Thomas & Herbert Consulting | Small Business Loans | Fora Financial

December 16, 2013 | 139 views

Watch Rodney Thomas the CEO of Thomas & Herbert Consulting speak about how his partnership with Fora Financial, and how it enabled him to start his company and reach his business goals. Fora Financial is a leading provider of fast small business loans and quick merchant cash advances to small businesses in a wide variety of industries.

Spotlight

AGN International

AGN International is a worldwide association of separate and independent accounting and advisory firms. Our members deliver assurance, accounting, tax and advisory services to businesses, individuals and organisations around the globe. AGN International has 197-member firms in 89 countries worldwide, and is amongst the largest of comparable organisations globally. High standards and client service is at the heart of what we do. Regionally and worldwide, member firms collaborate to meet clients' needs, and improve client service by sharing experience and knowledge, understanding of each other’s markets and the needs of clients with cross-border requirements.

OTHER ARTICLES
CORE BANKING

4 Ways CFOs Can Prepare for a Dynamic New Normal

Article | July 13, 2022

Before the pandemic, CFOs associated resilience and organizational agility with the ability to anticipate and adapt to changing consumer demands and experiences. However, the pandemic completely overhauled corporate dynamics by disrupting supply chains, changing consumer patterns, and encouraging a remote way of working. The WNS Global CFO Survey 2020 showed that many CFOs are looking for strategic ways to get ahead of these challenges. Here are four ways that CFOs can refocus to respond to the new dynamic normal. Reinforce the Supply Chain Global supply networks have been impacted by COVID-19, prompting many firms to rethink their procurement practices. The WNSsurvey indicates that over 32% of CFOs rank the continuity of theirsupply chain as one of their three most significantchallenges. The primary difficulty facing the manufacturing and consumer packaged goods (CPG) industries is maintaining supply chain stability. CFOs can engage with procurement teams to review the supplier base in order to increase supplier resilience, as well as lead their organizations in implementing new supply chain models and processes. Digital technology enables the ability to make orders automatically and spot deficiencies more rapidly. It can also enable supply chains to become more flexible. Advanced analytics-based dynamic forecasting provides data in real-time so that inventory systems can be quicker and more reactive to demands. Drive Digital-powered Decision Making The WNS survey shows thatincreasing visibility is among the toppriorities for46% of CFOs. When aggregated financials are compared with overall performance, things are different. These comparisons also don't provide the organization with an adequate picture of the organization’s action steps. In such a scenario, data analytics, artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) offer a clear representation of information and key metrics. These cutting-edge solutions have empowered decision makers to pinpoint profitable products and services and mobilize investments into some products on the basis of solid data. Through close collaboration with data teams, CFOs may be able to achieve success in establishing and managing performance insightsfor sales, investments, marketing expenditures, and other areas of activity. Capital Management While customer demands are dipping across many industries, CFO's have a new capital challenge at hand. Theymust make sure their companies are adequately equippedto deal with the impact on income and itsimplications on investment and capital spending. Using a financial and governance framework, the information concerning receivables, payables, inventory, taxes, risks, and cash flow may all be integrated into a unified view of liquidity for CFOs. Gear Up for Disruption CFOs must help ensure their companies are adaptable enough to handle unforeseen turmoilas well as general political and economic unpredictability. Blockchain and other digital technologies establish a distributed system for frictionless departmental collaboration. Hence,the CFO and the widerorganization can build predictions and forecasts based on a single source of data. Parting Thoughts Rebuild but reimagine is what organizations and CFOs must do in order to thrive in the new dynamic normal. A stable supply chain, data-based decision-making, smart capital management, and gearing up for any future disruption is the way to go.

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A Guide to Banking in the Metaverse: Part 2

