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How CFOs Can Reduce Hefty Business Costs

Anusree Bhattacharya | May 5, 2022 | 265 views

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“Blockchain has remarkable potential for financial institutions, changing and releasing novel abilities to transform financial institutions and banks to interact and collaborate with customers.”

 - Max Di Gregorio, Financial Head of PwC, Middle East

The potential of blockchain has piqued the interest of the financial sector in particular. Its distinct functionalities have enabled financial institutions to operate more promptly and inexpensively—reducing their error rate, lowering their capital requirements, and at the most, their vulnerability to cyber-attacks. A survey by Gartner of 251 CFOs and other finance leaders in November 2021 revealed that 47% of businesses were ready to assess blockchain technology in 2022.

An interesting study by Santander FinTech reveals that distributed ledger technology (blockchain services) can reduce costs by approximately $15 billion to $20 billion per annum by 2022, primarily by reducing IT costs.

Businesses looking for ways to cut costs must understand the core mechanisms of blockchain to encourage the next generation of financial innovations.


Blockchain Driving Value in Financial Services

The current enthusiasm for blockchain and the subsequent years of rapid development have provided the finance industry with opportunities to reflect on its successful operations worldwide. Moreover, blockchain has also provided banks with the ability to identify viable and valuable developments in the widespread and growing financial services landscape. Let’s identify some areas in which blockchain technology is revolutionizing banking services:


Claim Management

The benefits of blockchain technology are mostly reducing, not eliminating, fraud in claim management. Also, blockchain is highly recommended for storing historical claims data on the ledger technology. This enables insurers to detect suspicious activity and improve fraud detection easily.

Claim management data controlled under blockchain technology is registered and administered by smart contacts in a particular network.

The potential areas of claim management to benefit from blockchain services are:
  • Interpreting incidents claimed in banks
  • Soliciting excessive claims cover
  • Uncovering the process of delayed pay-out
  • Diminished profitability from excessive or lower pay-outs

Due to these unfortunate instances in the claim management process, the FBI studies that over 700 insurance companies in the U.S. receive over $1 trillion annually in premiums. The estimate of the total cost of insurance falls under the heading of fraud, valued at more than $40 billion annually.

This indicates how critical it is to promptly develop an intellectual capacity to recognize fraud in the banking system.


Financial Institutions

Blockchain in financial services eliminates untrusted parties in financial institutions and banks. Based on its efficient database, it has removed the status of a middleman.

At the same time, blockchain facilitates the use of “smart contracts,” which are self-executing contact systems for automating manual processes. The technology covers everything from compiling claim data to providing relevant claims to customers. In this way, businesses can reduce the costs of manual processes that require multiple employees, assets, and infrastructural needs.

Apart from this, blockchain in finance has massive opportunities by transforming some of the essential traditional services of banks, including:


Legal Management and Regulatory Reporting

With blockchain, data accumulation can be stored and protected simultaneously while removing asynchronous reporting cycles across regulatory, statutory, and management reporting.


Fundraising

A blockchain-based initial coin offering (ICO) has garnered popularity as a new financing model in fundraising. In this model, smart contacts are generated, which results in reduced costs that stay in demand and encourage non-stop trading globally.


Trade Finance

Blockchain technology has simplified trading by storing transaction-related documents in a database. As a result, it eliminates the need for multiple copies of documents, plummeting operational costs to a bare minimum. The technology consolidates all data into a single sizeable digital document that can be modernized in real-time and accessed by all network users.

Ornua, an Irish dairy product manufacturer, partnered with Barclays to accomplish the world's first blockchain and banking trade transaction in 2019. Similarly, IBM and Maersk teamed up in 2020 to develop the first cross-border, blockchain-based supply chain system.


Digitalized Assets

Digital assets can be distributed more quickly than paper-based or physical assets. Their electronic format assists in streamlining the transaction process and reducing administrative and physical storage costs.

Digitized assets such as stocks, shares, and funds can be managed end-to-end on a blockchain or existing systems through application programming interfaces (API). Keeping digital assets reduces substantial business costs and allows CFOs to invest in other costs to improve business ROI.

 

Where does Blockchain Fit in Finance?

According to a recent Deloitte 2020 Global Blockchain Survey, 84% of financial experts responded that blockchain will eventually reach mainstream adoption in the finance sector by 2023.

However, other financial experts also mentioned that 29% of businesses are still skeptical of blockchain implementation. They are considering a “wait and see” strategy. According to them, blockchain services are not among the top five strategic priorities for their businesses. At the same time, 21% of businesses are clueless about where to begin with blockchain technology implementation in their businesses. 

Therefore, CFOs should consider implementing blockchain services that will provide a better understanding of the technology. They can then identify and prioritize the financial pain points that the technology can potentially address. To begin with, here are some ways to better understand blockchain usage.


Radical Transformation

Blockchain mainly benefits financial businesses in terms of crowdfunding projects and security generation. With built-in authentication keys and distributed networks, blockchain addresses some of the most critical vulnerabilities in the IT infrastructure of banks today. This mostly refers to the centralized systems that prevent hackers from hacking and controlling a bank's network.


Facilitating Faster and More Affordable Transactions Internationally

Ripple, a blockchain services company provider, is the most notable player operating in international transactions. Even so, the company is best known for its cryptocurrency platform because it uses blockchain-based global solutions for affordable money transactions.

The centralized blockchain network enables the transaction process seamlessly, popularly using SWIFT mode. That means, instead of relying on a network of complicated services and correspondent banks, international transactions can be settled directly on a public blockchain. Again, this helps alleviate the high cost of maintaining a global network of correspondent banks.

“SMBC lately initiated live transactions on the Marco Polo platform in Japan with major Japanese exporters. We hope to provide effective blockchain-based finance solutions to our customers globally by collaborating with Marco Polo Network.”

- Mr. Kazuo Yoshimura, Managing Director & General Manager, Global Trade Finance Department

In a nutshell, blockchain has the potential to revolutionize the finance function. It will provide CFOs with the tools and capabilities necessary to become key business partners in the strategic planning process while running a highly efficient and trustworthy operation.


Frequently Asked Question


Why is blockchain essential in finance?

Blockchain technology provides better capital optimization by reducing high operational costs. When banks share a blockchain, the entire functionality of the banking system reduces the initial individual costs required for managing transactions at a bank.


What is blockchain used for in banks?

Blockchain in banks is used for both public and private networks. It can be implemented in the financial cores by adding new services, transactions, accounting, and other features. It allows customers to do faster, more secure, and cost-effective transactions.


How does blockchain benefit banking and financial systems?

Blockchain technology improves payment transparency, trust, efficiency, and security and reduces costs for financial services firms and users. Now, payments from one bank to another can be made instantly.

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Birchwood Credit Services is a nationwide Credit Reporting Agency that has been providing financial credit services to mortgage professionals, including accurate mortgage online credit reports, tax return verifications, flood reports, collateral and property reports, credit re-scoring and other related services for over three decades. Founded in 1992, Birchwood has distinguished itself in the marketplace with its unwavering commitment to quality, compliance and customer service. Headquartered in North Conway, New Hampshire, Birchwood remains dedicated to providing its customers with personalized service by the most knowledgeable professionals in the credit reporting industry.

