Mastercard and WestJet announce the long-term extension of their partnership agreement, expanding beyond powering transactions by innovating the travel and purchasing experience for customers while always prioritizing security and trust. The deepening of the partnership showcases the progression of each companies’ evolution in recent years and this new extension will include WestJet leveraging Mastercard’s products and solutions in analytics, payments technology and loyalty, while continuing to deliver unprecedented choice, flexibility and convenience to WestJet Mastercard cardholders.

“Providing access to unforgettable Priceless® experiences is part of our ethos at Mastercard, and by putting guests and people first, WestJet shares our vision, making them an incredible partner,” said Sasha Krstic, President, Mastercard, Canada. “The extension of this long-term partnership will enable people to connect with their passions, while delivering unparalleled value and a frictionless experience to cardholders.”

“WestJet is proud to extend our longstanding relationship with Mastercard, further enabling Canadians to save money on travel and explore the many destinations across our growing network,” said, WestJet Group Executive Vice President and Chief Commercial Officer, John Weatherill. “Through our shared values with Mastercard and commitment to cardholders, our renewed partnership ensures Canadians can continue to prioritize what matters most to them when it come to their travel needs and make the most out of their journey with WestJet.”

The renewed partnership comes at a time when Canadians’ desire to travel continues to rise. According to the Mastercard Economics Institute’s annual travel report, Travel Industry Trends 2023, flight bookings around the world have shown an impressive 33 per cent year-over-year growth. This was matched with leisure flight bookings in Canada rising by over 45 per cent in 2023 compared to the same period in 2022.

“With consumers continuing to prioritize experiences, they’re also looking for products and services that go beyond the card to simplify and elevate their journey,” said Balinder Ahluwalia, Senior Vice President & Group Head, Market Development & Digital Partnerships, Mastercard, Canada. “By offering one of the top travel rewards cards in Canada, we’re thrilled to continue to provide cardholders with exceptional value and outstanding flight and travel benefits in partnership with WestJet and collectively enhance the overall travel experience for Canadian cardholders.”

The WestJet RBC Mastercard® and the WestJet RBC World Elite® Mastercard® will continue to be the WestJet travel rewards credit cards, providing incredible value to Canadians. When applying now, there’s a special offer, expiring March 14, 2024, to get up to 700 WestJet dollars – enough to cover a base fare on a round trip to Las Vegas or $700 off your Puerto Vallarta vacation package.

In addition to the special offer, WestJet RBC World Elite Mastercard allows the primary cardholder to take a companion on an annual round-trip flight on the same itinerary starting from $119. In addition to the companion voucher, the card also provides the first checked bag at no charge for the primary cardholder as well as up to eight additional guests travelling on the same reservation. WestJet dollars can be used to pay for the base fare portion of your flights or toward the base package price of any WestJet Vacations booking, with no blackout dates.

From concerts to museum visits, cardholders will also be able to access Mastercard Priceless® Experiences through Priceless.com, as well as having Mastercard's Zero Liability Protection against unauthorized or fraudulent charges.

Amidst ongoing high interest rates and geopolitical flux, Demica, a leading fintech supporting the trade finance programmes of the world’s major banks and corporations, offers its 2024 forecast for the sector. This analysis delves into anticipated trends and evolving strategies in supply chain finance, highlighting the critical role of banks and fintechs in shaping a resilient global economy.

1: Banks Will Invest Behind Long-term Customer Relationships Amid Economic Uncertainty

Persistently high interest rates in 2024 will prompt banks to concentrate more on fostering and maintaining long-term relationships with existing customers. With an expected increase in corporate insolvenciesor bankruptcies due to escalating borrowing costs, banks will likely pivot towards working capital financing as a preferable alternative to traditional credit facilities for their customers. This preference is driven by its direct connection to underlying commercial activities and a comparatively lower risk profile, making it a more suitable option in a climate of economic uncertainty.

