CORE BANKING, INVESTMENTS
Treasury Prime | March 16, 2023
On March 15, 2023, Treasury Prime announced the launch of OneKey Banking, a groundbreaking technology that allows customers to leverage the industry's largest bank network (15+ financial institutions) using instant cross-bank transfers. This innovative solution is a first-of-its-kind and promises to unlock the full potential of the banking network for Treasury Prime customers.
OneKey Banking is a comprehensive solution with powerful components like network transfers and single-key access to Treasury Prime's growing bank network. However, the true power of OneKey Banking lies in its ability to unlock Treasury Prime's industry-changing technology, providing enterprises with a holistic platform to power their businesses. With OneKey Banking, companies can enjoy unprecedented access to cutting-edge financial tools and a unified system to streamline their operations.
Companies' banking-as-a-service (BaaS) solutions may need to catch up as they mature. Treasury Prime OneKey Banking solves that issue by eliminating the need to switch providers owing to deposit growth or feature access. Flexible by design, OneKey Banking allows firms of any size and growth trajectory to handle deposits effortlessly, move funds, send prompt payments, mitigate risk, scale, and access capabilities via an easy-to-use interface, eliminating many common BaaS difficulties.
OneKey Banking has had an impressive start, enabling deposits of over $350 million in its first month alone across multiple Treasury Prime network banking partners. The company expects this number to grow into billions in the coming months. OneKey Banking's benefits aren't limited to enterprises; banks of all sizes can also use this technology. With OneKey Banking's standard API, banks can improve their innovation channels with their embedded clients and offer a seamless banking experience while taking advantage of Treasury Prime's cutting-edge technology.
About Treasury Prime
Treasury Prime is at the forefront of the future of finance. Its award-winning APIs and embedded banking products allow banks and enterprise partners to innovate, grow, and adapt to a rapidly changing marketplace. With a focus on providing access to banking products and services to all population segments, Treasury Prime offers complex services, including money transfer and risk mitigation, utilizing a chartered bank's infrastructure. The company has been recognized for its innovative approach, winning 'Best Banking-as-a-Service Platform' in Tearsheet Embedded Awards 2021 and 2022 and earning a spot on CB Insights' annual 2021 Fintech 250 list.
FINANCIAL MANAGEMENT, FINTECH
PRnewswire | March 24, 2023
Abrigo, the leading technology provider of compliance, credit risk, and lending solutions for financial institutions, today announced the launch of Abrigo Small Business Lending Intelligence. This lending decision and monitoring engine is powered by Charm Solutions, a provider of AI technology that helps financial institutions unlock the full potential of their data, identify growth opportunities, optimize operations, and improve financial decisions.
According to FFIEC call report data, small business (SMB) loans made by banks in the U.S. grew to nearly 27 million in 2022. Many institutions have indicated that SMB is a continued, targeted area for growth in 2023, following the successful Paycheck Protection Program during COVID-19, which led many lenders to build or deepen relationships with SMBs in their communities. A barrier to growth for many institutions is efficiency. In a recent Abrigo survey, nearly 60% of financial institutions indicated that efficiency was the top challenge in small business lending.
Abrigo Small Business Lending Intelligence is embedded into the Abrigo loan origination platform and provides real-time scorecards that include a loan risk rating score, probability of default, and details of how the score was calculated. Using Charm's dynamic models along with existing processes, institutions can improve their decision-making by incorporating an array of data sources and leveraging analytics to gain actionable insights.
The engine leverages self-learning AI to continuously monitor a wide range of current and historical data, loan performance, accounting, and macroeconomic data from more than 1,200 institutions. Abrigo Small Business Lending Intelligence is transparent, providing institutions insight into the data and processes used for its scoring model. Abrigo Small Business Lending Intelligence also provides an early warning system alerting banks to changes that may impact an institution's entire loan portfolio before they become an issue.
"By leveraging the power of automation and AI, financial institutions can provide the small businesses in their communities with the funds they need faster while ensuring they have the right risk management controls in place for their lending processes," said Ravi Nemalikanti, CTO of Abrigo. "We are very pleased to partner with Charm to develop this innovative solution that advances our mission to help communities thrive."
