PAYMENTS

USI Money Implements its Affiliate Programme Through its Raas Product

USI Money | January 25, 2021

USI Money, a main cross-border remittance and Forex provider, today declared the fruitful usage of its Affiliate program following a pilot conspire dispatched just months sooner.

At first dispatched as a pilot conspire because of the increment of clients returning to online payment arrangements during the pandemic, it demonstrated fruitful driving the group to present full execution of the item.

"By launching this incentive campaign following a sharp rise in registrations and interest, we hope that the continued innovative programmes we are introducing will deliver exponential growth to the company. We have continued to grow as a brand and expand our reach to customers," said Khaleeq Taimuri, Director of USI Money. He also stated, "By working in the current challenging COVID climate we have been able to adapt quickly and efficiently which has enables us to significantly expand our operations and client reach."

About USI Money
USI Money is a London based, fintech cross-border payment service provider with pioneering tech solutions allowing users to execute trades and move money around the world for business and individuals.

Spotlight

RippleNet is a global payment system for Corporates, SMEs, Small banks and payment providers. It boasts of reducing fees, transaction time and reduces the need for Nostro Accounts to transfer money across borders. It is currently working with Santander, Bank of America, UBS, American Express, RBC and Westpac.It currently has three main features:1.xCurrent -Real-time settlement with bidirectional messaging -DOES NOT USE XRP2.xRapid -Access on-demand liquidity through digital assets (XRP) / Uses XRP as a “bridge” between currencies (launched 1st October 2018)3.xVia -One standard API to access RippleNet (Payment Interface that can be used to make payments that “tap into RippleNet”)xCurrent is the highway and xRapid is the fastcar to get you to the end of it. Currently a majority of RippleNet’s partners are only using its xCurrent product, which still relies on Nostro accounts and doesn’t use XRP.


Other News
FINANCIAL MANAGEMENT, FINTECH

Broadridge Ranked #10 on the 2022 IDC FinTech Rankings

Broadridge | September 13, 2022

As part of its eighth consecutive year being recognized, Broadridge Financial Solutions, Inc., a global Fintech leader, is pleased to announce it ranks #10 on the 2022 IDC FinTech Rankings, rising four places from its 2021 ranking. Broadridge was also named among a select group of companies as a 'Fast Track FinTech,' an accolade given only to those firms that continue to demonstrate consistent year-over-year financial growth. The 19th annual vendor ranking represents leading hardware, software, and service providers to the financial services industry from around the world. Companies are ranked based on 2021 calendar year revenues attributed to the financial services and FinTech industries. "Being recognized as a 'Fast Track FinTech' by IDC and making this distinguished list eight years in a row is a true testament to Broadridge's thriving culture of innovation and the belief in the power of transformative, next-generation technology, We remain steadfast in our commitment to helping financial institutions across the globe embrace innovation and implement cutting-edge technologies that drive growth, enhance customer experience and realize exceptional operational performance." -Tim Gokey, CEO of Broadridge The Fortune 500-style ranking categorizes and evaluates the top global providers of financial technology based on calendar year revenues from financial institutions for hardware, software and/or services. These providers supply the technological backbone of the financial services industry, an industry in which IDC forecasts worldwide spending on IT across the globe to reach $590 billion (USD) by 2025. Being named in the IDC FinTech Rankings is a significant accomplishment, demonstrating a provider's commitment to the success of its financial institution clients, The IDC Fintech Rankings, now in its 19th year, is the global standard list of fintech providers to the industry, and we congratulate the 2022 winners,states Marc DeCastro, Research Director at IDC Financial Insights. To thrive in a digital economy, the financial services organizations must embrace and integrate innovative technology effectively to enhance the customer experience and achieve operational excellence. Broadridge and the companies featured on the IDC FinTech Rankings represent those providers committed to helping financial institutions successfully execute their digital transformation initiatives for the betterment of their customers around the world. Broadridge provides technology-driven solutions to banks, broker-dealers, portfolio managers, and public companies. The company's infrastructure serves as a global communications hub for thousands of mutual funds and millions of institutional investors. About Broadridge Broadridge Financial Solutions, a global Fintech leader with $5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than U.S. $9 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries.

