Payments
GlobeNewswire | September 27, 2023
Infinicept, a leading provider of embedded payments, and Datacap Systems, Inc., leading hardware and processor-agnostic omnichannel payments provider, today announced a partnership to provide coordinated support for vertical software companies on their embedded payments journeys.
Infinicept’s embedded payments platform, PayOps and Payfac as a Service, Launchpay, paired with Datacap’s Integrated Payment Solutions will provide significant value to ISVs seeking complementary embedded payments processing and gateway solutions.
Working with Datacap helps us to better serve our vertical software customers seeking to own their data and merchant experience. Like Infinicept, Datacap is vendor-agnostic. We are like-minded organizations committed to doing what’s right for the customer. It is our mission to set software companies on a clear path to growth with their payments strategy.
As software companies begin their embedded payments journey, working with both Infinicept and Datacap creates a cohesive end-to-end payments solution that drives efficiency and speed to market.
This partnership empowers ISV partners to take complete ownership over the merchant experience by delivering best-in-class onboarding, customer data management, payments integration, and product support to enable a seamless experience from start to finish, said George Hudock, Director of Business Development, Datacap. The combination of Datacap and Infinicept fosters a flexible and scalable alternative for ISVs interested in monetizing payments on their platform.
Infinicept is an innovator in embedded payments, empowering software companies to improve their customer experience and drive revenue. Infinicept’s newest solution for monetizing payments, Launchpay, enables customers to add payments to their business quickly without any upfront costs or development work. Customers own and control their program by managing pricing, marketing, sales, the merchant experience, and more, ultimately graduating to a payment facilitator when ready. Infinicept’s Payment Operations Platform (PayOps) allows companies to achieve the benefits of embedded payments without any trade-offs to maintain ownership of the payments product.
Datacap develops hardware and processor-agnostic payment solutions for any Point-of-Sale, regardless of industry vertical or operating system. Its industry-standard payment gateway solutions integrate with virtually every payment processor in North America and are utilized by hundreds of Point-of-Sale developers in North America in an array of vertical markets.
For more information visit: https://www.infinicept.com and/or https://www.datacapsystems.com.
About Infinicept
Infinicept is a provider of embedded payment solutions and services that help software companies gain the advantages of embedded payments, including increased revenue and more control of the merchant experience. More than 300 leading software companies, payment processors, sponsor banks, and others rely on Infinicept to help them transform to the new era of software-led payments. Winner of the Electronic Transaction Association Fintech Innovation in Payments Award, Infinicept is also a founding member of the Embedded Payments Bill of Rights (EPBOR).
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Security and Compliance
PR Newswire | October 06, 2023
WorkFusion, a leading provider of AI digital workforce solutions for banking and financial services, today announced that it has rolled out its newest Digital Worker, Isaac, an AI Transaction Monitoring Investigator. Isaac assists with transaction monitoring (TM) alert management by using machine learning capabilities to work first-level alerts, auto-escalate alerts that are likely to require investigation, and auto-closes alerts that are non-suspicious with supporting narrative and documentation, allowing AML analysts to focus on the highest risk activity.
Transaction monitoring is required for anti-money laundering/countering the financing of terrorism (AML/CFT) programs globally and is a critical tool for fighting financial crime. However, it can be a difficult compliance obligation. Banks manually review millions of transaction monitoring alerts each month with most of those alerts being non-suspicious. Regardless, suspicious activity monitoring programs take a lot of time, require large teams of people, and cost a lot of money.
Transaction monitoring is a time-consuming and expensive, yet critical component of AML compliance, said Art Mueller, WorkFusion's Vice President of Financial Crime. Every day, teams of analysts within banks review large numbers of alerts associated with transactions, patterns or behaviors that flag as potentially suspicious for money laundering or other financial crime. Analysts must determine whether these alerts are false positives, which typically 90-95% are, or truly suspicious activity. Our new AI Digital Worker, Isaac, reduces the alert review burden by helping to identify which alerts need to be escalated for further review and auto-closes those that it deems as non-suspicious. Because Isaac creates an easy-to-read dossier with a supporting narrative and documentation, analysts move from authors of reports to editors – saving their time to work on higher-risk and higher value investigations.
