Worldline, a global leader in payment services, has participated in the compilation of the report entitled “Tokenise Europe 2025: Initiative aims to drive tokenisation”. AnchorThe European Commission and the Association of German Banks have co-founded an initiative on the importance of tokenisation with the support of the management consultancy Roland Berger and the participation of over 20 member organisations from France, Germany, Portugal, Italy, Liechtenstein, Sweden and Spain.

Key findings and the Worldine perspective:

Europe must become more attractive for digital business models to strengthen European competitiveness.

A successful token economy has the potential to create new services and business models in many industries. However, the importance of tokenisation for Europe, i.e. the transfer of real assets (digital or otherwise) to the blockchain, is generally underestimated.

In the context of this report, a token represents an asset in a digital form combined with information and assignable digital rights. The token is a reference (i.e. identifier) that maps back to sensitive data through a tokenisation system and can represent either tangible physical assets or intangible assets that themselves only exist in digital form.

How can tokenisation change our lives?

Thanks to the breakthrough of distributed ledger (e.g. blockchain) technology, tokenisation has spread in many areas and can cover lots of use cases like paying with a digital car wallet, stable coins or future digital Euro, creating digital twin and Digital ID, securing M2M communication.

Simple regulatory framework and more digital know-how can boost innovation

Worldline and peer field experts are collaborating to create an interoperable trusted layer to enable all the truly digitised and automated services we have been expecting, allowing Europe to master its services and ideally lead the industry forward.

Thanks to its long technological experience and expertise in transaction and payment management, including complex, security and regulatory constraints, Worldline is ideally placed to support industry players, banks, public institutions, transport operators and others, unleashing for them the token economy, thereby improving the transparency, safety and efficiency of all their transactions.

Europe must succeed in fully exploiting the potential of tokenisation in the coming years. Introducing a token economy to financial markets would lead to greater efficiency, increased security and trust, while significantly reducing cost and complexity.

The Tokenise Europe 2025 report is available here.

Systematic hedge funds are changing long-standing attitudes to how they source and develop their front-office technology stacks, a recent study by Acuiti shows. 

The study, Brining the case for buy-and-build to the front office, revealed a shift in attitudes among systematic hedge funds towards sourcing and developing their front-office technology stacks. 

Systematic hedge funds have traditionally placed a high value on the development of trading strategies in-house. This is the main way they differentiate themselves from competitors and therefore constitutes highly valuable intellectual property. 

Historically, hedge funds have been reluctant to entrust third parties with this technology build, not just for reasons of IP but also fears of losing the ability to take control of troubleshooting when systems malfunction. 

This mindset is still strongly embedded in the industry. However, according to Acuiti’s latest research, conducted in partnership with global Fintech Leader, Broadridge Financial Solutions, a shift is underway. 

In a project that surveyed or interviewed 50 systematic hedge funds, Acuiti found that 58% of the surveyed firms are already utilising a combination of both outsourced strategies and in-house development to build their front office technology. 

Other key findings of the report include: 
 ◦ Latency is the key factor in determining attitudes to outsourcing front office technology, with firms for which latency is critical more likely to develop in-house  
 ◦ Finding skilled staff and raising initial funding have become the biggest challenges for starting a new fund
 ◦ The front-office functions that funds are most likely to outsource are EMS, market data feeds and front-end trading screens
 ◦ Buy and build platforms are emerging as a new alternative to choosing between off-the-shelf solutions and in-house development
“These findings show that space is opening up in the front office for systematic hedge funds to diversify their technology stack,” says Ross Lancaster, head of research at Acuiti. “This could provide a new route for funds, especially those just starting up, that need to prioritise cost efficiency without giving away IP.”

Download the full report here: https://www.acuiti.io/hedge-fund-front-office-technology

Brush Claims (Brush), an insurtech claims solution firm using innovative proprietary technology, welcomes innovative insurance veteran Clay Rising as its Chief Claims Officer to maintain the overall strategic direction of the company's global claims operation. Rising brings more than 21 years of significant insurance sales, adjustment and risk management experience, making his new role a strategic addition to the rapidly growing Brush Claims team.  

