PAYMENTS

Myver to Provide Revolutionary and Fully Automated Expense Management system

Myver | November 27, 2020

Anybody can give an advanced receipt – yet what happens a short time later is totally covered by the Myver™ patent.

Myver was encouraged to give a progressive and completely automated corporate expense management system. The new idea is something beyond the next generation frictionless expense handling, and has as of late secured US patent protection (No. 10,515,420). The patent gives Myver the sole option to handle and deal with computerized receipts (likewise messages and photographs of) and related information, both on a corporate and private level.

With Myver completely coordinated, when an individual (corporate or private) uses their card or installment arrangement the expense will be naturally prepared, sorted and hailed to management for endorsement whenever required. Business individuals will no longer need to check paper receipts or take photographs, money groups will no longer need to handle expenses and the new system will assist with decreasing unapproved spending and misrepresentation sparing banks and organizations millions.

Commenting on the development, Mr. Ejlersen, Co-inventor and founder, said: "We are delighted to have secured the US patent for Myver, which is set to change the way we all process receipts and expenses forever. At a time when tackling climate change is crucial and avoiding unnecessary contact is important for health reasons, this new paper free eco-friendly system will be beneficial for the environment and public health now and for future generations.

The Myver business system covers all processes from the handling and utilization of digital sales receipts to Enterprise Resource Planning (ERP). This includes direct feed to ERP systems, bookkeeping, budgeting, reconcile accounts, receipt storing, direct marketing, storing warranty information and warranty reminders, fraud and false claims prevention, as well as direct customer financing.

The annual cost of handling fraud and false claims in US businesses is over $1bn and we believe it is time for change. Saving people, businesses and banks time and money, and reducing fraud risk, this new system will make the world more efficient and productive."

Having built up the cycle and strategy, the Co-creators and authors welcomed on board senior chief Jesper Ronald Petersen who was previously Global Head of Financial Institutions and Senior Vice President at Danske Bank and has more than 30 years' experience of working in banking and fintech.

Having secured the US patent, the Danish and London based group, are now chipping away at taking the system to a worldwide level. The Myver group is in discourse with potential US, European, and Chinese joint endeavor and permitting accomplices.

Accomplices will profit by the potential for corporate and retail upselling as an extra income stream, direct advertising openings, large information bits of knowledge, extortion and bogus case counteraction and remarkable guarantee update benefits. The natural and Coronavirus secure highlights of Myver could likewise assist with boosting the Environmental, Social and Governance (ESG) accreditations of accomplice organizations and organizations.

All organizations handling or preparing computerized receipts including worldwide related information dealing through US workers, needs a permit or business manage Myver to proceed with their activities.

Myver welcomes pertinent gatherings to acquire a permit to catch the immense business openings and join molding the eventual fate of advanced receipts and what comes after.

Spotlight

The era of globalization has seen Multinational Corporations (MNCs) building inter-connected global supply chains with subsidiaries across many jurisdictions, transacting goods, services and financing with one another. These complex crisscrossing networks of intercompany transactions are subject to accounting, finance, transfer pricing, exchange controls and other regulations of each country in its global network. The external auditors in each location expect that each entity of the MNC has, inter alia, proper controls across the entire process, proper documentation on a contemporaneous basis, and the ability to account for the source and nature of each transaction, match it to its respective underlying financial flow, reconcile the numerous accounting accruals and payments, and trace the supporting documents.


Other News
PAYMENTS

Global payments platform Nium boosts payment capabilities in South Korea through partnership with SENTBE

