Cleareye.ai | September 22, 2022
Cleareye.ai announces a new global strategic alliance with J.P. Morgan’s Trade and Working Capital group. The alliance leverages an industry-leading digital solution, ClearTrade, to solve both the challenges Trade Finance operations face today and tomorrow. Through significant advances in technology, the ClearTrade platform streamlines the onerous due diligence processing associated with Trade Finance transactions and the multitude of physical documents that are still prevalent in the industry today.
Trade Finance is an industry going through a digital transformation. The ClearTrade solution offers a revolutionary change for banks to ensure they can continue to operate in this evolving landscape plagued with a significantly increasing cost base.
Over the past year, ClearTrade has been integrated into J.P. Morgan’s Trade Processing System and is now live supporting transactions in the APAC region, with a global rollout planned over the coming quarters. Through this initiative, J.P. Morgan will be able to further leverage the digitizing of documents using powerful image processing solutions with the ability to extract, validate and accurately classify unstructured data. This level of digitization allows for:
Smart interpretation of data and documents to automate letter of credit document examination
Contextual and configurable rules engine to supplement existing Uniform Customs and Practice for Documentary Credits and International Standard Banking Practice rules
Identification of trade-based money laundering and sanctions red flags
Seamless integration into any existing Trade Finance back-office platforms
Cleareye firmly believes that the ClearTrade solution has the capability to increase Trade Finance operations productivity by up to 70%. Through the automated examination of thousands of trade presentations, including both industry common and non-standard document types, the solution has demonstrated up to 9x increase in trade velocity, significant reduction in document checking errors, greater than 85% accuracy standards and up to 80% reduction in E2E processing time.
“Digitizing trade finance documentation has the ability to provide real benefits to J.P. Morgan and our clients. Banks have grappled to solve the puzzle of paper and manual data entry in this business for many years and our alliance with Cleareye is taking meaningful steps towards solving the problem. The ClearTrade platform also helps us to accelerate and future-proof our clients’ business while reinvesting savings into enhancing controls and risk management.”
-Stuart Roberts, Global Head of Trade & Working Capital for J.P. Morgan
Mariya George, CEO and Co-founder for Cleareye, states: J.P. Morgan maintains a gold standard for digital innovation while ensuring regulatory needs are met, and we are very excited about the ClearTrade implementation and go-live. This also reinforces the strategic alliance between our firms and the vision to digitize trade operations for banks across the globe.
Cleareye.ai is an advanced Artificial Intelligence & Machine Learning platform that enables banks to launch products at a rapid pace. Headquartered in California with offices in New York, Bahrain and India, the company aims to simplify banking. The platform leverages technology breakthroughs with a fully automated document processing layer, unified ML lifecycle management, data management, model governance and dynamic rules engine leveraging NLP. This will transform banks into hyper agile organizations, that customers want to bank with and delivers exceptional customer service, drive short term gains and long-term growth, and generate insights to sustain momentum at digital scale. Cleareye.ai was founded by leaders in global technology, representing decades of entrepreneurial and digital systems experience in banking.
Capital Engine | July 05, 2022
Following market demands, Capital Engine® has introduced a preconfigured version of its highly regarded Capital Engine® Investor Management software solution called “Capital Engine® Go”.
Capital Engine® Go delivers the same usability as Capital Engine’s existing “Professional” version and includes our tried and tested, capital raising tools and investor management functionality. In addition, the preconfigured nature of Capital Engine® Go and the streamlined implementation methodology means there is no requirement for design, build and customization, which enables companies to be up and running quickly with a standardized version of our financial technology.
Offering the new product on a SaaS basis, delivered from the cloud, gives investment management companies the advantage of a single provider for every aspect of the delivery, as well as global coverage, and a high level of scalability that enables a quick ramp-up and efficient rollout to our clients.
Capital Engine® Go is aimed at forward-thinking organizations that require a focused application and that are unlikely to have to modify it to suit their organization, as well as companies that want to be able to grow the platform in the future without having to undergo major changes to their infrastructure.
“Today’s launch is a significant evolution of the Capital Engine® tech-enabled platform as it offers more companies the benefits of our financial technology,” said Bryan Smith.
“Today’s launch is a significant evolution of the Capital Engine® tech-enabled platform as it offers more companies the benefits of our financial technology,” said Bryan Smith. “By selecting Capital Engine Go enterprising companies can benefit from a streamlined implementation, reduced costs and integrated suite of digital investment tools, and distribution platform to connect private capital with investors of all types.”
About Capital Engine®
Capital Engine® works with forward-thinking organizations to help them raise capital more effectively, automate their investment operations and manage their investors with tech enabled investor management solutions.
Built for high-performance capital raising, our technology helps leverage the opportunity to better originate and showcase a diverse selection of private investment deals and offer these to investors i.e. a deal’s potential viability can be better assessed, market appetite determined and transaction promptly closed.
Our clients and strategic partners include real estate funds, broker dealers, investment banks, family offices, angel networks, wealth managers, incubators, accelerators, social impact, healthcare, and Reg CF portals.
Argyle and Highline | August 30, 2022
To meet the needs of U.S. consumers who are normally shut out of affordable credit products, payments fintech Highline Technologies and employment data platform Argyle have partnered to bring payroll-linked lending and billpay capabilities to lenders nationwide.
