Today Ryft, a revolutionary PSD2 compliant payments provider, announces that it has obtained a grant from Innovate UK under the ‘Innovation within Professional and Financial Services’ tender. 

Competing for a portion of the £5 million funding pot, the grant is designed to foster innovation. The competition was particularly high within this category, with only 8% of applicants receiving the funding they needed - a real feat for Ryft. In addition to gaining access to the £5 million fund, Ryft and other successful applicants are also able to call upon the Innovate UK team for additional support, in terms of providing business development and direction. 

Innovate UK is a national agency driving business growth and encouraging innovation across all UK regions. Through its various grants schemes, which include Horizon Europe, Energy Catalyst, and the Innovate UK Grant, businesses are able to develop their product and service portfolios in a way that supports rapid growth and business scaling across a variety of industries outside of financial services, including healthcare and aviation.

Ryft has grown exponentially throughout 2023, seeing figures rise by 300% across the business. To continue this trajectory and maximise innovation, Ryft will be using the grant to fund several areas of business growth, including expansion into the travel and events industries. To aid in this, Ryft will be expanding its technical team to bring new functionality to its existing product, allowing for expansion into new markets. 

Traditionally, payments processing systems within the travel industry have been managed by manual, archaic systems, which are not conducive for modern transactions. Knowing the difficulties expressed by large travel merchants which the team is currently working with, Ryft is looking to fully automate payment flows within the travel industry, removing existing frictions and promoting ease of use. 

Speaking on the grant, Founder and CEO of Ryft, Sadra Hosseini commented: “Following an extremely complex application process, we are delighted to have been awarded a portion of the Innovate UK grant for professional and financial services. This grant allows us to take the next steps towards expansion into new markets, where we feel Ryft will make a real improvement to the existing payment platform offerings available. We’re looking forward to growing our team, whilst building upon the current functionalities our merchants rely on in their everyday transactions.”

“We’d like to thank our advisors for recommending the grant to us, and Innovate UK for supporting us on the next steps in our journey towards business growth and market expansion.”

Temenos and Deloitte today announced a partnership agreement to provide technology solutions to help US financial institutions accelerate core banking and payments modernization in the cloud. Through this agreement, Temenos and Deloitte Consulting LLP will help financial institutions to deliver modern digital experiences faster and at lower cost and take advantage of new business models and market opportunities such as Instant Payments and Banking-as-a-Service (BaaS).

Building on close international cooperation between the two firms, this new agreement enables a joint go-to-market strategy in the US, opening a new channel for Temenos to accelerate market penetration in the large banks segment, as well as large scale payment players.

The two companies will jointly offer large bank customers a market-leading modernization approach to address competitive, regulatory, cost and innovation drivers. Deloitte will work closely with Temenos to implement their solutions using standardized, process-driven best practices for faster, low-risk deployment. With this new agreement, clients will now be able to access the industry experience and consulting strength of the Deloitte US firm and Temenos’ deep set of composable banking capabilities and Software-as-a-Service (SaaS) solutions on its cloud-native banking platform.

With a broad and deep set of banking capabilities and an open platform that enables banks to pursue any business model, Temenos is attracting US financial institutions of all sizes, even the very largest, to its platform which can be deployed on premise, on any public cloud or through Temenos Banking Cloud, as a SaaS offering. Temenos’ US core banking customers include Commerce Bank, live with an on-premise deployment, a top 30 US bank as well as fast growing digital challengers such as Varo Bank and Convera, the global payments leader.

Philip Barnett, President – Americas, Temenos, said: “Globally, Temenos and Deloitte have a long history of working together to help banks transform and modernize their core banking and payment capabilities. We are excited to formally expand our relationship in the US market with Deloitte as the transition to cloud banking accelerates for financial services firms. With our joint go-to-market strategy with Deloitte we will accelerate our penetration in the US market, specifically in the large banks segment. Together, we can support financial institutions with their payments’ transformation across multiple payment schemes and evolving regulations and we can help them to progressively modernize their core banking capabilities and accelerate the time to value.”

