PayMate India Limited (“PayMate” or the “Company”), a leading B2B payments and services provider that digitizes, automates, and streamlines business-to-business (B2B) payments in supply chains announced that the company has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA) subject to the guidelines on regulation of payment aggregators (PAs) and payment gateways (PG) dated March 17, 2020 (“RBI Guidelines”) as updated from time to time.

Payment aggregators are entities which facilitate merchants and businesses to make and receive payments, pool and transfer them to the merchants within a time frame prescribed by the RBI Guidelines. The RBI guidelines stipulates various norms on merchant onboarding like minimum net worth requirements, compliance with KYC guidelines, as well as data storage requirements through tokenization. The PayMate platform encompasses all of these and will enable customers and users with the security of tokenized card transactions.

Speaking on this development, Ajay Adiseshan, Chairman and Managing Director, PayMate says, “We are elated to receive in-principle authorization from RBI to operate as a Payment Aggregator in India. With digital payments fast becoming ubiquitous, these measures buoy customer confidence and trust and help us adopt appropriate frameworks for managing risk. Furthermore, this will allow us to continue innovating our digital platform solutions & capabilities that enable businesses ranging from SMEs to Enterprises across all industry verticals.

PayMate recently announced its entry into Singapore and Sri Lanka as a part of a broader geographical expansion plan into other parts of Central Europe, the Middle East, Africa (“CEMEA”), South Asia and the Asia Pacific (APAC). PayMate has an established relationship with Visa in India and is also a Visa-certified Business Payment Solution Provider (BPSP).

The overall commercial credit card-processing TPV on the PayMate platform for Fiscal 2021 was ₹187,142.31 million and ₹464,766.45 million in the nine months ended December 31, 2021. As of December 31, 2021, the total number of Customers and Users using the PayMate platform was 166,811.

Adyen, the global financial technology platform of choice for leading businesses, has today announced that it has partnered with KodyPay, the fully integrated ordering and payment platform for businesses. Adyen’s financial technology will support the growth of hospitality businesses by powering seamless payments, data analytics and frictionless finance. 

KodyPay is an aggregated ordering and payments system built to create a better experience for customers beginning with restaurants, cafes and takeaways. Inspired by the point-of-sale frustrations experienced from school canteens, the platform brings together fragmented payments that can be difficult to manage, aggregating multiple tools for ease of the end-user. 

This partnership builds upon existing work between the two firms following the trial of a QR code system launched in October 2021. Thanks to the match of commercial strategy and technical development, this has flourished into an extended integration.This has since enabled KodyPay to exceed US$100M annualised gross payment volume in only 5 months. A particular area of focus for Adyen and KodyPay’s next chapter includes improving access to financing for small businesses, with Adyen’s newly-launched embedded financial products.

Following today’s announcement, hospitality businesses using the KodyPay platform will now be able to:

• Manage financing and apply for loans. Launched in October this year, Adyen’s embedded financial products enable platforms to offer financing to their customers in minutes, based on historic payment data. In the current economic climate it is essential that hospitality businesses have access to additional support, and Adyen’s solution will give KodyPay’s customers an overview of how much they can borrow as well as a clearer view of their account information.
• Adapt payment methods to local needs and expectations. KodyPay has a diverse range of businesses on its platform, and it will now be able to give its customer base access to technology that enables consumers to pay for products using their preferred payment methods. Adyen’s partnership will also enable the businesses on KodyPay’s platform to easily accept international currencies and payment methods commonly used in different markets, supporting business growth. 
• Access enhanced data analytics and customer insights. Data available from Adyen’s financial technology platform will help businesses using KodyPay to optimise their checkout experience and continuously make improvements to their services. 

Adyen was also the preferred partner of choice for KodyPay because of its international reach and lived experience of growing at pace. 

“To share the same values and vision with a business partner is of the highest importance to us at KodyPay, it’s essential for building a brand and a solution that propel us forwards and onto our ambitious growth journey,” said Yoyo Chang, Founder and CEO at KodyPay.

