Financial Solutions, Inc., today announced that it has been awarded four new patents on its fixed-income trading innovations of bond similarity technology, dealer selection score technology, liquidity aggregation technology, and RFQ+ trading protocol. Together, these technologies serve to inform pre-trade decision-making and bring new efficiency to trade execution. The newly patented technologies enhance trade workflows, from bond discovery and selection and counterparty selection to e-trading of larger size orders and provide the potential for price improvement due to the participation of multiple responding parties.

“Our buy- and sell-side clients have identified areas for improvement in existing trading and investment workflows, and we have responded with innovative solutions,” said Jim Kwiatkowski, CEO of LTX. “We’re thrilled that our inventions were awarded patents as our clients continue to partner with us on implementing AI into their workflows.”

Despite advancements in the bond market over the last two decades, it has fallen behind other asset classes in terms of innovation and electronification. LTX was formed by Broadridge to address the challenges corporate bond market participants continue to face in accessing meaningful pre-trade data, discovering liquidity, and executing trades efficiently. By enabling AI-driven workflows across the entire corporate bond trading lifecycle, from analysis and portfolio management to trading, LTX brings new efficiencies to bond discovery and selection, liquidity discovery, counterparty selection, and trade execution.

In addition to these patented technologies, other recent LTX innovations include the patent-pending generative AI application BondGPT and enterprise version BondGPT+, which assists users in identifying corporate bonds and answers complex bond-related queries in seconds.