Amazon Egypt Joins Hands with valU for BNPL Offerings

BNPL or Buy Now Pay Later offers short-term financing that allows users to make payments and purchases in the future with little or no interest on the amount. BNPL is also called a “point of sale instalment loan” as it is a kind of instant loan given to consumers.

A major collaboration took place between Amazon Egypt, and valU, a Buy Now, Pay Later (BNPL) fintech platform to introduce affordable payment options for its Egypt-based business. Amazon is an e-commerce portal with a worldwide presence following Egypt and is driven by invention, due to customer service, operation excellence, and long-term thinking.

Peter George, Managing Director, Amazon Payment Services, stated, “As we continue to grow our businesses in different parts of the world, I am very excited to see Amazon Egypt contributing to the country’s digital economy through innovation to provide our customers with the best possible shopping experience, anchored in convenient payment methods.”

This collaboration is going to help Egypt-based consumers of Amazon as they will be able to choose one of a variety of BNPL instalment plans at check out. Amazon users can choose a payment option based on their credit limit, given by valU. Shoppers will be allowed to spread payments for the periods of 6 to 60 months without any downpayments and can purchase their items with a minimum spend of EGP 500 for a variety of products.

Walid Hassouna, CEO, valU, commented, “By taking advantage of deferred payment methods, customers have more freedom to spend without the fear of feeling squeezed financially.”

Current trends unveil that major companies are expressing a lot of interest in BNPL, although there are also signs of strain due to greater regulatory scrutiny and volatile tech industry. When it comes to BNPL lending, the UK government has implemented stricter regulations to safeguard consumers.

Read: Buy Now Pay Later (BNPL): What it Means in FinTech?

Derivative Path to Offer Cloud-Based Platform to Goldman Sachs

Derivative Path, a California-based capital markets technology provider brings cloud-based trading platform for interest rates and FX derivatives. It allows financial institutions, private equity firms, end-users, and buy-side clients to set up and manage their hedging programs seamlessly. It offers solutions like real-time pricing feeds, analytics, and redundancy and disaster recovery support.

Derivative Path and Goldman Sachs Transaction Banking (TxB) to render digital-first and automated platform to enable financial institutions with spot foreign exchange and international payments. API-enabled platform of Goldman Sachs Transaction Banking, clients of Derivative Path can now deliver a more complete global payment solution to their primary consumers.

The cloud-based platform of Derivative Path streamlines borderless payment issues by simplifying workflows, offering better pricing transparency, and rendering secured payment tracking for users. The solution strengthens regional and community banks to effortlessly access FX payments with the Derivative Path platform leveraging Global Payments network of Goldman Sachs Transaction Banking.

Art Brieske, Global Head of Payments, Goldman Sachs Transaction Banking, commented, “Regional and community banks now have access to the same global payments capabilities as large money center banks. We are pleased to collaborate with Derivative Path to provide access to our global payments capabilities through their platform and provide regional and community banks with a comprehensive yet simplified and efficient cross-border payment solution.”

DerivativeEDGE, the SaaS-based capital markets platform of Derivative Path was built as a complete solution in which users have front, middle, and back-office functions on one platform, removing the roadblocks of working with disparate systems to manage operational workflow.

Pradeep Bhatia, CEO & Co-Founder, Derivative Path, stated, “Teaming up with one of the world’s largest and most-established financial institutions is a major step in the right direction of bringing greater technology sophistication and flexibility to the regional and community banking sector in the US. The launch of our joint solution with Goldman Sachs substantiates our mission of delivering a new wave of innovation to these firms.”

 

Read: SAP Fioneer and Bank of London to Work Together for Cloud Banking

LexisNexis Solutions formed Alliance with Coadjute

LexisNexis Enterprise Solutions, a pioneering provider of optimized legal service delivery, has formed an alliance with Coadjute, a blockchain network for the property market. Coadjute has been altering the pace of buying homes and properties with its solutions. The Coadjute network, which was introduced to the market in July of last year with the goal of enhancing the property purchase process throughout the UK, has undergone a substantial evolution because of this momentous collaboration.

LexisNexis Legal & Professional offers customers legal, regulatory, and commercial information and analytics that help them work more productively, make better decisions, get better results, and advance the rule of law globally.