“What’s more, it is a difficult time for our customers especially those within the hospitality industry as they are put under the extraordinary pressure of the current cost-of-living squeeze. As a trusted platform for many businesses, we want to support the hospitality industry to thrive with technology-enabled solutions that improve customer retention, loyalty and empower smart business decisions. We look forward to seeing the impact Adyen has on the platform and what our customers are able to achieve with these new capabilities.”

“This partnership represents a culmination of a shared vision and mission between Adyen and KodyPay. When we launched Embedded Financial Products one of our driving forces was to be able to support SMEs with their business plans by offering innovative financial technology solutions via our marketplace and platform customers, said Colin Neil, MD at Adyen UK. 

“Our extended partnership means KodyPay’s customers will not only be able to access our embedded finance solutions, but also benefit from enhanced data and analytics that comes with our financial technology platform.”

Trust in artificial intelligence (AI) to improve financial knowledge and management is growing among young people, according to new data from smart money app Plum.

Its research of 2,000 UK adults found 61% of those aged 18-34-year-olds are comfortable with AI making financial predictions for them*. Young people are also the most confident in using data to save money, with 45% happy to share their data for this purpose compared to just 15% of those aged 55+.

Meanwhile, half (50%) of 18-34-year-olds said they felt comfortable trusting AI to make decisions on savings and investments for them. This could indicate that this generation may make the boldest move yet away from traditional financial advice and towards AI, such as robo advisers or money management apps.

The research also explored young people’s opinions about other forms of AI, finding that:

• 60% of 18-34-year-olds felt happy with AI predicting what they should read or listen to, vs 43% of all ages;

• 58% felt comfortable with AI being used to prevent fraud or for facial recognition, vs 52% of all ages; &

• 56% would use AI for personalised shopping, vs 40% of all ages. 

These results show that young people see many uses for AI beyond financial services, and are substantially more open-minded to novel uses than respondents from older age groups.

However, scepticism about the benefits of AI still remains across age groups. Only 1 in 5 (18%) felt that they could benefit from financial apps that use AI, although for young people, this rises to 1 in 4 (24%).

Furthermore, nearly half (46%) across all age groups felt that they didn’t understand how AI could impact their life for the better. This indicates that while people recognise the benefits of AI within specific contexts, they do not necessarily see it as a benefit more generally.

Plum’s CEO and co-founder, Victor Trokoudes, comments: “Your first thought when you hear the words ‘artificial intelligence’ might be the Hollywood-inspired futuristic robot that can think like a human and take over the world. But what we’re actually starting to see are real-world, useful applications of AI that benefit your everyday life. They might not be taking over the world, but this type of AI is having a democratising effect on financial services, which is really exciting. Smart technology means everyone can cheaply access services that previously would have been gate-kept by those with enough money to afford expensive services or advisers.

“That said, our data still shows that more education is required so that people understand better the technology they are using, even among younger people. While they might be comfortable using AI in a specific context, they still struggle to understand wider benefits of adopting technology like AI in general. This speaks to a wider issue we face in the fintech sector. As an industry, we need to make sure we are educating our customers and not alienating them with complexity and jargon, so as many people as possible can benefit from the opportunities that AI brings.”

The Plum app helps more than 1.5m people across Europe with their finances by using a smart AI-powered algorithm to save, invest and manage their spend for them.

Experian has today been recognised for its market-leading identity verification technology and solutions, achieving certification through the Government’s Digital Identity and Attributes Trust Framework (DIATF).

The framework outlines the Government’s vision and rules for the future use of digital identities, with the ambition to make it easier and simpler for individuals to prove who they are using modern technology, as well as setting new and transparent standards for providers verifying identity to meet.

Following ongoing assessment of its services by independent certification bodies, Experian has now been recognised as a certified Digital Identity Service Provider (IDSP) for Right to Work, Right to Rent, and DBS checks.

It is the first Credit Reference Agency (CRA) to have achieved certification and has been certified against the highest number of medium and high-strength use profiles of any provider to date.

