FINTECH

BNY Mellon and Saphyre Are Using Artificial Intelligence To Revolutionise Client Onboarding

BNY Mellon, Saphyre | June 10, 2021

BNY Mellon and Saphyre announced today that they would collaborate to use AI technology to transform the customer experience and significantly automate and accelerate client onboarding. This cooperation is part of BNY Mellon's OMNISM strategy, which involves collaborating with best-of-breed FinTech companies to innovate and support customers' investment goals.

By supplementing standard communication channels like as email, fax, and phone calls, Saphyre's platform provides seamless communication between clients and important stakeholders. The two companies' integration provides for more simplified communication, which reduces fund launch time to market, allows for more efficient cross-border trading, and improves customer experience.

"Time is a limited and valuable resource. BNY Mellon's collaboration with Saphyre seeks to save our custodial clients’ money and speed up the onboarding process. What used to take days or weeks is now almost instantaneous. This is just another example of BNY Mellon's digitization initiatives in the last two years that have directly benefited clients "Caroline Butler, BNY Mellon's Global Head of Custody, stated.

"It is a wonderful honour to have BNY Mellon joins the Saphyre team. We've demonstrated the ability to intelligently pre-fill client custody packs, allow for digital signatures, auto-setup SWIFT Reporting, Trade Message Routing, and Corporate Action standing instructions – all while smartly and dynamically monitoring market requirements and their respective document statuses – by applying our patented technology to their leading asset servicing operations. BNY Mellon is completely grabbing the innovation mandate in a post-COVID environment where AI and digital are crucial "Saphyre's CEO and Founder, Gabino M. Roche, Jr., stated.

About BNY Mellon
BNY Mellon is a worldwide investment firm committed to assisting customers with the management and servicing of their financial assets throughout the investment lifetime.
BNY Mellon provides knowledgeable investment and wealth management and investment services in 35 countries, whether for institutions, businesses, or individual investors.

About Saphyre
Asset owners, investment managers/hedge funds, broker-dealers, and custodians/prime brokers use Saphyre's unique AI technology to automate all pre-trade processes among multilateral counterparties. Saphyre's platform stores data and documents in memory, eliminating the need for customers to seek for or resubmit material, and streamlines flow in a digitally organised format that can be consumed and understood by any permissioned counterparty in the financial industry. Firms may use this technology to not only analyse risk more quickly and clearly, but also to speed up onboarding and reduce 70 percent to 75 percent of duplicated or unproductive post-trade procedures.

Spotlight

Foreign direct investment (FDI) is an investment made by a company or individual in one country in business interests in another country, in the form of either establishing business operations or acquiring business assets in the other country, such as ownership or controlling interest in a foreign company.