Steve Hillas, Managing Director, Deloitte Consulting LLP, commented: “As the banking market moves to the cloud, Temenos offers a compelling proposition to US banks. With our know-how and deep experience with Temenos implementations, Deloitte can serve as an accelerator for banks to pursue a technology modernization strategy, helping them to evolve their clients’ experiences, gain operational resiliency and position for ecosystem plays.”

The Clear Group has selected leading software provider AutoRek to drive efficiency across its business by automating some key operational processes. This latest investment in technology and data is a key part of Clear’s growth strategy and will enhance the client journey.

The new partnership will enable the broker to become more tech-driven – a key pillar of its growth strategy.

AutoRek helps financial services firms improve control of their data and save time and costs through intelligent automation. It provides a self-contained financial and operational reconciliation solution to eliminate manual processes, perform matching and analyse breaks. 

AutoRek will now work with Clear to help drive digital transformation by automating its insurer statement reconciliation processes. This will enhance efficiency, improve financial controls, reduce revenue write-offs, protect margins, and provide Clear with real-time MI and reporting.

Clear will deploy the latest version of AutoRek V6.9 using its fully managed Azure SaaS platform.

Jenna Hylton, Group Finance Operations Director, from the Clear Group: ‘Clear is committed to investing in technology and data to support our exciting growth strategy. The AutoRek solution will help simplify our processes saving time and enabling us to refocus our efforts on building for the future.’

AutoRek’s Insurance Lead Piers Williams commented: “It’s great to be working with Clear, helping them overcome the complex data challenges associated with the insurer statement reconciliation process.

“We look forward to working closely with Clear to make this process much simpler, as we have with many similar insurance organisations.”

CompoSecure, Inc., a leader in metal payment cards, security, and authentication solutions, today pointed to a growing need that could alter the payment security landscape in 2024. The company's CEO, Jon Wilk, anticipates a new era of payment cards designed to counteract the rampant challenges posed by fraud, data breaches and the prevailing password crisis.

“Banks and other payment card issuers have solutions in the hands of their customers today that can be enhanced to respond to security threats, earning the trust of both consumers and businesses,” Wilk said. “Turning a payment card into a hardware-bound passkey that functions as a physical authentication token provides a simple and secure device that is a strong compliment to current multi-factor authentication capabilities available in phones and computers today.”

Wilk points to the three threats that could shift payment technology:

• Passwords: For years, the pursuit of a passwordless future has been a promise on the horizon. A staggering 80% of data breaches have been attributed to poor password security, while an overwhelming 50% of call center activities are centered on passwords, according to Gartner. Many of the world’s leading business and technology companies are promoting passwordless and FIDO technologies because 68% of consumers want to shift away from passwords.
• Data Breaches: Data breaches range in size – from personal identity theft to huge corporate espionage and ransomware incidents. According to IBM, the global average cost of a data breach in 2023 was $4.45 million. Over half (51%) of organizations are planning to increase security investments because of data breaches.
• Fraud: In a world where credit cards are an integral part of global commerce, the staggering reality of a projected $35 billion in losses due to fraud in 2023, as reported by The Nilson Report, has ignited an urgent need for innovation. Consumers are becoming familiar with terms like "transaction validations," "new device authentications," and "card not present transactions," all of which underscore the prevailing sense of insecurity.

Payment cards, exceeding 25 billion in circulation worldwide according to the Nilson Report, are among the most common consumer products on the planet. In contrast, the number of iPhones, something we perceive to be ubiquitous, are estimated at only 1.5 billion.

There are many use cases where a physical authentication token could add enhanced security and ensure trust, for example:

• High value transaction validation
• Reduction in false declines
• Prevention of account takeovers
• New device authentication
• Passwordless customer authentication
• Reduction in call center handling time.

At the same time, the customer experience is always at the forefront for banks and fintechs. They need to provide a seamless customer engagement process with their brand to ensure a positive experience. Wilk points to payment technologies ready to address these looming security issues, such as security authentication solutions.

For the consumer, this means a new and convenient way to use the trusted and familiar payment card in everyday life. For banks and other card issuers, it would mean leveraging the card to be used even more often, reinforcing the loyalty between the consumer and the financial institutions even further. After all, every time a consumer uses a payment card, a marketing and branding moment is being replayed.

“It is important to remember that the best security is the one people use,” added Wilk.