By supporting verification routes through both Knowledge Based Authentication (KBA) and Document Checking, Experian identity verification solutions will help increase consumer inclusion, meaning more people can verify their identity and access services digitally.

Eduardo Castro, Managing Director, Identity and Fraud, Experian UK&I, said: “We are delighted to have been recognised as one of the leading providers of verification services in the UK.

“The framework – and the certification – is a vital step in helping to improve access to digital services for everyone. Millions of people will require Right to Rent and Right to Work checks this year, as well as access to other services.

“Being a Certified IDSP with several approaches to verification means we can help more consumers access digital services, verifying their identities easily and securely, giving confidence to both the organisation and the individual. 

“The certification is a result of much hard work by the team and acknowledges our ongoing commitment to the very highest standards in compliance and regulatory requirements.”

The Government recommends organisations, landlords and employers use a certified IDSP when carrying out identity verification checks, helping to provide confidence that their chosen provider meets the standards and criteria laid out in the framework. The certification will be renewed on a biannual basis to ensure standards continue to be met.

It was recently announced that Experian verification solutions will be used in the Scottish Government’s Digital Identity Service, which aims to make accessing online public services easier and simpler, by enabling users to use one account to securely login to a variety of services.

As well as verification services, Experian is also a market leader in fraud prevention technology and Know Your Customer (KYC) validation, helping businesses meet compliance and regulatory requirements. Earlier this year, it launched Experian Fraud Score, the next generation in fraud prevention services allowing organisations of all sizes to have access to an advanced fraud prevention system ‘out-of-the-box.’

Fintech Currensea’s money-saving travel debit card can now be used on Google Pay, unlocking access to lower overseas foreign exchange fees for more customers.

This latest partnership allows Android customers easy access to their Currensea card via their Google Wallet. Customers are now able to use their Currensea card on in-person and online transactions using Google Pay to make secure contactless purchases above the £45 limit with the added convenience of using their phone rather than carrying a card.

Currensea is a travel debit card which uses open banking technology to allow travellers to spend directly from their existing current account when abroad – rather than needing to switch bank accounts or risk leaving money on a pre-paid card. It guarantees the best foreign exchange (FX) rates at only 0% to 0.5% above the FX base rate – which allows card users to save at least 85% - and up to 100% - on every transaction abroad by removing the normal fees leveraged by banks and other card providers.

Customers can also benefit from reduced foreign exchange rates when using Currensea to book accommodation before they travel. For example, using the Currensea card to spend £1,000 in the local currency for a hotel in Amsterdam on booking.com would save £34 in foreign exchange fees compared to using a bank debit card as it removes the usual bank fees associated with overseas transactions.  

This new Google Pay functionality will also simplify the check-out process for customers using Currensea in the UK. UK users can access cashback offers at over 70 retailers - including ASOS, Body Shop, Boots, Cadburys, Lastminute.com and Waterstones.

In addition, users can choose to roundup spending to the nearest 5p and donate this to charity partners including St Martin-in-the-Fields Trust, Royal Trinity Hospice and Surfers Against Sewage who all offer supporter branded debit cards through Currensea’s ‘Powered by’ offering. 

James Lynn, CEO, Currensea, comments: “Google Pay functionality is another major step in our journey to give travellers more control over their money. Offering faster, convenient and more secure payments through Android devices will support our mission to make travel spending fairer - ensuring that Currensea is not only the most cost-effective option for travellers but also the most hassle-free.”

This Google Pay launch concludes a year of strong growth for Currensea with notable milestones including;

• A 243% increase in users since the start of the year - total users has now surpassed 45,000
• Currensea saved users £1.1m in foreign exchange fees during 2022 - a 400% increase on the previous year  
• Securing £4.55m in funding including VC funding from Venture Capitalists Blackfinch Ventures and 1818 Venture Capital as well as a successful crowdfunding round on Seedrs with the original target of £1m smashed  in just two hours.
• Users can opt to donate some or all of their FX savings on sustainability initiatives - these donations have planted over 100,000 tress and removed over 2.5m plastic bottles from the ocean

Apple Pay functionality for Currensea is expected to be available in Q1 2023.

