FINANCIAL MANAGEMENT

BankiFi Expands Operations into North America

BankiFi | July 22, 2022 | Read time : 03:00 min

BankiFi
BankiFi, an embedded banking solutions provider, announced its expansion into North America with the launch of BankiFi Americas. The organization’s growth and expansion into the U.S. market will support the unique digitization and payment modernization requirements of SMBs, while placing financial institutions at the heart of the relationship.

Currently, community financial institutions in the U.S. are facing existential threat from fintech platforms, national banks and accounting package vendors that are offering a competitive suite of payment solutions to SMBs. With BankiFi’s open cash management platform and architecture, financial institutions can embed a flexible solution that can be tailored to address the unique segments of their small business portfolio. The platform addresses critical SMB requirements through digital workflows that collect payments faster, automate data integration with accounting platforms, and provide comprehensive insights to optimize working capital.

“SMBs in the U.S. are facing the same problems we’ve seen in the U.K. and Australia, including late payments and time delays due to financial administration. “Within our technology, we aim to transform services available to SMBs within community banking, across the U.S.”

Mark Hartley, CEO and Founder of BankiFi

Financial services veteran, Keith Riddle, has been appointed to lead BankiFi Americas. With more than 35 years of experience in the financial industry, Riddle’s career spans executive roles at Sherpa Technologies and several industry-leading firms specializing in digital banking, bill presentment and payment, EFT processing services, wholesale financial services and cloud computing.

“I’ve been following BankiFi’s incredible success in partnering with financial institutions to serve SMBs in the U.K., and realized the importance of enabling a comprehensive open cash management solution for financial institutions and their SMBs within the U.S.,” said Keith Riddle, CEO of BankiFi Americas. “I’m delighted to take the reins at BankiFi U.S. and build on what the U.K. team is doing in terms of digitizing the critical small business workflows and embedding the solution within financial institutions’ digital channels, in what is certainly an exciting time for the sector.”

About BankiFI
BankiFi is on a mission to help over 2 million SMBs, globally, by 2024 by partnering with banks and financial institutions to provide technology designed to make business banking better.

Spotlight

David Harris, Group Head of Sustainable Business at London Stock Exchange, talks to Richard Peers, about his role addressing the flow of Sustainable Investment data from issuers to investors to support the entire market.

Spotlight

David Harris, Group Head of Sustainable Business at London Stock Exchange, talks to Richard Peers, about his role addressing the flow of Sustainable Investment data from issuers to investors to support the entire market.

