PAYMENTS

StoneX Launched New Digital Payments Division to Expand Payment Solutions

StoneX | January 20, 2022

StoneX_Launched_New
StoneX Group Inc. announces to launch its new digital payments initiative from its Global Payments Division. The initiative aims to expand a broad range of payments solutions to global corporate and institutional clients. StoneX Payments solutions specialize in transferring funds to the developing world. It offers competitive and transparent pricing and guaranteed and secure delivery in approximately 140 currencies across 180 countries.

StoneX is currently leading in global cross-border payouts and is leveraging its deep, proven cross-border capabilities, global client relationships, and substantial in-country payments services to provide a fully integrated offering. StoneX Payments also revealed that Dean Chang had joined the division as Global Head of Digital Payments to launch the new payment offering. Mr. Chang brings his experience in building innovative digital payment solutions, which will enhance cross-border FX and StoneX Payments’new payment venture. Recently, Mr. Chang functioned as Chief Operating Officer of Island Pay and boosted Island Pay in the Caribbean region.

Carsten Hils, Global Head of StoneX Payments, says, "We recognize that although we are providing world-class cross-border FX payout solutions, our clients have other payments needs that we plan to address with these new capabilities. We want to position ourselves to support their goals, leveraging our experience and knowledge in emerging markets. Dean brings a diverse skill set and experience that positions him well to lead our new digital payments initiative."

Earlier it was noted that StoneX Payment's clients faced challenges while facilitating payments. As a result, StoneX is launching this initiative in emerging markets to address and overcome these critical needs respectively. In this way, StoneX Payments will develop an innovative digital solution to make the flow of payments more accessible and convenient for global institutions and corporates. In addition, these novel solutions/services will enable global leaders to grow their businesses and drive customer engagement.

Mr. Chang concluded, "I am excited to join StoneX Payments and be part of a team that leads the way in global payments. This initiative represents an investment in the future, as we build our platform and broaden our reach with new, innovative payments solutions to help our clients grow in new markets around the world."

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If you sell products or services that are exempt from sales tax, your compliance challenges and audit risk can be more complex and burdensome. In the event of a sales tax audit, you must prove that your exempt sales are backed by valid documentation. If not, you'll be assessed audit fines and penalties. Achieving complete sales


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PAYMENTS

CapIntel Partners with Canadian Financial Services Leader Equitable Life® to Enhance Experience for Financial Advisors and Customers

CapIntel | January 25, 2022

CapIntel, a financial technology (Fintech) company that supports wholesalers and financial advisors in their day-to-day workflow to deliver top-tier client service, today announced a partnership with Equitable Life. Leading companies are constantly evaluating how to remain relevant and thrive as the world evolves, and this partnership demonstrates Equitable Life’s commitment to constantly push what best-practice looks like in the financial services industry. For more than 100 years Equitable Life has worked with advisors to support Canadians with their financial goals. As a mutual company, with no other competing interests, Equitable Life’s duty and priority rests only with clients. CapIntel’s intuitive platform is helping Equitable Life meet this commitment by enabling wholesalers and financial advisors to build, analyze, and compare portfolios and deliver personalized recommendations. The CapIntel platform streamlines these processes helping wholesalers and financial advisors have stronger, more transparent conversations with clients leading to the best client results. “We are committed to continuously finding ways to leverage technology for the benefit of our clients and partners,” said Cam Crosbie VP, Savings and Retirement at Equitable Life of Canada. “CapIntel provides an intuitive, powerful platform that our wholesalers and advisor partners can use to grow their business by focusing on the client experience and cultivating meaningful relationships.” The Equitable Life partnership comes at the heels of CapIntel’s partnership with IG Wealth Management and a strategic relationship with The Canada Life Assurance Company (Canada Life). This momentum signals accelerated movement among Canadian financial services leaders increasing their work with fintech companies to enhance advisor and client experience. “Having a Canadian mutual financial services leader, like Equitable Life, use CapIntel to boost wholesaler and financial advisor effectiveness is a testament to our platform’s value,” said James Rockwood, Founder and CEO of CapIntel. “In this digital age, there is an increased desire amongst financial services companies to work more effectively using technology. Established financial services companies are advancing their capabilities through partnerships with fintechs, and we are proud to support these companies and accelerate their digital evolution.” With over 10,000 financial advisors and 500 wholesalers now using the CapIntel platform, Canadians are experiencing the benefits of working with financial advisors who provide an efficient, personalized, and transparent experience. As this momentum in the financial services industry continues, CapIntel will continue to develop the platform to meet the needs of wholesalers and financial advisors. Most recently, this included the addition of a client focused reforms (CFR) module released in Q4 of 2021 to support financial advisors with new compliance regulations. About CapIntel CapIntel is a Toronto-based financial technology company leading the way in developing intuitive, web-based applications for financial professionals. Founded in 2017, CapIntel has been on a mission to elevate personal finance, and a significant part of this means growing wealth through investments. CapIntel's platform helps financial advisors provide better service to their clients so they can get a better understanding of their investments and feel at ease knowing their future is secured. With over 10,000 advisors and 3 of the 5 Big Banks in Canada on their platform, CapIntel is transforming the advisor-client experience. About Equitable Life Canadians have turned to Equitable Life since 1920 to protect what matters most. We work with independent advisors across Canada to offer individual insurance, savings & retirement, and group benefits solutions to meet your needs. Equitable Life is not your typical financial services company. We have the knowledge, experience and ability to find solutions that work for you. We’re friendly, caring and interested in helping. As a mutual company, we are not driven by shareholder pressures for quarterly results. This allows us to focus on management strategies that foster prudent long-term growth, continuity and stability. We are dedicated to meeting our commitments to clients – now and in the future.

