Payments
Plooto | January 16, 2024
Plooto, a leading payment automation solution for small-to-midsized businesses (SMBs), has launched a payment orchestration offering that is custom-designed to support the complex workflows and security requirements of rapidly scaling businesses.
As the size and operational complexity of businesses increase, the risk of fraud and human error grows. This leads businesses to implement more rigorous security and control policies to keep the management of cash flow secure and reliable, placing additional burdens on finance teams including time, effort, and resources spent upgrading or building in-house solutions.
Similar challenges extend to accounting and bookkeeping firms, as their robust compliance processes and corresponding reputation are critical drivers of growth. Firms' ability to retain and expand client accounts hinges not only on strong relationships but also on their adherence to rigorous compliance standards, especially when it comes to financial data protection.
With this launch, Plooto brings to market the first solution in Canada to address these unique cash management challenges faced by midsize enterprises. This offering is priced at a competitive rate as organizations often cite cost as a barrier to adoption of cash management solutions. As volume and complexity of operations increase, businesses can trust Plooto to scale their needs seamlessly without straining their resources.
Coupling end-to-end payment automation with stringent security controls and seamless connection to enterprise resource planning (ERP) solutions, Plooto is now capable of helping even more businesses scale efficiently within their ecosystem.
Building upon Plooto’s core offering of simplified, all-in-one payables and receivables automation, new capabilities include
Dual Controls: Limits human error and protects against fraud through comprehensive approvals on changes to sensitive financial information Single Sign-On: Enterprise-level safeguards that enable security personnel to manage both user access to sensitive data and removal from a centralized hub as teams scale Integration with Oracle Netsuite: Seamless two-way sync automates reconciliation protecting against costly human error, reducing billable hours, and helping finance teams save time
"Our new offering enables finance teams to easily scale their workflows and gain the visibility they crucially need into their cash flow,” says Hamed Abbasi, Co-Founder and CEO of Plooto. “I’m thrilled that Plooto is expanding how we support growing SMBs, and that we are the first company to fill this critical gap for Canadian businesses.”
Having recently been awarded with Deloitte’s Technology Fast 500™ and Technology Fast 50™ designations for a staggering 3-year 433% growth rate, Plooto continues to provide industry-leading support for SMBs with a platform that enhances cash management through its all-in-one payment automation. Plooto has also recently expanded its leadership team, bringing extensive experience from major financial services companies such as Varo Bank, Xero, and PayPal.
About Plooto
Plooto partners with growing small-to-midsize businesses to give them complete control over their cash management. The all-in-one payment automation platform securely automates all payable and receivable workflows, offers extensive payment capabilities, and seamless integration with accounting software to automatically reconcile invoices. Founded in 2015 and headquartered in Toronto, Plooto serves over 10,000 North American businesses, and integrates with top accounting software platforms Quickbooks, Xero, and NetSuite. Simplifying complex processes at scale, Plooto is the financial engine businesses rely on to achieve their growth potential.
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Financial Management, Payments
TerraPay | January 09, 2024
Orange Finances Money Mali, a leading Electronic Money Establishment and subsidiary of Orange Mali, is proud to announce a groundbreaking partnership with TerraPay, a global cross-border payments network with an extensive reach. This partnership marks a significant milestone in the digital financial landscape for Mali, connecting over 12 Million Malians to the vast diaspora residing across the globe, including other African countries.
Bringing together Orange Finances Money Mali's commitment to promoting financial inclusion and TerraPay's proven expertise in facilitating secure cross-border payments, this partnership is set to empower Malians with innovative and seamless financial services.
Financial inclusion continues to be one of the biggest challenges across West Africa and Orange Finances Money Mali has been dedicated to bridging this gap by striving to boost accessibility and inclusion through their services. One of the key highlights of this alliance is the ease with which Orange Money Mali customers can either cash out the funds received in their wallets or directly use them for everyday needs, including bill payments, supermarket purchases, and person-to-person transfers.
