Allied Payment Network, Movencorp | February 17, 2021
Fort Wayne, Ind.-based Allied Payment Network (Allied) is an industry-leading provider of emerging bill pay technologies to financial institutions. It announced that it will join Moven's collaborative ecosystem of banks, credit unions, and fintech organizations to help financial institutions capitalize on the $3.9 trillion bill pay market. Moven is also a leading technology provider of intelligent banking solutions. It is mainly designed to improve consumer financial wellness.
The companies will leverage bill pay technology and its actionable data insights together to make it easy for consumers to manage their finances, provide competitive advantages and revenue opportunities for financial institutions.
In this collaboration, Moven's Chief Revenue Officer Bryan Clagett mentions that the complementary competencies of these companies are the key to the future of the financial services industry. A continuous study shows that today a lot of financial institutions and fintech companies desire to reduce the friction of day-to-day banking. And the new collaboration of Allied’s with Moven bill pay technology will be of great benefit. Apart from this, Moven also recently announced relationships with Q2, NYDIG, and Blip.
Allied's Chief Revenue Officer Jeffrey Harper also mentions that a lot of financial institutions consider bill pay to be the 'ugly stepchild' of banking which was considered as under-appreciated and neglected. But, financial institutions must modernize to stay competitive, especially in the current scenario where businesses have become a highly-competitive and hyper-digital world.
Moven has been leading with providing proven innovative technology solutions to financial institutions for over a decade. Partners have relied on Moven's patented data-driven Financial Wellness platform. It delivered real-time insights to its customers. This resulted in reduced attrition, surged engagement, and revenue enhancement opportunities. Moven has been well-positioned for years and supported customized models exclusive to the needs of individual financial institutions.
About Allied Payment Network
Allied Payment Network is the most progressive online and mobile bill payment services provider in the finance industry. With its beneficial solution, PicturePay, Allied created the first mobile photo bill pay application for smartphones. It brings a similar level of innovation to its full suite of online and mobile bill pay products. It included small business payments, Internet bill pay, account-to-account, person-to-person, and online loan payments.
Qolo | February 02, 2021
Qolo disclosed its plan about its INTERACT embedded processing functionality and platform licensing solutions. It will happen through its 100% native cloud capability. The initiative is taken in response to the existing industry’s challenges regarding payments and transaction processes that negatively impact customers. Qolo has introduced its INTERACT embedded processing capability by adopting cumbersome integrations. This functionality will support Fintech companies to contribute to the payment authorization and funding processes for all types of payments.
In this regard, Darren Beyer, Chief Product Officer for Qolo, mentioned that the industry has been in frantic need of more robust infrastructure to improve speed, security, and functionality. For quite some time, this will now support the demand for flexible omnichannel payments. He adds further that Qolo has established a new standard of payment methods for Fintech by providing some of the best capabilities. The clients have been very receptive and optimistic about the latest embedded processing solutions.
What embedded processing can enable companies to wrap payment functionality around their own systems? Let’s know from the below lists:
• The companies can add their own rules to both the authorization and funding of any transaction type for money-in and money-out.
• The companies can provide card and payment access to any client-side pool of value (loyalty, credit lines, crypto, exchanges, and accounts).
• The companies can also fund individual transactions from various sources based on client rules.
Besides these, Qolo is also introducing its platform licensing solutions. The company has pushed the payments industry with its next-generation platform. It has leveled itself first in the building and deploying virtualized HSMs (host service modules). Qolo can do the innovation using its 100% native cloud processing platform. Fintech companies find ways to fetch payment processing in-house. The latest infrastructure enables Qolo to license them the full cloud stack speedily and efficiently.
On this, Qolo CEO Patricia Montesi says, “the previous payments platform licensing options were hardware-based, which took months and years to roll out payment processes. With the help of the latest development, they can roll out new instances in less than a day. While others in the industry are still talking about cloud technology, Qolo is the first to be truly cloud-native. This brings unique performance and some of the best-added deployment advantages.