 2: Increased Direct Origination of Supply Chain Finance Deals by Banks and Non-Banks

The coming year is likely to see a strategic shift in the funding markets for supply chain finance. Banks that have built their assets through sub-participations will accelerate the origination of these transactions directly. In light of the persistently high interest rate environment, this move is not only driven by a need to build customer intimacy and capture more margin but also by the necessity to manage the impact of increased borrowing costs on profitability. Large private credit funds that have been building funding platforms are starting to reach scale and compete, notably in the US where pressure has been felt at the regional banks following the collapse of SVB and others.

3: Shift of Volumes into Open Account Drives Investment in Technology

In 2024, banks are expected to significantly ramp up their volume of supply chain finance assets. This strategic shift responds to the evolving global trade finance landscape, which is moving away from traditional documentary credit methods towards greater reliance on open account trading. Open account trade accounts for approximately 80% of all international trade, according to the Wolfsberg Group, International Chamber of Commerce (ICC) and BAFT . Banks are set to focus on enhancing operational efficiency and risk management by integrating advanced technological solutions. Key developments will include the implementation of portals and digital onboarding platforms featuring straight-through processing, which are vital for reducing the risk of fraud and errors inherent in open account finance systems. These technological advancements are crucial for maintaining banks’ profitability in trade finance and for navigating the complex landscape of modern financial transactions.

4: Continued Expansion of Fintech Partnerships in Trade Finance

The 2024 forecast anticipates a significant increase in partnerships between banks and fintechs. These collaborations are essential for replacing outdated legacy systems, enhancing customer experiences, and accelerating the development of new products. Global trade bank leaders continue to emphasise ‘trade transformation’ projects as integral elements of their future strategies. In India, innovative fintechs like CashFlo, CredAble, FinAGG, Vayana, and Veefin  are revolutionising supply chain financing. These companies are pioneering solutions in AP automation, working capital tech platforms, and comprehensive supply chain finance technologies. 

Fintech companies are integrating financial services into their sales models, creating new financing opportunities across various industries. This innovation requires strong partnerships between fintechs and traditional banks, as well as active engagement with the broader financial market, to effectively deliver services. Fintechs are already partnering with key players in the financial ecosystem, significantly contributing to the growing market demand. Their collaborative efforts are leading to the rapid adoption of new technologies in the financial sector, particularly in emerging markets like India, where the absence of legacy systems facilitates faster integration of innovative solutions. Beyond market growth, these partnerships are proving beneficial in enhancing financial performance and stability for businesses, especially in times of economic volatility.

5: Sustainability agenda in Supply Chain Finance takes shape

In 2024, sustainable finance is set to take a significant leap forward, particularly in Emerging Markets. This year is expected to witness innovative approaches to extending supply chain finance to smaller producers and suppliers in emerging economies. Partnerships with supranational institutions, such as Demica’s with Afreximbank[AT8] , will play a pivotal role in bringing financing solutions to more businesses through shared banking infrastructure. These initiatives will be instrumental in democratising access to working capital across the continent, aligning with the broader development goals of global financial institutions. In developed markets, funders will continue to provide preferential rates for programmes supporting the supply chain in industries that drive decarbonisation.

Maurice Benisty, Chief Commercial Officer, Demica, comments: “The banking sector in 2024 will continue to face challenges from global volatility. However, our analysis indicates a strong push towards innovation and adaptation, with banks and fintechs collaboratively shaping more flexible and efficient supply chain finance programmes. These initiatives, while navigating economic headwinds, are set to mark significant progress in sustainable finance and democratisation of financial access in emerging markets.”

A simple lack of understanding of pensions – what they are and how they work - could be preventing workers from saving for their retirement, according to research from Moneyhub, the award-winning data and payments platform built on Open Banking and Open Finance principles.

The research revealed that one in ten (11%) respondents said they couldn’t accurately describe what a pension is, while a further quarter (24%) said they don’t understand the tax benefits of a pension.

Demonstrating the extent of the lack of engagement with pensions, savers were also largely unaware of how much they were putting into their pension, with 11% saying they don’t know how much they contribute, and a further 17% unsure how much their employer contributes. 

