Security and Compliance
PR Newswire | September 29, 2023
Opus, a global leader in payment technology solutions, has concluded a strategic partnership with Checkmarx, an industry leader in providing application security testing. This dynamic collaboration underscores Opus's unwavering commitment to security in the financial sector and represents a significant leap toward delivering unparalleled protection for its global list of clients.
Opus recognizes the vital importance of inoculating financial applications against potential vulnerabilities and threats that loom large in the digital era. This partnership combines the technical expertise of Opus in developing differentiated payment offerings with Checkmarx's cutting-edge and comprehensive application security platform.
Referring to the pressing need for enhanced security measures in the payments arena, Opus CEO Praveen TM said, "In an environment rife with ever-evolving cyber threats, financial data security is imperative. Opus is on an unrelenting mission to fortify the payment ecosystem. Our partnership with Checkmarx marks a significant milestone in Opus's mission to continually push the envelope and advance the security of the entire payment ecosystem."
This partnership further strengthens Opus' positioning as a strategic enabler, empowering clients to seamlessly embrace DevSecOps with Checkmarx's application security platform. The integration will allow Opus privileged access to Checkmarx One's features and advancements, enabling proactive enhancements for its clients' systems. Through proper configuration and automation, Opus' client will be able to identify, prioritize and respond to threats and vulnerabilities based on their business impact.
With real-time payments coming to the fore, the role of a robust application security platform is critical. With Checkmarx by our side, we are poised to deliver state-of-the-art security solutions that safeguard the future of finance. Together, we will help organizations accelerate their digital transformation journeys while ensuring that security is embedded into every stage of their application development process, Praveen TM added.
About Opus Technologies (formerly Opus Consulting Solutions)
Opus Technologies is a global provider of outcome-driven payment strategies. Opus combines its deep technology proficiency with unmatched domain expertise in payments and FinTech to deliver unparalleled quality and value in their work.
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Fintech
PR Newswire | October 19, 2023
Alloy, the identity risk management company, is expanding its credit underwriting capabilities to support banks, fintechs, and other builders of financial products in managing their holistic credit risk. In a challenging macro-environment, Alloy enables lenders to make smarter credit decisions, capture default risk, and increase revenue by identifying upsell and cross-sell opportunities. Alloy also automates credit line management and product remarketing, helping lenders maintain appropriate credit limits and proactively extend new product offers to customers.
Lenders rely on Alloy's established credit underwriting capabilities to offer credit products to more people with less risk. Alloy allows lenders to automate their credit decisions using identity data gathered during onboarding, credit bureau data, and alternative underwriting data. Lenders can make credit decisions using custom models, building anything from basic workflows to complex matrix models right within Alloy.
Alloy's updated credit offering builds upon these existing capabilities to offer a comprehensive and proactive approach to credit management beyond origination, enabling banks and fintechs to monitor for credit risk throughout the customer lifecycle. New features include:
Automated, scheduled checks using the richest set of credit signals to monitor the ongoing financial health of borrowers: Lenders can incorporate fresh data pulls into their decisioning from a wide range of third party data sources: including credit bureau data, alternative underwriting data, and their own proprietary data. This comprehensive approach enables lenders to build a more complete picture of a borrower's creditworthiness and potential risks and carry out more data-driven decisions.
Real-time alerts sent to lenders to notify them about changes in a borrower's risk (e.g. if a borrower declares bankruptcy): Lenders can then take proactive measures to prevent the accumulation of high-risk loans.
Automated line management: Lenders can maintain appropriate credit limits and terms through continuous monitoring to determine if customers qualify for a credit line change based on behavior and automatically conduct line adjustments.
Automated credit remarketing process: Lenders can monitor positive customer behaviors like timely repayments and salary increases and can offer good customers new products, ultimately increasing their company revenue.
Historically, lenders have had to rely on point-in-time, siloed information about their borrowers, said Parilee Wang, Chief Product Officer at Alloy. With Alloy, lenders have a holistic solution for building a more complete picture of a borrower's ongoing creditworthiness and potential risks.
Alloy's product investment in the credit space comes as U.S. consumer credit card debt has topped $1 trillion for the first time in history. As many borrowers face increased financial strain impacting their ability to repay debts, lenders may be forced to make difficult decisions about the creditworthiness of their applicants. At the same time, as revolving credit usage grows and consumers demand personalized, seamless experiences from their financial institutions, lenders are challenged with remaining top of wallet and staying ahead of competitors.
"We were so excited to find a credit underwriting solution that lets us proactively manage our credit risk and allows us to rely on automated decisioning," said Bobby Parker, Head of Credit at PEX Card. "The configurable platform allows us to be nimble, and we can make critical underwriting changes quickly with the appropriate controls in place. Furthermore, with the A/B test feature, and pre-built integrations with salient data providers, we can ensure our decisions are driven by data and information gain. Leaning on this solution will give us the ability to prudently grow our portfolio while driving strong risk adjusted returns."
