Payments

Shift4 Deals with Finaro to Pave the Way for Global Cryptocurrency Expansion

Shift4_Deals_with
Shift4, a leading integrated payment and technology solutions provider, announces that it will acquire Finaro, a popular cross-border eCommerce payments provider, and The Giving Block, a specializer in cryptocurrency fundraising for nonprofits. These acquisitions are Shift4’s ambitious goals to pursue a multi-trillion-dollar marketplace worldwide. The marketplace includes stadiums, eCommerce, restaurants, gaming, hospitality, charitable donations, specialty retail to accelerate growth in the future.

These two acquisitions build on the momentum from our recent investor day and underscore our aggressive efforts to deliver a unified commerce experience across the world. These deals clearly show our ability to support existing transformational and global customers like SpaceX Starlink& St. Jude Children’s Research Hospital and provide real right-to-win additional customers across the nonprofit vertical. It also represents an exciting and responsible step towards further embracing cryptocurrencies and blockchain technology.”

Jared Isaacman Shift4 CEO 

With these developments, Finaro will provide the global infrastructure with the help of cutting-edge technology that will be further needed to drive Shift4’s international ambitions to deliver a unified commerce experience for customers. Therefore, by integrating the capabilities of Finaro, Shift4 can expand the company’s current services worldwide, including SkyTab POS solution, VenueNext stadium offering, and Shift4Shop eCommerce platform. In this way, Shift4 may also gain more international prominence and might strike with immediate international opportunities from the acquisition.

Further to this, Shift4 will also invest in The Giving Block’s successful strategy as it operates as the leading crypto donation marketplace with donors with over 1,300 nonprofit organizations. This acquisition also gets a team of cryptocurrency & blockchain technical talent. The team will establish a Crypto Innovation Center at Shift4 and integrate crypto acceptance and settlement capabilities across the current offerings of Shift4 in a wide range of verticals.

“Cryptocurrency is quickly moving beyond early adoption and becoming increasingly mainstream as more people want to invest, transact and donate in crypto. We intend to be at the forefront of this movement and leverage The Giving Block technology across the entire Shift4 enterprise, ” stated Isaacman.

Spotlight

Cloud (Saas) technology is known for being a cost-effective solution with quicker implementations, minimal use of hardware, and low maintenance costs. For your indirect tax function, regardless of whether you use native ERP functionality or an integrated on-premise tax engine to calculate tax, there are both external and interna

Spotlight

Cloud (Saas) technology is known for being a cost-effective solution with quicker implementations, minimal use of hardware, and low maintenance costs. For your indirect tax function, regardless of whether you use native ERP functionality or an integrated on-premise tax engine to calculate tax, there are both external and interna

Related News

Payments

IBM Payments Joins Swift Partner Programme for Enhanced Collaboration

IBM | September 22, 2023

IBM Payments Center's membership in Swift Partner Programme signifies a crucial step in enhancing collaboration between these organizations. IBM Payments provides a streamlined Swift cloud connectivity solution, liberating clients from hardware as well as software management and allowing them to focus on their core business operations. The company's participation in Swift Partner Programme enables streamlined access, integration, and development of payment solutions through expanded APIs and comprehensive documentation. IBM Payments Center has officially announced that it has earned a distinguished membership in the prestigious Swift Partner Programme. This achievement represents a significant step forward in strengthening the collaboration between these two organizations. This strategic partnership synergizes effectively with IBM's expansive payments-as-a-service solution, which capitalizes on open, standards-based technologies to provide meticulously managed payment and cash management services. This collaboration will further enhance the capabilities of IBM's payment services, offering financial institutions and businesses a well-rounded, technologically advanced solution to address their payment and cash management needs. Andrew Higgins, Senior Partner and Global Payments Leader at IBM Consulting remarked, Our platform partnership with Swift brings the power of IBM and the reach of Swift to deliver value for financial institutions and other businesses looking for end-to-end solutions for a broad array of payment services. [Source – Cision PR Newswire] In collaboration with Swift Partner Programme, IBM Payments Center will provide a comprehensive end-to-end cloud-based Swift connectivity solution that aligns with Swift's infrastructure and client security standards. It will also catalyze financial institutions and enterprises looking to modernize their payment platforms and harness cutting-edge cognitive and AI technologies within a highly secure environment. Andrew Higgins emphasized that the payments industry is on the brink of profound change, requiring modern infrastructure and heightened efficiency. He further noted that IBM is gratified to present a solution to the worldwide Swift community that harnesses the benefits of cutting-edge technology while reducing the substantial expenses linked to development, upkeep, and compliance. This partnership offers IBM Payments Center a unique opportunity to streamline access, seamlessly integrate, and drive innovation in payment solutions. It enables the center to leverage an extended range of application user interfaces (APIs) and gain comprehensive access to API testing materials, documentation, and accreditation status, empowering them to deliver cutting-edge financial solutions efficiently. Through its active engagement in Swift Partner Programme, IBM Payments Center has opened up new avenues for collaboration with a diverse network of over 11,000 banking institutions across more than 200 countries, fostering opportunities for synergistic partnerships and global cooperation.