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SECURITY AND COMPLIANCE

Transforming B2B Customer Experience with Multichannel Banking Solutions

Article | August 4, 2022

Contents 1. Introduction 2. Maximizing Revenue: Cross-Selling and Upselling Strategies 3. Optimizing B2B Operations: Multichannel Banking and Cash Management Solutions 3.1 Digitizing Cash Management in Multichannel Banking: Key Imperatives 4. Leveraging Data Analytics for Multichannel Banking Optimization 5. Striking Balance between Convenience and Security 6. Multichannel Banking Evolution: Trends and Insights 7. Future Scope 1. Introduction Integrating multichannel banking solutions for a seamless customer experience remains a challenge in today’s digital era as financial institutions and banks are expected to provide services through ATMs, online banking, mobile, and in-branch. To boost efficiency and profitability, adopting multichannel payment processing is crucial. Technology enables merchants to process payments from all channels using a single account, thus, eliminating the need for multiple merchant IDs. Consolidating online sales into one location streamlines business processes, reduces card network fees, and leads to significant cost savings. 2. Maximizing Revenue: Cross-selling and Upselling Strategies Banks and financial institutions can effectively promote their multiple products and services to customers based on their needs, behavior, or demographics. Cross-selling and upselling techniques can encourage customers to hold multiple products, which can lead to business growth, new client acquisition, and increased customer lifetime value. Cross-selling involves offering related products or services to existing customers, such as promoting credit cards and internet banking to savings or current account holders. On the other hand, upselling involves increasing the amount invested in an existing or additional product. Both techniques can significantly boost sales, and revenue, and help achieve business objectives. 3. Optimizing B2B Operations: Multichannel Banking and Cash Management Solutions The evolving demands of corporate clients, rising competition from fintech companies, and the emergence of cutting-edge technologies are providing banks with a distinct prospect to revamp their cash management services and capabilities. 3.1 Digitizing Cash Management in Multichannel Banking: Key Imperatives Unlocking the Benefits of Collaboration Fintechs are becoming highly sought-after collaborators due to their product innovation, which enables banks to offer new and compelling services, solutions, and products that aid in attracting and retaining cash management clients. Tech & Alliances for Dynamic Cash Ecosystem Using innovative technologies and services, a cash management approach focuses on delivering cash efficiency and effectiveness to clients. New alliances and data-driven insights create a thriving ecosystem. Omnichannel Architecture In an omnichannel world, architecture plays a crucial role in delivering a seamless customer experience. While the traditional multichannel approach offers diverse touchpoints, it can also lead to a sub-optimal customer experience. Harnessing Real-time and Predictive Analytics In the realm of cash management, banks are increasingly relying on predictive analytics to mitigate risks, underwrite loans, and detect fraud. However, the potential advantages of real-time analytics for both cash management customers and the banks that cater to them are even more extensive. Integrate Cloud Services Compared to conventional decentralized cash management systems, cloud-based systems offer a greater degree of process and control uniformity in all scenarios, bolstering their resilience against potential capacity limitations stemming from factors such as remote work setups, cyber threats, and sudden surges in transaction volume. 4. Leveraging Data Analytics for Multichannel Banking Optimization Data-driven organizations are 23 times more likely to acquire customers, 6 times more likely to retain those customers, and 19 times more likely to be profitable (Source: McKinsey Global) Using data analytics, banks can gain insights into customer behavior, preferences, and patterns across channels. This helps identify customer needs, optimize channel usage, and personalize the banking experience. Predictive analytics can proactively offer relevant solutions to customers through their preferred channels, improving satisfaction. Banks can also optimize channel offerings by identifying the most effective channels for different customer segments, such as mobile banking for younger customers and branches for older customers. 5. Striking Balance between Convenience and Security Multichannel banking has revolutionized the way customers interact with their banks. With the advent of digital banking, customers can now carry out a wide range of transactions using multiple channels such as mobile apps, online banking, ATMs, and branches. While this has made banking more convenient, it has also created new security challenges for banks. Here are some key considerations that banks should keep in mind when implementing a multichannel banking strategy: Multi-factor Authentication: Multi-factor authentication is a crucial security measure that can help prevent unauthorized access to customer accounts. Banks can implement multi-factor authentication by requiring customers to provide two or more authentication factors such as a password, fingerprint, or facial recognition. Fraud Detection and Prevention: Banks should have robust fraud detection and prevention systems in place to identify and prevent fraudulent transactions. These systems should be designed to detect suspicious activities such as large withdrawals, multiple failed login attempts, and transactions from unusual locations. Encryption: Encryption is a critical security measure that can protect sensitive data such as customer account information and transaction details. Banks should ensure that all customer data transmitted through their multichannel banking platforms is encrypted to prevent interception by hackers. Training and Education: Banks should provide regular training and education to customers on how to use their multichannel banking platforms securely. This can include educating customers on how to create strong passwords, recognizing and reporting phishing scams, and using public Wi-Fi safely. Customer Support: Banks should have robust customer support systems in place to help customers with any issues related to their multichannel banking platforms. This can include providing support through multiple channels such as phone, email, and live chat. 6. Multichannel Banking Evolution: Trends and Insights As financial institutions continue to adjust to the ever-changing needs and preferences of their customers, it is imperative to remain informed about the latest trends and insights in multichannel banking. These critical trends and insights have played a pivotal role in shaping its evolution: Rise of Mobile Banking: The use of mobile banking apps has surged in recent years, with many customers preferring to use their smartphones for banking transactions. As a result, banks are investing in the development of robust mobile banking apps to cater to this demand. Integration of AI and Automation: Banks are increasingly using artificial intelligence (AI) and automation to streamline their operations and improve the customer experience. Chatbots and virtual assistants, for example, can provide customers with quick and personalized responses to their queries. Greater Emphasis on Data Analytics: Banks are using data analytics to gain insights into customer behavior and preferences. By analyzing customer data, banks can develop targeted marketing campaigns and offer personalized recommendations to customers. Expansion of Digital Payment Options: The growth of digital payment options such as mobile wallets and peer-to-peer (P2P) payment apps is driving the evolution of multichannel banking. Banks are partnering with fintech companies to offer these services and stay competitive in the market. Adoption of Blockchain Technology: Banks are exploring the use of blockchain technology to improve security, transparency, and efficiency in their operations. For example, blockchain can be used to facilitate cross-border payments and reduce the need for intermediaries. 7. Future Scope With advancements in technology, financial institutions can continue to offer new and innovative channels to improve the customer experience. The use of artificial intelligence and chatbots is expected to increase, allowing customers to interact with their bank through voice and text commands. The integration of internet of things (IoT) devices with banking channels is another area of potential growth. For instance, customers could use their smartwatches to make payments or check account balances. Additionally, blockchain technology has the potential to revolutionize the way banks handle transactions, reducing the risk of fraud and improving the speed and efficiency of transactions. As financial institutions continue to adapt to the changing needs and preferences of their customers, multichannel banking will play a crucial role in delivering a seamless and personalized customer experience.

