Global payment service provider, Computop, has today announced the launch of its new Cloud POS Interface, a solution that will allow retailers to operate card terminals from any web-based ERP, store, or POS system through the Computop Paygate.

Ideal for physical stores and operations with multiple locations or checkout points, Computop Cloud POS is a modern, flexible interface enabling retailers to connect to POS terminals via the cloud and eliminating the need for the ZVT/OPI interface in the cash register to facilitate card payments.

Computop Paygate transfers payment requests to a cloud-based terminal server which identifies and addresses the correct terminal. This means that while the terminal can still reside in the same local network as the initiator system, the transaction process technically will no longer be triggered by the cashier system software, but instead by the terminal server at Computop.

Cloud POS also enables terminals to be operated via a SIM card. On occasions when a terminal is not connected to Cloud POS through a LAN or WiFi, retailers can instead use a SIM card to create a connection to the cashier system, giving them greater flexibility to handle payments.

“There are immediate benefits for retailers in terms of the savings they can make on purchasing and maintaining traditional POS interfaces,” said Ralf Gladis, CEO at Computop. “But in addition to this, Cloud POS is highly scalable which means that it suits fast-growing omnichannel-based, customer-facing services that are location-independent.”

With the rapid growth in pop-up stores and doorstep deliveries, companies are looking for payment solutions that support mobile use cases, as well as faster and more flexible points of sale in established stores. Computop Cloud POS is also ideal to support self-service sales, such as in museums, event locations or tourist information centres.

Computop Cloud POS is available now to larger retail customers and can be integrated directly with logistics enterprises to enable a ‘pay-on-delivery' service.

smartKYC, the world’s most advanced multilingual semantic search engine, has been recognized as one of the top category leaders across the 2022 Chartis KYC Solutions Market Update and Vendor Landscape report. 

smartKYC was rated ‘best in class’ for reporting and customer profile enrichment, recognising smartKYC’s industry-leading solutions in potential markets of customer satisfaction and growth strategy. 

smartKYC received additional advanced rankings in KYC risk scoring and customer onboarding, bringing their total scoring to 14 out of 16 stars. Chartis focuses on risk and compliance technology, giving it a significant advantage over generic market analysts when recognising industry leaders. 

Macro themes in the 2022 KYC solutions market are cost and efficiency, as KYC processes are still often manual, which can result in errors and a poor customer experience. smartKYC applies highly advanced artificial intelligence software to solve the most pressing challenges facing screening and background checking teams, including federated search, sophisticated name handling and multilingual natural language processing. 

 “smartKYC is proud to be included in the Chartis KYC Market Quadrant Report, ranking strongly in alignment with the macro themes in the 2022 KYC market. Receiving 14 out of the 16 possible stars in the ranking is a testament to our process of combining artificial intelligence, linguistic and cultural sensitivity and deep domain knowledge to set new standards for KYC quality.” - Hugo Chamberlain, COO, smartKYC.

Episode Six, the leading global payments and banking infrastructure provider, and Immersve, a multichain payments protocol and Scheme card issuer, have announced a partnership to facilitate Scheme payments directly from Web3 digital wallets.

This partnership brings together Episode Six’s globally distributed issuer processing expertise and Immersve’s blockchain technology to give consumers access to a truly decentralized scheme payment product.

Episode Six provides card management and card issuance services as well as transaction processing, which will confirm transactions against a blockchain-based ledger. That will include settling payments with USDC Stablecoin.

“Our technology provides a bridge between blockchain and digital assets and the current financial system,” said John Mitchell, CEO and Co-Founder of Episode Six. “We can accommodate any unit of value on our platform, including traditional and digital currencies, loyalty or reward points. Now,  consumers will be able to pay for goods and services directly from their crypto wallets in real-time.”

This partnership – Episode Six’s first in New Zealand – offers a next-generation way to pay, earn and transfer both digital and traditional assets and marks an important step in the development of infrastructure to support Web3 and the metaverse.

Just as scheme payment card functionality was critical for the early growth of e-commerce sales – which now represent about 20% of all retail transactions globally – the interoperability of assets will be a cornerstone of commerce in the next generation of the internet. The world’s most decentralised scheme payment card brings the best of Web3 technology and values, especially decentralization and community engagement, to everyday payment experiences.