"We knew building our platform would require us to partner with best-in-class fraud prevention, compliance, and credit decisioning capabilities," said David Anderson, Co-Founder and CPO at Tandym, a consumer credit card issuer and Alloy client. "We wanted a solution that was flexible, easy to use, pre-baked with integrations, and that made adding new data sources and making changes to our policy simple and seamless. Using Alloy's Identity Risk Solution for credit underwriting provided us with the tools to create more complex configurations to deliver better and more tailored results."
Alloy offers the broadest coverage of third-party data in the industry with more than 190 data sources, including credit bureaus and alternative credit data providers. Some of Alloy's partners in the credit space include:
Equifax
Experian
Transunion
Nova Credit
FIS
Zest AI
Prism Data
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Codat
About Alloy
Alloy solves the identity risk problem for companies that offer financial products. Today, nearly 500 banks and fintechs turn to Alloy's end-to-end identity risk management platform to take control of fraud, credit, and compliance risk, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.
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Payments
Central Payments | September 11, 2023
Central Payments has announced the introduction of an inventive disbursement platform known as PayCP. The portal, which Central Payments has developed in less than 30 days, aims to empower partners to initiate and oversee payouts and access historical and analytical information while delivering a fully-branded and user-friendly experience for customers to select their preferred method of fund reception.
The initial stage of PayCP introduces a range of payment options, including virtual Discover Prepaid Cards, physical Discover Prepaid Cards, real-time push-to-debit card transfers via Mastercard Send, and ACH bank transfers. Central Payments has an extensive plan in place throughout the rest of this year and into 2024, encompassing the enhancement of payment choices and the diversification of payout scenarios.
PayCP will act as a white-label, turnkey solution that enables businesses to offer their customers various options for receiving payments, according to Nikkee Rhody, Executive Vice President and Chief of Strategy at Central Payments.
She further pointed out that with the launch of PayCP, the platform can readily support various use cases, such as assisting companies in swiftly and digitally disbursing rebates, loyalty, incentive, or reward funds to their customers. This enables partners to transition from traditional paper check mailings and opt for secure, cost-effective digital methods.
PayCP will set itself apart with its cost-efficient and swift payout capabilities, presenting two noteworthy benefits - simplifying the prompt transfer of funds to a company's customer base and optimizing the payment procedure.
About Central Payments
Central Payments is a US-based financial services firm established by banking professionals to enhance financial experiences globally. The company specializes in creating, delivering, and maintaining payment solutions through its renowned proprietary OpenCP API Marketplace. This marketplace provides partners with a consolidated gateway to the full spectrum of payment services.
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Core Banking
Sagent | September 18, 2023
Sagent, a prominent fintech software company specializing in modernizing mortgage servicing for banks and lenders, has announced an extension of its partnership with The Central Trust Bank (Central Bank). Backed by Warburg Pincus, Sagent's mission is to facilitate the transformation of mortgage servicing operations through scalable fintech solutions. This six-year extension signifies their commitment to empowering the Central Bank with cutting-edge technology, ensuring efficient operations, enhancing the customer experience, and addressing the ever-evolving demands of the mortgage industry.
Central Bank's decision to extend its partnership with Sagent underscores the value of Sagent's cloud-based LoanServ system. This system is the cornerstone of Central Bank's mortgage servicing operations, offering agile and highly configurable technology that automates intricate, high-volume tasks and workflows. By leveraging Sagent's fintech solutions, Central Bank aims to deliver an exceptional customer experience while remaining adaptable to the dynamic landscape of customer needs and regulatory requirements. This extension solidifies the role of technology in driving Central Bank's growth and competitiveness within the mortgage servicing sector.
Steve Komaromi, COO of Loan Servicing at Central Bank, commented,
Central Bank remains committed to its strong community roots while embracing growth opportunities through partnerships with industry leaders like Sagent to power ultra-personalized, full-service banking that helps us engage, care for, and retain our customers through every step of the homeownership journey.
[Source –Business Wire]
Central Bank's mortgage servicing technology from Sagent improved operational efficiency, kept them at the forefront of fintech innovation and met customers' expectations for a mobile-friendly banking experience. Steve also expressed Central Bank's enthusiasm for this extended partnership, highlighting the opportunity to expand their servicing customer base and accelerate innovation to serve their customers better.
Central Bank, rooted in community-first principles since its inception in 1902, has left an indelible mark across over 140 locations in the Midwest. With a century of service-driven banking, it has consistently earned accolades such as 'Best Customer Service Bank' by Newsweek and recognition in Forbes' prestigious list of 'America's Best Banks.' Sagent has over $2 trillion in outstanding mortgage balances on its platforms and is the only enterprise, default, and consumer mortgage servicing platform synchronized with real-time data in the industry.
About Sagent
Sagent is the driving force behind America's foremost bank and nonbank lenders, revolutionizing the homeownership experience for millions of borrowers. The company's mission is to empower enterprises and banks that help engage, nurture, retain, and modernize relationships with borrowers. Its flexible, scalable, and highly configurable solutions enable users to engage borrowers and cultivate loyalty effectively. In addition, Sagent's solutions help reduce servicing costs, ensuring compliance and amplifying the value of servicing rights throughout the entire spectrum of market cycles.
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