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PAYMENTS

SAT Introduces New and Effective Measures to Combat Capital Security Issues

SAT | December 30, 2021

SAT creates an electronic cash system that meets the needs of daily life, is of justice and equity, and has a high degree of privacy. As in the digital age, when using fiat for online transactions, people rely more on third-party institutions for transaction confirmation. Perhaps the concept introduced by SAT is not the most novel, but it is the most practical one. Because they believe payment is the most frequent behavior in people's daily life, which is important for everyone's lives. People rely more on third-party institutions for transaction confirmation when using fiat for online transactions in the digital age. The present method is that banks, act as a third party, confirm the transactions, and both parties can confirm the payment through the balance change in their bank account. But there are problems such as customer data leakage, transaction inconvenience, and insecurity if confirming transactions by third parties. On the other hand, SAT uses a decentralized peer-to-peer payment system to combat the aforementioned problems. At the same time, the system also has the characteristics of security and convenience. In the beginning, when Mr. Satoshi designed Bitcoin, it was envisioned as a cryptocurrency that matched real-life applications which could be used in daily life to pay for food, clothing, housing, and transportation. It must also be safe, fast, and highly private with no worries about intervention and personal data leakage from third-party authorities. However, the price of Bitcoin has soared from 0.1 U.S. dollars to thousands of U.S. dollars, causing difficulties in micropayments. Therefore, SAT upholds Satoshi Nakamoto's intention when creating Bitcoin. SAT works as a token of Bitcoin, dividing its market value, thus enabling micropayments, accelerating block generation time, and reducing transaction time. The mission of SAT is to popularize digital currency from exchanges and to become the world's most widely used cryptocurrency. The company thrives on representing a significant step forward in adopting cryptocurrency. In addition, SAT grants control to fund owners rather than relying on the credibility of third-party institutions. Transaction security means that no third party knows the personal information of the counterparty. The cost of counterfeiting is too high. Therefore, the SAT network will be designed to return credibility to users. Each user in a node is a witness, jointly building a transparent, secure, and highly private monetary system. SAT adheres to the spirit of Bitcoin and Satoshi Nakamoto's original intention. It continues using the SHA-256 hash algorithm. On average, as the number of leading 0 bits increases, the amount of work required will increase exponentially, and only one hash operation is required for block verification. Essentially, SAT is almost the same as Bitcoin, with only improvements in supply and block generation speed to meet the needs of a transactional version of Bitcoin. As the originator of crypto-currency, Bitcoin has created a decentralized digital currency with the help of blockchain technology, which is of cross-era significance. However, its price and design make it increasingly meaningful for collection. As for transactions, investors need a token. Thus, SAT coin was created by crypto-enthusiasts. At present, SAT is a new currency. Future planning will focus on developing payment systems, including ATM & POS machines, trading platforms, and mall facilities, on maturing the whole payment ecological chain. In an environment where trust in the authority of third-party institutions is questionable and data may be leaked, SAT, inspired by Bitcoin, has a similar technical basis and mechanism to Bitcoin and will surely lead to a new currency era. SAT will perfectly solve the problems existing in the present monetary payment structure with the decentralized and peer-to-peer transfer. Due to the pandemic, people's payment habits will also shift to contactless payments. For SAT, this is a great opportunity for promotion, while the price of SAT is hovering between 0. 0012 and 0. 0013 at present. With the promotion and application scenario expansion in the next five years, its value will increase and increase the price. For cryptocurrency investors looking for currencies with strong appreciation potential, SAT will undoubtedly be the right choice. About SAT It is an emerging crypto platform with the smallest divided unit of Bitcoin. SAT can be called "the son of Bitcoin," It is optimized with the blockchain generation speed to meet daily life transaction requirements. The SAT network is open to everyone. Regardless of where deter-mined investors are in the world, they are welcome to join the team in building a blooming and truly digital economy.

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PAYMENTS

Payveris Introduces Loan Payments® for Financial Institutions to Offer Customers Integrated Real-Time Payment Methods & Channels