Episode Six and Immersve’s liquidity-from-any-asset capability aims to solve the interoperability problems facing legacy platforms as they look to harness the potential of the web3. The integration of commerce, payments and earning potential in Web3 worlds poses a steep challenge to the payment and settlement systems that were designed for the physical world. Simply migrating between national currencies can still present a layer of difficulty for merchants and banks but introducing USDC-settled and blockchain-based accounts into the mix, adds an entirely new realm of assets and value to the equation.

According to research from IDC, 60% of global consumers will have made transactions using an asset class other than fiat currency by 2030. The firm also estimates the volume of non-fiat transactions already edged past $2 billion as early as 2020; by 2030 that figure will likely exceed $166 billion. Secure payment rails for all of it will be needed and that’s where Episode Six, as the world’s only globally distributed issuer processor, enters the picture.

Jerome Faury, Co-Founder at Immersve says “We believe individuals should be the master of their money and be in complete control of their payment experience.  To enable this Immersve is building bridges and breaking silos, creating new types of financial freedom through digital trust.  We are developing visionary infrastructure that makes it possible for individuals to transact crypto directly from their web3 wallet for any purchase - be it digital, physical or the metaverse, where scheme payment cards are accepted.”

The potential for new forms of value creation in the metaverse will require new ways for banks, businesses and individuals to bridge the current gaps between payment systems and asset classes. The Episode Six and Immersve partnership is an example of how that becomes possible.

For Episode Six the partnership represents an out-of-the-box solution that makes payments and transfers both possible and seamless in the coming Web3 future.

Finastra has today announced that NBP (National Bank of Pakistan) has implemented Finastra’s Fusion Trade Innovation solution to power its trade finance operations. InfoTech (Pvt) Ltd., a leading systems integrator and Finastra’s exclusive authorized and certified reseller in Pakistan, led the deal and implemented the solution, which will enable NBP to lower transaction costs and provide corporate customers with a superior user experience.

“In the digital age it is important to have the right systems in place to give customers the best possible experience, so digital transformation has been a key priority for us,” said Imran Farooqui, SEVP & Group Chief, Operations, NBP. “Having already built a relationship with Finastra and InfoTech, we are confident in their industry-leading offerings and the ongoing service they provide after implementation. Fusion Trade Innovation will give us the tools we need to modernize, future-proof and ultimately grow our business.”

Finastra’s end-to-end working capital solution, Fusion Trade Innovation, is the industry’s leading booking engine. It includes capabilities for frictionless trade and supply chain finance, including buyer and seller loans, letters of credit, collections, guarantees, and government support for export credit and SME loans. Fusion Trade Innovation gives banks control with a development toolkit that enables them to deliver change themselves, all within a solution that is maintained by Finastra. This future-proofing feature provides a more predictable total cost of ownership and enables banks to maintain a clear upgrade path.

“Increasing complexity, regulatory changes and cost of capital mean that efficient trade and supply chain finance management has never been more important. In this environment, banks that are constrained by legacy infrastructures, disjointed processes and fragmented transactional views will struggle to successfully grow their businesses,” said Manish Joshi, Managing Director, Middle East, Africa and Asia Pacific at Finastra. “Fusion Trade Innovation is a comprehensive, modern solution that overcomes these challenges and we look forward to helping NBP take its trade finance business to a new level.”

“InfoTech is delighted to spearhead this implementation at Pakistan’s largest public sector bank,” said Asim Haque, Vice President, Banking Services Business Unit, InfoTech. “We were able to automate NBP’s trade operations nationwide, which were previously managed manually. Integrating this with the core, treasury and SWIFT not only gives NBP 360-degree visibility of its trade transactions, but has also managed to reduce operational costs. We look forward to helping NBP to grow its business further with Finastra’s solutions.”

Leading governance, risk, and compliance (GRC) advisor ACA Group (ACA) today announces it has bolstered its comprehensive Managed Services offering in response to a global economic downturn, increasing budget pressure and growing recruitment and retention challenges. Firms can now benefit from a customised blend of outsourced task management with the option of leveraging ACA ComplianceAlpha® regulatory technology for increased efficiencies. These solutions assist financial services firms, globally, helping them to cut costs, reduce turnaround times, and free up resources for value-adding activities.