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FINANCIAL MANAGEMENT

OneConnect unveils OneConnect Smart Technology in the UAE

OneConnect Financial Technology | October 11, 2022

OneConnect Financial Technology Co., Ltd ("OneConnect" or the "Company", Stock Code: 6638.HK), a leading Technology-as-a-Service ("TaaS") provider, today unveiled OneConnect Smart Technology (ME) Limited in the United Arab Emirates (UAE) at the Abu Dhabi Global Market (ADGM), the leading international financial centre of the capital of the UAE. Earlier, OneConnect announced that it will help develop the ADGM SME Financing Platform, an integrated digital finance marketplace that will transform the financing services landscape for small and medium enterprises (SMEs) in the UAE. The intelligent marketplace aims to advance financial inclusion, enhance transparency, alleviate cost of finance operations for SMEs and improve the overall customer experience for SMEs and their funding partners. The ADGM SME Financing Platform will be an open and inclusive digital finance platform that improves SMEs' access to financing. As a marketplace connecting various key stakeholders such as SMEs, multi-lenders and data sources from government agencies, and supported by a robust loan origination process which enables seamless transfer of data, the platform will enable better, faster and more risk-appropriate financing decisions to be made. The entire loan application process is made agile and simplified through the use of digital tools such as e-contracts and e-signatures. Ms Tan Bin Ru, CEO (Southeast Asia) of OneConnect Financial Technology, officiated the opening ceremony and said: OneConnect Smart Technology further expands our footprint in the Middle East. We are excited to bring our expertise in developing digital financial solutions for SMEs within the UAE and eventually to the Middle East and North Africa (MENA). Dhaher bin Dhaher Al Muhairi, CEO of ADGM Registration Authority said, SMEs are a key contributor to economic growth and are deserving of an open and transparent marketplace for financial products, He added, With the new platform, SMEs will find more convenient, affordable and effective financing solutions that will further improve the competitiveness and diversification of the UAE economy and transform the financing landscape in the MENA region. In 2021, OneConnect had worked with ADGM to launch the Digital Lab, UAE's first Open API platform that allows financial institutions and FinTech innovators to collaborate and build the next generation of digital financial services. "With two successful cooperation initiatives with AGDM and the newly-opened OneConnect Smart Technology office in Abu Dhabi, we are confident of contributing to the digital transformation of the finance sector within the MENA region," - Annie Ong, Chief Revenue Officer of OneConnect Financial Technology Despite challenges caused by the ongoing global COVID-19 pandemic, OneConnect has been successful in securing new partnerships building a strong relationship with ADGM. Through a comprehensive suite of technologies, a unique "Finance+Technology" business model and a customer-oriented approach, OneConnect will continue to explore future opportunities within the MENA region following the adoption of a cutting-edge platform by the leading financial centre and common law jurisdiction within the region. During the event, OneConnect introduced the End to End Digital Banking Solutions Suite, OneCosmo, the result of the joint product offerings of a partnership between OneConnect and Pismo, a cloud-native core processing platform from Brazil, to the business counterparts in the UAE. As of August 31, the technological solutions on OneCosmo platform has been utilised by more than 50 million new accounts, registering more than 2 billion transactions with a total transaction value exceeding US$109 billion.

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BITCOIN AND CRYPTO

MoneyGram Introduces New Crypto Service Enabling Customers to Buy, Sell and Hold Cryptocurrency via the MoneyGram App