COCA, in partnership with Wirex, a leading Web3 money app, has unveiled the world's first Multi-Party Computation (MPC) wallet accompanied by a non-custodial debit card.

This innovative product marks a significant step forward, combining the security of MPC technology with the practicality of everyday financial tools.

The launch of the COCA non-custodial debit card, powered by Wirex's card infrastructure, represents a transformative moment in the way security and convenience are perceived in digital finance.

Aimed at simplifying the transition between cryptocurrency and traditional spending, it's a product poised to redefine user experience in the fintech sector.

This collaboration between COCA and Wirex brings forth several exciting features and benefits:

• Global Crypto Spending Made Easy: Users can now spend cryptocurrency effortlessly at over 40 million merchants worldwide. COCA enables direct crypto transactions without the need for preloading.
• Dual Card Options: Catering to diverse needs, COCA offers both virtual and physical card formats, ensuring a seamless fit into various lifestyles.
• Zero Fee Policy: COCA guarantees a fee-free experience, eliminating monthly and foreign exchange charges and enhancing financial freedom.
• Fee-free ATM Withdrawals: Users can withdraw up to $200 globally without incurring any fees, easing international transactions.
• Integrated IBAN (Coming Soon): The upcoming feature will enable users to easily conduct Euro transactions and access banking services, further bridging the gap between digital and traditional banking.

Pavel Matveev, CEO and Co-founder of Wirex, expressed his enthusiasm: "Wirex has always been committed to pioneering on-chain interactions. Collaborating with COCA to introduce this advanced non-custodial card technology is a stride towards our vision. This partnership is a big step in changing how we think about finance, blending the best of digital and traditional approaches."

The partnership is a significant development in the fintech landscape, bringing together advanced security and practical features to create a user experience that is both secure and seamlessly functional.

Reseda Group, a wholly owned credit union service organization of MSU Federal Credit Union (MSUFCU), today unveiled its Ever Green Financial Wellness Center, a new interactive platform designed to help credit unions and community financial institutions promote financial literacy and education with consumers and member communities through engaging, personalized digital content.

The Ever Green Financial Wellness Center is a custom-labeled, digital financial education platform that is accessible through both web and mobile apps. It allows credit unions and community financial institutions to seamlessly integrate and customize the platform into their digital banking systems. Blog posts, podcasts, videos, and quizzes are all focused on financial education and are available via an API. The platform is part of Reseda Group's efforts to bring innovative technology and solutions to the credit union industry and beyond to revolutionize the member experience and promote lifelong financial literacy and empowerment.

"Financial education is the cornerstone of the credit union movement, and Reseda Group is committed to connecting our credit unions and community financial institutions with solutions that help ensure members and consumers of all ages have the knowledge and skills they need to reach their full potential," said April Clobes, president and CEO of Reseda Group and MSUFCU. "The Ever Green Financial Wellness Center provides financial institutions with a digital, easy-to-use solution to deliver personalized, engaging content and learning resources to educate and inspire the consumer to make smart budget decisions and take control of their personal finances."

Key features of the Ever Green Financial Wellness Center include:

• Personalized Learning: The platform offers personalized financial education content tailored to individuals' needs and financial goals.
• Engaging Resources: Consumers can access various interactive tools, calculators, videos, articles, and other multimedia resources that make learning about finances simple and enjoyable.
• Customizable Integration: Financial institutions can seamlessly integrate the Ever Green Financial Wellness Center into their existing digital experience, maintaining a consistent brand experience for the consumer.
• Data and Reporting: Detailed analytics and data allow financial institutions to monitor engagement, tailor content to meet consumer habits, and measure the impact of content and resources on spending and saving habits.

Orange Finances Money Mali, a leading Electronic Money Establishment and subsidiary of Orange Mali, is proud to announce a groundbreaking partnership with TerraPay, a global cross-border payments network with an extensive reach. This partnership marks a significant milestone in the digital financial landscape for Mali, connecting over 12 Million Malians to the vast diaspora residing across the globe, including other African countries.

Bringing together Orange Finances Money Mali's commitment to promoting financial inclusion and TerraPay's proven expertise in facilitating secure cross-border payments, this partnership is set to empower Malians with innovative and seamless financial services.

