FINTECH

Payscout and Telrock Systems Partnered Over Paywire Integration

Payscout | February 08, 2022

Payscout_and_Telrock
Payscout, one of the global leaders of payment innovation, is elated to announce its latest integration with Optimus. Payscout is known as one of the global leaders of payment innovation. The company has provided specialized processing solutions for vertical-specific industries such as Healthcare, Accounts Receivable Management (ARM), and Enterprise merchants. Optimus is known for its comprehensive cloud-based collections and recovery software platform from Telrock Systems.

Telrock Systems is a global technology provider for modern recovery software solutions and cloud-based collections for creditors and 3rd-party consumer collections organizations to improve their functionality and advance business capabilities.

Payscout's Paywire platform will be a significant ARM-centric gateway for the users of Optimus as they will now have direct access to seamlessly integrated payment processing through API. The enhanced integration will serve the purpose of providing advanced omnichannel payment capabilities for debit, credit, HAS, and ACH in a secure and PCI-compliant environment.

In addition, the new Paywire platform now offers the users of Optimus access to enhanced service offerings from Payscout. The offerings would be programs with a proven record of increasing collection rates and boosting revenue and 360° Fee-Free Payments and First-Party Biller (FPB). Fee-Free Payments and First-Party Biller (FPB) is a service offering for agencies to their clients (BPO or EBO) to assist on receivables before assignment for collection. FPB generally reduces the impact on clients and systems during data transfer and controls the entire process.

360° Fee-Free Payments is a fully compliant Convenience Fee solution that enables merchants to eliminate or significantly reduce their payment processing fees by charging consumers at a flat price for the convenience of accepting card-not-present (CNP) payments online or via mobile phone.

These are trying times for businesses in the collections and ARM space. With many businesses facing reduced budgets, limited inventories, and increased regulations, there is a real need for an efficient and compliant payment solution that reduces costs and increases revenue. The integration between Paywire and Optimus provides further proof of the commitment between Payscout and Telrock Systems to provide innovative collection solutions that meet the needs of our customers."

Manpreet Singh, President and Co-Founder of Payscout

Spotlight

The capital markets fuel the U.S. economy, providing 65% of funding for economic activity. Today, GDP growth is slowly starting to pick up and the financial system is strong. And yet, the U.S. economy has experienced the slowest economic recovery of the post-war period. Real gross domestic product stands at only 112% of the 2007 level, and the economy has been stuck in low gear. The financial system has absorbed hundreds of new regulations in the decade since the financial crisis. While many of those regulations have made the financial system safer and more resilient, they are not without cost.


Other News
BITCOIN AND CRYPTO

SoFi Launches No-Fee Cryptocurrency Purchases for Direct Deposit Members

SoFi | March 25, 2022

SoFi Technologies, Inc. (“SoFi”), the digital personal finance company, today announced members will now be able to invest part of every direct deposit into cryptocurrency¹ with zero fees². This feature builds on SoFi’s robust offerings for Checking and Savings³ accounts, which already includes no account or overdraft fees, up to two-day early paycheck⁴ and an industry-leading 1.00% annual percentage yield (APY).⁵ Members will be able to set a recurring purchase⁶ for the cryptocurrency of their choice with each paycheck for no purchase fee, investing either by dollar amount or percentage of their deposit, into one of 30 coins. This feature is currently live to all members with both a SoFi Invest®⁷ crypto account and SoFi Checking and Savings account. Crypto investing is rising rapidly. In the last year alone, SoFi doubled the number of investors setting up automatic, recurring crypto purchases, By adding the ability for members to automate crypto purchases right from their paycheck, we’re making it easier than ever for our members to customize how they manage their spending, saving, and investing all in one place to help them get their money right.” Anthony Noto, CEO of SoFi. Alongside no-fee crypto purchasing, SoFi has launched a new online educational center to explain the ins and outs of cryptocurrency to investors. The new center is an ongoing resource to both crypto newbies and seasoned veterans alike throughout their investing journey. This product is the latest expansion of SoFi’s offerings to make it simpler to get started with cryptocurrency investing, including its offering to redeem SoFi Credit Card⁸ points directly into cryptocurrency. These features were created to allow SoFi members to invest when and how they want, all in the same app they can manage their credit card, bank accounts and investments. About SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our over three and a half million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams.