As the newly appointed Chief Claims Officer, Rising will work closely with the firm’s vast roster of insurance carriers of all sizes and various lines of business, including: commercial, catastrophe, excess lines, mobile homes, farm + ranch and self-insured retention. He will oversee the firm's claims organization globally and be responsible for all aspects of executive claims management, service and administration. Rising brings a unique perspective on insurance after having worked for his father’s independently owned agency throughout high school and leading multiple independent adjusting catastrophe teams. In partnership with President and Chief Operating Officer Troy Stewart, Rising will help with the roll out of the firm’s innovative and proprietary technology that will benefit both insurance carriers, the firm’s independent adjusters and in turn, the policyholders.

“Clay’s strong risk management and claims processing skills, along with his extensive experience in leading initiatives that harness the collaboration of tech and human touch, will be a valuable addition for Brush and our clients,” said Troy Stewart, President and Chief Operating Officer at Brush Claims. “Having his fresh perspective provides an opportunity for us to share new knowledge and gain broader perspectives about issues affecting the industry.”

Over the past decade, Rising has become known for his ability to lead and advance the capabilities of large, complex claims organizations across the board. Rising’s former positions include, Vice President Of Claims at Kin Insurance, National Large Loss Manager at Progressive Insurance (formerly ASI) and Large Loss Commercial Property Adjuster at Travelers. Rising holds a Bachelor’s Degree in Corporate Finance, Risk Management and Insurance from Georgia State University.

Brush is poised for rapid growth during the next few years, aiming to increase its already vast roster of adjusters and continuing to add innovative features to its suite of insurtech solutions to better serve insurance carriers nationwide. The team maintains a vast and carefully curated roster of skilled, experienced and top-quality adjusters available for immediate deployment nationwide to ensure claims are processed efficiently and accurately.

Twinco Capital, the first global supply chain finance solution that covers the production cycle from purchase order to final invoice payment, announced today it has closed a $12 million equity and debt round. The investment was led by Quona Capital, and included participation from Working Capital, as well as existing investors Mundi Ventures and Finch Capital. Zubi Capital provided the venture debt portion. The funds will be used to accelerate the company’s expansion within the major sourcing countries and strengthen its technology and data capabilities, in particular in relation to ESG. 

Twinco Capital is on a mission to reduce the world’s estimated $1.7 trillion trade finance gap, which disproportionately affects small and medium-sized companies in emerging countries and hinders their ability to access business opportunities and grow.

Through its solution, the company engages with large corporations—mostly in the retail and apparel sectors—and offers funding to their suppliers worldwide, advancing up to 60% of the purchase order value upfront and paying the remainder upon delivery. The process is designed to be a fully transparent, no-hassle experience that provides the suppliers with funding for its purchase orders within 48 hours.

The Amsterdam and Madrid-based fintech was founded in 2019 by Sandra Nolasco (CEO), an experienced banker and specialist in trade finance with an international career spanning over 20 years in major European commercial banks, and Carmen Marín (COO), who has over 16 years of management experience in both equity investing and project finance at Banco Santander. 

Since its inception, Twinco has grown rapidly, and today has programs in place which serve engaged European and LatAm retailers who buy more than $10 billion per year of manufactured products, mostly from SMEs in emerging markets. With Twinco, SMEs all over the world can access affordable liquidity, when they most need it—when they receive an order and need to start production.

On the back of its financing programs, Twinco continuously collects data that stems from the intersection of commercial, financial and ESG performance of the thousands of manufacturers involved in these supply chains. As a result, Twinco is well positioned to provide its customers not only with funding but also with the benefit of unique business intelligence that can enable SMEs to produce products competitively and responsibly.

“Twinco is focused on a significant pain point in the massive and underpenetrated market that is supply chain finance,” said Monica Brand Engel, co-founder and Managing Partner at Quona. “At Quona, we’ve been incredibly impressed by the strength of this founding team and its business model, and we’re excited to be part of their journey to provide much-needed and affordable supply chain finance to help responsibly fuel the economic gains of emerging markets suppliers.”