A report from McKinsey earlier this year highlighted the challenges for business leaders looking to attract and retain talent with the onset of the “Great Attrition” in which the number of employees quitting, or thinking about doing so, has skyrocketed. Meanwhile, Gallup’s “State of the Global Workforce 2022” report found that the employee engagement rate in the U.S. and Canada is 33% and only 9% of workers are engaged and enthusiastic about work in the UK. 

Not only is there a difficulty in retaining talent, but there’s also a significant cost associated with hiring new employees. Research carried out by Oxford Economics found that it takes workers 28 weeks to reach optimum productivity – which has an attached cost of £25,200 per employee. Further, Work Institute’s Retention Report 2022 found that, in the US, losing an employee typically costs approximately 33% of their base salary, and in 2021 the costs of turnover to employers exceeded $700 billion with the costs of turnover to employers more than doubling since 2009.

This announcement comes at a time when the SEC is set to enforce its marketing rules – intended to prevent investment advisers from misleading clients. A key function of ACA’s Managed Services offering is the analysis and review of marketing and financial promotions. This feature is complemented by electronic communication reviews, AML due diligence (onboarding KYC/CIP and deal-related support) and screening services, code of ethics and personal account dealing and administration, expert network chaperoning, and wider regulatory reporting requirements – which are also included in ACA’s Managed Services portfolio.

Carlo di Florio, Global Advisory Leader, ACA Group, commented: “The escalating pace of regulatory change, compliance talent cost pressures, budget constraints, and the threat of recession is creating capacity, recruitment and retention challenges for many firms. Yet the pressure from increased global regulatory requirements is only growing. This challenge leaves firms in danger of creating risky exposure gaps in their compliance program.”

As a result, firms are finally beginning to change the way they think about moving to managed services, with Reuters’ recently revealing that 30% of firms outsource all or part of their compliance functionality.

Carlo di Florio continued: “In this climate, risk and compliance leaders are being asked to do more with less.  Managed services allow them to offload time-intensive day-to-day tasks to a trusted partner for enhanced efficiencies, allowing them to focus their limited resources on other, value-enhancing activities. These services can be scaled to meet the needs of clients and internal governance processes, reduce key person risk, mitigate burnout and lower the risk of turnover. As regulatory change continues, new compliance challenges will undoubtedly emerge, which is why firms need a managed service partner that is 100% adaptive to changes in the regulatory landscape.”

ACA has released a whitepaper investigating the challenges firms face in today’s regulatory and economic environment, exploring various trends and solutions to bridging the compliance gap, navigating uncertain geopolitical times, and tackling the war on talent.

Spectrum Markets, the pan-European trading venue for securitised derivatives, announced today it is welcoming iBroker, the Spanish online multi-product broker specialising in derivatives, as its newest member. The broker will extend its current offering to include securitised derivatives, with retail investor clients in Spain and Italy able to trade these via Spectrum.

On joining Spectrum, iBroker will start by adding Turbos to its existing product range, which includes US and European-listed derivatives (futures and options) as well as OTC products (CFDs and FX). Investors will be able to trade these 24 hours a day five days a week with the aid of the firm’s state-of-the-art integrated platforms, including web-based, phone and tablet apps, and advanced integrations with third-party charting tools like TradingView or Visual Chart.

Because Spectrum uses an innovative, single pan-European ISIN for each instrument listed on the venue, all iBroker’s trading volume executed on Spectrum across Spain and Italy will be consolidated in one international order book, giving its investors access to a deeper liquidity pool. Transactions will be settled via Euronext Securities Milan using existing connectivity, making it easy for iBroker to access Spectrum’s plug-and-play trading infrastructure.

“With their emphasis on providing investors a safe, simple and transparent financial markets experience, and their focus on modern, digital technology, iBroker is a natural partner for us, so we are delighted to be welcoming them to the venue,” says Nicky Maan, Spectrum Markets CEO.

“The Spanish market for securitised derivatives has been languishing for far too long, due in large part to inefficiency and high costs, penalising retail investors unnecessarily. I’m proud that Spectrum is helping to tackle these issues and give investors more tools to trade international markets,” he adds.

