Moneyhub has launched its latest API ‘Recipe’, Fact-finder, unlocking the potential of Open Finance and empowering businesses to deliver more purposeful services and solutions to their customers. The Recipe combines Moneyhub’s Open Banking and Open Finance API connections to ensure plugging into existing systems and solutions is easy.

Using Moneyhub’s Fact-finder API Recipe, businesses can move beyond the time-consuming manual fact-finding process when onboarding new customers and clients and benefit from the immediacy and accuracy of real-time data available through Open Finance. Access to a holistic and real-time view of customer finances can result in more personalised and wide-reaching impactful services and solutions. 

While this solution can be utilised by businesses no matter the size or sector, it is especially useful for those in sectors such as financial advice and wealth management, where the onboarding process can be particularly onerous, and the benefits of a more hyper-personalized service can obviously be supported. 

Indeed, the Fact-finder API Recipe offers businesses deeper and richer customer insights, including connections to investments, pensions, properties, and mortgages. As a result, customers can gain access to relevant and timely products suited to their individual requirements.

Through the Moneyhub Fact-finder recipe and its AI-driven nudge technology, businesses can provide their customers with personalised insights to help them understand their evolving financial situation and options, and vice versa. For example, nudges can immediately notify Financial Advisers of pertinent information and changes to their customers' circumstances to ensure advice remains appropriate.

Kim Jenkins, MD of API at Moneyhub, comments: “We know that the fact-finding, onboarding and ongoing reviews can be hugely onerous and time-consuming for businesses and their customers. With Open Finance, this process can be automated and improved so businesses benefit from access to holistic and accurate real-time data at the point of onboarding and throughout the relationship with the customer. 

“We hope this will help improve efficiencies and facilitate more purposeful and useful digital experiences for customers.”

Saxo Bank announced the appointment of John Carmichael as Chief Risk and Compliance Officer and member of the Board of Management and Executive Team.

Higlobe, a payment solution for global businesses and remote professionals, today announced a partnership with Triple-A, the digital currency payment institution, aimed at transforming the landscape for remote workers in the Philippines by providing instant, free payment transfers from the United States.

Driven by the demand for new payment rails that cater to the evolving global workforce and their shared goal of simplifying cross-border payments, Higlobe and Triple-A’s partnership leverages the potential of stablecoins to offer freelancers and businesses a better alternative to traditional SWIFT-based cross-border payment services.

In recent years, particularly with the onset of the pandemic and the shift in work culture, remote work has experienced remarkable growth. Geography is no longer seen as a constraint in hiring talent. As such, freelancers have unparalleled access to remote opportunities while businesses fulfill needs in a highly cost-efficient manner.

In 2020, in the Philippines alone, as many as 1.5 million professionals were engaged in freelancing platforms, doing work such as content creation and customer service for local and foreign clients.

Yet, despite the global job market's expansion, professionals abroad who wish to accept USD payments from US-based clients still face numerous hurdles posed by traditional payment methods. Often riddled with complicated processes, steep fees, or unfavorable exchange rates, existing cross-border payment solutions ultimately result in remote workers receiving less money or missing out entirely on job opportunities that are attractive otherwise. 

Higlobe changes the game by offering remote workers the flexibility to receive USD funds from their US-based employers through a dedicated US-receiving account. From there, users can transfer funds directly to their local bank account fee-free, paying only a guaranteed low exchange rate. Alternatively, users can opt to transfer their dollars to a virtual prepaid card, allowing them to conveniently spend funds locally or in the US.

"Our partnership with Triple-A signifies a leap forward in delivering instant, free global transfers from the US and accelerating cross-border payments for freelancers," stated Teymour H. Farman-Farmaian, Co-founder and CEO of Higlobe. "Our mission is to move the world’s money instantly and at no cost, especially in this era when remote work has gained significant traction. This collaboration aligns with our commitment to revolutionize international payments, benefiting both freelancers and the businesses they work with. It also marks another step forward in our international expansion."

Co-founded in 2020 by former Google and Spotify executive Farman-Farmaian and software engineer Jeff Bolton, Higlobe is a payment service that allows its users to get paid by their US clients, near-instantly and at no cost. Users save up to 6% in transaction fees when compared to most incumbent services. With Triple-A's expertise in digital currency payments and regulatory compliance, this collaboration promises an unparalleled payment experience for freelancers and exporters in the Philippines. 

