FINANCIAL MANAGEMENT, FINTECH
Quant and UST | November 23, 2022
Quant, the blockchain for finance pioneer, has partnered with UST, a leading digital transformation solutions company, to provide technical integration and tokenisation services to central and commercial banks and capital markets participants.
These services will help financial institutions adopt digital assets, as they increasingly realise the benefits of distributed ledger technologies by issuing digital money and tokenising existing asset classes for greater settlement speed and access to new markets and clients
Quant will provide the foundational technology, and UST will provide support through user interface design and integration via its Sandbox based in their London Innovation Lab. The partnership facilitates the issuance of central bank digital currencies, digital money in the form of commercial stablecoins, and digital securities onto major distributed ledger networks. By working with the two firms, financial institutions can shorten the lifecycle of their blockchain projects to just a few weeks.
Quant utilises low-code APIs to issue highly secure and externally validated digital assets and tokenised currencies. Its Overledger gateway enables business flows used by banks for accounts, payments and settlement, and can plug into exchanges and venues for asset management.
The global tokenisation market was valued at $2 billion in 2021; compounding growth of 24 percent is expected over the next eight years, according to Grand View Research. Additionally, CBDC pilots are now taking place worldwide, which will unlock new capabilities for governments, businesses, and consumers. Today, more than 50 countries are in an advanced phase of exploration for CBDCs, and 19 of the G20 countries are considering a digital currency.
Gilbert Verdian, Founder and CEO of Quant, said UST has been at the forefront of blockchain services for almost a decade and their customer focus is aligned with our approach. The partnership will ensure that financial institutions can create new business opportunities and innovate with new DLT-embedded products and services to tokenise existing asset classes.
"We have partnered with Quant because of the flexibility and agility inherent in its technology. Built with financial institutions in mind, Quant's Overledger API gateway is the perfect foundation to bring the benefits of blockchain to a multitude of businesses in this sector."
-Daniel Field, Global Head of Blockchain, UST
Quant is the future of finance. Today. We unlock the power of blockchain for everyone, by delivering interoperable ecosystems and real-world solutions that simply work so our customers create new business opportunities and build competitive advantage in record time. We work with financial institutions, governments, multinational companies, and the partners and fintech developers who support them, to deliver enterprise-grade technology built with security and compliance front of mind. Founded in 2018, Quant is UK-based with a presence in the European Union and the Americas. We spearheaded the Blockchain ISO Standard TC307 adopted by 57 countries and organisations worldwide and solved interoperability with the creation of the world's first blockchain-agnostic API gateway, Overledger. Our leadership team has deep experience in government, financial services, technology, healthcare, and management consulting. Our partners include Amazon Web Services and Oracle, and we're a founding member of the Digital Pound Foundation.
For more than 22 years, UST has worked side by side with the world's best companies to make a real impact through transformation. Powered by technology, inspired by people, and led by our purpose, we partner with our clients from design to operation. Through our nimble approach, we identify their core challenges, and craft disruptive solutions that bring their vision to life. With deep domain expertise and a future-proof philosophy, we embed innovation and agility into our clients' organizations—delivering measurable value and lasting change across industries, and around the world. Together, with over 30,000 employees in 30+ countries, we build for boundless impact—touching billions of lives in the process.
FINANCIAL MANAGEMENT, FINTECH
Galileo Financial Technologies and Atomic | December 14, 2022
Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), announced the launch of Galileo Direct Deposit Switch. Powered by Atomic, the infrastructure provider for connecting with payroll accounts, Galileo’s Direct Deposit Switch functionality gives the company’s fintech clients an opportunity to better serve consumers by offering faster access to their wages and a more streamlined approach to redirecting part or all of their paychecks into a financial services accounts of their choice.
With Galileo Direct Deposit Switch, customers can quickly and easily set-up and update their payroll direct deposit information, specify how much of their wages to deposit in their accounts, create accounts for specific purposes, including a vacation or education fund, and make recurring deposits to multiple accounts. The new financial feature also eliminates processing delays, gives users peace of mind by instantly verifying requests, and empowers workers with greater control over where they route their funds.
Approximately 93% of U.S. consumers receive their paycheck by direct deposit. However, the direct deposit experience is laden with manual friction that commonly occurs during onboarding when workers join a new employer or request to update their disbursements, such as changing their primary account on file or splitting their paycheck routing across two or more accounts. These are simple everyday scenarios but can be complicated because they often rely on sending instructions to HR or payroll providers. These processes are still dated, despite heavy venture investment in the HR technology sector, but are also a prime target for account verification fraud and unforced human errors. For workers, it can also delay getting paid in their desired financial accounts by up to four weeks — or two bi-weekly pay cycles. All are key pain points Atomic and Galileo have heard from customer feedback and aligned this partnership to solve.
“Recent Galileo research shows people are keeping money in more accounts, and they want fast, flexible ways to move and manage their money, We are proud to partner with Atomic to help our bank and fintech clients simplify direct deposit onboarding, drive higher customer lifetime value and boost access to financial services that will enhance everyone’s financial future. As we continue to accelerate digital banking, Galileo Direct Deposit Switch will be the best way to drive value for our clients’ ledgers.”