Simon Farthing, Commercial and Marketing Director, LexisNexis Enterprise Solutions, commented, “As a market-leading provider of technology to the property sector, it is vital we innovate to remain at the forefront of the legal industry, so we are delighted to have established an exciting strategic alliance with Coadjute. Together, we will strive to accelerate the digitization of the property market to ensure a smoother transaction process through interactive online engagement, fewer staged touchpoints and greater efficiency from the conveyancing process. The days of a partially digitized property transaction process are numbered, and we are looking forward to collaborating with Coadjute and leveraging our combined deep experience and capability to transform the way in which Conveyancing services are delivered.” 

Across both organizations striving to enhance the effectiveness and results of the property transaction, the chance to combine the best practices in automation and process optimization with the blockchain’s underpinning infrastructure has the real potential to revolutionize the way that property purchases and sales are carried out.

Dan Salmons, Chief Executive Officer, Coadjute, stated, “We couldn’t be more delighted to be partnering with LexisNexis. They have always been at the forefront of digital transformation, helping conveyancing firms to digitize and transform internal operations to optimize the service they provide to consumers. The potential of this relationship is huge, and not just for LexisNexis customers, but also for the wider impact it will have on the digitization of the property market.” 

The real-time infrastructure of Coadjute aids in accelerating real estate transactions. It is a digital network designed to deliver a synchronized perspective from beginning to end and to seamlessly connect the real estate industry.

To benefit from a totally digital segment, LexisNexis Enterprise Solutions will be capable of connecting to the Coadjute Network and empowering clients to bring interest in next-generation multi-party digital processes that span various systems and organizations.

 

Read: Bosonic Unveiled Blockchain-based Enterprise Solution

 

 

Open Banking Platform Nordigen Obtained by GoCardless

As it advances toward its goal of becoming the world’s bank payment network, GoCardless, the pioneer in direct bank payments, recently revealed its intent to takeover Nordigen, the freemium vendor of open banking data. With more than 2,300 banks in 31 countries connected through Nordigen’s succeeding open banking infrastructure, GoCardless’ account-to-account system will have the largest availability throughout Europe.

Instant Bank Pay and Verified Mandates are two open banking services that GoCardless, a FinTech in direct bank payment solutions, has introduced in Germany.

Hiroki Takeuchi, Co-Founder and CEO of GoCardless, commented, “Over the past few years, it’s been amazing to watch open banking grow from a trend on the horizon to a global phenomenon which has given rise to a market worth over $400 billion. We realised early on that this technology would drive bank payments for decades to come, and over the last 18 months, we’ve accelerated our push into open banking as part of our vision to build the world’s bank payment network. The Nordigen acquisition will take us to the next level. By intelligently combining free, state-of-the-art open banking connectivity with deep payment expertise, we can now offer open banking-as-a-service to any developer, partner or FinTech. We believe this open access will lead to experimentation, and that will create even more compelling use cases. We’re excited to redefine what open banking can do with the talented Nordigen team now on board.” 

With the takeover, the Firm will be able to grow up its available open banking connectivity, enabling access to account information services (AIS) on its own. Furthermore, its portfolio of specialized analytics tools contributes to better results in a variety of use cases, from credit evaluations to user interactions.

The release is GoCardless’ most recent step in accelerating its open banking agenda. In the past 18 months, it has introduced Verified Mandates, which combines AIS with a direct debit to avoid fraud, and Instant Bank Pay, a tool that allows open banking in different areas. Through this agreement, GoCardless will be able to attain internal open banking connectivity, which it wishes to develop upon in the coming years by broadening its reach and including additional payment kinds like variable recurring payments.

Rolands Mesters, CEO Of Nordigen, stated, “At Nordigen, our mission is to help businesses around the world adopt and utilise open banking, enabling greater financial transparency and financial inclusion. We share GoCardless’s excitement about the growth of open banking, and we’re delighted to join forces with a group of people who not only share our passion for driving game-changing innovation in financial services but will also help us bring free open banking access to a far wider audience.” 

 

Read: Open Banking Introduces New Dimensions of Banking Services