“Our partnership with Spectrum Markets has enabled us to easily and cost-effectively extend our offering simultaneously in both Spain and Italy to include securitised derivatives, a new type of product for us that we believe is well suited to the preferences of our clients,” explains Enrique Marti, iBroker CEO.

“We see a lot of potential for securitised derivatives in Spain, particularly following the work Spectrum has done to address the market. We are looking forward to building the market alongside Spectrum, creating more opportunities for trading.”

METACO, the leading provider of digital asset management technology to complex, global financial institutions, today announces that Union Bank of the Philippines (UnionBank), one of the largest universal banks in the Philippines, has gone live on METACO’s flagship platform, Harmonize, to pilot the launch of crypto services for its clients.

UnionBank is one of a select cohort of institutions granted a crypto license under the supervision of the Bangko Sentral ng Pilipinas (BSP). UnionBank is launching a pilot program for Bitcoin (BTC) and Ethereum (ETH) custody and trading services for select retail customers, a major step forward in the bank’s exploration of blockchain technology, which follows other similar digital asset initiatives, such as launching its own stablecoin for remittance payments or launching its presence in the Metaverse economy. The president of the Philippines, Ferdinand Romualdez Marcos Jr, heralded the importance of blockchain and digital asset technologies at the recent opening of UnionBank’s Innovation Campus, outlining the power of the technology in furthering financial inclusion in the Philippines.

UnionBank leverages Harmonize, METACO’s digital asset custody and orchestration platform, as a fully managed service deployed in the cloud, enabling it to manage governance and operations for the pilot. Working closely with the financial regulators and other industry participants, the bank aims to expand the service and create a safe and compliant environment for millions of Filipinos to custody and exchange digital currencies such as Bitcoin, straight from their existing mobile banking app, without the need to open or manage separate wallet services. Harmonize will act as the foundational orchestration platform to support UnionBank as it readies itself for wider rollouts of its digital asset services, serving the growing needs of its customers while future-proofing its business model.

Henry Aguda, Chief Technology & Operations Officer and Chief Transformation Officer at UnionBank commented: “UnionBank’s collaboration with its strategic partner METACO has been critical in the bank’s pursuit of realizing its vision of delivering superior, customer-centric services to the Philippine market. We are proud to continue UnionBank’s series of industry firsts, this time being the first regulated bank in the country allowing digital currency exchange feature for clients.”

Seamus Donoghue, Chief Growth Officer at METACO commented: “As a key strategic partner, we are proud to see METACO Harmonize going live in six months since the project effectively commenced, and now supporting the launch of UnionBank’s digital asset pilot with select customers. Our bank-grade digital asset orchestration platform, Harmonize, provides UnionBank with the optionality to securely explore a range of retail and institutional digital asset use cases, from crypto custody, investment and trading, to the fast-growing Metaverse economy in the Philippines.”

METACO is a leading technology provider to financial institutions and corporations in the digital asset ecosystem with significant Tier 1 and Tier 2 bank implementations in various regulatory jurisdictions, including Switzerland, Germany, France, United Kingdom, United States, Turkey, Singapore, Australia and Hong Kong. 

"We are delighted to be working with UnionDigital Bank – a leader and pioneer in the region and an exciting, high-potential initiative from the Union Bank of Philippines. With our technology, we look forward to seeing this new digital bank blossom and gain market share,” said Nick Wilde, MD for Asia Pacific, Thought Machine.

"We put innovation at the heart of everything we do at UnionDigital Bank. It made sense to partner with Thought Machine, as they share the same passion for driving significant transformation through the power of state-of-the-art technology,” said Arvie de Vera, Co-founder, President, & CEO, UnionDigital Bank.

UnionDigital Bank’s mission is to empower the country's digital economy by making digital banking safe and accessible to all. The partnership with Thought Machine accelerates this vision, making it one step ahead in achieving a Tech’d Up Philippines.

“Thought Machine’s next-generation core banking platform, Vault Core, is a key differentiator for UnionDigital Bank and enables a great foundation for the future of financial services,” said Pieter Franken, Chief Transformation and Technology Officer, UnionDigital Bank.

“At UnionDigital Bank, we are extremely excited with this future and its limitless possibilities it offers us. Thought Machine helped us draw this path further, by building a powerful digital bank in world record time that will serve and at the same time empower underserved communities to access financial services that they deserve,” added Franken.