Nium, SENTBE | April 01, 2021

SINGAPORE, 1 April 2021 – Nium, an advanced global payments platform, announced today a partnership with SENTBE, a fintech company that offers cross-border payment platform, to enable Nium customers to make payments into South Korea. Nium customers are also able to extend this offering to their own consumers, thus adding a new payments corridor into one of the world’s largest economies. South Korea has become an economic powerhouse, constantly ranking within the Top 10 when it comes to any global exporter and importer lists . With a focus on technological advancements, the country has also grown significantly in its adoption of cashless payments and often comes up top in the list . While much progress has been made to digitise payments within the domestic scene, the international business payments landscape continued to be plagued by complexities. Companies need to comply with different requirements depending on the mode of transfers, and there is also the added complexity of charges and conversations due to currency exchanges. This partnership between SENTBE and Nium looks to address these scenarios and streamline payments into South Korea. By simplifying the transaction flows through the removal of middlemen and allowing local currency payments, businesses can ensure that instructed amounts are being credited in full to the accounts of vendors, suppliers and recipients without any unforeseen deductions or conversion charges in between. The process is also fully transparent within the portal or through Nium’s APIs, providing easier tracking and visibility for the accounting team. Through this collaboration, which will see Nium integrating SENTBE’s APIs, Nium customers from around the world can now make the fund transfers directly to the banks of their partners and vendors in South Korea. Customers of Nium are also able to, in turn, extend this service to their end users. “South Korea is one of the world’s biggest markets, and we’re glad to be partnering with SENTBE, one of the leading fintech companies in the country, to enable a faster and more convenient payments flow into the country for our customers. This partnership will not only help our customers overcome the complex challenges of sending local payments into South Korea, but also opens up payouts round the clock (24x7) into the country to facilitate business to business transactions,” says Ranaditya Palit, Global Product Head, Platform, Nium. “SENTBE is very pleased to partner with Nium as the company possesses a strong financial network and outstanding customer trust. As an FX-focused solution company, SENTBE will provide a more cost-effective and faster cross-border payment services to Nium's customers,” states Alex Choi, CEO of SENTBE. “This partnership outlines SENTBE’s growth plans to become a global payments company that offers reliable services by removing overseas payments barriers between the world and South Korea." All funds transferred can be initiated in any of the 40+ source currencies currently offered through Nium’s Send service and recipients will receive the payout in their local currency to all major banks in South Korea via SENTBE. About Nium Nium is a next-generation financial services platform  that enables companies around the world to unlock new revenue opportunities and improve cash flow economics. Nium is a leader in its geographical and payment service breadth, owning licenses in the world’s largest and fastest-growing economies. Our modular platform allows banks, payment providers, travel companies, and other businesses to collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards globally. Our proprietary set of APIs embeds financial services and can bring to life multiple B2B and B2C use cases in a matter of weeks. Nium is part of CB Insights Fintech 250, which highlights the most promising Fintech companies globally. Today, Nium serves over 130 million customers and enables platforms to provide access to financial services to over 3 billion people across the world. For more information, visit: http://www.nium.com. About SENTBE Founded in 2015, SENTBE has revolutionized overseas payments services with low fees, fast transaction speeds, and simple user experiences to create frictionless cross-border financial activities. SENTBE’s product offerings include overseas remittance platform “SENTBE”, enterprise overseas payment platform “SENTBIZ”, and payment settlement API for global e-commerce platform “SENDA”. With the launch of SENTBE GLOBAL, SENTBE will provide payment services globally to 50 countries around the world such as North America, South East Asia, Europe, etc. SENTBE has established a global network with partners such as Moneygram, Ripple, and Samsung Pay. It is the only South Korean company to have acquired a Major Payment Institution license in Singapore, in addition to its Korean Electronic Financial Business license, Other Specialized Foreign Exchange license, and Small Sum Overseas Remittance license. For more information, visit: http://www.sentbe.com/en Media Contact: Gillian Loo +65 9863 8120 Gillian.loo@nium.com

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BITCOIN AND CRYPTO

NCR Completes Acquisition of Cryptocurrency Leader LibertyX

NCR | January 17, 2022

NCR Corporation (NYSE: NCR), a global enterprise technology provider, today announced the completion of the previously announced transaction to acquire LibertyX, a leading cryptocurrency software provider. LibertyX is a strong strategic fit for NCR because it accelerates NCR’s ability to rapidly deliver a complete digital currency solution to its customers, including the ability to buy and sell cryptocurrency, conduct cross-border remittance, and accept digital currency payments across digital and physical channels. The completion of this transaction enhances our ability to provide digital currency solutions and capabilities that help run our customers’ businesses. We are pleased to welcome LibertyX and its outstanding team to NCR.” Don Layden, EVP & President, Payments & Network, NCR Corporation. The LibertyX digital currency solution runs on ATMs, kiosks and point-of-sale (POS) systems today. LibertyX partners with ATM operators, like NCR’s Cardtronics, who owns and manages ATMs and the Allpoint network in the U.S. at locations like convenience stores, pharmacies, and supermarkets. Moving forward, NCR will utilize its Pay360 platform to offer the LibertyX capabilities as part of its solutions for banks, retailers and restaurants. NCR Pay360 provides financial institutions a secure way to enable cash-in and cash-out transactions from their mobile banking app, website, or even customer service centers. On August 2, 2021, NCR and LibertyX announced that they had entered into a definitive agreement under which NCR would acquire LibertyX. The transaction includes LibertyX’s cryptocurrency remittance business, LibertyPay. Financial terms of the transaction were not disclosed. About NCR Corporation NCR Corporation (NYSE: NCR) is a leading enterprise technology provider that runs stores, restaurants and self-directed banking. NCR is headquartered in Atlanta, Ga., with 38,000 employees globally. NCR is a trademark of NCR Corporation in the United States and other countries.

