Pleo, the Danish $4.7B FinTech used by 20,000 companies across Europe, has selected Lucinity as its central hub for Financial Crime Prevention after a rigorous selection process. 

Founded in 2015, Pleo offers smart spending solutions for forward-thinking companies through a streamlined approach to expense management. Pleo has been acquiring new customers exponentially, serving various industries and companies throughout Europe. They were looking for a trusted solution that would provide a dynamic and modern approach to transaction monitoring that could be scaled rapidly, with no impact on the security and integrity of its anti-money laundering (AML) monitoring processes.  

Lucinity’s AML solution leverages artificial intelligence (AI) to support human insights, providing greater efficiency and productivity for compliance professionals. Its highly scalable products combined with its integration-friendly application program interface (API) was the ideal solution to support Pleo’s rapid expansion. 

Pleo will be using Lucinity’s full AML compliance software, including Transaction Monitoring, Case Management, Actor Intelligence, and SAR Manager to handle suspicious activity reports (SARs). With simplicity and stability at the core of both Pleo and Lucinity’s products, Lucinity will enable Pleo’s compliance team to obtain actionable information through visually appealing and trusted technology. 

Through its open design, Lucinity’s AML software will also be able to integrate into the Danish Financial Intelligence Unit (FIU) and enable Pleo to manage SARs more efficiently, reducing the review and filing process from four hours down to minutes with intuitive previews, easier editing, and straight-through filing. 

Charlotte Lowry, Money Laundering Reporting Officer (MLRO) & Compliance Director, Pleo commented: Lucinity’s AI-powered AML software ultimately drives a more intelligent and actionable approach to AML monitoring, something we were looking for as we scale with a robust AML compliance risk foundation in place. The firm’s collaborative approach, coupled with a superior interface was a huge driver to working together, and we look forward to partnering with them closely as we continue to grow.” 

“We believe that by transforming AML compliance and applying a smarter, more intelligent approach, we can have a significant positive impact on society,” added Guðdmundur Kristjánsson, Founder & CEO, of Lucinity. “Pleo shares our vision for progressive and smart solutions for forward-thinking customers, and we are delighted to be working with them.”

As time goes more and more businesses from numerous industries start to partner with fintech companies. Banks are no exception. Wallester is one of the most prominent companies in Fintech, which provides banks with advantageous services. More specifically, Wallester is the while label card company, which furnishes businesses with beneficial goods.

Offering personalized cards has the potential to help your business grow your clients' database and increase your existing clients’ loyalty through offering more innovative financial features provided by Wallester White - Label solution.

In addition, Wallester payment card program enables businesses to freely collaborate with any type of merchant in order to provide various benefits and discounts to their own clients, using their own branded cards.

So can we consider Wallester as an ultimate while labeling payment card company? Let’s go into more detail.

Wallester - Review Of Company Services

Card Tokenization

Using a unique identifier by Wallester instead of identification using one’s sensitive data is a safe way to safeguard sensitive information. Instant access to cash and increased transaction security is provided by tokenized cards that readily interact with mobile payment systems such as Apple Pay, Google Pay, or Samsung Pay.

Tokenization helps to protect sensitive data and reduces the possibility of payment information being disclosed in the event of a data breach caused by a merchant mistake.The company, as written on this page, automates the updating of payment data in mobile payment systems and e-commerce platforms to assure recurring payments in the event of card replacement or loss. Tokenized cards may be used in conjunction with mobile electronic systems to make transactions using contactless payment.

While-Label Card

A White-Label card is a store-brand card with your company's logo, design, and all the relevant information printed on it. You may conduct business in an open market economy, build a reliable financial organization, or launch a card for the travel and entertainment sector by designing your best-fit solution. There are a variety of White-Label cards options to pick from.

With Wallester, you'll be able to put all of your energy into making the best choice for you. As a consequence, you'll get a product that's tailored to your specifications. For creating white label cards with the company, it offers two options: physical and digital. The company can also establish money arrangements and can provide quick transactions globally t

Wallester may produce customized plastic or metal cards to meet the needs of your clients and raise awareness of your business. Virtual cards are instantaneous and may be used in almost any kind of company. There are several advantages to using Wallester White-Label cards. You may get cash from almost any ATM  using a White-Label Card. These cards may be used at any ATM in a supermarket or retail shop, and there are no additional fees associated with using them.