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CORE BANKING, FINTECH

Future of Banking: Examining Components of Digital Banking

Article | June 22, 2022

Contents 1. Evolution of Banking: From Brick-and-mortar to Digital 2. Multichannel Banking and Self-service Solutions 3. Demystifying Retail, Business and Corporate Banking 4. Mobile Banking: Payment Processing Overhaul 4.1 Overview of Fintech Companies in Banking Industry 5. Technology Trends in Digital Banking 6. Digital Transformation in Banking 6.1 Authentic User Experience 6.2 Blockchain Technology 6.3 Personalized Technology Services 7. Digital Banking Platforms Reaching out to SMBs 8. Future Aspects of Digital Banking Solutions 1. Evolution of Banking: From Brick-and-mortar to Digital Digital banking has transformed the traditional banking landscape and brought about a paradigm shift in the way individuals and businesses manage their finances. The cumbersome and time-consuming nature of financial transactions that involved physical visits to bank branches and long queues for basic tasks like account opening and money transfers is now a thing of the past. Between 2017 and 2021, 9% of all branch locations closed down, a loss of around 7,500 branches, according to the non-profit National Community Reinvestment Coalition (NCRC). (Source: Bankrate) With the digitization of banking, there has been a shift toward a cashless economy, with net and mobile banking gaining popularity over physical cash. With digital banking solutions like UPI, internet banking, and mobile banking, customers can access global transaction banking services directly from their own platforms, enabling seamless transactions anytime, anywhere. 2. Multichannel Banking and Self-Service Solutions The shift from traditional brick-and-mortar banking to digital banking has become ubiquitous, making self-service approaches in digital banking solutions vital for customers. These options allow customers to access banking solutions using software resources without human intervention, enabling them to conduct transactions such as checking account balances, making online transfers and withdrawals, paying bills, loan installments, exchanging currencies, and overall managing wealth with ease. Such solutions can be accessed through FAQs, chatbots, customer support portals, and other similar resources. The scope of self-service technology also encompasses internet banking and online shopping. Although the first and most successful self-service solution introduced by banks worldwide was the automated teller machine (ATM), the concept has now been extended to include a variety of digital banking platforms and applications. 3. Demystifying Retail, Business and Corporate Banking Digital banking services and products consist of three main sub-categories: Retail banking, Business banking, and Corporate banking. Retail banking, also referred to as consumer banking or personal banking, is a form of banking that offers financial services specifically to individual customers instead of businesses. It enables customers to effectively manage their finances, access credit facilities, and securely deposit their funds. Business banking refers to a company's financial transactions with a specialized institution that offers tailored financial services such as business loans, credit, savings accounts, and checking accounts, exclusively designed for corporate entities rather than individuals. This type of banking is conducted by a dedicated business banking division within a bank, which solely caters to the financial needs of commercial organizations. Corporate banking entails the provision of financial services to sizable corporations and multinational enterprises, which includes an array of offerings such as cash management, trade finance, corporate lending, and treasury services. With the advent of digital corporate banking, businesses can now effectively manage their financial transactions, process payments, and gain access to various financial tools and resources via digital platforms, ensuring improved efficiency and convenience. 4.Mobile Banking: Payment Processing Overhaul Mobile banking allows remote access to a wide range of banking services. Mobile app simplifies our lives by letting bank and other financial institution users check account balances, pay bills, transfer money, manage investments, and apply for loans with just a few clicks. Mobile banking alerts promote smart financial management, provide customization options, and enable easy monitoring for suspicious activity. A Chase Bank study revealed that 87% of consumers use their bank's mobile app monthly. Some features of a digital banking platform: Transfer money to friends and family within minutes via the ‘Manage Payee’ option on mobile banking apps. Clear utility bills via banks linked with UPI-enabled apps on your phone instead of standing in long queues outside gas stations with cash. Open Demat accounts online via the KYC process and manage all investments, deposits, and stocks in one place. Open bank accounts by uploading documents online; skip visiting banks and filling out forms. Get online assistance from banks 24/7 through chatbots and support systems. Mobile banking enables smooth functioning and boosts transparency in accessing financial data. Check account balances anytime without the need for passbook slips. Mobile banking apps provide customers with innumerable loan options, with banks deducting loan amounts from accounts on a fixed date via the ‘AutoPay’ option. 4.1 Overview of Fintech Companies in Banking Industry Here are some leading digital banking platforms catering to the needs of financial institutions: Alkami Technology: It is a major developer of cloud-based digital banking solutions for financial institutions in the United States. Its solutions enable users to clients their businesses with confidence, react to changing circumstances swiftly, and build vibrant digital communities. The company provides a range of services, including retail banking and business banking, digital account opening, loan origination, and multi-payment fraud protection solutions to assist clients in their transformation. It is dedicated to empowering its clients and supporting them in achieving their goals. Numerated: It is a fast-growing fintech that streamlines the origination process for business banking products. Over 400,000 businesses and 30,000 financial institution associates have processed $50 billion in lending using Numerated. The platform is used by financial institutions with a combined $1 trillion in assets, including Bremer Bank, Dollar Bank, Eastern Bank, MidFirst Bank, People's United Bank, Seacoast Bank, and others. The company has been recognized for its work as one of 2020's Top 250 FinTechs by CB Insights and 2021's Best Overall Business Lending Company by FinTech Breakthrough. Zoot Enterprises: It is a global leader in providing advanced origination, acquisition, and decision management solutions to financial institutions. Its cloud-based platforms offer flexibility for specific business needs, including loan origination, fraud detection, and data acquisition. Zoot enables clients to access hundreds of cutting-edge data sources in real time, delivering decisions in milliseconds. Its origination solution streamlines loan processing, providing powerful tools and robust integrations that reduce data entry, accelerate loan processing times, and avoid costly errors. Geezeo: The company delivers enriched digital banking experiences, processing, and augmenting transactions for over 500 financial institutions. Its insights enhance the overall customer experience, seamlessly integrating within online and mobile banking environments while allowing financial institutions to maintain ownership of their personal financial management (PFM) brand. It focuses on technology solutions that engage audiences with enriched data and offers expertise in digital banking, marketing, and technology. TurnKey Lender: It is a global leader in Unified Lending Management (ULM). Its intelligent software products automate the entire lending process, including traditional and alternative lending, SME financing, grant management, money lending, leasing, trade finance, in-house financing, and more. With customers in over 50 countries, TurnKey Lender is gaining traction as a pioneer in AI software development for lenders in regions like the United States, APAC, and the EU. The company’s solutions are used by all types of lenders, including large/mid-size banks, digital lenders, multi-finance companies, trade finance operators, traditional and non-traditional lenders, and telecoms. 5. Technology Trends in Digital Banking Banking technology is rapidly evolving. Advanced technologies like AI and ML will enable banks to analyze large data sets in real time and offer personalized solutions to customers. The market size of the global digital banking platform was valued at USD 20.8 billion in 2021 and is expected to expand at a CAGR of 20.5% from 2022 to 2030. (Source: Grand View Research) The increasing digital savviness of the global population is prompting the adoption of technological advancements. However, some individuals are still in an adaptive mode due to a lack of time and knowledge. AI and ML technologies enable banks to analyze large amounts of data, make informed decisions through predictive analysis, and improve lending patterns by analyzing consumer spending patterns. 6.Digital Transformation in Banking Financial institutions must leverage big data to automate business processes and reduce costs in light of falling interest rates and banking fees coupled with rising consumer demands. Adopting artificial intelligence, cloud technology, and automation in modernizing their applications could enable banks to develop omnichannel products, services, and capabilities, ultimately improving the user experience. Now, let's examine digital transformation in the banking industry: 6.1 Authentic User Experience (UX) Banks must share genuine customer experiences to retain loyalty. To achieve this, they must embrace the latest trends, technologies, and well-designed UX. 6.2Blockchain Technology To improve customer satisfaction, banks must reduce the intermediaries between them and their customers. This can be accomplished through increased transparency using blockchain technology, enabling untrusted parties to agree on a shared database and eliminating the need for transaction intermediaries. 6.3 Personalized Technical Services Key points about the benefits of personalized services such as automation, AI, and cloud computing in the banking industry: Automation minimizes human intervention and reduces errors, resulting in faster and more efficient service. AI helps banks predict outcomes based on past data, such as identifying fraud and making customer recommendations. Cloud computing enables banks to adopt new business models and create secure applications that meet regulatory requirements. About 27% of Americans use an online-only bank. Of those at online-only banks, 88% reported they are satisfied with the bank’s services. Meanwhile, only 66% of consumers using traditional banks report being satisfied with them. (Source: Bankrate) 7. Digital Banking Platforms Reaching Out to SMBs Digital banking platforms have revolutionized business operations by providing enhanced convenience and adaptability. Fintech firms have customized their platforms to meet the unique needs of small and medium-sized businesses (SMBs), offering mobile apps that facilitate financial management, transaction processing, and access to a range of financial tools and services at all times and from any location. The following is a list of notable digital banking applications that have garnered significant popularity over time: Betterment: It is an online financial advisor that offers personalized, fiduciary advice for retirement planning, building wealth, and achieving financial goals. By utilizing advanced algorithms and technology, it offers automated investment services that are tailored to each client's unique investment objectives and risk tolerance. The platform offers a diverse range of investment options, low fees, tax-efficient investing, and access to financial advisors. Betterment's mission is to make investing accessible and affordable to everyone, with a user-friendly online platform that is easy to use and offers high-quality investment advice. Mercury: It is a startup-focused banking platform that provides a comprehensive range of financial services tailored to companies of any size or stage. The platform offers free checking and savings accounts, debit and credit cards, domestic and international wire transfers, treasury and venture debt, and other essential financial products, all with an intuitive user experience. In addition to its suite of banking services, Mercury also provides vibrant community programs that offer founders the resources, advice, and connections needed to build successful companies. Bluevine: It is a financial technology company that specializes in providing working capital financing solutions tailored to small and medium-sized businesses (SMBs) in the United States. With a suite of financing products, including invoice factoring, lines of credit, and term loans, Bluevine enables SMBs to secure the necessary funding to drive growth and expansion. The company's platform is designed to facilitate a seamless lending experience, with streamlined applications and fast approvals that can be completed in as little as 10 minutes. Novo: New York-based fintech firm, Novo offers digital banking services to small businesses in the United States. Its suite of products includes mobile check deposit, online bill pay, and debit card issuance for employees. The company has also integrated with popular small business software tools such as QuickBooks and Xero, providing businesses with greater financial management capabilities. Relay: Relay is an online banking and money management platform dedicated to giving America's small businesses the tools they need to grow and gain visibility into their finances. The company recognizes that traditional banking services often underserve small businesses. As a result, it has built a platform that gives entrepreneurs the power to control their cash flow by giving them a clear picture of their income and expenses. 8. Future Aspects of Digital Banking Solutions As technology continues to advance, the traditional banking system is expected to undergo significant changes in the coming decades, with neobanks rapidly gaining popularity among tech-savvy customers for their personalized services. These digital fintech companies, often referred to as 'challenger banks', operate without physical branches and offer a range of attractive services, blurring the line between traditional banking and financial systems. As a result, retail banks may adopt an omnichannel approach and leverage the robust infrastructure of fintech enterprises to enhance the customer experience.