The key to Twinco’s success is its unique risk model, which complements the traditional view on financial risk with commercial performance and ESG data. In other words, it uses machine learning to evaluate the quality and strength of the commercial relationships between buyers and their suppliers.

The technology-enabled user experience was designed to accommodate the complexities of ever-changing trade transactions. Purchase orders can be cancelled, replaced or changed, and the Twinco financing flow accompanies these changes without a glitch.

“If we are to have competitive and socially responsible supply chains on a global scale, suppliers need access to affordable financing from the very beginning of production, starting with the purchase order,” said CEO Sandra Nolasco. “Extraordinary events, such as those experienced these past years, have revealed the fragility of supply chains, which are historically unable to adapt to the complexity of global production networks. At Twinco, we propose a radical change in how to use finance as a tool to proactively transform global supply chains, to foster the participation of SMEs, improve efficiency and ensure responsible sourcing practices.”

“Twinco’s ambitious mission can only be achieved by bringing together all the relevant parties: Buyers, Suppliers and Investors,” said COO Carmen Marin. “In this way, Twinco is a catalyst for change. With our new funding, we will be extending our geographic scope and data capabilities. We are also very excited to launch the very first sustainable-native supply chain finance program—the Twinco ESG Tilt, where business intelligence is directly linked to beneficial purchasing and funding conditions.”

The company is growing fast. It has onboarded more than 100 suppliers, located in 12 different countries including Bangladesh, China, Pakistan, South Korea, Turkey, Thailand, Vietnam, Indonesia and Spain. Since its launch in December 2019, the company has been growing by multiples of 5, supporting trade through the pandemic and funding millions of purchase orders.  

NCR Corporation, a leading enterprise technology provider, today announced that it has entered an agreement with United Heritage Credit Union (UHCU) to run the credit union’s ATM fleet through NCR’s ATM as a Service solution (ATMaaS).

“With ATM as a Service from NCR, our team will no longer have to focus as much time on managing ATM operations. Instead, they will be able to focus on our member experience and providing excellent solutions and service in branches and online,” said Samantha Hess, COO, UHCU. “Having NCR act as our ATM provider and an expert will help streamline our operations, upgrade our ATM infrastructure and position us to offer interactive teller capabilities.”

“We look forward to leveraging NCR’s ATM as a Service solution to bring a full suite of ATM capabilities from one trusted provider to UHCU,” said Don Layden, EVP, president, NCR Banking. “UHCU and its members will enjoy an enhanced experience built upon the full range of ATMaaS support, including cash management, maintenance and servicing, software and transaction processing.”

Financial institutions continue to adopt the ATM as a Service model, valuing the simplification, efficiency and enhanced customer experience it can facilitate. Learn more about NCR ATM as a Service.

Auriga, a global software provider for the omnichannel banking and payments industry, has announced it is taking a majority shareholding in F1 Solutions, a Warsaw-based, multi-vendor ATM, cash management and cash recycler software vendor. The deal furthers Auriga’s international expansion strategy and will help the business enter the Polish market and grow in Central and Eastern Europe (CEE).
 
Founded in 2014, F1 Solutions is focused on software for cash management and multivendor applications for ATM machines and cash recyclers. Its software F1 TPS Suite runs on a quarter of ATMs in Poland, while its cash management solution system is used by the biggest banks in Poland. The full team of skilled analysts, developers, and testers at F1 Solutions will be joining Auriga.
 
The F1 TPS suite, which like Auriga’s WinWebServer ( WWS) software solution is hardware agnostic, highly adaptable and complies with the NDC/DDC environment/infrastructure, manages all self-service operations optimally with full insight. The software is designed to accelerate innovation through personalised customer experience and adaptable development technology. It provides full support of processing all transactions and processes including withdrawals, cash-ins, goods and services, etc, as well as cash management and active monitoring.

