Author: fintechoutlook

Cashfree Payments Launches Co-lend

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Cashfree Payments, a payments and banking technology company, recently released “Co-lend”, a fully automated escrow management solution for co-lending. 

Co-lend was developed in accordance with the Reserve Bank of India’s recently released digital lending standards (RBI). It offers automatic reconciliation, quick disbursal, and a dashboard for managing numerous relationships. It also eliminates reconciliation processes, alerts the loan management system immediately, and doesn’t require any manual interaction. 

The reconciliation of financing to the escrow accounts for disbursement and repayments is currently done manually in co-lending partnerships, which leads to mistakes and delays. Disbursements and collections take place from and into the Co-lend escrow when the lender and originator combine their funds there. Due to the gap between the Loan Management System (LMS), Loan Origination System (LOS), actual loan disbursal, and loan repayment during this process, each partner in the partnership experiences reporting delays as well as difficulties with accounting and reconciliation. All these issues are addressed by Cashfree Payments’ “Co-lend,” which automates the entire procedure to increase efficiency and accuracy. 

“With the exponential expansion in digital lending, there is a tremendous demand for compliant and scalable solutions. We are pleased to announce that Cashfree Payments now offers a co-lending platform to provide NBFCs and banks with a one-stop solution for escrow management, disbursal and repayment, with a focus on automating payments and complex reconciliation involved. As an innovator in the API banking and payments space, we have strived to deliver this solution at a vital juncture to assure continuity and development for our merchants while maintaining compliance at the forefront”, said Akash Sinha, Co-founder and CEO of Cashfree Payments.  

Co-lend is available for co-lending originators and lenders, particularly those who approve large numbers of loans and for whom real-time disbursement, repayment, and reconciliation are essential needs. Additionally, Cashfree Payments has worked with banks, loan management service providers, and loan origination service providers to enable a plug-and-play option for lenders that allows them to easily manage all of their co-lending and add new partners. Axis Bank, Kotak Mahindra Bank, Yes Bank, IndusInd Bank, and ICICI Bank are the banks that now enable a Co-lend integration. 

NETSOL extends partnership with AWS to bolster cloud capabilities

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NETSOL Technologies, a leading provider of business solutions and enterprise application services, announced that it is now an API Gateway Delivery Partner of Amazon Web Services (AWS).

A global provider of enterprise software and IT services, NETSOL Technologies, Inc. focuses primarily on the leasing and finance sector. The company’s suite of apps is supported by a dedicated staff of more than 1750 specialists working in eight strategically placed support and delivery centers around the globe and is supported by 40 years of domain expertise.

The asset-based finance solutions from NFS, LeaseSoft, LeasePak, or NFS Ascent, which cover the entire leasing and finance lifecycle, assist businesses in modernizing their finance and leasing processes. Blue chip companies and Fortune 500 companies use the asset finance and leasing platform NFS Ascent from the technology provider. The solution offers start-ups and smaller financing and leasing businesses an alternative to the conventional license model and is also available in the cloud.

The initial focus of NETSOL’s partnership with AWS will be the North American market. AWS API Gateway, a managed service that makes it simple for developers to design, publish, maintain, monitor, and protect APIs (Application Programming Interface(s)) at any scale, will be available to NETSOL as a result of this extended APN agreement. This collaboration should enable NETSOL to increase its capabilities and provide better client service across a range of industries. Additionally, the partnership aims to deliver cloud-based technologies at scale to promote transformation.

Executive Vice President, NETSOL Technologies Americas, Peter Minshall announced, “We are excited to extend our partnership level with the AWS Partner Network (APN) and become an API Gateway Delivery Partner. This partnership will allow us to provide even more robust and reliable solutions for our clients by utilizing the power and scale of the AWS platform.”

“We are very proud to be working with AWS as an API Gateway Partner. AWS API Gateway is a game-changing service that enables us to build, secure, and scale APIs, and we look forward to leveraging this technology to further drive innovation at NETSOL,” said Furrukh Sohail, Head of Cloud Services at NETSOL Technologies, Inc.