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CORE BANKING

Why Payments-as-a-Service is the first choice for FIs

Article | July 20, 2022

The pace of change within the global payment’s technology space is still at full speed with no sign of slowing down. While traditional incumbents have until recently taken comfort in their size and decades of dominance, new digital-only challenger banks are ramping up and making a huge impact on the global financial landscape.

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BIG TECH IN FINANCE: A DEEP DIVE INTO THE FUTURE OF FINTECH

Article | February 10, 2020

The following article looks at Big Tech and its impact on the financial services sector. Whilst competition from small fintech startups will certainly take away some market share from traditional banks, the impact of “GAFA” could be huge. The fintech movement did more than unbundle banking and its core services — it spurred financial inclusion across Asia, increased overall economic growth, and made significant inroads into the finance value chain. The born-digital companies brought technology to the forefront, attacking the traditional risk-averse sector from various points — digital payments, insurance, P2P lending, and investment management, among other avenues.

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SECURITY AND COMPLIANCE

Protecting Modern Consumers from Banking Fraud

Article | August 4, 2022

Contents 1. Introduction 2. Maximizing Revenue: Cross-Selling and Upselling Strategies 3. Optimizing B2B Operations: Multichannel Banking and Cash Management Solutions 3.1 Digitizing Cash Management in Multichannel Banking: Key Imperatives 4. Leveraging Data Analytics for Multichannel Banking Optimization 5. Striking Balance between Convenience and Security 6. Multichannel Banking Evolution: Trends and Insights 7. Future Scope 1. Introduction Integrating multichannel banking solutions for a seamless customer experience remains a challenge in today’s digital era as financial institutions and banks are expected to provide services through ATMs, online banking, mobile, and in-branch. To boost efficiency and profitability, adopting multichannel payment processing is crucial. Technology enables merchants to process payments from all channels using a single account, thus, eliminating the need for multiple merchant IDs. Consolidating online sales into one location streamlines business processes, reduces card network fees, and leads to significant cost savings. 2. Maximizing Revenue: Cross-selling and Upselling Strategies Banks and financial institutions can effectively promote their multiple products and services to customers based on their needs, behavior, or demographics. Cross-selling and upselling techniques can encourage customers to hold multiple products, which can lead to business growth, new client acquisition, and increased customer lifetime value. Cross-selling involves offering related products or services to existing customers, such as promoting credit cards and internet banking to savings or current account holders. On the other hand, upselling involves increasing the amount invested in an existing or additional product. Both techniques can significantly boost sales, and revenue, and help achieve business objectives. 3. Optimizing B2B Operations: Multichannel Banking and Cash Management Solutions The evolving demands of corporate clients, rising competition from fintech companies, and the emergence of cutting-edge technologies are providing banks with a distinct prospect to revamp their cash management services and capabilities. 3.1 Digitizing Cash Management in Multichannel Banking: Key Imperatives Unlocking the Benefits of Collaboration Fintechs are becoming highly sought-after collaborators due to their product innovation, which enables banks to offer new and compelling services, solutions, and products that aid in attracting and retaining cash management clients. Tech & Alliances for Dynamic Cash Ecosystem Using innovative technologies and services, a cash management approach focuses on delivering cash efficiency and effectiveness to clients. New alliances and data-driven insights create a thriving ecosystem. Omnichannel Architecture In an omnichannel world, architecture plays a crucial role in delivering a seamless customer experience. While the traditional multichannel approach offers diverse touchpoints, it can also lead to a sub-optimal customer experience. Harnessing Real-time and Predictive Analytics In the realm of cash management, banks are increasingly relying on predictive analytics to mitigate risks, underwrite loans, and detect fraud. However, the potential advantages of real-time analytics for both cash management customers and the banks that cater to them are even more extensive. Integrate Cloud Services Compared to conventional decentralized cash management systems, cloud-based systems offer a greater degree of process and control uniformity in all scenarios, bolstering their resilience against potential capacity limitations stemming from factors such as remote work setups, cyber threats, and sudden surges in transaction volume. 4. Leveraging Data Analytics for Multichannel Banking Optimization Data-driven organizations are 23 times more likely to acquire customers, 6 times more likely to retain those customers, and 19 times more likely to be profitable (Source: McKinsey Global) Using data analytics, banks can gain insights into customer behavior, preferences, and patterns across channels. This helps identify customer needs, optimize channel usage, and personalize the banking experience. Predictive analytics can proactively offer relevant solutions to customers through their preferred channels, improving satisfaction. Banks can also optimize channel offerings by identifying the most effective channels for different customer segments, such as mobile banking for younger customers and branches for older customers. 5. Striking Balance between Convenience and Security Multichannel banking has revolutionized the way customers interact with their banks. With the advent of digital banking, customers can now carry out a wide range of transactions using multiple channels such as mobile apps, online banking, ATMs, and branches. While this has made banking more convenient, it has also created new security challenges for banks. Here are some key considerations that banks should keep in mind when implementing a multichannel banking strategy: Multi-factor Authentication: Multi-factor authentication is a crucial security measure that can help prevent unauthorized access to customer accounts. Banks can implement multi-factor authentication by requiring customers to provide two or more authentication factors such as a password, fingerprint, or facial recognition. Fraud Detection and Prevention: Banks should have robust fraud detection and prevention systems in place to identify and prevent fraudulent transactions. These systems should be designed to detect suspicious activities such as large withdrawals, multiple failed login attempts, and transactions from unusual locations. Encryption: Encryption is a critical security measure that can protect sensitive data such as customer account information and transaction details. Banks should ensure that all customer data transmitted through their multichannel banking platforms is encrypted to prevent interception by hackers. Training and Education: Banks should provide regular training and education to customers on how to use their multichannel banking platforms securely. This can include educating customers on how to create strong passwords, recognizing and reporting phishing scams, and using public Wi-Fi safely. Customer Support: Banks should have robust customer support systems in place to help customers with any issues related to their multichannel banking platforms. This can include providing support through multiple channels such as phone, email, and live chat. 6. Multichannel Banking Evolution: Trends and Insights As financial institutions continue to adjust to the ever-changing needs and preferences of their customers, it is imperative to remain informed about the latest trends and insights in multichannel banking. These critical trends and insights have played a pivotal role in shaping its evolution: Rise of Mobile Banking: The use of mobile banking apps has surged in recent years, with many customers preferring to use their smartphones for banking transactions. As a result, banks are investing in the development of robust mobile banking apps to cater to this demand. Integration of AI and Automation: Banks are increasingly using artificial intelligence (AI) and automation to streamline their operations and improve the customer experience. Chatbots and virtual assistants, for example, can provide customers with quick and personalized responses to their queries. Greater Emphasis on Data Analytics: Banks are using data analytics to gain insights into customer behavior and preferences. By analyzing customer data, banks can develop targeted marketing campaigns and offer personalized recommendations to customers. Expansion of Digital Payment Options: The growth of digital payment options such as mobile wallets and peer-to-peer (P2P) payment apps is driving the evolution of multichannel banking. Banks are partnering with fintech companies to offer these services and stay competitive in the market. Adoption of Blockchain Technology: Banks are exploring the use of blockchain technology to improve security, transparency, and efficiency in their operations. For example, blockchain can be used to facilitate cross-border payments and reduce the need for intermediaries. 7. Future Scope With advancements in technology, financial institutions can continue to offer new and innovative channels to improve the customer experience. The use of artificial intelligence and chatbots is expected to increase, allowing customers to interact with their bank through voice and text commands. The integration of internet of things (IoT) devices with banking channels is another area of potential growth. For instance, customers could use their smartwatches to make payments or check account balances. Additionally, blockchain technology has the potential to revolutionize the way banks handle transactions, reducing the risk of fraud and improving the speed and efficiency of transactions. As financial institutions continue to adapt to the changing needs and preferences of their customers, multichannel banking will play a crucial role in delivering a seamless and personalized customer experience.