Your brand's visibility is assured since Wallester gives you a card with your logo and other aspects connected with your brand. It will not only serve as a means of making purchases, but it will also serve as a way for customers to show their support for your business and increase its visibility in the marketplace. Customers that use your card program work as brand ambassadors, spreading the word about their positive experience with your product everywhere they go.

The company's hi-tech White-Label Card helps to strengthen this bond by promoting your company's name and logo. You can rely on Wallester to help you increase your brand loyalty to a new level. Utilize the perks of your card to win new clients and keep the ones you already have.

With ID encryption, you can keep tabs on card transactions. Customers' spending data can be used to improve customer service and meet their needs. Connecting such advantages with your brand, you may effectively boost brand loyalty. You'll be able to see all of your brand's stats thanks to a data analysis report. Customer spending and expense reports provide you with a clearer picture of how things are going. Spending thousands of dollars on third-party data providers is unnecessary. The White-Label card is very user-friendly from start to finish. Adding a  payment card to a current financial system is simple since the software and data programs are already in place.

Final Words

Wallester is a prominent fintech company that provides their business clients with services that are mainly oriented and focused on cards. One of the biggest innovations in the company's history is the White-Label card, which has several benefits. In addition to those benefits that were mentioned above, the company ensures extra safety and security for those who choose to get benefits from the company’s services. It should also be stated that the company cares about the safety of transactions implemented by its customers, which makes the company even more appealing. 

• 14.06.2022 -- 09:51 am

Isavella Frangou, VP Sales and Marketing at payabl. speaks with Financial IT at Money 2020 Europe about the importance of globalising payments and how Payabl. empowers merchants to manage transactions on a global scale.

Treasury and technology teams from fourteen large banking groups, including NatWest Group, BNY Mellon’s corporate treasury function, Barclays, Citi and 10 additional banks have trialled a platform by London-based fintech Finteum. The solution helps banks to manage intraday liquidity through the development of new interbank markets. The platform will go live in 2023.

The platform enables payment-vs-payment intraday FX swaps as well as delivery-vs-payment intraday repo transactions. The banks were headquartered across Europe, North America and Asia and were joined by representatives from national prudential authorities and liquidity experts from UK Finance, the collective voice for the banking and finance industry, who observed. The combined balance sheets of the participating banks was $19.8 trillion - among the largest group of banks ever to trial a new piece of market infrastructure.

Three large European banking groups, a subset of the 14 that participated in the trial, have already committed to go live on the Finteum Platform in Q2-Q3 2023, with real-money test trades expected later in 2022. These so-called ‘Key Participant’ banks also help to influence the development priorities of the Finteum initiative. Other banks are assessing participation to become Key Participants following this latest trial, and the opportunity is open to all banks.

In 2022, the Finteum Platform added intraday repo alongside intraday FX swaps due to interest from banks, which was an important change. For intraday repo, the trial assumed DvP settlement using Euroclear Bank’s existing triparty infrastructure, which would enable settlement within minutes without any tokenisation. BNY Mellon’s triparty infrastructure can also be used to settle U.S. dollar intraday repo transactions executed on the Finteum Platform. The Finteum Platform is one of the first interbank venues to offer FX swaps and repo alongside each other in the same platform. Bank treasury teams use these two markets interchangeably for funding.

Using intraday markets, banks can borrow for hours at a time, enabling them to efficiently meet a temporary liquidity need. This helps them to safely optimise intraday liquidity buffers, which have been in focus since Basel III. In a poll of representatives across the 14 banks during the trial, 59% said that, given the rising interest rate environment, liquidity optimisation was a high priority for 2022/3, with a further 19% responding it was higher priority than 2021. For the Key Participant banks, the Finteum initiative is an important component of their liquidity optimisation strategy, predicting it will reduce each Key Participant bank’s costs by millions of dollars per year. Banks can also use intraday markets to lend excess funds, representing a new revenue stream.

FX swaps is among the largest markets in the world with more than $3.2 trillion of daily volume, according to the Bank for International Settlements. Repo volumes may be more than €3 trillion daily, according to the International Capital Market Association. However, for most market participants, overnight is still the shortest tenor in both markets. The Finteum Platform uses R3's Corda enterprise blockchain, along with the best possible settlement solutions, to deliver its market-first intraday FX swaps execution service, and for intraday repo. The settlement rails could include DLT-based technology such as the Fnality Payment System and non-DLT technology such as Euroclear Bank’s triparty infrastructure.

