Finastra today announced that Rabobank – a large international financial services group headquartered in the Netherlands – has selected the latest version of Fusion Global PAYPlus for increased efficiency and innovation in payments. Finastra’s payments hub will also help the bank migrate to the new ISO 20022 payments standard, due to go live in the eurozone for SWIFT messages in November 2022.

With support from Finastra, Rabobank was recently awarded for achieving a straight-through processing (STP) rate for SWIFT MT103 and MT202 payment messages of over 99 per cent for the last five years, by one of its correspondent banking partners. Upgrading Finastra’s solution will enable the bank to continue processing cross-border (high value) payments effectively while benefiting from higher quality data and reducing errors and delays.

“One of the most important requirements when selecting Fusion Global PAYPlus as the solution for our cross border (high value) payment processing was to increase our STP rate,” Patrick Kipping, Area Lead Transaction Processing at Rabobank said. “This award is a recognition that we have succeeded in this together with Finastra. We are convinced that in close cooperation with Finastra, we can increase our STP rate even further in the years to come with the migration to ISO 20022.”

Fusion Global PAYplus provides an incremental approach toward ISO 20022 migration. The solution supports MT to MX processing, enabling conversion between SWIFT’s MT messaging and XML-based message formats. The bank can therefore gradually switch to a fully ISO 20022 compliant model to minimize disruption. 

“Our global payments hub has helped Rabobank process its cross-border transactions quickly and efficiently for many years,” Tal Weiser, Managing Director of Sales, Global Services Payments at Finastra said. “It is designed to support ongoing innovation and adaptation to new industry demands. Now that the ISO 20022 mandate is fast approaching, the upgrade will drive compliance and future-proof the bank’s payments processing. We are pleased to extend our support to Rabobank as it continues on its transformation journey.” 

Apptio, the leading provider of technology business management (TBM) applications, has appointed Tarun Kumar Kalra as Regional Vice President - Asia. Tasked with strengthening and establishing new strategic engagements in the region to help organizations make informed, data-driven technology business decisions, Tarun will focus on creating incremental value for Apptio’s customers and partners and expanding the company's presence across Asia.

“Tarun joins us at a time of exceptional possibility in Asia and we are leaning on his experience and leadership to grow Apptio’s presence across the region. CIOs are being asked to do more with less and to be accountable for their spending. Apptio equips them with the data and insights to better manage their IT investments and align them to business outcomes, through the implementation of the Technology Business Management (TBM) and FinOps disciplines,” Ben Allard, Apptio Vice President and General Manager, Asia Pacific remarked. “Tarun will be instrumental in leading the execution of Apptio’s vision and the adoption of TBM, FinOps and agile disciplines in the region,”

Kalra observes that “Asian economies continue to witness consumption-driven growth, fueled by governmental and private enterprises driven capital expenditure (CapEx) expansion cycles. Organizations that are ‘born in the cloud’ are altering customer engagement models and technology consumption patterns. For that reason, cloud computing is the cornerstone of technology innovation, ensuring organizational resilience.”

He adds, “Clients are seeking frictionless engagement models to give them the ability to scale new products and services to support their market expansion strategies. That requires nimble and agile technology organizations.”

Kalra expects growth in the technology sector to continue with further advances being made in digital banking, healthtech, insurtech, and e-commerce. He says “Such organizations, along with large enterprises and government departments are grappling with ballooning technology costs while struggling with a limited view on a single pane and single source of truth on their returns on technology investments. Apptio is uniquely positioned with a proven solution to help these organizations derive deeper financial accountability and effectively allocate resources to areas of greater ROI and innovation.”

TS Imagine, a global leader in trading, portfolio and risk management solutions for capital markets, has successfully connected with Coinbase Prime, the prime broker for digital assets, to offer institutional clients a fully regulated path to trade cryptocurrencies.

TS Imagine clients can now connect to Coinbase Prime with TradeSmart, the all-asset execution and order management system, and use the full range of crypto-trading functionality native to the TradeSmart platform. In addition, institutional clients gain significant efficiencies from managing trading and investments in crypto and any other asset class, within TS Imagine’s SaaS platform.

