GMEX Group | April 18, 2022
London, New Delhi, 14 April 2021 - Hirander Misra, Chairman & CEO of GMEX Group, a leader in digital business and technology solutions for exchanges and post-trade market infrastructure, has received the prestigious Hind Rattan award. The Hind Rattan, translated into English as "Jewel of India", is one of the highest awards granted annually to non-resident persons of Indian origin in recognition of their outstanding services, achievements, and contributions in their respective fields. It is awarded by the NRI Welfare Society of India at the Society’s annual congress.
The Hind Rattan Awards honour high achievers of Indian origin from professional disciplines. Over the past 41 years, the NRI Welfare Society of India has become a strong bridge connecting people of Indian origin with India. Its focus is to "strengthen emotional bonds" between the diaspora and the country.
The Hind Rattan award was presented on 14th April 2022 during the 41st International Convention of Non-Resident Indians (NRI’s) at the Constitution Club in New Delhi. The award ceremony was attended by members of the Indian Parliament, the Government of India and the Supreme Court of India, other preeminent dignitaries, business leaders, celebrities and NRIs from all over the world.
Speaking during the ceremony, Hirander Misra said “It is an absolute privilege to receive this award and be recognised for my work in the fintech capital markets arena for the last 26 years, a decade of which has been at GMEX Group, which I co-founded.” He added “I thank The NRI Welfare Society of India for this accolade and really value the work they are doing to ensure strong links between India and its diaspora.”
“We are proud of NRIs like Hirander Misra for making substantial contributions in strengthening India’s position in the global economy,” said Mr. Deepak Singh, convener of the NRI Welfare Society of India.
The Realization Group
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About GMEX Group
GMEX is a global market infrastructure vendor providing multi-asset trading, exchange matching engine and post-trade business solutions, and Ecosystem-as-a-Service (EsaaS) technology. These include, the GMEX MultiHub, which is a cloud based trading and post trade digital market infrastructure platform that as a ‘multi-asset network of networks’ facilitates a first of its kind collaboration across major institutions, regulatory regimes and start-ups with the goal of bringing digital assets to a wider audience. For more information visit www.gmex-group.com or Twitter @GMEX_Group
Versapay | April 20, 2022
Versapay, the leader in Collaborative Accounts Receivable, announced today it has completed its acquisition of U.S.-based fintech company DadeSystems. The acquisition broadens Versapay's suite of accounts receivable (AR) automation solutions and expands its AI and machine learning capabilities. It also expands the company's enterprise and mid-market footprint while adding key talent to the growing Versapay team.
We are very excited to welcome DadeSystems' employees, customers, and partners to Versapay, Versapay and DadeSystems have enjoyed a successful partnership for some time, and most importantly we share a common vision for the digitization of the AR process. Together, we can accomplish even more to close the digital transformation gap in AR, optimizing our clients' cash flow and driving operational efficiencies."
Craig O'Neill, CEO, Versapay.
DadeSystems has been a long-term technology partner of Versapay. The company's flagship DadePay cash application software automates one of the most challenging parts of AR by streamlining the receipt, matching, and reconciliation of payments no matter how they are received, and is already embedded in Versapay's cloud-based, automated AR platform. Now, all DadeSystems solutions, including mobile offerings, will be available to Versapay's clients and partners. By adding DadePay solutions to Versapay's Collaborative AR Network, enterprises can digitize and automate all their customer payments, including checks, bank-to-bank transfers, credit cards, and mobile payments.
The combined company automates more than $60 billion in payment volume annually and has achieved rapid revenue growth in the past 12 months. DadeSystems investor, Ten Coves Capital, is rolling its stake into Great Hill Partners-backed Versapay, while both Great Hill Partners and Ten Coves Capital are contributing additional capital to fund the acquisition.
This acquisition will give Versapay an unmatched, comprehensive suite of AR automation solutions, perfectly positioning the company to capture the growing market opportunities, We look forward to a successful partnership as these innovators come together to revolutionize the way accounts receivable teams work."
Matt Vettel, Managing Director, Great Hill Partners.
DadeSystems predominantly serves upper mid-market and enterprise customers, including two of the ten largest U.S. food distributors, two of the ten largest U.S. building materials and nine of the sixty-five largest U.S. banks in addition to being a technology provider for Wells Fargo's and Fifth Third's accounts receivable automation solutions. DadeSystems also brings important partners to Versapay, such as Fiserv, to support the company's rapid growth.
We are thrilled to become part of Versapay, The accounts receivable function has been desperately in need of a workflow revolution. The cloud-based solutions that both our teams have introduced are making this happen. By joining forces, we will see even faster growth and a bigger impact on the industry's digital transformation."
Bill Zayas, CEO, DadeSystems.
The DadeSystems team will continue to operate in Miami and will be fully integrated with Versapay's North American teams.
Alston & Bird LLP acted as legal advisor to Versapay. William Blair acted as exclusive financial advisor and Morris, Manning & Martin LLP acted as legal advisor to DadeSystems.