During the trial, the banks engaged in simulated trading and discussion sessions, focused on the capabilities and features of the software, and its potential benefits. Over the course of one of the hour-long trading sessions the banks executed 96 simulated intraday FX swap and repo transactions, based on 75 simulated orders in a central limit order book and 165 bilateral RFQs, with a simulated total of $11.1bn traded.

Brian Nolan, Finteum co-founder, said: “Given the rising interest rate environment, intraday markets play an important role in banks’ liquidity optimisation strategy. We are excited to continue working with the Key Participant banks and including more banks in the group, ahead of go-live in 2023.”

Finteum raised angel funding and will close a seed funding round shortly to deliver on the go-live.

Finastra today announced a partnership with Lozenge Analytics, offering the capabilities to Fusion KTP customers. The combined solution, available in the cloud or on-premise, is available to clients in France and the Benelux region, with the potential to expand into other geographies in the future.

Finastra’s Fusion KTP treasury management solution provides corporate and bank treasurers with a consolidated view of their liquidity and financial positions – enabling them to see all financial exposures, optimize their hedging costs, reduce risk and ensure compliance. Integrating the capabilities of Lozenge Analytics will allow Fusion KTP users to perform complex statistical risk calculations. This includes using methods such as Value at Risk (VAR), Potential Future Exposure, Valuation, and Delta to work out potential losses or exposures.

Eric Aillet, Principal Product Manager at Finastra said, “The Lozenge Analytics team has in-depth knowledge of Fusion KTP and a wealth of experience in the areas of risk management, regulation and compliance. The integration of Lozenge Analytics with Fusion KTP brings significant value, and we look forward to working together to deliver these benefits to our clients.” 

Using Lozenge Analytics, integrated with Fusion KTP, bank treasurers will be able to perform stress tests as required by the European Banking Authority. Treasurers will be able to run different scenarios in order to demonstrate the institution’s ability to deal with a range of crisis situations.

Renaud Savina, CEO of Lozenge Analytics said, “We’re thrilled to partner with Finastra. Collaborating will help us extend our reach and deliver our capabilities to Fusion KTP users. We believe customers will benefit immensely from the ability to perform complex statistical risk calculations using a fully integrated solution in the cloud.”

Open Banking payments are going from strength to strength in the UK and Europe as use cases continue to expand, with Open Banking platform Token.io at the heart of developments.

In the UK, the Open Banking Implementation Entity (OBIE) recorded a 210% growth in Open Banking payments between April 2021 and April 2022, with Token driving over 20% of this traffic. By the end of 2021, the cumulative total for Open Banking payments volume stood at 26.6 million - an increase of more than 500% in 12 months.

Whilst the UK is an Open Banking pioneer, Europe is now keeping pace. Juniper has predicted that Open Banking payments will exceed $116 billion by 2026 - a 2800% increase in five years - with Europe set to account for 75% of this total as Open Banking payments become a key driver of e-commerce growth.

Against this backdrop, Token has emerged as the clear market leader, enabling the growth of faster, fairer, frictionless Open Banking-enabled account-to-account (A2A) payments across the UK and Europe.

Following its latest $40 million funding round, Token is further expanding its connectivity network while recruiting additional talent to accelerate the development of its capabilities. In April 2022, the company boosted its executive team with the addition of Chief Product Officer (CPO) Charles Damen (ex-Worldpay, Thunes, Bumble/Badoo) and Chief Technology Officer (CTO) Artashes Torosyan (ex-Optio Pay).

Todd Clyde, CEO, Token, said: “We’re seeing a huge, and growing, appetite for A2A payments across the UK and Europe, with the market recognising they represent the future - fast, fair and frictionless.”

“As A2A payments increase, the use of traditional payment methods, such as cards, is set to decline. FIS WorldPay’s 2022 Global Payments Report, for example, predicts that by 2025 cards will account for less than a third of global e-commerce transaction value.”

“Our laser-sharp focus on payments has enabled us to develop deep functionality that makes accepting direct A2A payments elegant and simple. We’ve adopted an approach that empowers other players in the payment value chain to bring A2A payments, and the benefits associated with them, to their customers. We’re now processing tens of millions of open payments annually for the UK and Europe’s payment service providers (PSPs), gateways, banks and large merchants.”

With Token’s complete Open Banking toolkit, businesses can create new capabilities and revenue streams, blending API-based payments and data to reinvent financial experiences faster and more efficiently.

