FINANCIAL MANAGEMENT, FINTECH
SUNRATE | November 28, 2022
FinTech company SUNRATE, the global payment and treasury management platform announced that it has entered into a partnership with Agoda. SUNRATE will be integrating its online travel solution with the global digital travel platform.
Beyond virtual cards issuance
The partnership is announced one month after ITB Asia 2022, where SUNRATE shared with travel stakeholders on how its holistic online travel solution, comprising of virtual cards issuance is revolutionising travel payments. For example, any online travel agency can easily set spend limits, define usage, and choose the vendor using a virtual card. This gives its travel partners entire control over how spending are allocated and tracked. One major feature of virtual cards is security. Technology, such as application programming interfaces (APIs) has eliminated the possibility of card information being abused when given, by providing a limited window of use for a single card. SUNRATE is certified to the international financial data security standard: Payment Card Industry Data Security Standard (PCI DSS) Level 1.
"At SUNRATE, we are committed to constantly innovate our offerings, so that ultimately, we can be the one-stop B2B partner for the travel industry, by solving different business needs for our travel partners and customers. We look forward to working with even more partners from the travel industry and beyond,"
- Shawn Qin, Head of Card Business, SUNRATE
SUNRATE is the intelligent global payment and treasury management platform for businesses worldwide. Since its inception in 2016, we are recognised as the leading provider of cutting-edge payment and treasury management solutions. We have enabled companies in 130+ countries with our proprietary platform, extensive network, comprehensive product suits, and robust APIs to scale local and global growth. With offices in Shanghai, Hong Kong, Tokyo, Singapore, Jakarta, and London, SUNRATE partners with the top global financial institutions, such as Citibank, Standard Chartered Bank, Visa, and Mastercard. We are licensed and regulated by the Financial Conduct Authority of the UK, the Bank Indonesia, the Hong Kong Customs as a Money Service Operator, and the Monetary Authority of Singapore as a Major Payment Institution.
Brankas | November 24, 2022
Open Finance technology leader Brankas has developed "Brankas Open", a first-of-its-kind open source license for the next generation of Banking-as-a-Service and Open Finance software.
The "Brankas Open" license is meant to encourage digital banking and fintech innovation and lower the cost barriers for startups, neobanks, and even traditional institutions to quickly prototype and launch new solutions, while retaining their own source code. Customers will benefit from more choice and better user experience, as companies have open access to use, modify, redistribute, and collaborate on the publicly available Brankas Open code.
The inspiration for Brankas Open came when Brankas received a grant from the Monetary Authority of Singapore in November 2021 to develop Brankas APIX Open Core, a proof of concept open source core banking system.
Recognizing the need for a modernized Open Source framework to address new Open Finance technology, Brankas looked to existing open-source licensing frameworks in order to develop Brankas Open. Brankas felt that this framework was necessary to protect community contributions, ensure open access, and comply with financial institutions' data protection and security requirements.
"Brankas' Open license allows our team to build and contribute in a way that is fair, equitable, and open to independent developers, FIs, and to our partners. With this license, Brankas is able to continue to invest in the greater open source community, and to share our code freely with the world,"
- Brankas co-founder and CTO, Kenneth Shaw
Brankas has been advised by Ren Jun Lim, Alex Toh and Darren Leong from Baker McKenzie's Singapore-based Intellectual Property and Technology (IPTech) practice group.
Brankas is the leading Open Finance technology provider in Southeast Asia. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their Open Finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas' secure Open Banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.
About Baker McKenzie
Baker McKenzie provides integrated client solutions that are underpinned by deep practice and sector expertise, as well as keen local market knowledge. These connected solutions provide insight and foresight, empowering business leaders to make the right decisions across siloes. Gain access to seamless legal advice across all your IP and technology needs including protecting and commercialising your intangible assets, advice on licensing and regulatory matters, legal issues in the area of internet of things (IoT), data protection, sector-specific dispute resolution, tax-related issues, labour law, competition and antitrust, commercial contracts and restructuring. Benefit from a team with a unique culture which enables our 13,000 people to work with clients as trusted colleagues and friends to drive innovative growth that is both sustainable — and inclusive.
FINANCIAL MANAGEMENT, FINTECH
Freedom Bank | November 29, 2022
The Freedom Bank of Virginia announced it launched a new digital invoicing and payment solution for business clients powered by Autobooks. These new services allow Freedom's small business clients to leverage easy invoicing and payments options seamlessly integrated and available within the Bank's online and mobile banking platform. Business clients can quickly and easily generate professional looking invoices and send them directly to their customers' inbox. Each invoice includes a "pay now" button that recipients can use to make their payment safely and securely using a credit card or ACH. There is no monthly cost for the service and clients only pay the merchant fees for credit card transactions and ACH payment sent by their customer.
"Freedom Bank is thrilled to add these new digital and payment services to our robust suite of digital banking solutions. We pride ourselves on offering our clients online access to critical money management tools one would only expect at a larger bank. At Freedom we combine a technology forward focus business owners need with a more personalized relationship and advice small businesses want,"
- Joe Thomas, President and CEO
About Freedom Bank
Freedom Bank (OTCQX: FDVA) is a next-generation community bank, headquartered in Fairfax, Virginia, offering commercial banking, personal banking, and mortgage banking solutions using banker expertise and innovative technology to build lead relationships with clients. Focusing on businesses, real estate owners, and professionals, Freedom Bank concentrates on key industry verticals to deliver unique, sector-specific solutions to help clients meet their goals and realize their dreams. Freedom Bank has sales office locations in Fairfax, Vienna, Reston, Manassas, and Chantilly, VA. The Freedom Bank Mortgage Division is headquartered in Chantilly, VA and the Freedom Bank Small Business Lending Division is headquartered in Harrison, NY.