CyberloQ Technologies, Inc., a cyber-security technology company, is pleased to announce a strategic collaboration for its proprietary MFA technology with Pannovate’s Banking Orchestration Platform.

An award-winning platform, Pannovate is a Banking-as-a-Service and orchestration layer that enables banks, fintech and businesses to power growth and deliver seamless digital and embedded finance experiences to transform lives. Working globally with innovators, digital banks and cutting-edge startups.

CyberloQ has created the most robust, flexible and dynamic security solution available to the payments industry. By incorporating Multi-Factor Authentication, Geofencing, Access Credentials, and Comprehensive Activity Logging,  CyberLoq’s Multi-Factored-Authentication (MFA) technology will be integrated into Pannovate’s Banking Orchestration Platform to create a distinct and unique cyber-security solution specifically for the banking and payment industry. The Banking Orchestration Platform will be equipped with the most comprehensive security suite available for combating fraud for its clients and will be modular and scalable, thereby allowing the system to grow with its clients’ security needs.

To answer to the changing fraud landscape, at the heart of CyberLoq’s architecture is a proprietary Transaction Risk Assessment engine that leverages leading-edge Multi-Factor Authentication and Authorization (MFA) protocols to prevent fraudulent access to online systems and the digital assets and sensitive information that they house.

Their solution protects access to sensitive Personal Identifiable Information (PII) and to any digital assets including, but not limited to Bank Card and Digital Payment Programs (any bank-issued credit, debit, prepaid cards), Websites, Business Applications or software that requires user input of predefined credentials, IoT Platforms, Equipment or Process Activations including Smart Devices, Key Card Entry Systems, and access to Structured Data / Unstructured Data.

“We welcome the dynamic opportunity to work with Pannovate in a forward-thinking manner to not only drive seamless and secure efficiencies but also to collaborate on new industries and technologies, as they are developed,” said Chris Jackson, CEO of CyberloQ. “Further combining our collective strengths is key to our vision of exploring new technologies and partnerships in new and exciting industries that need CyberloQ.”

Temenos today announces the collaboration between Temenos Multifonds and PATRONAS Financial Systems, a leading provider of advanced software for the European investment industry.

The collaboration offers asset managers an integrated ‘best of breed’ front to back-office solution by utilising PATRONAS’ cutting-edge front and middle-office solution for portfolio, order, and trade management and Temenos Multifonds’ renowned innovative back-office solutions for automated NAV calculation, portfolio/fund accounting and NAV oversight.

Specialising in an integrated portfolio, risk, compliance, and order management solutions as well as FIX connectivity, PATRONAS Financial Systems offers out-of-the-box products as well as highly customized, integrated individual solutions.

This integrated, best-of-breed solution optimises back-office processes and improves the accuracy of the information for front-office activities by ensuring a straight, continuous path with the fastest provision of information to all relevant decision-makers, particularly for portfolio decisions.

Carsten Osswald, CEO, PATRONAS Financial Systems: “With this collaboration, we combine the strengths of our products in a common best-of-breed solution. All departments along the asset management process can work in real-time and are on the same information level. Front-to-back at its best.”

Thomas Chevalier, Executive Director, Temenos Multifonds: “This best-of-breed, all-in-one solution addresses the growing need among fund administrators within the asset management industry to continuously optimise their operations, for the front, middle and back-office activities. Leveraging our respective technological capabilities, we are able to streamline their internal processes and ensure efficient access to accurate data as well as ensure that they can deliver quality service to their end investors.”

A newly-published report by global consulting firm BCG and ADDX, the digital exchange for private markets, forecasts that asset tokenization will expand into a US$16.1 trillion business opportunity by 2030. This growth comes as the crypto winter is prompting capital to focus on more viable blockchain use cases.

The projected growth in tokenization of assets is driven by demand from a wide range of investors for greater access to private markets. Tokenization and fractionalization of assets lower barriers to investment in private markets by sharply reducing minimum lot sizes.

Assets being fractionalized and tokenized on platforms such as ADDX can reduce minimum investment sizes from millions of dollars to just thousands of dollars. Previously investments of this kind were only available to institutions. Tokenized investments can also be effectively ‘borderless’, allowing investors around the world to invest in markets they were previously unable to access.

Asset tokenization refers to the creation of tokens on a blockchain to represent an asset, in order to facilitate more efficient transactions. Historically, many of the world’s assets have been held in illiquid formats, with past studies estimating the share of illiquid assets at more than 50% of overall assets. Illiquid assets face challenges such as imperfect price discovery and trading discounts compared to liquid assets, the report said. Tokenization creates liquidity by making it easier for the assets to be distributed and traded among investors.

