Worldline, a global leader in payment services, is further expanding and enriching its partnership with Commerzbank. This extension enables Commerzbank to offer its customers in Austria, France, Italy, the Netherlands, Spain, and the United Kingdom the sending and receiving of real-time transfers in euros. It is also possible to process instant payments in Switzerland in Swiss francs. Instant payments are processed via the scalable Payments Back-Office processing platform from Worldline that was previously integrated into Commerzbank's banking systems.

The strategic trigger for the introduction of instant payments in Swiss francs is a decision by the Swiss National Bank (SNB) in June 2021, according to which the acceptance of such payments will become mandatory for financial institutions. From August 2024, the largest Swiss banks, including Commerzbank due to its annual transaction volume of more than 500 million, must be able to process instant payments. In line with the forthcoming regulation on instant payments in the EU, the remaining Swiss banks will follow by 2026.

Alessandro Baroni, Head of Financial Services at Worldline, commented: "We are delighted to expand our already extensive partnership with Commerzbank. With our international expertise and industry-leading solutions, we enable Commerzbank to offer instant payments in numerous European countries and also give its Swiss customers the opportunity to send and receive instant payments. This next step in our partnership showcases Worldline’s role as the ideal partner for banks worldwide."

Sebastian Kauck, Divisional Board Member and CIO Corporate Clients at Commerzbank, added: "The expansion of our existing business relationship with Worldline will help us to better support our Swiss customers and implement the upcoming requirements in the Swiss instant payment sector. The Swiss market is an important focus for Commerzbank. As we expand our offering across Europe, we are pleased to have Worldline as a reliable partner at our side."

Worldline has a network-independent solution that is used as a SWIFT Service Bureau. Commerzbank will also use the existing solution to connect to the new SIC 5 system for Swiss Instant Payment Clearing.

Tink, the market leader in open banking, has launched ‘Risk Signals’ - a rules-based risk engine that unlocks instant payment experiences across Europe while minimising risk. 

In some European markets, bank transfers can take up to three days to settle depending on the scheme, with a chance that the funds never arrive. Consumers don’t want to wait for their order to be confirmed, to access a service, or for their account to be funded. This leaves businesses in a bind. Offer an instant experience and absorb the risk, or hold off until the payment is settled and potentially lose the customer. The arrival of Tink’s Risk Signals means businesses no longer need to compromise between a quick checkout and reducing risk. This newly launched product feature allows transactions to be assessed in seconds while the payer progresses through the payment, adding minimal friction to the user experience.

Risk Signals uses account, balance and transaction data shared under a valid consent by the payer to make more accurate risk decisions to minimise fraud. These risk checks occur seamlessly in the background at checkout. Based on Tink’s pan-European bank connectivity, Risk Signals enables a secure, fast and high-converting payment method, particularly in markets without real-time settlements. 

Risk Signals consists of a suite of risk checks which Tink can customise per bank and market. This includes:

• Live balances: Verify a user’s ability to pay with real-time balance information including overdraft, credit lines, and pre-booked orders.
• Transaction history: Assess fraud risk based on recent transactions, and previous non-settled payments.
• Velocity checks: Flag suspicious transaction activity. 

Tink is launching Risk Signals across Europe, initially in Germany, with one of the world’s largest PSPs, Adyen, already using the service. On average, Risk Signals takes just one week to fully implement for Tink customers. There is no integration needed from the customer. The product feature is simply configured by Tink as a service and then active, making it extremely easy to onboard customers.

Dirk Jan Meijers, Payment Partnerships Lead Europe at Adyen commented: "With Risk Signals, Tink is enhancing the open banking payment landscape, particularly in important markets like Germany. By leveraging the real-time risk analysis during payment processes, Adyen can offer a payment option that not only ensures security and reliability but also aligns perfectly with both merchants' and shoppers' expectations."

Tom Pope, SVP of Payments and Platforms at Tink added: “Risk Signals is an ideal fit for businesses looking to offer a secure and fast payment method especially in markets without real-time settlement – like Germany. With Tink’s Risk Signals, you no longer need to compromise between a fast checkout and reducing risk. Already in use by PSPs like Adyen, Risk Signals uses account, balance, and transaction data shared under valid consent by the payer to prevent fraud which simultaneously contributes to providing a brilliant experience for both merchants and consumers.”

