FINANCIAL MANAGEMENT, PAYMENTS
Businesswire | March 23, 2023
Cross River Bank (“Cross River”), a leading technology infrastructure provider that offers embedded financial solutions, today announced a new partnership with U.K. based Pay.com. This partnership will enhance and expand Pay.com’s automated payment platform into the U.S. and drive additional growth opportunities.
“Cross River’s comprehensive compliance, payments and technology infrastructure increases the safety, efficiency and scalability that our partners have come to expect,” said Gilles Gade, Founder, President and CEO of Cross River. “Our partnership with Pay.com enables them to scale and reach new markets.”
The partnership enables Pay.com’s current and future merchants to accept multiple payment methods, such as credit and debit cards, as well as alternative payment methods such as digital wallets, ACH transfers and more, all via Cross River’s one-stop-shop. Cross River’s API infrastructure provides Pay.com the ability to streamline and provide customer-centric payments capabilities, facilitating closed loop embedded financial solutions for merchants and businesses.
"Our partnership with Cross River is a testament to our commitment to providing merchants with a comprehensive payment solution,” said Assaf Cohen, CEO of Pay.com. “With their regulatory infrastructure and expertise in embedded finance, we can scale our business and offer merchants access to the latest payment technologies."
According to Verified Market Research, the embedded finance market size is expected to grow to $6.943 trillion by 2030, and fintechs are in need of simplified embedded finance systems that deliver exceptional customer experiences. Cross River and Pay.com lead with a solution-driven approach and have been partners since July 2022. Cross River’s expertise, technology and regulatory infrastructure will help build and scale Pay.com’s business in the U.S., providing increased capabilities for businesses.
About Cross River
Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards and lending solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.
About Pay.com
Pay.com is an innovative payment service provider, providing flexible, customizable, and scalable solutions. Pay.com enables enterprise leaders to effortlessly manage large payments and achieve their boldest visions, while empowering smaller merchants to reach new heights of success through seamless, fast, and user-friendly payment solutions. Pay.com’s commitment to inclusivity drives the company to bring unparalleled ease, simplicity, and speed to the global payment space.
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CORE BANKING, FINTECH
PRnewswire | March 28, 2023
For 60 years, DCI, the privately-owned developer of core processing, digital banking, and Fintech processing solutions, has dedicated itself to the aggressive pursuit of the future. Through new technology releases, innovations, updates, and vendor integration, DCI continues to deliver the products and services which prove financially advantageous to BaaS banks and traditional processing institutions alike. The market onboarding of GoDeposits, a shining star for DCI banks, is further proof of this commitment.
By successfully eliminating the need for middleware, GoDeposits eradicates the need for Fintechs and financial institutions to work around the core processor. Today, DCI's partners are empowered to track transactions through DCI, ruling out the once-essential demand for third-party involvement. No friction in the 90-second application, 100% compliance, all KYC, options for funding, and multi-branding—all through one instance of core and no middleware.
This level of cost savings for Fintechs and income opportunities for banks is simply unprecedented. While most have only theorized about such a triumph, DCI got to work in the market, actualizing this vision. Through tried-and-true products and services, experienced staff, and a financially sound company, DCI has once again moved the needle for community banks seeking a forward-looking, customer-driven partner.
DCI's President and CEO Sarah Fankhauser shares her excitement for this breakthrough, saying, "I couldn't be prouder of DCI and of our employees' ability to work together, continuously striving for excellence in the marketplace. DCI has been around for 60 years, but we have never stood still. As a community bank processor, we're fighting every day to save community banks and offer them the products and services necessary to compete with the big banks."
Unlike its competitors, DCI shares no interest in reinventing old products, infusing VC money, or taking a product off the block to regroup, all while advertising something absent from the market itself. Instead, DCI's focus remains directed toward action, innovation, and ahead-of-the-curve achievement intended to best serve its customers.
"There is no group of developers moving at warp speed like the DCI development team," says Tanna Faulkner, Senior Vice President of Digital Channels and Sales. "We are not getting to the future in banking, DCI is there. Now, watch us grow."
About DCI
DCI is the developer of the award-winning iCore360® core banking software, plus iCoreGO® digital banking and fintech processing solutions for community financial institutions nationwide, including those using other core platforms. DCI is privately owned by a group of bank clients, with several serving as board members and user group leaders. DCI also provides private ATM network/card management, FrontLine® teller software, custom analysis, risk/vendor management, and more. For additional information about DCI, visit www.datacenterinc.com or contact info@datacenterinc.com.
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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.
About Noda
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.
About ThetaRay
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.
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