Zurich-based digital financial services provider, bob Finance, has successfully migrated its full lending portfolio to Mambu’s cloud-native banking platform. This migration included a move to a locally-based Google Cloud.

bob Finance is a branch of Valora Schweiz AG, the leading provider of Foodvenience in Switzerland. They provide simple and secure digital financing solutions for both individual and business customers. The fintech originally leveraged Mambu to launch its ‘buy now, pay later’ offering for retailers called ‘bob Zero’ in 2020. As bob Finance further establishes itself in the lending market, it needed a platform hosted in Switzerland that meets internal and external partner standards.

Hilmar Scheel, CEO at bob Finance: “We teamed up with Mambu two years ago because we were looking for a flexible, cloud-native platform with core product capabilities that would support our mission to become a reliable and versatile partner for financial services. Since then, we’ve reduced maintenance effort and information security risks through an up-to-date platform and technology stack compared to one that is individually hosted.”

As bob Finance assessed the consumer finance market, it saw the need to deepen its technical integration with enterprise partners to provide fast and easy onboarding journeys and increase efficiency. This required a platform hosted in Switzerland to comply with data residency requirements, which kicked off the current migration project. With its offerings on Mambu’s platform, bob Finance is poised to continue building products and developing new opportunities in the region, while achieving its end goal of simplifying consumer finance for Swiss customers.

Zac Maufe, Managing Director, Financial Services Industry Solutions at Google Cloud: “Today’s financial organisations require solutions that help drive innovation with customer security and business scalability. By partnering with Mambu as a part of its business digital transformation goals, financial services institutions like bob Finance can benefit from in-country, technology-enabled approaches to banking at cloud scale.”

Scott Wilson, Regional VP EMEA at Mambu: “bob Finance is developing innovative, customer-first lending experiences for the Swiss market. Building on the success of our original partnership, they saw the opportunity to both migrate its offerings onto Mambu and a locally-based cloud. The versatility and power of the Mambu platform combined with our multi-cloud approach meant bob Finance could change cloud providers easily and with zero down time, all in a matter of six months. We’re looking forward to supporting the digital lender as it leverages our cloud-native banking platform to build scalable lending experiences in the region.”

PPRO, the leading provider of digital payments infrastructure, has announced that it has expanded its coverage of the Portuguese market by integrating MB WAY, Portugal’s leading mobile wallet provider, onto its platform. This development comes as a result of PPRO’s long-standing partnerships with SIBS and Deutsche Bank Portugal.

MB WAY has a large consumer base of over 4.5 million users and is supported by 28 banks across Portugal. With a 45% market share of national e-commerce transactions and an extensive user base, payment service providers (PSPs) and their merchants that want to expand and grow in the Portuguese market need to offer MB Way as a payment method at checkout.

According to PPRO data, the Portuguese e-commerce market, currently worth 13.9 $US billion, is expected to grow to 22.6 $US billion by 2026. For online merchants wishing to tap into this vast growth, creating a seamless payment experience tailored to how Portuguese consumers spend their money is paramount.

This integration solidifies PPRO’s Portuguese payments portfolio as one of the most comprehensive in the market.

“Portugal offers PSPs and their merchants a solid opportunity to tap into a booming e-commerce market, and we’re excited to have integrated MB WAY onto our platform. At PPRO, we’re committed to building the most extensive digital payments infrastructure to support PSPs and merchants in gaining access to new cross-border markets and customers. Our digital payment methods offering is accessible through a new orchestration layer which means our customers can seamlessly optimise and scale their payment services as required,” said James Booth, VP, Head of Partnerships EMEA at PPRO.

Miguel Santos, VP, Corporate Coverage at Deutsche Bank Portugal, said: “Powered by PPRO’s digital payments infrastructure, Portugal’s leading digital payment method MBWay will now reach the global e-commerce ecosystem and generate more opportunities for merchants. We’re delighted to be supporting MBWay on their cross-border expansion journey.”