Isaac's responsibilities as an AI Transaction Monitoring Investigator:
Picks up alerts generated from surveillance monitoring systems and then investigates and evaluates the activity.
Automates for L1 transaction monitoring alert reviews, collecting data and either closing non-suspicious alerts or escalating them to an investigator.
Creates a dossier of each decision supported by human-readable justification, supporting documentation, and a confidence threshold to maintain transparency for examiners and auditors.
Provides a consistent approach to alert review and investigation, as well as the quality of the alert narrative and supporting documentation.
Assists with common AML transaction monitoring scenarios that generate a high volume of alerts such as structuring, excessive funds transfers/movement of funds/patterns of funds transfers, unexpected account usage/behavior, high-risk factors, use of dormant accounts, and more.
Isaac is not a transaction monitoring tool and does not create alerts, rather, he works with leading transaction monitoring systems to help financial institutions manage TM alerts.
About WorkFusion
WorkFusion, Inc. is the creator of AI Digital Workers purpose-built for banking and financial services organizations. Its Digital Workers are true knowledge workers that effectively augment existing teams in functions like anti-money laundering (AML), sanctions, customer onboarding, Know Your Customer (KYC), and customer service. WorkFusion's digital workforce solutions help solve talent shortages, increase workforce capacity, save money, enhance employee and customer satisfaction, and ensure ongoing compliance. For more information visit workfusion.com.
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Digital Banking
Bankjoy | September 13, 2023
Bankjoy, a prominent provider of digital banking services, has officially announced its collaboration with Panacea Financial, a specialized digital financial services firm tailored to medical professionals' banking requirements. With this collaboration, Panacea Financial will enhance the capabilities of its growing clientele, which includes dentists, physicians, and veterinarians, by integrating Bankjoy's advanced digital banking solutions.
Tyler Stafford, CFA, CEO and Co-Founder of Panacea Financial, expressed that physicians, whether during their education, training, or active practice, contend with unique financial challenges. The core mission of Panacea Financial is to alleviate the financial stress experienced by doctors, dentists, and veterinarians while managing their finances, and their partnership with Bankjoy is a pivotal component in achieving this goal.
Bankjoy's digital platform will enable Panacea's clients to easily manage their personal and practice finances anytime, anywhere. This partnership offers tailored financial support throughout their careers, from education to professional practice. Bankjoy's integration with Panacea's core system via Fiserv Communicator's open, user-friendly interface and ability to integrate with various banking platforms make it an excellent fit for neobanks like Panacea.
Michael Duncan, CEO of Bankjoy, highlighted the robust growth in the neobank sector, with transactions expected to hit $4.74 trillion in 2023 and a projected customer base of nearly 377 million by 2027. Panacea Financial is focused on a critical market sector, serving the unique financial needs of healthcare professionals. Bankjoy is proud to partner with them, offering digital banking technology to empower clients to manage their finances and focus on their vital patient care responsibilities.
Panacea operates on a national scale as a digital neobank, offering specialized banking services tailored to the distinct requirements of healthcare practitioners. It functions as a subsidiary of Primis, a publicly traded financial institution chartered by the state and affiliated with the FDIC, ranking among the largest banks in Virginia.
About Bankjoy
Bankjoy, headquartered in Detroit, is a FinTech firm that specializes in providing state-of-the-art banking technology, encompassing mobile banking, online banking, and a banking API, catering to financial institutions of varying sizes, from central banks to credit unions. The company prioritizes crafting aesthetically pleasing products with advanced functionalities, intuitive navigation, a contemporary aesthetic, and world-class user experiences, all meticulously designed through extensive user feedback and interaction.