MoneyGram International | November 02, 2022

MoneyGram International, Inc. (NASDAQ: MGI) (MoneyGram or the Company), a global leader in the evolution of digital P2P payments, today announced the launch of a new service enabling consumers to buy, sell and hold cryptocurrency via the MoneyGram mobile app. This new and innovative feature gives MoneyGram customers in nearly all U.S. states and the District of Columbia1 the ability to trade and store Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) by using the Company's leading mobile app. This is the latest crypto-related service launch from a company bringing real-world cryptocurrency and blockchain use cases to life. From on/off-ramp services for digital wallets through partnerships with Coinme, Stellar and G-Coin, to cross-border settlement through Circle's USD Coin (USDC), to the new ability to buy and store crypto simply by using its app, MoneyGram is pioneering cross-border payment innovation and blockchain-enabled settlement. "Cryptocurrencies are additive to everything we're doing at MoneyGram. From dollars to euros to yen and so on, MoneyGram enables instant access to over 120 currencies around the globe, and we see crypto and digital currencies as another input and output option, As a next step in the evolution of MoneyGram, we're thrilled to provide our customers with access to a trusted and easy-to-use platform to securely buy, sell and hold select cryptocurrencies." -Alex Holmes, MoneyGram Chairman and CEO MoneyGram is on a mission to deliver innovative financial solutions that connect the world's communities. With today's announcement, the Company is continuing to execute that strategy and best serve its customer base of tens of millions of people. MoneyGram is committed to investing in new growth opportunities and expanding past its core products to enhance consumer financial services around the world. Holmes added: As consumer interest in digital currencies continues to accelerate, we are uniquely positioned to meet that demand and bridge the gap between blockchain and traditional financial services thanks to our global network, leading compliance solutions and strong culture of fintech innovation. We are excited for this next chapter in our journey. The ability to buy, sell and hold crypto using the MoneyGram app is made possible through the Company's existing partnership with Coinme, a licensed crypto exchange and API-driven crypto-as-a-service provider. Together, since 2021, MoneyGram and Coinme have partnered to expand access to crypto by creating thousands of new locations in the U.S. for consumers to buy and sell bitcoin with cash. MoneyGram is expected to expand its future selection of crypto coins as the Company explores expansion to other markets in 2023, as global regulations allow. About MoneyGram International, Inc. MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of digital P2P payments, delivers innovative financial solutions to connect the world's communities. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve over 150 million people in the last five years. The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's top brands to serve consumers through its direct-to-consumer digital channel, global retail network, and embedded finance business for enterprise customers. MoneyGram is also a leader in pioneering cross-border payment innovation and blockchain-enabled settlement.

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FINANCIAL MANAGEMENT

Wells Fargo and HSBC Expand DLT Solution to Include Offshore Yuan

Wells Fargo and HSBC Holdings plc | November 18, 2022

Wells Fargo & Company (NYSE: WFC) and HSBC Bank plc today announced that the blockchain-based solution they are using for bilateral FX settlements is expanding to include the offshore yuan (CNH). The offshore yuan marks the fifth currency to be settled between the two banks using a shared settlement ledger that currently encompasses the U.S. dollar, Canadian dollar, British pound sterling, and the euro. Since launching the shared DLT solution in December 2021, HSBC and Wells Fargo have settled over $200 billion in transactions and plan to add additional currencies over the coming months. “We are pleased to expand the capabilities of the platform to include CNH, allowing us to reduce risk in the payment settlement process, The collaboration shows that we can pursue innovative technologies and apply them in a way that enhances our existing infrastructure and ultimately benefits our clients.” -Vince Hindman, global head of Rates and FX Solutions, Wells Fargo Corporate & Investment Bank Commenting on the announcement, Mark Williamson, global head of FX Partnerships & Propositions at HSBC said: Extending CNH PvP settlement to Wells Fargo is an important milestone for reducing Herstatt Risk outside G10 currencies. This development is only our first step in extending our coverage into Emerging Markets currencies. The shared, private ledger is managed by joint Operations teams at HSBC and Wells Fargo with full visibility by each of the parties to the relevant FX settlement, along with shared FX transaction records. The platform is governed under the framework of an agreed rulebook that facilitates efficient netting and settlement of FX transactions between HSBC and Wells Fargo in EUR, GBP, CAD, USD and now CNH. Participants in the network are only privy to transactions in which they are a counterparty. The platform runs on Baton Systems’ proprietary CORE distributed ledger technology and is governed by the Baton rulebook. The platform enables participants to efficiently settle bilateral cross-border obligations across multiple onshore and offshore currencies, coupled with the added flexibility of extended settlement windows to optimize PvP risk reduction opportunities. About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. About HSBC Holdings plc HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,985bn at 30 June 2022, HSBC is one of the world’s largest banking and financial services organisations.

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Spotlight

RippleNet is a global payment system for Corporates, SMEs, Small banks and payment providers. It boasts of reducing fees, transaction time and reduces the need for Nostro Accounts to transfer money across borders. It is currently working with Santander, Bank of America, UBS, American Express, RBC and Westpac.It currently has three main features:1.xCurrent -Real-time settlement with bidirectional messaging -DOES NOT USE XRP2.xRapid -Access on-demand liquidity through digital assets (XRP) / Uses XRP as a “bridge” between currencies (launched 1st October 2018)3.xVia -One standard API to access RippleNet (Payment Interface that can be used to make payments that “tap into RippleNet”)xCurrent is the highway and xRapid is the fastcar to get you to the end of it. Currently a majority of RippleNet’s partners are only using its xCurrent product, which still relies on Nostro accounts and doesn’t use XRP.

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