PPRO achieved unicorn status last year after raising US$270 million from JP Morgan, Eldridge, Eurazeo Growth, Sprints Capital and Wellington Management. Earlier this year, PPRO acquired Alpha Fintech, a next-gen payments technology company, in a deal expanding PPRO’s offering and strengthening its presence and networks globally.   

Trust Payments, a fintech platform specialising in payments and value-added services for businesses, has had a busy quarter, with five new businesses joining its portfolio. These deals will enable platforms, merchants and their customers to benefit from fast cross-border payments and subscription commerce to name a few.

Trust Payments is committed to helping expand how businesses can accept payments and work with potential customers globally. With debit/ credit cards used by the majority (91%) of Brits and 6 in 10 are willing to pay using different currencies to access retailers outside the country, the appetite for alternative and flexible global payments means businesses must remain agile to keep up.

The five new business deals Trust Payments have announced are: 

• Quadient Accounts Receivable by YayPay has partnered with Trust Payments to offer one-off transactions and recurring payments on credit cards, accelerating support for making payments across the UK and Europe. This partnership offers customers a simpler and faster way to process domestic and cross-border payments.

• Online International Processing Solution (Online IPS), a global merchant services organisation dedicated to multinational payment processing, is working with Trust Payments to broaden the diversity of subscription commerce and payment types available to merchants in essential and growing e-commerce regions.

• Payment platform CaratiPay now offers full acquiring capabilities from Trust Payments to their merchants across the EU and UK. The offering will make transactions seamless for merchants and ensure they can accept fast and optimised payments

• Hippodrome Casino and Global tour operator Inside Travel Group deployed Trust Payments’ digital payments offering to their customers. 

Businesses are facing a challenging economic climate with rising inflation, the recession and the cost of living crisis. Technology presents an opportunity for businesses struggling to build a close and long-lasting relationship with customers by delivering the products they want and need. If merchants want to stand out from a saturated market, they must transform how they engage, interact and act with their customers, and Trust Payments is committed to helping merchants achieve exactly that.

Daniel Holden, Group Chief Executive Officer of Trust Payments, said: “We are thrilled to expand our portfolio to provide game-changing payment tools and commerce features to our customers and beyond. We specialise in helping merchants to optimise their sales through facilitating speedy and seamless payments, loyalty, and data management, and we will continue our goal of making payments simple and solving modern payment challenges globally,”

Euroclear is pleased to announce its acquisition of Goji, a leading London-based provider of digital access and technology-enabled solutions to private markets, subject to regulatory approvals.

Private market assets are currently valued at $9.8 trillion and are expected to grow to $14.4 trillion by 2025. This increasing demand is driving innovation and a need for increased efficiencies in the space. The combination of Euroclear’s open infrastructure and Goji’s innovative technology will provide a digital platform enabling end to end access to the private fund market. This will create a compelling offering for all market participants, including investors, asset managers and fund service providers.

This investment will allow Euroclear to expand its footprint into private markets, building upon its recent successful acquisition of the MFEX funds distribution platform. Euroclear is now able to provide a true one stop shop offering to clients across a spectrum of products including mutual and alternative funds, ETFs and private funds.

David Genn, CEO, Goji commented: “We are delighted to partner with Euroclear to deliver the platform infrastructure that the private markets industry needs. The ever-increasing demand from all investor groups to access private funds points to the need for an end-to-end digital processing solution for these asset classes. The combination of Euroclear’s position in the funds industry with Goji’s technology and experience means we can deliver a solution together that will serve and transform the private markets industry.”

Lieve Mostrey, CEO, Euroclear Group said: “Our partnership with Goji supports our ambition to enter the private markets space.  We see a strong demand from the market for more scalable and digitalised solutions and given the opportunities, it makes perfect sense to add this capability to our portfolio of services. One year after the MFEX acquisition, this new investment fully supports our global funds strategy to be a leading platform across all fund asset classes.”