Financial inclusion continues to be one of the biggest challenges across West Africa and Orange Finances Money Mali has been dedicated to bridging this gap by striving to boost accessibility and inclusion through their services. One of the key highlights of this alliance is the ease with which Orange Money Mali customers can either cash out the funds received in their wallets or directly use them for everyday needs, including bill payments, supermarket purchases, and person-to-person transfers.

Orange Finances Money is dedicated to issuing, managing, and distributing electronic money under the Orange Money brand in Mali.

Djeneba Tandjigora, Chief of Transfer Services and Core Business at Orange Finances Money Mali, expressed his enthusiasm about the collaboration, stating, "Orange Money Mali customers can now receive money transfers from several countries using TerraPay's global network. This strategic collaboration simplifies transactions making them quick and secure, enhances the customer experience for Orange Money users, and strengthens financial inclusion in Mali."

Amel Kane, Regional Sales Manager Francophone West Africa at TerraPay, views this collaboration as an opportunity to enhance the quality of service and customer satisfaction. "With a direct connection to Orange Finances Money Mali, TerraPay can ensure a seamless cross-border payment experience, reducing operational issues and providing prompt assistance to our partner's clients. This collaboration reinforces our commitment to expanding our direct rails and continually improving our service offerings," stated Amel.

Combining Orange Finances Money Mali's rapidly growing client database and TerraPay's wide network spanning 120+ receive countries, 210+ send countries, 7.5Bn+ bank accounts, and 2.1Bn+ mobile wallets – this partnership is poised to make a significant impact on the region's digital and financial services landscape.

Partnering with Mali's biggest mobile money operator enables TerraPay to stay true to its commitment to quality and provide the best cross-border payment services in the region. Orange Finances Money Mali and TerraPay's strategic partnership not only strengthens connectivity between Mali and the global financial network but also positions both entities for accelerated growth in the digital payments landscape. The convenience and accessibility offered by this collaboration will undoubtedly benefit industry players, the public, customers, and merchants alike.

HitPay's Tap to Pay on iOS is the latest in its suite of innovative commerce solutions that facilitate seamless payments for merchants and customers.

HitPay has launched Tap to Pay on iOS in Australia, Canada, France, the UK, and the US. This feature lets businesses accept contactless payments using their iOS devices, without needing a separate card terminal or POS hardware.

How Tap to Pay on iOS Works

HitPay's Tap to Pay feature on iOS simplifies the process of accepting contactless payments using an iPhone. Merchants simply present their iPhone to the customer, and ask the customer to place their card on the tap area until the transaction is complete.

By leveraging Near Field Communication (NFC) technology, Tap to Pay ensures that transactions are seamless and secure. As a result, businesses can confidently offer contactless payment options, without needing a terminal or POS hardware.

Advantages of HitPay Tap to Pay on iOS

With the launch of Tap to Pay on iOS in Australia, Canada, France, UK, and US, businesses can now enjoy numerous benefits that streamline their payment processes and enhance customer experiences. Some of the key advantages include:

No Additional Hardware Needed: Tap to Pay eliminates the need for businesses to invest in separate payment terminals or devices, as it allows them to accept contactless payments using their existing iPhones. This simplifies the payment infrastructure and reduces the costs associated with hardware maintenance and upgrades.

Fast and Easy Setup: Integrating Tap to Pay into a business's payment process is quick and straightforward, enabling merchants to start accepting contactless payments without any significant delays. With the free HitPay iOS app, businesses can access Tap to Pay and begin processing transactions.

Cost-effective Solution: HitPay's Tap to Pay is a cost-efficient alternative to traditional payment processing methods, as it does not require any setup or subscription fees. Instead, businesses only pay per transaction, allowing them to better manage and predict their payment processing costs.

Better Customer Experience: By providing seamless and contactless options, businesses can significantly improve their customers' payment experiences. Customers can simply use their contactless credit or debit cards, Apple Pay, Apple Watch, or compatible digital wallets to complete their transactions quickly and securely, resulting in increased customer satisfaction and loyalty.