Token is powering A2A payments across the entire payments ecosystem and helping to increase use cases day-by-day. The company is working with Mastercard, HSBC and a host of leading PSPs, such as Trust Payments, Nuvei, Everpay, eCommpay, Straal and Contis. Token is also providing connectivity to Open Banking platforms Volt and TransfrPro. In addition, Token has partnered with ShoppingOS, which has developed an elegant no-code Open Banking payments WooCommerce plug-in for merchants, and Prommt, which delivers slick, branded payment requests across all popular messaging channels and payment gateways.

One particularly prominent use case is A2A payments as a means of loading wallets or digital accounts. Token enables A2A payments for a number of providers, including:

• Sonae Universo, partnered with Token to enable account top-ups via Open Banking payments for Universo’s flagship credit card product. 
• Rewire, provides cross-border banking solutions and ensures migrants’ financial services accessibility.
• Coingate, a Bitcoin and crypto payment processor.

Token’s technology is also underpinning the emergence of A2A payments in physical stores across the UK and Europe.

In the UK, Token customer Sway is turning mobile phones into payment terminals to bring A2A payments to retail stores. Merchants simply download the Sway app, connect their bank, and generate a unique transaction QR code. Customers then scan the code and authenticate the payment in their mobile banking app for a fast, frictionless and secure in-store payment experience. In Europe, BNP Paribas’ Instanea solution, with Open Banking connectivity provided by Token, is also delivering A2A payments as an alternative to card payments in stores at Castorama locations across France.

Founded in 2016, Token is driving the shift from traditional payment methods to faster, lower cost and more secure A2A payments. It currently processes tens of millions of live transactions in 16 European countries. By providing API connectivity to banks across Europe, Token delivers rich Open Banking payments functionality to payment service providers, gateways, acquirers, banks and large merchants.

Temenos today announces the launch of Multifonds Navigator, a simple and cost-efficient NAV oversight and contingency solution available to asset managers who outsource their fund accounting operations to third-party administrators.

Powered by a robust exception-driven engine that drills down into the most intricate detail of fund structures, Multifonds Navigator provides an estimated NAV and IBOR valuation that is calculated across asset classes and multiple jurisdictions automatically. This allows asset managers to independently verify their fund administrator's NAV calculation and provides a contingency solution in the event of an unplanned outage. 

Specialists in asset servicing and fund accounting software for over 25 years, Temenos Multifonds is used to manage over 25,000 funds across 35 jurisdictions – encompassing all asset classes and fund types. From traditional mutual and UCITS, insurance and pension funds, and alternatives including ETFs, hedge funds, and private equity. Temenos' extensive experience within the industry has led to its recognition as a trusted partner by leading institutions around the world to administer, service and value assets for their global client base.

Offering solutions such as integrated Investment Book of Records (IBOR) and Accounting Book of Records (ABOR), along with highly sophisticated workflow and XAI-enabled exception-driven processing, highlights Temenos' capabilities to improve the efficiency of fund operations across both middle- and back-office functions. Including more focused asset managers who may require just a single NAV per day, to complex, multi-jurisdictional asset managers who need multiple IBORs and NAVs across different time zones and stakeholders. 

The new cloud-based subscription service provides independent, automated NAV and IBOR validation that addresses the increasing calls for transparency, accountability, and operational resilience. Multifonds Navigator is designed to free up resources by creating highly efficient, automated, and repeatable processes, presenting asset managers with an opportunity to further streamline their fund operational functions.

Oded Weiss, Managing Director of Temenos Multifonds, said: "The quality of any NAV oversight solution is as good as the solution's ability to independently calculate the NAVs across various jurisdictions and complex asset classes. Leveraging the functionality of Multifonds and our client experience, our new SaaS solution fulfills the need and gap in the market today."

Simpl – the market leader in 1-tap checkout – today announced the appointment of Khanaz KA as the new Vice President of Product. Simpl aims to accelerate its overall customer and merchant growth with this key hire.

As the VP of Product, Khanaz’s primary roles and responsibilities include handling Simpl’s D2C products such as pay-in-3 and formulating new strategic initiatives aimed at product growth. He will also oversee product satisfaction to improve user experiences and implement strategic processes for the company’s holistic growth. Supporting Simpl’s robust growth plans, Khanaz will identify opportunities for better solutions to real-world challenges while increasing customer satisfaction. Besides, he will assume responsibility for developing and executing the product roadmap.