About Panacea Financial
Panacea Financial, a subsidiary of Primis Financial Corp., operates as a comprehensive financial services firm serving clients in every U.S. state, including Washington, D.C. Panacea specializes in delivering an extensive range of banking solutions designed to cater exclusively to the unique financial needs of medical professionals, an initiative conceived and developed by individuals with medical expertise themselves.
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Investment Management
Newswire | October 04, 2023
Lendistry, a minority-led fintech and SBA Preferred Lender, announces today that it is implementing a new smart scoring process to its technology following the historic new changes announced by the Small Business Administration (SBA) in April. These new upgrades, in addition to lowering its loan minimum to $25,000 this month, make Lendistry a unique partner for underserved communities whether they’re looking to access traditional business lending or an SBA-guaranteed loan. As the SBA approaches the end of its 2023 fiscal year, in which 7(a) loans to Black-owned businesses hit $1 billion for the first time, Lendistry is leading as the number one African American-led 7(a) lender by a wide margin.
The pathway to capital through responsible business debt was already here, but due to systemic barriers and biases, that path was not available to everyone. Data from the Paycheck Protection Program (PPP) proved that automation removes barriers to capital, like the need to visit a bank location, the difficulty of acquiring a lower loan amount, and inherent human bias.
The less restrictive criteria and streamlined applications built into the new SBA rules make it easier for historically underbanked communities to access affordable capital. Timely to the fintech’s nearly parallel updates, the SBA’s loan submission system has also undergone an overhaul to its electronic capabilities, adding a new “ETRAN” eligibility pre-check. That means loans that may be suitable for SBA rates and guarantees can be automatically pre-checked for eligibility, saving the borrower significant time and document preparation. As part of their new process for loans from $25,000-$500,000, Lendistry has connected its platform directly to ETRAN and has already started using it shortly after the update went into effect. As a CDFI, Lendistry has created a similar automated pathway for eligible non-SBA business loan customers seeking loans under $500,000.
“People have mixed feelings about words like ‘algorithm’ and ‘automation’, even ‘AI’, but technology is the silver bullet for equitable lending,” says Lendistry CEO, Everett K. Sands. “This kind of tech has been here for a long time in simpler form, with predatory lenders promising fast cash and making it available through fully online platforms so they can make a profit off of underserved borrowers. As the good guys, we should all be using technology to provide the same fast experience with added capabilities for transparency and responsible underwriting processes. We should also leverage the data to tell the true risk story and create real solutions. My team and I applaud the SBA for evolving to meet the needs of today’s entrepreneurs and stand ready to help undercapitalized communities access their programs as well as our own.”
Sands brought this message on stage alongside Congresswoman Maxine Waters and the Congressional Black Caucus Foundation at the 52nd Annual Legislative Conference in Washington, D.C. last week.
We designed Lendistry’s model to innovate using technology and at the same time provide personal support from diverse, expert humans for less experienced borrowers and anyone who needs assistance. That is here to stay, Sands adds. This year, the lender is on track to deploy $10 billion to more than 700,000 small businesses and affect over 5,000,000 jobs nationwide since its inception in 2015.
About Lendistry
B.S.D. Capital, Inc. dba Lendistry (lendistry.com) is a minority-led fintech that provides innovative lending products and access to grant programs for small businesses nationwide. Headquartered in a Los Angeles Opportunity Zone, Lendistry uses technology and community partnerships to overcome systemic gaps that inhibit access to capital, and to empower its customers with responsible financing options. Based on its reputation for deploying funds efficiently and equitably, Lendistry’s leadership is often called upon to share their expertise with both government and private organizations. Lendistry has both Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certifications and is a member of the Federal Home Loan Bank of San Francisco. Lendistry SBLC, LLC is an SBA Preferred Lender and the nation’s only African American-led SBA designated Small Business Lending Company. In collaboration with The Center by Lendistry, a nonprofit business education organization, Lendistry dedicates itself to providing economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities.
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