Related News

FINANCIAL MANAGEMENT,BITCOIN AND CRYPTO

Bakkt to Acquire Apex Crypto

Bakkt and Apex Fintech Solutions | November 03, 2022

Bakkt Holdings, Inc. (NYSE: BKKT) (the “Company” or “Bakkt”), a digital asset platform that unlocks crypto and drives loyalty to create delightful, connected experiences for a broad range of clients, has signed a definitive agreement to acquire Apex Crypto, LLC from Apex Fintech Solutions, Inc. This acquisition is expected to significantly bolster Bakkt’s cryptocurrency product offering and expand its footprint into additional client verticals including fintechs, trading app platforms, and neo-banks. “We found a unique asset in Apex Crypto, which will expand our crypto client base, provide us with faster speed to market for new crypto capabilities and serve as an additional avenue for continued sales to a crypto-savvy audience through Apex Fintech Solutions, With the addition of this complementary business, we believe we are poised to be a crypto provider of choice for financial institutions, fintechs, merchants or loyalty programs that want to offer seamless crypto experiences to their customers. It’s also expected to enable us to unlock more innovative opportunities that appeal to the next generation of consumers such as crypto rewards and NFTs.” -Gavin Michael, CEO of Bakkt Apex Crypto is a turnkey platform for integrated crypto trading, developed to meet the increasing needs of more than 30 fintech firms and their customers across a rapidly expanding sector. Apex Crypto supports clients with a robust solution for execution, clearing, custody, cost basis and tax services facilitating the delivery of frictionless crypto investing in more than 30 tokens. Under the terms of the transaction, Bakkt and Apex Fintech Solutions will enter into a commercial agreement that memorializes the continued relationship and provision of Bakkt crypto solutions to Apex’s 220+ clients. As part of the ongoing collaboration, Apex Fintech Solutions will have the opportunity to bring Bakkt’s leading platform solutions to its clients. It’s our purpose at Apex to enable frictionless investing for everyone and Bakkt’s team and platform are a tremendous complement to that, We look forward to working together to continue to provide customers a seamless crypto experience and access to an expanded solution set. This is the beginning of an exciting time of growth and innovation for both of our organizations, said William Capuzzi, CEO of Apex Fintech Solutions. Launched in 2019, Apex Crypto was created to allow investors to transition between trading equities and cryptocurrency by offering efficient account opening and funding solutions. Additionally, the Apex Crypto platform handles the complex regulatory and licensing obligations associated with cryptocurrency investing while allowing its clients to focus on offering a holistic user experience. Transaction Highlights The transaction is expected to deliver revenue diversification and synergies to Bakkt as it scales its offerings Bakkt believes that Apex’s Crypto platform will accelerate its product innovation and development, with complementary crypto solutions that will offer our combined partners expanded options and functionality Bakkt and Apex Crypto’s joint capabilities are expected to create faster speed to market for more advanced crypto products, including staking, external transfers and NFTs Transaction Details Under the terms of the agreement, Bakkt will acquire Apex Crypto for a maximum purchase price of $200 million. Bakkt will initially pay $55 million in cash at the closing of the deal, and up to $45 million in Bakkt stock depending on the achievement of financial targets by the acquired business in the fourth quarter of 2022; up to an additional $100 million in Bakkt stock and seller notes may be paid depending on the achievement of financial targets by the acquired business through 2025. The transaction is expected to close in the first half of 2023 and is subject to required regulatory approvals. Conference Call Details Bakkt will host a conference call on Thursday, November 3rd at 8:00 am ET. The live webcast of Bakkt’s conference call can be accessed at https://investors.bakkt.com along with the accompanying slide presentation. Investors and analysts interested in participating via telephone should pre-register at this link and reference participant access code 69938 approximately ten minutes prior to the start of the call to receive the dial-in information. A replay will be available promptly after the call and can be accessed at 800-770-2030 with participant access code 69938 until December 3rd. About Bakkt Bakkt is a digital asset platform that unlocks crypto and drives loyalty to create delightful, connected experiences for a broad range of clients. Bakkt’s platform, available through the Bakkt App and to partners, amplifies consumer spending and bolsters loyalty programs, adding value for all key stakeholders within the Bakkt payments and digital assets ecosystem. Launched in 2018, Bakkt is headquartered in Alpharetta, GA. About Apex Fintech Solutions Apex Fintech Solutions is a fintech powerhouse enabling seamless access, frictionless investing, and investor education for all. Apex’s omni-suite of scalable solutions fuel innovation and evolution for hundreds of today’s market leaders, challengers, change makers, and visionaries. The Company’s digital ecosystem creates an environment where clients with the biggest ideas are empowered to change the world. Apex works to enable their partners to succeed on the frontlines of the industry via bespoke custody & clearing, advisory, institutional, and SaaS solutions through its Apex Clearing™, Apex Advisor Solutions™, Apex Silver™, and Apex CODA Markets™ brands.

Read More

CORE BANKING, FINTECH

Inswitch and Mastercard International partner to launch embedded payments and issuing programs across Industries