Freedom Finance, the award winning embedded lending and digital lending marketplace, is delighted to announce that it has launched an improved auto finance service to provide greater choice for customers.

Customers will enter a bespoke vehicle finance journey that allows Freedom Finance to better identify their needs and provide customers with more accurate auto finance options that suit their personal circumstances.

Capturing additional information to provide this tailored service means Freedom Finance is now able to offer Personal Contract Purchase (PCP) alongside existing Hire Purchase (HP) and car loan products, further diversifying its product range. 

The new, simplified customer journey is a fast, easy and safe way for customers to find their best auto-finance options, see previous searches through a standalone section in the myfreedom. The upgrades also include a calculator that encourages people to compare how PCP, HP & car loan products vary before proceeding with the full application form.

All of these services will be available to Freedom Finance’s embedded finance partners such as the RAC to help even more car buyers access this market-leading auto finance proposition.

Michael Davidson, Chief Revenue Officer at Freedom Finance, said: “Our improved proposition for the auto finance sector enhances the services we can now offer prospective car buyers.

“Being able to offer these tailored services through our corporate partners will harness the potential of embedded finance and help even more vehicle buyers benefit from the ability to compare multiple car finance products without harming their credit score.

“Not only will customers receive more tailored options, including PCP, when looking at financing options for new vehicles, but the improved customer experience will make it easier for them to shop around and then get the most suitable deal for their circumstances.

“I look forward to further improving this auto finance proposition by bringing more lenders, products and corporate partners on board.”

Gate US, a blockchain and digital asset infrastructure provider has received licenses to operate its exchange platform in several US states. Gate US has set its sights on becoming the leading blockchain and digital asset infrastructure provider in the US and will provide digital asset trading services to retail and institutional clients.

Dr. Lin Han, Founder and President of Gate US as well as Gate Group, says that "Gate US is committed to regulatory compliance. In alignment with such commitments, Gate US has proactively registered as a money services business with FinCEN and obtained some money transmission licenses or similar to operate, and is currently working to obtain more."

Although not yet in operation or accepting users, Gate US has its sights set on becoming a premiere crypto exchange in the country, aided by its senior management's extensive experience in this industry. Simultaneously, Gate US will prioritize security and transparency to bolster America's trust and confidence in cryptocurrency.

To create a better proxy voting experience and further extend the proxy voting process in South Africa, global Fintech leader, Broadridge Financial Solutions Inc. (NYSE:BR), and Strate, South Africa's principal central securities depository and central collateral platform, have completed the integration of their respective end-to-end vote processing solutions. This collaboration represents a shared strategic commitment to drive greater levels of shareholder engagement by both institutional and retail investors – at both national and international levels.

“We are excited to launch our fully digital South African voting service, supporting the growing desire of investors globally who want to exercise their corporate governance entitlements in this very strategic market,” said Demi Derem, General Manager of International Investor Communication Solutions, Broadridge. “Our successful collaboration with Strate represents another critical step in linking leading providers at the heart of financial infrastructure with our network of global investors to enable seamless investor voting and engagement.”

Broadridge’s extensive user community, including global and domestic banks and brokers, custodians, wealth managers and local agents, can now use the service, delivered in collaboration with Strate and the Central Securities Depository Participants (CSDPs), to streamline processes and achieve operational efficiency throughout the proxy voting lifecycle in South Africa, while also supporting their compliance obligations under South Africa’s Companies Act.  Firms using the service can obtain timely and accurate receipt of “golden copy” digital meeting notifications sourced directly from Strate, a significantly extended voting window (up to meeting-date-minus-one) for underlying clients, and enhanced transparency through confirmation of votes submitted.

“As a pioneer in digitisation in South Africa, Strate partners with leading global technology providers to collaborate on digitally innovative solutions, which is why we are proud to have worked with Broadridge on our e-Voting solution,” said Gregory Naicker, Strate Head of CSD Services. “Through digital innovation we integrate and connect critical players in the financial market ecosystem, leading to integrity and trust in our markets.”

