MOBILE BANKING, DIGITAL BANKING
PRnewswire | May 15, 2023
Derivative Path, a leading provider of capital markets technology and derivatives services to financial institutions and commercial end-users, today announced an integration with Q2's Digital Banking Platform via the Q2 Partner Accelerator Program. Q2 Holdings, Inc. is a leading provider of digital transformation solutions for banking and lending. As part of the Q2 Partner Accelerator Program, customers of financial institutions will be able to purchase real-time foreign exchange (FX) contracts and then settle their FX International Payments via the Q2 Digital Banking Platform. Derivative Path's integration with the Q2 Digital Banking Platform means that banks will be able to offer their customers an all-in-one solution for FX payments, while increasing non-interest income and providing payments at the speed of business.
Derivative Path FX Payments is a tech-light, integrated solution that provides an easy-to-use self-service payments interface, live currency conversions, and full transparency into the payment life cycle. Additionally, through Derivative Path's award-winning partnership with a tier-one financial institution, customers have automated access to liquidity.
The Q2 Partner Accelerator is a program through the Q2 Innovation Studio that allows in-demand financial services companies that are leveraging the Q2 Software Development Kit (SDK) to pre-integrate their technology to the Q2 Digital Banking Platform. This enables financial institutions to work with these financial services companies, purchase their solutions and rapidly deploy their standardized integrations to their customers, particularly those banks that are facing increased demand for simple and transparent international payments and FX from their clients.
"Banks are looking for new ways to do more with their customers to help increase retention, retain deposits, and be their one-stop banking solution," said Pradeep Bhatia, Co-Founder and Chief Executive Officer, Derivative Path. "Traditionally, FX payments have been outsourced to another bank as building an internal FX payments capability has been viewed as an expensive cost center. In this legacy model, Banks may lose control of pricing and the overall customer experience. Through our Q2 partnership, our tech-light, integrated solution provides our banking clients a way to deepen their client relationships while turning FX payments into a potential profit center."
"This is exciting news for banks who see Derivative Path as a trusted partner and want to extend these capabilities to their commercial customers online," said Matt Petrik, Head of FX Product, Derivative Path. "The Q2 Innovation Studio supports -- within their digital environment -- experts in the field such as Derivative Path to manage what can be a complicated process to collect and settle FX cross-border payments while also continuing to efficiently refine and improve the solution as further innovations and payment rails become available."
"We're excited to welcome Derivative Path to the Q2 Accelerator Partner Program," said Johnny Ola, Managing Director of Q2 Innovation Studio. "The ability for financial institutions to offer their account holders Derivative Path's FX solution will drive additional value for both financial institutions and their account holders."
About Derivative Path
Derivative Path is an award-winning and industry-leading provider of capital markets technology and derivatives execution services. The Company has developed a technology-led solution to assist financial institutions, buy-side, and commercial end-users in executing and managing their international payments, foreign exchange, over-the-counter commodity and interest rate derivative transactions. Founded by derivatives industry veterans, Derivative Path is on a mission to democratize access to capital markets products and technologies for all market participants. Learn more by visiting our website and following us on LinkedIn and Twitter.
About Q2 Holdings, Inc.
Q2 is a leading provider of digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. Q2 enables its financial institutions and fintech companies to provide comprehensive, secure, data-driven digital client engagement solutions – from consumers to small businesses and corporate clients. Headquartered in Austin, Texas, Q2 has offices throughout the world and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com. Follow us on LinkedIn and Twitter to stay up-to-date.
CORE BANKING, FINTECH
Businesswire | April 13, 2023
Wise, the global technology company building the best way to move money around the world, and Bluevine, the leading provider of small business banking solutions, today announced a partnership that leverages the power of Wise Platform to make international payments more convenient, simple and transparent for Bluevine’s customers in its all-in-one digital banking account.
Research found that 75% of SMBs are dissatisfied with cross-border payment solutions because fees are normally high and unpredictable. Traditional banks and other providers often hide fees in inflated exchange rates and offer confusing pricing structures, draining already tight profit margins for businesses. This also adds unnecessary complexity to the already busy lives of small business entrepreneurs.
Through this partnership, Bluevine customers can now start with eight currencies across 26 countries with highly competitive exchange rates and a transparent, low fee rate. Additional currencies and countries will be added soon. Customers won’t face hidden markups in the exchange rate or convoluted transaction fees. These international payments can be made with only a few easy clicks from the Bluevine account dashboard, ending the need to call or visit a physical branch for support.
This simple new, easy-to-use payment option is built on a powerful platform that is fully integrated with Bluevine customers’ bill pay and checking accounts. "It’s so easy and fast to send money to the UK from the dashboard,” said Michael Thwaite, Bluevine customer and co-founder of FoodDays, a digital platform that makes running school lunches easier for PTAs. “The payment arrived in the UK account within hours – it was like sending money to someone living next door.”
"We're thrilled to be partnering with Wise to provide our customers with a best-in-class solution for sending international payments," said Charles Amadon, SVP & General Manager of Bluevine Banking. "In speaking to customers it became clear that managing international payments was still a headache for too many. What they wanted from Bluevine was a simple solution that delivered on what matters most - speed, transparent pricing, and ease-of-use from within Online Banking. This integration unlocks these benefits and more, saving small business owners' time and allowing them to focus on growing their business."
Across the U.S., small and medium size businesses are becoming more international. They are increasingly hiring in other countries or working with global freelancers and contractors due to cost, resources and the ability to maintain a competitive edge. The global market also provides an opportunity for businesses to seek additional avenues of sourcing business materials that are necessary for everyday work.
