U.S. Senate passes funding bill to avert government shutdown this week

Investing.Com | November 21, 2019

The U.S. Senate on Thursday passed legislation that would continue the funding for a wide range of federal agencies through Dec. 20 and avoid partial government shutdowns that otherwise would begin on Friday, when existing money expires. The Senate approved the bill by a vote of 74-20. The legislation now goes to President Donald Trump for his expected approval, as the House of Representatives also passed this measure on Tuesday. Between now and Dec. 20, House and Senate negotiators will seek agreement on how to divvy up money across all of the federal bureaucracy. They are hoping to come up with legislation to keep the government operating through Sept. 30, 2020, the end of this fiscal year.

Spotlight

Traditional IRA contributions are tax deductible on both state andfederal tax returns for the year you make the contribution, while withdrawals in retirement are taxed at ordinary income tax rates. Roth IRAs provide no tax break for contributions, but earnings andwithdrawals are generally tax-free.

Spotlight

Traditional IRA contributions are tax deductible on both state andfederal tax returns for the year you make the contribution, while withdrawals in retirement are taxed at ordinary income tax rates. Roth IRAs provide no tax break for contributions, but earnings andwithdrawals are generally tax-free.

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FINANCIAL MANAGEMENT

Trustar Bank Raises $18 Million in New Capital in Latest Stock Offering

Trustar Bank | July 21, 2022

Trustar Bank is pleased to announce the successful completion of its recent capital raise. In less than a month’s time, the offering surpassed its initial $15 million goal, resulting in an over-subscription of 36% and over $20 million in received subscriptions. To accommodate the overwhelming investor support, the offering will be “up-sized” by approximately 20%, for a total capital raise of $18 million. This is the Bank’s second oversubscribed stock offering, the first taking place prior to the Bank’s inception in early 2019. “We are excited to have the continued investor support affording us the opportunity to build an outstanding financial institution serving the needs of our community. This new capital will further position the Bank to effectively implement our growth strategy and build stockholder value,” CEO Shaza Andersen said. “We are excited to have the continued investor support affording us the opportunity to build an outstanding financial institution serving the needs of our community. This new capital will further position the Bank to effectively implement our growth strategy and build stockholder value,” CEO Shaza Andersen said. About the Bank - Trustar Bank is a full-service bank offering comprehensive banking products and services to small- and medium-sized businesses and consumers. It is the first bank to be chartered and opened in Virginia in over a decade. For more information, please visit Trustar Bank online at trustarbank.com.

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FINTECH

Airwallex named “Startup of the Year” in US FinTech Awards 2022

Airwallex | September 26, 2022

Airwallex, a leading global fintech platform, announced it has been recognized as the “Startup of the Year” in the US FinTech Awards. The US FinTech Awards celebrate the achievements and successes of the U.S. FinTech community each year. The awards honor innovators, directors, and rising stars across the U.S. industry through 20 categories. This year’s awards attracted hundreds of nominations across each category and across the full spectrum of fintech, and Airwallex is proud to be at the top. As winner of “Startup of the Year”, Airwallex was recognized by the judging panel to be “innovative and impactful, engaging and always enabling customers in the movement of money on a global scale. This fintech is well on its way to becoming established in the U.S. market and making the world even bigger for its target clients. A lesson in excellence.” “After launching in the U.S. just one year ago, to be able to take home the award for U.S. Startup of the Year is a true honor, That said, this is really just the beginning for Airwallex in the U.S. We are laser focused on ensuring we continue to strengthen our products and offerings so we can provide businesses in the U.S. and broader Americas region with a global infrastructure that can seamlessly support their payment and financial services needs.” -Ravi Adusumilli, General Manager, Americas at Airwallex Airwallex was first established in Melbourne, Australia in 2015, and is today, the leading financial technology platform for modern businesses growing beyond borders. The business operates with a team of over 1,200 employees in 19 locations across Asia-Pacific, Europe, and North America. In the U.S., Airwallex has a team of almost 50 across product and engineering, legal, risk & compliance, partnerships and sales, and is planning to continue expanding its U.S. team to further strengthen its foothold in the market. About Airwallex Airwallex is the leading financial technology platform for modern businesses growing beyond borders. With one of the world’s most powerful payments and banking infrastructure, our technology empowers businesses of all sizes to accept payments, move money globally, and simplify their financial operations, all in one single platform. Established in 2015 in Melbourne, our purpose is to connect entrepreneurs, business builders, makers and creators with opportunities in every corner of the world. Today, Airwallex has a global footprint across Asia-Pacific, Europe, and North America. About US FinTech Awards The US FinTech Awards is brought to you by FinTech Intel, the global market intelligence platforms for financial services technology. The US is home to the world’s premier financial services center and a burgeoning financial technology market. These awards were developed to celebrate this incredible community, and the achievements and successes of the country’s best and brightest. The categories are designed to cover the full spectrum of fintech, and submissions are judged by an independent panel of experts.