Orange Finances Money is dedicated to issuing, managing, and distributing electronic money under the Orange Money brand in Mali.
Djeneba Tandjigora, Chief of Transfer Services and Core Business at Orange Finances Money Mali, expressed his enthusiasm about the collaboration, stating, "Orange Money Mali customers can now receive money transfers from several countries using TerraPay's global network. This strategic collaboration simplifies transactions making them quick and secure, enhances the customer experience for Orange Money users and strengthens financial inclusion in Mali."
Amel Kane, Regional Sales Manager Francophone West Africa at TerraPay, views this collaboration as an opportunity to enhance the quality of service and customer satisfaction. "With a direct connection to Orange Finances Money Mali, TerraPay can ensure a seamless cross-border payment experience, reducing operational issues and providing prompt assistance to our partner's clients. This collaboration reinforces our commitment to expanding our direct rails and continually improving our service offerings," stated Amel.
Combining Orange Finances Money Mali's rapidly growing client database and TerraPay's wide network spanning 120+ receive countries, 210+ send countries, 7.5Bn+ bank accounts, and 2.1Bn+ mobile wallets – this partnership is poised to make a significant impact on the region's digital and financial services landscape.
Partnering with Mali's biggest mobile money operator enables TerraPay to stay true to its commitment to quality and provide the best cross-border payment services in the region. Orange Finances Money Mali and TerraPay's strategic partnership not only strengthens connectivity between Mali and the global financial network but also positions both entities for accelerated growth in the digital payments landscape. The convenience and accessibility offered by this collaboration will undoubtedly benefit industry players, the public, customers, and merchants alike.
About TerraPay
TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive cross-border payments network regulated in 29 global markets and enabling payments to 120+ receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.
About Orange Finances Money Mali
Orange Finances Money Mali is an Electronic Money Establishment, subsidiary of Orange Mali and approved by the Central Bank of West African States. Created in 2015, the company guarantees the issuance, management, and distribution of electronic money under the Orange Money brand in Mali.
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Fintech
VoPay | January 11, 2024
VoPay, a leading provider of embedded financial technology solutions, has launched VoPay Verify, an Instant Bank Account Verification solution via microtransactions - pioneering the first-of-its-kind service in Canada and the United States. Recognizing the escalating adoption of bank account payments as a credit card and paper cheque alternative, the demand for a steadfast bank account verification method has become imperative for businesses. VoPay’s innovative solution empowers enterprises to rapidly authenticate and confirm any US or Canadian bank account, eliminating the protracted waiting times of up to 24 hours or more for micro-transactions to finalize.
Micro-transactions, a stalwart tool for confirming bank account ownership over the years, entail crediting or debiting a nominal amount into the account. They offer several advantages for businesses, encompassing heightened security, improved user experience, regulatory compliance, and reduced chargebacks. However, the current process is notoriously slow and disruptive to users' experience, with transactions typically spanning at least a day to complete. By leveraging VoPay's real-time transaction capabilities, companies will reduce the risk of reversals, NSFs, and transaction failures, ultimately improving their bottom line. VoPay Verify offers a fully managed account verification experience by providing a pre-built user experience and intellectual logic that determines the transaction amount considering many different risk criteria.
“This initiative gives our clients an out-of-the-box method for account verification. It means that they don't have to stitch together a solution and can utilize an optimized set of endpoints for micro-transaction verification,” says Hamed Arbabi, VoPay Founder & CEO. “Fast and easy account validation has become a crucial component in customer onboarding, and enterprises are struggling to find a fast, reliable, and cost-effective way to validate new accounts. VoPay's new Instant Micro-Transaction Verification tool does just that.”
VoPay's latest offering further strengthens the company's position as the leading provider of Fintech-as-a-Service tools and a go-to provider for businesses looking to integrate embedded financial services into their offerings.
VoPay Verify will be available to new and existing customers from February 1st. Sign up here for early access.