"We understand the complexities freelancers face in receiving payments, especially across borders," remarked Eric Barbier, Founder and CEO of Triple-A. "Through this partnership, we aim to provide freelancers in the Philippines with an inexpensive and hassle-free experience when receiving USD payments from the US. Our robust, compliance-focused platform ensures secure and convenient transactions, further empowering the freelance and remote workforce."

This partnership marks a milestone in empowering the global freelance workforce, emphasizing the significant role stablecoins can play in simplifying cross-border payments, optimizing treasury and cash management, and fostering financial inclusion for freelancers in emerging economies and beyond.

Global digital transformation pioneer GFT Technologies SE (GFT) agreed to acquire 100% of shares in Colombia-based core banking expert Sophos Solutions S.A.S. With Sophos, GFT advances to one of the top 3 banking IT services providers across Latin America and also increases its global delivery capability. The purchase from Advent International, one of the largest and most experienced global private equity investors, is a clear sign of GFT’s continued focus on growth and profitability. 

GFT is gaining a new stronghold for core banking solutions, AI, and cloud modernisation, as well as additional partners and clients, which include Colombia’s most relevant financial institutions. The company is increasing its presence to 20 countries, six of which are in Latin America: Brazil, Mexico, and Costa Rica are now complemented by Colombia, Chile, and Panama. The combined impact of both companies will result in GFT advancing to be a top three provider of IT services for banking across Latin America.

Thanks to Sophos’ more than 1,700 employees, GFT’s global headcount will grow by almost 20 percent to more than 12,000. This is the largest number of talents ever added in a GFT acquisition. The transaction is expected to be completed in early February 2024. In 2022, Sophos generated revenues of around 257 billion Colombian pesos (currently around 60 million Euros) and GFT reported over €730 million worldwide. 

“In this strategic acquisition, we're not just merging companies; we're multiplying potential,” said GFT CEO Marika Lulay. “It is a logical continuation of our successful strategy for growth and profitability. All aspects of Sophos are highly valuable to us. From the new colleagues, new competencies and new clients to the new partners for core banking solutions, such as Oracle Flexcube. All this results in high traction for GFT in Latin America’s third-largest market Colombia, plus exponential growth scope in the Americas and beyond.” 

Clients benefit from expertise in core banking, AI, and cloud modernisation 

Sophos is especially renowned for its core banking, AI, and cloud modernisation expertise, as well as innovation and digital transformation. GFT clients benefit from expanded delivery capacity and access to new expertise, including solutions for core banking with Sophos’ established partners. For Sophos’ clients, the acquisition means access to the additional large GFT talent pool, extensive experience in successfully implementing next-generation technology, more partners like Thought Machine, and pre-built solutions. All that combined translates into a shorter time to market and effective services delivery for all clients.

“We are proud to have partnered with the entire Sophos team during a time of significant growth for the company,” said Lucas Marulanda, Director at Advent International. “Since our investment in 2020, Sophos has strategically scaled its platform through international and regional expansion and continued to help drive significant technological transformation and modernisation across the financial industry. We look forward to following the company’s continued success.” 

“For everyone at Sophos, it is a great opportunity to become part of GFT,” added Sophos CEO Felipe Villa. “I see a perfect fit with combined expertise and global presence of Sophos and GFT. This will enable us to even better support our clients on their digital transformation journey – great news for our employees and their career development, as well as for our clients. We are grateful to Advent for taking our company to the next level.” 

Canaccord Genuity is serving as the exclusive financial advisor to Advent and Sophos.

i2c Inc., a leading provider of banking and payments solutions, announces a five-year partnership with The Bank of Missouri (TBOM) a celebrated community bank renowned for its pioneering digital banking initiatives. Through this alliance, the bank provides fintech the ability to offer a full suite of digital financial products and services to consumers and businesses alike.

By leveraging i2c’s core banking and payments platform, TBOM can swiftly onboard fintech clients and enable these companies to create their unique configurations of digital-first financial services that more effectively meet consumers’ financial needs. This collaboration is geared towards addressing the emerging requirements of fintechs to offer easier access to digital banking solutions — including checking and savings accounts, consumer and small business loans, credit card, reward programs, and virtual cards — among other customizable banking services.