For the global finance and leasing sector, NETSOL develops, implements, and maintains financial software and digital transformation solutions. By providing “flexible and scalable solutions,” NETSOL claimed it will harness Amazon’s capabilities to serve customers from a variety of industries. The company also intends to make use of technologies like blockchain, IoT, machine learning, and artificial intelligence.

Amazon “expands” partnership with Stripe to streamline online payments

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Amazon and Stripe are strengthening their long-standing relationship. The e-commerce behemoth will “substantially expand” its use of Stripe’s core payments framework. In turn, Stripe will increase its usage of Amazon Web Services (AWS) to operate and build its business signed under this expanded global agreement.

Following the new contract, Stripe is prepared to join Amazon as a strategic payments partner in North America, Europe, and Australia, processing a sizeable portion of all payments made to Amazon. Amazon’s business divisions, such as Prime, Audible, Amazon Pay, Kindle, Buy With Prime, and more, will all use Stripe.

Amazon began utilizing Stripe in 2017 to facilitate global Black Friday, Prime Day, and Cyber Monday sales as well as to quicken commercialization in Asia and Europe.

“Stripe has been a trusted partner, helping accelerate our business at every turn,” explained Max Bardon, VP of payments at Amazon. “In particular, we value Stripe’s reliability. Even during peak days like Prime Day, Black Friday, and Cyber Monday, Stripe delivers industry-leading uptime. We appreciate Stripe’s relentless commitment to putting users first.”

Adam Selipsky, CEO of Amazon Web Services said, “Stripe has entrusted AWS with their core operations for over a decade—and we take that responsibility seriously. In expanding our partnership, we’re honored to do our part supporting Stripe’s continued global growth for years to come.”

Merchants can accept debit and credit cards as well as other forms of payment using Stripe, a supplier of payment services. The majority of its distinctive characteristics are mainly designed to promote internet sales. Business owners can accept debit cards, Visa, Mastercard, Discover, American Express, JCB, Diners Club, and China UnionPay thanks to Stripe’s payment processing services. Businesses can also take payments through the buy now, pay later programs and mobile wallets. Multiple currencies are accepted by Stripe for payments.

For the basic computing infrastructure upon which Stripe is based, Stripe has long depended on AWS. Even as Stripe scaled to accommodate millions of online businesses worldwide, the relationship helped Stripe to boost developer productivity and quicken product development.

Following the newly enlarged contract, Stripe will keep growing its AWS footprint by utilizing the growing list of services offered by AWS, such as Nitro enclaves to improve data security and Graviton for faster data processing.

“We couldn’t run without AWS—and we wouldn’t want to. AWS is our customers’ first choice,” said David Singletion, chief technology officer of Stripe. “The platform gives Stripe enormous developer leverage, which we then deploy in service of our users. As we look at the decade ahead, it’s clear the best path forward for Stripe and for our users is to partner more closely with Amazon.”

Corlytics Announces Acquisition of SparQ 

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Corlytics, a leading provider of regulatory risk intelligence, has acquired ING’s RegTech platform, SparQ. The SparQ tool, which was jointly developed by ING’s compliance and legal teams, establishes a single repository for all judgments and analyses pertaining to regulatory change. The platform has been used by ING and other major banks to comply with regulations such as Basel III and the General Data Protection Regulation (GDPR). 

SparQ’s integration into the Corlytics technology stack gives financial services organizations the capacity to recognize new rules or threats, provide strong monitoring and oversight controls, and guarantee that the right policies are in place throughout the entire process. 

The acquisition comes at a time when regulatory compliance is becoming increasingly important for financial institutions. With the growing number of regulations and the increased focus on compliance by regulators, financial institutions are under pressure to implement effective risk management systems. The SparQ platform will allow Corlytics to meet this demand by providing customers with the tools they need to comply with regulations and manage risk. 