“The partnership with Strate and Broadridge cements Standard Bank’s promise of delivering continuous value to our clients, offering flexibility in choosing a proxy voting execution partner,  providing better voting deadlines, delivering enhanced proxy disclosure information as well as moving towards fully digital and automated electronic voting solutions,” said Llewelyn Ford, SBSA Head of Investor Services, South Africa. “This development moves the market closer to achieving the desired level of efficiency and lowers risk in the proxy voting environment.”

The South African service is the latest addition to Broadridge’s rapidly growing Direct Market Solutions (DMS) product suite, which focuses on traditional sub custody voting-related activities. Broadridge continues to commit to expanding its market coverage for digital proxy processing, extended voting windows, and enhanced voting transparency, with more markets to follow in 2023 and 2024. The new South Africa service offering complements Broadridge’s leading voting solutions that already provides 100% coverage across 100+ markets globally.

Fluro has surveyed over 2,000 Brits with a bank account to reveal how happy they are with their provider’s services and what areas are most important when choosing a bank. They have also created a ranking of the best banks around the world for customer satisfaction, analysing Trustpilot reviews to reveal which are providing the best service overall.

Managing our finances has never been more important, and it’s crucial that banks are making their customer experience as easy and efficient as possible. But what are the biggest frustrations people in the UK have with their bank, and what are the key areas they look to when choosing who to trust with their finances?

Savings account interest rates and branch availability are the services UK customers are most dissatisfied with

The top five areas UK respondents are most dissatisfied with their bank include:

Just under half (47%) of survey respondents admit they aren’t satisfied with their bank’s savings account interest rates, making this the number one service that customers are most unhappy with overall.

Branch availability came second, with 40% of Brits surveyed saying they aren’t satisfied with the number of branches their bank has to offer. This was followed by additional perks offered (eg. insurance, discounts, etc.) (39.5%), budgeting and spending support (35%) and phone call waiting times (34.5%).

One in 10 Brits have to wait over half an hour to speak with their bank over the phone

The majority of us have experienced slow wait times over the phone, with one in 10 revealing they spend on average over half an hour on hold when calling their bank. Co Op ranked as the worst bank for this, with 14% of customers reporting an average wait of over 30 minutes. With 71% of customers saying their call was answered in under 15 minutes, First Direct was ranked the best bank for call times, followed by Revolut and Starling.

With 27% of Brit’s preferring to use the phone to deal with complaints to their bank, it’s pivotal that wait times are addressed in order to maintain customer satisfaction.

As well as long call wait times, rude and unhelpful staff can also put people off contacting their banks over the phone. Fluro asked survey respondents whether they have ever experienced rude staff while calling their bank, revealing that one in 10 customers with NatWest and HSBC have unfortunately encountered this problem. 

Digital banks such as Monzo and Revolut provide the best online customer service 

Modern banking relies on easy to use online services, with this coming out as the most important aspect to Brit’s when choosing a bank provider. When it comes to this service, Monzo leads the way for good online customer service with 83% of its customers satisfied with this. Revolut comes in second with 78% of respondents stating they are happy with this. Both banks have over 20% more satisfied respondents than any other provider. 

Digital challenger banks show traditional banks how it’s done in customer experience

The study also looks at Trustpilot reviews data of the world’s biggest traditional and digital banks to see how they compare. All of the top 10 banks for customer satisfaction are digital, and 70% are based in the UK. The best banks according to customer reviews include:

Atom Bank – an online-only banking provider – ranks as the number one service, with an impressive 94% of all reviews rating it as ‘great’ or ‘excellent’ and only 4% of reviews rating it negatively. Fellow UK digital banks Monzo, Starling and Revolut come in second and third, with 86% and 85% positive reviews respectively.

Meanwhile, traditional banks come bottom of the list for satisfying their customers. 