The report by BCG and ADDX lists five indications that asset tokenization may be on the cusp of wide global adoption:

• increased trading volume in tokenized assets

• strengthening stakeholder sentiment across many countries

• recognition among monetary authorities and regulators

• more asset classes being tokenized

• a growing pool of active developer talent in the blockchain space

Major institutions have already begun to tokenize private funds on ADDX’s platform. Partners Group listed its Global Value SICAV Fund on the platform in September 2021, while Hamilton Lane’s Global Private Assets Fund launched on the platform in March 2022.

Globally, growth in tokenized assets is expected in real estate, equities, bonds and investment funds, as well as less traditional assets such as car fleets and patents. With a 50-fold increase predicted between 2022 and 2030, from US$310 billion to US$16.1 trillion, tokenized assets are expected to make up 10% of global GDP by the end of the decade.

While the concept of asset fractionalization has been around for some time, its impact has hitherto been felt mainly in the public markets, with structures such as fractional shares, ETFs and public REITs. In recent years, there has been a significant pivot with the emergence of asset tokenization players that apply blockchain technology to private markets and alternative assets.

Titled “Relevance of on-chain asset tokenization in ‘crypto winter’”, the report published today was authored by Sumit Kumar, Rajaram Suresh, Bernhard Kronfellner, and Aaditya Kaul from global management consultancy firm BCG and Darius Liu from private market exchange ADDX.

Figure 1: Business Opportunity of Asset Tokenization (2022 to 2030)

In anticipation of a more widespread acceptance of asset tokenization, the report makes several recommendations to current and potential stakeholders. For example, financial institutions might consider finding ways to pilot and deploy asset tokenization projects by upgrading existing business models, rather than looking to replace them.

Developers could design standard architectures and protocols to ensure an easier, more seamless ‘on-ramp’ to the tokenization world. Companies should also work to improve financial literacy among clients to help them understand tokenization as well as the underlying asset classes it provides access. Regulators could establish sandboxes to promote innovation and set clear rules around tokenization while monitoring how tokenization might impact investor and consumer protection and market integrity, the report said.

Sumit Kumar, Managing Director and Partner, BCG South East Asia, said: “The crypto winter has tightened the purse strings for the overall blockchain sector. Some Web3 companies will be adversely impacted. But projects that can demonstrate inherent value, scalability and the potential to enhance the traditional financial ecosystem could actually benefit against this new backdrop. Our analysis shows asset tokenization projects could emerge strongly. They are more likely to demonstrate viability in this capital-constrained environment and are therefore better positioned to attract the attention of investors, who continue to have a significant store of dry powder to deploy. This report projects that even using a conservative methodology, asset tokenization would be a US$16.1 trillion business opportunity by 2030. In a best-case scenario, that estimate goes up to US$68 trillion.”

Oi-Yee Choo, CEO, ADDX, said: “Asset prices can only rise to their true economic value if the barriers to investor participation and ownership transfer can be lowered. For years, the technology for overcoming those barriers was expensive and therefore available only on public exchanges. Blockchain changes the game because it can be applied cost-effectively to private markets and alternative assets, where investors are fewer in number, albeit wealthier, and products are more bespoke. The result should set our hearts racing: assets can be liquid for both public and private markets. The potential economic benefits are considerable. Recognizing assets for what they are truly worth should translate into more investments and better capital allocation, which will in turn generate economic growth and jobs. The real winner here is the real economy.”

Vyne, the specialist account-to-account payments platform, today announces that in a global first, leading automotive retailer Pendragon PLC will offer its account-to-account payment method as the first and preferred payment method both in-dealership and in the future online. The partnership will introduce Vyne’s account-to-account payment capabilities to Pendragon’s automotive brands, including Evans Halshaw, Stratstone and CarStore.

Fintech super-app Revolut is taking on PayPal with its own one-click payment checkout feature for online purchases.

UK and EEA merchants can now present ‘Revolut Pay’ as a payment method - alongside the likes of PayPal and Apple Pay - across product, cart, and checkout pages. Shopify, Prestashop, WH Smith and Funky Pigeon are already onboard.

Existing Revolut users can use Revolut Pay and pay via saved cards or directly via their account balance. Non-Revolut users can pay by using saved Mastercard or Visa cards issued by any other providers.

Payments will be validated via features such as Face ID, or fingerprint unlocks, and no account number will be shared.

The e-commerce play comes months after Revolut made its move into in-person payments with the launch of a card reader payment terminal.

Nikolay Storonsky, CEO, Revolut, says: "With its speed, convenience, security and low pricing, Revolut Pay gives merchants a competitive advantage in a rapidly growing e-commerce market.

"At Revolut, we constantly strive to make it faster, easier and cheaper for merchants of all sizes to accept payments, wherever they are, and to make it more convenient and secure for customers to pay."

PayPal today announced that John Kim will join the company as Executive Vice President (EVP), Chief Product Officer (CPO), effective September 26, 2022.

Aurora Payments, LLC is thrilled to announce the acquisition of One Payment, a Florida-based fintech payment company. Co-founded by Luis Requejo and Jorge Calzadilla, One Payment boasts over 6,000 merchants in its portfolio with particular emphasis on minority-owned small and medium-sized businesses.