Qolo is the B2B payments center for the New Economy. It was founded in 2018 to help businesses navigate complex payments and financial transactions landscape easily and efficiently. Qolo empowers businesses to manage payments efficiently and keep an eye on growth and reduced expense. It supports companies that face challenges over speed, security, and payment costs. Qolo’s founding team has more than a century of industry experience managing payments.
Visa, Currencycloud | July 23, 2021
Visa announced today that it has entered into a definitive agreement to purchase Currencycloud, a worldwide platform that enables banks and fintechs to provide innovative foreign currency solutions for cross-border payments. Currencycloud is valued at £700 million, including cash and retention incentives, as part of the acquisition, which builds on the two firms' existing strategic cooperation. The financial consideration will be decreased by Visa's existing ownership of Currencycloud's outstanding stock.
Currencycloud's cloud-based platform provides a comprehensive set of APIs that enable banks and financial service providers to provide currency exchange services such as real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management. With a global reach of over 180 countries, the Currencycloud platform serves approximately 500 financial and technology clients.
Currencycloud will expand Visa's existing foreign exchange capabilities to better serve financial institutions, fintechs, and partners, while also enabling new use cases as well as payment flows. Currencycloud will shorten the time-to-market and enhance payment transparency for clients wishing to offer flexible, digital-first international payment services that give consumers and businesses around the world more insight and control.
Cross-border payments have increased significantly as a result of increased demand for international trade by enterprises of all kinds. According to a recent survey, 43 percent of all small enterprises will engage in foreign trade by 2020. With the addition of Currencycloud's capabilities to Visa's network, businesses will have more access to innovative international payment products that will help them fulfil their cross-border needs.
“The acquisition of Currencycloud is just another example of Visa executing on our network of networks strategy to facilitate global money movement,” said Colleen Ostrowski, Global Treasurer at Visa. “ When making or receiving foreign payments, consumers and organisations increasingly expect openness, speed, and simplicity. With the acquisition of Currencycloud, we will be able to assist our clients and partners in reducing the pain points associated with cross-border payments and developing outstanding user experiences for their customers.”
“ At Currencycloud, we have always endeavoured to provide a brighter tomorrow for everyone, from the smallest start-up to big multi-nationals. Reimagining how money moves throughout the global economy has just gotten more exciting with our partnership with Visa,” said Mike Laven, Chief Executive Officer of Currencycloud. “By combining Currencycloud's fintech expertise with Visa's network, we will be able to provide better consumer value to businesses that move money across borders.”
Currencycloud will continue to operate from their London headquarters, and their present management team will remain in place. Regulatory approvals and other typical closing conditions apply to the transaction.
About Visa Inc.
Visa Inc. is the world's largest digital payment company. Our objective is to link the globe by providing the most creative, dependable, and secure payment network, allowing individuals, businesses, and economies to prosper. VisaNet, our powerful global processing network, offers secure and dependable payments around the world and can handle more than 65,000 transaction messages per second. The company's unwavering commitment on innovation is a driving force behind the tremendous expansion of digital commerce on any device for everyone, everywhere. As the world shifts from analogue to digital, Visa is reshaping the future of commerce through our brand, products, people, network, and scale.
Currencycloud enables banks, fintechs, and enterprises worldwide to take bigger, better, and more daring jumps. Currencycloud enables businesses to transport money across borders and transact globally in different currencies in real time. Experts in their field, their technology makes it simple for clients to embrace digital wallets and integrate finance into the core of their organisation - regardless of industry.
Currencycloud has handled more over $100 billion to over 180 countries since 2012, collaborating with banks, financial institutions, and Fintechs worldwide, including Starling Bank, Revolut, Penta, and Lunar. Currencycloud is based in London and has offices in New York, Amsterdam, Cardiff, and Singapore. It collaborates with partners such as Visa, Dwolla, GPS, and Mambu to provide clients with simple, straightforward cross-border infrastructure solutions. They are regulated in the United Kingdom, Canada, the United States, and the European Union.