Axyon AI, a pioneering Italian AI fintech company, has closed its latest funding round led by the US-based venture capital firm Montage Ventures and accompanied by Techshop SGR, alongside other angel investors. The round marks a new chapter in Axyon AI's journey towards revolutionizing the Asset Management industry with cutting-edge AI technology.

The €3.9 million capital injection will catalyse Axyon AI's commercial expansion and technological development initiatives, fostering further innovation. The funding round will provide €2.3 million in new cash, with the remaining €1.6 million secured through the conversion of the convertible notes issued in 2022, subscribed by the “Rilancio Startup fund” by CDP Venture Capital, ING Ventures and UniCredit, among others.

Since its foundation in 2016, Axyon AI has been at the forefront of delivering advanced AI-driven predictive solutions. By integrating cutting-edge AI-powered insights and active indices, Axyon AI enables asset managers to navigate complex market dynamics with greater precision and insight.

Daniele Grassi, CEO and co-founder of Axyon AI, comments:

“This fundraising round, bolstered by the partnership with Montage Ventures and Techshop, is a significant leap forward. Their confidence in our vision and extensive support are instrumental to our accelerated growth. This investment ushers in an innovation and commercial expansion era at Axyon AI, and I'm eager to work towards our vision of providing the most accurate and reliable AI solutions for investment management.”

Todd Kimmel, Managing Director of Montage Ventures, expresses his views:

“We believe that asset allocation is undergoing a transformative phase, and AI will play a pivotal role in shaping its future. Axyon AI is well-positioned to capitalize on this opportunity by leveraging its state-of-the-art technology to deliver alpha opportunities via AI-powered asset rankings and model strategies on their preferred asset classes.

A key factor in our decision was the exceptional team behind Axyon AI. Their deep expertise in both finance and AI, along with a track record of successful innovations, instills confidence in the company's ability to execute its vision and deliver tangible value to the financial industry.

Axyon AI’s solutions demonstrate scalability and adaptability to meet the diverse needs of financial institutions. This flexibility positions them as a strategic partner capable of evolving alongside the dynamic requirements of the financial ecosystem.

We’re excited to partner with Daniele and the team at Axyon AI. Our investment in Axyon AI is a testament to our belief in the transformative power of AI in the financial sector and our confidence in the company's ability to execute.”

“We are pleased to invest in Axyon AI and help them scale their customer base” - say Gianluca D'Agostino and Aurelio Mezzotero, managing directors at Techshop. “AI will become centric to every asset manager's investment process and turn into a global, truly borderless industry: in this new world, Daniele, Giacomo and Jacopo and their team are in a promising position to take centerstage. We look forward to working with them and their distinguished investors in this endeavour, bringing to the table our AI clout, coupled with our knowledge of the fintech industry and a steadfast support”.

Travelex, the market-leading travel money brand in Australia, has relaunched online foreign exchange (FX) cash services for Commonwealth Bank of Australia (CBA), the country’s largest bank. 

The relaunch means that CBA's more than 11 million retail customers will now be able to order more than 30 different currencies online, at any time of day, for collection at any of its network of branches, which is the largest in Australia. 

The reinstation of CBA's online travel money service represents a significant milestone in the recovery of Australia’s retail FX industry, following the Covid-19 pandemic, and will help serve the millions of Australians who travel abroad each year with travel cash.  

Recent research from Travelex shows that demand for travel cash remains extremely strong. More than half (52%) of Australians who travel still take cash as their main overseas payment method, with under-25s using cash more than any other age group (62%). The research also found that those who pre-plan their travel currency needs ahead of their trip are the most satisfied with their foreign currency experience. Almost two-thirds (64%) of those who took foreign cash on a trip that they’d purchased before travel were satisfied or very satisfied. 

Darren Brown, Managing Director ANZ, Travelex, said: 

“Rather than cash dying, it remains the payment method of choice for more than half of Australians travelling abroad – and we are therefore delighted to be reinstating FX cash services for Australia’s largest bank. By supplying CBA with more than 30 currencies available for order online across the country, we hope to make the foreign currency purchase process as accessible and convenient as possible for 11 million Australians. This relaunch with CBA is a testament to the strength of Travelex’s unrivalled distribution network.” 

David Tenaglia, General Manager Everyday Prodcuts, Commonwealth Bank of Australia said: 

“When venturing overseas it’s important to have a mix of payment options to ensure you’re adequately covered. Alongside your bank cards, having some local currency can be very handy and is simple to arrange online before you head away on holidays.” 

