Fundipedia and Kore Labs (Kore) today announce that they have entered a strategic partnership to integrate Fundipedia’s enterprise fund data management solution with Kore’s product governance and end-to-end digital lifecycle management platform.

Connecting the two platforms enables investment managers to manage product design, creation, reviews, and changes efficiently and effectively. The combination eliminates silos of tasks and data to create a seamless flow of information between the teams involved. Firms are having to work harder than ever to differentiate themselves from their competitors due to a range of regulatory pressures, including Consumer Duty and upcoming reporting obligations such as PRIIPs. Against this background, accelerating the product development pipeline delivers significant business benefits. 

The collaboration between Kore and Fundipedia ensures that the data dots are connected; from decisions made in the product design phase, through to the creation of the product, dissemination of product data downstream, and onto the delivery of continuous monitoring of both commercial success and customer outcomes.

“Partnership with Kore makes a huge amount of sense for our investment manager clients. By combining the intelligent digital lifecycle that Kore creates to manage product decisions, with the data and workflow capabilities in Fundipedia, our clients gain total end-to-end oversight and control of their products, from ideation to downstream dissemination. This is a win for both our clients and their customers. Providing a simplified way to meet multiple regulatory demands” said Simon Swords, managing director of Fundipedia.

“For most asset managers, bringing products to market is a complex process that often results in information gaps and inefficiencies. Delivering a robust, auditable trail of all decisions made from product conception to retirement is particularly challenging due to the long product shelf-life, the vast amount of data, and multiple teams involved. This is coming into even sharper focus with the requirement to meet the new Consumer Duty regulations” said Sabrina Del Prete, founder, and CEO at Kore Labs.

Del Prete continued, “Working with Fundipedia we can deliver cradle-to-grave product management, governance, and controls, with a full audit trail. All of which makes launch, review, and change cycles more efficient, allowing firms to be agile and innovative while giving boards confidence in their ongoing regulatory compliance.”

Commenting on the news, Gillian Painter, Head of Membership and Engine at the Investment Association, said, “We’re delighted to see Kore Labs, a current member of the IA’s Engine Innovator programme working together with, Fundipedia, a recent alumnus. The UK is a global leader in fintech, and their partnership is a testament to the programme’s ability to mentor and connect fintechs at crucial stages in their development. We look forward to seeing what’s next in the coming months.”  

Transact Payments today announces the appointment of Aaron Carpenter as its new CEO. The appointment comes at a time of consistent growth for the company, which is a leading provider of UK and European BIN sponsorship and modular payment services.

In this new role, he will be primarily responsible for driving forward Transact Payments’ strategy for continued and sustainable growth, while also supporting the diversification of its product offering.

He brings over ten years of senior experience to the role and joined Transact Payments in February 2019 as Chief Operating Officer (COO), prior to being appointed as Chief Executive Officer (CEO) of Transact Payments Malta Limited, the European licensed entity within the Group. As CEO of Transact Payments Malta Limited, he was responsible for overseeing all aspects of the Group’s European Economic Area (EEA) licensable activity. Aaron also spent a number of years as a legal and regulatory advisor to the payments and gaming sectors and held the position of Managing Director of Ramparts European Law Firm.

Transact Payments’ growth trajectory continues unabated with an impressive 75% increase in revenue in 2021 compared to 2020, and which looks likely to again grow exponentially in 2022. Its clients include traditional credit institutions through to cutting-edge fintech firms and it has partnered with companies such as Payac, Pliant, Moss and Lendable.

Transact Payments CEO, Aaron Carpenter, said: “I am delighted to take on this leadership role at Transact Payments. The company has built up significant momentum in the last number of years and my focus will be on continuing our sustainable growth model while helping to diversify our payment product offering to clients.” 

ClearBank, the largest next-generation clearing and embedded banking platform in the UK, and ThetaRay, provider of AI-powered transaction monitoring technology, today announced they will collaborate in cloud-native anti-money laundering (AML) monitoring to protect ClearBank against financial crime with ThetaRay’s robust and industry-leading AI solution.

Through the agreement, ClearBank will transform its AML monitoring operations to a fully cloud-native program with ThetaRay’s SaaS SONAR AML solution. The cloud-native SONAR system will provide ClearBank with the flexibility to scale and support faster and safer processing of increasing transaction volumes on its platform.

ClearBank is the first proven and fully regulated cloud-native clearing bank in the UK, operating with more than 200 financial institutions and fintech customers, 13 million accounts, and £3bn in balances.

