Revolut Launches Expense-Splitting Feature

PYMNTS | August 19, 2020

Revolut Ltd., the British financial technology (FinTech) company, has introduced what it describes as a simple way to track, split and settle expenses instantly, in one place. Group Bills promises to ease the management of group expenses. Instead of splitting one bill at a time, the platform allows customers to stay on top of shared expenses with roommates. With the new service, users add bills to their “group” and track them in one place. When it’s time to make payments, the app can make instant transfers when customers are on Revolut. “From two to 20 people, splitting group expenses has never been easier,” the company said in a statement. “No need to have those awkward conversations: Simply send a payment reminder and Revolut will send an automatic notification to your friend about payback.” The service can split bills with accuracy without users having to do the math, Revolut said. Group Bills determines how much each person needs to pay, and also adds a name and photo for security.

Spotlight

Warren Buffett and Charlie #Munger debunks the myths in the banking industry. Despite the banking industry was in trouble during the financial crisis of 2008, Warren Buffett and Charlie Munger state that the banking industry actually generates attractive return on equity.

Spotlight

Warren Buffett and Charlie #Munger debunks the myths in the banking industry. Despite the banking industry was in trouble during the financial crisis of 2008, Warren Buffett and Charlie Munger state that the banking industry actually generates attractive return on equity.

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CORE BANKING

Mambu and ModusBox Partner to Accelerate Digital Modernization and Improve Access to Data for Financial Institutions

Mambu | September 29, 2021

ModusBox is pleased to announce its partnership with Mambu - the Global Fintech Platform. The partnership will support the next generation of financial institutions to challenge the status quo. Mambu and ModusBox bring a combination of local and global experiences and assets to the US market. They will continue to expand their collaboration by integrating Mambu into PortX - ModusBox’s integration platform and connectors for financial institutions. Mambu’s SaaS, API-first, composable model, allowed ModusBox to establish and fully test the connection to a pilot network in a matter of hours. This speed and access will help any financial institution gain the agility to develop best-in-class experiences and successfully compete in the market. "We are excited to partner with Mambu because we believe the composable banking model is a critical component of enabling all types of financial institutions, from MFIs to commercial banks, to have a financially inclusive strategy,” said David Wexler, CEO of ModusBox. “The key to true financial inclusion is focusing on the service that the client receives, not the service that financial institutions intend to provide. That’s exactly where Mambu and ModusBox are focused.” “This partnership elevates our clients’ capabilities to build custom experiences from Mambu’s diverse ecosystem of fintech partners,” said Johanna Pugh, Managing Director NAM at Mambu. “ModusBox’s SaaS-based, cloud-native integration tools align perfectly with the Mambu platform both technically and from a financially inclusive perspective. We are excited to deliver that value to our clients, partners, and prospects.” About Mambu Mambu is the world’s only true SaaS cloud banking platform. Mambu fast-tracks the design and build of nearly any type of financial product for banks, lenders, fintechs, retailers, telcos, and more. Our unique composable approach means that independent components, systems, and connectors can be configured any way our clients require to meet their customer’s needs. Founded in 2011, Mambu has 700 employees and 200 customers globally, including N26, OakNorth, Tandem, ABN AMRO, Bank Islam, League Data, and Orange Bank. About ModusBox ModusBox is a financial services technology company focused on open banking solutions that unlock access to banking core data and eliminate vendor dependencies. We help financial institutions empower their teams to connect to real-time payment networks like Zelle®, Mojaloop, ACH, Fedwire, and others. In addition, our solutions enable interoperability between online banking, credit checks, mortgage and loan applications, and other internal systems allowing for a timely and accurate view of customer data.

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Alacriti Announces Cloud-Native End-to-End Solution for Faster Payment Experiences

Business Wire | October 23, 2020

Alacriti, a fintech company specializing in payments today announced its Cosmos for RTP solution, powered by the Orbipay Platform. Cosmos for RTP enables banks and credit unions to quickly and seamlessly connect to The Clearing House’s RTP® network and deliver innovative real-time payment services to their customers. Alacriti’s solution allows financial institutions to rapidly leverage the power and convenience of RTP to drive new revenue without the burden of significant infrastructure overhauls or capital investments.

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PAYMENTS

DocuPhase Releases New Vendor Payments Capability for its AP Automation Solution

DocuPhase | November 11, 2021

DocuPhase LLC, the industry-leading software provider for business process automation solutions, continues to expand core features and functions in its ongoing effort to provide clients with a truly comprehensive automation platform. DocuPhase is pleased to announce the addition of Vendor Payments as an exciting new capability for its AP Automation Solution. The announcement comes in conjunction with IOFM's APP2P Fall Conference where finance professionals learn about new best-in-class accounting automation tools. Vendor Payment automation will streamline an organization's payments to vendors, alleviating their payment process pains and enabling a more efficiency way to process payments. Eliminating the need for tedious double-checking or manual data entry ensures the accuracy of invoices, so suppliers get paid faster. Quick, consistent, and visible B2B payments not only allow users to optimize cashflow, but also save money with early-payment discounts and strengthen relationships with vendors. Our accounts payables solution already excels in eradicating data entry errors, accelerating approvals, and increasing visibility thanks to its advanced workflow capabilities and Optical Character Recognition (OCR) technology. Incorporating vendor payments is another big step towards enabling a truly end-to-end automation solution that can transform not just an accounting department, but an entire organization within a single, configurable platform." Dan GaertnerDocuPhase CEO Upon the receipt of an invoice, OCR recognizes and extracts all important data before DocuPhase's industry best automatic 3-way matching confirms the accuracy of that information. Then in conjunction with customizable workflow tools, the new invoices are dynamically routed to the appropriate team member for approval based on unique pre-set rules – accelerating the process while ensuring compliance. Now the vendor payment solution can automatically issue payments based on the preferred method on file for the individual account in question. Electronic payments in particular are made easier and are not only faster and safer than paper checks but can save both the user and their supplier money over the long haul. And if an error does occur somewhere during this process? The software will detect discrepancies, flag the invoice, and issue an automated alert – eliminating costly errors from progressing and saving valuable time that might otherwise be spent scouring documents for mistakes. Payment automation is proven to save organizations time and money by streamlining the accounts payable process from invoice entry and matching, all the way through the issuing of a payment. Contact us today to learn how DocuPhase's innovative AP automation and vendor payment systems can revolutionize your accounting processes. About DocuPhase DocuPhase is an industry-leading Document Management, Accounting, and Business Process Automation Platform. Automated Workflow tools provide customers with an easy-to-use interface that is extendable to even the most complex implementations. For 20 years, DocuPhase has helped customers in Finance, Manufacturing, Government Agencies, Non-Profits, and many other industries achieve success in their organizations.

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