• 31.10.2022 -- 12:46 pm

EVERYANGLE, the Dublin-based computer-vision company that helps physical retailers, hospitality venues, and convenience service stations to optimise operations, is pleased to announce it has completed a €2.7 million fundraise to accelerate sales, invest in ongoing product development and drive further expansion in the US and UK.  

The funding round was co-led by Sure Valley Ventures, Act Venture Capital and Furthr VC  (formerly DBIC Ventures) and with participation from Enterprise Ireland.  

EVERYANGLE’s platform uses computer vision and machine learning to analyse CCTV footage for events of interest, without the need for human review. With the number of CCTV cameras deployed globally set to double from 1 billion to 2 billion in the next 3 years, enterprises are increasingly surrounded by oceans of video. However, less than 0.1% of CCTV video captured is ever reviewed by a human being, due to time and cost factors. EVERYANGLE’s unique platform analyses video footage rapidly and cost-effectively at scale to help retailers,  hospitality providers and fuel station operators gain rich in-store customer insights, reduce loss and optimise their operations.  

Customer Insights – with less than 40% of visitors generating a digital footprint in brick-and-mortar retail stores and hospitality venues, the in-store customer has historically been far more challenging to analyse than their online counterpart. EVERYANGLE levels this playing field by providing high-fidelity analytics on customer footfall, demographics, in-store journey and sales conversion, enabling the effectiveness of store marketing campaigns, opening hours and visual merchandising to be rapidly split tested and measured.  

Loss prevention – customer theft and staff fraud at checkout costs retailers and hospitality venues upwards of 1% of gross revenue annually. With these costs trending upwards during periods of low economic growth, the ability to identify checkout loss, cost-effectively at scale in today’s marketplace has the potential to deliver significant savings that drop straight to a retailer and hospitality operator’s bottom line. EVERYANGLE’s platform identifies scan avoidance events at self-checkout, spots suspicious refunds, voids and card activations and reduces the cost of investigating suspicious transactions at the checkout by 90%. 

Optimized Operations – The number of job openings across the retail and hospitality sectors has increased by 53% compared with 12 months ago. This is the largest worker shortage in a  single sector in decades according to data from the US Bureau of Labor Statistics. The imperative to understand precisely how many staff are required, at what times, in which locations and performing what activities have never been more pressing. EVERYANGLE’s platform reduces labour costs by 1 hour weekly per employee by aligning work schedules with customer traffic flows, alerts staff when checkout queues exceed threshold KPIs, and avoids over-ordering inventory with live stockroom utilization reporting.

The Company is based in Ireland and plans to increase its headcount over the next 24 months,  with recruitment underway for key hires in machine learning, data science, software engineering, product management and sales.  

EVERYANGLE has developed strategic go-to-market partnerships with major vendors including Cisco and SAP, global distributors such as TD Synnex, as well as international reseller partners including CDW and WWT. These extensive partnerships enable EVERYANGLE to serve a range of sectors globally, including Retail, Hospitality and Convenience Service Stations, with customers including Mulberry, Peloton, Oxford Industries, Joey’s Restaurant Group, Vinfast and RaceTrac. 

EVERYANGLE CEO David Owens commented: “We are delighted to receive this investment to launch the next phase of our growth. With the number of CCTV cameras set to grow by  100% globally, our platform is becoming ever-more critical to ensuring retailers, hospitality venues and convenience service stations can leverage at scale all of their video data to improve the in-store customer experience, reduce theft and fraud, and deliver real operational cost savings. We’ve developed long-term partnerships with customers who trust our expertise to successfully address and solve even their most complex business problems. Having had a positive response from the market to date, particularly in the USA, we look  forward to accelerating our sales, implementing our product roadmap and growing our team  over the coming months.” 

Isabelle O’Keeffe, Partner at Sure Valley Ventures commented: “This is an exciting business with international ambitions. We are delighted to support the EVERYANGLE team in tackling the growing challenges of better understanding in-store customer behaviour, improving loss prevention, and delivering operational cost efficiencies. EVERYANGLE fits ideally with our goal  to back companies which have exciting potential to disrupt industries and scale up, and in  doing so, deliver robust returns for the economy and society at large, the founders and their  team.” 