“With the connection to Coinbase Prime, our institutional clients can now access this important liquidity venue and trade cryptocurrencies in a safe, regulated way,” said Andrew Morgan, President and Chief Revenue Officer of TS Imagine. “We aim to offer the most comprehensive list of quality destinations for our clients while establishing an institutional-grade regulated path to trading digital assets, which in light of the recent market turmoil is what professional investors are looking for,” added Morgan.

“We’re pleased to offer TS Imagine’s institutional clients the highest level of secure trading execution and custody with access to Coinbase Prime,” said Brett Tejpaul, Head of Coinbase Institutional. “Coinbase Prime's unparalleled track record of offering clients an integrated solution that provides secure custody, an advanced trading platform, and prime services makes us the smart choice for professional investors looking to manage crypto assets in one place.”  

Open banking pioneer Volt, a UK-based, leading fintech company powering the growth of real-time payments in the UK and Europe, is launching Verify, an ultrafast bank account authentication service for online merchants and businesses.

Volt is launching Verify simultaneously in the UK and five key European markets: Ireland, France, the Netherlands, Germany and Austria. The fintech powerhouse plans further rollout of the product across additional European markets before the end of the year. Volt has +95% coverage of consumer bank accounts in these countries.

The launch marks Volt’s expanded capability to cover AIS alongside PIS, which sees the payments gateway now covering the full spectrum of open banking services in Europe.

The newly launched product automates, strengthens and simplifies how businesses across markets and sectors verify customer bank account ownership. Merchants and businesses will be able to ensure a frictionless user experience at checkout for their customers while strengthening their fraud prevention and regulatory compliance defences.

Verify enables them to securely access customers’ bank accounts prior to payment initiation, to confirm users’ full name, bank account number and, where available, account balance.

Previous methods of account authentication relied heavily on manual processes, legacy credit bureaus and unstructured data, leading to time-consuming, resource-intensive and error-prone processes. “Verify’s ultrafast capability eliminates the complexity of the verification process and reduces additional steps. It is a great alternative to using microtransaction/penny transaction flows (where a user is required to send 1 penny transaction), which cause delays in the verification process and user drop-off at checkout, a major source of lost revenue for merchants and companies in the digital economy. Verify enables merchants to provide a superior user experience at checkout and is a highly effective solution for businesses that require quick confirmation of identity or account number authentication”, says Aleksandra Petera, Product Owner, Verify at Volt.

Ultrafast account ownership authentication in 4 easy steps:

●        The customer chooses Volt as the payment method at checkout and selects their bank

●        They give Volt permission to access their account data

●        They authorise access via their banking app or online banking

●        Businesses access this information via notification webhooks

Initially, Verify uses the single redirection authentication method, which makes the product immediately viable in Europe’s key markets. Future plans include supporting additional authorisation methods, which will provide a significant boost to bank coverage.

Key use cases for Verify include open-loop payments, direct debit mandates (where account authentication is critical to minimise failed payments) and user profiles (aggregated accounts information enables users to get faster payment or finance management processes).

Marcus Naserek, Co-founder and CEO of German-based company Sideos, one of the first to use Volt's Verify product, says: "Our mission at Sideos is to be the essential platform enabling enterprises to manage the digital identity of people and objects in the Web 3.0. Volt's account authentication product Verify provides a powerhouse solution that gives people a real-time shopping experience using their verified bank account in a very convenient way."

“With the launch of Verify, Volt now spans the entire spectrum of open banking capabilities, covering both AIS (Account Information Services) and PIS (Payment Initiation Services). Decreasing friction and preventing fraud are top of mind for companies operating in the digital economy, and Verify delivers the simplicity customers want, the security both them and merchants need, and the scale across key European markets as a blueprint for a future of real-time payments everywhere”, says Aleksandra Petera, Product Owner, Verify at Volt.

AstroPay, the online payment solution of choice for over six million users worldwide, has launched its new product in Europe, a VISA debit card. This move expands the reach of AstroPay’s user base while simultaneously providing existing customers with more benefits. The product will be available in Europe with the launch in other markets expected in the next few months.

