Trading Technologies International, Inc. (TT), a global provider of high-performance professional trading software, infrastructure and data solutions, and Eurex Frankfurt AG, the leading European derivatives exchange, today announced that they have entered into a commercial partnership in which TT will offer direct access to the Eurex EnLight selective request-for-quote (RFQ) solution from within the TT platform. The agreement will give institutions on TT’s broad global distribution network the opportunity to streamline their RFQ and larger-scale, complex trade execution activity on a single screen.

Up until now, most activity on Eurex EnLight has taken place through the Eurex front-end platform. EnLight on TT will further reduce the time-to-market of price discovery from multiple participants, leveraging the large TT distribution network. With the TT solution, buy-side institutions, banks and others with larger-scale execution requirements not suited for the central limit order book will be able to extend and accept quotes from specific market participants with which they have relationships, including market makers and inter-dealer brokers, directly from their trading screens.

Steve Stewart, TT EVP Sales - EMEA & Europe Region Manager, said: “We’re pleased to partner with Eurex on this ambitious project that gives our clients convenient new ways of managing their large-scale orders and participating in the exchange’s diverse product offering from within the TT platform. The largest financial institutions in the world rely on us for their mission-critical trading systems and infrastructure needs, and we are constantly exploring new avenues for helping them easily access new trading opportunities and achieve new efficiencies.”

Thomas Martin, Eurex EnLight Product Manager, said: “This new partnership breaks down entry barriers and provides easy access to all the operational advantages of Eurex EnLight. With direct access to Eurex’s vast membership base of liquidity providers, we expect this partnership will lead to increased market liquidity and volume growth. We’re excited with what this new offering will bring to the market.”

Eurex EnLight on TT will be available for all equity, equity index and fixed income options and corresponding futures traded on Eurex as well as for all foreign exchange (FX) derivatives. The integrated solution will be available on the TT platform by the end of 2023.

The fully automated EnLight solution replicates the core aspects of voice and chat trading to bring together buying and selling interest from market participants engaged in off-book trading. It provides users the advantages of straight-through processing and compliance controls, including automatic electronic price formation, data collection, audit trail functionality and timely information retrieval to meet Europe’s MiFID II and MiFIR best execution requirements.

Financial crime compliance technology specialist Napier has announced a new partnership with Lyra Group, the €79 million turnover European and unified payment solutions provider, processing over twenty billion transactions worldwide annually. The partnership will see Napier provide Lyra with advanced transaction monitoring and hosting, and the capability to further scale its business globally. 

Based in France, Lyra was accredited by French regulatory body ACPR in 2017. Through its offer Lyra Collect, it provides POS services, mobile and e-commerce solutions throughout Europe, including international means of payments and different payments methods (recurring, one click, etc.).

The new transaction monitoring solution from Napier will help Lyra improve its compliance framework. It will be implemented in two phases, initially using Napier’s existing transaction monitoring rules, before the two organisations collaborate on creating additional rules based on specific typologies tailored to Lyra’s risk profile.  

Lyra Collect’s vice director Rebecca Masse said, “Compliance is an essential part of our business. We promise to ensure that all transactions through our platform are legitimate. By partnering with Napier, we can deploy its AI-powered technology to supercharge our regulatory infrastructure. This makes it easy for our compliance teams to identify cases that require further investigation. In this way we can continue to guarantee the security and reliability of transactions, even as we expand.” 

With its sights set on global expansion, Lyra aims to replace its legacy tech with Napier’s advanced solution to meet the highest level of compliance standards, all while scaling up transaction volumes with speed and accuracy.

Napier CEO Greg Watson said, “Payment solutions is one of the fastest growing digital commerce services around the globe. To cater for billions of payments annually, payments providers need to be equipped with the best transaction monitoring and risk management framework. We are confident that, with our intelligent framework, Lyra can offer the most secure and regulated payment options to its customers worldwide.”

Napier is an anti-financial crime compliance technology specialist that enables institutions to fight financial crime more efficiently and effectively. Its financial crime risk management platform, Napier Continuum, minimises risk by combining a full suite of big data technologies with AI.   

UK consumer lender Fluro has today launched the first edition of its quarterly “Consumer Lending Newsflash”, examining current trends across UK consumer lending by analysing data from its market-leading technology stack.

The study reveals that the UK consumer lending market has experienced a spike in activity in January 2023, with Fluro’s data tracking the highest numbers of loans requested since the summer. The year began with just over a fifth more loans requested (21% increase) compared with the previous month. In total, 313,334 loans were requested throughout the UK in January.