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CORE BANKING, FINTECH

3 Reasons CFOs Should Care About Investing in Cloud Based Banking

Article | June 22, 2022

Contents 1. Evolution of Banking: From Brick-and-mortar to Digital 2. Multichannel Banking and Self-service Solutions 3. Demystifying Retail, Business and Corporate Banking 4. Mobile Banking: Payment Processing Overhaul 4.1 Overview of Fintech Companies in Banking Industry 5. Technology Trends in Digital Banking 6. Digital Transformation in Banking 6.1 Authentic User Experience 6.2 Blockchain Technology 6.3 Personalized Technology Services 7. Digital Banking Platforms Reaching out to SMBs 8. Future Aspects of Digital Banking Solutions 1. Evolution of Banking: From Brick-and-mortar to Digital Digital banking has transformed the traditional banking landscape and brought about a paradigm shift in the way individuals and businesses manage their finances. The cumbersome and time-consuming nature of financial transactions that involved physical visits to bank branches and long queues for basic tasks like account opening and money transfers is now a thing of the past. Between 2017 and 2021, 9% of all branch locations closed down, a loss of around 7,500 branches, according to the non-profit National Community Reinvestment Coalition (NCRC). (Source: Bankrate) With the digitization of banking, there has been a shift toward a cashless economy, with net and mobile banking gaining popularity over physical cash. With digital banking solutions like UPI, internet banking, and mobile banking, customers can access global transaction banking services directly from their own platforms, enabling seamless transactions anytime, anywhere. 2. Multichannel Banking and Self-Service Solutions The shift from traditional brick-and-mortar banking to digital banking has become ubiquitous, making self-service approaches in digital banking solutions vital for customers. These options allow customers to access banking solutions using software resources without human intervention, enabling them to conduct transactions such as checking account balances, making online transfers and withdrawals, paying bills, loan installments, exchanging currencies, and overall managing wealth with ease. Such solutions can be accessed through FAQs, chatbots, customer support portals, and other similar resources. The scope of self-service technology also encompasses internet banking and online shopping. Although the first and most successful self-service solution introduced by banks worldwide was the automated teller machine (ATM), the concept has now been extended to include a variety of digital banking platforms and applications. 3. Demystifying Retail, Business and Corporate Banking Digital banking services and products consist of three main sub-categories: Retail banking, Business banking, and Corporate banking. Retail banking, also referred to as consumer banking or personal banking, is a form of banking that offers financial services specifically to individual customers instead of businesses. It enables customers to effectively manage their finances, access credit facilities, and securely deposit their funds. Business banking refers to a company's financial transactions with a specialized institution that offers tailored financial services such as business loans, credit, savings accounts, and checking accounts, exclusively designed for corporate entities rather than individuals. This type of banking is conducted by a dedicated business banking division within a bank, which solely caters to the financial needs of commercial organizations. Corporate banking entails the provision of financial services to sizable corporations and multinational enterprises, which includes an array of offerings such as cash management, trade finance, corporate lending, and treasury services. With the advent of digital corporate banking, businesses can now effectively manage their financial transactions, process payments, and gain access to various financial tools and resources via digital platforms, ensuring improved efficiency and convenience. 4.Mobile Banking: Payment Processing Overhaul Mobile banking allows remote access to a wide range of banking services. Mobile app simplifies our lives by letting bank and other financial institution users check account balances, pay bills, transfer money, manage investments, and apply for loans with just a few clicks. Mobile banking alerts promote smart financial management, provide customization options, and enable easy monitoring for suspicious activity. A Chase Bank study revealed that 87% of consumers use their bank's mobile app monthly. Some features of a digital banking platform: Transfer money to friends and family within minutes via the ‘Manage Payee’ option on mobile banking apps. Clear utility bills via banks linked with UPI-enabled apps on your phone instead of standing in long queues outside gas stations with cash. Open Demat accounts online via the KYC process and manage all investments, deposits, and stocks in one place. Open bank accounts by uploading documents online; skip visiting banks and filling out forms. Get online assistance from banks 24/7 through chatbots and support systems. Mobile banking enables smooth functioning and boosts transparency in accessing financial data. Check account balances anytime without the need for passbook slips. Mobile banking apps provide customers with innumerable loan options, with banks deducting loan amounts from accounts on a fixed date via the ‘AutoPay’ option. 4.1 Overview of Fintech Companies in Banking Industry Here are some leading digital banking platforms catering to the needs of financial institutions: Alkami Technology: It is a major developer of cloud-based digital banking solutions for financial institutions in the United States. Its solutions enable users to clients their businesses with confidence, react to changing circumstances swiftly, and build vibrant digital communities. The company provides a range of services, including retail banking and business banking, digital account opening, loan origination, and multi-payment fraud protection solutions to assist clients in their transformation. It is dedicated to empowering its clients and supporting them in achieving their goals. Numerated: It is a fast-growing fintech that streamlines the origination process for business banking products. Over 400,000 businesses and 30,000 financial institution associates have processed $50 billion in lending using Numerated. The platform is used by financial institutions with a combined $1 trillion in assets, including Bremer Bank, Dollar Bank, Eastern Bank, MidFirst Bank, People's United Bank, Seacoast Bank, and others. The company has been recognized for its work as one of 2020's Top 250 FinTechs by CB Insights and 2021's Best Overall Business Lending Company by FinTech Breakthrough. Zoot Enterprises: It is a global leader in providing advanced origination, acquisition, and decision management solutions to financial institutions. Its cloud-based platforms offer flexibility for specific business needs, including loan origination, fraud detection, and data acquisition. Zoot enables clients to access hundreds of cutting-edge data sources in real time, delivering decisions in milliseconds. Its origination solution streamlines loan processing, providing powerful tools and robust integrations that reduce data entry, accelerate loan processing times, and avoid costly errors. Geezeo: The company delivers enriched digital banking experiences, processing, and augmenting transactions for over 500 financial institutions. Its insights enhance the overall customer experience, seamlessly integrating within online and mobile banking environments while allowing financial institutions to maintain ownership of their personal financial management (PFM) brand. It focuses on technology solutions that engage audiences with enriched data and offers expertise in digital banking, marketing, and technology. TurnKey Lender: It is a global leader in Unified Lending Management (ULM). Its intelligent software products automate the entire lending process, including traditional and alternative lending, SME financing, grant management, money lending, leasing, trade finance, in-house financing, and more. With customers in over 50 countries, TurnKey Lender is gaining traction as a pioneer in AI software development for lenders in regions like the United States, APAC, and the EU. The company’s solutions are used by all types of lenders, including large/mid-size banks, digital lenders, multi-finance companies, trade finance operators, traditional and non-traditional lenders, and telecoms. 