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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Payments
ServiceNow | January 25, 2024
ServiceNow the leading digital workflow company making the world work better for everyone, announced a five-year strategic alliance with Visa, a world leader in digital payments, to transform payment services. The initial phase includes the launch of ServiceNow Disputes Management, Built with Visa—a single, connected disputes resolution solution for issuers.
Managing disputes currently involves multiple systems and teams, and many financial institutions often use siloed solutions that are not fully integrated with one another. This disconnected approach creates complexity, delays crediting and resolving disputes, can create potential losses, and ultimately, impacts the customer experience. ServiceNow Disputes Management, Built with Visa is a streamlined solution that blends the best of ServiceNow’s AI-first platform and the company’s Financial Services Operations solution with Visa’s deep technology investments. Each year, Visa helps prevent $30 billion in fraud for consumers and small businesses using cutting edge technology, including tokenization and AI, deployed throughout the entire payments ecosystem, including disputes management.
“At the heart of our alliance is a commitment to build industry-leading products that help financial institutions boost employee productivity, create great customer experiences, and drive business growth,” said John Ball, senior vice president and general manager, customer and industry workflows, ServiceNow. “By making Visa’s services available through ServiceNow’s intelligent, AI-first platform, we’re powering innovation and setting a new standard in the payments industry.”
“Solving customer pain points is core to our business at Visa, and collaborating with an industry leader like ServiceNow will allow us to help issuer partners resolve disputes more efficiently,” said Vanessa Colella, global head of innovation and digital partnerships, Visa. “ServiceNow and Visa look forward to offering clients the latest technology solutions, so they can focus on delivering an excellent experience for their customers.”
ServiceNow Disputes Management, Built with Visa will unite the entire dispute management process – from the first indication that a charge is questionable to early resolution, investigation, and final resolution. It includes a single experience for solving disputes so that employees can have high quality engagements with cardholders, as well as dashboards, automation, alerts, and the ability to audit all transactions.
Two standout features enhance its efficiency: a modern, user-friendly low code platform that allows financial institutions to make swift updates to their disputes management process, and generative AI-powered experiences that improve customer intake and agent investigation. The solution also incorporates ongoing changes to disputes rules and applies industry best practices for processes, workflows, and staying ahead of fraud.
“Banks should prioritize their CX efforts around the drivers that most influence customer loyalty. For example, resolving problems and issues quickly remains one of the most important drivers of CX and retention for many banks,” wrote Alyson Clarke, principal analyst at Forrester Research. “Banks that adopt modern and flexible digital banking processing platforms will find it easier and faster to deliver innovative (and profitable) customer solutions.”1
ServiceNow is committed to revolutionizing financial services with new products and services. This initial integration marks the beginning of a more extensive, multi-phased relationship between Visa and ServiceNow. The companies will continue to build new solutions and will distribute Visa products and services to joint customers. Together, ServiceNow and Visa will help clients improve dispute management.
1Forrester, Consumer Banking Trends, 2024: Trends Shaping Retail Consumer Banking In The Current Economic Climate, Jan 17, 2024
About ServiceNow
ServiceNow makes the world work better for everyone. Our cloud‑based platform and solutions help digitize and unify organizations so that they can find smarter, faster, better ways to make work flow. So employees and customers can be more connected, more innovative, and more agile. And we can all create the future we imagine. The world works with ServiceNowTM.
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Fintech
Renovus Capital Partners | January 05, 2024
Renovus Capital Partners announced an investment in Behavioral Framework, a leading provider of applied behavior analysis (ABA) therapy for children diagnosed with autism spectrum disorder (ASD).
Framework was founded in 2017 in Rockville, Maryland by Angela West, with the mission of helping children diagnosed with autism and their families understand, improve, and lead functional, productive lives. Behavioral Framework's best-in-class clinical model leverages the scientific principles of ABA, a family-focused mindset, and an organization-wide commitment to excellence to unlock each child's potential. Pathways, a division of Behavioral Framework, provides autism diagnostic services. Behavioral Framework's dedicated team serves children and families across Maryland, Virginia, and Washington DC.
"We're thrilled to welcome Renovus to Behavioral Framework and usher in the next chapter of our growth as we continue to build a world-class autism services organization focused squarely on the needs of our clients and their families," said Kyle West, Behavioral Framework CEO. "There is a critical need nationwide for autism diagnostics and ABA therapy. Operating from our shared values and vision, the Renovus team will help us accelerate our growth and provide life-changing diagnostics and therapy to as many children and families as possible."
"Kyle and Angela have established a strong leadership position in the growing ABA space with a unique focus on compassion for the people they serve and achieving measurable results on their behalf," said Jesse Serventi, Founding Partner at Renovus. "We are proud to support a passionate team as we seek to advance the important impact Behavioral Framework is making in the lives of children and families affected by autism, while growing to reach new communities."