Jordan-based Fintech liwwa closed an $18.5 million pre-Series B round of equity and debt. Founded in 2015, liwwa employs technology across its operations to provide tailored financial solutions. It also owns and operates the liwwa Investment Platform, a peer-to-peer platform that enables retail investors to finance liwwa loans and earn returns. 

The round included $4.5 million in equity investment led by existing investors, DASH Ventures, Dutch Entrepreneurial Development Bank FMO, Edgo, and Bank al Etihad, in addition to German Development Finance Institution DEG approving an investment of $0.79 million. The round also included debt contributions from a network of local banks and international development finance institutions; Bank al Etihad increased its debt financing agreement by $5 million, whereas an additional $8.5 million debt facility was raised from the Capital Bank of Jordan under the NASIRA agreement, Jordan Kuwait Bank and Triodos Bank extended a $1.1 million and a $2.2 million finance facility respectively, PROPARCO approved a €1< facility and Triple Jump approved a $500,000 loan.

liwwa will be utilizing the funds for its growth and expansion plans. liwwa’s CEO, Dennis Ardis, shared his thought on the funding round, “With this funding round, we have yet taken another major step towards accomplishing our goals. We will continue to grow as the market grows by bringing in innovative Fintech solutions and cash flow-based lending."

Payments Council of India (PCI), the representative body of digital payment system participants in India welcomes the steps outlined to prevent operations of illegal loan apps, resulting from the meeting held on 8^th September 2022. During the meeting, the Finance Minister expressed the concerns arising out of illegal loan apps offering loans and microcredits to vulnerable/low-income groups and exploiting these groups through various illicit practices.

Vishwas Patel, PCI Chairman and Director, Infibeam Avenues, said “The overall decision taken on ‘illegal loan apps’ is highly commendable as this will save millions of innocent people falling prey to such unregistered, unregulated and illegal loan sharks as well as ensure that international fraudsters don’t get access to Indian payments systems. We highly welcome the decision by our Honourable Finance Minister Smt. Nirmala Sitharaman that MeitY will ensure that only whitelisted loan apps are hosted by on the various App stores.”

Accountancy, both in industry and practice, looks to automation as a pathway to its future, according to a survey of accounting professionals by Moss, a new fintech specialising in transforming the finance management of small to medium enterprises (SMEs) launching in the UK today. More than half of respondents (57%) predict that accountancy will become completely cloud-based or automated within the next few years as the sector embraces greater levels of innovation.

This shift can be considered a legacy of the pandemic, which forced industries and professions across the board to re-examine their use of digital tools and technologies to facilitate remote working. Two years on, accountancy, once largely analogue, is no longer looking to these tools for its survival, but for it's future. Almost three-quarters (74%) of the accounting professionals surveyed deemed digital technology to be the most critical tool to understand in order to future-proof their business. Indeed, 56% state that motivating clients to digitise their processes and reduce their costs is the most pressing need for their practice.

Amidst today’s economic uncertainties, financial management skills and streamlining company spending have become a vital part of the finance function. A significant proportion (32%) of respondents revealed that maintaining data accuracy throughout the spend management process was their biggest challenge.

Fortunately, spend management was the area anticipated to undergo the greatest technological change, with just under one-third (30%) of respondents predicting it would become completely automated in the next five to 10 years. 

A summary of key findings include:

• 57% of accounting professionals predict that accountancy will become completely cloud-based or automated within the next few years
• 74% of accounting professionals say digital technology will be the most critical tool to understand in order to future-proof their business or organisation
• 30% of accounting professionals predict spend management will become completely automated in the next 5-10 years
• 56% of accounting professionals believe that motivating clients to digitise their processes and reduce their costs is the most pressing need for their practice
• Accounting professionals spend 11-20 hours per month collecting and tracking receipts and invoices, chasing missing ones from clients, and pre-accounting expenses
• 32% of accounting professionals say their biggest struggle with spending management is maintaining data accuracy
• 45% of accounting professionals say banking and financial services is the sector that could most benefit from improved and more efficient spend management systems
• 46% of accounting professionals say they have very recently started adopting next-gen technology such as AI, ML cloud computing and 5G

Commenting on the survey findings, Mike Panzeri, General Manager, Moss UK, said “The COVID-19 pandemic and Brexit have understandably had a significant impact on the accountancy profession, but this hasn’t impacted our business growth. We’re still in a state of hypergrowth despite the rocky circumstances. Our research actually highlights the massive opportunity for innovative SMEs around the world to take advantage of the untapped powerhouse of digitised spend management. In fact,  findings like these are the very reason Moss is so excited to launch in the UK as evidently, there is a very real demand for this type of solution.”

The survey of 100 accounting professionals at Accountex London 2022 was completed by Liberty Comms on behalf of Moss at the London ExCeL.