Secure Transactions with Tap to Pay

As HitPay launches Tap to Pay on iOS, it is essential to ensure that users can trust the security and privacy of their transactions. Tap to Pay on iOS incorporates several robust security measures that protect customers' payment data and maintain their privacy:

Encryption and Processing Using Secure Element: Tap to Pay on iOS are processed using the Secure Element, a hardware-based security solution that encrypts and processes all transactions. This technology safeguards users' sensitive payment information, ensuring that it remains protected throughout the transaction process.

Apple Pay's Privacy and Security Technology: By leveraging Apple Pay's established privacy and security features, Tap to Pay on iOS provides an additional layer of protection for users. This reinforces the platform's commitment to maintaining the highest standards of security and privacy for all transactions.

No Storage of Payment Data on the Phone: To further enhance the security and privacy of Tap to Pay on iOS, payment data is not stored on the user's phone. This approach ensures that even in the event of a lost or stolen device, customers' payment information remains secure and confidential.

Nu Colombia, a subsidiary of Nubank in the country, announced that the Financial Superintendence of Colombia (SFC) has officially approved its application to operate as a financing company. This achievement not only marks a significant milestone for Nu Colombia but also paves the way for the expansion of its product portfolio into savings with the upcoming launch of Cuenta Nu, a pivotal move for its long-term vision for the country. 

Becoming a financing company is a key milestone in Nu’s growth plan, as the company aims to become a leader in digital financial services in Colombia. Currently, the company has customers in 100% of the country’s departments, and as of September 2023, it had reached 800,000 customers, only with its credit card product.

“Obtaining this license is the result of months of hard teamwork and represents a fundamental step in our journey in Colombia, as it enables the right regulatory framework to launch Cuenta Nu and further expansion of our product portfolio. Cuenta Nu will help Colombians reach their saving goals and financial plans, and will allow us to broaden our impact to millions of people by saying ‘yes’ to everyone”, says Marcela Torres, General Manager of Nu Colombia.

Nu has demonstrated its commitment to the country, not only through obtaining the operating license but also through significant investments. The company celebrated its second anniversary in 2023 by announcing a capitalization of approximately US$150 million for the next two years, which, combined with investments made since 2021, totals close to US $450 million. Additionally, in September, IFC increased the A/B loan it had granted to the company: from the initial commitment of US$150 million to a total amount of US$265.1 million.

On a global level, Nu continues to grow. In Mexico, the customer base has increased to 4.3 million, driven by the launch and expansion of the savings product, and in Brazil, the product portfolio continues to strengthen, including credit cards, savings accounts, and personal loans, reaching approximately 39 million, 65 million, and 7 million active customers, respectively.

FusionIQ, a leader in the delivery of cloud-based wealth management solutions with their all-in-one digital platform for financial institutions, today announced a partnership with Kinecta Federal Credit Union. The integrated FusionIQ One platform makes it easy for banks and credit unions to offer additional investing services focused on retaining customers while growing their membership base.

“There’s mounting evidence that traditional small accounts solutions have not evolved to properly service and meet the growing demands of institutions in the banking and credit union space,” said Mark Healy, Chief Executive Officer of FusionIQ. “We’re excited to partner with Kinecta on their digital transformation, delivering proven digital investing solutions that align with their mission of empowering their members to live their best financial lives.”

“Here at Kinecta, we recognized our membership needed an investing solution that was designed to align with a digitally driven demographic” said Donna McNeely, President of Kinecta Wealth Management. “FusionIQ provides a turnkey offering that goes beyond a tech solution. Ours is a strategic partnership, and we look forward to expanding member services.”

FusionIQ’s end-to-end technology lets credit unions and banks control their investing experience with hybrid digital advice and self-directed investing modules. The FusionIQ offering allows Kinecta to provide this full experience on a single platform. A fully integrated platform, FusionIQ One enables credit unions and banks to diversify through hybrid digital advice, or a self-directed investing option, that enables a generation of digital investors to make their own investing decisions.

“Our focus is on helping our clients become digital wealth leaders,” Mr. Healy concluded. “This partnership is another victory for the credit union space at a time when more credit union members are asking their institutions to keep pace with their digital investing preferences. Some of the largest credit unions and banks already are strategically aligned with FusionIQ – using our white-label technology to deliver an experience that leads to greater advisor-client engagement and higher levels of member retention. We look forward to the future of the industry, defined by increased investment revenue and diversification as the democratization of investing builds stronger institutions.”