FINTECH

Barclays and Rainmaking Partnered to Help FinTech Leaders with Strategic Innovations

Barclays | February 04, 2022

Barclays_and_Rainmaking
Barclays announced its strategic partnership with Rainmaking, a corporate venture builder leader, to provide innovatory services to FinTech leaders. With Rainmaking, Barclays will launch initiatives to scale up financial services and help companies to grow.

The first initiative is to launch the Rise Start-Up Academy, a virtual digital skills-building accelerator. The initiative is targeted to the idea- and early-stage FinTech companies. Applications are already live for companies addressing emerging Fintech trends that include climate, equality, the future of money, many other financial activities. Apart from this, Rise Growth Academy is yet another initiative that will be launched to provide capability development around crucial areas such as recruitment, investment readiness, leadership development, and accelerating sales.

In addition, a FinTech Venture Studio is also in the league to go live in 2022. The venture is focused on co-developing new FinTech ventures, working with start-ups, internal talent, and other leading companies. Barclays will have a support system for its ambition to transform banking for customers and clients it serves through this partnership. The Barclays Group Innovation team will be working closely with start-ups at each level of innovation to introduce new products and services to market rapidly.

While the news was spread, "Innovation is critical in driving growth in today's challenging business environment and in solving some of the most pressing problems society faces today. "We have been humbled by the incredible FinTechs we have worked with, and we understand first-hand the power of collaboration to evolve and unlock opportunities for our customers, clients, colleagues, and the communities in which we operate. So we are very excited to work with Rainmaking to push the boundaries of corporate innovation further and ensure collaboration is at the heart of our FinTech strategy."

Mariquit Corcoran, Group Chief Innovation Officer at Barclays.

Rainmaking has presented a remarkable track record in partnering with giant corporates to build successful new ventures. The company is taking the initiatives based upon the proven methodology that it has already used to make 65 of its ventures. Also, with the help of its subsidiary, Startupbootcamp, it accelerated over 950 start-ups and over 100 cohorts. Out of which, only 10% of early-stage start-ups survived. According to Rainmaking, the last venture led to 4,626 jobs and raised above $800 million in funding.

We are working with Barclays to drive positive change and play an active role in stimulating growth and opening up future revenue opportunities for founders of new businesses. By providing the tools to enhance digital skills, founders can build and scale their businesses for future revenue growth. The new suite of meaningful and cutting-edge FinTech programs will combine the power of entrepreneurship while unlocking the scale strengths and the deep domain expertise of Barclays."

Chris Locke, CEO Europe, Rainmaking.

Spotlight

Sometimes the hardest part of saving money is just getting started. Learn the basics of saving money and how to create a personal savings plan that will grow over time.


Other News
FINTECH

Future FinTech and China Foundation of Consumer Protection Begins Trial Operation of Blockchain Technology System

Future FinTech | March 28, 2022

Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a leading blockchain-based e-commerce business and a fintech service provider, announced today that its wholly-owned subsidiary Cloud Chain Network and Technology (Tianjin) Co., Ltd. ("Cloud Chain Network", formerly known as Chain Cloud Mall Network and Technology (Tianjin) Co., Limited) and the Anti-Counterfeiting Committee of the China Foundation of Consumer Protection (the "Anti-Counterfeiting Committee"), began the trial operation of its jointly developed Blockchain Quality and Safety Traceability System. The need for the system is attributable to the '3.15 China Brand Responsibility Plan', which is intended to address b2c abuses as part of China's consumer rights initiative. The Blockchain Quality and Safety Traceability System includes three independent systems as follows: Credit Verification System – an anti-counterfeiting server that is responsible for recording and maintaining the anti-counterfeiting joint signatures of the Anti-Counterfeiting Committee and the enterprises for their products on the blockchain; the Anti-Counterfeiting Committee is responsible for its maintenance and operation. Engagement Protocol Decoder – converts the blockchain based signatures of the Anti-Counterfeiting Committee and the enterprises to QR bar codes for consumers to easily scan for specific products and its manufacturers recorded on the blockchain. The Anti-Counterfeiting Committee and Credit Verification System record and maintain anti-counterfeiting points earned by consumers from the scanning of product bar codes of such enterprises. The point system is a rewards mechanism that incentivizes consumers to participate in the anti-counterfeiting process where points can be redeemed for discounts for future product purchases on FTFT's blockchain-based online chain cloud shopping mall ("CCM"). Cloud Chain Network has developed software to connect bar codes with the blockchain record and is responsible for this operation. Enterprise Communication as a Service or eCAAS – is a service provided by the CCM shopping mall where consumers can redeem their anti-counterfeiting points at the stores of enterprises; Cloud Chain Network is responsible for this operation. Our jointly developed blockchain technology system addresses the requisites of the anti-counterfeiting edicts of the '3.15 China Brand Responsibility Plan' which is to create a transparent and accountable business-to-consumer ecosystem which can help to promote healthy economic growth. A key element of the blockchain security system is that it records signatures of both enterprises and the Anti-Counterfeiting Committee which assures both authenticity and honesty." Mr. Yan Zhi, General Manager of FTFT's Cloud Chain Network. The China Foundation of Consumer Protection was established in November 1989. It is supervised by the State-owned Assets Supervision and the Administration Commission of the State Council of China. Its mission is to protect the interests of consumers and implement its duties as a nonprofit consumer protection agency under the Consumer Protection Law of China. One of its main responsibilities is to support and participate in anti-counterfeiting activities and eliminate dishonest business behavior in the consumer products market. The Anti-Counterfeiting Committee of the China Foundation of Consumer Protection was established in July 2000. It is the first and only organization that is approved by China's Ministry of Civil Affairs that specializes in anti- counterfeiting in China. It focuses on cracking down on fake and shoddy products that harm the rights and interests of consumers. At present, it has established four service divisions which include a social investigation unit, a legal service unit, a news service unit and a commodity inspection unit; these units operate to eradicate counterfeiting in all of China's consumer sectors. About Future FinTech Group Inc. Future FinTech Group Inc. is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company's operations include a blockchain-based online shopping mall platform, Chain Cloud Mall ("CCM"), supply chain financing services and cryptocurrency market data services. The Company is also engaged in the development of blockchain based e-Commerce technology, cryptocurrency mining, cryptocurrency investment management as well as financial service technology businesses.