Debbie Rennick, General Partner at Act Venture Capital commented: “We are delighted to support David and his team to accelerate their international growth. EVERYANGLE has a great technology platform with multiple applications providing strong business benefits for its customers. The market opportunity is very large and growing rapidly; they have an exciting  future.” 

Richard Watson, Managing Partner at Furthr VC commented: “The level of participation by three VCs in the investment round in EVERYANGLE underlines the strength and depth of their team, the level of sophistication of the EVERYANGLE platform and the size of the global opportunity. We are highly impressed by the management team and look forward to working  closely with them in scaling the business.” 

Baker Tilly corporate finance and tax advised the company on the funding round with Elaine  McGrath of Reddy Charlton LLP providing legal advice.

Room Zero, an exciting new provider of specialist software to the asset management industry, is supporting GAM Investments in meeting all its needs for Assets Under Management (AUM) & Flow information from across the entire firm with a single, golden source dataset.

Room Zero’s cloud-based software stems from the need to join up the datasets springing from the worlds of Finance and Distribution (Sales & Marketing). AUM & Flow information is located in these two distinct departments within most firms and while there is common overlap between the datasets, there is usually no effective join. 

Richard Warrington, co-founder at Room Zero Solutions: “Distribution teams within the industry are suffering from a lack of visibility across their client assets. It makes it very hard for asset managers to know who their underlying clients are – or who is investing in which products. Asset managers that operate in heavily intermediated markets suffer the most from this situation.”

Room Zero AUM is an off-the-shelf solution to this industry-wide problem so that within any asset management firm both Finance and Distribution can utilise one single set of results, thereby removing the need to manage this data in silos across the business. 

GAM Investments is an active, independent global asset manager headquartered in Zurich. Its five year-contract with Room Zero stemmed from a competitive Proof of Concept selection process. The initial phase of the implementation is already live and meeting the needs of AUM & Flow data consumers globally - within Finance, Distribution, and other touchpoints across the organisation.

Jill Barber, Global Head of Institutional Solutions at GAM and a co-sponsor of the project said: “Deploying Room Zero AUM has given our distribution teams greater visibility across all client assets through the highly customisable dashboards. The system also provides our finance team with the robust data needed for our financial reporting and delivers a more efficient process for generating our AUM & Flow output.  An added benefit is that Room Zero AUM has enabled us to simplify our IT architecture, enabling us to decommission legacy in-house systems.” 

Nets, part of Nexi Group, the European PayTech, has published its Nordic Payment Report 2022, revealing a strong recovery for face-to-face payments, particularly in hospitality and transport sectors, as mobile payments gain ground at physical points of sale, pushing cash into third place in terms of consumer preferences.

Report highlights:

1. 80% of Nordic consumers still prefer cards for face-to-face payments
   1. Cards linked to loyalty solutions are increasingly driving card use
2. 10% of Nordic consumers favour mobile payments – a historic moment as mobile overtakes cash as the second most popular payment method in the Nordics
3. Only 5% of consumers prefer to pay in cash and in Sweden, an astounding 27% of consumers say they now do not use cash at all
4. 70% of Nordic consumers value contactless payments “highly” or “very highly”, compared to less than 20% in 2018

After a difficult 2020, stores that sell physical products are finally enjoying better times, with year-on-year growth for Nordic countries averaging 7.2% for H1 2022. Consumers increasingly want a choice in how to pay, with a preference across the Nordics for a card or mobile payments. Cash registers are increasingly being replaced by terminals in the actual store, as well as mobile devices – so-called SoftPOS solutions – which frees sales staff to focus on customer service and advice. 

