Treasury Prime | September 20, 2023
Treasury Prime, a leading provider of state-of-the-art embedded banking software solutions, has formally introduced a strategic collaboration with Astra, a tech company renowned for its expertise in pioneering instant payment solutions. This partnership signifies a significant step forward in modern financial technology.
Mark Vermeersch, Chief Platform Officer at Treasury Prime, expressed that Astra's transfer technology offers remarkable speed, efficiency, and accessibility. When combined with an embedded finance marketplace, it has the potential to revolutionize transaction processes for businesses and end-users, thereby shaping a more interconnected and dynamic financial sphere.
By harnessing Astra's cutting-edge technology, Treasury Prime's customer base gains access to instant account funding and swift disbursement options via the push-to-card feature. This enhancement marks a significant stride in streamlining payment processes, promising increased efficiency and effectiveness for financial institutions and corporate entities.
Gil Akos, Co-Founder and CEO of Astra expressed enthusiasm about the partnership with Treasury Prime. He emphasized the significance of instant payment technology in revolutionizing financial transactions by providing expedited access to funds while ensuring elevated efficiency, security, and convenience levels. He anticipates that this collaboration will empower businesses to harness the potential of instant transactions, fueling growth, improving customer experiences, and promoting financial inclusion.
These recent partnerships with Sardine and Checkout.com signify Treasury Prime's commitment to forging strategic alliances, further solidifying its position as a leader in the industry. Additionally, the introduction of OneKey Banking, a pioneering multi-bank solution, and the successful closure of a $40 million Series C funding round earlier this year have underscored the company's dedication to innovation and growth within the financial technology sector.
About Treasury Prime
Treasury Prime offers comprehensive, sophisticated services, including money transfer, risk management, and access to a chartered bank's infrastructure. It collaborates with forward-thinking financial institutions to foster responsible innovation and expand access to banking products and services across diverse population segments. The company's excellence has been recognized through awards such as the Best Banking-as-a-Service Platform in the Tearsheet Embedded Awards for 2021 and 2022 and its inclusion in CB Insights' prestigious 2021 Fintech 250 list.
Astra is a prominent purveyor of cutting-edge bank-to-bank transfer technology tailored for financial institutions, fintech companies, and enterprises. Gil Akos and Sam Morgan co-founded the company in 2016. The company's distinctively designed, vertically integrated API offers a streamlined means for developers to seamlessly incorporate financial automation into their pre-existing products.
Mastercard | September 15, 2023
The Open Payment Network streamlines global SME transactions, ensuring prompt and secure payment processing at every stage.
Despite digital payment growth, SMEs still face transparency and predictability challenges in cross-border transactions, as per Mastercard's 2022 Borderless Payments report.
As per the report, 39% of SMEs cited sluggish cross-border payments as hampering supply chains, with 25% reporting supplier refusals due to payment timing uncertainties.
Mastercard and Paysend have formally solidified their ongoing partnership, marking a significant milestone in their shared commitment to enhancing the efficiency and effectiveness of cross-border payment services explicitly tailored to the needs of small and medium-sized enterprises (SMEs). This renewed collaboration underscores their dedication to addressing the intricate challenges faced by SMEs engaged in global trade, aiming to provide innovative solutions that facilitate seamless international financial transactions, foster business growth, and bolster economic resilience for these vital enterprises.
This initiative, referred to as the 'Open Payment Network,' directly responds to the increasing need from SMEs for reliable and secure solutions that can facilitate prompt international fund transfers and vendor payments. It will manage the entire payment process, from inception to finalization, facilitating instantaneous fund transfers through established connections with local network affiliates and real-time payment systems.
Mark Barnett, President of Mastercard Europe, expressed enthusiasm about strengthening the collaboration with Paysend to enable SMEs to conduct instant transactions globally, regardless of time or location. He emphasizes Mastercard's steadfast commitment to fostering the advancement and success of SMEs in the digital economy.
Abdul Abdulkerimov, Co-Founder and Chairman, Paysend remarked,
With a shared vision to provide innovative financial products and solutions to our customers, Mastercard has been a key partner to us on our journey to improve the efficiency of the financial system and make cross-border payments safe, fast and convenient.
[Source: Cision PR Newswire]
Furthermore, Paysend has become a Mastercard Send Partner Program member, designed to assist fintech companies, acquirers, processors, and platforms in providing nearly real-time digital payments to their clientele. The company will leverage Mastercard's extensive network to establish additional channels for person-to-person transactions connecting Europe with other regions worldwide. This initiative is an essential component of Mastercard's objective to facilitate an all-encompassing digital economy that yields advantages for individuals across the globe.
SoFi | September 15, 2023
RiskExec, Inc., a subsidiary of Asurity Technologies, has disclosed that SoFi, a digital personal finance company, will utilize RiskExec's software to fulfill its compliance and reporting needs.
This move underscores RiskExec's position as a trusted compliance solution for modern financial institutions, offering swift geocoding of data, rigorous edit checks, and insightful analyses across various sectors, including banking, mortgage lending, credit unions, automotive lending, and digital lending.
Angela Smedley, CRA Officer at SoFi, has expressed her appreciation for RiskExec's improved geocoding capabilities, customizable features, and exceptional customer support. She said these attributes have enabled the company to enhance efficiency in its consumer loan review process, ultimately contributing to an improved experience for prospective and existing members.
Meanwhile, Dr. Anurag Agarwal, PhD, President of RiskExec, also expressed the company's dedication to delivering precise and up-to-date analytics to assist SoFi in achieving its CRA objectives. This commitment comes as SoFi joins the ranks of RiskExec users, with the successful integration of RiskExec significantly enhancing its CRA program. Amidst the dynamic and demanding regulatory framework, RiskExec provides banks with essential tools to ready themselves for regulatory assessments. This includes conducting comprehensive trend analysis and evaluating performance, encompassing areas within and outside the designated assessment regions.
Asurity offers compliance-focused solutions to the mortgage, retail banking, and consumer lending. Its flagship SaaS product, RiskExec, combines compliance expertise with advanced reporting and analytics software. This enables lenders to meet regulatory requirements and achieve their business goals effectively. Financial institutions widely use RiskExec for data analysis and compliance in various financial products. The company also provides Propel for compliant mortgage document generation and RegCheck for comprehensive compliance assessments using loan-level data from integrated LOS systems.
SoFi is a member-centric digital financial services platform dedicated to helping individuals achieve financial independence and realize their goals. With over 6.2 million members, the company offers a comprehensive suite of financial products and services, providing fast access to tools for borrowing, saving, spending, investing, and financial protection - all within a single app. Beyond financial services, SoFi supports its members with resources such as career advisors, certified financial planners, exclusive experiences, and a thriving community, guiding them on the path to financial independence.