Read More

BITCOIN AND CRYPTO

SoFi Launches No-Fee Cryptocurrency Purchases for Direct Deposit Members

SoFi | March 25, 2022

SoFi Technologies, Inc. (“SoFi”), the digital personal finance company, today announced members will now be able to invest part of every direct deposit into cryptocurrency¹ with zero fees². This feature builds on SoFi’s robust offerings for Checking and Savings³ accounts, which already includes no account or overdraft fees, up to two-day early paycheck⁴ and an industry-leading 1.00% annual percentage yield (APY).⁵ Members will be able to set a recurring purchase⁶ for the cryptocurrency of their choice with each paycheck for no purchase fee, investing either by dollar amount or percentage of their deposit, into one of 30 coins. This feature is currently live to all members with both a SoFi Invest®⁷ crypto account and SoFi Checking and Savings account. Crypto investing is rising rapidly. In the last year alone, SoFi doubled the number of investors setting up automatic, recurring crypto purchases, By adding the ability for members to automate crypto purchases right from their paycheck, we’re making it easier than ever for our members to customize how they manage their spending, saving, and investing all in one place to help them get their money right.” Anthony Noto, CEO of SoFi. Alongside no-fee crypto purchasing, SoFi has launched a new online educational center to explain the ins and outs of cryptocurrency to investors. The new center is an ongoing resource to both crypto newbies and seasoned veterans alike throughout their investing journey. This product is the latest expansion of SoFi’s offerings to make it simpler to get started with cryptocurrency investing, including its offering to redeem SoFi Credit Card⁸ points directly into cryptocurrency. These features were created to allow SoFi members to invest when and how they want, all in the same app they can manage their credit card, bank accounts and investments. About SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our over three and a half million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams.

Read More

CORE BANKING

Coast Central Credit Union Selects Access Softek’s Access Digital to Create a Digital-First Banking Experience