I am looking forward to the exciting role at Simpl as it involves an extremely unique market gap, based on trust and convenience,” said Khanaz KA. We’re thrilled to welcome Khanaz to the team,” said Nitya Sharma, Co-Founder & CEO Simpl. “His experience from the merchant side will be a great value addition for the team. His expertise in customer and merchant growth will help us enhance our product impact.”

An MBA from IIM, Ahmedabad and an engineering graduate from the College of Engineering, Trivandrum, Khanaz’s in-depth domain expertise will be invaluable in his new role. Earlier, he had worked with Amazon for more than eight years, holding various leadership roles. Prior to his stint at Amazon, Khanaz worked at Mondelez International where he led the regional sales for Maharashtra, Bihar and rural West Bengal.

Recently, Simpl has expanded its leadership across engineering and customer service. The company continues to hire bright minds from top-tier colleges across the country to scale up its business and achieve operational excellence.

Vonage, a global leader in cloud communications helping businesses accelerate their digital transformation, today announced that global financial super app Revolut has selected the Vonage Contact Center (VCC) for Salesforce solution to improve communications with customers. 

The Vonage partnership will provide Revolut agents with the ability to route calls to one another to successfully deal with any customer issues and customise dashboards with real-time performance data and analytics.
 

In 2015, Revolut launched in the UK offering money transfers and exchanges. Today, more than 18 million customers around the world use dozens of Revolut’s innovative products to make more than 150 million transactions a month.

Reggie Scales, Senior Vice President, Applications Group for Vonage, said, “We are pleased that Revolut has chosen Vonage to drive customer engagement and create the best possible experience from anywhere. With Vonage’s Salesforce integration, the Revolut team has access to key customer data and insights, while benefiting from communications that are more meaningful, across any channel.”

Matthew Acton Davis, Global Head of Sales at Revolut said, "We are delighted to bring Vonage’s solutions to Revolut. Its flexible and scalable cloud communications solution will help us to provide a consistent and personalised customer experience.”
 

Vonage's award-winning contact centre solution integrates all communications channels without expensive, disruptive hardware changes and plugs straight into Salesforce, enhancing internal processes and increasing efficiency.

Revolut also uses the Vonage SMS API with two-factor authentication for secure global transactions. Vonage's scalability and reliability, coupled with its broad international SMS capabilities, help Revolut make sure its users are genuine and enable the company to support millions of new international users.
Salesforce and others are trademarks of Salesforce.com, Inc.

Yapily, the open banking infrastructure provider, has today announced that Noam Oren has joined the executive team as Chief Technology Officer.

A seasoned tech industry veteran from Payoneer, Noam brings to Yapily over two decades of experience in cross-border payments, meeting the needs of enterprise companies, and scaling global organisations. In his last role, he contributed to the company's growth from the seed stage to a successful IPO in 2021.

In his new role, Noam will be responsible for setting a long-term platform strategy by scaling Yapily’s innovative open banking products and services. He will be integral to bridging technical vision with business goals, supporting Yapily’s ambitious growth plans as the company continues to scale and enter new markets across Europe. 

The appointment follows Yapily’s recent agreement to acquire the leading German open banking platform finAPI and several new strategic partnerships with the likes of OpenPayd, Two, and Yonder. 

Noam Oren, Chief Technology Officer at Yapily, commented: “Over the last few years I’ve watched Yapily evolve from a disruptive new market entrant into the open banking platform of choice for hundreds of businesses across Europe.”

Whether it’s accessing financial data or initiating faster and more secure payments, it’s exciting to see consumers and businesses benefitting from the enhanced user experience Yapily is enabling its customers to build. I can’t wait to start working with the team and join Yapily’s mission to become the central nervous system of the open economy.”

Stefano Vaccino, Founder and CEO at Yapily, added: “As Yapily and the wider open banking ecosystem continue to grow rapidly, mainstream adoption is simply no longer a case of if, but when. Noam’s expertise will help to strengthen our position as a European leader and accelerate the delivery of better Dand more innovative financial services to millions of people.”

Noam will succeed Joao Martins, who moves to payments company KodyPay, to pursue his passion for building direct consumer applications and continuing to enable better and fairer payments.

“Having made significant contributions to Yapily’s success, I am very grateful for Joao’s partnership and wish him all the best in his new venture. At the same time, I am incredibly excited to welcome Noam to the team and look forward to this new chapter,” added Stefano.