Jeppe Juul-Andersen, Head of Commercial LAKA in Nets, said, “We aim to see continued improvement across 2022 for brick-and-mortar retail and other physical merchants, as consumers return from COVID-19 restrictions. However, we could now see a tough few months ahead of us due to energy prices, inflation and interest rate increases. Successful retailers will continue to adapt to consumer payment preferences as mobile payments gain more ground and cash continues to decline.”

Omnichannel and unified commerce have seen an increase in recent years among Nordic consumers, and both concepts offer many opportunities for retailers and consumers. Click & Collect payment methods are being used by over 50% of Nordic consumers, with 69% of Norwegian consumers using this option. Two-thirds of consumers in Sweden and Norway are using Scan & Pay methods to pay quickly and avoid queuing in store, but less than a third of Danish and Finnish consumers are currently doing so.

Yet speed is also valued when it comes to payment authentication. Verifying identity through a consumer’s fingerprint or facial recognition is becoming more common, but may take some more time to really break through. On average, almost 50% of Nordic consumers currently prefer authentication via PIN, but mobile Bank-ID is favoured by 30% of consumers in Sweden, fingerprints are preferred by 13% in Denmark, and facial recognition is becoming more widely used (preferred by 11%) in Denmark and Norway.

In-store payment growth across retail sectors in the Nordics is as follows (H1 2022 vs H1 2021):

• High street retail: +7.2%
• Grocery stores: -2.8%
• Restaurants and cafes: +69.3%
• Transport: +30%
• Services: +35.4%

The report also explores consumers' views of payment brands, insights into authentication methods including biometrics, as well as digital receipts and loyalty programs.

Luno, the global cryptocurrency investment app that aims to put the power of crypto in everyone’s hands, has today announced that it will be joining as a member of the Travel Rule Universal Solution Technology (TRUST). TRUST is a global, industry-driven solution designed to comply with a requirement known as the Travel Rule, while prioritising customer security and privacy.

The Travel Rule requires a virtual asset service provider to collect details about the parties to a crypto transaction and to exchange that information with the provider on the other side of the transaction, much like banks do.

TRUST launched in the US in early 2022, but quickly expanded to Canada, Singapore and now Europe. As TRUST membership continues to attract industry-leading virtual currency exchanges, brokerages, custodians, and wallet providers around the world, Luno is confident that Travel Rule compliance across the industry will accelerate.

TRUST will be added to Luno’s existing technology stack aimed at complying with the Travel Rule. Luno has been a member of Notabene.id since January 2021. Adding TRUST to this stack means that Luno will be able to interact with an additional network of virtual asset service providers and demonstrates our commitment to complying with the objectives behind the Travel Rule.

“At Luno, we want people all over the world to have access to a secure financial system. We’re excited to join the TRUST network and continue to strengthen the safety and security of our platform for our customers. This membership will allow us to broaden our existing Travel Rule capabilities. It will also set us up to comply with the Travel Rule in the UK before the September 2023 deadline as well as across Europe”, comments Sam Kopelman, UK Country Manager from Luno.

This partnership enhances Luno’s promise of putting its customers first, with a safe and trusted crypto experience while meeting the new regulatory requirements. The Travel Rule compliance solution is specifically designed to deliver top-tier safeguards to customers’ privacy and security, including:

• No central store of personal data: Sensitive customer information is not centrally stored where it could be targeted by an attacker or misused by a third-party. The required information is only directly sent from one TRUST member to another, through end-to-end encrypted channels, and the receiver is required to safeguard it.
• Proof of address ownership: TRUST includes a mechanism for the receiving member to prove that it is the owner of the receiving crypto address before customer information is sent — this ensures the right information is sent to the right member.
• Core security & privacy standards: All TRUST members are required to meet core anti-money laundering, sanctions, security, and privacy requirements before joining the solution.

“We continue to proactively work with regulators to bring more clarity and maturity to the crypto market. In anticipation of regulatory changes, joining the TRUST network is certainly a step in the right direction”, concludes Thomas Tudehope, Global Head of Public Policy at Luno. “We are determined to ensure that our customers can access the crypto ecosystem in the safest possible way and the service we provide is always reliable.”

