Global Processing Services Secures Strategic Investment from Visa

Business Wire | October 19, 2020

Leading payments issuer processor, Global Processing Services (GPS) has secured a strategic investment from strategic partner, Visa Inc., the world’s leader in digital payments. Backed by UK growth private equity firm, Dunedin, this strategic investment will accelerate GPS’ global expansion, following its success in launching new and innovative fintechs and digital banks in Europe and South East Asia, including Revolut and Starling Bank. GPS has proven to be the Paytech Pioneer™ that has powered the fintech revolution by enabling brands to provide hyper-personalised user experiences, placing flexibility and control in the hands of the cardholder. GPS is a leading issuer processor positioned to support fintechs, digital banks and e-wallet providers on their growth journey, from the agility of a proof-of-concept to a fully scaled global offering.

Spotlight

Financial intermediation has changed dramatically over the past 30 years, due in large part to technological change. The paper first describes the role of the financial system in a modern economy and how technological change and financial innovation can affect social welfare. We then survey the empirical literatures relating to several specific financial innovations, broadly categorized as new production processes, new products or services, or new organizational forms. In each case, we also include examples of significant fintech innovations that are transforming various aspects of banking. Drawing on the literature on innovations from the 1990s and 2000s informs what we might expect from recent developments.


Other News
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

Centime launches comprehensive cash flow control solution for small and mid-sized businesses

Centime | April 12, 2022

Boston-based fintech partners with First National Bank of Omaha (FNBO) to develop SaaS solution to manage key aspects of cash flow control lifecycle: forecasting, managing receivables and payables, and obtaining credit BOSTON, April 11, 2022 /PRNewswire/ -- Today Centime, a Boston-based fintech, launched Cash Flow Control: a first-of-a-kind solution purpose built to help small and mid-sized businesses control and manage cash flow. Effective immediately, Centime Cash Flow Control is available to all U.S.-based businesses using the financial General Ledger applications of Intuit QuickBooks and Oracle NetSuite. The solution consists of several interconnected modules that work together to support the cash control lifecycle of a business Automated rolling 13-week cash flow forecasting uses artificial intelligence (AI) and machine learning to predict cash inflows and outflows Accounts receivable management provides increased visibility into payment delays, facilitates on-time payments through automated reminder campaigns, and drives online payments through an integrated merchant account Accounts payable management helps determine who, when and how to pay with the goal of maximizing working capital Integrated credit solutions facilitate the bridging of cash flow gaps and short-term working capital needed to support growth KPI monitoring provides the metrics and insights required to ensure robust cash flow performance Centime Cash Flow Control gives business leaders a clear picture of how each element of cash flow control affects the other in a real-time, rolling basis and taps into AI and machine learning to blend businesses' historical data with industry trends to deliver visibility, predictions, management and control. Businesses have opportunities to grow in good times and bad, And in both good times and bad, cash makes or breaks businesses. For most businesses, cash flow management is poorly understood, overly complicated and inconsistently managed. Centime Cash Flow Control is a simple, easy to use solution that allows businesses to manage one of their most critical resources." Centime founder and CEO BC Krishna. Covid exposed the risks posed to businesses by poor cash management — or simply an uncertain environment. As businesses across America continue to struggle with labor shortages, supply chain disruptions, inflation and uncertainty in the world, they must take ownership of their cash. While the government's Paycheck Protection Program (PPP) helped businesses bridge gaps at the height of the pandemic, and banks stepped in to further accommodate their clients' unforeseen stressors, moving forward requires that business leaders gain control over all aspects of their cash. Centime was founded just before the global Covid pandemic struck in 2020, creating unexpected disruptions while also opening doors to creative solutions. In the intervening two years, an extended team of 150 engineers, designers, product managers, finance professionals, payments experts and bankers from Centime and its strategic partner FNBO have worked closely to develop this unique, simple, yet comprehensive cash flow control solution. A beta testing initiative, Centime's Early Access Program (EAP), provided valuable client feedback that has and continues to influence the features and functionality of Cash Flow Control — ensuring it truly provides transformative, actionable insights for businesses. That's the hope for a person like me, an average, small to mid-sized business owner and executive officer, Getting to a point in time when projecting my cash flow is simple, accurate, and meaningful to help me get a pulse on my businesses has been a revelation. Todd Murphy, CEO at Universal Information Services and a Centime EAP client. Carrie Zoucha, FNBO's VP, commercial payments, who knows Murphy's business as a member of the team that serves his banking needs, spoke to Centime's product development collaboration with the bank. "From the very beginning, our partnership with Centime has been a relationship built on mutual trust, collaboration and innovation. At FNBO, we take pride in being customer-led and providing guidance to help businesses grow. Our partnership with Centime has allowed us to take a common problem that so many businesses face, and help build a solution to help them thrive. It's been exciting to see Centime come to life, and particularly invigorating to hear about its impact from our customers." About Centime Centime, Inc. is a Boston-based fintech led by a veteran team of banking, payments, design and fintech professionals. We are bound by a shared desire to help small to mid-sized businesses thrive through strategic cash flow management. About FNBO First National Bank of Omaha is a subsidiary of First National of Nebraska. First National of Nebraska and its affiliates have more than $26 billion in assets and nearly 5,000 employee associates. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota, Texas and Wyoming.