Inswitch and Mastercard | September 30, 2022

Inswitch, a fintech technology company with focus on embedded solutions for banking and payments, and Mastercard International Incorporated have partnered to design and deliver digital payment solutions and issuing programs starting with selected countries across LAC. Inswitch will start issuing cards as a Mastercard principal member in Mexico, with plans to expand quickly to key markets in LAC and other regions in the future. This collaboration will allow the company to extend its value proposition by offering digital and physical Mastercard branded cards for a broad range of applications across industries: Now our clients can issue branded cards to support different use cases: digital wallets, Buy now pay later, supplier payments, working capital for corporate expenses or cash management necessities; among others, said Ronald Alvarenga, Inswitch's CEO. In addition to the issuing program, Inswitch and Mastercard will work together to integrate their respective assets and solutions offering an agnostic platform supporting different types of businesses: Business-to-Consumer, Business-to-Business, Consumer-to-Business. Through this strong collaboration, Mastercard and Inswitch are position to deliver a robust turnkey solution in several verticals like eCommerce, Retailers, CPGs. Banks, Gig economy among others. Inswitch solves two urgent problems for enterprises moving to the digital world: it provides a varied payment infrastructure to accelerate the transformation to e-commerce; and innovating beyond payments with a full digital wallet and banking platform; allowing any company to build and launch financial services fast, reliable and around the world. In addition to offering payments and banking all-in-one platform, and a superior user experience; Inswitch will be providing Mastercard and its clients strong management tools to manage the business, including reporting, analytics, white label channels, automatic settlements, and reconciliations. "We are very excited to have Inswitch as a Mastercard Issuer in Mexico to integrate issuing capabilities and extend the value proposition to all B2C and B2B clients for Inswitch and Mastercard. Inswitch is a company that combines payments, core banking and issuing products in a single stack, that facilities all companies to develop and launch financial services in multiple markets.'' - Pablo Cuaron, Vice President Fintech & Enablers for Mastercard Mexico and Central America About Inswitch Inswitch is a global integrated financial technology company that helps companies to rapid activation of digital financial services through its omnichannel 360 Fintech-as-a-Service platform. Since 2002, Inswitch has implemented more than 100 platforms in 30 countries in Latin America and the Caribbean. In addition, Inswitch has processed over USD 9 billion in Total Payment Volume for more than 80 million users. About Mastercard Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Read More

CORE BANKING, FINTECH

Fingerprints and Technical Equipment & Supplies Company (Tesco) partner to promote contactless biometric payment cards in the Middle East

Fingerprints and Technical Equipment & Supplies Company | September 06, 2022

World-leading biometrics company, Fingerprint Cards AB (Fingerprints™) and leading financial and banking solution provider, Technical Equipment & Supplies Company (Tesco), are collaborating to promote and support the adoption of contactless biometric payment cards in the Middle East. The partnership follows a strong start to the year for Fingerprints, with its biometric sensors and software platform for biometric payment cards gaining new grounds in Africa, India, and now the Middle East – a key market for the global biometrics company. The innovative biometric payment card, initially launched by Thales, embeds Fingerprints’ second-generation T-Shape module and software platform, and will be commercialized and personalized by Tesco for the regional customers. The technology combines extensive research and development investment with key learnings from more than 20 successful market pilots and commercial rollouts. It delivers increased performance and power efficiency, enabling the most cost-effective biometric payment cards to be produced and integrated using standard manufacturing processes. These credentials were most recently demonstrated when the solution achieved compliance with Mastercard’s new Fingerprint Sensor Evaluation Process earlier in the year. “Tesco is a key player supporting digital financial transformation in Jordan and the Middle East, This partnership opens up new business opportunities for Fingerprints with Tesco’s loyal client base and enables us to support its mission to strengthen payment efficiency and security in the Middle East, improve the payment experience for consumers, and open up new revenue channels for banks.” -Michel Roig, President Payment & Access at Fingerprints George Abdel-Massih, Director of IT & Banking Solution at Tesco, added: There’s an increasing demand from Middle Eastern consumers for innovative, safe and seamless ways to pay. This has led to the rapid digitization that we’re seeing, and supporting, in the region’s banking and payments sector. By working with Thales and Fingerprints, we can tap into its leading biometric technology, expertise and solutions to enable new, exciting ways for our banking and financial customers to meet this demand. About Fingerprints Fingerprint Cards AB (Fingerprints) – the world’s leading biometrics company, with its roots in Sweden. We believe in a secure and seamless universe, where you are the key to everything. Our solutions are found in hundreds of millions of devices and applications, and are used billions of times every day, providing safe and convenient identification and authentication with a human touch. About Technical Equipment & Supplies Company (Tesco) Tesco provides high-end cost-effective IT business and banking solutions geared towards improving efficiency and overall business performance. We follow three core principles, which have guided our work ever since our inception in 1975: quality, affordability, and reliability. These continue to govern our innovative business solutions, our high-quality after-sale service and excellent technical support. At Tesco we value the importance of after sale support and have thus invested in a team of highly trained engineers, elevating us above the competition guaranteeing the total satisfaction of our clients.

Read More