Jefferies | December 04, 2023
Jefferies Financial Group (NYSE: JEF) today announced it has established full service investment banking and capital markets capabilities in Canada to serve the evolving needs of corporate, institutional and government clients across Canada. With this expansion, Jefferies will now provide clients in depth expertise in advisory, M&A advisory, equity and debt capital markets, risk solutions, equity research, and sales and trading across all sectors in Canada.
The Investment Banking team in Canada will be led by Bruce Rothney as CEO, along with the Honourable John Manley as Chairman, Ron Lloyd as Deputy Chairman, and Trond Lossius as Deputy Chairman and Head of M&A, Erik Charbonneau as Head of Investment Banking, Jacquelyn Titus as Head of the Financial Institutions Group and James McKenna as Head of TMT and Diversified Industrials.
Canada is one of the largest and fastest growing economies in the world, and as we enter 2024, we will have critical mass serving Canada, with more than 40 people joining across investment banking, equity research, and sales and trading. In partnership with Jefferies' existing global platform, our team in Canada will deliver our full suite of advisory and capital markets capabilities. We are fortunate to have a leadership team that brings such a deep and distinguished track record in the Canadian market, and we anticipate continuing to expand our capabilities and talent in the region to ensure we can best serve our clients.
Rich Handler, CEO, and Brian Friedman, President, of Jefferies
Today, Jefferies has 44 offices in more than 20 countries around the world, including having recently expanded further in France, Spain, Australia, Brazil and the Middle East. Earlier this year, Jefferies also announced a significant enlargement of its partnership with SMBC, which broadened the two firm’s scope of collaboration in M&A advisory services and across each firms’ equities and debt capital markets businesses.
“Jefferies’ culture has always been and continues to be that of a pure Wall Street partnership solely focused on providing the best advice to clients,” said Bruce Rothney, CEO of Jefferies Canada. “Its proven long-term leadership, investment in talent and exceptional work for clients has positioned Jefferies as one of the few leading global investment banking firms. Canada is emerging as one of the largest and fastest growing economies and its standout sectors – technology, healthcare, financial services, energy and power, telecom and media, and consumer – align perfectly with Jefferies. Our new Canadian team is excited to bring clients Jefferies’ deep industry perspectives, M&A and capital markets solutions and geographical insights.”
Jefferies (NYSE: JEF) is a leading global, full-service investment banking and capital markets firm that provides advisory, sales and trading, research, wealth, and asset management services. With more than 40 offices around the world, we offer insights and expertise to investors, companies and governments. For more information: www.jefferies.com.
Finix | January 10, 2024
Finix, the payments technology provider enabling businesses to accept and send payments online or in-person, announced the launch of Payouts, its latest standalone product line. Payouts enables businesses across all industries to efficiently send money at scale, regardless of whether they utilize the broader Finix payments platform.
Businesses often encounter challenges when they need to disburse funds due to siloed payment flows and needing to manage multiple vendor relationships to send and receive payments through various payment methods. In addition, businesses can be delayed waiting for bank approvals and integration resources. Now, Finix Payouts enables fast and reliable money movement–to one or many recipients at once–via a single developer-friendly API. Payouts has many use cases such as business-to-business (B2B) account payables, gig economy wages, insurance claims, tax refunds, sales commissions, tips, contractor payouts, and more.
"Businesses can encounter many challenges when sending money at scale. Teams may face cumbersome technical integrations, manual payment operation workflows, and cash flow challenges, which can create a reconciliation nightmare," said Richie Serna, CEO and co-founder of Finix. "With Finix Payouts, companies of all sizes can get started in a few hours, configure their payment flows and methods to satisfy their business needs, help alleviate complications and intermediaries, and start sending money without spending an extensive amount of time or resources. Instead, they can focus on what matters most: their product, customers, and business growth."
"Launching this separate product line, Payouts, is further evidence that Finix is continually and rapidly evolving to meet the dynamic needs of businesses," said Anthony Sharett, President of Pathward®, N.A. and Pathward Financial, Inc. "Pathward is proud to deepen our partnership with Finix and continue working together to broaden accessibility to the financial system."
Finix will utilize Mastercard Send™ and Visa Direct to enable card-based payouts allowing U.S. businesses to quickly send money to bank accounts or eligible cards.
Key features of Payouts include
24/7 Card Payout Availability
Disburse funds to cards in near real-time1, 365 days a year – including weekends and holidays.
Real-time Bank Account Validation
With Finix's integrations, businesses can get up and running quickly and seamlessly link and validate bank accounts in real-time.
Flexible Payment Maximums Based on Industry:
Businesses can have custom disbursement limits for push-to-card and bank transfers to effortlessly scale their processes.
By integrating with Finix's complete solution, users can send payments via ACH, real-time payments, and to cards with Mastercard Send™ and Visa Direct, in a single API.
Finix conducts the necessary compliance checks on recipients ahead of sending money between parties.
Reliable, Detailed Reporting
Businesses can manage their payout services with out of the box tools, customizable reporting, and detailed recordkeeping.