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FINANCIAL MANAGEMENT

Wave Financial Launches ADA Yield Fund to Support Cardano DeFi Ecosystem Growth

Wave Financial | April 01, 2022

Wave Financial LLC (Wave), a SEC regulated digital asset investment management company, is pleased to announce the launch of the Wave ADA Yield Fund. The fund is designed to provide liquidity with millions in line to support new decentralized finance (DeFi) platforms launched in the Cardano ecosystem starting with an initial $100M. We're thrilled to continue breaking ground in the field of cryptocurrency through the creation of innovative new funds, and today we are launching what we believe is the first pure liquidity provisioning fund in crypto, Our new fund will support the new decentralized exchanges, lending protocols, and stablecoin issuers building on Cardano. Each of these decentralized applications adds to the strong foundation of the Cardano blockchain as it realizes a fully functional and diverse ecosystem." David Siemer, CEO of Wave Financial. The new ADA Yield Fund represents the continuation of Wave's mission to support promising entrepreneurs within the crypto space beyond the early stage and foster greater innovation in the overall crypto ecosystem. Since the formal launch of smart contracts in 2021, the Cardano community has launched and funded hundreds of companies building on the Cardano blockchain, Cardano's growing ecosystem is hosting an ever expanding universe of applications supporting significant numbers of active users – it's critical for the success of the ecosystem that Cardano-based projects thrive, and so we are pleased that the ADA Yield Fund is committing substantial financial resources to facilitate continued growth and market acceptance." Charles Hoskinson, founder of Input Output. Historically, DeFi dApps are among the most popular in crypto in terms of bringing more users and applications on-chain. Specifically, decentralized exchanges (DEX) and DeFi lenders have gained the fastest popularity in terms of attracting users and capital. DEX typically are set up without market makers, but with two pools of assets that represent each side of a trading pair that serve as a source for DEX counterparties to trade against when they want to transact on either side of the pair. Wave will be using the ADA Yield Fund to provide liquidity to these pairs of pools to support Cardano DEXes. For DeFi lenders, there will also be a similar form of support to augment liquidity to facilitate lending. Also, Wave will continue to support and expand stake pools to strengthen the Cardano network. EMURGO is excited to support the creation of this valuable ADA Yield Fund to further drive expansion and adoption of Cardano's quickly developing DeFi ecosystem, Providing strategic capital resources through the fund will help talented entrepreneurs and projects to build essential DeFi services on Cardano, ultimately delivering impactful solutions and onboarding more users to the global Cardano community." Ken Kodama, founder & CEO of EMURGO. About Wave Financial Wave Financial LLC (Wave) is a Los Angeles based investment management company that provides institutional and private wealth digital asset management solutions. Led by a team of highly experienced financial services professionals, Wave provides investable funds via diverse investment strategies applied to digital assets and tokenized real assets. Wave also offers managed accounts for HNWIs and family offices seeking tailored digital asset exposure, bespoke treasury management services, and early-stage venture capital and strategic consultation to the digital asset ecosystem. Wave is registered with the US Securities & Exchange Commission as an investment adviser.