Kantox, a global leader in Currency Management Automation software, has today announced the launch of Kantox In-House FX. The solution allows companies to centralize the foreign exchange (FX) management and trade executions of their subsidiaries, maximizing exposure netting for the group and enhancing liquidity.

Managing the FX of various business units poses significant challenges for finance teams, often leading to high trading costs, limited visibility, and a lack of consolidated FX management. The solution leverages Kantox's award-winning Kantox Dynamic Hedging® technology to seamlessly integrate the FX operations of subsidiaries with the headquarters. Subsidiaries can benefit from 24/7 internal FX transactions, currency risk is managed seamlessly, and with only one trading entity, businesses can centralize and significantly improve bank terms.

“A Central Treasury can now be much more than a simple intermediary between its subsidiaries and the banks. Kantox In-House FX allows the headquarters to take control, enhance and even optimise the FX capabilities for the entire group,” said Simon Chevoleau, Kantox’s Chief Product Officer.

"As we launch our Kantox In-House FX solution, we are proud to provide a seamless platform for companies to centralize their FX management in the most optimal and automated way. At Kantox, we are committed to empowering businesses to navigate the complexities of foreign exchange with efficiency and confidence, providing a competitive edge in today's global marketplace," explained Antonio Rami, co-founder and Chief Growth Officer at Kantox. 

Hotelbeds Group’s Corporate Finance Director, Ignacio Ramos, said, “The Kantox In-House FX solution allows us to centralise our FX management in the Hotelbeds Group. Kantox In-House FX provides internal liquidity to 22 subsidiaries, and we are able to net our exposure on a group level.”

Key features of Kantox In-House FX:

24/7 liquidity: Kantox In-House FX allows 24/7 internal FX transactions for subsidiaries with customizable markups set by the headquarters. 

Increased control: The central treasury can have full control over subsidiaries’ hedging policy as well as internal trades, including reviewing rates and approving or rejecting internal FX transactions that exceed specified criteria.

End-to-end traceability: Finance teams gain full traceability from the original entry at subsidiary level to the execution of external trades. 

Risk management:  Headquarters can manage risk from internal trades by executing an external FX transaction before providing a rate and confirming the internal FX transactions (No Book-Holding), immediate confirmation of internal FX transactions (Book-Holding), or by aggregating internal FX transactions into external ones (Back to Back). 

Single trading entity: Headquarters acts as the sole trading entity, managing netting at the group level on top of subsidiary-level netting.

Iliad Solutions, a global leader in payments testing, is offering support to financial institutions integrating the next SEPA Instant Credit Transfer (SCT Inst) rulebook version scheduled to go live in March 2024. 

To help organizations make this SCT Inst transition smoothly and keep up-to-date with the latest changes, Iliad Solutions has developed the SCT Inst Testing Solution, an orchestrated version of its highly acclaimed t3 payment testing platform. The Solution empowers financial institutions to securely simulate all types of instant payment journeys included in the new 2023 rulebook - across both internal and external ecosystems. 

Iliad’s SCT Inst Testing Solution allows financial institutions to:

●    Create bespoke tests tailored to your unique environment

●    Run automation using Iliad’s test studio and palettes with a blend of test data

●    Quickly see where errors are occurring with user-friendly test results

●    Manage all data centrally to ensure full sight of all results at all times

●    Thoroughly test downstream applications affected by real-time payments

●    Comprehensively test regression and allow for test automation with data tagging

●    Devise condition-based test scenarios with matching response rules (PACS.002 etc)

Anthony Walton, CEO, Iliad Solutions comments: “With Europe’s major financial institutions facing more operational pressures than ever before, staying up to date with the latest banking innovations is a perennial challenge. Our SCT Inst Testing Solution enables quality managers, technology officers, and operations leads to deploy the new SCT Inst version with confidence.”

Walton added: “Banks and payment providers who want to remain at the forefront of financial innovation need to embrace this upgrade, we can help!”

All financial institutions participating in SCT Inst need to be ready for the changes involved. You can learn more and download Iliad’s SCT Inst Testing Solution brochure here.

Leading payment orchestration platform, BR-DGE, has announced strong growth in 2023 in response to increasing market demand.

BR-DGE saw impressive growth in 2023, continuing its focus on winning new merchants, rolling out new technology, and onboarding new partners such as Visa, PayPlug, Sift, and American Express Pay with Bank transfer. Despite the backdrop of a challenging macro environment, new merchant signups grew by 60% year-on-year, committed revenues increased by 600%, and payment and technology partnerships increased by 176% during 2023.