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FINANCIAL MANAGEMENT

Jack Henry & Associates to Acquire Payrailz

Jack Henry & Associates, Inc. and Payrailz | August 10, 2022

Jack Henry & Associates, Inc. announced today that it has entered into a definitive agreement to acquire Payrailz, adding the company's next-generation digital payment capabilities, including real-time person-to-person (P2P) payments, to Jack Henry's payments ecosystem. Based in Glastonbury, Conn., Payrailz provides cloud-native, API-first, AI-enabled consumer and commercial digital payment solutions and experiences that enable money to be moved in the moment of need, and banks and credit unions to successfully compete with industry disruptors. "We are excited about the opportunity to add these next-generation solutions to our payments capabilities, Our company is engaged in technology modernization that is supporting banks and credit unions with innovative solutions that enable them to respond to business opportunities and challenges, and to improve the financial health of their accountholders. Considering the importance of modern digital and payments strategies to financial institutions, we plan to acquire Payrailz as a strategic addition to our payments ecosystem, which enables our clients to simplify the complexity of payments, modernize their existing payment channels, and remain at the center of their account holders' payment experiences." -Greg Adelson, President and COO of Jack Henry Acquiring Payrailz supports Jack Henry's next-generation technology strategy that helps banks and credit unions innovate faster and meet the evolving needs of consumer and commercial accountholders. This acquisition also reinforces the company's mission to strengthen connections between people and financial institutions through technology and services that reduce the barriers to financial health. This acquisition enhances Jack Henry's payments-as-a-service (PaaS) strategy, which is a natural extension of its commitment to open banking and the ability to enable embedded finance and embedded fintech. Jack Henry supports the growing demand for PaaS with a virtual payments hub that consolidates money-moving solutions and supports numerous payment channels and types. Payrailz strategically complements this hub with next-generation capabilities for consumer and commercial bill pay, real-time person-to-person (P2P), account-to-account (A2A), business-to-customer (B2C) payments, and more. We are confident joining Jack Henry is in the best interest of our clients and our associates, As part of Jack Henry, we have the opportunity to leverage its financial strength and stability, extensive operational infrastructure, and industry, payments, and security expertise. Joining Jack Henry also enables us to build on our market reputation and accelerate our vision of providing smarter payment experiences. This acquisition provides significant growth opportunities with frictionless access to Jack Henry's existing clients and offers our clients peace-of-mind that Jack Henry has a long-term commitment to investing in the Payrailz platform and shares our service culture and standards. We are sincerely excited to join one of the industry's most respected and successful fintechs,said Fran Duggan, Payrailz CEO and Founder. About Payrailz Payrailz is a digital payments company offering advanced payment capabilities and experiences, including consumer and business bill pay, external and internal transfers, P2P, B2B, B2C, and other related solutions to banks and credit unions. Financial institutions can confidently embrace Payrailz's API-first and cloud-native technology engine to offer unique payment solutions to their consumers and businesses. Payrailz helps financial institutions meet the payment expectations of today and the payment innovation needs of tomorrow. About Jack Henry & Associates, Inc. Jack Henry (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 45 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 8,000 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health.

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