Finastra | November 08, 2022
Finastra, a global provider of financial software applications and marketplaces, and Jifiti, a leading global fintech company, today announced a collaboration to extend embedded finance capabilities to all financial institutions in the Finastra BaaS (Banking as a Service) ecosystem. Banks will be able to deliver financing offerings to consumers via merchants at point-of-sale, providing a better digital customer experience and choice for end users.
Buy Now, Pay Later (BNPL) is a key component of the fast-growing embedded finance space, and with Jifiti's white-labeled platform financial institutions can easily embed financing or split pay offerings at any merchant's point-of-sale at scale - online, in-store and via call center. Financial institutions that work with Finastra to power core banking capabilities will benefit from pre-integration of Jifiti's platform with Finastra's systems. The simple cloud deployment is available via Finastra's FusionFabric.cloud open development platform.
"Complementing the recent launch of our BaaS embedded consumer lending proposition, we look forward to leveraging Jifiti's best-in-class retail point-of-sale solution to give financial institutions a simple way to provide a seamless, embedded finance offering with a fully digital-first experience, The move further enhances our BaaS proposition at Finastra and forms part of our commitment to being a leading orchestrator in financial services."
-Jeannette Kescenovitz, Sr. Director Solution Management, BaaS & Orchestration at Finastra
Jifiti's modular platform supports every point-of-sale financing option, including installment loans, lines of credit, split payments and B2B financing. Because the platform is white-labeled, financial institutions and merchants retain full customer and data ownership.
At Jifiti we're committed to facilitating responsible, accessible and affordable financial solutions, and have always regarded banks and financial institutions as the future of BNPL. We're excited to be working with Finastra to help financial institutions transform their consumer financing programs and promote their own brands to end users at any point-of-sale, stated Yaacov Martin, CEO and Co-Founder of Jifiti.
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world's top 100 banks.
Jifiti is a leading fintech company that powers point-of-sale financing for banks, lenders and merchants. The company's white-labeled Buy Now Pay Later (BNPL) platform provides banks and lenders with state-of-the-art technology to easily deploy and scale their competitive consumer loan programs at any merchant's point of sale - online, in-store and via call center. With its multi-national presence, Jifiti provides end-to-end point-of-sale financing solutions to global brands in any international market. Jifiti works with leading financial institutions including Mastercard, Citizens Bank, CaixaBank, Credit Agricole, and retailers such as IKEA, Walmart and others worldwide.
FINANCIAL MANAGEMENT, FINTECH
JG Wentworth | December 06, 2022
JG Wentworth is pleased to announce that it has acquired the digital lending platform from Stilt Inc., a San Francisco-based fintech and personal loan lender. Stilt was backed by leading venture capital firms, raised $322 Million in debt and equity to build a powerful end-to-end digital lending and servicing platform. The acquisition combines JG Wentworth's nationally recognized brand with a state-of-the-art fintech platform, accelerating its entry into the consumer lending space and supporting its mission to provide financial solutions for millions of everyday Americans looking to improve their situation.
The acquisition adds Stilt's robust and proprietary data sets with over $5 billion in loan applications and more than 2.5 million bank transactions to JG Wentworth's existing database of over 25 years of customer engagements – all of which will power deep data analytics providing superior risk insights into consumer behavior. The acquisition also enables JG Wentworth to offer customers a hybrid loan origination model ranging from an all-digital, fully automated experience to the more personalized customer service capabilities of JG Wentworth's national call center, allowing consumers to choose the user experience that works best for them. JG Wentworth expects to begin originating loans in the first half of 2023.
"We're excited about this new direction for JG Wentworth, and the possibilities it unlocks in our mission to become the leading provider of financial solutions that help everyday Americans, The Stilt platform will provide industry-leading digital capabilities to JG Wentworth's customers with a user-friendly experience and rapid underwriting decisions. We are now uniquely positioned to provide products that meet the personal finance needs of millions of our customers."
-Randi Sellari, CEO of JG Wentworth
This exciting acquisition and our entry into the consumer lending space will allow us to provide more products to the many customers that are already engaging with JG Wentworth daily. Stilt's digital platform will allow our customers to interact through a mobile app, our website, telephonically or a combination of these options. The Stilt acquisition also provides unique historical customer credit data to JG Wentworth's data analytics team that, through robust data analysis and credit modeling, will help us make better underwriting decisions that will provide our investors with strong risk-adjusted returns, said Joseph Toms, President, and Chief Strategy Officer at JG Wentworth.