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CORE BANKING

ORNL Federal Credit Union Partners with Alkami to Power Its Digital Banking Experience

Alkami | April 22, 2022

Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for banks and credit unions in the U.S., announced today that ORNL Federal Credit Union ("ORNL FCU") is implementing the Alkami Platform to amplify its digital banking experience with leading-edge digital tools and technology designed to help their members thrive. Our mission was to find a true, single platform that is innovative, customizable and offers a seamless user experience for our members, After vetting several providers, we chose to partner with Alkami because they brought the most advanced digital banking experience to the table and have a proven track record of continuous innovation and stability. Their ongoing guidance will help us stay ahead of the curve and empower our members to get the most out of their digital banking experience." Dawn Brummett, executive vice president and COO of ORNL FCU. ORNL FCU's digital channel saw an 24.2% increase over the past two years, making it the largest "branch" of the credit union and bringing its active participation rate to 57% across its member base. This growth is expected to accelerate with the launch of the Alkami platform, which will improve the existing user experience and introduce new features and functionality that will attract new users. We are thrilled to have ORNL FCU join the growing Alkami family. Our clients are among the most progressive financial institutions in the country, and ORNL FCU stands out as a leader in the space. It is exciting to have such dedicated and visionary clients whose digital-first mindset helps us push the envelope on what we can deliver to help fuel their growth." Alkami's chief executive officer, Alex Shootman. ORNL FCU is committed to providing our members with a best-in-class digital banking experience. From money movement and credit monitoring to online loan applications and Bitcoin services, our new platform helps us deliver on that promise, And, knowing we are partnering with a platform provider that has the knowledge, partnerships and extensibility to continue growing with us strategically ensures our ability to effectively cater to our members' digital needs now and into the future." ORNL FCU CEO Colin Anderson. About ORNL Federal Credit Union ORNL Federal Credit Union is a not-for-profit financial cooperative locally owned and operated by its members for the benefit of all who belong. Established in 1948 with 10 founding members, ORNL FCU's assets have grown to over $3.3 billion and membership has grown to over 185,000. Membership is open to businesses and anyone who lives, works, worships, or attends school in 19 counties of East Tennessee. About Alkami Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly and build thriving digital communities. Alkami helps clients transform through retail and business banking, digital account opening, loan origination, and multi-payment fraud prevention solutions.

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CORE BANKING

NBT BANK AND CEI-BOULOS CAPITAL MANAGEMENT LAUNCH HIGH-IMPACT REAL ESTATE EQUITY INVESTMENT FUND

NBT Bank | June 16, 2022

NBT Bank and CEI-Boulos Capital Management announce the launch of the NBT CEI-Boulos Impact Fund, a $10 million real estate equity investment fund with NBT Bank as the sole investor. The fund is designed to support individuals and communities with low- and moderate income through investments in high-impact, community supported, commercial real estate projects located within the bank's Community Reinvestment Act (CRA) assessment areas in New York. As a community bank, NBT is committed to the communities we serve, This includes doing our part to create stronger, healthier neighborhoods. We believe that investments in projects that deliver critical affordable housing can also have a ripple effect in supporting job creation and strengthening our communities." NBT Bank President & CEO John H. Watt, Jr. The NBT CEI-Boulos Impact Fund is managed by CEI-Boulos Capital Management, a fund management company focused on delivering competitive financial returns and social impact. CEI-Boulos helps banks achieve their CRA objectives by organizing and managing funds that invest in financially attractive, high-impact commercial real estate projects that benefit the communities in which they are located. CEI-Boulos prioritizes projects that represent collaborations between various entities—including non-profits, local and state government, philanthropic institutions, banks, community development finance institutions, community-based organizations, private investors, and local developers—that share a vision for their community. NBT will create a social impact advisory board to evaluate redevelopment and new construction projects, such as multi-family, mixed-use, industrial, office, retail and hospitality projects that closely align with community needs. The advisory board will provide input related to the social and environmental impacts of the fund's proposed investments. Areas of targeted impact will include: Projects that support job creation Affordable and workforce housing Main Street revitalization/historic preservation developments that do not contribute to gentrification/displacement Developments that serve non-profit organizations Environmentally sustainable real estate developments The project investment area includes the following counties: Chenango, Clinton, Cortland, Delaware, Essex, Franklin, Fulton, Greene, Hamilton, Montgomery, Otsego, St. Lawrence, Albany, Rensselaer, Saratoga, Schenectady, Schoharie, Madison, Onondaga, Oswego, Herkimer, Oneida, Broome, Tioga, Warren and Washington. About NBT Bank NBT Bank offers personal banking, business banking and wealth management services from locations in seven states, including New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. The bank and its parent company, NBT Bancorp, are headquartered in Norwich, NY. NBT Bancorp had assets of $12.1 billion as of March 31, 2022 and is traded on the Nasdaq Global Select Market under the symbol NBTB.

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Spotlight

The era of globalization has seen Multinational Corporations (MNCs) building inter-connected global supply chains with subsidiaries across many jurisdictions, transacting goods, services and financing with one another. These complex crisscrossing networks of intercompany transactions are subject to accounting, finance, transfer pricing, exchange controls and other regulations of each country in its global network. The external auditors in each location expect that each entity of the MNC has, inter alia, proper controls across the entire process, proper documentation on a contemporaneous basis, and the ability to account for the source and nature of each transaction, match it to its respective underlying financial flow, reconcile the numerous accounting accruals and payments, and trace the supporting documents.

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