CrossTower Announced the Launch of Perpetual Futures Trading

CrossTower Inc., a leader in crypto and digital asset exchange, introduced perpetual futures transactions via its Bermuda digital exchange.

Perpetual futures are derivatives agreements that, unlike ordinary futures trading, don’t have an expiry date. CrossTower’s increasing core audience can use the service to take long and/or short positions in accordance with their portfolio and risk objectives.

Perpetual futures trading is accessible to qualifying clients through the CrossTower Global Pro platform, which is designed for corporate use and is supervised. CrossTower plans to launch perpetual futures trading in 20 of the most popular currencies in the upcoming days.

Kapil Rathi, Co-Founder, CEO, CrossTower, cited, “Perpetual futures provides investors critical tools that can facilitate and shape their investment objectives. The advantages of perpetual futures trading are truly compelling for portfolio construction, and we are thrilled to be contributing to the maturation of the digital asset ecosystem. CrossTower is developing cutting edge trading products, and we are excited to be at the forefront of innovation.”

CrossTower is smashing down the obstacles for consumers of all categories by adding perpetual futures trading to its array of existing market-leading products, enabling customers to capture the significant benefits of crypto assets through a single institution-grade, dependable platform backed by innovative technology. CrossTower’s unrivaled capital markets knowledge and track record enable it to provide a low-cost trading methodology with exceptional execution. In Q4 2021, CrossTower had record trading volume, up more than 600 percent year over year and more than 100 percent from the previous quarter.

 

Read: Coinbase and Alviere Announce Coinbase Prime Collaboration, Offering Crypto Exchange

Bectran Introduced the Secretary of State Corporate Verification Service

Bectran, Inc., a pioneer in credit, collections, and accounts receivable software has recently introduced the industry’s first automated Secretary of State Corporate Verification service. This new service enables organizations to authenticate prospective business credit clients’ business identities and profiles by leveraging Secretary of State archives in all 50 states. This business identity authentication enables organizations to detect and separate prospective illegal activities.

At present, traditional business identity authentication is lengthy and susceptible to risk processes, which interrupts credit decision-making that extends the new client onboarding. Organizations confirm the individuality of prospective business clients and direct them toward the state-specific Secretary of State website, which consists of the data and conducts a physical search. When the number of transactions needing business authentication services is large, this procedure can take a long time. Discarding the business identification validation process, on the other hand, could result in the exposure of fraudulent businesses.

Louis Ifeguni, CEO, Bectran, stated, “Purchase credit fraud is best prevented during the credit origination process, so that companies can identify bad actors and prevent losses before they occur. Integrating Secretary of State Verification into the Bectran Credit Management system has enabled our customers to quickly validate business entity information in real-time, eliminating the need to manually search for corporate information in respective Secretary of State websites. This solution delivers immediate improvements to businesses’ fraud risk management efforts while creating a more efficient customer credit application process”.

The Bectran Secretary of State Corporate Verification solution marks an important step forward in the convenience, efficiency, and accessibility of business identification verification. This technology allowed firms to fully automate the business identity validation process while being fully compatible with internal audit regulations by dynamically sending information between the Bectran platform and Secretary of State databases. For speedier credit decision-making, Bectran’s real-time data validation cuts application processing time by up to 90%.

Read: Aadhaar Verification Suite by Cashfree Payments

Scienaptic’s Credit Decisioning Platform Now at Profectus Capital

Profectus Capital is currently operational on Scienaptic AI’s system, which is a major worldwide AI-powered credit evaluation platform operator. Scienaptic has implemented its credit decisioning engine and industry-tested scorecards for Bureau data and Financial Statements as part of Phase-I implementation to improve small and medium business (SMB) loan decisions. Scienaptic’s AI technology will also be used to identify risk patterns in Profectus’ consumer behavior and deliver more precise risk flags.

Nimesh Parikh, CRO, Profectus Capital, stated, “Our goal is to be a preferred financial partner for the small-medium businesses of India by providing better credit access to the credit-underserved. We are presently lending to 11 Clusters across 18+ locations and plan to establish a presence in many more states soon. In support to our mission, Scienaptic AI’s credit decisioning platform will be automating our SMB loan decisioning process and providing intelligent signals to help us scale approval rates while continuing to keep NPAs very low. The platform will be providing a smoother experience for our customers and sharper data driven insights to our underwriters.”

Profectus Capital, located in Mumbai, India, is a major state-owned non-banking financial business authorized by the Reserve Bank of India. It offers term loans and working capital loans to small-to-medium enterprises functioning in the industrial and service sectors. Profectus intends to use Scienaptic AI to enhance its credit decisioning processes and increase credit availability to underrepresented MSMEs.

Joydip Gupta, Business Leader Scienaptic AI, said, “We are delighted to be working with Profectus Capital to help strengthen the credit and financing opportunities for its clients. Profectus has tremendous domain expertise in MSME/SME funding and are poised to scale their asset base dramatically. We are sure that Scienaptic’s unique, adaptive AI technology will enable the company to serve more SMEs, reduce credit risk and create maximum social impact to the manufacturing and service sectors of India.”

Read: Arkansas Federal Credit Union Opted for Scienaptic’s