The launch of this new debit card signifies a strategic partnership with VISA, the most widely accepted payment network in European markets, which aims to continue providing simple, safe and secure solutions. Users can now apply for a VISA debit card through the AstroPay application, which is issued instantly and can be used to make payments both online and in-store by using a passthrough wallet in the end. Users can also use their balance in any merchant that accepts VISA without the need for intermediaries, making the payment journey simpler and more straightforward.

The worldwide recognized brand further complements the ecosystem of solutions that AstroPay offers to its customers.

Mikael Lijtenstein, CEO of AstroPay, said: “Our partnership with VISA and Wallester advances our ambition to meet the unique needs of our users who remain at the centre of AstroPay’s work. We are focused on constantly improving our solutions and providing our users with new digital payment services that are secure, seamless and convenient. The new debit card will save people’s time and effort in making transactions wherever they are.”

AstroPay partners with a white label card issuer Wallester that provides the technology and enables transaction processing services on VISA for AstroPay users. Commenting on the partnership, Mikael added: “Working with Wallester allows us to launch a competitive product in record time and helps us accelerate our growth. Together, we co-create tech solutions and launch new innovative products to serve the needs of our users.”

Dmitri Logvinenko, Technical Founder of Wallesters, said: “Wallester team is extremely excited that cooperation with AstroPay has become such a successful and valuable experience for both companies. We are pleased that our product fully met the needs of AstroPay customers, who will now be able to make payments in a more convenient way, using effective solutions in practice. Wallester is looking forward to new successful launches of innovative fintech products in partnership with AstroPay.”

China Construction Bank (Chongqing and Singapore branches) and ADDX have entered a partnership to help domestic investors in China participate in the country’s official offshore investment scheme. The financial institutions announced today the signing of a memorandum of understanding (MOU) that paves the way for them to work together on the custody and distribution of a US$200 million quota allocation under the QDLP scheme.

Launched in 2012, the Qualified Domestic Limited Partnership scheme, or QDLP, allows sophisticated investors in China to participate in renminbi funds focused on overseas investment opportunities. Unlike other offshore schemes such as QDII and Wealth Management Connect, the QDLP allows offshore investments in a greater variety of assets – not just public market products, but also private market ones. 

Last year, ADDX reached an agreement with the Singapore-regulated wealth and fund management company ICHAM, which has received a US$200 million allocation as part of the Chongqing government’s overall US$5 billion QDLP quota. Under the agreement, ADDX will be a key venue for investments from the ICHAM fund in China authorised to raise capital from Chinese institutions and individuals. ADDX will offer these Chinese investors access to private market opportunities issued as digital securities, covering a broad range of asset types including private equity funds, venture capital funds, real estate funds, hedge funds, pre-IPO equity, bonds and structured products. 

The MOU announced today allows ADDX to operationalise the QDLP scheme for investors through collaboration with China Construction Bank. Under the MOU, the bank could be appointed to act as the custodian bank for the US$200 million in investments made on ADDX through the ICHAM fund. China Construction Bank (Chongqing branch) could also distribute to its wealth clients the fund units under the QDLP allocation.

China Construction Bank (SSE: 601939, SEHK: 939) is one of China’s leading banking groups, with a network of 14,510 branches and more than 351,000 employees. The bank’s market capitalisation at the end of 2021 was US$175 billion, making it the sixth most valuable bank in the world.

ADDX CEO Ms Oi-Yee Choo said: “As Asia’s largest private market exchange, ADDX is eager to bring the global investment opportunities on our platform to China, Asia’s largest wealth management market. By allowing domestic capital to buy into high-quality offshore assets, China is ensuring its investors can build globally diversified portfolios that are best positioned to preserve and expand gains from the opening-up of the country’s economy over the past few decades. The potentially enhanced returns from such a move will in turn drive further economic growth in China, as the capital gains from investments flow back into China to create new jobs and strengthen the buying power of Chinese consumers. In enabling these investments, ADDX is privileged to work with China Construction Bank, a respected and world-leading financial institution.”