Worldline, a global leader in payments services, brings passengers Express Transit for Apple Pay to make travelling on TCL (Transports en commun lyonnais) transport network even simpler. From today, passengers can just tap their iPhone or Apple Watch on the transit readers and go.

Travelling more easily than ever

Passengers don’t need to unlock their iPhone or double-click the side button to travel across the public transport network. In addition, with Power Reserve, passengers can travel and tap to ride for up to five hours after the device runs out of battery.

This means faster boarding for passengers, less hassle with money, cards or tickets and increased security, as passengers no longer need to open their purses or wallet to travel on public transport.

Lyon is the largest Open Payment French network to use Express Transit with Apple Pay and TCL’s transport network is the biggest in France to bring innovation and convenience to passengers.

The “TCL Carte Bancaire” service that enables Open Payment on the Lyon transport network was launched earlier this year, based on Worldline's Tap 2 Use solution and readers. The Open Payment system is continuously improved so today Express Transit for Apple Pay is available to enhance the passenger experience in Lyon.

AutoRek, a leading software provider to global financial services firms, is excited to have The Ardonagh Group join as their latest client.

The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally, placing $13 billion of premiums across the group and within its networks on behalf of clients across the full spectrum of insurance risks. The group currently employs a global workforce of approximately 10,000 people across more than 150 locations around the world.

Across the portfolio, Ardonagh offers a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, Ardonagh works with insurer partners to deliver a broad range of product and risk solutions that meet customer needs.

AutoRek has been selected by The Ardonagh Group as they are looking to drive efficiency in key back and middle office Insurance Broker Accounting (IBA) processes using intelligent automation technology.

The initial scope for AutoRek is to support two key areas of the IBA operations within the group. The solution will automate the insurer statement reconciliation process. This involves loading 2500+ statements monthly, which are made up of over 400 different formats from Excel, CSV, PDF and Word. The information contained on statements will be reconciled against two key Policy Administration Systems (PAS), Acturis and OpenGI, where client and policy data is stored and maintained. AutoRek will then feed the output of reconciliations through the Ardonagh PAS systems so results can be posted back into systems and updated in records.

The solution will also be deployed within the Cash Posting and Allocation (CPA) team. AutoRek will perform several reconciliations in this department, including matching cash payments from banks, card transactions and premium credit against records held in the Ardonagh Acturis and OpenGI PAS systems. The output of these reconciliations will then be loaded back into the PAS systems and allocated out on a policy level, updating the systems.

Ardonagh has selected a SaaS deployment model and will be using the latest AutoRek V6.4.

Gordon McHarg, CEO at AutoRek, added, “It is a huge success for AutoRek to have the calibre of a client such as The Ardonagh Group come on board. We see potential to work together over the coming years on many different projects.”

Piers Williams, Insurance Lead at AutoRek, added, “We are delighted to be working with The Ardonagh Group and helping the business achieve its objectives in the coming years. AutoRek continues to grow its insurance presence quickly, and it is great to see that our No Code intelligent automation solution continues to improve back and middle office financial operations processes while increasing operational efficiency.”

Paula Jones, Head of IREC at Ardonagh Advisory, added, “The IREC solution and build with AutoRek will revolutionise the end-to-end process within The Ardonagh Group. Enabling our fast-growing business through organic growth and the targeted acquisition plans to integrate the key finance operations smoothly and efficiently”. 

Bari Irving-Philips, Head of IBA and Client Money at Ardonagh Advisory, added, “It is an exciting time for The Ardonagh Group to be working with AutoRek. The AutoRek platform and No Code technology will enable the Client Money function to work smarter and more intelligently; further enhancing the contribution that the function brings to the Group and our Clients & Insurers.”