5. Technology Trends in Digital Banking Banking technology is rapidly evolving. Advanced technologies like AI and ML will enable banks to analyze large data sets in real time and offer personalized solutions to customers. The market size of the global digital banking platform was valued at USD 20.8 billion in 2021 and is expected to expand at a CAGR of 20.5% from 2022 to 2030. (Source: Grand View Research) The increasing digital savviness of the global population is prompting the adoption of technological advancements. However, some individuals are still in an adaptive mode due to a lack of time and knowledge. AI and ML technologies enable banks to analyze large amounts of data, make informed decisions through predictive analysis, and improve lending patterns by analyzing consumer spending patterns. 6.Digital Transformation in Banking Financial institutions must leverage big data to automate business processes and reduce costs in light of falling interest rates and banking fees coupled with rising consumer demands. Adopting artificial intelligence, cloud technology, and automation in modernizing their applications could enable banks to develop omnichannel products, services, and capabilities, ultimately improving the user experience. Now, let's examine digital transformation in the banking industry: 6.1 Authentic User Experience (UX) Banks must share genuine customer experiences to retain loyalty. To achieve this, they must embrace the latest trends, technologies, and well-designed UX. 6.2Blockchain Technology To improve customer satisfaction, banks must reduce the intermediaries between them and their customers. This can be accomplished through increased transparency using blockchain technology, enabling untrusted parties to agree on a shared database and eliminating the need for transaction intermediaries. 6.3 Personalized Technical Services Key points about the benefits of personalized services such as automation, AI, and cloud computing in the banking industry: Automation minimizes human intervention and reduces errors, resulting in faster and more efficient service. AI helps banks predict outcomes based on past data, such as identifying fraud and making customer recommendations. Cloud computing enables banks to adopt new business models and create secure applications that meet regulatory requirements. About 27% of Americans use an online-only bank. Of those at online-only banks, 88% reported they are satisfied with the bank’s services. Meanwhile, only 66% of consumers using traditional banks report being satisfied with them. (Source: Bankrate) 7. Digital Banking Platforms Reaching Out to SMBs Digital banking platforms have revolutionized business operations by providing enhanced convenience and adaptability. Fintech firms have customized their platforms to meet the unique needs of small and medium-sized businesses (SMBs), offering mobile apps that facilitate financial management, transaction processing, and access to a range of financial tools and services at all times and from any location. The following is a list of notable digital banking applications that have garnered significant popularity over time: Betterment: It is an online financial advisor that offers personalized, fiduciary advice for retirement planning, building wealth, and achieving financial goals. By utilizing advanced algorithms and technology, it offers automated investment services that are tailored to each client's unique investment objectives and risk tolerance. The platform offers a diverse range of investment options, low fees, tax-efficient investing, and access to financial advisors. Betterment's mission is to make investing accessible and affordable to everyone, with a user-friendly online platform that is easy to use and offers high-quality investment advice. Mercury: It is a startup-focused banking platform that provides a comprehensive range of financial services tailored to companies of any size or stage. The platform offers free checking and savings accounts, debit and credit cards, domestic and international wire transfers, treasury and venture debt, and other essential financial products, all with an intuitive user experience. In addition to its suite of banking services, Mercury also provides vibrant community programs that offer founders the resources, advice, and connections needed to build successful companies. Bluevine: It is a financial technology company that specializes in providing working capital financing solutions tailored to small and medium-sized businesses (SMBs) in the United States. With a suite of financing products, including invoice factoring, lines of credit, and term loans, Bluevine enables SMBs to secure the necessary funding to drive growth and expansion. The company's platform is designed to facilitate a seamless lending experience, with streamlined applications and fast approvals that can be completed in as little as 10 minutes. Novo: New York-based fintech firm, Novo offers digital banking services to small businesses in the United States. Its suite of products includes mobile check deposit, online bill pay, and debit card issuance for employees. The company has also integrated with popular small business software tools such as QuickBooks and Xero, providing businesses with greater financial management capabilities. Relay: Relay is an online banking and money management platform dedicated to giving America's small businesses the tools they need to grow and gain visibility into their finances. The company recognizes that traditional banking services often underserve small businesses. As a result, it has built a platform that gives entrepreneurs the power to control their cash flow by giving them a clear picture of their income and expenses. 8. Future Aspects of Digital Banking Solutions As technology continues to advance, the traditional banking system is expected to undergo significant changes in the coming decades, with neobanks rapidly gaining popularity among tech-savvy customers for their personalized services. These digital fintech companies, often referred to as 'challenger banks', operate without physical branches and offer a range of attractive services, blurring the line between traditional banking and financial systems. As a result, retail banks may adopt an omnichannel approach and leverage the robust infrastructure of fintech enterprises to enhance the customer experience.

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CORE BANKING

4 Ways CFOs Can Prepare for a Dynamic New Normal

Article | July 20, 2022

The pace of change within the global payment’s technology space is still at full speed with no sign of slowing down. While traditional incumbents have until recently taken comfort in their size and decades of dominance, new digital-only challenger banks are ramping up and making a huge impact on the global financial landscape.

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BIG TECH IN FINANCE: A DEEP DIVE INTO THE FUTURE OF FINTECH

Article | February 10, 2020

The following article looks at Big Tech and its impact on the financial services sector. Whilst competition from small fintech startups will certainly take away some market share from traditional banks, the impact of “GAFA” could be huge. The fintech movement did more than unbundle banking and its core services — it spurred financial inclusion across Asia, increased overall economic growth, and made significant inroads into the finance value chain. The born-digital companies brought technology to the forefront, attacking the traditional risk-averse sector from various points — digital payments, insurance, P2P lending, and investment management, among other avenues.