Read More

Financial Management

UBS goes live on Broadridge's New Distributed Ledger Sponsored Repo Solution

PR Newswire | October 06, 2023

Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR), today announced that UBS successfully went live on Broadridge's newly launched sponsored repo solution built on the DLT enabled Distributed Ledger Repo (DLR) platform. This sponsored repo solution marks the launch of the next phase in the rollout of Broadridge's DLR platform. Continuing to build on the initial success of the platform and leveraging the growing expansion of the network across the global repo community, this is a major step forward to providing clients with significant settlement cost savings, process simplification, scalability, and reduction of operational risks via distributed ledger technology and smart contracts. By digitizing our existing sponsored repo trade flow and incorporating those trade flows into our DLR tech stack on Broadridge's platform, we can increase efficiencies while reducing the risk of fails and lowering our settlement costs, said Christian Rasmussen, Head of Investment and Execution, Group Treasury UBS. We are always looking for innovative ways to reduce operational risks and believe this platform will help us accomplish our goals. "We are thrilled to announce the go live of BR's new sponsored repo solution, which leverages distributed ledger technology to help clients gain operational efficiencies and drive settlement cost reduction. This is the latest milestone in executing on our vision of transforming global repo market infrastructure and further demonstrating the power and value creation of DLR," said Horacio Barakat, Head of Digital Innovation at Broadridge. "We are empowering leading financial institutions with the ability to dramatically lower risk and operating costs and see enhanced liquidity." The global expansion of the DLR platform across both sell-side and buy-side firms enables a network effect of increased benefits and additional transaction types. Broadridge is a leader in bringing the benefits of distributed ledger capabilities to transform the global repo market, capturing $1 trillion dollars in monthly volume.

Read More

Investment Management

Finastra Advances Loan Document Strategy with Cloud-Based LaserPro

Finastra | September 08, 2023

In 2017, Finastra introduced FusionFabric.cloud, which has since become a leading open innovation platform for the industry. LaserPro, utilized by more than 2,500 financial institutions, is crafted to enhance and accelerate the loan processing journey for borrowers. LaserPro in the cloud will initially prioritize commercial and consumer closing document generation, with ongoing enhancements planned. Finastra has announced that its loan document preparation system, LaserPro, is currently accessible through cloud infrastructure. This introduction of LaserPro into the cloud environment aims to simplify loan document compliance management for financial institutions by employing a SaaS model. Mitch Lucas, Vice President of Retail Lending at Finastra, who heads the team based in Portland (Oregon) responsible for developing this solution, emphasized that deploying their lending technology in the cloud demonstrates their commitment to promoting cloud solutions across the financial services sector. He added that with the capabilities of LaserPro, borrowers can enjoy expedited decision-making, streamlined processes, and seamless integration with various vendors and services. LaserPro in the cloud equips financial institutions with the agility and scalability needed for expansion. It enables streamlined system access, accelerated compliance adjustments, and reduced IT costs for improved loan operation profitability. This solution lowers ownership expenses and enhances integration with core systems, e-signature solutions, and document management platforms, bolstering technological adaptability. LaserPro's provision of standard product templates and mandatory data fields also addresses evolving compliance requirements, expediting document preparation while ensuring compliance. Its cloud deployment strengthens regulatory adherence, bestowing a competitive edge by enabling swift adaptation to regulatory changes, reducing compliance costs, and fostering trust with customers and stakeholders. David O'Connell, Strategic Advisor at Datos Insights (formerly Aite Novarica Group), stated, The more cost-effectively lenders can have a uniform and automated approach to document generation, the better their borrower experience will be. This is particularly true in the case of the many smaller banks in North America competing against the small cohort of larger players. [Source: Cision PR Newswire] Finastra's introduction of LaserPro in the cloud underscores its commitment to delivering cutting-edge technological solutions to financial institutions. This cloud deployment streamlines operational processes, ensures continual compliance, and elevates the borrower experience. Finastra, a global provider of financial software applications and marketplaces, serves a diverse range of institutions, offering acclaimed software solutions and services encompassing lending, payments, treasury and capital markets, and universal banking, spanning retail, digital, and commercial banking. These solutions empower banks to foster direct customer relationships while expanding through indirect channels, such as embedded finance and banking-as-a-service.

Read More