The Dutch fintech company Mail to Pay is joining forces with its Belgian peer POM as of December 5. Both companies are active in the field of payment services and payment convenience. This is a complete takeover, with POM joining the Dutch Mail to Pay Group. Based on the current run-rate, the combination is generating approximately 10 million euros in revenues.

In the Netherlands Mail to Pay is regarded as the founder of the debtor process automation with clients such as Vodafone, Univé and Nationale Nederlanden. The intelligent credit management software automates the invoicing process of large organizations. Over the last three years, the Mail to Pay Belgium subsidiary has built a client portfolio within a variety of sectors, such as healthcare (hospitals and medical laboratories), the energy market and the financial market.

With the acquisition of POM, Mail to Pay acquired an organization that has grown into an innovative frontrunner in the digital payment sector over the last eight years in Belgium. POM develops payment solutions to simplify the process of invoicing, fines, membership fees and donations, for both the sender and the recipient. The company currently has more than 1,300 clients, which are active in a variety of sectors. clients include amongst others, energy companies, insurers, schools, sports clubs and governmental institutions.

Mail to Pay and POM go hand in hand and are both focused on innovation. Organizations using Mail to Pay's credit management software can automate, personalize and robotize the entire debtor process. To do this, the platform uses algorithms, machine learning and hyper-personalization. This methodology leads to lower collection costs, higher collection rates, increased customer satisfaction and higher customer retention. Together with POM, the Mail to Pay Group currently collects more than 4 billion euros per year for its clients.

“By uniting POM and Mail to Pay, we are combining two technological frontrunners.” says the CEO of the Mail to Pay Group Kees Neven. “Our primary focus is to unburden companies of the invoicing process. Combining automated credit management software with innovative payment options creates new ways for organizations to receive payments faster, more efficiently and in a more customer-friendly manner.”

The acquisition of POM fits within Mail to Pay its strategic plan. “We already have an office in Belgium servicing our existing Belgian clients, but this acquisition will substantially increase our presence in Belgium. Our ambition is to gain more clients, increase our international exposure and introduce a new innovation every year. Ultimately, we want to obtain a leading role in billing and debt automation in Europe." Neven says.

A mix of payment options

With POM's QR payment codes and payment links, Belgian organizations get paid faster and more accurately. Up to 40 per cent of the customers receiving a payment request from POM pay within 24 hours. The payment platform is linked to all common payment methods, such as Bancontact, Payconiq, iDEAL or credit card. The mix of payment options that is offered is compiled based on the customer’s profile.

"In these times of high inflation, this offers great advantages. An increasing number of people are struggling to pay their bills on time. Offering payment in installments or a deferred payment can make a significant difference," says CEO and co-founder of POM Johannes Vermeire. "By merging our activities with those of Mail to Pay, we are taking another step forward. We broaden our offering with invoice tracking solutions and thus offer even more added value."

Fenergo, a leading compliance solutions provider, today announces the hire of former SunTrust (Truist) compliance executive Tracy Moore as Director of Strategy in the Americas. Moore will oversee the development and execution of business strategy across Fenergo’s operations in North America, including those in the United States and Canada, and Latin American.

Moore will be responsible for establishing a go-to-market strategy, as well as strengthening and growing client relationships within each region of the Americas. As the regional strategic lead, she will look to ensure Fenergo continues to enable financial institutions to fulfill their digital transformation objectives and streamline their compliance functions.

Moore joins Fenergo with over 25 years of experience in investment banking, covering the areas of client onboarding, legal documentation and compliance in both capital markets and corporate lending. In addition to her time as Executive Director of wholesale compliance advisory at Rabobank, she also oversaw compliance of both capital markets and corporate lending client onboarding at SunTrust Bank (Truist) for over a decade. Moore has also worked for Man Investments and Goldman Sachs in Switzerland. 

Tracy Moore, Director of Strategy in the Americas at Fenergo, comments: “I’m delighted to be joining Fenergo and leading its regional Americas strategy after years as on the client side. The American markets continue to hold tremendous opportunity for the compliance technology industry, as financial institutions continue to look to accelerate their paths to digital transformation. I’m excited to identify future areas of growth as well as work with existing and future client partners to help them reach regulatory compliance and achieve their business goals.”