“The ThetaRay AML system powered by artificial intelligence (AI) and machine learning technology will give us the edge that will enable us to win new financial partnerships and unlock the potential of our business model to bring positive and meaningful change for customers in the UK, Europe and beyond,” said Nigel Walder, Chief Operating Officer, ClearBank. “The ThetaRay risk-based analytical capabilities can detect hidden financial crime hidden within the data of transactions passing through complex financial networks, including known and unknown typologies.”

ClearBank selected ThetaRay as the best partner for its ability to deliver a SaaS solution with API-driven integration, scalability, and usability with an intuitive investigative tool for analysts for first-line analysis. 

“We are honored to have a partner like ClearBank that is leading the banking innovation space by reducing costs and friction with cloud-native financial services. Our companies have great synergy, and we look forward to a long-term relationship to grow the financial industry,” said Mark Gazit, CEO of ThetaRay. “Our fully scalable SaaS solution empowers payment fintechs with operational benefits to achieve trusted global transactions without having to worry about the maintenance of additional infrastructure, while satisfying regulators, improving the customer experience, and quickly opening new revenue streams.”

ThetaRay’s award-winning SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that replaces human bias, giving the system the power to recognize anomalies and find unknowns outside of normal behaviour, including completely new typologies. It enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and create a full picture of customer identities, including across complex, cross-border transaction paths. This allows the rapid discovery of both known and unknown money laundering threats, and up to 99 per cent reduction in false positives compared to rules-based solutions.

Rollee, a fintech start-up providing secure and consented access to income data, today reveals that over three-quarters of UK gig workers surveyed struggle to gain approval from financial institutions to access financial products such as a loan or mortgage. The findings in The Hidden Cost of Gig Worker Living report from Rollee, also reveal that just over 7 in 10 (74%) UK gig workers have been denied access to basic financial products such as a loan, despite having a good credit score.

Of 1002 gig workers surveyed, over half (60%) of gig workers have had to apply to three or more different lenders before receiving access to a credit card or loan. 10% were successful when applying to their first lender.

There are 4.4 million people working for gig economy platforms at least once a week in the UK today who contribute £20bn to the UK economy.

The hidden cost of gig worker living
The report highlights that the struggle to access financial products is having an impact on the lives of gig workers across the UK. In fact, over half (52%) of gig workers surveyed have lost out on a new home due to being declined by a bank or building society, despite knowing they have affordability.

Gig workers surveyed also expressed the struggles they experienced when accessing financial services such as loans, or credit cards. Almost a third (32%) say it has placed stress on them and their families. Others report it has caused them financial hardship (29%), has prevented them from accessing housing (20%) and impacted the opportunities available to them in life (29%).

Looking ahead, 80% of gig workers surveyed feel concerned that the current-economic climate will impact their ability to be approved for a loan and to help with the cost of living throughout winter and the Christmas period, 25% will apply for a loan over the next couple of months.

Ali Hamriti, CEO and Co-founder at Rollee comments: “This research reveals the level of financial exclusion gig workers are facing. The struggle gig workers experience is not because they can’t afford a loan or mortgage, but because the current credit scoring systems of financial institutions are not set up to verify their multiple records of income and employment data. And with financial institutions under increasing pressure this results in workers being denied access to products they should be entitled to.”

“Self-employed workers need a fair chance to be able to prove their solvency to financial institutions. As the number of independent workers continues to rise, it is vital that financial organisations find new ways to gain full visibility of self-employed workers' employment data to assess them fairly, and ensure they are not excluded from financial products just because of their working status.”

Rollee helps financial institutions to make fair and accurate decisions when applying for financial services. In the UK, Rollee is working with lenders, insurances, accountants and PCO fleet managers to provide them with a gateway to gain easy, reliable and fast access to income and employment data.

Kneip, a leader in fund-level data management and regulatory reporting, and Next Gate Tech, a FinTech specialized in portfolio-level data management and analytics, announce a new commercial partnership to bring together both companies’ expertise in fund data management.

Kneip has been trusted by asset managers since 1993, and today the company manages the data publication and investor disclosure for more than 10,000 funds in over 40 countries. Kneip offers a leading regulatory reporting and fund data reporting proposition, built around fund static and referential data and unstructured data.

Next Gate Tech is a fintech specialising in the automation of data management and analytics for the fund industry. The company leverages the latest cloud technology, to provide clients with all their data from multiple unharmonized sources, as one consistent, consolidated, and independent source enabling them to streamline their day-to-day processes.

Kneip and Next Gate Tech provide a range of complementary solutions to asset managers & service providers offering reduced risk, lower cost, better operational efficiency and reassured compliance. Together, Kneip and Next Gate Tech look forward to supporting their clients and the wider market with combined propositions that will bring additional data efficiencies and enable the creation of strategic service relationships for the long term.

