FINTECH

IBM and SAP will Assist Financial Institutions in Hastening Cloud Adoption in Order to Modernise Operations in a Secure Environment

IBM | July 30, 2021

IBM and SAP SE announced today that SAP would onboard two of its finance and data management products to IBM Cloud for Financial Services, accelerating IBM cloud adoption in the financial services industry. The collaboration will be geared to assist the companies in meeting the industry's high compliance, security, and resiliency standards, as well as to support financial services institutions' business transformation and innovation.

Hybrid cloud environments are becoming increasingly crucial as banks and insurers manage the need to supply innovative services while maintaining the industry's stringent security and regulatory standards. IBM unveiled the IBM Cloud for Financial Services, which has built-in security and compliance controls to assist businesses in reducing risk and regulatory barriers hindering IT landscape modernization, transformation, and innovation.

IBM Cloud for Financial Services provides a highly secure, purpose-built environment in which financial institutions can transact with their technology partners and FinTechs. Clients can utilise onboarded SAP services while meeting regulatory and compliance standards by onboarding to the IBM Cloud for Financial Services. The cloud platform, which is supported by a growing ecosystem of more than 100 partners and FinTechs, is meant to accelerate customers' business transformations by tackling risk in the supply chain for financial institutions and generating new income opportunities.

In the context of their continuous collaboration, IBM and SAP have assisted hundreds of businesses in digitising their operations by utilising an open, hybrid cloud approach. SAP plans to join IBM's ecosystem in order to provide finance risk, operations, and total spend management services on the IBM Cloud for Financial Services.

"The rapid movement of regulated businesses, such as financial services, to the cloud necessitates the identification of new operational and technological difficulties," stated Bob Cummings, Head of SAP Financial Services Sector. "The combination of IBM Cloud and SAP capabilities can assist banks and insurers worldwide in accelerating their digitization journey and scaling their business globally."

"As we continue to add partners like SAP to our growing ecosystem, we're getting closer to generating a meaningful transformation in cloud adoption for the industry, which will eventually help reduce risk throughout the supply chain," said Joel Spieth, General Manager, IBM Cloud for Industries. "With SAP solutions on IBM Cloud for Financial Services, we're assisting financial institutions in modernising, driving innovation, and creating operating efficiencies."

SAP's planned products on the IBM Cloud for Financial Services, when implemented, will provide financial services institutions, their partners, and FinTechs with the following:

  • The SAP intelligent suite, which includes SAP S/4HANA® solutions: SAP's intelligent enterprise framework includes integrated applications, intelligent technology, and a digital platform to help banks better serve their existing clients.
  • SAP's strategic data management solutions, include SAP® Adaptive Server Enterprise and SAP IQ software: SAP provides a powerful data platform to improve business agility by combining the strength of in-memory technology with these solutions.

SAP and IBM have hundreds of clients and over 5,500 different products between them. The companies are focused on assisting businesses in modernising their operations and maximising the usage of cutting-edge technologies. Statements on IBM's future direction and intent are subject to change or withdrawal at any time and solely indicate goals and objectives.

About SAP
SAP's objective is to assist each firm in operating as an intelligent enterprise. As a global leader in enterprise application software, we assist businesses of all sizes and industries in performing at their peak: An SAP® system touches 77 percent of the world's transaction revenue. Our machine learning, Internet of Things (IoT), and advanced analytics technologies assist customers in transforming their organisations into intelligent corporations. SAP enables people and companies to gain deep business knowledge and drive collaboration, allowing them to stay ahead of the competition. We simplify technology for businesses so that they may use our tools in the way they want – without disturbance. Our end-to-end suite of applications and services enables commercial and public customers in 25 industries throughout the world to operate profitably, continuously adapt, and make a difference. SAP, through its global network of customers, partners, employees, and thought leaders, makes the world function more smoothly and improves people's lives.

Spotlight

From Pokemon Go to driverless cars — the everyday world around us has already become digital. But there is a digital divide that exists between the large enterprises of yesteryear and the 'digital-native enterprises' which have bloomed in the last 10 years. This divide is even starker when you compare the business front office and the finance back office in these companies. A case in point is the ability of a large pharma conglomerate to leverage big data analytics to understand cold weather patterns to successfully manage flu medicine inventories and promotion campaigns, while being unable to do a timely close of their books of accounts.'