Without an accurate understanding of pensions and what they are saving, consumers are at risk of not saving enough for retirement. Indeed 22% said they didn’t understand how much income they would likely receive in retirement based on their current pension savings and 28% were concerned they would not have enough to afford a comfortable retirement. This rises to 39% for 45 to 53 year olds. 

In line with the well documented gender pension gap, women in particular were more likely to have a limited understanding of pensions, and how much they contribute. And concerningly, this lack of understanding has translated into 31% of women saying they are unsure they’ll have enough income for a comfortable retirement compared to 24% of men. 

Savers are in danger of not being able to make the necessary decisions to ensure they are prepared for their later life if they don’t get to grips with how much they have in their pension and are contributing now. Through Open Finance, not only is this possible, but with the benefits of AI driven smart nudges and modellers, savers will be supported in making the best financial decisions for their circumstances. 

With Moneyhub’s Open Finance powered technology, it is already possible for savers to view some of  their pensions next to their savings, investments, mortgages and properties all in one place. Having one central, accessible place for savers to find, view and track every one of their pensions - including State, Workplace and Personal - will further encourage active engagement with pension savings. This is crucial to ensure consumers have a holistic view of their finances and can make confident, informed financial decisions. 

Mark Horwood-James, MD of Moneyhub Personal Finance Technology comments: “A simple lack of information is set to impede millions of workers from enjoying a comfortable and secure retirement. It’s a real concern that such a high percentage of people continue to be unsure about their income when they retire. Also troubling to us is that these doubts are reflected in a disparity between men and women.

“Thankfully, with Open Finance technology available today, this information gap can be quickly filled. It falls on the government as well as employers to remove any impediments to engagement by ushering in the widespread use of new technologies such as Moneyhub. 

“Having easy access to all their pensions in one place, and being able to view them alongside their other financial products such as savings or mortgages as well as their properties, will enable savers to make better decisions when it comes to preparing and planning for the life they would like in retirement.”

Atomix.cc, a pioneer in smart communication technology, was recognized as the ‘Best Cybersecurity Solutions Provider’ at the London Summit Awards 2023 ceremony last month. The prestigious award underscored the growing importance of its innovative platform, which has quickly made a name for itself as one of the most secure and cost-effective in the industry. 

These awards showcase outstanding achievements and innovations in the field of finance and were given out at the conclusion of Finance Magnates London Summit 2023 (FMLS:23). Atomix.cc managed to stand out amongst a deeply competitive field, earning the highest accolades for its cutting-edge cybersecurity communication platform, tailored specifically for financial institutions.

“We are honored to be recognized for our commitment to providing top-tier cybersecurity solutions for chat and voice conversations tailored for the unique challenges faced by financial organizations. This award reflects our dedication to excellence and innovation in the ever-evolving landscape of cybersecurity,” explained Toby Olshanetsky, CEO of Atomix.cc upon receiving the ‘Best Cybersecurity Solutions Provider’ award. 

What Sets Atomix.cc’s Solution Apart? 

The industry is filled with a wide range of innovative tools and cutting-edge technology. However, becoming a market leader or even making a splash in this tight space requires a truly disruptive solution. Atomix.cc has managed to accomplish this feat through its flagship smart communication platform.

Indeed, Atomix.cc has engineered a platform to address a series of pain points, reconciling data security, VoIP costs, and client retention challenges. This includes the following features:

Bank-Grade Solution

Atomix.cc's platform employs an advanced, bank-grade solution that ensures the confidentiality and integrity of sensitive financial communications. This level of security is critical in safeguarding financial data and communications against potential data leaks and cyber threats over chat or voice conversations.

Real-Time AI Intelligence

The platform also leverages AI to integrate real-time threat intelligence capabilities. In doing so, this provides financial organizations with proactive monitoring and immediate response to potential cybersecurity threats. This feature helps enhance the overall security posture of financial institutions. Consequently, these capabilities protect against evolving data leaks and cyber risks that are prevalent in both chat and voice communication.

Real-Time Emotion Detection

Atomix.cc aims to revolutionize business communication through the creative use of technology that analyzes client emotions in real-time. This layer of emotion detection is a truly unique attribute of its platform, allowing businesses to not only respond but anticipate interactions on a deeper, unprecedented level.