Payveris | June 18, 2022

Modern money movement leader Payveris, a division of Paymentus, today launched Loan Payments®, a cutting-edge loan and debt repayment service with the widest array of real-time payment methods and channels available on the market. Loan Payments® is designed to help financial institutions meet rising consumer demand for payment methods and channels that are speedy, convenient and secure — all while reducing operational overhead, fostering better customer engagement and loyalty. An Aite-Novarica Group survey from 2021 found that 89% of consumers want more real-time payment options from their digital banking experience. As consumers enjoy more payment choices, speed and convenience in just about every other aspect of their financial lives, they expect the same from their loan payment servicers — and aren't satisfied by the status quo from financial institutions. In fact, a recent J.D Power study found that non-bank loan servicers saw a 17% increase in customer satisfaction, while banks only saw a 4% increase. When financial institutions make it complicated to accept and receive payments through coupon books or legacy loan payment systems, borrowers are less likely to consider them for their next loan, Providing choice, speed and autonomy is no longer a bonus, but a baseline expectation for consumers. Financial institutions must seriously rethink their loan payment experience and meet customers where they are, and Loan Payments® can help them get there. Whether that's an auto loan, a personal loan, or a mortgage, the days of consumers using a coupon book have passed." Payveris Chief Innovation Officer Marcell King. With Loan Payments®, financial institutions can deliver a true omni-channel experience that matches what consumers have come to expect from shopping or paying bills. Payment methods supported by Loan Payments® include cash, debit card and e-check/ACH. Loan Payments® also empowers consumers to choose their preferred payment channel, whether it's online, mobile, text, PayPal app, Amazon Alexa, Walmart, or directly at their bank or credit union. In addition to more convenience and flexibility, Loan Payments® gives financial institutions' customers more control over how they automate and schedule payments, and the ability to spread their payments across multiple methods at once. WSECU, a Payveris customer since 2020, is one of the first financial institutions with plans to roll out Loan Payments®. "Our first priority is to improve the loan payment experience for members, making it easier and providing them more options, Payveris is helping us do that, and that alone is a big win. But there is also more we gain, including the operational efficiencies that come from no longer managing disparate processes. Now, everything is centralized into one payment processing system, regardless of which option best meets the needs of an individual member." Melissa Wolff, Vice President, Operations Support and Payment Services at WSECU. Financial institutions also stand to gain another avenue in which they can drive customer engagement and loyalty. Loan Payments® was first developed by Payveris' parent company Paymentus, recognized by Aite-Novarica as the "Best in Class" industry leader for Biller Direct EPPP solutions. The solution is powered by the Instant Payment Network®, the only integrated ecosystem of real-time digital bill presentment, payment, and money movement capabilities in the market. The Instant Payment Network® is currently trusted by numerous Fortune 500 companies, with more than 10 million consumers relying on it to make payments. About Payveris Payveris, a division of Paymentus, is the creator of the MoveMoney℠ Platform, an Open API, cloud-based platform that enables more than 265+ financial institutions to control, simplify, and extend more engaging intelligent digital payment and money movement capabilities to their users through any application or device while significantly reducing operating costs and future-proofing their IT investment.

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PAYMENTS

Wirex Wallet Launches NFT Functionality and New Payment Methods

Wirex | May 18, 2022

The Wirex Wallet, hailed as the world's first mass-market non-custodial wallet, has expanded its next generation features and functionality. Users globally can now add NFTs to their wallet, purchase crypto directly on multiple blockchains, and pay via Apple and Google Pay. Customers in India, Malaysia, Indonesia and Portugal will also benefit from new alternative payment methods. Wirex Wallet holders can now store and hold NFTs on multiple blockchains purchased on popular marketplaces such as OpenSea within the Wallet. In addition to over 100 cryptocurrencies, this feature will allow users to hold all their blockchain-based assets in one place for the ultimate convenience. The Wallet's unique biometric-based security system removes the need for private keys, meaning Wallet users will have straightforward access to their NFTs. Similarly, multi-party computation (MPC) offers unparalleled security by ensuring only authenticated owners can access their assets. Wirex is also releasing a suite of new features making crypto purchase on the Wallet easier than ever. Users can now directly purchase crypto on multiple blockchains in-app, saving them large amounts in gas fees. Following a partnership with uTorg, this feature will offer an unparalleled user experience by providing a direct on-ramp for purchasing tokens on the Ethereum, Fantom, Avalanche, Polygon, and Binance Smart Chain blockchains. The company has also expanded the payment methods for users to buy crypto, including Apple and Google Pay, which adds to the debit/credit option already offered globally. They've also launched multiple alternative payment methods popular across the globe in India, Malaysia, Indonesia, and Portugal. The Wirex Wallet has already proven popular with hardcore crypto fans as well as mainstream users thanks to its intuitive UX and market-leading security features and technology. With NFT ownership growing at an unprecedented rate, the addition of NFTs to the Wallet will connect NFTs to the real world and give added layers of security and trust like never before to them. Flexibility and choice will be a key component, by expanding the payment methods for multiple blockchains, further widening access and appeal." The CEO and Co-Founder of Wirex, Pavel Matveev. The announcement comes following the launch of a strategic partnership with metaverse NFT project, Tori Zero. Having recently released the first NFT collection that utilises motion capture technologies, this will be the first NFT project integrated into the Wirex Wallet. Last week, we launched our newest NFT collection, which is the first virtual idol project in the blockchain industry. The timing is great since Wirex Wallet users can now store these NFTs within the Wallet. Over the coming months, we have plans to collaborate further in exclusive cross-branded products and payment solutions." James Wildbore, Co-Founder of Redlab Studio. About Wirex Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world's first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life. Wirex was created in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, who identified the need to open up the esoteric world of cryptocurrencies and make digital money accessible for everyone. With the core aim of making it as easy as possible to use digital assets in everyday life, Wirex provides a trusted and cost-effective service for crypto and traditional currency transactions by incorporating the next generation of payments infrastructure integrated with cryptocurrency blockchains. Wirex is based in London, with offices in Singapore, Kyiv, Dallas, Dublin and Atlanta. With over $5bn worth of transactions processed already and rapid expansion into new territories, including the US, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions.