Stella Clarke, Chief Strategy & Marketing Officer, Fenergo, said: “We have a long-standing relationship with Tracy who was our client in the US and a valued partner to our business. Her unique understanding of our value proposition and how Fenergo can best serve the American markets will only bolster our commitment to growing our Americas business faster.”

Fenergo has been serving the American markets for almost 10 years, and currently has offices in New York, Boston, Toronto, and has recently opened offices in Miami. It has also entered Mexico and Columbia. Fenergo services major financial institutions in the Americas, including Mizuho Americas, PNC Financial Services, Truist, and the Canadian Imperial Bank of Commerce (CIBC).

FintechOS, the global leader in fintech enablement, today announced its insurance revenue has increased by 300% YoY. This revenue growth has been driven by winning major new clients, such as Admiral Insurance Group, and expanding partnerships with existing customers, like Howden Group. FintechOS has also entered new markets, such as working with insurers like Vienna Insurance Group to enable health insurance products. 

“The insurance industry is undergoing a rapid transformation. Timelines are compressing, customer expectations are rising, and competition – especially from digital-first upstarts – is fierce,” said Teo Blidarus, CEO and Co-Founder at FintechOS. “With 82% of insurance executives considering product development a core competency, the ability to launch new and differentiated products and services quickly and efficiently – in harmony with core systems – is paramount. We have enabled this for our customers and will continue to invest in the FintechOS platform to drive the long-term and sustainable innovation the market is demanding,” he concluded. 

Change has been slower to come to the insurance sector than banking, but consumers are now demanding personalized digital products, services, and experiences from their existing providers. To retain customers, established insurers need to add digital products that are personalized and meet their customers’ unique needs for cover. Yet, inflexible siloed systems, scattered data, and a lack of technical expertise can make this impossible. 

Instead of a complex and costly rip-and-replace of their core systems, which often takes years before producing ROI, FintechOS’s fintech enablement platform enables insurers to liberate their siloed data and add digital products to their existing offering without disrupting their operations and infrastructure. 

Integrated with an insurance provider's current systems, the FintechOS platform offers: 

• No-code/low-code product creation for business users 
• Accelerated speed-to-market 
• Anytime updates to ratings and coverages 
• Data-driven personalization 
• Ecosystem integrations with popular tools 
• Fully automated servicing capabilities for policy management

This revolutionary approach has seen FintechOS attract a variety of innovative insurers looking for the tools they need to grow share of wallet and decrease cost ratios. Earlier this year, FintechOS announced its fintech enablement platform is now powering Admiral’s new digital pet insurance, allowing the UK insurer to launch its new product in less than six months.  

In addition, FintechOS continues to expand its relationship with Howden Group after supporting its 120% increase in profitability and 60% growth in customer base to date. For Howden Group, FintechOS is supporting business diversification, specifically within the personal, SME, and property insurance segments. 

Last month the company released the latest version of its fintech enablement platform, along with two key features for insurance providers: 

• Product Analytics: Building on its journey analytics release in spring this year, the product analytics feature helps insurers monitor and improve the performance of their services via APIs. The dashboard shows product KPIs broken down by categories and time periods, including out-the-box KPIs for conversion rate, sales value, new customers, and Time-To-Yes for all products.
   
• End-to-End Embedded Insurance: The platform now offers improved capability to provide full end-to-end embedded insurance capabilities across multiple product lines. Companies looking to create insurance products, whether they are insurers, MGAs, retailers, or other non-financial services organisations, can collate enriched data in a common layer to drive personalisation, augmenting their ability to present insurance products in a way that increases perceived value from customers. They can equip internal teams with no-code/low-code interfaces that enable them to quickly address new business opportunities by launching new products and services in a matter of weeks.

As we enter 2023, FintechOS is continuing to add valuable features to its platform to expand its offering to global insurance providers, as it continues to build its growing reputation in the North American market.