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PAYMENTS

PayTabs introduces SwitchOn®, the next generation payment solutions suite

PayTabs | June 07, 2022

PayTabs - MENA's award-winning payment processing powerhouse, made a jump start last year in its pursuit to pioneer next generation payments, by announcing the launch of its new home owned, globally validated unified payments and transaction processing platform, PayTabs SwitchOn®. After multiple launches with clients across the region, the payment card industry (PCI) certified solution, includes a Switching and Authorization System, a Card and Wallet Management System, and the Unified API Gateway. PayTabs SwitchOn® is now available for local deployment, at a fraction of the cost. With its own IP and built upon deep use case expertise, the flexible and compelling solution aims to empower innovation in the region by enabling flexible payment orchestration at scale. As a Fintech enabler for the region, PayTabs' mission is to simplify and yet orchestrate a unified payments experience and value for key players in MENA and beyond. Fintechs will find it particularly suitable to comply with local in-country regulations. Established Financial Institutions and fintechs' specific needs are met via the modular and hybrid deployment modes available. PayTabs SwitchOn® architecture is designed to ensure a unique payment orchestration capability allowing clients from multiple industries and scale to maximise the benefits they get while in conjunction with the legacy systems. From the Card and Wallet Management System to the Unified APM Gateway and passing by the various value-added modules, clients can select what best fits their needs. PayTabs' experts will ensure the right deployment mode is provided, either it is a Hosted Managed Service, On-Premises, or Hybrid. PayTabs also provides custom fit white-label solutions. PayTabs SwitchOn® solution for omni channel payments and its deployment modes provide answers and checks all the boxes to the growing demand for solutions that are compliant with the data localization directives and regulations for each country of operation. Which enables brands and large corporations across countries and regions to manage their payment complexities with a 360-degree view, reducing dependencies with third parties and thus streamlining the speed to market. In the post covid era of emerging payments, this is good news for the region. By orchestrating a groundbreaking technology and as the next generation payment system architects, we have elevated our payment processing capabilities. With PayTabs SwitchOn® we are now able to deliver a 360-degree payment experience in a few weeks, at a fraction of the cost." Johnson S Sasikumar, Group Head of Strategy, PayTabs. About PayTabs PayTabs is an award winning, payments solutions powerhouse founded by Saudi entrepreneur Abdulaziz Al Jouf in 2014. PayTabs processes transactions in multiple currencies and markets, safely and securely. Using API plugins, PayTabs facilitates seamless B2B e-commerce solutions for small and medium enterprises across industries, to 'plug and play' payment features on to their websites. PayTabs prides itself on offering e-invoicing services enabling businesses to enjoy digital invoicing, pay by QR code or secure social media payment links. Originally backed by Saudi Aramco's "Waed" and later by private Saudi investment, over the years, PayTabs has in-built and exported a full stack of game changing solutions. These include mobile applications, hospitality, governmental, education, airline, travel, transport, and biller solutions, to interlink the multi-billion-dollar enterprise market chain in the MENA region. In 2021, PayTabs launched "PT Touch", the first SoftPOS solution in MENA to transform smart phones into merchant POS terminals. Last month, PayTabs launched its own social commerce platform, 'Paymes' to ease payments for micro merchants. A proven game changer in the global payments space, PayTabs has dedicated offices in the UAE and KSA and presence in other locales including Egypt. The company is an equal opportunities employer with a diverse and multi-cultural team from over twenty nationalities.

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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. 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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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FINANCIAL MANAGEMENT

Morningstar Launches Analytics Lab, a Data Science Platform for Finance Professionals

Morningstar | May 30, 2022

Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced the launch of Analytics Lab, a new capability for data scientists and analysts in its investment analysis platform, Morningstar Direct, following the launch of the interactive research functionality last year. Analytics Lab lets users programmatically investigate Morningstar data and research more deeply to discover new opportunities for investing success. Analytics Lab gives users access to the development platform behind the prebuilt Morningstar research and data sets, enabling users to create custom notebooks in a hosted environment, combining the powers of Morningstar data with Python programming language. Investors need to extract meaningful insights from immense amounts of data every day. Analytics Lab opens the door to Morningstar's core data and research, enabling users to discover new opportunities for investing success much more efficiently in a flexible environment, Our data, analytics, and communication capabilities create a platform that's completely new to the Morningstar universe which will empower our clients like never before." Frannie Besztery, head of Morningstar Direct. For those familiar with Python, the module evolves from a prebuilt analysis tool to a fully customizable and personalized platform. Users can now explore and discover Morningstar data with flexibility and leverage previously created Data Sets, Lists and Search Criteria, and Performance Reports from Morningstar Direct. As a result, Analytics Lab allows users with coding and analytical skills to automate their workflows faster than ever before and share these results with other Morningstar Direct users at their firm. Analytics Lab incudes features to simplify the often-lengthy process of finding data and developing code including drag-and-drop capabilities to automatically insert code, robust Python documentation, sample queries, and tutorial notebooks help new users find and navigate Morningstar's data. Coding skills aren't a prerequisite to benefit from Analytics Lab's technological power. Morningstar's library of prebuilt research and data sets, couples multi-faceted data sets with automated analysis, allowing clients to quickly visualize meaningful insights and turn research into action. For example, the firm diversity data set can analyze the presence of diversity within an asset management firm's ownership, board, employee workforce, company policies, and hired service providers. Since the initial launch last year, Morningstar released 13 data sets, on various industry trends and will be launching data sets about U.S. fund fee trends, active and passive fund analysis, ESG topics, and more. About Morningstar, Inc. Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, and institutional investors in the debt and private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $265 billion in assets under advisement and management as of March 31, 2022. The Company has operations in 29 countries.

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Spotlight

The capital markets fuel the U.S. economy, providing 65% of funding for economic activity. Today, GDP growth is slowly starting to pick up and the financial system is strong. And yet, the U.S. economy has experienced the slowest economic recovery of the post-war period. Real gross domestic product stands at only 112% of the 2007 level, and the economy has been stuck in low gear. The financial system has absorbed hundreds of new regulations in the decade since the financial crisis. While many of those regulations have made the financial system safer and more resilient, they are not without cost.

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