“We chose i2c for their configurable suite of products, full suite of managed services, as well as, their reputation in the industry,” said Mark Barker, EVP, chief contract services officer at TBOM. “With i2c as our strategic platform processor provider, we can quickly and easily deliver a full suite of financial products and services to our fintech clients, while allowing them the flexibility they need to differentiate themselves against their competitors.”

“Our partnership with TBOM underscores i2c’s commitment to providing both technology and managed services to BaaS enablers globally,” said Serena Smith, chief client officer at i2c. “At i2c we’re excited about this collaboration and the unparalleled value we create for fintechs and BaaS aggregators alike.”

TransUnion, a global information and insights company and one of the UK’s leading credit reference agencies has named Sudhish Mohan as its new UK and Europe chief information officer (CIO).

Having previously held the roles of CIO and chief operating officer at TransUnion Africa, where he led digital transformation, product delivery, and consumer experience, Sudhish will now be responsible for leading TransUnion’s technology and analytics transformation. He will also be identifying and developing new strategies to advance technology systems and products in the UK and Europe.

"I am delighted to be joining the team at TransUnion in the UK at such a pivotal point in the wider market’s evolution,” said Sudhish. “We are committed to advancing our cutting-edge technology platforms. Our clients and consumers are at the core of our offering, and we strive to continuously improve our cloud, data & analytics capabilities while leveraging our global products and services.”

Sudhish brings over 20 years’ experience of working with global organisations across multiple industries. Most recently, Sudhish was the technology leader building Old Mutuals’, a large financial services company, and digital bank offering in South Africa. In this role, he led the technology strategy and delivery. He has also led large-scale technology transformations and built delivery teams in other global companies.

Shawn Ellis, TransUnion International chief information officer said of the appointment: "We are thrilled to welcome Sudhish to the UK team. His proven leadership, extensive experience and commitment will help further enhance our evolving global capabilities through advancing cutting-edge technology platforms. We look forward to the invaluable contributions Sudhish will bring to our team, ensuring the delivery of exceptional service and support to our clients and consumers."

COLIBRIX proudly announces a significant milestone as the company has become a Mastercard  Principal Member. This recognition highlights COLIBRIX's commitment to providing exceptional services and establishes the company as a major player in the financial services sector. 

After a meticulous selection process, Mastercard has approved COLIBRIX as a strategic partner,  solidifying a collaboration that will reshape the future of the financial landscape. As a Mastercard  Principal Member, COLIBRIX now has unique opportunities and access to a global network that will enable them to further enhance their capabilities and deliver even greater value to merchants. 

"We are deeply honoured to be recognised as a Principal Member by Mastercard, a testament to our drive for top performance and innovation in the payments industry," stated Aleksander Bobrov,  CEO of COLIBRIX. "This collaboration marks a significant step forward and we are excited about the new opportunities it brings for us and our customers. And we couldn't have gotten here without  the dedicated people who work with us to drive the business forward and contribute to our  continued success." 

This February COLIBRIX will be exhibiting ICE 2024 London to showcase innovative solutions and welcomes all show attendees to visit stand N1-430 and join in the insightful discussions and great celebrations. The company looks forward to engaging with industry stakeholders, fostering connections, and contributing to the continued evolution of the gaming and fintech industries. 

COLIBRIX, an FCA-authorised EMI based in the UK, specialises in offering distinctive payment solutions to businesses worldwide with respect to social, commercial and governance criteria. The company's mission is to empower merchants by optimising operations and increasing profitability through a wide range of services including global card processing, digital wallet operations, and support for various local alternative payment methods (APMs). 

Mosaic Smart Data (Mosaic), the real-time capital markets data analytics company, has revealed the challenges that front office divisions in investment banks face when attempting to get their data in a fit enough state to deploy AI-powered analytics to improve efficiency, productivity, and profitability. 