As banks around the world rationalise their ATM fleets and remove unprofitable units, independent ATM deployers (IADs) are stepping in to fill the vacuum

IADs deploy a growing share of the world’s ATMs

RBR’s report Global ATM Market and Forecasts to 2027 shows that while the total number of ATMs worldwide is slowly declining, the number of machines deployed by non-banks is increasing – by 5% last year. While banks heavily promote cashless payments and digital channels, many people still rely on cash. Independent ATM deployers are most associated with ATMs in tourist and retail locations but have a growing role in maintaining access to cash across a diverse range of sites. Almost one in five ATMs worldwide is now deployed by an IAD.

Number of ATMs worldwide by deployer type (millions)

Source: Global ATM Market and Forecasts to 2027 (RBR)

Asia-Pacific drives growth in non-bank ATM numbers

While the total number of ATMs is falling in most regions, the number of IAD terminals rose across the board last year. The region which saw the greatest expansion was Asia-Pacific, where the number of IAD ATMs increased by nearly 11,000. Over half of these new machines were in India, where growth is being driven by loosening regulations on capital requirements and foreign investment.

The country that saw the greatest number of new IAD installations, however, was the USA, which remains the largest IAD market in the world by some margin. A low-cost business model and the ability to apply surcharge fees on withdrawals have allowed these deployers to succeed in locations banks find unprofitable. While the global IAD market is growing, the USA is keeping pace, retaining its 43% share of the world’s non-bank ATMs.

IAD growth has not been universal, however. There are still large markets where such deployers are not present. They are effectively banned in some countries, such as Russia, where regulation only permits licensed banks to deploy ATMs.

Furthermore, IADs disappeared entirely from two countries last year; both in Asia-Pacific. Pakistan’s only IAD ceased operation as investor confidence waned, while in China, the last two deployers contracted by banks to help manage their fleets, a model that Chinese banks now consider inefficient, exited the market. China is Asia-Pacific’s largest market ATM market and often skews regional trends, but the loss of IAD terminals in China has not offset their rapid growth in countries like India.

The gap between the bank and IAD ATMs will continue to close

RBR’s research forecasts that the global ATM market will shrink by 5% between 2021 and 2027. For IADs, on the other hand, the outlook is quite different. The number of non-bank terminals is predicted to grow by 9% over the same period.

Rowan Berridge, who led RBR’s Global ATM Market and Forecasts to 2027 research, remarked: “Banks are going to continue removing less profitable ATMs, and this is good news for their competitors. While cashless payments are on the rise worldwide, the demand for cash has not disappeared, and IADs will be there to make sure it is met”.

CLS, a market infrastructure group delivering settlement, processing and data solutions, today announces that First Abu Dhabi Bank (FAB) and UBS have gone live on CLS’s bilateral payment netting calculation service for over 120 currencies – CLSNet. They will join the growing CLSNet community of global and regional banks, which includes seven of the top ten global banks.

CLSNet has seen a marked increase in adoption this year, with a 179% year-on-year increase in the average daily notional of net calculations in H1 2022. This announcement follows the news that Deutsche Bank, Mashreq and Standard Chartered have committed to using the platform. As the CLSNet community continues to grow, users of the service will increasingly benefit from the expanding roster of netting counterparties.

CLSNet standardizes and centralizes post-trade processes across the global currency spectrum – and in doing so reduces risk, enhances efficiency and improves liquidity for a growing network of FX market participants.

In going live on CLSNet, FAB and UBS will benefit from a centralized platform with matching and legal confirmation of over 120 currencies for FX products, including same-day trades and NDFs.

Lisa Danino-Lewis, Chief Growth Officer, CLS, commented, “We are delighted that FAB and UBS have gone live on CLSNet. The escalating interest in CLSNet is a testament to its centralized model. Through the expanding global network, market participants will be able to maximize the intraday liquidity, operational efficiency and risk mitigation benefits of the service.”