Nick Harding, CEO of Fluro, commented on the findings: 

“Online-only banks are rapidly growing in both number and popularity, and the high demand for quality digital banking services will likely only continue to rise in the coming years. Operating in a purely digital space presents new challenges for customer service and satisfaction, but it’s clear many online banks are working to prioritise this area in order to keep their customers happy. 

“With traditional banks being outperformed by digital banks for customer satisfaction, this confirms the need for financial services to innovate alongside technology and expand their digital services if they wish to attract and retain customers. It may also see the rise of customers turning to fintech companies for services previously provided by their bank.”

You can view the full research here: https://www.fluro.co.uk/blog/the-uk-and-global-customer-service-bank-analysis

Single.Earth, the greentech company offering the world’s first nature-backed currency, has partnered with Salv, the regtech company founded by Wise and Skype employees to combat financial crime. Salv provides client screening and risk-scoring solutions to mitigate the risk of onboarding users and landowners whose background doesn’t align with the risk parameters.

With its nature-backed MERIT token, Single.Earth tackles the destruction of ecosystems that support life. So far, nature has been primarily monetised as a commodity — the ecological value of healthy ecosystems has been overlooked by the extractive economy, leading to the depletion of natural resources.

Using a three-pronged approach Single.Earth aims to make nature-positive decisions economically viable for all parties involved. The landowners earn a regular income, awarded one MERIT token for every 100kg of CO₂ captured by their mature biodiverse forests. Businesses can achieve ESG and sustainability goals through nature-positive contributions. The token buyers contribute to the protection of nature and, in the future, will be able to trade and use the currency in everyday transactions.
The Regtech Salv is an innovator in the compliance and financial crime-fighting space. With its origins in Transferwise (Wise), Salv has evolved to help financial institutions upgrade their ability to detect, track, analyse and block financial criminals. Under the partnership, Salv will screen persons against different sanctions, Politically Exposed Persons, and adverse media lists to mitigate the risk of landowners and token buyers being high-risk customers. Salv’s risk scoring solution provides Single.Earth with a holistic view of customers by better understanding their risk levels. These services add an extra layer of security to Single.Earth’s solutions and ensure that criminals can’t exploit the greentech’s business.

Merit Valdsalu, CEO and co-founder of Single.Earth, said: “At Single.Earth, we are building a foundation for a future nature-backed financial system, but unfortunately, dealing with fraud and financial crime is part of our daily life. Using our technology and satellite data, we can identify individuals who try to register lands without any mature forests or wetlands capable of removing CO₂ from the environment. However, we will rely on Salv and their industry knowledge to verify the legitimacy of funds and background for users and landowners onboarding our platform.

Taavi Tamkivi, the CEO and founder of Salv, said: “In recent years, the financial technology industry has seen explosive growth; however, innovation always goes in tandem with criminals trying to exploit it for their good. Financial crime, especially fraud, is rapidly growing, and the macroeconomic downturn offers criminals even more room to operate and experiment. We can help Single.Earth ensure there is no shady business behind the landowners and token-buyers, so the company can focus on what they do best — protecting nature.”

There is a clear link between climate change and financial crime: illegal logging contributes to deforestation; illicit wildlife trade is driven by financial gain and disrupts the balance of fragile ecosystems; illegal mining requires unlawful forest clearing and leaks harmful toxins into its surroundings. These environmental crimes have far-reaching impacts beyond the financial cost, including for the planet, public health and safety, human security, and social and economic development. The proceeds are often connected with other serious crimes, such as corruption, human and drug trafficking, child labour, and find a way into the mainstream financial system. According to Financial Action Task Force, an intergovernmental organisation with an aim to develop policies to combat money laundering, environmental crimes generate up to $281 billion a year.

“Capchase used this year to really double down on SaaS startups and it’s evident that it has paid off,” said Miguel Fernandez, co-founder and CEO of Capchase. “Our customers are realising they don’t need to choose between runway and growth, allowing them and the industry as a whole to remain resilient despite the downturn.”