AI-Powered Communication Oversight

Atomix.cc delivers a new standard of oversight, while equipping clients with proactive problem-solving tools. This solution utilizes AI to quickly scan voice and chat interactions, spotting keywords that might suggest policy breaches or unhappy clients. Such real-time insights allow businesses to act immediately, ensuring client satisfaction and upholding company standards. 

Fort-Knox Level Security

Security protocols are more important than ever, a requirement that Atomix.cc has focused on at length. By discarding phone numbers and other traditional vulnerabilities, its solution can offer truly bulletproof communication of the highest integrity.

Whisper & Spy Mode

Atomix.cc allows users to step into the future of training and quality assurance with its call-monitoring capabilities. This allows clients to turbocharge their agents with real-time guidance and immediate call recordings, maximizing every client interaction. 

Overall, companies have had to increasingly grapple with cybersecurity challenges in 2023, while the risks of data leaks are manifold. Atomix.cc’s platform has helped address these key concerns, redefining communication and client retention through its innovative use of AI. Its platform has not gone unnoticed in the industry, earning the ‘Best Cybersecurity Solutions Provider’ award and establishing itself as a leader in communication solutions. 

Xeol, the New York City-based cybersecurity company, announced today that it raised $3.2 million in Seed funding led by Shield Capital with Y Combinator and 468 Capital also participating. 

Cyber attacks against private enterprises' software supply chains multiplied sevenfold over the past 3 years. Software supply chains must be secured just as industrial supply chains are secured from components to assembly to delivery. This is becoming even more pressing as open-source software use and attack surfaces widen. 

“Now is the right time to come out of stealth mode to tackle the software supply chain problem with foundational standards like Software Bill of Materials (SBOM) and Supply-chain Levels for Software Artifacts (SLSA) gaining traction,” stated Xeol CEO, ShiHan Wan. “These standards allow us to go much deeper and be much more accurate with supply chain risks like outdated software”

Xeol’s focus is to secure software throughout its lifecycle beginning at the code repository all the way through delivery to customers. The team starts by managing enterprises' end-of-life software whose publishers no longer provide security patches. Attackers typically gain access to vulnerable systems by phishing, then exploiting unpatched software. PCI 4.0, a security standard for handling payment card data, will mandate that companies have a program to manage end-of-life software, highlighting the growing threat surface.

Since launching the company four months ago, Xeol has already signed its first Fortune 500 customer. For this customer, the team was able to identify more than 2,000 end-of-life software components and reduce the company’s exposure by 60%. 

“Xeol is building the next generation of protection for the software we rely on every day to run our businesses. This software makes up a part of our national critical infrastructure and must be protected,” said Mike Brown, SHIELD partner and former Symantec CEO.

Andalusia Labs, a blockchain security solutions firm, has raised $48 million in a Series A funding round, achieving a valuation of $1 billion.

This significant financial milestone coincides with the company’s strategic decision to establish its global headquarters in Abu Dhabi’s Financial Center, Abu Dhabi Global Markets. This move reflects Andalusia Labs’ commitment to global expansion and recognises Abu Dhabi as a key financial hub for digital assets, offering a nurturing environment for innovation and growth.

The funding round was led by prominent investors including Lightspeed Venture Partners and Mubadala Capital. These investors were drawn to Andalusia Labs’ unique approach to addressing critical security challenges in the blockchain industry.

At its core, Andalusia Labs offers a suite of cutting-edge technology solutions designed to tackle prevalent security issues within the blockchain sector. This includes Karak, a revolutionary risk management infrastructure for digital assets; Subsea, a pioneering risk management marketplace; and Watchtower, an advanced institutional security platform. These products are pivotal in providing secure environments for a range of stakeholders in the blockchain industry, including institutions, developers, and consumers.

Karak, a key offering from Andalusia Labs, is a Layer 2 blockchain that introduces a novel approach to risk management in blockchain, Web3, and global financial services. It focuses on financial security while maintaining high standards in security, scalability, and affordability. Subsea, built on the Karak blockchain, is lauded as the world’s leading risk management marketplace for digital assets, offering an automated and transparent mechanism to protect against digital asset risks. Watchtower, still in private beta, aims to revolutionise market simulations with real-time, realistic models using actual data.