Coast Central | May 26, 2022

Coast Central Credit Union ($2.1 billion in assets) has selected Access Softek’s Access Digital, an omnichannel digital banking platform, for its comprehensive digital banking capabilities, tight integration with Corelation’s KeyStone core, real-time fraud protection, and conversational banking solutions to provide members with enhanced service across all digital channels. The credit union selected Access Softek because of the company’s innovative use of AI to power digital banking, fraud protection and member service features, such as conversational banking. The conversational banking chatbot will utilize advanced machine-learning capabilities to respond to commands and direct customers to the right solutions. Access Softek’s AI-powered chatbots leverage machine learning algorithms to answer a member’s question and share the appropriate answer in real-time. For more than 70 years, Coast Central has held a firm commitment to providing superior service in every member channel, so the expectations of both members and the credit union around technology are high, Access Softek’s AI-first approach will enable our members to efficiently complete banking tasks more efficiently into the future from wherever they happen to be, whenever they need it. We see Access Softek as a true partner in our priority to stay relevant and innovative, and we believe the team is as committed to providing quality service to us as we are to our members.” John Gracyalny, Vice President of Digital Member Services. Access Softek’s full suite of digital banking solutions enable members to connect with their credit union in a variety of ways and complete banking tasks regardless of branch hours. The mobile and online banking solutions work seamlessly together to create a true omnichannel experience for members. Access Softek’s end-to-end banking services will enable credit unions, like Coast Central, to personalize the digital experience, We are pleased to partner with Coast Central Credit Union and provide them with innovative digital banking solutions to meet the evolving needs of their members.” Chris Doner, founder and CEO of Access Softek. About Coast Central Credit Union Founded in 1950, Coast Central Credit Union (CCCU) is the largest member-owned financial institution in the Northern California counties of Humboldt, Del Norte, and Trinity, operating 11 Member Services Branches. CCCU has over 76,000 members, or 42% of the tri-county population, a 37% deposit market share, is the number one ranked auto and mortgage loan lender, and has a PFI rating of 81% of members. About Access Softek, Inc. Access Softek is the trusted partner of credit unions and banks, providing comprehensive Access Digital suite of banking solutions that includes everything consumers and business owners need from the basics of online and mobile banking to account opening and lending, conversational banking, biometric authentication, real-time fraud prevention, automated investing, crypto solution that can be integrated directly into a financial institution’s digital banking platform, modern intuitive member UI/UX, and other innovative products. Today, over six million customers securely and easily manage their money using Access Softek solutions. Access Softek sets the standard for the omnichannel digital banking landscape, and for over three decades continues to deliver industry firsts and ensure reliable support from its Berkeley, California, headquarters.

Read More

PAYMENTS

Paymerang Uses Amazon Web Services to Deliver World-Class Finance Automation Solutions

Paymerang | December 20, 2021

Paymerang is using Amazon Web Services (AWS) to empower mid-market businesses to accelerate vendor payment and deliver world-class customer service. To support the rapid growth of the company, Paymerang uses five AWS products for its operations and client services. Paymerang chose AWS because it simplifies and streamlines many time-consuming administrative processes while elevating existing database operations. The low cost and reputable products made it an easy transition to AWS. As Paymerang continues to expand, the company needed a cloud offering that is reliable and flexible enough to keep up with their rapid growth – so they turned to AWS. Using AWS's proven global infrastructure and database, analytics, contact center, and security capabilities, Paymerang has the ability to grow and scale their businesses while accelerating innovation in their payment automation solutions." Dave Trotter, Director of SMB Sales at Amazon Web Services, Inc. As a part of ongoing maturity and sophistication in the AP Automation space, Paymerang has made significant investment in migrating relational data storage to Amazon Aurora. Amazon Aurora enables Paymerang to leverage an enterprise class database technology with multi-region capabilities to read replicas, and automate crash recovery at a fraction of the cost of a proprietary database system. "This collaboration proves Paymerang's commitment to being a cloud-first company. We're thrilled to work with AWS, the best in the business, to power the next generation of fintech solutions," said Nasser Chanda, CEO of Paymerang. As the company grew, it realized the importance of using a premiere contact center solution with flagship application integration. Amazon Connect has streamlined payment operations by reducing the number of unique phone numbers while also greatly improving the quality of calls. Since implementation, Paymerang has seamlessly integrated the rich data generated from Amazon Connect and Contact Lens directly into their enterprise data lake. This creates advanced dashboards that quickly show supervisors how efficient the operations teams are performing. Paymerang is leveraging Amazon Cognito to integrate with their authentication and authorization systems to identify users in the system, authorize approved actions those users can execute based on their role, and integrate with fine-grained access controls using AWS Identity and Access Management (IAM). Amazon Cognito provides the peace of mind for Paymerang to know they have the army of security engineers at AWS on their side, allowing them to reallocate resources to building client-facing features. Paymerang generates rich data, and when exploring various analytics and reporting tools on the market, it was clear that the best tool at the best cost was Amazon QuickSight. The seamless integration between Amazon QuickSight and Paymerang created immediate time and cost savings. Amazon QuickSight has quickly become the primary report technology of choice, and Paymerang is already working to embed Amazon QuickSight dashboard capabilities into their products using Amazon QuickSight Q and embedded analytics. About Paymerang: Paymerang provides streamlined invoice and payment automation solutions that bring Accounts Payable (AP) departments into the modern age. Paymerang's solutions save AP departments hundreds of hours annually, enhance visibility, increase accuracy, improve efficiency, and earn rebates while reducing paper, fraud risks, and operating costs.

Read More