“There is a fundamental shift in how small businesses operate today, and while they are becoming more international, the tools in today’s market only cater to domestic needs,” said Steve Naudé, Head of Wise Platform. “We’re proud to partner with Bluevine, a like-minded company, to bring in a new era of convenience and transparency for small business financial tools. Now these businesses can spend less time dealing with poor user experiences and worrying about hidden fees, and instead focus on running and growing their business internationally.”
With transfers powered by Wise, whose cross-border payments network delivers over 50% of transfers within 20 seconds, Bluevine customers can trust reliability and speed in their payments made. Wise Platform is embedded in over 60 banks and businesses across the world. Wise Platform allows other companies to leverage the power of Wise and embed the best way to send, receive, and manage money internationally into their existing infrastructure.
Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold over 50 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.
Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest growing, profitable technology companies and is listed on the London Stock Exchange under the ticker, WISE.
16 million people and businesses use Wise globally, which processes around £9 billion in cross-border transactions every month, saving customers around £1.5 billion a year.
About Wise Platform
Over the last decade, Wise has built an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere.
Thanks to Wise Platform, large companies and banks can leverage Wise’s technology and embed the best way to send, receive, and manage money internationally into their existing infrastructure. With over 60 partners worldwide, Wise Platform saves banks and businesses time and money by allowing them to seamlessly bring fast, cheap, transparent and convenient cross-border payments to their customers.
Bluevine provides small businesses with streamlined banking solutions built for them. Since launching in 2013, Bluevine’s innovative and intuitive products, including business checking, bill pay, and line of credit, have helped over 450,000 entrepreneurs save time and money so they can focus on what matters most: growing their business.
Bluevine is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft’s Venture Arm). Lines of credit are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member of FDIC. Banking Services provided by Coastal Community Bank, Member FDIC.
PAYMENTS, SECURITY AND COMPLIANCE
Businesswire | April 17, 2023
Alacriti, a fintech company specializing in payments, announced today that it has partnered with Socure, the leading provider of digital identity verification and fraud solutions, to deliver third-party and synthetic identity fraud prevention for instant payments.
“Faster payments deliver greater convenience and instant access to funds. Yet its growing adoption brings different fraud risks as organized criminal networks look to exploit its vulnerabilities,” emphasizes Chuck Subrt, Director Fraud & AML Practice at Aite-Novarica Group. “To mitigate these risks, financial services organizations need to optimize their financial crime frameworks by integrating more real-time capabilities and richer risk intelligence. The Alacriti-Socure partnership delivers an option for the financial services community to address the needs of instant payments.”
This partnership allows financial institutions to utilize end-to-end, turnkey, instant payment solutions with integrated fraud prevention. Alacriti’s Cosmos Payments Hub, which is on the Orbipay platform, enables financial institutions to deliver modern money movement experiences to their customers, reduce operating costs, and accelerate time to market.
“Instant payments require real-time fraud prevention, which is not something many existing enterprise fraud systems are well-equipped to handle. This partnership represents a huge opportunity for financial institutions, as they can now affordably access Socure’s market-leading fraud prevention solution, which is fully integrated with Alacriti’s Cosmos Payments Hub,” said Mark Majeske, SVP Faster Payments at Alacriti.
Keith Gray, Vice President, Strategic Partnerships at The Clearing House added, “As more banks and credit unions leverage the RTP® network to send instant payments, having access to appropriate fraud tools becomes an important part of a real-time payments strategy. We are happy to see Alacriti and Socure working together to provide fraud monitoring tools to financial institutions in the real-time payments ecosystem.”
Alacriti’s Orbipay AIQ is a cloud-based, machine learning-based fraud prevention solution designed to manage fraud and risk associated with instant payments processed through payment rails such as The Clearing House's (TCH) RTP network, the FedNowSM Service, and Visa Direct—or conventional payments such as ACH or Wires. Orbipay AIQ can be deployed to augment a financial institution’s existing fraud detection system or act as a stand-alone system. The solution is proactive, enabling it to analyze and score individual senders and receivers of transactions prior to the transaction being processed through a specific payment rail. Financial institutions can also set up customized tolerance levels to better control individual organizational preferences.
Orbipay AIQ is powered by Socure’s Sigma Fraud suite, combining the industry’s most accurate third-party and synthetic identity fraud solutions with the highest auto-approval rates while minimizing fraud risk and false positives. Socure’s fraud prevention solutions analyze every dimension of consumer identity leveraging an advanced machine learning framework, and block stolen or synthetic identities from entering the payment network.
“Our partnership with Alacriti protects financial institutions and their account holders from predatory fraudsters, improving their trust and confidence when making faster payments transactions. The joining of a comprehensive identity verification and fraud prevention platform with the Cosmos Payments Hub helps financial institutions safely deliver payments innovation quickly and with less risk to market,” said Evan Rabinowitz, VP of Business Development at Socure.
Alacriti (booth 512) and Socure (booth 533) will be present at the Nacha Smarter Faster Payments 2023 conference and will be available to discuss the details of the partnership. Additional information can be found in the recorded webinar, Navigating Fraud in the World of Instant Payments: Strategies for Success.
Alacriti is a leading financial technology company with a comprehensive money movement and payments services platform dedicated to helping clients accelerate their digital transformation. Built on a flexible, cloud-native framework, Alacriti’s array of solutions allows clients to deliver the money movement experiences and payments innovation that today’s users demand while seamlessly integrating with their internal infrastructures.
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from physical government-issued documents as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real time. The company has more than 1,500 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, 13 of the top 15 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top buy now, pay later (BNPL) providers, and over 250 of the largest fintechs. Marquee customers include Chime, SoFi, Robinhood, Gusto, Public, Stash, DraftKings, Poshmark, State of California, and Florida's Homeowner Assistance Fund. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures, and others.