November 30, 2022 - FintechOutlook

Cross-border Payments are Now Available on AvidXchange

Posted on November 30, 2022December 1, 2022 by fintechoutlook

Middle-market businesses and suppliers can now pay their suppliers with cross-border payments (CBP) made possible by AvidXchange, a leading provider of account payable (AP) automation software. AvidXchange’s newly launched SuiteApp within NetSuite’s SuiteCloud platform will offer the embedded payment feature first to Oracle NetSuite customers.

Michael Praeger, co-founder, and chief executive officer of AvidXchange, said, “In today’s market, organizations want direct payment processes. AvidXchange’s domestic and international payment modules are both embedded in NetSuite, which means our customers never need to leave the system to make payments. AvidXchange strives to provide a true end-to-end solution that saves our customers time without adding extra steps.”

AvidXchange SuiteApp allows NetSuite users to pay domestic and international suppliers without leaving the platform. In addition to USD bank accounts, other currencies supported include AUD, CAD, EUR, GBP, INR, and MXN. Customers can automate exchange rate quotes for international bills once cross-border vendors are established and payments can be processed.

Tyler Gill, vice president and business line executive of strategic partnerships and alliances at AvidXchange, said, “We’re excited to introduce this cross-border payment offering because of what it means for our customers and the market as a whole. AvidXchange has partnered with NetSuite for nearly 15-years, and this integration is a great way to show gratitude to our joint customers.”

By combining NetSuite’s robust financial solution with CBP’s fully automated accounting process, customers can better track foreign exchange fees, gains, and losses, so they are in full control of their costs. AvidXchange streamlines operations and reduces the time it takes to print checks and keep track of expensive international wire fees using fewer resources. It is also safer to pay international suppliers with a centralized accounting system. An agreement with a third-party leader in international payments has allowed for the creation of this embedded payment experience. The New York State Department of Financial Services has granted AvidXchange a money transmitter licence for use in US business-to-business transactions.

Trust Bank to Power its Cloud-native Platform with Thought Machine

Posted on November 30, 2022November 30, 2022 by fintechoutlook

Thought Machine, a cloud-native banking technology company, announced that it will power Trust Bank, Singapore’s first cloud-native digital bank. Trust is a digital-only bank that is expanding quickly and has a cloud-based user interface.

Rajay Rai, Chief Information Officer, of Trust Bank said, “We have been working collaboratively with Thought Machine to test, deploy and deliver a transparent banking service which we are truly proud of. Vault Core is the foundational platform for us to build and grow the first of Singapore’s new wave of digital banks. We look forward to building on our joint success and delivering even greater levels of customer experience and innovation.”

Trust has developed a solution with an intuitive customer experience, leveraging the technology of Thought Machine, combining some of the best rewards with a variety of products. At the time of launch, this includes a credit card, a savings account, and family personal accident insurance.

Nick Wilde, managing director of Asia Pacific, Thought Machine said, “We are proud to be working on this exciting new project with Trust Bank. Trust has already delivered a compelling proposition to the market, and we’re excited to work alongside its team to expand and grow the service further. It’s clear that Trust, powered by Thought Machine technology, has the vision and ambition needed to create a digital bank that greatly enhances Singapore’s banking landscape – and gains huge market share.”

Following its September 2022 launch, Trust quickly expanded using Thought Machine’s core banking platform, Vault Core. The bank gained 100,000 customers in its first ten days and more than 300,000 customers in its first two months. The scalability of Vault Core enables Trust to build additional products and features quickly while leveraging real-time data and analytics. Vault Core is a highly configurable platform designed to support both smaller banks and FinTechs introducing new products to the market as well as large banks undergoing core transformation.

Access Softek Unveils YourChoice to Offer Community Financial Institutions

Posted on November 30, 2022November 30, 2022 by fintechoutlook

Access Softek, a company that offers omnichannel digital banking, has unveiled EasyVest YourChoice, an integrated investment solution that enables users to trade stocks, fractional shares, mutual funds, and exchange-traded funds from inside of a digital banking interface.

Chris Doner, founder, and CEO of Access Softek, said, “Access Softek’s EasyVest YourChoice solution places community financial institutions at the forefront of a major industry shift. Big banks previously dominated the wealth investment landscape, but we are confident that our technology will place the power in the hands of the institutions who understand their consumers’ financial needs best.”

With EasyVest YourChoice, banks and credit unions now have a way to access the $73 trillion investment market that is usually serviced by big national banks, Fintechs, and investment companies. By integrating with online and mobile banking applications and expanding and enhancing a financial institution’s current wealth management service, YourChoice gives community financial institutions a competitive edge over traditional financial institutions.

EasyVest YourChoice was developed by Access Softek to improve user digital engagement, keep current users, draw in new users (especially younger users), and offer convenient access to a multifunctional investment solution within a digital banking platform. EasyVest YourChoice is part of the Access Digital Investment Suite from Access Softek, which also includes EasyVest Automated, a robo-advisor solution, and EasyCoin, a crypto investment solution. The solutions can be used independently or as part of the larger Access Digital Investment Suite.

Nuvei Chooses Virgin Atlantic as a Payment Provider

Posted on November 30, 2022November 30, 2022 by fintechoutlook

Nuvei Corporation, a Canadian fintech firm, has recently announced a collaboration with Virgin Atlantic, one of the world’s most prominent airlines. Nuvei expands on its exceptional technology by developing customized solutions for some of the industry’s largest corporations.

Philip Fayer, Nuvei Chair and CEO, “We have always shown a commitment to accelerating business for the travel industry, and our recent partnerships in the space are reflective of this. We’re looking forward to providing Virgin Atlantic customers with seamless, localized, and intuitive digital payment experiences, fit for a modern world.”

Virgin Atlantic will provide customers with a frictionless payment experience by partnering with Nuvei, allowing them to pay using methods they are familiar with and trust around the world. The agreement grants Virgin Atlantic access to Nuvei’s proprietary modular platform, which is designed to increase acceptance rates and revenue.

Keli Sandeman, Payment Strategy Manager at Virgin Atlantic stated, “We chose to work with Nuvei because we too believe that strategic payments can accelerate revenues; they are a key touchpoint with our customers – another chance to impress.

Sandeman added, “From the outset, we formed a true partnership with the Nuvei team. Their deep global payment expertise is complemented by their human approach to doing business and desire to work with us to accelerate our business growth. We’re looking forward to taking our payment strategy to new heights, by working with Nuvei.”