The data – covering a range of demographics including age groups, geographical locations and salary brackets from across the UK, as well as the reasons behind loan requests – has been extrapolated from Fluro’s customer database and reflects the unique number of customers who have either been quoted for or submitted loans across the open market, including the major price comparison websites.

Examining the loans requested in January by demographic suggests that a shift is underway, as households with incomes of over £70,000 and older generations (aged 70 and over) flocked to request loans – with increases of 24% and 51% respectively.

Nearly a third of loan requests in January (28%) were for the purpose of debt consolidation. In total, 88,042 loans were requested for the purpose of debt consolidation in January – up from 74,142 in December. Other key reasons for the increase in loan requests last month included extra cash for home improvements (20%) and cars or other vehicles (27%).

Geographically, Wales has seen the most significant increase in loan requests (25%) compared with the previous month – followed by Northern Ireland and Scotland, which both saw increases of 24%. However, areas of the country that have a higher proportion of affluent households have also seen spikes: the South East and South West have seen a rise in loan requests of 16% and 19% respectively.

Nick Harding, Co-Founder & CEO, Fluro, said: “Our data suggests that people are looking at ways to take control of their finances and ease the squeeze on their wallets. Cost-of-living pressures are affecting everyone and causing even higher earners and ‘asset rich’ older generations to take stock of their financial position. They may not have had to make cuts to their expenditure, but they are nonetheless concerned about inflation and the impact of rising interest rates.

“For many, a priority is to ensure that any debts are simplified and structured as efficiently as possible, for example consolidating expense credit card debts. We expect this to be a continuing theme for the year, as higher earners come off rock bottom fixed-rate mortgages and look to find ways of alleviating the impact of this on their day-to-day finances.”

SunTec Business Solutions, the world’s #1 relationship-based pricing and billing software company, today announced that Riyad Bank, one of the largest financial institutions in the Kingdom of Saudi Arabia (KSA), has gone live with the Zakat, Tax and Customs Authority (ZATCA) integration for e-invoicing, deploying its SunTec Xelerate platform.

Along with Riyad Bank, SunTec is also working closely with the top five banks in the region to seamlessly integrate the e-invoicing solution with ZATCA's platform (FATOORA) under Wave 2 E-invoicing. With this integration, banks will be able to generate simplified and standard e-invoices and share the digital invoices with the FATOORA portal for reporting, which in turn will be validated by the portal and returned with an acknowledgement status, thus, ensuring a compliant, tamper-proof and a seamless invoicing process.

Amit Dua, President at SunTec said, “We are truly delighted to have implemented the e-invoicing regime and ZATCA integration at Riyad Bank. The SunTec e-invoicing solution seamlessly integrates with the bank’s existing IT systems and enables complete digital invoice management, while ensuring security, accuracy, and regulatory compliance. Our solution automates the entire invoicing process (and amendments), thereby reducing time and cost overheads. Our solution will further ensure that invoices are seamlessly reported to ZATCA.”

SunTec has a strong global experience in indirect taxation and digital transformation in the banking landscape.  SunTec has implemented its indirect taxation product in more than 55 banks across the Gulf Cooperation Council (GCC) countries and India.

Zakat, Tax, and Customs Authority of the Kingdom of Saudi Arabia

The Zakat, Tax and Customs Authority undertakes to collect Zakat, taxes, and customs duties while achieving the highest level of taxpayer compliance possible in accordance with best practices.

The Authority is also responsible for organizing and managing all activities connected to ports and customs operations to achieve the highest level of compliance, productivity, and competitiveness. This aims to assist the Kingdom in developing into a significant global logistics hub by promoting trade and maintaining national security.

London-based global fintech, Unlimint, has announced it is further expanding its alternative payment methods portfolio with the addition of one of Brazil’s leading online payment solutions, Mercado Pago. This collaboration will allow Unlimint’s merchants from across the globe to expand to Brazil and offer local customers one of the country’s most popular payment options. Unlimint is an award-winning global all-in-one fintech offering advanced payment capabilities through an evolving financial interface to startups and businesses across the globe with 16 offices across five continents.

From its beginnings in 2004, Mercado Pago has grown to become the leading online payment solution in Latin America with operations in Argentina, Brazil, Chile, Colombia, Mexico, and Venezuela. It allows its customers to send and receive secure, easy, and prompt online payments. In 2021, 3.3 billion payment transactions were made through Mercado Pago, a 70 per cent growth from the previous year.