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FINTECH

IDT Acquires Sochitel, A Global FinTech and Digital Distribution Business

IDT | January 21, 2022

IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications services, announced today that it has acquired a majority stake in Sochitel, a global hub and digital distribution platform for mobile top-up, electronic vouchers, and other value transfer services. Headquartered in London and Lagos, Sochitel has a deep footprint across Africa interconnecting Mobile Network Operators, banks, and financial service providers. Sochitel’s fintech platform empowers the continent’s leading banks to deliver digital, value-added services to over 60 million customers across Africa and supplies its services to corporate clients worldwide. IDT and Sochitel will leverage their combined capabilities to expand the reach of IDT’s current digital offerings, including mobile top-up and money transfers into Africa, and to support future offerings including bill payment and e-vouchers. Our combination with Sochitel significantly expands and streamlines our distribution network in key African markets, broadens our mobile top-up platform with new digital services, and provides access to a significant new base of partners and clients as we continue to grow our global value transfer businesses.” Emilio del Rio, Senior Vice President of Prepaid Services at IDT. We are delighted to join the IDT family. Africa is enjoying unprecedented growth while pacing the world in the adoption of digital fintech solutions. Combining our strength and depth in the African market with IDT’s distribution capabilities positions us for significant expansion as we further integrate Africa with the global marketplace.” Jerry Ejikeme, CEO of Sochitel. Africa, with a population of over 1.2 billion and some of the developing world’s most dynamic economies, represents a significant growth opportunity for the mobile financial service sector. According to the Global System for Mobile Communications (GSMA), Sub-Saharan Africa alone is home to half of the world’s mobile money services and generates two-thirds of global mobile money transactions value. Increasing mobile penetration, a scarcity of traditional transaction infrastructure, and the region’s rapidly evolving mobile payments infrastructure are creating tremendous opportunities for financial service providers to unlock significant value. About IDT Corporation: IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud communications, and traditional communications services. We make it easy for families to communicate and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight. About Sochitel: Headquartered in London and Lagos, Sochitel has a strong pan-African footprint supplying digital products and services to major banks and Mobile Money Operators in over 20 countries, as well as corporate clients across the world. Its leading FinTech platform enables financial and corporate partners to offer an extensive and growing range of digital products that supports their customers’ daily activities.