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Spotlight

Birchwood Credit Services

Birchwood Credit Services is a nationwide Credit Reporting Agency that has been providing financial credit services to mortgage professionals, including accurate mortgage online credit reports, tax return verifications, flood reports, collateral and property reports, credit re-scoring and other related services for over three decades. Founded in 1992, Birchwood has distinguished itself in the marketplace with its unwavering commitment to quality, compliance and customer service. Headquartered in North Conway, New Hampshire, Birchwood remains dedicated to providing its customers with personalized service by the most knowledgeable professionals in the credit reporting industry.

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FINANCIAL MANAGEMENT, INVESTMENT MANAGEMENT

SkyBridge Capital and Al Maskari Holding Partner with Casper Labs

SkyBridge Capital | March 03, 2023

On March 2, 2023, SkyBridge Capital, a prominent alternative investment business, and Al Maskari Holding, the privately-owned holding company of the Al Maskari portfolio, announced a strategic, long-term collaboration with Casper Labs, a market leader in corporate blockchain software and services. SkyBridge Capital and Al Maskari Holding will help Casper Labs and the wider Casper community in the Middle East and North Africa (MENA) region with business development, investor relations, and marketing services. In addition, the firms are acquiring warrants to become Casper Labs' shareholders. Nabyl Al Maskari, Executive Chairman of Al Maskari Holding, stated, "Casper Labs has demonstrated a commitment to facilitating blockchain adoption within public and private sector organizations." He added, "We believe that the company is well positioned to develop these applications and that the UAE market, with its proven track record as an early adopter of emerging technologies, will be a key launching pad for it." (Source – Cision PR Newswire) Al Maskari Holding, SkyBridge Capital, and Casper Labs will attend the Investopia SALT 2023 investment conference in Abu Dhabi today. SALT, a worldwide thought leadership and networking forum linked with SkyBridge, and Investopia, an investment platform founded by the UAE Ministry of Commerce and the Abu Dhabi Department of Economic Development, are co-hosting the event. Besides, in January 2023, Casper Labs released its 'Status of Enterprise Blockchain Adoption' report. In a survey of over 500 C-suite executives from large corporations in the US, UK, and China, the company found that 87% of respondents were planning blockchain technology investments by 2023. About SkyBridge Capital SkyBridge Capital is a global alternative investment manager and investment adviser registered with Securities and Exchange Commission (SEC). The company invests in hedge funds, digital assets, private equity, and real estate. SkyBridge Alternatives Conference (SALT), organized by SkyBridge, is a significant event hosted in the United States and the Middle East.

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FINANCIAL MANAGEMENT, INVESTMENTS

WaveBL Cooperation Boosts Digital Trade Finance Workflows for Surecomp's RIVO

WaveBL and Surecomp | January 27, 2023

Surecomp announced on January 26, 2023, that it will collaborate with WaveBL, a blockchain-based digital platform, to improve digital trade finance workflows. This will be accomplished by enabling access to electronic bills of lading via Surecomp's fintech hub, RIVOTM. Nevertheless, WaveBL's features will be available on Surecomp's collaborative trade finance platform. In fact, the bill of lading is still presented on paper under a letter of credit. Therefore, it is necessary for corporations to physically acquire the bills of lading from the shipping companies and then deliver these documents to their banks. It is a time-consuming and expensive process that can take a few weeks. WaveBL has already established connections with some of the biggest container shipping companies in the world, such as MSC, Hapag-Lloyd, ZIM, and ONE. Transparency, efficacy, and cost-effectiveness will be improved by connecting to bill-of-lading providers like WaveBL and exchanging the data with their banks on their trade finance management platform. The buyer, seller, issuing bank, and advising bank can now digitally sign and exchange unique, original papers to avoid courier expenses, fraud risk, and dock penalty penalties, thereby, improving customer experience, environmental sustainability, and company resilience. Enno-Burghard Weitzel, Surecomp's SVP of Strategy, Digitization and Business Development, stated, "By removing barriers and facilitating collaboration to drive a more streamlined, sustainable global trade finance process, RIVO allows any exporter to now access, manage and transfer ownership of its bills of lading electronically." He further added, "Our digital fintech hub RIVO is designed to bring together best of breed solutions to help customers streamline their trade finance management and workflow. Our partnership with WaveBL will afford our customers greater transparency, data accuracy and a much smoother document checking process, expediting a previously very tedious and time-consuming workflow." (Source – Cision PR Newswire) WaveBL's VP of Business Development, Ofer Ein Bar, expressed, "This partnership is a win-win alliance that will radically drive forward the transformation of trade whilst rapidly increasing trade efficiency. It marks a key milestone in our mission to truly transform trade; including the streamlining of crucial trade finance flows." (Source – Cision PR Newswire) About WaveBL WAVE BL is a well-known market leader in its own niche, and the company is changing the way business is done with the help of its own blockchain-powered platform for commercial transactions. It is the only company that has changed blockchain technology to make business more profitable by offering trusted, paperless, and electronic services while cutting costs and improving efficiency. About Surecomp Surecomp® leads global trade financing for banks and enterprises. The company has been at the forefront of digital trade finance, supply chain finance, and treasury solutions for over 30 years. These solutions simplify the transaction lifecycle to improve operational efficiency, compliance, and growth. Its 8 locations in Toronto, New York, Santiago, Buenos Aires, London, Hamburg, Tel Aviv, and Singapore serve distinguished customers in over 80 countries.

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PAYMENTS

Paystand Leads the Blockchain for Business Movement, Surpassing $2B in Payment Volume Over Its Zero-Fee B2B Network

Paystand | August 18, 2021

Paystand, the blockchain-enabled payment network for business, today announced another year of record-setting growth, with payment volume over its network accelerating past $2B. By doing so, Paystand becomes the fastest B2B payment company to reach this milestone, which comes amidst the larger fintech movement toward an open financial infrastructure. “There’s no question that blockchain is the unstoppable future for every essential business function, and Paystand has been pioneering blockchain applications for enterprise since 2013,” said Jeremy Almond, Paystand’s co-founder and CEO. “In the same way that the birth of the internet led to a universal shift in the way we produce and consume information, blockchain has the ability to transform every aspect of how we do business. We’re excited to make that transformation a reality in the realm of B2B payments.” Paystand’s rapid growth has continued throughout the pandemic as a direct result of the company’s ability to streamline essential accounts receivable (AR) tasks for finance teams, including automating cash application, reducing DSO by as much as 62% by offering embedded “pay now” buttons for email invoices, and digitizing cash flow management. Now, Paystand has been named to the Inc. 5000 list for the second straight year, and is growing at nearly 2x the median for all companies on the list – underscoring its impact in transforming B2B payments and commercial finance. Driven by a flat-rate, Payments-as-a-Service business model that creates a predictable cost structure for AR, Paystand has built the first real alternative to today's monopolistic card networks and paper-heavy processes: a B2B payment network that delivers unrivaled speed, security, and cost. Paystand’s growth acceleration over the past 12 months – due largely to the superior economics its payment network offers businesses – is evident across all areas of the company: “As our team continues its growth rate of 100%, we will continue to hire top talent that’s dedicated to rebuilding our financial infrastructure from the ground up,” says Aliyah Nance, Paystand’s VP of People. “Being named to the Inc. 5000 list for the second year in a row highlights Paystand’s position as the leader of the next wave of fintech, and we’re looking forward to expanding every facet of our organization with individuals who are dedicated to our mission.” About Paystand Paystand is on a mission to create an open commercial finance system, starting with B2B payments. Using blockchain and cloud technology, the company has pioneered Payments-as-a-Service to automate the entire enterprise cash cycle. Paystand makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. Paystand has been consistently recognized as a top innovator in enterprise financial services and was named to the Inc. 5000 list in both 2020 and 2021.