About VoPay
At the core of VoPay's offering is a multi-tenancy architecture, seamlessly integrated with a comprehensive payment engine and financial services solutions, epitomizing the concept of Fintech-as-a-Service. For software enterprises seeking to accelerate growth, expedite time to market, reduce operational costs, and enhance efficiency within their core platform, VoPay provides an embedded payment solution.
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Financial Management
Finix | January 10, 2024
Finix, the payments technology provider enabling businesses to accept and send payments online or in-person, announced the launch of Payouts, its latest standalone product line. Payouts enables businesses across all industries to efficiently send money at scale, regardless of whether they utilize the broader Finix payments platform.
Businesses often encounter challenges when they need to disburse funds due to siloed payment flows and needing to manage multiple vendor relationships to send and receive payments through various payment methods. In addition, businesses can be delayed waiting for bank approvals and integration resources. Now, Finix Payouts enables fast and reliable money movement–to one or many recipients at once–via a single developer-friendly API. Payouts has many use cases such as business-to-business (B2B) account payables, gig economy wages, insurance claims, tax refunds, sales commissions, tips, contractor payouts, and more.
"Businesses can encounter many challenges when sending money at scale. Teams may face cumbersome technical integrations, manual payment operation workflows, and cash flow challenges, which can create a reconciliation nightmare," said Richie Serna, CEO and co-founder of Finix. "With Finix Payouts, companies of all sizes can get started in a few hours, configure their payment flows and methods to satisfy their business needs, help alleviate complications and intermediaries, and start sending money without spending an extensive amount of time or resources. Instead, they can focus on what matters most: their product, customers, and business growth."
"Launching this separate product line, Payouts, is further evidence that Finix is continually and rapidly evolving to meet the dynamic needs of businesses," said Anthony Sharett, President of Pathward®, N.A. and Pathward Financial, Inc. "Pathward is proud to deepen our partnership with Finix and continue working together to broaden accessibility to the financial system."
Finix will utilize Mastercard Send™ and Visa Direct to enable card-based payouts allowing U.S. businesses to quickly send money to bank accounts or eligible cards.
Key features of Payouts include
24/7 Card Payout Availability
Disburse funds to cards in near real-time1, 365 days a year – including weekends and holidays.
Real-time Bank Account Validation
With Finix's integrations, businesses can get up and running quickly and seamlessly link and validate bank accounts in real-time.
Flexible Payment Maximums Based on Industry:
Businesses can have custom disbursement limits for push-to-card and bank transfers to effortlessly scale their processes.
All-in-One Platform
By integrating with Finix's complete solution, users can send payments via ACH, real-time payments, and to cards with Mastercard Send™ and Visa Direct, in a single API.
Embedded Compliance
Finix conducts the necessary compliance checks on recipients ahead of sending money between parties.
Reliable, Detailed Reporting
Businesses can manage their payout services with out of the box tools, customizable reporting, and detailed recordkeeping.
"In today's digital environment, it's vital that businesses of all sizes can securely access and send funds in near real-time, whenever and wherever their work takes them," said Silvana Hernandez, Executive Vice President, Product and Engineering, North America, Mastercard. "By working with Finix, we're helping businesses meet the demands of our always-on digital world, enabling them to seamlessly integrate Mastercard Send into their day-to-day operations to move money safer, faster and more efficiently."
"Visa Direct provides a single point of access and reach to over 8.5B+ endpoints capability, including 3B+ eligible cards, 3B+ bank accounts and 2.5B+ wallets around the world," said Yanilsa Gonzalez-Ore, North America Head, Visa Direct. "This collaboration reflects our shared commitment to streamlining global money movement and we're excited to bring streamlined disbursement capabilities to more businesses across the U.S., enabled by Visa Direct."
About Finix
Finix is a full-stack payment processor and infrastructure provider powering customers such as Clubessential, Passport, and Kabbage. From startups to publicly traded companies, Finix offers everything needed to deliver a world-class payments experience. Leading software platforms, marketplaces, retail, and e-commerce businesses use Finix's universal payments API and dashboard to accept payments, automate workflows, enhance customer experiences, and quickly grow revenue.
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