JG Wentworth's strong brand awareness and its unique position amongst consumers provide a powerful customer acquisition engine. With Stilt's complementary digital platform, and proprietary consumer credit data, the Stilt team is excited to be part of JG Wentworth and help launch its lending business. noted Rohit Mittal, CEO of Stilt Inc. and now SVP of Lending at JG Wentworth.
About JG Wentworth
JG Wentworth is a consumer financial services company powered by more than 550 employees across the country who are committed to delivering personalized financial solutions that meet the needs of everyday Americans. Current product offerings include structured settlement payment purchasing, annuity payment purchasing, lottery and casino payment purchasing, and debt resolution services. In 2023, JG Wentworth will launch its lending business initially focusing on debt consolidation loans. JG Wentworth was founded in 1991 and has offices in Chesterbrook, Pennsylvania and in Silicon Valley.
About Stilt Inc.
Stilt was built to democratize access to transparent credit products for the millions who are currently shut out by the financial system, such as immigrants, international students, DACA and visa holders. Founded by immigrants on visas, Stilt has lent to people from more than 150 countries around the world.
Persefoni and Deloitte | November 14, 2022
Deloitte and Persefoni have formed a strategic alliance to develop analytics solutions in order to help provide organizations in the banking and insurance sectors a new path for measuring, disclosing, and managing their carbon footprints — both operational and financial — as part of their climate journey.
As chiefs of sustainability and finance work together to address their climate management and accounting platform (CMAP) needs, Persefoni and Deloitte's shared clients can now use Persefoni's software platform as well as Deloitte's deep understanding of environment, social and governance (ESG) practices and financial analytics to help address their sustainability and climate goals. As part of this collaboration, Deloitte has developed and integrated accelerators, analytics tools, and capabilities to help clients in the financial services industry understand risks and value-creation opportunities based on financed emissions portfolio data.
Why this matters
Financial organizations play a critical role in facilitating the Paris Agreement-aligned decarbonization journeys of their customers in addition to their own operations. With 40% of global banking assets committed to net-zero by 2050 under the Net Zero Banking Alliance and mounting pressure from governments, regulators and capital markets, banks of all sizes are moving towards disclosure of their operational and financed emissions footprint. As banks and insurers work to meet their net-zero goals and better mitigate their climate exposure, developing robust CMAP use will be critical, especially as ESG disclosures become further codified and regulated.
"Persefoni is excited to formalize our alliance with Deloitte, a global leader in sustainability, climate and equity strategy and transformation, and trusted advisor to many of the world's largest companies and financial institutions, Enabled by Persefoni's best-in-class technology platform and Deloitte's leading sustainability, digital transformation, risk, advisory, and reporting services, our shared clients in the banking and insurance sectors will have access to the best possible support on their climate journeys — from meeting compliance requirements to analyzing climate exposure within their portfolios and optimizing business strategies."
-Kentaro Kawamori, CEO and co-founder of Persefoni
Our banking and insurance clients know that carbon accounting can't be improvised, Leveraging the rich data in Persefoni's platform alongside Deloitte's related analytics and services, we can help organizations through their end-to-end ESG transformation. As banks and insurance organizations look to address carbon accounting requirements by understanding and evolving the financed emissions in their portfolios, our shared clients will be able to chart those financed emissions, analyze critical business risks, identify opportunities to enhance the composition of their financed portfolio, and prepare to meet their disclosure and reporting obligations,said Ricardo Martinez, Deloitte Risk & Financial Advisory's sustainability, climate and equity practice leader for financial services and principal, Deloitte & Touche LLP.
Connor Taylor, industry analyst at Verdantix, a leading research and advisory firm, said, We find that corporate decision-makers need purpose-built tools that enable them to measure and report on their carbon emissions. The alliance between Persefoni's carbon accounting and management platform and Deloitte's accelerators and data analytics capabilities can help companies address common issues such as information irregularity, lack of data, and regulatory complexity that have historically impeded accurate environmental footprint assessments.
Persefoni's Climate Management & Accounting Platform (CMAP) provides businesses, financial institutions, and governmental agencies the software fabric for managing their organization's climate related data and performance with the same level of confidence as their financial reporting systems. The company's software solutions enable users to calculate their carbon footprint, perform climate trajectory modeling aligned to temperature rise scenarios set forth by the Paris agreement, and benchmark their impact by region, sector, or peer groups. Persefoni was designed to enable enterprises and financial institutions to calculate their Scope 1, 2, and 3 emissions in accordance with the GHG Protocol and the Partnership for Carbon Accounting Financials (PCAF), and was an early pioneer in enabling financial institutions and asset managers to calculate Scope 3, Category 15 (financed emissions).
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today's marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting.