Crude Oil Retreats on Doubts Over Success of OPEC+ Meeting

Investing.com | April 06, 2020

Oil markets fell back Monday, as investors reacted with disappointment to the postponement of a meeting of major oil exporters that had been expected to try and balance a flooded market. AT 8:45 AM ET (1245 GMT), U.S. crude futures traded 3.3% lower at $27.38 a barrel, while the international benchmark Brent contract fell 2.5% to $33.26. The meeting was rescheduled over the weekend to Thursday from Monday, amid a war of words between Russia and Saudi Arabia, indicating that bad blood still exists between the two. That said, the head of Russia's sovereign wealth fund, Kirill Dmitriev, said Russia and Saudi Arabia were on the verge of agreeing a deal.

Spotlight

Insurance Guarantee Schemes (IGSs) provide last-resort protection to consumers when insurance undertakings are unable to fulfil their contractual commitments. They thus protect people against the risk that claims will not be met if their insurance company becomes insolvent. Guarantee schemes operate in other sectors of the financial services industry.


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CORE BANKING

GravyStack Recognized As Most Fundable Company

GravyStack | October 18, 2022

GravyStack, a startup that has developed a gamified financial literacy banking app for kids, has won a coveted spot on the Pepperdine Graziadio Business School's annual Most Fundable Companies list. GravyStack competed against more than 4,000 early-stage U.S. companies spanning all 50 states and was one of 16 companies to be selected to present at the showcase event in Malibu. The Most Fundable Companies program is designed to recognize forward-thinking entrepreneurs who are solving today's problems with innovative solutions. With GravyStack's high-performance banking and gamified educational app, kids and teens can learn to make and manage money through age-appropriate levels of real-life, skill-building challenges. Through their Game, Learn, Earn™ methodology, GravyStack harnesses the power of play to intrinsically motivate kids to master levels that teach everything from Saving to Earning to Sharing to Investing. Parents can supervise their kids' account activity and set flexible controls, making GravyStack a comprehensive solution for the whole family. Like many parents, Co-founder Scott Donnell saw the need for his kids to manage money virtually in a cashless world, but all the options he saw in the virtual banking world only encouraged spending. He saw the need for an app that teaches millions of kids to earn, invest, and share all in one place. "GravyStack has created a movement to accelerate financial literacy in young people, and this award only adds fuel to the fire, We are honored to share our mission with more people as a Most Fundable Company." -Co-founder Scott Donnell As part of the rigorous application process, several variables were evaluated, including financial projections, market opportunity, intellectual property, and the strength of the management team, all of which were used to produce a fundability score. The Pepperdine Most Fundable Companies were evaluated and selected based on their ability to attract private investment. The Most Fundable Companies initiative is backed by The Venture Alliance.

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FINTECH

WireBarley Named to the 2022 CB Insights' Fintech 250 List

CB Insights and WireBarley Corp | October 07, 2022

Cross-border payment solution provider WireBarley Corp. was named a winner of the fifth-annual CB Insights Fintech 250 ranking, a prestigious list of the 250 most promising private fintech companies of the year. WireBarley has been recognized for its achievements in the Mobile Wallets & Remittances section. Among South Korea-based financial services platforms, WireBarley and Toss have been selected as the winners of this year. Established in 2016, WireBarley has expanded its presence among immigrants and students living abroad with its easy and low-cost mobile remittance service. WireBarley currently offers over 520 corridors for personal overseas remittance with 12 outbound and 45 inbound countries. WireBarley also offers cross-border remittance services for businesses of all sizes with strong compliance management system and FX transaction capability. WireBarley has expanded its overseas remittance-focused service to a cross-border payment service by launching the 'WireBarley Global Card' in Korea in partnership with Visa since July 2022. The company has been selected into Visa Fintech Fast Track Program and acquired principal membership with Visa. "We're honored to be recognized by CB Insights Fintech 250 list for the first time, As one of Asia's leading fintech companies, WireBarley has been solving pain points for more than 650,000 customers and 2,000 businesses worldwide. We will continue to deliver accelerated growth, disruptive innovation, and financial inclusion to enable convenient and borderless financial services around the world." -John Yoo, CEO of WireBarley Corp Through its efforts, WireBarley has been selected as the winner of the Financial Inclusivity sector at the G20 Digital Innovation Network (DIN) forum held in Bali, Indonesia in early September. This year's Fintech 250 winners are shaping the future of financial services, from payments and banking to investing and insurance, Representing more than 30 countries, these companies are creating safer and more efficient payment methods, and transforming how traditional banking, insurance and investing products are delivered. Together, they not only make financial services more convenient for users, but also make them available to more people, especially traditionally underserved populations around the globe,said Brian Lee, SVP of CB Insights' Intelligence Unit. The CB Insights research team selected these 250 winners from a pool of over 12,500 private companies, including applicants and nominees. They were chosen based on factors including R&D activity, proprietary Mosaic scores, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty. The research team also reviewed over 2,000 of Analyst Briefings submitted by applicants. Quick facts on the 2022 Fintech 250: Equity funding and deals: The Fintech 250 cohort has raised over $115B in equity funding across over 1,100 deals since the start of 2017 (as of 9/20/2022). In 2021 alone, winners raised over $51B across 337 equity deals. Unicorns: There are 159 companies with $1B+ valuations on the list. Global Reach: Globalization is a key theme for this year's Fintech 250. The winners represent 33 different countries across the globe - 7 more than last year. Just over half (53%) of the selected companies are headquartered in the US, which is the fewest we've seen in the Fintech 250 since 2017. The UK came in second with 31 winners (12%), followed by India with 14 (6%), Brazil with 9 (4%), and Germany with 7 (3%). About CB Insights CB Insights builds software that enables the world's best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. About WireBarley Corp. Established in 2016, WireBarley Corp. grew exponentially with a strong foothold in the Asia Pacific region. Recently, WireBarley has further strengthened its presence as a global brand with its expansion into the U.S. and Canada markets, for the first time as a Korean overseas remittance company. Headquartered in South Korea, it has multiple subsidiaries overseas, namely Australia, New Zealand, Singapore, Hong Kong, and the U.S. WireBarley's FX and corporate treasury center in Hong Kong, which is one of the largest FX trading hubs in the world, plays a crucial role in enabling effective FX management and strong compliance practicality and formulating strategic partnerships with critical banks and payment player. With 12 outbound and 45 inbound countries, WireBarley currently offers over 520 corridors for personal remittance. The company recently adopted the B2B remittance platform, e-wallet service and multi-currency card; it seeks to be not only Asia's leading remittance company but to leap forward to become a global total payment platform.

