BITCOIN AND CRYPTO
Circle | June 28, 2021
Circle, a worldwide financial technology business, announced today the introduction of Circle Yield, a well-regulated crypto yield and treasury solution for companies and corporate treasury professionals. This approach, regulated by the Bermuda Monetary Authority (BMA), draws on Bermuda's long history of leadership and reputation in the organisation of institutional capital. The expansion of BMA supervision to cover the newly released high yield offering under Circle's Class F ("Full") DABA licence, which was originally issued in 2019, represents a major expansion of Circle's offerings, as well as the forms of institutional capital formation currently available in Bermuda.
With more than $100 billion in risk capital regulated in Bermuda, Circle has long been native to one of the world's most influential and innovative risk capital markets for the insurance, reinsurance, and captive industries. Now, Circle is providing a well-regulated alternative yield market for institutional investors and corporate treasurers headquartered in the United States and Switzerland. Under the jurisdiction of the BMA, Circle's high yield solution gives institutional investors with an early access opportunity to leverage yield producing possibilities in a secure, sound, and compliant way in support of high growth digital assets and crypto marketplaces.
Throughout this early access period, Circle Yield will also be limited to companies based in the United States or Switzerland, as well as institutional investors, and the company will continue to collaborate with the BMA and the Government of Bermuda to ensure ongoing responsible financial services innovation trying to serve institutional clients from a competitive Bermuda-based regulatory platform.
"Circle was the world's first fintech firm to acquire the BMA's Class F ("Full") DABA licence, and we have remained deeply committed to Bermuda and developing the future of money and payments on the Internet ever since, with Bermuda playing an essential role in our worldwide operational platform. With the launch of Circle Yield and our recent strategic capital raise, we look forward to expanding our operations in Bermuda to support significant corporate treasury demand for crypto assets and yield, while also supporting Circle's overall market expansion strategy "Circle's co-founder and CEO, Jeremy Allaire, stated.
"Circle is a genuine forerunner in the blockchain economy.
Their decision to establish the world's first regulated institutional yield product in Bermuda demonstrates the attractiveness of Bermuda's regulatory environment and our regulator, the Bermuda Monetary Authority. It demonstrates how major firms like as Circle are capitalising on Bermuda's long-standing reputation as one of the world's most creative financial services centres to spark a revolution in the Internet of value. Circle has been a driving force behind this effort, and we are grateful that the company calls Bermuda home and continues to invest on the island "Bermuda's Premier, the Honorable David Burt, stated as much.
Circle is a global financial technology startup that enables organisations of all sizes to leverage the power of stablecoins and public blockchains for payments, trade, and financial applications throughout the world. Over than 100 million transactions have been completed on Circle's platform by more than 10 million retail consumers and more than 1,000 companies. Circle is also a key creator of USD Coin (USDC), which, along with Coinbase and the Centre Consortium, is in charge of overseeing the standards and protocol for what has become the fastest growing, regulated, completely reserved dollar digital currency. USDC currently has a market capitalization of more over $25 billion and has enabled around $700 billion in transactions over the last year. Circle's transactional services, business accounts, and platform APIs are already spawning a new generation of financial services and commerce apps that offer the promise of increasing global economic success for all through programmable internet commerce.
Billtrust | May 21, 2021
In addition to its current payment and remittance recognition features, BPN 4.0 also facilitates the bi-directional sharing of transactional data and records, allowing invoice presentment to accounts payable portals. BPN, an open network that allows AP and AR networks to share invoices, deposits, and remittance info, now provides invoices to more than 170 leading accounts payable portals.
These new BPN benefits are intended to assist suppliers looking for ways to meet rising buyer demand for invoice delivery that AP and procure-to-pay platforms. According to a 2021 survey conducted by Billtrust, over 350 accounting/finance senior leaders cited “dealing with the amount of customer payment portals” (38 percent) as a top concern, whilst the rest of respondents said their teams work with an average of 11-20 AP portals.
“The integration between BPN and Taulia provides an obvious win for our customers,” said Dave Adams, Chief Customer Officer at Taulia, a leading fintech supplier of working capital solutions. He also adds, “ It creates another channel for invoices to be quickly, easily and accurately presented which leads to high levels of invoice automation.”
BPN's latest invoice distribution capabilities come at a moment when the company is seeing significant increases in both transaction volume and total participation.
Card volume increased by 117 percent year on year in the first quarter of 2021, with overall payment volume increasing by 146 percent as ACH and wire payments were introduced in August 2020. The network has also seen a significant rise in the number of specific bank and fintech payables platforms directing payments to suppliers through BPN, increasing from 34 in 2019 to 58 in 2020, indicating the continued growth of participants in the payables automation sector, as well as BPN's importance to AP platforms looking to increase electronic spend with suppliers.
“BPN is now an even more powerful resource for AP and AR teams to implement straight-through processing,” expresses Greg Hanson, Chief Product Officer, Billtrust. He further states, “Our growing number of participants and network volume, combined with an increased ability to transact across multiple digital modalities, makes BPN a key driver in digitally transforming B2B payments while giving CFOs and CEOs the means to reliably predict and maximize cash flow.”
Metrobank, Backbase | May 10, 2021
Backbase, a supplier of engagement banking technologies, has announced the renewal of its relationship with Metro Bank, a major UK retail and commercial challenger bank. Backbase will provide dedicated digital innovation assistance to Metro Bank's business banking customers as part of the renewed relationship. Metro Bank is able to further improve and customise the experience provided to its business customers by using the new cloud-native iteration of Backbase's software, which provides a plethora of off-the-shelf accelerators for business banking.
This collaboration extension comes five years after Backbase and Metro Bank first started working together, with the primary strategic goal of leveraging Backbase's leading digital banking technology infrastructure to offer a best-in-class customer loyalty experience and pave the groundwork for an agile digital banking operation – all while generating cost efficiencies.
Metro Bank will be able to expand and mature its digital banking offering with a customer-centric approach while continuing to deliver on its aggressive digital innovation agenda by partnering with Backbase in the long term.
Metro Bank's Chief Information Officer, Cheryl McCuaig, says, "Backbase has been a committed digital technology partner to us from the beginning, and we are continuously pleased by the company's investments in science and innovation."
We've gained greatly from direct access to Backbase's continuing in-house innovation, and we've been able to reduce our IT costs by using the cloud-native technologies.
We are looking forward to strengthening our friendship and reaping the rewards of Backbase's unrivalled contribution to assisting us in maintaining our competitive edge.”
"We're delighted to be continuing our relationship with Metro Bank, allowing them to deliver a streamlined consumer service at all touch points," says Frank Uittenbogaard, Regional Vice President, Europe at Backbase.
Metro Bank's adoption of a client-centric, human-first approach to banking aligns with our core market principles as the first genuine challenger bank taking on the Big Four.
We are thrilled to be assisting Metro Bank in continuing its ambitious growth and achieving excellent market and customer results through the use of emerging technology.”