Other News
FINANCIAL MANAGEMENT, FINTECH

SUNRATE announces strategic partnership with Agoda

SUNRATE | November 28, 2022

FinTech company SUNRATE, the global payment and treasury management platform announced that it has entered into a partnership with Agoda. SUNRATE will be integrating its online travel solution with the global digital travel platform. Beyond virtual cards issuance The partnership is announced one month after ITB Asia 2022, where SUNRATE shared with travel stakeholders on how its holistic online travel solution, comprising of virtual cards issuance is revolutionising travel payments. For example, any online travel agency can easily set spend limits, define usage, and choose the vendor using a virtual card. This gives its travel partners entire control over how spending are allocated and tracked. One major feature of virtual cards is security. Technology, such as application programming interfaces (APIs) has eliminated the possibility of card information being abused when given, by providing a limited window of use for a single card. SUNRATE is certified to the international financial data security standard: Payment Card Industry Data Security Standard (PCI DSS) Level 1. "At SUNRATE, we are committed to constantly innovate our offerings, so that ultimately, we can be the one-stop B2B partner for the travel industry, by solving different business needs for our travel partners and customers. We look forward to working with even more partners from the travel industry and beyond," - Shawn Qin, Head of Card Business, SUNRATE About SUNRATE SUNRATE is the intelligent global payment and treasury management platform for businesses worldwide. Since its inception in 2016, we are recognised as the leading provider of cutting-edge payment and treasury management solutions. We have enabled companies in 130+ countries with our proprietary platform, extensive network, comprehensive product suits, and robust APIs to scale local and global growth. With offices in Shanghai, Hong Kong, Tokyo, Singapore, Jakarta, and London, SUNRATE partners with the top global financial institutions, such as Citibank, Standard Chartered Bank, Visa, and Mastercard. We are licensed and regulated by the Financial Conduct Authority of the UK, the Bank Indonesia, the Hong Kong Customs as a Money Service Operator, and the Monetary Authority of Singapore as a Major Payment Institution.

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FINTECH

Fintech company Wagepoint recognized as one of Canada's 2022 Best Workplaces for Inclusion and Mental Wellness

Wagepoint | October 27, 2022

Canadian fintech company Wagepoint may be in the business of payroll, but it's the business of people that truly sets it apart. This week, Wagepoint was named one of Canada's 2022 Best Workplaces for Inclusion and Mental Wellness by Great Place to Work®, a global authority on high-trust, high-performance workplace cultures. Unlike other tech industry awards, which are decided by panels and third-party judges, Wagepoint CEO Shrad Rao says this one feels especially meaningful – the results are entirely based on feedback from the company's 175 remote employees (lovingly referred to as a band of misfits!). To earn a spot on the lists, at least 90 percent of employees must agree that they are treated fairly at work, regardless of gender, ethnicity, age or sexual orientation (inclusion) in an anonymous survey, and at least 75 percent of employees must agree that their workplace is psychologically and emotionally healthy (mental wellness). "Of all the awards we have won, this one feels the most special, I set out to create a place where people feel included and accepted, regardless of their gender, sexual orientation, ethnicity, age, etc. And, it's one thing when you believe you've created that space, but a whole other thing when the people who are meant to be experiencing the feeling of 'acceptance' actually validate it, and anonymously at that! All that said, I do believe that each person in the company creates psychological safety, acceptance and inclusion for everyone else. So, this is a collective award – an ode to each one of us here at Wagepoint." -Wagepoint CEO Shrad Rao Wagepoint has always focused on carving out a uniquely "people first" approach in the fintech industry, based on the simple philosophy that, well, everyone is human! For us, it's not a cliche when discussing company culture, It means remembering that we are people before we are employees, and making every decision in the business, and with each other, from that place, every single day,says Fallon Collett, Wagepoint's People and Culture Manager. Before they are hired, Wagepoint employees chat with Rao during an informal culture call. They are encouraged to show up to work feeling safe to truly be themselves, and to create that safety for others. But this message isn't a one-hit-wonder; it is reinforced daily, and was the topic of Rao's culture talk during this summer's Wagestock, an annual in-person company retreat (kind of like summer camp, but for – ahem – "grown-ups"). During his talk, Rao touched on the company's operating principles, all rooted in creating a space of safety and trust. The principles include having realistic expectations of each other, seeking to understand where others are coming from, finding balance in decision-making and "knowing your why". Mental wellness is also a priority at Wagepoint, with all employees entitled to 20 vacation days, in addition to personal and wellness leave, to recharge and do non-work ("people") things. The company offers mental health benefits, partners with People Connect to provide employees access to affordable counseling, creates special Slack channels focused on mental health tips and hosts a series of workshops on well-being topics such as sleep, grief and handling hard times. By focusing on building an inclusive and mentally healthy team, both Rao and Collett say that Wagepoint is better-equipped to grow and serve another important group of people – its customers! "We treat our customers in the same way that we treat our employees," says Rao. "Happy customers start with happy teams." Wagepoint has a 4.6 out of 5 rating on Glassdoor.com and was recently recognized with a Silver Stevie® Award in the Employee Engagement category in the 2021 Stevie Awards for Great Employers. About Wagepoint Wagepoint is a small-but-mighty fintech company on a mission to simplify payroll – and maybe even dare to make it delightful! Our online software was created just for small businesses, automating the most "ugh" parts of payroll – like calculating wages and reporting on taxes – so that our customers can get back to doing, well, literally anything else. Backed by the world's friendliest team, Wagepoint is always supportive, never stuffy and refreshingly human. Founded in 2012, we make payroll magic happen for more than 22,000 small businesses, accountants and bookkeepers across North America.