Enrique Sacau, CEO at Kneip, said: “We are excited to be partnering with Next Gate Tech, one of the most innovative Fintech players in the fund industry today. By joining forces with Next Gate Tech, we will solve more challenges for our combined clients and in turn deliver more value to the industry.”

Davide Martucci, CEO and Co-founder of Next Gate Tech said: “At a time where companies need to digitalize, create more robust workflows, ensure cost reduction and improve quality, combining our data management and analytics capabilities with Kneip’s services is a game changer and creates a unique proposition on the market” 

FINOM, the fast-growing mobile-first financial management platform for SMEs and freelancers has continued its European expansion with its launch into the Netherlands today. The announcement marks another milestone in the company’s ambitious growth plan, having recently launched into the UK and become the fastest-growing financial services app for professionals and SMEs in Germany. 

“In Europe, where SMEs and freelancers need to pay high taxes, tackle bureaucracy and deal with the inconveniences of paperwork and red tape processes that accompany business administration, there is strong market demand for an integrated solution to streamline financial management.  With a deep recession lurking across Europe, it is prudent to leave nothing to chance. Today we are entering the Dutch market, our home base. When founding FINOM in 2019, we made the strategic decision to start our local business once we had our own electronic-money license, which we acquired last year, after just 14 months. Now we can freely expand into all EU markets using our own infrastructure, from our home market. We are excited to be able to bring our online financial service to SMEs and professionals working in the Netherlands. We are not just building a pan-European business, but a business that helps other businesses to thrive. And we are proud to do that from our native Netherlands.” Sergey Petrov, Co-founder and CEO of FINOM payments B.V.

“For entrepreneurs, self-employed persons and SMEs it is of great importance to have full control over their finances. This is especially important with the current inflation levels to have financial affairs in order. That is precisely why we are enthusiastic about our collaboration with FINOM. Together we are working on ways to give these business customers convenient, digital and secure means of payment that enable them to thrive under all circumstances.” Jos van de Kerkhof, Country Manager Visa Netherlands

“We are extremely pleased to be one of the early backers of FINOM as the business goes from strength to strength. Our decision to invest was based on the impressive team and, just a few years later, we are already seeing amazing results delivered by that same team. Within two years, FINOM has become a leader in the German market, demonstrated steady growth in France and is now launching into a new market in The Netherlands. To achieve such significant milestones already is extremely impressive and we are excited to see what this next stage of growth holds for the business as it continues to expand across the continent." Mike Lobanov, Founder and Partner at Target Global, the main investor in FINOM

Payment tracking tool Transferlink has partnered with Nordigen to access their open banking services. 

Transferlink is an Estonia-based transfer management tool that links bank transfers to orders from online stores and invoicing programs. The program enables entrepreneurs, online shop owners and accounting professionals to track transfers more efficiently, reconcile and automate payments, and manage the automatic settlement of digital orders. 

Transferlink allows clients to view and track all their transactions in one easy-to-use dashboard and helps them save time by categorising paid invoices and streamlining order processing. This option is also more cost-efficient, as it relies on bank transfers which are usually free, in comparison to express payment options that typically charge 3 to 7 per cent commission on each transaction. 

“We understand the value of automation and time-saving solutions, and have created a platform that is able to simplify processes, meeting the needs of busy entrepreneurs and professionals. Our integration with Nordigen takes our tool one step further by enabling bank account connections and automatic financial data transfer,” says Kamil Siwek, COO of Transferlink.  

The integration with Nordigen allows Transferlink clients to connect their business accounts directly to the platform to import financial data. When transfers are made to invoices or orders, Transferlink will immediately match the transactions and update the status to paid.

"We are happy to be working with Transferlink and helping them to provide the best user experience for their clients. By combining their categorisation tools and accurate financial data sourced through our open banking platform, transfer tracking and management has become even easier to work with," says Rolands Mesters, co-founder and CEO of Nordigen.

ION Treasury, a global provider of treasury and risk management solutions for corporations, financial institutions, and central banks, announced today that Oatly Group has selected IT2 as its new treasury and risk management system.

Oatly, the world’s original and largest oat milk company, has an unwavering commitment to core technical advancements, supporting its work to unlock the wider dairy alternative portfolio. Headquartered in Malmö, Sweden, the Oatly brand is available in more than 20 countries across Europe, North America, and Asia.