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BITCOIN AND CRYPTO

Okcoin Partners with PrimeXM, Becomes First Cryptocurrency Exchange to Use Industry-Leading Trading & Aggregation Engine

Okcoin | March 24, 2022

Okcoin, one of the world's largest and fastest-growing cryptocurrency platforms, today announced a partnership with PrimeXM, a leading provider of low-latency connectivity, aggregation, and B2B trading technology. With the integration of PrimeXM's XCore technology, Okcoin is the first cryptocurrency exchange to become a liquidity provider in the XCore community, a global marketplace of 250+ institutional maker and taker firms that transact on average more than $55 billion per day in foreign exchange (FX), spot metals, contract for differences (CFDs), futures, stocks, and exchange-traded funds (ETFs). Okcoin can now roll out hundreds of B2B/FIX API connections to financial institutions, giving standardized access to trade in digital assets to more brokers, hedge funds, family offices, proprietary trading desks, and e-trading platforms. Members of the PrimeXM XCore community—which include CMC Markets, FXCM, Swissquote, and UOB Kay Hian, among other leaders—have the freedom to choose their trading counterparties in a cost-efficient manner. Okcoin will offer 24/7 connectivity and access to crypto investing and trading with a seamless experience for institutions using their existing technology stack. We're pleased to team up with PrimeXM to make crypto more accessible, The demand among institutions for crypto solutions is at an all-time high, making the integration of XCore a natural step for us to take. We look forward to bridging the gap between institutional trading and digital assets as part of the XCore community." Khairi Azmi, Okcoin General Manager for Singapore and Head of Sales for Asia. We are excited to welcome Okcoin as a crypto exchange liquidity provider into our growing XCore trading community, enabling them to service their institutional clients with our technology, We look forward to working with the Okcoin team to establish new 'win-win' opportunities while connecting the booming digital assets market with traditional financial and e-trading platforms." Sam Su, PrimeXM Business Development Manager for Asia. Okcoin is a regulated crypto exchange made up of both the central limit order book system and OTC, supported by market participants from institutions and retail partners globally. Known for its low fees and transparent price discovery, Okcoin's platform offers segregated wallets/subaccounts, leverage, post trade settlement, and an unparalleled depth of crypto liquidity for institutions to complete their crypto purchases and trades. About Okcoin Founded in 2013, Okcoin is a US-headquartered cryptocurrency exchange serving 190+ countries and territories. The platform enables retail and institutional investors to purchase 50+ digital assets using local currencies, with a mission to make crypto easy for everyone including first-time buyers. Okcoin was the first centralized exchange to offer direct entry into decentralized finance (DeFi) with Earn, a tool for earning APY through decentralized lending, liquidity pools, staking, and more. In addition, Okcoin offers institutional trading tools and APIs to asset managers, venture capital and hedge funds, retail brokers, payment processors, and more. About PrimeXM PrimeXM is an award-winning technology and connectivity provider to the global financial industry. Founded in 2010, PrimeXM's key business focus is providing cutting edge XCore technology which is a powerful aggregation pricing and trading engine, OMS, real-time Risk management, Monitoring and Reporting system with full front to back margin and trading capabilities. The XCore e-trading platform is also a powerful B2B/FIX API engine supporting high-end MT4/MT5 bridging technology and it is integrated with hundreds of other 3rd party maker & taker OMS/EMS systems.

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Spotlight

Financial intermediation has changed dramatically over the past 30 years, due in large part to technological change. The paper first describes the role of the financial system in a modern economy and how technological change and financial innovation can affect social welfare. We then survey the empirical literatures relating to several specific financial innovations, broadly categorized as new production processes, new products or services, or new organizational forms. In each case, we also include examples of significant fintech innovations that are transforming various aspects of banking. Drawing on the literature on innovations from the 1990s and 2000s informs what we might expect from recent developments.

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