John Byrne, CEO, Corlytics, said, “This acquisition is important – both for the financial services industry and Corlytics. SparQ technologies mean that we can close the regulatory compliance and obligations management loop – in a unified platform to automate, deliver and prove compliance. This deal sets the runway for further strategic acquisitions and is a clear signal of our ambitious program of managed growth.” 

The acquisition is a strategic move for Corlytics, which has been focused on expanding its presence in the regulatory risk management market. The company has a strong track record of providing solutions to financial institutions and is well-positioned to take advantage of the growing demand for regulatory compliance solutions. 

The addition of SparQ to Corlytics’ product portfolio will also help the company to expand its customer base and reach new markets. With the acquisition, Corlytics will be able to offer a comprehensive solution for regulatory risk management, which will be particularly valuable for financial institutions that are subject to multiple regulations. 

vaIU Announces Partnership with Sympl  

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ValU, a leading provider of financial services and MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling FinTech platform, announced that it has partnered with Sympl, a cutting-edge provider of buy now, pay later (BNPL) plans, to offer short-term BNPL options to its customers. 

Following this partnership, ValU customers will have the ability to purchase goods and services with the option to pay for them in installments over a shorter period of time. The new BNPL plans, which range from 3 to 12 months, will allow customers to budget their expenses more effectively and make larger purchases without putting a strain on their finances. By bringing back valU’s renowned three-month tenure and the “Hattrick” product powered by Sympl, as well as utilising Sympl’s short-term interest-free plan across a varied network of partners, the partnership is expected to further enhance valU’s platform. 

“This partnership is a key example of how we embody and promote cooperation in the fintech sector at valU. The partnership does not only aim to enhance valU and Sympl’s platforms but also to set an example for others in the market to follow suit and work toward a common goal of empowering consumers. We provide people of different income levels in Egypt with the tools and access to finance they need to live better lives and drive sustainable change in the communities in which we all live and work. We are no strangers to the founders of Sympl, and I am excited to be working with such an exceptional team of individuals again to further drive the growth of the BNPL market in Egypt”, said valU’s Chief Executive Officer Walid Hassouna. 

The new BNPL plans will be available to ValU customers immediately and can be accessed through the ValU app or online platform. Customers will be able to choose from a variety of merchants and products and will have the flexibility to make their payments on a schedule that works best for them. 

ValU and Sympl are confident that this partnership will be a success and are looking forward to helping customers achieve financial freedom through the short-term BNPL plans. It is also anticipated that this partnership will pave the way for more similar collaborations in the near future. This is a game changer for those who have been looking for a flexible and affordable way to purchase the things they need. The partnership is expected to bring many more exciting options for customers in the future. 

NBB and JCB Announces Collaboration  

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National Bank of Bahrain (NBB) and JCB International Co., Ltd. have inked an agreement to allow JCB payment acceptance at the bank’s POS and e-commerce merchants in Bahrain. Following NBB’s partnership with JCB, cardholders from mostly Asian markets will benefit from improved convenience as it will allow them to use their JCB Cards at any NBB merchant outlets throughout Bahrain. This collaboration is in accordance with NBB’s aim to streamline the customer experience through ease and personalization, easing clients’ daily lives, and strengthening ties with international organizations. 

The partnership will provide JCB cardholders with increased access to NBB’s extensive merchant network, while also providing merchants with access to JCB’s large cardholder base. JCB cardholders will be able to use their cards at NBB’s merchant locations throughout Bahrain, including supermarkets, department stores, and other retail outlets. Additionally, NBB’s merchant network will also be able to accept JCB’s international card brands, such as JCB, UnionPay, and Discover, providing merchants with access to a wider customer base. 

The partnership between NBB and JCB is the latest move in the ongoing effort to promote electronic payments in Bahrain and is in line with the Central Bank of Bahrain’s (CBB) strategy to increase the use of electronic payments in the country. The partnership will also support the CBB’s efforts to increase the number of point-of-sale terminals throughout Bahrain. 