"Our success in helping our clients achieve meaningful outcomes is built around holding ourselves to the absolute highest standards, individualized care, and a family focus," said Angela West, Behavioral Framework Chief Clinical Officer. "Our decades of experience have taught us that strong leadership combined with research-based programming and compassionate care are fundamental keys to better outcomes for patients on their path to independence. Renovus shares this commitment and we look forward to their support in the coming years."
A team led by senior banker Erika Haanpaa of Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Behavioral Framework.
About Behavioral Framework
Behavioral Framework is a leading provider of autism diagnostic services and ABA therapy in Maryland, Virginia, and Washington DC. Since 2017, Behavioral Framework has provided clinically exceptional care and measurable client outcomes for thousands of children diagnosed with autism and their families. Our team of dedicated behavioral experts is committed to providing our diverse community with consistent, quality care based on decades of research and best practices. Passion motivates us, progress sustains us, and measurable results help our clients reach their lifelong potential.
About Renovus Capital Partners
Founded in 2010, Renovus Capital Partners is a lower middle-market private equity firm specializing in the Knowledge and Talent industries. From its base in the Philadelphia area, Renovus manages over $1 billion across its three sector focused funds and other strategies. The firm's current portfolio includes over 25 U.S. based businesses specializing in education and training, healthcare services, technology services and professional services. Renovus typically partners with founder-led businesses, leveraging its experience within the industry and access to debt and equity capital to make operational improvements, recruit top talent, pursue add-on acquisitions and oversee strategic growth initiatives.
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Core Banking
Backbase | January 12, 2024
Backbase, the global leader in Engagement Banking, has made an agreement with Danske Bank, a leading Nordic bank based in Copenhagen, Denmark.
This agreement provides Danske Bank with access to Backbase's Engagement Banking Platform, which will progressively be implemented across our digital channels in the coming years. This will enable Danske Bank to offer its customers a continuously improved digital customer experience, as the enhanced flexibility allows it to tailor its business operations around customer journeys.
Frans Woelders, Chief Operating Officer at Danske Bank, highlights: “This engagement is a testament to our customer focus and our commitment to ensuring the best digital banking experience for the future. A new platform that works across the web, mobile apps, and our adviser tools is one of the ambitions in Danske Bank’s Forward ’28 strategy, and the agreement with Backbase is the next step towards achieving that ambition.”
Our Engagement Banking Platform plays a pivotal role in achieving
Modernization and simplification of the existing IT landscape by reducing the number of silo-ed channel applications.
Mobile-first engagement model, establishing a customer-centric approach, seamlessly guiding customers between automated and expert advice.
Unified platform, consolidating data, business logic, and workflows into a single, customer-centric platform for efficient journey orchestration, benefiting both customers and bank employees.
Agility and freedom, enhancing flexibility to swiftly implement business capabilities and adapt to evolving market dynamics.
Christian Bornfeld, Head of Personal Customers and Financial Crime Risk and Prevention at Danske Bank, says: “This platform will allow us to take our interaction with customers through our digital solutions to the next level and to introduce enhancements at greater speed than ever before. It will thus enable us to provide market-leading convenience and personalization for our customers with great insights, increased proactivity, and easy access to assistance and advice.”
Jouk Pleiter, Founder and CEO of Backbase, shares, “We are thrilled to announce the engagement with Danske Bank, a visionary collaboration set to redefine the future of banking. Together, we will execute a bank-wide, digital transformation program and elevate Danske Bank's customer experience to new heights.”
About Backbase
Backbase is on a mission to re-architect banking around the customer.
Backbase created the Backbase Engagement Banking Platform – a unified platform with the customer at the center, empowering banks to accelerate their digital transformation. From customer onboarding to servicing, loyalty, and loan origination, our single platform — open and frictionless, with ready-to-go apps — improves every aspect of the customer experience. Built from the ground up with the customer at the heart, our Engagement Banking Platform easily plugs into existing core banking systems and comes pre-integrated with the latest fintechs so financial institutions can innovate at scale.
Industry analysts Forrester, Gartner, Celent, Omdia, and IDC continuously recognize Backbase’s category leadership. Over 120 financials around the world have embraced the Backbase Engagement Banking Platform - including AIB, Banorte, Barclays, BIAT, Bank of the Philippine Islands, BDO, Banque Saudi Fransi, BRD, Citibank, Citizens Bank, Discovery Bank, First National Bank, HDFC, Ila Bank, KeyBank, Lloyds Banking Group, NatWest, Navy Federal Credit Union, OTP Group, PostFinance, Raiffeisen, RBC, Standard Bank, Saudi National Bank, Société Générale, Truist, and TPBank.
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