Nacha applies blockchain tech to payment information exchange

Nacha | February 07, 2020

US clearing house Nacha is to use blockchain technology to build Phixius, an online platform to ease the exchange of payment-related information between companies. Traditionally, the exchange of payment-related information has consisted of multiple bilateral agreements, which are costly to administer and often run manually, resulting in misdirected payments and opportunities for fraud. The new online platform will integrate technology, rules and participants to streamline the payments process, using a combination of distributed ledger technology, new ISO 20022 messaging standards and APIs provided by Nacha interoperability subsidiary Afinis. George Throckmorton Nacha managing director and executive director of Afinis Interoperability Standards, states: “Phixius eliminates the need for multiple data exchange agreements by leveraging blockchain technology, standardisation and rules that govern network participants.”

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Five principles for modernizing and simplifying banking and compliance. It’s common knowledge that customers want banks to be mobile-friendly. But delivering great mobile banking experiences is difficult due to a critical, but often overlooked, part of the process—agreements. Through the five tenets discussed in this paper, you


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BITCOIN AND CRYPTO

Facepay Announces Facepay Crypto to Bring Cryptocurrency Payments to Auto Shops

Facepay | March 07, 2022

Facepay Inc. announced today the release of Facepay Crypto, an addition to its pioneering relational payments platform known for freeing business owners from credit card transaction fees and leveraging the security of blockchain technologies. Facepay’s Relational Payments disrupted the industry with its bold fixed-price subscription model in late 2020 and is poised to shake up the payments industry again with the introduction of Facepay Crypto. Built on a private Ethereum network, Facepay Crypto will allow shops to accept Bitcoin, Ethereum, and other cryptocurrency payments from customers directly, displacing complicated fee structures associated with legacy payment processing. And because payments made on the blockchain are irrevocable, they are not subject to the chargeback, fraud, and dispute processes that credit cards are. We figured out how to provide the advantages of Bitcoin and other cryptocurrencies into the platform while still maintaining that auto repair shops are paid directly, Consumer cryptocurrency will only increase over time, and repair shops should be investing in the right technology to take advantage of it. If not, Bitcoin will be just another payment method that costs shops money. Every direct payment made with Facepay results in a 15-20% more profitable transaction.” Dr. Mark Hale, the founder of Facepay. Cryptocurrency is entering the mainstream, just as repair shops are already heavily burdened with excessive credit card fees and planned fee increases. Facepay will allow shops to integrate alternative payments into their workflow and immediately realize additional profit gains because customers pay businesses directly, circumventing the traditional payment processor entirely. We all need to keep in front of our client’s experience. Contactless and digital payment methods are everywhere today. Adoption rates for these transactions are climbing higher and higher. Facepay’s platform saves me money, while remaining convenient and secure. Facepay is the right payment technology now and for the future.” Greg Buckley, Owner of Buckley’s Auto Care. Currently, there is no other platform on the market designed for auto shops to offer crypto-ready, direct banking with the security of blockchain technology. As a Diamond Partner, Facepay is the Preferred Payments to members of the Automotive Training Institute. Members can learn more about Facepay Crypto at the showcase held at the ATI SuperConference 2022 in Carlsbad, CA, March 16-19 and on their member portal. Auto shops attending the 2022 VISION HiTech Training & Expo in Kansas City, MO, on March 3-5 can visit us at the Facepay booth #435. About Facepay The Facepay Relational Payments payment platform helps business owners increase profits by eliminating credit card processing fees. Facepay’s technology allows auto shop owners to adopt a modern payment platform with a low-cost, fixed monthly subscription as an alternative to paying 2% - 3% of revenues to credit card processors. Facepay works with all management systems with an easy-to-use dashboard easily incorporated into existing workflows. On average, US auto repair shops using the Facepay model add $25,000 to their bottom line annually. Facepay enables repair shops to offer their customers multiple payment options, including contactless payments, monthly installments, and service subscription plans.