With payroll-linked lending, consumer loans are automatically repaid through preset distributions directly from the borrower’s paycheck. This benefits consumers by providing them access to lower cost credit through more reputable, non-predatory lenders; and also benefits lenders as payroll-linked lending enables them to decrease missed payments by up to 2/3rds and reduce default rates by more than half.
“Our partnership with Highline empowers workers, consumers and lenders with over 160 granular data points, while moving us closer to universal financial access for the underbanked, those with thin credit or no credit history, and those that the financial system has traditionally left out; gig workers, shift workers and creators, Argyle’s data coupled with Highline’s commitment to financial wellness is meaningfully expanding access to financial services and reducing risk for consumers and lenders alike.”
-Shmulik Fishman, CEO of Argyle
Argyle’s real-time, borrower-permissioned service is fully integrated into Highline’s platform, which enables lenders to implement any number of decisioning, origination and repayment use cases. Lenders can embed these capabilities within their own digital experience. An applicant’s income and employment data, including employment tenure and income, can be used for decisioning. Consumers then opt-in to repay loans through allocations from payroll and Highline manages the flow of funds to pay off the loans.
True financial inclusion begins with the recognition that there is a shortage of non-predatory options available for many Americans who need access to relatively small dollar loans, The team at Argyle recognizes this as well and, like Highline, is committed to helping more consumers gain access to credit in a way that also makes sense for lenders and fits their business objectives,said Geoff Brown, CEO of Highline.
Argyle is building the leading user-consent-based platform for employment data, helping people avoid situations where their personal information is sold or used without their consent or knowledge. With Argyle, any business can process income and work verifications, gain real-time transparency into earnings, as well as view and update worker profile details. By removing the barriers between a worker, the companies they make money from, and the business they buy services and products from, Argyle has reimagined how employment data can be leveraged to benefit both institutions and individuals.
Highline is a new payments platform that automates bill payments directly from payroll. It provides lenders with a simple, direct approach to credit decisioning and payment automation that can be supported at scale. Lenders can decrease missed payments by up to 2/3rds, reduce default rates by more than half, expand customers’ credit options, and better support financial wellness. Built by subject matter experts, data scientists and technologists, Highline’s solution unleashes the power of payment automation to help lenders and financial institutions expand the pool of potential borrowers.
Aliaswire, Inc. | September 02, 2022
Aliaswire, a provider of bill payment and credit solutions for businesses and banks, today announced new capabilities for utility clients in its DirectBiller platform and reported impressive growth in the number of payments being processed by utilities. The new features address the growing need for utilities to meet customer expectations for more modern and convenient payment methods, while also reducing their operating costs.
The company saw a 337% increase in the number of payments processed by utility companies on its DirectBiller platform over the last 12 months, with one natural gas provider processing over one million payments per month and continuing to grow volume at 12% month-over-month.
“When you have recurring billing relationships like utilities, the billing and payment experience becomes a critical touchpoint. In many cases, it may be the only one a utility has with a customer each month, Not only does that experience have a huge impact on customer satisfaction, but it can also create big operational inefficiencies without proficient systems and processes in place, as finance teams are then forced to manually handle payment receipt and reconciliation.”
-Jed, Rice, CEO of Aliaswire
DirectBiller optimizes the billing and payment experience for residential, commercial and non-consumption utility customers. The platform manages the entire end-to-end process from billing through payment reconciliation and encourages on-time payments by providing easy and secure ways for customers to receive and pay their utility bills. DirectBiller enables utilities to consolidate all payment channels on a single platform and integrates seamlessly with utilities’ ERP systems and their banks’ treasury management systems to streamline payment reconciliation.
Key features in DirectBiller for Utilities
Members of the same household can log in separately to make payments against their shared account
Multiple payment options (web, mobile, text, CSR, IVR, kiosk)
One-time payment and auto pay
Automated payment reminders
Multilingual IVR service that follows the same payment flows as web and mobile experiences
CSRs can provide one-time payment links via text or email to unenrolled customers
Customers can pay directly on DirectBiller’s hosted payer portal, or the payment experience can be embedded within a utility’s existing payment site via single sign-on or API
Real-time posting lets the utility and customer know immediately when payments have posted to better manage service levels and terminations
Support for Multiple Divisions
For utilities with multiple lines of business, DirectBiller can support separate payment flows and websites. Reporting can be provided at the division level as well as a single consolidated view at the corporate level.
Flexible Card Processing and Fee Management
Support for different fee models for residential, commercial and non-consumption lines of business
Patented technology streamlines daily net settlement of surcharges, convenience fees.
Competitive “cost plus” interchange pricing, including Level 2/3 processing
Support for Non-Consumption Business
Full PDF presentment of complex and multi-page invoices
Multiple invoices can be grouped into a single payment transaction or processed individually
Payers can apply credit memos to invoices and pay net balance due
About Aliaswire, Inc.
Aliaswire is a fintech company based in Boston with a history of innovation in payments. The company supports leading financial institutions and merchant services providers with bill pay through DirectBiller® and small business credit solutions through Payvus®.