Article | May 19, 2022

In the first part of this article, we took a dive into what the metaverse is in the context of banking, what its benefits are and how it is affecting bank and consumer relationships now and in the future. Metaverse banking is undoubtedly the next phase of banking, but is it really a new concept? While the component technologies of the metaverse have been around for a while, their convergence has ushered in a new period of innovation for the banking industry. According to Accenture’s Technology Vision 2022 survey, 67% of banking executives worldwide believe that the metaverse will impact their organization positively, while 38% state it will be a transformational technology. Here are some organizations that are at the frontline of the metaverse banking revolution. KB Kookmin Bank: One of South Korea’ s most prominent financial institutions, KB Kookmin Bank, has a virtual bank that allows customers to access their financial information as well as get professional advice from a financial advisor through a VR-based interaction. BNP Paribas: The global banking group has a VR alternative for their retail banking customers. It offers a virtual reality app that enables users to access their account activity and transactions in a VR environment. Bank of America: Going one step ahead with its workforce management and training, Bank of America uses VR to train staff at its 4,300 financial centers across the country. VR environment training lets bank employees do complicated tasks in a simulated environment where they learn how to interact with customers and make sales. J.P. Morgan: J.P Morgan launched an Onyx lounge, a virtual lounge in the metaverse of Decentraland, which is itself a blockchain-based VR system. The bank enables cross-border payments, trading, foreign exchange, and financial asset creation, while Onyx facilitates blockchain wholesale transactions. HSBC: HSBC has gone ahead and bought a plot of land in the metaverse called The Sandbox, aimed at engaging sports and gaming fans. The Challenges Ahead and the Takeaway: As in social media or interactions in the real world, banks and other brands may be exposed to a variety of legal issues by using metaverses. Similar to how many didn't anticipate the potential adverse effects of personal abuse and the dissemination of "fake news," the extent of the risks may be difficult to predict at this stage. Despite the challenges, the metaverse offers an exciting possibility for banks. It could reduce the friction between modern digital platforms and offer a seamless consumer experience and a new way to move data without hindering security and data privacy. It’s a radical new technology, and financial institutions who are still considering its impact must start planning to enter the metaverse in the next couple of years.

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SECURITY AND COMPLIANCE

4 Trends Powering the Digital Banking Revolution

Article | August 4, 2022

Fueled by the emergence of new technologies and an ever-shifting workplace landscape, banking is powering a transition into a digital future for finance. The disruption in how we receive, save, and spend money is also enabling customers to expect and demand more from their banking. Service providers must now provide cutting-edge solutions to meet these demands in the era of open banking. The pursuit of innovation is producing a multitude of new trends in banking and finance. Here are five trends that are at the forefront of the banking story. 1 #1 APIs Application programming interfaces, or APIs are helping mobilize digital applications in banking like never before. Financial institutions are now able to offer swift yet secure digital banking services with a host of cutting-edge solutions through the use of APIs, all without incurring heavy costs to implement proprietary applications. 2 #2 Frictionless Transactions Being able to send and receive money seamlessly and in real-time has to be one of the most significant achievements of the digitalization of banking. It has not only upended traditional banking by reducing bottlenecks and delays, but also given a much needed thrust to the overall customer experience. The flexibility, ease, and promptness with which customers can now conduct transactions has singlehandedly given the digital banking economy a boost and laid the foundation for the creation of virtual versions of physical assets like credit cards and wallets. 3 #3 AI-powered Chatbots Artificial intelligence and machine learning in banking and finance are creating next-generation customer service solutions. The automation capabilities offered by AI chatbots and virtual assistants are helping financial institutions deliver faster and better banking experiences at a fraction of the cost. They are more capable of optimizing workforces to meet customer support demands, freeing up more resources. 4 #4 Multichannel Services Now that banking institutions are able to simplify consumer experiences, meeting customer needs across all channels has become a lot easier. Many organizations are developing an omnichannel banking experience that enables them to cater to complex demands and connect with customers at different touchpoints and stages of their consumer journeys. This enables banks to not only deliver better services but also customize their products and services, and provide a seamless, well-integrated experience. 5 To Conclude The digital wave is in full force, and banks and other financial institutions must take steps to integrate the above trends in their digitalization journey. They will need to on board a combination of automation, cloud banking, and analytics to unleash the full potential in order to keep customers coming back.

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CORE BANKING

A Guide to Banking in the Metaverse: Part 1

Article | July 13, 2022

The next generation of banking technology is here, and it’s in the metaverse. The metaverse is a virtual space that allows users to go beyond the web browser to engage in or even share experiences. The metaverse is built using technologies like virtual reality (VR), augmented reality (AR), blockchain and more. Consider being able to shop at a store, or play a game, or interact with friends, or meet with your bank representative, all in the 3D and without leaving your home. Now that the future is here, financial institutions will need to prepare to enter the metaverse and reimagine how they cater to their customers online. According to the Financial Brand, more than 47% of bankers believe that by 2030, many customers will use AR/VR as a channel for transactions. The opportunity is now. 1 Benefits of Banking in the Metaverse The most significant opportunity for banks is to capitalize on AR/VR to develop seamless consumer and employee experiences in the real-world. Some of the benefits include: 1.1 For Consumers Providing consumers with the ability to check balances, pay bills, transfer money, and do business utilizing AR and VR channels is known as metaverse banking Personalizing the banking experience by offering white glove service, tailored financial recommendations, investment planning and much more. 1.2 For Employees Providing immersive learning opportunities in the secure, replicated settings of customers or integrating their remote staff in ways that foster engagement, learning, and a sense of belonging. Equipping employees with the ability to underwrite loans using digital twins of a property instead of 2D photos and videos of the building. 2 How the Metaverse Will Impact Consumer Relationships? Banks shouldn't think ofjust enteringthe metaverse, determiningthe conditions of interaction, and capitalizing onit in order to increase trust and foster engagement. Innovative financial institutions will need to establish open communication with their consumers so that they are aware of the goals and intents of the organizational brand. The value transfers between institutions and consumers are no longer viable since the dynamic is one of collaboration and not just a vendor buyer relationship. Banks will need to reorganize how they create value if they want to build and maintain trust. 3 Moving Forward Many prominent financial institutions are riding the wave of metaverse banking. In the next part of this article, we will discuss organizations that are moving fast when it comes to adopting banking on the metaverse and how they are monetizing it.