“Our exceptional performance in 2023 has been underpinned by a strong appetite among merchants and partners for our solutions and the quality of both our people and proposition,” said BR-DGE Chief Executive, Thomas Gillan. “Large merchants are increasingly moving towards a multi-provider approach when it comes to payments – and orchestration technology offers the opportunity to optimise and simplify that multi-provider strategy, to reap all of the benefits, without the inherent complexity. We’re very focused on listening to the market and building technology solutions that deliver against the efficiency, resilience and revenue challenges they’re facing – I believe that’s why we’ve achieved record results in the last 12 months.”

Last year, the business completed several strategic projects, including being the first platform to go live with Visa Instalments with a UK merchant and launching BR-DGE Vault, the company’s own independent Network Tokenisation solution.

To maintain momentum and deliver these industry-leading initiatives, BR-DGE’s total headcount grew by 40% during 2023. The business has invested in several high-caliber senior hires to help drive its solution-focused product roadmap, support customer success, and accelerate company growth. BR-DGE also anticipates further expansion opportunities in North America and is looking to grow its team by 30% in H1 this year.

Looking ahead

Starting in 2024, BR-DGE continues to see a strong appetite for its payment solutions and products among its key verticals, including digital goods, e-commerce, financial institutions, travel, gaming, and gambling. This year, the partnerships team will continue to deepen its relationships with several global payment and technology leaders, focusing on key growth areas such as one-click checkouts. They will also start shaping BR-DGE's white-labeled offering for payment companies that are looking to add agility to their capabilities.

Gillan added: “Looking ahead, the continued momentum behind BR-DGE in 2023 has reinforced our confidence in our ability to innovate and support merchants, partners, and financial institutions across the payment ecosystem. I’m excited by the progress we’ve made – we’re currently onboarding several large enterprise merchants and our product teams continue to explore and push the boundaries of orchestration. The management team focuses on growing responsibly in line with market demand and our strategic ambitions of becoming a global category leader. It’s a big year ahead for BR-DGE.”

WealthKernel, a wealthtech provider of digital investment solutions, today announces that it has secured an investment of £6 million in a Series A extension round led by ETFS Capital. The round also saw the participation of other prominent investors, including XTX Ventures, the venture capital arm of leading algorithmic trading company XTX Markets. 

The investment comes at a time of high growth for WealthKernel as it plans to strengthen its presence in the wealth management and advisor market segments. This year, WealthKernel plans to position itself in the European market to cater to the growing demand for investment infrastructure solutions. 

The funding also follows WealthKernel’s recent venture into US equities trading and supports the company’s mission of helping to bring innovative and cost-effective solutions to everyday investors. 

Martyn James, CEO of ETFS Capital, said, 

“We are pleased to provide further funding to WealthKernel. Having seen the business grow from strength to strength since we first invested in 2018, we look forward to supporting Karan and team as they continue this expansion into Europe. The demand for innovation in the wealth and asset management industry has never been higher, which WealthKernel is perfectly placed to deliver.” 

Karan Shanmugarajah, CEO of WealthKernel, said, 

“This funding comes at a time of rapid growth for WealthKernel. We have been expanding our services rapidly over the last few months, with our newest entry into the US equities market. The new funding will help fuel our commitment to strengthening our market presence and continue to bring innovative solutions to the wealth management industry. 

Aqsa Tariq, CFO of WealthKernel, said, 

“I’m very excited about the successful completion of the funding round. This funding round reflects the continued confidence of our investors in WealthKernel’s vision and technology. We are determined to make ‘wealth and investing’ easily accessible to everyone. As we continuously improve and strengthen our platform, we embark ourselves and the wider wealth management market on a route of long-term sustainable growth.” 

Elwood Technologies LLP, a leading software-as-a-service platform that provides institutional-grade access to digital asset exchanges and liquidity venues, today announced it has been authorised as a service company by the UK Financial Conduct Authority. This authorization applies to Elwood's execution management system ("EMS") about security tokens and derivatives. The Company's EMS platform allows clients to connect to global crypto exchanges and OTC venues, through a single application or API, to trade digital assets.

Chris Lawn, CEO, Elwood, said, "Elwood is proud to become one of the first digital asset technology firms authorised as a service company by the FCA. Institutional investors are increasingly looking for a digital asset SaaS platform that meets robust regulatory standards akin to those in traditional finance. Securing FCA approval supports this need and marks another step in Elwood's mission to provide an end-to-end digital asset platform in a regulated and transparent manner from the UK, one of the world's leading financial services jurisdictions."