Versapay is the leader in Collaborative Accounts Receivable (AR). The Versapay Collaborative AR Network is the first solution that empowers the genius of teams by bridging the gap between suppliers and buyers through a shared, digital experience. Versapay's AR automation solutions and next-generation B2B payments network makes billing and payments easier for enterprises, increasing efficiencies, accelerating cash flow, and dramatically improving the customer experience. Versapay has offices in Toronto, Atlanta, London, Amsterdam, and Sydney, and is owned by Great Hill Partners, a Boston-based technology investment firm.
DadeSystems helps businesses unlock the possibilities of smarter AR. Today's AR teams are challenged by complex business payment processes. The DadePay suite of integrated AR automation solutions can quickly solve finance leaders' most pressing AR challenge—manual cash application. With an easy implementation, straight-through cash posting rates of 90%+, and award-winning mobile capabilities, DadePay is used by hundreds of businesses across industries to receive, match, and apply any payment from any channel. AR teams gain efficiencies that drive scalability, reduce payment processing costs, improve customer payment experiences, and provide faster access to cash. Seven of the top sixty-five North American financial institutions deliver the market-leading DadePay solution to their corporate customers.
About Great Hill Partners
Great Hill Partners is a Boston-based private equity firm targeting investments of $25 million to $500 million in high-growth companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. Over the past two decades, Great Hill has raised over $12 billion of commitments and invested in more than 90 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. Great Hill has recently been recognized for its industry leadership, being ranked #5 in the 2021 HEC - DowJones Private Equity Performance Ranking, which evaluated fund performance of 517 leading private equity firms between 2008 – 2017.
BforBank | May 17, 2022
Temenos (SIX: TEMN) today announced that BforBank, the fully digital bank of the Crédit Agricole Group, has selected Temenos open platform for composable banking to support future expansion. The bank is moving from an on-premise implementation to using Temenos core banking solutions on Google Cloud to tap new growth opportunities and drive efficiencies at scale.
A pioneer in digital banking, BforBank launched in 2009, offering a new approach to savings, life insurance, mutual funds and e-brokerage to the French mass affluent market. The online bank has since expanded to provide a full suite of retail banking services, with accounts, payments and lending products, including mortgages. Providing a simple and highly personalized experience “empowering customers to become their own private banker” has enabled BforBank to differentiate in an increasingly competitive market.
Since its inception, Temenos core banking software has underpinned the bank’s back-office operations. As banking becomes more collaborative, moving to a fully cloud-native, API-first stack on Google Cloud will give the bank hyperscale agility, flexibility, and scalability to launch new services faster at a lower cost.
The banking world is changing fast. After 12 years of successful operations and ahead of new strategic initiatives, we wanted to challenge our initial choices. We initiated a complex process and tested several software vendors with proof of concept on Google Cloud. Temenos was just the obvious choice, having invested relentlessly during the past years to deliver the most open and secure cloud banking platform for composing and deploying banking services at scale.”
Pascal Luigi, Deputy CEO, BforBank.
We have built a trusted partnership with BforBank and its parent Credit Agricole over many years. As BforBank looks to the future, we are delighted to build on this relationship to support its growth ambitions. To lead in the new banking world requires an open, cloud-native approach, enabled by AI, Open APIs, and modern DevOps practices, and this is what Temenos delivers. Being selected as BforBank’s cloud banking platform shows the bank’s confidence in Temenos to drive innovation and create new opportunities.”
Max Chuard, CEO, Temenos.
The banking industry is increasingly seeing that cloud technology is not just a driver of efficiency, but an enabler of change. Through our partnership with Temenos, we look forward to powering BforBank’s digital transformation which will enhance its banking services with highly connected and personalized interactions for customers at scale.”
Zac Maufe, Head of Financial Services, Google Cloud.
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
EVODeFi | March 21, 2022
EVODeFi cross-chain solution just unveiled its new product – EVODeFi.Pay. This is a powerful tool for making crypto payments, allowing sellers to accept and bill cryptocurrency to customers with minimal time and effort. The product will be especially valuable for users who want to perform their money transactions in cryptocurrency without using complicated schemes.
The high-tech system of EVODeFi provides numerous crypto services including business tools to increase crypto payments, a bridge between networks, and a high-tech system to work with crypto exchange and crypto-salaries. A professional team that has already launched one of the top 5 bridges created EVODeFi.Pay that facilitates the process of exchanging cryptocurrency between sellers and buyers.
EVODeFi.Pay is a product that performs fast crypto-transactions between vendors and customers. The process of using the service is extremely simple: a buyer chooses the cryptocurrency which he or she wants and pays for the purchase. EVODeFi.Pay converts one cryptocurrency into another and sends the payment to a seller in the crypto that has been chosen. Since many have refused to use BTC/ETH in favor of faster networks, EVODeFi.Pay can offer several popular networks, such as BSC, Fantom, Avax, Polygon, which already have a large number of users. In addition, the development team uses a powerful security system to protect transactions at all stages. Moreover, convenient localization and the ability to use the service on any device will greatly facilitate integration.
EVODeFi is a cross-chain solution providing a set of crypto products including a bridge between networks, business tools to increase crypto payments, and a high-tech system to work with crypto exchange and crypto-salaries projects, available in a single system. EVODeFi develops the following services: Bridge, Pay, Exchange, Payroll and App. Using the latest technologies and great experience, the EVODeFi system works at the international level, providing its services in regions around the world, for example in the USA, Europe, and South America.