Mosaic studied six million FICC transactions from global and regional investment banks in South America, the U.S., Canada, the UK, the EU, South Africa, Japan, and Australia, and surveyed front office staff such as traders, salespeople and quants, finding:  

Data quality and integrity is a critical challenge - 66% of banks struggle with data quality, gaps in important data points and some transaction flows not being captured at all  

Banks want real-time analytics capabilities - 83% of banks have no real-time access to transaction data and/or data analytics, largely due to the lack of a central repository  

Banks struggle to access their data - 66% of banks said that the data they found most useful for their analytics is challenging to access because it is fragmented or that they have no access at all 

Reference data is unfit for purpose - 50% of banks have reference data with no unified counterparty identifier, especially for client static data, and sometimes the data is altogether missing 

Stemming from and propelled by the requirements from regulators following the 2008 market crash, investment banks made sizeable investments in data management during recent years – circa USD 88 million per year.1 However, evidence suggests little ROI is typically achieved in the front office. The results of Mosaic’s survey indicate that the problem often lies in failing to aggregate, standardise and enrich data before implementing an analytics programme. 

Matthew Hodgson, CEO and founder of Mosaic Smart Data, said: “As AI continues to evolve, so does the sophistication of the data analytics solutions it underpins – but before banks can take advantage of this they must first address the ‘state’ of their data. 

“No powerful analytics or AI can fully function if data is not normalised, maintained in an orderly fashion and gaps in the data enriched. This must be addressed before an analytics programme can progress successfully. It is now a crucial time to invest in data and analytics to revolutionise the front office of investment banks – but ROI must be guaranteed in the current economic climate, and this begins with better data health. Making the right changes today can deliver significant long-term returns.” 

Mosaic Smart Data offers an award-winning data analytics solution, designed specifically for capital markets, by a team with deep domain expertise and years of experience. The product is in daily use by hundreds of people at leading global investment banks and is setting a new standard across the industry by maximising clients’ ROI. 

Click here to request a copy of the full study “Tackling data health to enable analytics in investment banking front office.” 

The payment company Unzer has expanded its business activities and launched its POS solutions in Austria and Luxembourg. With its iPad checkouts, card terminals, and the POS Go mini checkout, Unzer supports all merchants who want to digitize their processes and meet the growing demand for contactless payments. In Germany, Unzer already serves more than 40,000 merchants with its POS solutions.

Robert Bueninck, CEO of Unzer, explains: "We believe that customers want a seamless experience no matter where they shop. Merchants are focused on delighting their customers and shouldn’t have to worry about connecting their online and offline stores in one backend. That’s why we provide the software and hardware ensuring that all retail systems can communicate in real-time. With our POS solutions, merchants have a range of options simplifying their daily business life, from customer loyalty programs to real-time sales data."   

The Austrian and Luxembourg markets present substantial opportunities for Unzer's expansion. Austria, with approximately 30,000 restaurants and 140,000 retail and service businesses, and Luxembourg, albeit smaller but with an addressable market of 15,000 companies, both are robust economies with an increasing demand for contactless and mobile payments. Unzer's decision to penetrate these markets is the right step strategically and enabled by its established presence there. With offices in Vienna and Grevenmacher and a specialist sales team, Unzer’s POS solutions are set to cater to the nuanced needs of the Austrian and Luxembourg markets.

Unzer's cash registers and card terminals are designed for small and medium-sized companies seeking to accept mobile payments – whether in a restaurant, at an event, or in a store. The POS Go mini cash register is equipped with a card reader, receipt printer, and scanner and can be used flexibly anywhere thanks to cloud-based software. Popular payment options such as installment and invoice purchasing ("buy now, pay later") can also be offered directly at the point of sale. At the same time, retailers benefit from numerous additional functions such as digital accounting and storage of their receipts as well as real-time sales analyses.

As physical and virtual retail are increasingly merging, many merchants are looking for ways to interlink their channels. Unzer sees a unique opportunity to significantly increase its market share with its Unified Commerce offering, providing value-adding software services alongside payments to merchants in selected verticals. Over time, the company has cultivated a diverse product portfolio to ensure holistic coverage of the payment transaction industry – from online and in-person payments to advanced collection services and integrated commerce software.

Central to these innovative strides is the UnzerOne platform. It serves as a unified hub, seamlessly integrating sales, payments, and marketing functions across all touchpoints. Businesses benefit from an intuitive dashboard that provides direct access to real-time data, whether it is sales, inventory, orders, or customer preferences.

Robert Bueninck says: "With our holistic offering, we are well positioned to offer merchants in Europe real added value and gain market share. These are the best prerequisites for continuing or even accelerating our growth in the coming months and years.”