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FINANCIAL MANAGEMENT, INVESTMENT MANAGEMENT

SkyBridge Capital and Al Maskari Holding Partner with Casper Labs

SkyBridge Capital | March 03, 2023

On March 2, 2023, SkyBridge Capital, a prominent alternative investment business, and Al Maskari Holding, the privately-owned holding company of the Al Maskari portfolio, announced a strategic, long-term collaboration with Casper Labs, a market leader in corporate blockchain software and services. SkyBridge Capital and Al Maskari Holding will help Casper Labs and the wider Casper community in the Middle East and North Africa (MENA) region with business development, investor relations, and marketing services. In addition, the firms are acquiring warrants to become Casper Labs' shareholders. Nabyl Al Maskari, Executive Chairman of Al Maskari Holding, stated, "Casper Labs has demonstrated a commitment to facilitating blockchain adoption within public and private sector organizations." He added, "We believe that the company is well positioned to develop these applications and that the UAE market, with its proven track record as an early adopter of emerging technologies, will be a key launching pad for it." (Source – Cision PR Newswire) Al Maskari Holding, SkyBridge Capital, and Casper Labs will attend the Investopia SALT 2023 investment conference in Abu Dhabi today. SALT, a worldwide thought leadership and networking forum linked with SkyBridge, and Investopia, an investment platform founded by the UAE Ministry of Commerce and the Abu Dhabi Department of Economic Development, are co-hosting the event. Besides, in January 2023, Casper Labs released its 'Status of Enterprise Blockchain Adoption' report. In a survey of over 500 C-suite executives from large corporations in the US, UK, and China, the company found that 87% of respondents were planning blockchain technology investments by 2023. About SkyBridge Capital SkyBridge Capital is a global alternative investment manager and investment adviser registered with Securities and Exchange Commission (SEC). The company invests in hedge funds, digital assets, private equity, and real estate. SkyBridge Alternatives Conference (SALT), organized by SkyBridge, is a significant event hosted in the United States and the Middle East.

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FINANCIAL MANAGEMENT, INVESTMENTS

WaveBL Cooperation Boosts Digital Trade Finance Workflows for Surecomp's RIVO

WaveBL and Surecomp | January 27, 2023

Surecomp announced on January 26, 2023, that it will collaborate with WaveBL, a blockchain-based digital platform, to improve digital trade finance workflows. This will be accomplished by enabling access to electronic bills of lading via Surecomp's fintech hub, RIVOTM. Nevertheless, WaveBL's features will be available on Surecomp's collaborative trade finance platform. In fact, the bill of lading is still presented on paper under a letter of credit. Therefore, it is necessary for corporations to physically acquire the bills of lading from the shipping companies and then deliver these documents to their banks. It is a time-consuming and expensive process that can take a few weeks. WaveBL has already established connections with some of the biggest container shipping companies in the world, such as MSC, Hapag-Lloyd, ZIM, and ONE. Transparency, efficacy, and cost-effectiveness will be improved by connecting to bill-of-lading providers like WaveBL and exchanging the data with their banks on their trade finance management platform. The buyer, seller, issuing bank, and advising bank can now digitally sign and exchange unique, original papers to avoid courier expenses, fraud risk, and dock penalty penalties, thereby, improving customer experience, environmental sustainability, and company resilience. Enno-Burghard Weitzel, Surecomp's SVP of Strategy, Digitization and Business Development, stated, "By removing barriers and facilitating collaboration to drive a more streamlined, sustainable global trade finance process, RIVO allows any exporter to now access, manage and transfer ownership of its bills of lading electronically." He further added, "Our digital fintech hub RIVO is designed to bring together best of breed solutions to help customers streamline their trade finance management and workflow. Our partnership with WaveBL will afford our customers greater transparency, data accuracy and a much smoother document checking process, expediting a previously very tedious and time-consuming workflow." (Source – Cision PR Newswire) WaveBL's VP of Business Development, Ofer Ein Bar, expressed, "This partnership is a win-win alliance that will radically drive forward the transformation of trade whilst rapidly increasing trade efficiency. It marks a key milestone in our mission to truly transform trade; including the streamlining of crucial trade finance flows." (Source – Cision PR Newswire) About WaveBL WAVE BL is a well-known market leader in its own niche, and the company is changing the way business is done with the help of its own blockchain-powered platform for commercial transactions. It is the only company that has changed blockchain technology to make business more profitable by offering trusted, paperless, and electronic services while cutting costs and improving efficiency. About Surecomp Surecomp® leads global trade financing for banks and enterprises. The company has been at the forefront of digital trade finance, supply chain finance, and treasury solutions for over 30 years. These solutions simplify the transaction lifecycle to improve operational efficiency, compliance, and growth. Its 8 locations in Toronto, New York, Santiago, Buenos Aires, London, Hamburg, Tel Aviv, and Singapore serve distinguished customers in over 80 countries.

Read More

PAYMENTS

Paystand Leads the Blockchain for Business Movement, Surpassing $2B in Payment Volume Over Its Zero-Fee B2B Network

Paystand | August 18, 2021

Paystand, the blockchain-enabled payment network for business, today announced another year of record-setting growth, with payment volume over its network accelerating past $2B. By doing so, Paystand becomes the fastest B2B payment company to reach this milestone, which comes amidst the larger fintech movement toward an open financial infrastructure. “There’s no question that blockchain is the unstoppable future for every essential business function, and Paystand has been pioneering blockchain applications for enterprise since 2013,” said Jeremy Almond, Paystand’s co-founder and CEO. “In the same way that the birth of the internet led to a universal shift in the way we produce and consume information, blockchain has the ability to transform every aspect of how we do business. We’re excited to make that transformation a reality in the realm of B2B payments.” Paystand’s rapid growth has continued throughout the pandemic as a direct result of the company’s ability to streamline essential accounts receivable (AR) tasks for finance teams, including automating cash application, reducing DSO by as much as 62% by offering embedded “pay now” buttons for email invoices, and digitizing cash flow management. Now, Paystand has been named to the Inc. 5000 list for the second straight year, and is growing at nearly 2x the median for all companies on the list – underscoring its impact in transforming B2B payments and commercial finance. Driven by a flat-rate, Payments-as-a-Service business model that creates a predictable cost structure for AR, Paystand has built the first real alternative to today's monopolistic card networks and paper-heavy processes: a B2B payment network that delivers unrivaled speed, security, and cost. Paystand’s growth acceleration over the past 12 months – due largely to the superior economics its payment network offers businesses – is evident across all areas of the company: “As our team continues its growth rate of 100%, we will continue to hire top talent that’s dedicated to rebuilding our financial infrastructure from the ground up,” says Aliyah Nance, Paystand’s VP of People. “Being named to the Inc. 5000 list for the second year in a row highlights Paystand’s position as the leader of the next wave of fintech, and we’re looking forward to expanding every facet of our organization with individuals who are dedicated to our mission.” About Paystand Paystand is on a mission to create an open commercial finance system, starting with B2B payments. Using blockchain and cloud technology, the company has pioneered Payments-as-a-Service to automate the entire enterprise cash cycle. Paystand makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. Paystand has been consistently recognized as a top innovator in enterprise financial services and was named to the Inc. 5000 list in both 2020 and 2021.

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