By adding Mercado Pago to its payment portfolio, Unlimint is enabling clients to capture a larger market share and increase conversion rates when operating within the Brazilian e-commerce sector. The solution allows for secure online payments via the Mercado Pago e-wallet at the check-out point, while also offering pay-out capabilities to safely transfer funds between merchants and customers.

The expansion of Unlimint’s payment portfolio in Brazil with the addition of Mercado Pago comes at a perfect time to allow businesses from across the globe to operate seamlessly in the largest economy in Latin America. Previously, Unlimint added several significant regional payment methods such as Boleto, Loterica, PIX, and PicPay, and, in addition to this, also provides local acquiring solutions. By including Mercado Pago in their payment portfolio, Unlimint offers a full suite that enables companies worldwide to successfully expand and grow in Brazil.

According to research from Edgar, Dunn & Company, the majority of users in Brazil prefer paying by card (62 per cent) while 38 per cent use other alternative payment methods. Figures from Statista show that the total transaction value in the digital payments segment in Brazil is projected to reach $83.90 billion USD (£69.2 billion) in 2023.

Commenting on the portfolio expansion, Irene Skrynova, Chief Customer Officer at Unlimint, said: “We are delighted with the addition of Mercado Pago to our payment portfolio. I believe it will be a massive benefit to our customers across the globe who wish to expand and operate in Brazil. LatAm is one of our strongest regions with a portfolio that offers a wide range of local payment methods and we pride ourselves in the fact that we can adapt quickly to respond to the evolution of the local payments landscape. We are able to react fast by adding new payment methods and options that become popular among shoppers in the region by leveraging our local expertise and technological capabilities. As consumers are becoming more aware of digital payments, it is critical for merchants to be able to offer as many payment options as possible to meet the growing demand.”

In a significant product update this month FullCircl, the Customer Lifecycle Intelligence (CLI) platform that helps B2B companies in financially regulated industries do better business faster, will bring transparency to complex corporate structures.  Connecting the dots on fragmented corporate ownership data, FullCircl is pulling back the veil so that compliance teams can continually visualise exactly who they are doing business with.

• Summary of ownership
• Companies House Persons of Significant Control (PSC)
• Shareholder data
• Corporate family tree
• Subsidiary data
• Portfolio companies
• Ultimate Beneficial Ownership (UBO) data

“For regulated businesses, identifying who owns and exercises control over the entities they do business with has traditionally been incredibly time consuming, expensive, and fraught with inaccuracies that expose them to both regulatory and reputational risk.  Complex corporate structures, often by design, do not lend themselves to ease of analysis.  Our product now offers the ability to accurately map out and visualise a complete view of corporate ownership, so that regulated businesses understand who they are doing businesses with and can manage risks in the most accurate and cost-effective way possible.”

 

“A complete ownership view also offers the chance to enhance customer relationships at every stage of the customer lifecycle – identifying the right customers, onboarding them faster, and keeping them for life.”

SmartSave Bank, the savings brand of UK digital bank Chetwood Financial, has today announced a new partnership with Flagstone, the UK’s leading cash deposit platform.

Flagstone is the UK’s largest smart cash platform for corporate, charitable and individual clients. It offers a choice of banks and accounts, allowing customers to compare, manage and move deposits with ease to maximise returns and minimise risks.

Under the new partnership, SmartSave will make its market-leading fixed-rate accounts available to Flagstone clients while scaling up its deposit-raising activities via Flagstone’s broad distribution channels.

Designed alongside customers who told Chetwood that they wanted a simple way to save, SmartSave allows users to open and manage their account entirely online and earn interest from day one, with absolute transparency about when their term is ending. 

Deposits made with SmartSave through the Flagstone platform can be opened and funded at the click of a button and are protected by the Financial Services Compensation Scheme up to a maximum of £85,000, providing customers with complete simplicity and peace of mind.

Andy Mielczarek, CEO and Founder of SmartSave, a Chetwood Financial company: "We are thrilled to be offering our market-leading SmartSave accounts through the Flagstone platform. In the current climate, where inflation is high and interest rates are still rising, ensuring that customers have access to competitively priced savings products that help them do more with their money is vital. 

“We look forward to giving more people the opportunity to grow their savings, as well as making the most of Flagstone’s broad range of distribution channels to grow our own deposit base.”