With the fresh capital injection, Andalusia Labs plans to expedite product development, strengthen institutional partnerships, and continue its global expansion. The company is actively hiring across various domains including finance, AI, cryptography, and security engineering.

In their joint statement, Raouf Ben-Har and Drew Patel, founders of Andalusia Labs, expressed their excitement about the future. “Blockchain is still in the very early innings, and we’re thrilled to have partners like Lightspeed and Mubadala who share our commitment and vision for building the premier risk management infrastructure for the world,” they said. “This funding will enable us to continue developing the best-in-class products for our users that will unlock the potential of digital assets and drive innovation in global financial services around the globe.”

Shaun Lee, partner at Mubadala Capital, also shared his perspective: “We’re honored to build our partnership with Raouf, Drew and the Andalusia Labs team. The opening of their global headquarters in Abu Dhabi will catalyze their global scaling efforts and strategically position the company for unparalleled growth. We look forward to supporting them on the next chapter of their journey in shaping the future of blockchain and Web3 parametric risk management.” 

TSB has today launched a new customer rewards portal offering customers discounts and savings across several retail products and services. 

The new portal, My TSB Rewards, will be available to customers in the TSB Mobile Banking app and Internet banking – rewarding them with offers and discounts when banking with TSB. The new offers in My TSB Rewards include:

• 10% off at Samsung – 10% off is only available on home appliances, TVs and Monitors.
• Up to 6% off at lastminute.com
• 20% off online at The Body Shop
• 8% off online at Halfords
• Up to 45% off at Vue Cinemas
• 25% off Large & Giant cards at Moonpig.com
• 15% off The Fragrance Shop online orders
• Up to 22% off all Fitbit devices
• With more offers being added all the time!

My TSB Rewards builds on a range of provider offers that have already been introduced to customers including Wealthify, ApTap, Snugg, Booking.com and others.

Aruna Bhalla, Head of Partnerships and Open Banking at TSB said: “We’re always looking to offer our customers more and with the success of our recent partnerships, we’re now adding a growing number of brands to our new rewards portal – which ensures there’s something for everyone. And by introducing this before Christmas, customers can start taking advantage of the discounts and offers available.” 

Visa, a global leader in payments, today announced the commercial launch of Visa Provisioning Intelligence (VPI), an AI-based product designed to combat token fraud at its source. Available as a value-added service for clients, VPI uses machine learning to rate the likelihood of fraud for token provisioning requests, helping financial institutions prevent fraud in a targeted way and enable more seamless and secure transactions for Visa cardholders.

Tokenization is a powerful fraud-fighting technology pioneered that helps protect consumers’ account information from bad actors by replacing account numbers with unique code. However, tokens may be illegitimately provisioned to bad actors, and Visa found that token provisioning fraud losses reached an estimated $450M globally in 2022 alone.

“While tokenization is one of the most secure ways to transact, we’re seeing fraudsters use social engineering and other scams to illegitimately provision tokens,” said James Mirfin, SVP and Global Head of Risk and Identity Solutions at Visa. “With VPI, we’re leveraging Visa’s vast network and data insights to help clients detect and prevent provisioning fraud before it happens.”

VPI is a real-time fraud propensity score between 1 (indicating the lowest probability of fraud) and 99 (indicating the highest probability of fraud) provided to issuers for each token provision request. VPI uses a segment-level supervised machine learning model to identify patterns in past token requests across devices, e-commerce, and card-on-file tokens to help predict the probability of token provisioning fraud. The VPI score is intended to provide financial institutions with the following benefits:

• Improved fraud prediction by allowing issuers to detect provisioning fraud and decline a token provisioning request before the fraud occurs.
• Accurate separation of fraudulent activity from non-fraudulent activity reducing the number of declines.
• An increased number of legitimate provisioning requests, increased payment volumes, and continued trust in the card payment network.