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PAYMENTS

Tranglo launches real-time payments to Malaysia

Tranglo | November 17, 2022

Tranglo Pte Ltd is excited to announce the launch of real-time cross-border payments to Malaysia in line with the global fintech's mid-term plan to modernise its processes in the region. With this announcement, Tranglo now performs more than 80% of its cross-border payments in real-time. It comes as Malaysia is seeing extraordinary growth in real-time transactions. According to the country's central payment network PayNet, its real-time payment platform DuitNow has processed over 2 billion transactions in the last 3 years, representing a growth of more than 800%. Real-time transactions in Malaysia are expected to reach 7 billion in volume by 2025, it added. DuitNow connects most bank accounts and e-wallets in the country. "Our regional payout capabilities just got a real shot in the arm. The ubiquity of DuitNow means infrastructure support for real-time transactions not just within Malaysia, but across ASEAN. That is a huge market that our global business partners can tap into via Tranglo." -Tranglo Group CEO Jacky Lee Tranglo's real-time payout service is available 24/7 and supports both individual and business senders. Beneficiaries will receive the funds in Malaysia within minutes, subject to terms and conditions. Tranglo helps financial institutions and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution. It seamlessly integrates payout and partner services, unifying the end-to-end payment process with direct API access. With Tranglo Connect, companies can make payments to over 24 countries reliably and securely. About Tranglo Tranglo is a cross-border payment hub with a proven track record in business payment, foreign remittance and mobile payment solutions. Founded in 2008, we have offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London. Our global network spans more than 150 countries, 5,800 mobile operators, 2,200 banks/wallets and 140,000 cash pickup points. Tranglo is a proud partner of Ripple, the leading enterprise blockchain solutions for global payments. We now offer enhanced cross-border payout services with an even wider coverage through RippleNet, Ripple's global payment network.

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FINTECH

Saphyre Nominated for "Fintech of the Year" 2022 Award by The Trade

Saphyre and The Trade | October 06, 2022

Saphyre, a fintech company using patent-approved AI technology to solve pre-trade setups and post-trade issues, has been nominated by The Trade for their annual "Fintech of the Year" award. The Trade will hold their awards ceremony in-person at The Savoy in London on November 3, 2022, honoring their "Leaders in Trading 2022," where past winners went on to shape the face of trading and execution in both material and measurable ways. "We are extremely honored to have The Trade, one of the leading publications in the finance industry, consider us for such an award. Saphyre has revolutionized the speed of bringing "Ready-To-Trade" for new and existing funds to front office traders. In cases of interest rates and credit, we can eliminate the typical 10–15-minute delay in RFQs due to our patented AI that automates compliance checks and risk, based on account onboarding and maintenance data. Being formally nominated for this award is a testament to the positive change we're bringing to the market space." -Stephen Roche, President & Co-Founder, Saphyre Saphyre's Founder & CEO, Gabino Roche Jr. will also be at a Sibos FinTech roundtable at the Hotel Okura in Amsterdam on October 11, 2022. He will be joined by several other top B2B fintech leaders to discuss the "survival of the fittest" journey, where now only the best-of-the-best remain. About Saphyre: Saphyre leverages patented AI technology to digitize all pre-trade data and activities across multiple counterparties: from asset owners to investment managers, hedge funds to prime brokers, any client firms to broker-dealers and custodians, and much more. Saphyre's platform maintains memory of data and documents, resulting in clients not having to search or resubmit information, and expedites flow in a digitally structured manner so that it can be consumed and understood by any permissioned counterparty in the finance industry. This allows firms not only to assess risk faster, but they can speed their onboarding processes, get real-time ready-to-trade statuses per account, and eliminate 70%-75% of redundant or inefficient post-trade activities. About The Trade: The TRADE delivers insight to trading professionals at the world's largest asset managers and investment banks and boasts an audience that includes buy-side dealers, high frequency traders, fund managers, sell-side brokers, FinTech innovators and regulators. Our content focuses on the day-to-day responsibilities of our readership, comprised of informed editorial on regulation, corporate innovation, peer group analysis and insights from industry luminaries.

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Spotlight

From Pokemon Go to driverless cars — the everyday world around us has already become digital. But there is a digital divide that exists between the large enterprises of yesteryear and the 'digital-native enterprises' which have bloomed in the last 10 years. This divide is even starker when you compare the business front office and the finance back office in these companies. A case in point is the ability of a large pharma conglomerate to leverage big data analytics to understand cold weather patterns to successfully manage flu medicine inventories and promotion campaigns, while being unable to do a timely close of their books of accounts.'

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