PAYMENTS, FINTECH
PRnewswire | April 27, 2023
Volante Technologies, the leading global provider of cloud payments and financial messaging solutions to accelerate digital transformation, has released a partner-authored paper featuring insights into the banking sector and projections for innovation-driven growth.
The report, the first in an annual series, incorporates contributions from fifteen global software integrators, vendors, and consultancies. It highlights industry trends such as central bank digital currencies (CBDCs), distributed ledgers, real-time payments, and investment in AI and machine learning.
According to Volante's strategic partners, CBDCs will dominate the payments sector within the next few years, prompting banks to adopt distributed ledger technology-aware payment solutions. Additionally, banks are expected to adopt a data-driven approach to improve customer insight and develop better products, leveraging AI and machine learning enabled by cloud and Payments as a Service (PaaS).
Volante's partners also emphasized the importance of innovation and technologies that accelerate the modernization of banking infrastructure, particularly in payments. Approximately 90% of the data received by banks today and 75% of ISO 20022 commercialization use cases are related to customer payment data. The report also examines the global move towards the ISO 20022 standard in payments, highlighting how banks can exploit the richer data to differentiate themselves in the market.
"This report showcases our belief that a global partner ecosystem harnesses the power of collective wisdom and best ideas, enabling financial businesses to achieve new levels of success and business impact. The contributors of this report alone represent over 350 years of experience," said Jim Chow, VP Partnerships, Volante Technologies.
The paper draws on the contributions of partners from the US, Europe, and the Middle East, including Accenture, AWS, Capgemini, Cornerstone Advisors, Delta Capita, HCLTech, KPMG, Mambu, MDSL, Microsoft, Persistent Systems, PwC, Q2, Red Hat, and Salesforce.
"At Volante Technologies, we recognize that our ecosystem partners play a vital role in driving the transformation of banking infrastructure, especially in payments. We work closely with our partners across the globe to bring the best of our combined solutions and value propositions to our mutual customers," said Vijay Oddiraju, CEO, Volante Technologies.
About Volante Technologies
Volante Technologies is the leading global provider of cloud payments and financial messaging solutions to accelerate digital transformation. We serve as a trusted partner to over 100 banks, financial institutions, market infrastructures, clearing houses, and corporate treasuries in 35 countries. Our solutions and services process millions of transactions and trillions in value every day, powering four of the top five corporate banks, 40 percent of all U.S. commercial bank deposits, and 70 percent of worldwide card traffic. As a result, our customers can stay ahead of emerging trends, become more competitive, deliver superior client experiences, and grow their businesses through rapid innovation.
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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.
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CORE BANKING, DIGITAL BANKING
PRnewswire | May 12, 2023
Financial fraud has increased substantially as the trend towards mobile banking and digitization accelerates. In 2022 alone, the Federal Trade Commission received over 1.1 million reports of identity theft and over 440,000 reports of credit card fraud.
To help banks detect and mitigate fraud proactively, DCI (Data Center Inc.) – the privately-owned developer of core processing, digital banking, and Fintech processing solutions – has partnered with DataVisor – the only comprehensive, real-time fraud and risk management platform that harnesses sophisticated AI and modern machine learning to prevent against evolving fraud threats.
As a result, DCI customers can now better detect and mitigate application and identity theft, transaction fraud, account takeovers, money laundering, and other types of banking fraud before it results in financial and reputational damage.
"DataVisor leverages AI and advanced machine learning techniques to connect the dots between fraud signals across various events and channels, enabling organizations to act on fast-evolving fraud and money laundering activities as they happen in real time, preventing financial losses with early action," said Yinglian Xie, DataVisor's CEO and Co-Founder.
Currently, it is mandatory for all banks using RTP applications to have a fraud solution, and DCI requires all Fintechs utilizing their core to have fraud protection as well. DataVisor's fraud solution, integrated through DCI's core, allows fraud protection for RTP, ACH, Wire and Card transactions through one platform.
"DCI continuously strives to provide community banks with tools to leverage their positions in the marketplace," said Sarah Fankhauser, DCI President and CEO. "We've invested in fraud management to help our banks minimize their risks, as they continue to expand their mobile and digital offerings."
DCI's implementation of DataVisor's innovative technology, comes on the heels of the creation of DCI's own internal Fraud and Compliance department – managed by a Certified Anti-Money Laundering Specialist (CAMS) and a Certified Fraud Examiner (ACFE). As part of DCI's investment in helping community banks fight fraud, this new department works with DataVisor, who provides 24/7 fraud detection and mitigation support for DCI customers. They also partner with the nationwide Financial Fraud Consortium (FFC) to actively explore best practices for deterring, detecting, and combating fraud more effectively.
About DCI
DCI is the developer of the award-winning iCore360® core banking software, plus iCoreGO® digital banking and fintech processing solutions for community financial institutions nationwide, including those using other core platforms. DCI is privately owned by a group of bank clients, with several serving as board members and user group leaders. DCI also provides private ATM network/card management, FrontLine® teller software, custom analysis, risk/vendor management, and more.
About DataVisor
DataVisor is the most comprehensive fraud prevention platform powered by the world's most sophisticated AI and modern machine learning capabilities. DataVisor empowers customers to protect against future attacks before they happen by detecting and acting on rapidly evolving fraud patterns in real time. DataVisor's adaptable solution and data-driven approach provides businesses with unparalleled protection in an ever-evolving digital landscape.
DataVisor's award-winning solutions and continuous innovation make them the trusted partner of choice for Fortune 500 companies and leading organizations worldwide, specializing in financial services, banking, credit unions, fintech, and payments.
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