FINANCIAL MANAGEMENT, INVESTMENTS
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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FINANCIAL MANAGEMENT, PAYMENTS
Usio | February 01, 2023
Usio, Inc. informed on January 31, 2023, that its exclusive partner, MoviePass, witnessed rising demand across the country, allowing it to expand its market penetration from 3 cities to 9 across the United States and sign strategic partnerships.
MoviePass uses Usio's proprietary prepaid card issuing platform and a unique external authorization engine to fund transactions for the MoviePass debit card.
Louis Hoch, President and Chief Executive Officer of Usio, said, "We had no idea of the power that MoviePass's brand held until we witnessed MoviePass signing up almost 800,000 beta clients in five days and believe that demand will not stop there. Stacy and his leadership team have generated so much interest from people across the country that they've had to increase the number of cities in which MoviePass will initially launch from three to nine."
He continued, "We're extremely pleased to serve them and their card holders with the most innovative prepaid card issuing technology on the market, specifically our external authorization capability, allowing MoviePass to fund prepaid cards the moment a customer redeems credits for a movie within the MoviePass ecosystem, allowing for greater funding control and spend management."
(Source – Business Wire)
Stacy Spikes, Co-Founder and Chief Executive Officer of MoviePass, remarked, "Due to the increasing demand for our platform and as fans across the country return to the movies, we're continuing to add new cities across the U.S. on a regular basis, including Atlanta, Chicago, Dallas, Houston, Indianapolis, Kansas City, Oklahoma City and Tampa Bay. When demand increases, so does the workload. That's why it is vitally important for MoviePass to have partners like Usio who can afford us the best opportunity to scale, through their technology as well as their customer service and success teams, to deliver an incredible user experience on our platform." "Without Usio, we wouldn't be able to continually add new cities to our launch list and have the competitive advantage we do in the marketplace," he concluded.
(Source – Business Wire)
About Usio
Usio, Inc., based in San Antonio (Texas), offers a variety of payment solutions to merchants, billers, banks, service bureaus, crypto exchanges, and card issuers. It provides easy, world-class credit, debit/prepaid, and ACH payment processing platforms to clients. Usio Output Solutions provides electronic bill presentation, document composition, deconstruction, printing, and mailing services. The company's innovative prepaid technology and customized card issuance, payment acceptance, and bill payment solutions make it strong.
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FINANCIAL MANAGEMENT, FINTECH
Axiom Bank | January 25, 2023
In a recent development, Axiom Bank, N.A., headquartered in Florida, announced that it will leverage automated assurance and oversight processes across its partner programs by integrating with Cable's comprehensive financial crime compliance effectiveness testing platform thereby, enhancing its ability to provide partners with an elegant, agile experience while ensuring regulatory compliance.
Aleem Jackson, Senior Vice President, BSA/AML Program Head at Axiom Bank expressed, “We are excited to work with Cable to continue advancing our innovative fintech sponsorship program." He further added, “We take very seriously our responsibility to ensure our fintech partners maintain their compliance with regulatory requirements and expectations, including applicable financial crime obligations.”
(Source – Cision PR Web)
Nigel Prince, Senior Vice President, Partnerships, Ventures, and Delivery at Axiom Bank said, “Integrating with Cable’s platform is fully in line with our vision of being a compliance-led, innovation-focused institution. Cable offers us enhanced visibility across and into each of our fintech programs, enabling us to respond promptly and appropriately to any issues or concerns and ultimately empowering us to move quicker and offer a superior end-to-end experience for our fintech partners.”
(Source – Cision PR Web)
Cable's all-in-one platform provides partner banks with tech-enabled risk assessments, automated assurance, quality assurance, management information, reporting, and more to boost financial crime compliance.
Natasha Vernier, Cable CEO stated, “We’re thrilled to partner with Axiom Bank to help build its fintech sponsorship program."
“With the bank-fintech regulatory landscape shifting rapidly in recent months, it’s clear that leading partner banks like Axiom Bank set themselves apart with an emphasis on compliance as an integral part of their fintech sponsorship offering. It’s a privilege to work with a community-focused partner bank that also similarly embraces innovation and compliance at its core," she concluded.
(Source – Cision PR Web)
About Axiom Bank
Axiom Bank, founded in 1963, helps customers simplify banking and attain their financial goals. The company, a well-capitalized and qualified public depository institution, is committed to its personal and business clients, along with integrating the latest technologies into its platform. As the future of better banking, Axiom Bank empowers people with financial solutions to improve their daily lives. The bank is redefining the customer experience through differentiated partnerships and innovative solutions.
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