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CORE BANKING

MCT Continues to Elevate and Deliver Unmatched Client Experience Within Mortgage Capital Markets

MCT | April 26, 2022

Mortgage Capital Trading, Inc.® (MCT), the industry leader in capital markets software and services, today announced it has reinforced its commitment to client profitability and success. Backed by an enhanced sales and support structure, MCT has hired industry all-stars and promoted valued team members. A passion for client experience has differentiated MCT throughout its 20-year history, We are consistently evaluating and enhancing the ways in which we support our clients. While some accounts opt for MCT’s hands-on guidance, others are fully self-directed – both leveraging our award winning MCTlive! ® platform. We meet clients where they are in their growth cycle and provide the most innovative technology and timely advice for them to thrive.” Curtis Richins, President and CEO. Our support begins during the early stages of developing a relationship – often even before a client selects MCT. We listen, collaborate, and share our deep subject matter expertise. Every client is unique, and we tailor our offering to their situation.” Ben Itkin, MCT’s newly appointed Head of Sales, also emphasized the company’s dedication to client experience. Additionally, MCT has created two, new client-facing roles: Regional Account Executive (RAE) and Capital Markets Technology Advisor (CMTA). Both positions are instrumental in providing a seamless experience from sales to on-boarding to long-term success. Peg Eaton, formerly a Correspondent Account Representative at Mr. Cooper and the Manager of Business Operations at Lenders One, recently joined MCT as RAE for the Northeast and Great Lakes regions. Similarly, Boulton Brynteson and Chad Stone have been promoted to RAEs. With this updated structure, MCT’s mortgage lender clients will be further buttressed by a cross- functional team that includes Sales, Client Success Group, and Trading members. We are making material investments in our clients’ success, And, should an account need Lock Desk, MSR, or pricing support, we have additional resources for those areas as well. From loan lock to loan sale, MCT offers the most robust, streamlined, and digital offering in the business.” Richins About MCT: Founded in 2001, Mortgage Capital Trading, Inc. (MCT) ® has grown from a boutique mortgage pipeline hedging firm into the industry’s leading provider of fully integrated capital markets services and technology. MCT’s offerings include mortgage pipeline hedging, best execution loan sales, business intelligence and analytics, outsourced lock desk solutions, MSR valuation, hedging, and bulk sales, and the world’s first, truly open marketplace for loan sales. MCT supports independent mortgage bankers, depositories, credit unions, warehouse lenders, and correspondent investors of all sizes within its award-winning digital platform, MCTlive! ®. Headquartered in sunny San Diego, MCT also has offices in Healdsburg, CA, Philadelphia, PA and Texas.

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FINANCIAL MANAGEMENT

LevelField Financial Selects METACO to Launch Digital Asset Management Capabilities on IBM Cloud

METACO | May 27, 2022

LevelField Financial, the premier U.S. financial services firm uniting digital assets and traditional banking services in one trusted platform has selected METACO, the market-leading provider of digital asset custody orchestration technology to complex, global financial institutions. LevelField is deploying its institutional digital asset management operations on IBM Cloud in order to leverage the confidential computing capabilities of IBM's digital asset infrastructure. Founded by banking executives with decades of global experience, LevelField is in the process of acquiring a federally chartered bank in the United States. To launch its digital asset offering, LevelField will use METACO's digital asset custody and orchestration platform, Harmonize, helping enable clients to securely store, trade, and settle digital assets. Harmonize was built in partnership with Tier 1 banks and offers the highest standards of security and compliance for LevelField to operate in the digital assets sector. This foundational infrastructure provides LevelField with the option to further expand its digital asset offering in the future, in a highly-scalable and efficient manner. LevelField will deploy Harmonize, which is supported by IBM Cloud Hyper Protect Services¹. This setup will allow LevelField to scale to millions of wallets, while maintaining control over private keys for risk management. IBM's Digital Asset Infrastructure is designed to help custodians achieve greater results when using METACO's Harmonize platform, including enhanced scalability, security, and compliance. IBM Cloud Hyper Protect Crypto Services is designed to enable METACO Vaults to store encrypted keys externally in a database while affording the protections of IBM's FIPS 140-2 Level 4 rated hardware security modules (HSM). With external storage of keys enabled by IBM's master encryption key technology, custodians can scale to billions of wallets. The sensitive processing on METACO Harmonize is secured by IBM Cloud Hyper Protect Virtual Servers hardware-based, Common Criteria-certified isolation. IBM Cloud Hyper Protect Secure Build Server is designed to reduce risks of malicious code insertion during Harmonize deployments and address unauthorized rule manipulation by working to make policies on the platform tamper proof. Irrespective of how Harmonize is consumed, custodians retain physical control of the root of trust of the assets and the policies that govern management of the assets, through the IBM HSM Smartcards. We're pleased to support LevelField in realizing its vision of uniting digital assets with traditional finance to create the most trusted banking platform of the future. Harmonize provides bank-grade security and compliance for the custody and management of digital assets, as well as the agility for innovative firms like LevelField to go-to-market and scale quickly. With a flexible governance policy framework that can be applied to any type of digital asset transaction, a no-single-point-of-failure model, and the optionality to expand and offer any type of digital asset services, Harmonize provides a highly secure and flexible foundation for LevelField to manage its digital asset operations, both today and well into the future." Seamus Donoghue, VP of Strategic Alliances at METACO. Established in Houston in 2018, and currently pending a banking charter, LevelField aims to blend digital banking, securities, and digital assets to provide a comprehensive banking service for the digital economy. The firm is building a customer- focused financial services platform for digital and traditional assets that leverages the strengths of the U.S. banking system, is built on a solid foundation of regulatory compliance, and draws on its management team's expertise across traditional banking. LevelField is comprised of career bankers who deeply understand the importance of compliance and security. We searched for the platform that would enable us to meet our rigorous standards for security and compliance, while also giving us the flexibility to grow our digital asset business in any direction. METACO's Harmonize orchestration platform, supported by IBM Cloud Hyper Protect Services, is the ideal solution and something which may become the gold-standard in the industry. This infrastructure enables us to demonstrate our compliance and the highest levels of security no matter what area of digital assets we expand into." Michael Clayton, CTO, LevelField. About METACO Founded in 2015 in Switzerland, METACO is a technology company whose mission is to enable financial and non-financial institutions to securely manage their digital asset business and capitalize on the burgeoning digital asset economy. The company's core product, Harmonize, is an orchestration system for digital assets. From cryptocurrency custody and trading to tokenization, staking, and smart contract management, the platform seamlessly connects institutions to the new world of decentralized finance (DeFi).