Founded in 2017, ADDX uses blockchain and smart contract technology to automate manual processes that have thus far made it inefficient for private market securities to be distributed to a large number of investors. The efficiencies from tokenising these securities enable ADDX to reduce minimum investment sizes from US$1 million to US$10,000. ADDX has listed more than 30 deals to date, involving blue-chip names such as Hamilton Lane, Partners Group, Investcorp, Singtel, UOB, CGS-CIMB, as well as Temasek subsidiaries Mapletree, Azalea, Seatown and Fullerton Fund Management. The financial technology company has raised a total of US$120 million in funding since its inception in 2017, including US$50 million in its Series A round in January 2021 and US$58 million in its Pre-Series B round in May 2022. Its shareholders include the Singapore Exchange (SGX), the Stock Exchange of Thailand (SET), Temasek subsidiary Heliconia Capital and the Development Bank of Japan (DBJ)i.

 DKK Partners, a leading fintech company, which specialists emerging markets (EM) foreign exchange (FX) liquidity, has announced a major global expansion as the company’s revenues surpass £63m - up from £3m the previous year.

The record growth, fuelled by high demand for DKK’s suite of services, including FX risk management, access to deep liquidity pools, and local collections, will see four new offices opened overseas in the Middle East and across Pan Africa in addition to the company’s headquarters in Mayfair, London. As well as the opening of new local offices, the team has increased its headcount from five to 15 fulltime staff, unveiled a new brand identity and announced with plans for further senior hires and local country managers in the coming months.

DKK, founded by capital markets specialist Khalid Talukder, previously of UBS, Citi & Deutsche Bank, and Dominic Duru of RBS and Citi, enables businesses to manage currency risk in frontier markets.

Key services include offering virtual IBAN accounts, allowing customers to unlock access to new territories and currencies, as well as EM liquidity, giving direct access to

real-time pricing and execution across of frontier, emerging and G10 market currencies.

Dominic Duru, Co-founder of DKK Partners comments:

 

“It’s been an incredible year for our business, and with demand for our services surging, the time has come to open one-the-ground offices across key territories to give customers direct access to the very best consultancy. As we enter a new cycle of growth, we’re planning to make major investments in our platform, products and services as well as hire seasoned industry experts to further develop and grow our brand. Being of African heritage I am honoured to be able to give something back pushing our economic inclusion philosophy within emerging markets which are dear to DKK’s values”

Confluence Technologies, Inc. (Confluence), the global technology solutions provider helping the investment management industry solve complex investment data challenges, today announced the appointment of Sanjoy Chatterjee as Chief Strategy Officer. Chatterjee is also the Managing Director of Confluence’s Investment Insights & Research product division and will be responsible for defining the strategic direction of Confluence to meet the growing demands of the investment management industry across analytics, regulation, and data solutions.

Chatterjee joined Confluence with the acquisition of Investment Metrics, where he was the founder and Chief Strategy Officer. He brings over 30 years of experience to his new role with a heritage in an Investment Consulting firm and a career that has leveraged innovative technology and expertise to solve clients’ complex business needs. Chatterjee will help accelerate the company’s organic and inorganic growth, increasing value to clients with actionable insights and proven technology solutions.

 “Confluence’s mission is to help the global investment management industry achieve better investment outcomes, gain operational efficiencies, and navigate risk and regulatory compliance,” said Sanjoy Chatterjee. “I’m excited to be named Chief Strategy Officer of Confluence and to have the opportunity to help accelerate growth for this leading global solution provider and drive synergies across our solutions and market segments we serve by simplifying the complex for the investment management industry.”

“We’re excited to work with Sanjoy in such a crucial role for Confluence, and I’m confident of the values he brings in setting the strategic direction for the company as we accelerate our growth,” said Todd Moyer, Confluence President and COO. “Sanjoy’s proven track record at Investment Metrics and his industry and technology expertise will deliver even greater value to our clients, helping the industry solve complex investment management challenges.”

