FINANCIAL MANAGEMENT, FINTECH
PRnewswire | March 21, 2023
Bitstamp, the world's longest-running crypto exchange, announces today that it is expanding its white-label service to institutions in selected APAC markets. Banks, payments and fintech companies, or investment firms looking to fast-track their digital assets offerings to customers can choose from one of three plug-and-play service tiers. The offering covers a range of needs, such as order matching, liquidity for a wide range of crypto markets, regulatory-compliant AML/ (Know-your-customer), account reporting and more.
Known as Bitstamp as a Service, the solution enables financial institutions to rapidly develop a retail offering without needing to build out technology or compliance infrastructure or acquire specific licenses. One of Bitstamp's first partners for this service was Revolut back in 2017.
Flexible Design for Rapid Deployment
Bitstamp as a Service provides clients with three tiers: Exchange, Exchange Plus, and Exchange Complete. Each tier provides a number of core building blocks with the Exchange Complete tier designed as an end-to-end solution that adds KYC/AML operations for customer onboarding and access to Bitstamp's global license network. For institutions that are prioritizing speed to market and lower fixed costs, this solution will save them the time and resources needed to build this capability in-house.
Bitstamp as a Service gives clients — whether they are an early-stage fintech startup or an established banking institution — the ability to integrate this infrastructure with their existing customer apps. This enables clients to continue to grow their customer relationships and control the user experience with the fastest path to market.
"Bitstamp as a Service is a complete end-to-end solution that allows clients to rapidly turn on their crypto offering. Clients trust in our ability to deliver a safe and secure solution because our success as an infrastructure provider has been tested over multiple cycles. As the market matures, we are seeing greater demand for more integration options and third-party risk management," says Leonard Hoh, APAC GM of Bitstamp. "For added flexibility Bitstamp's infrastructure stack also gives clients a choice of 15 banking partners to match their operational needs. "
A Trusted Solution for Institutions in Current Market Cycle
In a survey carried out by Bitstamp in 2022, over 75 per cent of retail and institutional investors worldwide believe that crypto will become mainstream in the next 10 years. Of all the institutional investors polled, 81 per cent believe digital assets should be part of a portfolio. However, one of the top barriers to entry cited by retail investors were "not sure which platform to trust or is secure''.
"Recent events in the industry have placed new emphasis on good business practices and compliance credentials that necessitate a package of operational controls. There is a need for institutions to find a trusted partner to deliver a quality experience in the digital assets ecosystem to serve the next wave of mainstream adoption ," says Leonard Hoh.
Bitstamp currently holds more than 50 licenses and registrations globally. It was the only crypto exchange among more than 130 CEXes (centralized exchanges) to receive an AA rating in CryptoCompare's Exchange Benchmark Report in October 2022 — a testament to Bitstamp's commitment to making crypto investing secure for all.
Bitstamp is the world's original and longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record, cutting-edge market infrastructure and dedication to personal service with a human touch, Bitstamp's secure and reliable trading venue is trusted by over four million customers worldwide. Whether it's through its intuitive web platform and mobile app or industry-leading APIs, Bitstamp is where crypto enters finance. For more information, visit www.bitstamp.net
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.
PRnewswire | March 29, 2023
Payfare Inc. ("Payfare" or the "Company") (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce is excited to announce that eligible DasherDirect cardholders can now access free essential health and wellness tools, including life and accidental death and dismemberment insurance, through Wellness Perks.
Wellness Perks Core, available at no cost for all active DasherDirect cardholders, includes $1,000 in life insurance and $10,000 in AD&D coverage; housing, debt, and credit counseling; an ESG advisor and a well-being advisor to improve Dashers' financial and physical well-being; and a prescription drug savings program. In addition, users also have the option to access and customize broader coverage at an affordable price with Wellness Perks Essentials. These include dental and vision savings plans, roadside assistance, critical illness insurance, accident medical coverage, group fitness classes, mental health support, and more – all on-demand for just $1/week each.
Through this partnership with Avibra, Payfare can now provide gig workers a compelling suite of free health and wellness protection and perks alongside uniquely affordable add-on options for additional coverage. Gig platforms that partner with Payfare can offer access to optional, third party financial services, health, and wellness benefits to attract and retain gig workers while providing the flexibility of work valued by independent contractors.
"Working with Avibra, Payfare is solving another significant pain point for both gig workers and gig platforms," said Marco Margiotta, CEO and Founding Partner of Payfare. "With the Wellness Perks program, we can now provide our cardholders access to much needed health and wellness protection which in turn also helps our gig platform partners attract workers."
"The workforce is changing dramatically in the United States. Americans are looking for ways to have greater control and balance in their daily lives, and gig work is the solution. Unfortunately, gig workers can sometimes feel stuck without a safety net. Demand for a solution has accelerated," said Yogesh Shetty, Avibra CEO and founder. "Avibra is thrilled to partner with Payfare because our missions are one. Together, Payfare and Avibra will help gig workers live happy, healthy, and fulfilling lives on their own terms. This is the future of work."
Payfare is a global financial technology company powering digital banking and instant payment solutions for today's gig workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their workforce.
Avibra helps consumers from all walks of life by offering affordable financial, well-being and protection coverage. Avibra works with retailers, gig platforms, fintechs and more to unlock basic safety-net benefits through their enterprise platform. By providing access to a previously underserved population, Avibra's mission is to help more individuals feel happier, healthier and safer. For more information, visit www.avibra.com.