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FINANCIAL MANAGEMENT

Modyo and TODO1/iuvity Sign Agreement to Power a New Breed of Digital Financial Solutions

Modyo | December 29, 2021

It gives us great pleasure to announce today that TODO1/iuvity’s solutions will have the frontend digital financial experience powered by Modyo integrated with TODO1/iuvity’s Open Service Platform. With more than 20 years of digital financial experience, TODO1 is an industry leader powering important financial institutions in Latin America that have served more than 21 million digital customers in the past 12 months. TODO1/iuvity and Modyo are providing clients and partners with a very compelling value proposition. Modyo’s frontend financial platform combined with TODO1/iuvity’s Open Service Platform’s APIs will give our clients flexibility and acceleration. Time to market can be reduced dramatically while helping to power next-gen digital financial solutions, leveraging the right architecture in the cloud. The first phase of the joint effort will be to launch new ready to go financial experiences offered by TODO1/iuvity. Designed based on years of know-how in the financial services industry, TODO1/iuvity’s OSP provides over 300 rich and extensible APIs that can be leveraged to create unique solutions that meet the most demanding digital financial needs. Customer journeys can be customized by orchestrating business flows, linking existing or 3rd party services and adjusting the visual components to create an exceptional user experience. Additionally, the TODO1/iuvity Open Service Platform’s communication layer allows for quick integration to back-end core systems. Modyo will be the Front End, flexible experience layer connecting to TODO1/iuvity’s ready to go APIs. Comments on the News “TODO1 and Modyo have the ability to power a complete digital banking ecosystem,” said Mark Bonnell, CEO of Modyo. “Our frontend platform with a growing catalog of Financial Experiences integrated with TODO1’s Open Service Platform API’s will help financial institutions accelerate their digital transformation.” This partnership is aligned with our goal of working with exceptional talent to build state of the art products. We are excited to join forces with Modyo to continue being at the forefront of user-centric technologies that empower businesses to better serve their customers.” Felipe Uribe, CEO of TODO1/iuvity. About TODO1 and iuvity TODO1 is a leading technology company servicing key financial institutions in America. A growing number of over 21 million digital customers in the financial sector count on TODO1's solutions. With an exceptional track record, TODO1 delivers innovative and secure solutions through digital channels to financial institutions that want to positively transform the lives of their customers in Latin America and the US. At TODO1 we seek to humanize the relationship between people and their financial world by delivering digital channel solutions designed to facilitate their use and adoption. iuvity is a new brand created by TODO1 focused on the North American market. About Modyo Modyo is a fast growing software company that helps digital leaders from financial institutions & large enterprises transform their web and mobile channels with a lightweight, fast and secure next-gen frontend platform. With 130 employees today spread across 3 continents, Modyo accelerates digital transformation for clients and partners. For Financial Institutions, Modyo’s platform makes it easy to create and orchestrate digital experiences built through Micro Frontends that connect to API’s to help Financial Institutions transform faster and build amazing digital customer experiences

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Spotlight

Foreign direct investment (FDI) is an investment made by a company or individual in one country in business interests in another country, in the form of either establishing business operations or acquiring business assets in the other country, such as ownership or controlling interest in a foreign company.

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