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Spotlight

AGN International

AGN International is a worldwide association of separate and independent accounting and advisory firms. Our members deliver assurance, accounting, tax and advisory services to businesses, individuals and organisations around the globe. AGN International has 197-member firms in 89 countries worldwide, and is amongst the largest of comparable organisations globally. High standards and client service is at the heart of what we do. Regionally and worldwide, member firms collaborate to meet clients' needs, and improve client service by sharing experience and knowledge, understanding of each other’s markets and the needs of clients with cross-border requirements.

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BITCOIN AND CRYPTO

Bloomberg to Enrich Institutional Cryptocurrency Capabilities with Elwood Technologies

Bloomberg | February 25, 2022

Bloomberg and Elwood Technologies announced their strategic integration to enrich institutional cryptocurrency capabilities. The integration will enable clients’ investments using Elwood's market-leading cryptocurrency trading platform—AIM. The new comprehensive crypto native solution byElwood will deliver deep liquidity and extensive market data. This infrastructure is the gateway for institutional access to digital assets. The integration combinesElwood's institutional cryptocurrency trading capabilities with Bloomberg's data, workflow tools, analytics, and m, monitoring system. These will enable the financial institutions and investment managers on the AIM platform. This platform's unified investment process can capture and manage their crypto investments. It’s also beenElwood will adopt the Financial Instrument Global Identifier (FIGI) for crypto assets as the common identifier for the integration. We are very pleased to offer Bloomberg AIM clients integrated access to Elwood's market-leading cryptocurrency trading platform. It has always been our goal to provide clients with the cutting-edge capabilities necessary to manage their entire investment portfolio in an integrated manner, and this increasingly includes alternative asset classes such as cryptocurrencies.” Ian Peckett, Global Head of Buy-Side Product at Bloomberg. The integration with Elwood represents Bloomberg's 'Buy Side from Every Side' philosophy and commitment. This commitment willallow clients to maintain the complete portfolio perspective for risk and exposure management when investing in innovative and alternative products. This strategic partnership continues to deliver on our mission of providing access to digital asset markets in a way that institutions expect. We look forward to working closely with Bloomberg to simplify institutional access to the cryptocurrency market. The most important part not to be missed is that the integration is expected to be completed and available for mutual clients of Elwood and Bloomberg AIM in Q2 2022." James Stickland, CEO of Elwood Technologies.

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FINTECH

IDT Acquires Sochitel, A Global FinTech and Digital Distribution Business

IDT | January 21, 2022

IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications services, announced today that it has acquired a majority stake in Sochitel, a global hub and digital distribution platform for mobile top-up, electronic vouchers, and other value transfer services. Headquartered in London and Lagos, Sochitel has a deep footprint across Africa interconnecting Mobile Network Operators, banks, and financial service providers. Sochitel’s fintech platform empowers the continent’s leading banks to deliver digital, value-added services to over 60 million customers across Africa and supplies its services to corporate clients worldwide. IDT and Sochitel will leverage their combined capabilities to expand the reach of IDT’s current digital offerings, including mobile top-up and money transfers into Africa, and to support future offerings including bill payment and e-vouchers. Our combination with Sochitel significantly expands and streamlines our distribution network in key African markets, broadens our mobile top-up platform with new digital services, and provides access to a significant new base of partners and clients as we continue to grow our global value transfer businesses.” Emilio del Rio, Senior Vice President of Prepaid Services at IDT. We are delighted to join the IDT family. Africa is enjoying unprecedented growth while pacing the world in the adoption of digital fintech solutions. Combining our strength and depth in the African market with IDT’s distribution capabilities positions us for significant expansion as we further integrate Africa with the global marketplace.” Jerry Ejikeme, CEO of Sochitel. Africa, with a population of over 1.2 billion and some of the developing world’s most dynamic economies, represents a significant growth opportunity for the mobile financial service sector. According to the Global System for Mobile Communications (GSMA), Sub-Saharan Africa alone is home to half of the world’s mobile money services and generates two-thirds of global mobile money transactions value. Increasing mobile penetration, a scarcity of traditional transaction infrastructure, and the region’s rapidly evolving mobile payments infrastructure are creating tremendous opportunities for financial service providers to unlock significant value. About IDT Corporation: IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud communications, and traditional communications services. We make it easy for families to communicate and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight. About Sochitel: Headquartered in London and Lagos, Sochitel has a strong pan-African footprint supplying digital products and services to major banks and Mobile Money Operators in over 20 countries, as well as corporate clients across the world. Its leading FinTech platform enables financial and corporate partners to offer an extensive and growing range of digital products that supports their customers’ daily activities.