IT2, available through the ION Treasury portfolio of systems, is a comprehensive cloud-based cash, treasury, and risk management solution that puts process control into the hands of the treasury team. Built for international treasury operations, IT2 offers configurable workflow tools that provide oversight of end-to-end processes, highlighting exceptions and required actions, coupled with flexible integration tools to automate, and optimize treasury processes. IT2 caters to a broad spectrum of corporate treasuries’ needs through an integrated framework for treasury policy, processes, and performance.

Oatly was looking for a modern treasury management solution to increase automation, accuracy, and efficiency in its treasury processes. The firm selected IT2 for its ability to provide enhanced governance and controls, simultaneously benefiting from value-added insights using user-defined interactive workflow tools.

“We selected IT2 to support our exponential growth with advanced reporting and global cash visibility to optimize investment returns and make informed funding decisions with automation of treasury processes. We will use IT2 for FX and IR risk management, debt and investment management, cash and liquidity management, payments, valuations, and accounting. There will also be a direct connection to our banking partners to streamline bank reconciliation and payment processes, with functionality to facilitate cash pooling,” said John Pramgård, Treasury Manager at Oatly.

“We are pleased that Oatly has joined our global ION Treasury customer community and excited to add another customer to our already strong footprint in the Nordic region,” said ION Corporates CEO, Richard Grossi. “We look forward to helping to develop Oatly’s treasury management through greater efficiency and improved accuracy, and apply our mutual commitment to using advanced technologies. We are excited about the strong long-term partnership with Oatley as we help further digitalize their treasury operations.”

JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd., has identified a significant opportunity for European merchants and acquirers to tap into the rapidly growing Indian payments market, with JCB’s data showing a 70% growth in Cardmembers between Q4 of 2021 and Q2 of 2022.

Projected to have the third-largest number of high-income households by 2030, the region is set to contribute $1.8 trillion to global consumption growth.

Traditionally a “cash-first” society, there has been a significant shift towards digital and card payments as part of a “less-cash” movement in recent years. This has been accelerated by government initiatives such as Digital India introduced with the specific aim to “transform India into a digitally empowered society and knowledge economy”.

The National Payment Corporation of India (NPCI), set up by the Reserve Bank of India and Indian Banks’ Association, has been a major factor in enabling widespread digital payments in the region. Reinvesting profits into growing India’s payment ecosystem, the umbrella organisation operates retail and settlement payment systems throughout India and has a comprehensive services portfolio that makes them a central figure in the market.

In terms of spending, research shows most Indians are optimistic in the wake of the Covid-19 pandemic, with consumer and retail spending including fresh produce, health and wellness goods, new vehicle purchases, and travel. As restrictions ease and travel is possible once more the appetite to do so has only intensified, with outbound tourism set to surpass $42 billion by 2024 and Indian firms expected to facilitate easier travel through better-connected flights. Already one of the world’s fastest-growing aviation markets in 2019, there is an expectation that the number of daily fliers will exceed pre-pandemic numbers by early 2023 with the likes of London, Paris, Dubai, Toronto, and Amsterdam being the most popular international destinations.

This spending increasingly takes place online, too, with Indians willing to spend abroad from their home – especially with recognised brands and in frictionless and secure e-commerce environments. Access to reliable internet and low-cost data makes it easier to go online at a time when traditional shopping methods have been more difficult amidst pandemic restrictions. The e-commerce sector alone is expected to grow by 96% between 2021-2025 and be worth $200 billion by 2026. 43% of international transactions from JCB Cards came from e-commerce spending.

These figures have been released alongside the launch of JCB's latest whitepaper, ‘Prosperity Awaits – Tapping into the Indian Market’, which includes exclusive insights for European merchants and acquirers on Indian spending patterns, and the importance of building customer relationships early to capitalise on the opportunities.

 

Ray Shinzawa, Managing Director, JCB International (Europe) Ltd., commented: "The Indian market is growing at a rapid rate and boasts one of the world’s fastest-growing economies. This is providing opportunities for merchants and acquirers outside of South Asia to grow their presence in the region and unlock the potential it, and its population of over 1.4 billion people, has to offer. JCB’s place in the payment ecosystem means we are well-positioned to help our European merchants and acquirers navigate and make their mark in this vast region” he continued.

Satoru Mori, Managing Director, JCB Card International (SouthAsia) Private Ltd. said: “There is a real opportunity for European merchants and acquirers to have success in the Indian market. The region is putting significant time and resources into embracing a digital outlook and this benefits modern payment methods. Meanwhile, the population itself is willing to spend as we emerge out of the pandemic. It is all about providing a painless and secure process that will allow individuals to trust you with their disposable income.”

Download and read the full whitepaper here.