"We are proud to power the Abrigo Small Business Intelligence platform with our proprietary AI-technology and help thousands of financial institutions make faster and better decisions to grow their SMB loan portfolio profitably and move the economy forward," said Jacob Malmborg, CEO of Charm Solutions.
About Charm Solutions
Charm Solutions is an AI software platform used by leading lending institutions to quickly and transparently analyze, decision, and monitor SMB loans, and by SMBs to gain insights into their financial health and use Charm's proprietary SMB Score™ report to receive actionable recommendations and efficiently secure the best financing alternatives to grow their business. Learn more at www.charmsolutions.ai
Abrigo is a leading provider of compliance, credit risk, lending, and asset/liability management solutions and services that help financial institutions thrive. Abrigo accelerates growth, increases client efficiency, and improves customer experience with an easy-to-use and expansive platform. We ensure customer success with our award-winning client service team, advisory expertise, and innovative technology. With a network of 2,400+ FIs, Abrigo offers unique opportunities for insightful peer benchmarks and best practices. Visit abrigo.com to learn more. Follow Abrigo on social media using @WeAreAbrigo.
CORE BANKING, FINTECH
Businesswire | March 17, 2023
Noda, an open banking fintech, and ThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced they will collaborate to enhance payment monitoring and compliance capabilities on Noda’s growing platform that is supporting the new digital economy in Europe.
Headquartered in the UK, Noda is helping online merchants in Europe receive direct bank payments from eCustomers via a secure and instant one-stop open banking payment solution, as an alternative to cards, providing direct integration with banks in most European countries.
Through the agreement, Noda will implement ThetaRay’s sophisticated AI-powered SaaS SONAR solution for AML that detects known and unknown financial crime threats and the earliest indications of schemes. The system will enable Noda to stay up to date with the complex and constantly evolving regulatory landscape, as well as manage the compliance challenges involved with monitoring transactions in the Single Euro Payments Area (SEPA) across multiple channels and jurisdictions.
"With ThetaRay's advanced transaction monitoring system and our expertise in payment services and compliance, we are poised to take our business to the next level and provide even more value to our customers,” said Lasma Gavarane, Chief Compliance Officer/MLRO at Noda. “Together, we will be able to detect and prevent financial crimes, comply with evolving regulatory requirements, and therefore enhance the overall security and reliability of our fast and convenient payment services to customers.”
While SEPA simplifies bank transfers of euro to member countries, financial institutions handling transactions don’t have full visibility into the profiles and activities of customers. By providing deep, AI-generated insights, the ThetaRay system can identify anomalous behavior indicating financial crime.
“Noda is an innovation leader in the European payments market as it transforms into a more competitive and more efficient network that is enabling the digital economy. The adoption of sophisticated AI technology to fight financial crime brings the trust to a payments ecosystem that serves as a fintech growth engine,” said Mark Gazit, CEO of ThetaRay. “We are looking forward to a successful partnership with Noda to develop and grow European fintech.”
ThetaRay’s award-winning SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that replaces human bias, giving the system the power to recognize anomalies and find unknowns outside of normal behavior, including completely new typologies. It enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and create a full picture of customer identities, including across complex, cross-border transaction paths. This allows the rapid discovery of both known and unknown money laundering threats, and up to 99 percent reduction in false positives compared to rules-based solutions.
Headquartered in the UK, with offices in Spain, Latvia, Lithuania, and Cyprus, Noda has advanced its instant payment solution (the Noda Pay button) outpacing others in the Open Banking sphere. Noda enables merchants to receive direct bank payments from eCustomers via Open Banking as an alternative to cards. Merchants can implement Open Banking payments quickly via Noda API, making use of their intuitive UX and lower fees. Noda’s service ensures an easy, instant, and secure one-stop Open Banking payment solution, providing direct integration with banks in most European countries, including Spain, France, Germany, Italy, Austria, and the UK. Integration is currently available for over 300 banks.
ThetaRay's AI-powered SONAR transaction monitoring solution, based on “artificial intelligence intuition,” allows banks and fintechs to expand their business opportunities through safe and reliable cross-border payments. The groundbreaking solution also improves customer satisfaction, reduces compliance costs, and increases risk coverage. Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay's unmatchable low false positive and high detection rates.