Elwood's SaaS platform – which includes risk representation and analytics tools ("PMS") in addition to the EMS – has already received SOC2 and ISO 27001 information security certifications.

The Company is backed by leading global financial firms, including Dawn Capital and Goldman Sachs (NYSE: GS), alongside Barclays (LON: BARC), Chimera Capital, Citi (NYSE: C), CommerzVentures, DCG, Flow Traders (Euronext: FLOW), Galaxy Digital, HashKey and Two Sigma.

Josh Bell, Elwood Board member and General Partner at Dawn Capital, said, "This is a pivotal moment for Elwood on its ambitious growth journey. The FCA only authorises fintechs that meet incredibly stringent regulatory standards. Achieving this status is further proof of Elwood's market-leading position, and will help the company deliver for major institutional investors in the long term. A rapidly growing number of institutions today want what Elwood offers: a fully regulated, compliant platform that can aggregate prices, route orders, and provide broad access to liquidity. What a great start to 2024, and congratulations to the entire team."

Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, said, "Today's announcement shows Elwood's progress in meeting the consistently increasing need for institutional grade, regulatory compliant digital asset infrastructure. We are excited to be a key stakeholder of Elwood Technologies and encouraged by the strides taken in the UK to bring digital asset companies in line with the strong regulatory expectations of the traditional finance world."

BNP Paribas Personal Finance has joined forces with SuperTech, in collaboration with STEAMhouse as the delivery partner, to unveil the Innovation Lab – aimed at addressing data-led challenges in the financial services sector.

In the rapidly evolving fintech landscape that delivers financial services in the UK, not all the best innovation starts from traditional fintech businesses or applications. Acknowledging this, BNP Paribas Personal Finance and SuperTech have renewed their partnership for a second year to establish an incubator programme dedicated to discovering digital solutions from a range of sectors to apply to challenges within the financial services industry.

Data-Led Innovation Challenge

Open for applications starting today, this year's challenge focuses on harnessing external data and insights to enhance engagement with financial services customers, fostering mutual value and trust for the customer, the financial services provider (BNP Paribas Personal Finance), and any third-party data providers involved.

Seeking Digital Tech Applicants

The Innovation Lab is actively seeking SME businesses with a digital tech solution to this challenge, irrespective of their current market. Applicants must be willing to be present in Birmingham, West Midlands, for key touchpoints in the programme.

The Opportunity for Successful Applicants

Successful applicants stand to gain a multitude of benefits, including the opportunity to collaborate with BNP Paribas Personal Finance in cultivating a culture of open innovation and co-creation. The programme will culminate in the chance to showcase products and services to executives within the organisation as part of BNP Paribas' “Innovation Week in May 2024.”

This fully funded programme offers comprehensive business support services, including a flexible co-working space from STEAMhouse, mentorship from senior financial services experts, investment pitch opportunities, and personalised 1:1 support. The Innovation Lab is designed to expedite the development of innovative ideas poised to revolutionise the banking and financial sector, enhance financial processes, and provide economic opportunities for emerging fintech businesses.

Stephen Hunt, CEO of BNP Paribas Personal Finance UK, added: “2023 was an incredible year for accelerating innovation at BNP Paribas Personal Finance UK so we’re excited to be continuing our partnership with SuperTech and joining forces with STEAMhouse.    

“For us to remain a leader in personal finance, it’s important we open our minds and embrace new ideas to help us deliver better products, services and solutions for our customers and partners which is what this partnership is all about. I look forward to working with digital tech companies to explore various ways we can address data-led challenges in the financial services sector.”

Hilary-Smyth-Allen, SuperTech Executive Lead, commented: "This year, we invite SMEs with digital tech solutions from various sectors to participate in the incubator programme, aimed at transforming customer engagement through data insights. Successful applicants will not only gain incredible insights with a global financial services brand but also benefit from valuable support and mentorship opportunities."

Patrick Bek, Head of Service Innovation and Experimentation at STEAMhouse, added: “Collaborative innovation is at the heart of everything we do at STEAMhouse. That's why we're so excited to be able to support BNP Paribas Personal Finance in accelerating FinTech innovation by providing the space, facilitation and development expertise that makes this cross-sector collaboration between SMEs and large businesses possible.”