Vincenzo Fiore, CEO, and founder of Auriga said: “We are delighted to bring F1 Solutions into the Auriga family. They share our passion for technology innovation and transforming self-service banking with modern software solutions. The acquisition also enables us to expand our presence in the region, helping more banks and ATM operators deliver improved services to customers and achieve significant operational efficiencies”

Łukasz Fusiara, CEO, F1 Solutions said: “We are very pleased with this new formal cooperation between Auriga and F1 Solutions and to be supporting the implementation and deployment of Auriga solutions in the CEE region. For F1, joining forces with Auriga gives us the opportunity to grow by our software internationally and expand our customer base”

BNY Mellon and Fiserv, a leading global provider of payments and financial services technology, have joined forces to deliver additional capabilities for real-time foreign exchange (FX) rate quotes for payments from U.S. financial institutions.

Using innovative application programming interface (API) connectivity, financial institutions leveraging Payments Exchange: Foreign Exchange Services from Fiserv can now seamlessly access BNY Mellon’s real-time FX rate quotes in over 120 currencies without the need for additional integration. This new offering provides U.S. financial institutions the ability to execute currency conversions for cross-border payments with upfront rate visibility.

“One of the main challenges for U.S. financial institutions looking to access real-time FX rate quotes for payments is that the costs associated with integrating to a banking partner can be prohibitive,” said Isabel Schmidt, Global Co-head of Payments at BNY Mellon. “We are addressing this head-on through new integration which enables institutions to provide clients with streamlined, real-time FX rate quotes to facilitate cross-border payments.”

BNY Mellon’s real-time FX rate quotes capabilities are designed to be configurable, providing a tailored offering for cross-border payments. Along with transaction tracking and reporting tools, financial institutions can access detailed payment status to enhance the support experience, as well as provide more transparency to their own clients using BNY Mellon’s online tools.

Payments Exchange: Foreign Exchange Services from Fiserv is a flexible, web-based solution for completing end-to-end international wire transfers, which helps minimize the time and effort required to manage global payments. The solution assists in eliminating manual processes with the added advantage of one-step wire entry for foreign exchange.

“Financial institutions need cost-efficient solutions to meet the increasing demand for payments in foreign currency,” said Laura Clary, Vice President of Enterprise Payments Solutions Product Management at Fiserv. “With Payments Exchange: Foreign Exchange Services, banks and credit unions can access multiple options to facilitate foreign exchange payments for their clients without needing to integrate with multiple third-party providers platforms or systems.” 

Fenergo, the leading provider of digital solutions for client lifecycle management (CLM), today released its annual findings on global financial institution fines, which show that the number of penalties issued for crypto sharply rose in 2022.

Fines to crypto-financial institutions and their employees reached $193 million, rising by 92% when compared to 2021. The recent enforcement action (January 2023) issued by the New York State Department of Financial Services (NYDFS) to Coinbase of $100 million for AML failures highlights the importance of regulatory governance and solid procedures and processes for AML compliance.

Fines to individuals increased by 89% from approximately $16,505,264 in 2021 to $31,209,191 in 2022 – largely a result of crypto-related fines. The largest individual fines were issued by the Commodity Futures Trading Commission (CFTC) to three co-founders of BitMEX totalling $30 million for AML and other violations.

Following a similar trajectory, 2022 saw the first fines issued concerning ESG. A penalty of $1.5 million was issued to BNY Mellon Investment Advisor Inc. In May 2022 by the Securities and Exchange Commission (SEC) for misstatements and omissions on ESG considerations for certain mutual funds that it managed. The SEC also fined Goldman Sachs Asset Management (GSAM) $4m for policies and procedures failures involving ESG investments.

Commenting on the findings, Rory Doyle - Financial Crime Policy Manager at Fenergo, said: “Our data highlights interesting patterns emerging from the crypto industry which is attracting mounting regulatory scrutiny. Recent scandals such as the fall of FTX and the Coinbase fine reinforce the value of regulatory governance and a prudent financial system which helps deter illicit behaviour that in the long term negatively impacts society. While we are seeing a higher standard of compliance across established financial institutions, the crypto industry has a lot of catching up to do.

As crypto becomes increasingly integrated into the traditional financial ecosystem, our research reinforces the critical importance of effective client due diligence for KYC and a cross-border, collaborative approach to combatting financial crime. Harnessing technology and data that inform and can be acted upon will help prevent financial crime and, ultimately, reduce the risk of enforcement action.”