-David Feuer, Chief Product Officer at Galileo
Galileo Direct Deposit Switch integrates Atomic’s automated payroll connectivity to offer the ease and convenience that consumers expect from their financial services provider today. By embedding the new functionality directly into the customer onboarding experience, customers can boost direct deposit adoption by up to 50% while also increasing customer lifetime value (LTV). Banks and fintech firms working with Galileo can also further maximize customer value and retention by offering highly relevant new products to direct deposit customers.
For financial institutions and fintech firms, a steady deposit stream is key to account profitability. These benefits extend to businesses as they look to leverage digitized and automated direct deposit payroll processes that present enormous financial opportunities, Clients leveraging payroll connectivity solutions, such as direct deposit switching, have seen as high as a 3-4X lift on direct deposit acquisition when benchmarked to other solutions,said Lindsay Davis, Head of Markets for Atomic.
Galileo Direct Deposit Switch is available for most top employers and incumbent payroll providers, bespoke enterprise solutions, modern HR tech providers, gig-economy platforms and government systems via Atomic’s network of payroll coverage. To learn more about embedding this financial feature as part of a broader approach to eliminating friction, activating newly onboarded clients and giving existing customers simpler options for directing their payroll funds, download Galileo's new resource, The Payments Growth and Activation Playbook.
About Galileo Financial Technologies:
Galileo is a leading financial technology company whose platform, open API technology and proven expertise enable fintechs, emerging and established brands to create differentiated financial solutions that expand the financial frontier. Galileo removes the complexity from payments and financial services innovation by providing flexible, open API building blocks and a secure, scalable, future-proof platform. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning and more, across industries and geographies. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco and Seattle.
Atomic is the market-leading provider of payroll connectivity, trusted by over 160 financial institutions, fintech firms, and partners, including 13 of the largest fintech apps, as well as financial firms offering digital-first neobanks, alternative lending, crypto exchanges, and digital brokerages.
Atomic provides the infrastructure to connect consumers to their financial data, automate set-up and updates to direct deposits, digitize income and employment verifications (VOI/VOE), repay financial obligations from their paycheck, access earned but unpaid wages, and tap tax filing advantages, as well as supporting financial wellness benefits through its EmployerLink solutions. Atomic’s suite of API solutions simplifies complicated payroll and human resource platform integrations that cover over 480 unique payroll connections, including incumbent payroll providers, bespoke enterprise solutions, modern HR tech providers, gig-economy platforms and government systems.
Atomic is ranked by CB Insights as a Fintech 250, selected by Fintech Breakthrough Awards as a Best Banking Transaction Solution, and is recognized as a Top Work Places 2022. Atomic has raised $78.6 million from investors, including Greylock, Mercato Partners, Core Innovation Capital, Portage, and ATX Venture Partners.
FINANCIAL MANAGEMENT, INVESTMENT MANAGEMENT
BAI | January 18, 2023
BAI, a leading non-profit independent organization serving the financial services industry, has launched BAI Policy Manager to assist financial services organizations in developing, implementing, and monitoring their policies and procedures to ensure compliance with ever-evolving regulatory requirements.
Executives can use the end-to-end solution called BAI Policy Manager, created exclusively for financial services businesses, for developing, modifying, communicating, and tracking company policies and procedures.
BAI Policy Manager has the following features:
Regulatory materials tailored as per the respective industry to assist in making rational decisions while developing and upgrading policies
Focused processes to prepare for the next assessment
Effective communication tools to promote a compliance culture
Debbie Bianucci, President and CEO of BAI said, “As part of BAI’s strategic priority to provide valuable education and tools in all facets of regulatory compliance, the BAI team developed this comprehensive solution specifically to meet the unique needs of financial services organizations." She further added, “The BAI Policy Manager will enable financial services leaders to significantly increase their effectiveness in managing all aspects of their organization’s policies.”
(Source – Business Wire)
Christopher Boersma, CRCM, CAMS, CISA, Senior Compliance Expert at BAI, is of the view that financial institutions must have policies and procedures in place in order to remain in compliance with Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), etc.
He stated, "Policies and procedures are key to almost every examination because regulators view them as an important way leadership defines, articulates and communicates expectations; guides desired conduct; protects the organization; and achieves business objectives. Non-compliance can result in monetary fines, adverse actions, limitations on growth opportunities, or other penalties."
(Source – Business Wire)
Nevertheless, managing all regulatory changes and understanding how those changes affect all policies and procedures is difficult but essential for meeting regulatory requirements.
BAI, an independent, non-profit organization, has provided the financial services sector for almost a century with the most helpful information, assisting leaders in daily business choices. The company supports more than 2,300 financial services organizations annually with compliance and professional development training, offers specialized events and programs, and conducts in-depth, proprietary research for more than 40 of the top US banks.