Mark Hicks, Head of Bank Partnerships at Flagstone, said: “We are delighted that SmartSave have become the latest partner to join our platform. Flagstone has access to a wide range of distribution channels, and we look forward to utilising these channels to help SmartSave grow their deposit base.”

NatWest Rooster Money has updated its pricing to give NatWest Group customers free access to its popular prepaid kids’ debit cards subscription, for as long as they’re with the bank. In addition to its already-free pocket money app, households with the bank will enjoy access to free Rooster Card subscriptions for up to three children aged six to 17.

This extends the previous 12-month free subscription offer to NatWest Group customers, giving families access to financial tools to help their kids learn for as long as they’re with NatWest, Royal Bank of Scotland or Ulster Bank with an annual value of up to £65.67.

The move follows NatWest Group’s acquisition of Rooster Money in 2021 and the latter’s subsequent rebrand as NatWest Rooster Money in 2022, which made NatWest the only high-street bank to offer a kids’ prepaid debit card and pocket money app. Following the relaunch, NatWest Rooster Money went on to double the number of active families on its platform in 2022.

Will Carmichael, CEO of NatWest Rooster Money, comments:

“NatWest Rooster Money is dedicated to giving kids a head start with money. We’ve seen huge growth of Rooster Money over the past year, both in the open market and for NatWest customers, as families want to get their kids engaged with making considered spending and saving choices. Our subscription offers great  value at £1.99 a month, or £19.99 a year, and this is an exciting opportunity to be able to offer still more value to our NatWest customers, especially at a time when we are all feeling the crunch on our family finances.”

Miles Hillier, Head of Youth and Families Banking at NatWest says:

"At NatWest, we want to be the easiest bank for parents and the most relevant and engaging for young people. We're dedicated to supporting the younger generation at every age and stage of their life, which is why we're thrilled to be able to extend that commitment by making NatWest Rooster Money even more accessible for NatWest customers. This extra benefit could help to reduce families' outgoings during a particularly tricky time for the country, whilst giving their children the tools to build a solid financial foundation for their future."

The free subscription launch marks a continuation of the NatWest Group’s commitment to championing potential. With accounts ranging from First Saver through to Student Banking, NatWest has prioritised supporting young people for decades. This is brought to life by youth initiatives such as its free financial education programme, MoneySense - started over 25 years ago - and more recently its Thrive programme. Launched in partnership with Marcus Rashford and the National Youth agency, it brings together a network of community centres across the country to improve young people’s financial confidence and equip them with skills for life.

TransUnion, a global information and insights company and one of the UK’s leading credit reference agencies, has officially been named amongst the UK’s Best Workplaces™ for Wellbeing.

Awarded by Great Place to Work®, a global authority on workplace culture, the recognition is based on colleague feedback, and assesses individuals’ experiences of wellbeing at work, taking a holistic view on how the company supports work-life balance, sense of fulfilment, job satisfaction, psychological safety and financial security.

Satrajit “Satty” Saha, CEO of TransUnion in the UK, said: “We're really proud to have been listed as one of the UK’s Best Workplaces for Wellbeing. At TransUnion, we want all our colleagues to feel welcome, respected and empowered to succeed. This accreditation demonstrates our commitment to creating a work environment where all aspects of wellbeing are fully supported.”

TransUnion’s initiatives for colleagues includes encouraging ‘away from keyboard’ time for an hour daily, ensuring colleagues take a break from their computers. There’s also a free meditation app available to all, access to a virtual GP 24/7, free counselling, trained mental health first aiders, menopause champions and regular physical activities including lunchtime yoga and boxing classes.

Last year TransUnion’s UK colleagues also enjoyed Flexible Fridays in August to take time for themselves, whether for their own development, a pet project or simply to recharge. In addition, the company offered three additional days of leave, three paid volunteer days and hosted a wellbeing festival, supported by TransUnion’s active colleague forums.

“At the heart of every organisation are its people and looking after their wellbeing should be much more than a package of impressive perks on a careers website,” explains Benedict Gautrey, managing director of Great Place to Work UK. “We know when employees feel genuinely contented and at ease within their roles, they are much more engaged and productive.  

“Now in our second year of the UK's Best Workplaces for Wellbeing list, we’re once again able to showcase the leading organisations providing cultures conducive to outstanding psychological, physical and social wellbeing.  A huge congratulations to TransUnion for making this prestigious list.”