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CORE BANKING

Bank of America and UK Fintech, Banked Ltd Expand Pay by Bank to Euro Currency Payments

Bank of America | October 17, 2022

Bank of America's innovative online payment solution, Pay by Bank, is now available for euro currency payments. Delivered in conjunction with Banked Ltd., this development follows the UK launch of Pay by Bank in February this year and allows customers of e-commerce companies to pay directly from their bank account. This expansion illustrates how Bank of America is focused on delivering relevant C2B tools to help give its clients a competitive edge. "Pay by Bank is a great example of how we develop technology with our clients' business models top of mind, For example, the Pay by Bank interface can be adapted by European market location and country which in turn, optimises the local user experience." -Chris Jameson, head of Product Management, GTS EMEA at Bank of America Pay by Bank transactions, which are based on the concept of Open Banking, take place in real-time and require no credit or debit card details. This creates a simple, fast and secure online checkout process that benefits consumers as well as merchants. Our Merchant Services clients annually process 8.7 billion transactions (USD 438.3B by volume) online and in store, in the US, Canada and Europe, We are pleased to expand Pay by Bank for euro currency payments and continue to offer consumers more choice with how payments can be made online,said Natalie Willems-Rosman, head of EMEA Merchant Services at Bank of America. Key capabilities of Pay by Bank include: Reduces customer data storage – since a card is not required and it is an online 'account to account' payment, companies do not need to obtain and store customer card data. Streamlines reconciliation – incoming payments are added to a company's receivables, so they can view everything together in one place. Provides an enhanced customer experience – the user interface can be adapted by market location and country. Makes online checkout simpler, faster and more secure: easy and quick to set up by connecting to a company's existing payment system using APIs. leverages the customer's bank authentication network. avoids card processing fees. Pay by Bank euro currency payments will initially be available in France, Germany and Spain and will continue in 2023 with the addition of new countries and currencies. Bank of America is an award-winning provider of global transaction services and was most recently named the World's Best Bank for Payment and Treasury by Euromoney for the second year in a row. Bank of America Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking, and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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CORE BANKING

Woodsville Guaranty Savings Bank Collaborates with Jack Henry to Position for Future Growth

Jack Henry & Associates | September 23, 2022

Jack Henry™ announced today that Woodsville Guaranty Savings Bank selected Jack Henry to improve efficiencies and user experience for both customers and employees while continuing to provide personal service as the bank grows. Founded in 1889, Woodsville Guaranty Savings Bank has long served small businesses and retail customers in northern New Hampshire. The $630-million-asset bank selected Jack Henry to improve customer experience while increasing its competitive edge with a full suite of digital features and functionalities. With Jack Henry, the bank will gain scalable and open technology, including core and digital cloud-based solutions such as the Banno Digital Platform™ and gain efficiency from streamlining and automating more processes. "Jack Henry will bring us the efficiency we need to grow without additional hours and manpower, which is important as the current economic conditions make it challenging to find new talent. We will automate the mundane for speed and scale while providing better service in customers' more meaningful moments. In addition to improving our service, our employees are excited about growing their responsibilities with deeper interactions and more substantial offerings. This new technology plan positions Woodsville Guaranty Savings Bank to grow while protecting the customers, people, and culture that we have been building in our community for the last 133 years." -James E. Graham, president and chief executive officer of Woodsville Guaranty Savings Bank With Jack Henry, the bank will have access to over 850 API-integrated, third-party fintechs. Touching on Jack Henry's openness and flexibility, Graham adds, Today, we use several solutions that come from different providers and do not always integrate smoothly with our systems or each other. Jack Henry provides a comprehensive technology suite to meet our internal and customer needs more easily, while giving us the option to hand pick our fintech vendors of choice and integrate them effortlessly into our systems. We are very excited to see all our channels improve and become more effective. Stacey Zengel, president of Bank Solutions at Jack Henry, said, Longstanding community banks like Woodsville Guaranty Savings Bank are driven by the relationships they have with their employees and communities. By providing a well-rounded technology suite and enabling access to an extensive ecosystem of fintech partners, we are giving them the flexibility to continue to do what's best for their staff and customers, improve efficiencies and user-experience, and continue to grow and compete in their market. We are proud to collaborate with a community bank with such a strong and impactful legacy. About Jack Henry & Associates, Inc.® Jack Henry™ is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are a S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 45 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 8,000 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health.

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Spotlight

Insurance Guarantee Schemes (IGSs) provide last-resort protection to consumers when insurance undertakings are unable to fulfil their contractual commitments. They thus protect people against the risk that claims will not be met if their insurance company becomes insolvent. Guarantee schemes operate in other sectors of the financial services industry.

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