This hire comes on the heels of Confluence’s recent appointment of Chris Riggio as Chief Revenue Officer and Phillipa McLune as Chief Client Officer and the company’s acquisitions of Investment Metrics and Compliance Solutions Strategies (CSS) in late 2021.

Financial Risk Solutions (FRS), provider of the award-winning investment administration software Invest|Pro^TM to asset owners, life insurance and investment management companies worldwide, today announced the appointment of Thomas Patterson to the role of Vice President Sales North America.

Thomas joins FRS with 30 years of commercial experience in marketing, communication and sales. The last 20 years of Thomas’s impressive career have focused on Business Development, where he has worked with many internationally recognised organisations.. Thomas’s skill set will complement the strategic business development plans at FRS and assist in the further expansion of FRS in the North American market.

Frank Carr, Global Sales and Marketing Director, commented; We are delighted to have Thomas join our team to grow our investment administration software usage for separate accounts, target-date funds, wealth and outsourced chief investment officers (OCIO’s) in the North America market.  As an award-winning specialist software provider to asset owners, life insurance and investment management companies FRS places enormous emphasis on the quality of its people. Thomas’s background, expertise and determination will undoubtedly serve to strengthen our presence in the North American region.

Leading digital broker Stake is again breaking barriers for retail investors in Australia with the launch of a brand new product, Stock Lending. Investors will be able to earn passive income on the U.S. stocks they hold with Stake by having them lent out through the securities lending market. 

Securities lending is when an owned security is lent to a borrower (to enable practices such as Stock Arbitrage, Index and ETF trading or Hedging) and that borrower pays a fee. Similar to an interest payment for borrowing cash. 

“We’re excited to be bringing a first-of-its-kind product to retail investors in this country. Stock Lending has historically been only available to hedge funds and institutional investors. This product is an opportunity for investors to be in that game and earn passive income on their portfolios, big or small.” said Stake CEO and Founder Matt Leibowitz. 

Many brokers practice securities lending but typically keep all the returns to themselves. Stake instead has redefined the model to ensure their customers get part of this return. A seamless digital experience will give customers control over the lending so they can start earning income on their stocks without having to lift a finger. 

Leibowitz said: “This is about a continued mission of taking our customers deeper into the markets and unlocking new areas of access for retail investors where there hasn’t been accessible before.” 

In researching this product, Stake found that their customers were excited by this model of sharing the returns between broker and customer as it allows Stake to generate revenue that can be used to support lower-cost brokerage benefits to the end consumer.

Leibowitz added: “The launch of this product is also a major milestone for Stake as we believe it’s a great display of what modern brokerage should be. We’re using our scale and technology to ensure further sustainability of our model while also creating tangible returns and benefits for our customers that don’t exist anywhere else.” 

Stock Lending will officially kick off on Wednesday 13th July for U.S. securities. Customers will have the ability to opt-in and out of Stock Lending freely through the settings section on Stake. 

This news comes off the back of Stake recently completing a $90m series A funding round, the launch of a Crypto product taking place later this year and pioneering $3 brokerage on the ASX. All of these, combined with Stake's mainstay $0 brokerage on more than 6000 US stocks and ETFs will make it the one-stop wealth management platform of the future. 

HOW DOES IT WORK? 

● Stock Lending is a Stake’s take on securities lending. It’s when stocks owned by customers are lent out to a borrower – typically an institutional investor. In return, a borrowing fee is paid by that borrower to the broker, and a portion of that fee is shared back with customers who own that stock. 

● If a U.S. stock a customer holds is lent out, they will receive a Stock Lending Payment. This is a customer's share of the borrowing fee, paid to Stake by those borrowing stocks. The Stock Lending Payment will be credited to the customer account in USD as additional buying power. 

● Stake does the heavy lifting. They connect customers' stocks to those interested in borrowing them. They manage everything so customers can sit back and get their clip of the ticket. 

Since its launch in 2017, Stake has amassed over 500,000 customers, and more than US$1.5 billion in funds under administration. This has been achieved by spearheading U.S. trading with a commission-free model and Australia’s most affordable CHESS-sponsored trading platform for ASX securities.