CORE BANKING, DIGITAL BANKING
PRnewswire | April 19, 2023
London-based Fintech Lanistar Limited is preparing for launch in the UK, which is expected to take place this Spring, 2023. Over the last two years Lanistar has invested heavily in building a winning proposition in Latin America (LATAM) and has successfully launched in Brazil with over 41,000 customers on-board. This is the result of important investments in both their technology but also the team now headed by Jeremy Baber a financial services veteran (ex-GE Capital, Aldermore Bank and Link Financial).
This early success in Brazil is extremely promising and will be followed by further expansion in the LATAM markets. Lanistar expects to grow to over 1 million customers by mid-2023.
Lanistar's focus in the UK and EU has taken a backseat due to unprecedented interest experienced in LATAM, but now the Company is planning to refocus its expansion on its 'home-turf', using the valuable and exciting learnings from their proposition in the Latin American market.
Lanistar's CEO, Jeremy Baber, explains: "The key to our launch (in Brazil) and those to follow in other parts of LATAM, has been our alliance partnership with Mastercard members, who offered a 'Banking as a Service' solution. This means Lanistar has a 'one-stop shop' solution for market entry in the region, offering a full suite of services including Bank Accounts, Card Issuing, fully digital onboarding, and best of breed Regulatory Compliance, KYC, and Transaction Monitoring.
"This has allowed Lanistar to concentrate on customer acquisition via our ever-growing social influencer family, and best-of-breed customer service, and continue development of the customer proposition with new and innovative services. The successful launch we have seen in Brazil with Bankly/Acesso Solutions, has made us review our growth plans in other regions. This means we are making a change in the UK and EU."
Such change, as referred to by Baber, is in seeking a UK and EU partner who can provide that same 'one-stop shop' solution enjoyed by Lanistar in Latin America. To that end, Lanistar has chosen to change its UK and EU partner from Modulr to its current card provider, whom Lanistar believes offers the solutions Lanistar requires.
Baber clarified: "We have had a close relationship with Modulr over the past two years and respect them in the industry, but regrettably they could not offer the Full Banking solution which has been key to our success in LATAM. Our current Mastercard Partner, can now offer us that same 'one stop shop' for the UK and EU. Therefore, it was logical to make a clean break from Modulr and put our reliance fully on them for our full UK launch and later in the year in Europe."
When asked about the FCA and Lanistar's agency status he replied: "Yes, we lose our FCA agency of Modulr registration but in reality, the majority of Fintech's have sought this moniker as a 'badge of honour' rather than actually provide the services to their customers. We are being honest, we are a distributor of our Partner's services via our Brand and Mobile Application – our Partner should and must control the regulated elements of what we distribute, it is the correct model and how I believe the FCA intended Fintech to develop."
Lanistar was founded in 2019 by entrepreneur Gurhan Kiziloz, whose ambition is to build a fintech unicorn that truly challenges the status quo of old-fashioned, traditional banking services.
Using modern technology and working with industry-leading partners, the Lanistar team is building a platform that provides a total 'AnyMoney' solution for its customers. This will give customers access to all their financial products in one place, from general bank accounts all the way through to cryptocurrency.
Lanistar is not a bank but a payment card provider, operating as an intermediary that offers financial services to end users. Lanistar offers the services of a typical bank account through its banking partner Modulr, but with advanced UI/UX and design to make it easier and more secure than high street banks.
Lanistar Ltd is a registered EMD agent (FRN:902996) of Modulr FS Limited and may distribute and redeem e-money and provide payment services. Modulr FS Limited is authorised by the Financial Conduct Authority ("FCA") under the Electronic Money Regulations 2011 (FRN: 900573) for the issuing of electronic money and to provide payment services. Lanistar Limited ("Lanistar") is currently only carrying our pre-launch marketing in preparation for the future launch of Lanistar branded payment cards ("Cards"). Lanistar is finalising arrangements with various partner firms who are authorised and/or regulated (by the FCA and other overseas regulators) and the Cards will only be launched and go-live when those arrangements are in place.
FINANCIAL MANAGEMENT, FINTECH
Nexus FrontierTech | March 14, 2023
Nexus FrontierTech, a leading AI and IDP solutions provider, announced on March 13, 2023, that its Financial Services Extraction (FSX) services are now available through the Temenos Exchange ecosystem of integrated fintech solutions.
Nexus FrontierTech's FSX solution provides more than 50 unique AI modules, enabling instant advanced processing of various document types like bank statements, financial statements, and identification documents, among others. Clients can get tailored customizations to meet their specific needs. The integration of unstructured data into the company's systems is seamless, significantly improving operational efficiency and staff productivity. With Temenos, deploying FSX is now faster and easier than ever.
Temenos Exchange accelerates innovation at scale by providing a pre-integrated and approved ecosystem of fintech solutions that can be quickly deployed on top of Temenos' open platform. This allows banks to speed up the development of new financial services while simultaneously reducing development costs.
Martin Bailey, Director of Innovation and Ecosystems, Temenos, stated, "Temenos Exchange acts as an accelerator for fintechs and software developers, helping them develop, validate and monetize new banking solutions. Joining Temenos Exchange means Nexus FrontierTech can write once and sell its solution across a vast banking audience of more than 3,000 clients in 150 countries. Collectively, this community serves the banking needs of 1.2 billion people worldwide."
(Source – Cision PR Newswire)
Danny Goh, Chief Executive Officer of Nexus FrontierTech, remarked, "Nexus FrontierTech's availability on Temenos Exchange addresses the urgent need for simpler and swifter AI deployment so companies can benefit from operational automation quickly. With our focus on innovation for traditional financial organizations, clients without tech specializations eliminate the risk of falling behind pure Fintech competitors."
He further added, "Nexus' participation in Temenos Exchange further extends our commitment to the banking community. We look forward to leveraging the power of the Temenos platform to help our clients achieve their business goals."
(Source – Cision PR Newswire)
About Nexus FrontierTech
Nexus FrontierTech accelerates financial decision-making through modular automation solutions on its proprietary AI engine. Its technology enables the efficient development of structured processes for compliance, risk management, and innovation purposes, providing real-time visibility and traceability to enterprise data. Since 2015, the company has optimized operations for financial and governmental organizations, with three key products focused on ESG analysis, financial modeling, and risk management. Its mission is to drive digital transformation for sustainable value creation.
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.