Anan Samaneh, SVP & Head of FXMM & Control Operations, FAB, said, “CLSNet offers standardization and automation through a centralized platform which will significantly enhance our post-trade process – thereby enhancing operational efficiency, risk mitigation and reduced funding requirements. Participating in CLSNet also supports FAB’s adherence to the best practice settlement risk principles of the FX Global Code.”

Steve Forrest, Global Head FX Operations, UBS, added, “CLSNet will enable us to address our wider post-trade processing needs and automate our bilateral netting activity with fellow participants. Further, as a centralized infrastructure, it not only delivers risk mitigation for participants but also facilitates front office benefits such as liquidity optimization and reduced funding requirements.”

Using CLSNet also reinforces FX market participants’ adherence to the FX Global Code, the industry’s global principles of good practice for the FX market. In particular, using the service supports adherence to Principles 35 and 50,¹ as all trade instructions sent to CLSNet are automatically validated and matched up to the pre-determined cut-off times between counterparties for each currency. This ensures that only matched trade instructions are included in the automated net calculation and provides a single common record of the net payment obligations. By automating the netting calculation process via a centralized platform, users benefit from greater operational efficiency through substantially enhanced straight-through processing rates, as well as increased risk mitigation for currency, flows not settling via CLSSettlement.

Coremont LLP (“Coremont”), a leading independent FCA-regulated financial services firm that provides complete front-to-back portfolio management support for hedge funds and institutional asset managers, has appointed Balaji Krishnamurthy as Chief Technology Officer. He will be based in the United States.

Balaji is a technologist of excellent pedigree, with over 25 years' experience servicing Prime Broker, Equities, Custody and Wealth Management clients across leading financial firms. At JPMorgan Chase & Co., he was Managing Director overseeing middle office and post-trade technology based in New York. Prior to joining JPMorgan in 2014, Balaji was Director of Post Trade Technology at Barclays and previous to that he held positions at Nomura, Lehman Brothers and Goldman Sachs. Balaji started his career as a software engineer, after completing a Bachelor’s in Physics and Master’s in Computer Application.

Coremont has been fortifying its team this year to accommodate its significant growth potential. The announcement of Balaji’s appointment follows the recent appointment of Akbar Sheriff as global COO in July 2022, as well as Yu Xu as Deputy Head of Product in August 2022 and Chaim Hack as Head of Business Development in May 2022.

Coremont provides portfolio management technology and data across all investment management and trading functions. Its flagship solution, Clarion, offers comprehensive coverage across all asset classes, including rates, fixed income, credit, FX, equities, commodities and cryptocurrencies.  

Commenting on the appointment, Jev Mehmet, CEO of Coremont, said: “We are thrilled to have Balaji join our team. We see significant appetite from the global investment management community for our scalable technology solutions based on proprietary risk analytics, and look forward to harnessing Balaji’s expertise as we further build momentum.”

Balaji Krishnamurthy commented: “I look forward to joining the team during a period of rapid growth and expansion into new distribution markets. Coremont’s deep commitment to developing and providing unrivalled solutions to its clients is impressive, and I am excited about the opportunity to contribute to its global growth trajectory and help our clients operate efficiently during the continued market change.”

• 31.10.2022 -- 09:37 am

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Clausematch, a global RegTech company automating policy management and regulatory compliance at financial institutions and other regulated organizations, has been recognized as the top RegTech company by BusinessCloud UK.

“Our rankings celebrate technology innovators of all sizes, from early-stage businesses to established players,” said Jonathan Symcox, editor of BusinessCloud. “FinTech, InsurTech and RegTech are massively important in the UK’s technology landscape and narrowing the shortlists down to 50 businesses in each with the help of our expert judges is a challenge.”

“It is no surprise to see Clausematch top the ranking with its platform for compliance management. Well done to Evgeny and the team,” said Symcox.

“It’s an honour to earn the respect from not only the judges but also our peers,” said Evgeny Likhoded, CEO and founder of Clausematch. “Thank you to BusinessCloud and the judges. We look forward to continuing our work to bring innovative solutions to this crucial area of the UK’s changing technological world.”