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PAYMENTS

SAT Introduces New and Effective Measures to Combat Capital Security Issues

SAT | December 30, 2021

SAT creates an electronic cash system that meets the needs of daily life, is of justice and equity, and has a high degree of privacy. As in the digital age, when using fiat for online transactions, people rely more on third-party institutions for transaction confirmation. Perhaps the concept introduced by SAT is not the most novel, but it is the most practical one. Because they believe payment is the most frequent behavior in people's daily life, which is important for everyone's lives. People rely more on third-party institutions for transaction confirmation when using fiat for online transactions in the digital age. The present method is that banks, act as a third party, confirm the transactions, and both parties can confirm the payment through the balance change in their bank account. But there are problems such as customer data leakage, transaction inconvenience, and insecurity if confirming transactions by third parties. On the other hand, SAT uses a decentralized peer-to-peer payment system to combat the aforementioned problems. At the same time, the system also has the characteristics of security and convenience. In the beginning, when Mr. Satoshi designed Bitcoin, it was envisioned as a cryptocurrency that matched real-life applications which could be used in daily life to pay for food, clothing, housing, and transportation. It must also be safe, fast, and highly private with no worries about intervention and personal data leakage from third-party authorities. However, the price of Bitcoin has soared from 0.1 U.S. dollars to thousands of U.S. dollars, causing difficulties in micropayments. Therefore, SAT upholds Satoshi Nakamoto's intention when creating Bitcoin. SAT works as a token of Bitcoin, dividing its market value, thus enabling micropayments, accelerating block generation time, and reducing transaction time. The mission of SAT is to popularize digital currency from exchanges and to become the world's most widely used cryptocurrency. The company thrives on representing a significant step forward in adopting cryptocurrency. In addition, SAT grants control to fund owners rather than relying on the credibility of third-party institutions. Transaction security means that no third party knows the personal information of the counterparty. The cost of counterfeiting is too high. Therefore, the SAT network will be designed to return credibility to users. Each user in a node is a witness, jointly building a transparent, secure, and highly private monetary system. SAT adheres to the spirit of Bitcoin and Satoshi Nakamoto's original intention. It continues using the SHA-256 hash algorithm. On average, as the number of leading 0 bits increases, the amount of work required will increase exponentially, and only one hash operation is required for block verification. Essentially, SAT is almost the same as Bitcoin, with only improvements in supply and block generation speed to meet the needs of a transactional version of Bitcoin. As the originator of crypto-currency, Bitcoin has created a decentralized digital currency with the help of blockchain technology, which is of cross-era significance. However, its price and design make it increasingly meaningful for collection. As for transactions, investors need a token. Thus, SAT coin was created by crypto-enthusiasts. At present, SAT is a new currency. Future planning will focus on developing payment systems, including ATM & POS machines, trading platforms, and mall facilities, on maturing the whole payment ecological chain. In an environment where trust in the authority of third-party institutions is questionable and data may be leaked, SAT, inspired by Bitcoin, has a similar technical basis and mechanism to Bitcoin and will surely lead to a new currency era. SAT will perfectly solve the problems existing in the present monetary payment structure with the decentralized and peer-to-peer transfer. Due to the pandemic, people's payment habits will also shift to contactless payments. For SAT, this is a great opportunity for promotion, while the price of SAT is hovering between 0. 0012 and 0. 0013 at present. With the promotion and application scenario expansion in the next five years, its value will increase and increase the price. For cryptocurrency investors looking for currencies with strong appreciation potential, SAT will undoubtedly be the right choice. About SAT It is an emerging crypto platform with the smallest divided unit of Bitcoin. SAT can be called "the son of Bitcoin," It is optimized with the blockchain generation speed to meet daily life transaction requirements. The SAT network is open to everyone. Regardless of where deter-mined investors are in the world, they are welcome to join the team in building a blooming and truly digital economy.

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PAYMENTS

eFactor Network and PrimeRevenue Expanding Access to Finance for Agribusiness Companies in Latin America

PrimeRevenue | June 28, 2022

FIRA (Trust Funds for Rural Development), a second-tier development bank that offers credit and guarantees among other products to the agriculture, livestock, fishing, forestry and agribusiness sectors in Mexico announced a new partnership with PrimeRevenue, Inc., the leading global provider of technology-enabled working capital solutions eFactor's digital solutions, powered by PrimeRevenue's technology, will help streamline the funding of FIRA with its network of Banking and Non-Banking financial intermediaries (IF's). The foregoing will facilitate FIRA funding in the eFactor Marketplace, which is estimated to close with more than $7.5B USD in 2022. This innovative model of connecting Bank with Bank, in this case, FIRA with its network of FIs and NBFIs, is created to facilitate factoring programs for clients related to the rural, agricultural, forestry and fishing sectors, as well as localities with a population of up to 50,000 inhabitants. This is what we are seeking: to specialize and deepen services to the agribusiness sector with a leading technology company. It is an alliance where FIRA wins because it extends services with the help of technology, and we believe that eFactor wins to the extent that it can extend its services of value for the agribusiness." Jesús Alan Elizondo Flores, Managing Director of FIRA. With this alliance, FIRA extends its financial services to small, medium and large producers, for working capital and factoring. Once migrated to the FIRA portfolio, they will be able to use the resources through the eFactor Network technology's platforms. About PrimeRevenue As a pioneer in global B2B payments, the PrimeRevenue SurePay Platform connects the entire supply chain by improving working capital and automating digital payments. Thousands of companies around the world leverage one streamlined platform to increase payment visibility, enhance control, and improve cash flow. PrimeRevenue is headquartered in Atlanta, with offices in London, Prague, Hong Kong, and Melbourne. About eFactor Network eFactor Network is a fintech company, leader in working capital financing in Mexico, started in 2009 with the vision of helping large purchasing organizations improve their working capital by extending payment terms without increasing the burden of their supply chain, as well as to serve its suppliers by giving the option of obtaining an advance payment at attractive financing rates. It has alliances with development banks such as IFC World Bank, IDB Invest, Bancomext, BLADEX and PrimeRevenue; today it has more than 15,000 clients and a presence in 20+ countries where they pay company suppliers in various currencies.

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If you sell products or services that are exempt from sales tax, your compliance challenges and audit risk can be more complex and burdensome. In the event of a sales tax audit, you must prove that your exempt sales are backed by valid documentation. If not, you'll be assessed audit fines and penalties. Achieving complete sales

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