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BITCOIN AND CRYPTO

BitPay’s Accurate Payment Protocol Adopted by Exchange Partners Bitso, Bitstamp and Wallet Partners Edge and Guarda

BitPay | April 25, 2022

BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced two new exchanges and two new wallets are adopting its accurate payment protocol including top crypto providers Bitso, Bitstamp, Edge, and Guarda. BitPay’s accurate payment protocol, the BitPay Protocol, enables more reliable blockchain payments by eliminating common payment exceptions including overpayments, underpayments, late payments, unconfirmed payments, and potential double-spend payments. In addition to the new partners, the BitPay Protocol has already been adopted by Blockchain Wallet, the world’s largest self-custody wallet. Many other leading wallets are also payment enabled including Electrum, BRD, Metamask, Ledger and more. Verifone’s 600,000 merchants, with a footprint of 35 million devices, also have BitPay’s Payment Protocol automatically enabled for in-store and online purchases. BitPay first launched its accurate payment specification in 2017 to eliminate payment exceptions in transactions made with cryptocurrency, setting the standard currently adopted by top wallet organizations. Since then, the company has expanded upon the available features and now businesses can accept crypto through BitPay and receive error-free payments from over 200 million crypto users. As a blockchain payment processor, BitPay’s goal is to work with all wallets, and BitPay is the only payment processor who works with more than 100 different wallets to facilitate and optimize consumer to business and business to business payments. The company has processed over $5 billion in payments volume since inception, for tens of thousands of businesses worldwide. Businesses accepting crypto should be able to accept payments from any crypto wallet and payments should post fast and be free of payment expectations. BitPay Protocol delivers on all these benefits and BitPay is pleased that our new and existing wallet and exchange partners have set the industry bar for payment quality, We are developing payment technology solutions to transform how businesses and people send, receive, and store money around the world making payments faster, more secure, and less expensive.” Stephen Pair, CEO of BitPay. Since the founding of Edge, we have always been passionate about people truly using cryptocurrency to buy and sell goods and services, We are happy to support the BitPay Payment Protocol to streamline the user experience at the point of sale for thousands of merchants and further drive adoption of cryptocurrency.” Paul Puey, CEO / Co-founder at Edge. About BitPay Founded in 2011, BitPay is one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth.

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Spotlight

Five principles for modernizing and simplifying banking and compliance. It’s common knowledge that customers want banks to be mobile-friendly. But delivering great mobile banking experiences is difficult due to a critical, but often overlooked, part of the process—agreements. Through the five tenets discussed in this paper, you

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