"In today's digital environment, it's vital that businesses of all sizes can securely access and send funds in near real-time, whenever and wherever their work takes them," said Silvana Hernandez, Executive Vice President, Product and Engineering, North America, Mastercard. "By working with Finix, we're helping businesses meet the demands of our always-on digital world, enabling them to seamlessly integrate Mastercard Send into their day-to-day operations to move money safer, faster and more efficiently."
"Visa Direct provides a single point of access and reach to over 8.5B+ endpoints capability, including 3B+ eligible cards, 3B+ bank accounts and 2.5B+ wallets around the world," said Yanilsa Gonzalez-Ore, North America Head, Visa Direct. "This collaboration reflects our shared commitment to streamlining global money movement and we're excited to bring streamlined disbursement capabilities to more businesses across the U.S., enabled by Visa Direct."
Finix is a full-stack payment processor and infrastructure provider powering customers such as Clubessential, Passport, and Kabbage. From startups to publicly traded companies, Finix offers everything needed to deliver a world-class payments experience. Leading software platforms, marketplaces, retail, and e-commerce businesses use Finix's universal payments API and dashboard to accept payments, automate workflows, enhance customer experiences, and quickly grow revenue.
Finastra | December 05, 2023
Finastra, a global provider of financial software applications and marketplaces, brought together leaders from community banks and credit unions across the United States to discuss innovation in lending technology, operational and strategic initiatives, and trends in mortgage and retail lending. The series, open to current Finastra lending customers, was hosted in Chicago, Orlando, Dallas, and Scottsdale from September through mid-November.
With presentations from Lending business unit product and compliance experts, various financial institutions, and industry partners, User Connect explores how financial institutions can maximize their fintech solutions, offering strategies for achieving increased growth, productivity, and compliance readiness.
User Connect is a unique opportunity to come together with customers and ecosystem partners to share ideas and best practices. Insights from the event are invaluable, and we look forward to conversations like this throughout the year so that we can enable more seamless customer journeys and more productive time to revenue for lending teams across the US.
Mitch Lucas, head of retail lending at Finastra
Throughout the series, several significant takeaways were highlighted:
Optimization of tech stack is key: To generate leads more quickly and easily, nurture these leads, and increase chances to convert them to being a customer, a modern end-to-end tech stack is crucial. If a borrower encounters any technical obstacles from application through the onboarding process, the risk of losing the lead to a competitor increases significantly.
Automation and streamlined processes address operational challenges: To process loans quickly and underwrite more efficiently, leveraging integrated services, embracing workflow automation, and utilizing document management for a paperless loan file eliminates many operational challenges. Systems that migrate borrower information from the point-of-sale to the loan origination system automatically reduce human error, decrease incidences of regulatory compliance issues, and speeds up prequalification, approvals, and processing times. Research from Finastra and East & Partners supports this takeaway, noting that lending process automation remains a major area for improvement, with significant room for growth in approvals, closing, origination, and servicing. 11% of respondents said they utilize automated approvals, while just 10% offer automated loan closing processes. Even fewer respondents have succeeded with origination and servicing automation, at 7% and 6% respectively.
Importance of readiness for increased loan applications: According to the Mortgage Bankers Association (MBA), the mortgage origination market is expected to improve by 19% to $1.95T in 2024, a rebound after the estimated 30% drop from 2022 to 2023 and 50% fall from 2021 to 2022. While volume has significantly slowed, lenders must be ready for an uptick in applications, so they do not lose leads to competitors. Financial institutions can prepare by investing in scalable technologies, setting up parameters for automatic prequalification, focusing on personalized experiences, and building self-service portals for document management.
Section 1071 is looming, and financial institutions need to be ready: Although Section 1071 of the Dodd-Frank Act is currently wrapped up in ongoing litigation, borrowers and compliance experts agree preparation is important. Users throughout the series were polled and noted that banks and credit unions are paying close attention in order to train staff and align processes. Attendees agreed that since commercial lending practices are often challenging to implement, preparing early is critical should the litigation fail.
Supporting younger generations on their homebuying journey: According to a presentation from David Lykken, chief transformational officer at Transformational Mortgage Solutions, the typical American dream of home ownership has not gone away, but younger buyers are struggling to break into the market, noting that people aged 28-38 have only a 28.87% rate of home ownership. When rates decrease, an increase in this number is expected, but planning is important. Brian Bone, president and CEO at American Partners Federal Credit Union stated during a panel discussion, "My kids are very concerned about their ability to buy a home. We as an industry need to do everything we can to help them, whether that means credit coaching, down payment assistance, or other programs. This also includes ensuring we offer the best of both worlds – the human touch of financial services with a technology stack suitable for their needs."
Brian Bone added, "The User Connect series in Orlando was a valuable experience for me and my credit union. I learned a lot from Finastra's experts and partners. I also appreciated the opportunity to network with other financial institutions and share best practices. Finastra's User Connect series is a great event for anyone who wants to stay ahead of the curve in the lending industry."
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by more than 8,000 institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com