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JPMorgan Chase Declares Preferred Stock Dividends

JPMorgan Chase & Co | July 15, 2020

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co.

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BITCOIN AND CRYPTO

Bloomberg to Enrich Institutional Cryptocurrency Capabilities with Elwood Technologies

Bloomberg | February 25, 2022

Bloomberg and Elwood Technologies announced their strategic integration to enrich institutional cryptocurrency capabilities. The integration will enable clients’ investments using Elwood's market-leading cryptocurrency trading platform—AIM. The new comprehensive crypto native solution byElwood will deliver deep liquidity and extensive market data. This infrastructure is the gateway for institutional access to digital assets. The integration combinesElwood's institutional cryptocurrency trading capabilities with Bloomberg's data, workflow tools, analytics, and m, monitoring system. These will enable the financial institutions and investment managers on the AIM platform. This platform's unified investment process can capture and manage their crypto investments. It’s also beenElwood will adopt the Financial Instrument Global Identifier (FIGI) for crypto assets as the common identifier for the integration. We are very pleased to offer Bloomberg AIM clients integrated access to Elwood's market-leading cryptocurrency trading platform. It has always been our goal to provide clients with the cutting-edge capabilities necessary to manage their entire investment portfolio in an integrated manner, and this increasingly includes alternative asset classes such as cryptocurrencies.” Ian Peckett, Global Head of Buy-Side Product at Bloomberg. The integration with Elwood represents Bloomberg's 'Buy Side from Every Side' philosophy and commitment. This commitment willallow clients to maintain the complete portfolio perspective for risk and exposure management when investing in innovative and alternative products. This strategic partnership continues to deliver on our mission of providing access to digital asset markets in a way that institutions expect. We look forward to working closely with Bloomberg to simplify institutional access to the cryptocurrency market. The most important part not to be missed is that the integration is expected to be completed and available for mutual clients of Elwood and Bloomberg AIM in Q2 2022." James Stickland, CEO of Elwood Technologies.

Read More

FINTECH

IDT Acquires Sochitel, A Global FinTech and Digital Distribution Business

IDT | January 21, 2022

IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications services, announced today that it has acquired a majority stake in Sochitel, a global hub and digital distribution platform for mobile top-up, electronic vouchers, and other value transfer services. Headquartered in London and Lagos, Sochitel has a deep footprint across Africa interconnecting Mobile Network Operators, banks, and financial service providers. Sochitel’s fintech platform empowers the continent’s leading banks to deliver digital, value-added services to over 60 million customers across Africa and supplies its services to corporate clients worldwide. IDT and Sochitel will leverage their combined capabilities to expand the reach of IDT’s current digital offerings, including mobile top-up and money transfers into Africa, and to support future offerings including bill payment and e-vouchers. Our combination with Sochitel significantly expands and streamlines our distribution network in key African markets, broadens our mobile top-up platform with new digital services, and provides access to a significant new base of partners and clients as we continue to grow our global value transfer businesses.” Emilio del Rio, Senior Vice President of Prepaid Services at IDT. We are delighted to join the IDT family. Africa is enjoying unprecedented growth while pacing the world in the adoption of digital fintech solutions. Combining our strength and depth in the African market with IDT’s distribution capabilities positions us for significant expansion as we further integrate Africa with the global marketplace.” Jerry Ejikeme, CEO of Sochitel. Africa, with a population of over 1.2 billion and some of the developing world’s most dynamic economies, represents a significant growth opportunity for the mobile financial service sector. According to the Global System for Mobile Communications (GSMA), Sub-Saharan Africa alone is home to half of the world’s mobile money services and generates two-thirds of global mobile money transactions value. Increasing mobile penetration, a scarcity of traditional transaction infrastructure, and the region’s rapidly evolving mobile payments infrastructure are creating tremendous opportunities for financial service providers to unlock significant value. About IDT Corporation: IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud communications, and traditional communications services. We make it easy for families to communicate and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight. About Sochitel: Headquartered in London and Lagos, Sochitel has a strong pan-African footprint supplying digital products and services to major banks and Mobile Money Operators in over 20 countries, as well as corporate clients across the world. Its leading FinTech platform enables financial and corporate partners to offer an extensive and growing range of digital products that supports their customers’ daily activities.

Read More

JPMorgan Chase Declares Preferred Stock Dividends

JPMorgan Chase & Co | July 15, 2020

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co.

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