Hisham AlKurdi, Group Chief Executive – Corporate & Institutional Investment Banking at NBB, said, “We are pleased to partner with JCB to provide JCB’s cardholders with the convenience of using their JCB Cards through NBB’s banking channels. This partnership is a step forward to increase JCB Card acceptance in the Kingdom through NBB POS and Payment Gateway channels as well as strengthening cross-country relations, improving accessibility and enhancing branch capability to better reach all citizens and residents for a more enhanced service.” 

The partnership between NBB and JCB will also help to promote tourism in Bahrain, as it will enable JCB cardholders from around the world to use their cards at NBB’s merchant locations, providing them with increased access to the country’s many attractions and facilities. The partnership will also help to support the growth of Bahrain’s economy by enabling more international transactions to take place in the country. 

Yoshiki Kaneko, President and COO of JCB International Co., Ltd., said, “The Kingdom of Bahrain is very important for our cardholders as a travel destination, as well as for JCB as there is a local cardmember base in the region. We are delighted that we have entered into this partnership with the National Bank of Bahrain, one of the largest banks and most prominent locally owned institutions in the region, for the acceptance of JCB Cards. This partnership will enhance our offering for convenience of cardholders in the Kingdom and cater for both the business and touristic needs of our cardholders worldwide.” 

Nova Credit Receives Permission to Offer Credit References in the UK  

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Nova, a premier cross-border credit reporting agency, has been granted regulatory approval to provide credit references in the United Kingdom. This move marks a significant milestone for the company which aims to help immigrants access financial services by using their credit history from their home country as a reference. 

The UK has a large and growing immigrant population, and many of these individuals struggle to establish credit in the country due to a lack of credit history. Nova Credit aims to bridge this gap by using credit data from immigrants’ home countries to provide lenders and credit bureaus with a more complete picture of an individual’s creditworthiness. 

The Financial Conduct Authority (FCA) has granted Nova Credit “restricted permission” to operate in the UK, allowing the company to provide credit references to lenders and credit bureaus on behalf of immigrants who are seeking to establish credit in the country. The move is expected to make it easier for immigrants to access credit and other financial services, such as mortgages and loans. 

Nova Credit uses proprietary algorithms and machine learning (ML) techniques to analyze credit data from a variety of sources, including credit bureaus and financial institutions. The company then creates a credit reference that can be used by lenders and credit bureaus in the UK to assess an individual’s creditworthiness. 

Misha Esipov, Co-founder & CEO of Nova Credit, said, “The UK is home to one of the world’s largest and most diverse immigrant communities; one in seven people in the UK was born overseas. We are thrilled to bring Nova Credit across the Atlantic to support the next generation of UK-bound immigrants. This critical consumer segment is the largest driver of the country’s population growth and is mission-critical to any business looking to maintain and grow market share.” 

The company already operates in the United States and Canada, and the expansion to the UK marks a significant step in its global expansion plans. The FCA’s decision to grant Nova Credit restricted permission is a positive step towards making the financial services sector more inclusive, and it is expected to be welcomed by immigrants and lenders alike.  

“Using the Nova Passport, UK lenders will be able to understand the financial history of consumers from over 20 countries and instantly use this information to make more fair and inclusive decisions. We have been thrilled by the reception we’ve received from the UK’s leading banks, FinTechs, auto lenders, and telecom providers, and look forward to announcing our first wave of partners in the coming months”, said Collin Galster, Non-Executive Director of Nova Credit UK.  

Insured.io Makes its Payment Centre Available  

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Insured.io, a supplier of cloud-based customer interaction solutions for the insurance sector, has announced the launch of Payment Centre, a new payment processing function that is fully integrated into the company’s Insured Portal. 

The insured.io customer engagement platform, a 360-degree suite of SaaS products that connect and unite consumers, producers, and employees via any channel, includes the Payment Center and the Insured Portal. In addition to giving clients a safe, up-to-date means to monitor their policies and make payments online, the platform can quickly link with any new or current core administration system to assist insurance companies to avoid costly rip-and-replace initiatives. 

The management of automatic payments, saved payment methods, and the processing of payments are all made easier by the Payment Centre’s redesigned workflow. In addition to making it easier for an insurer to make a payment, this new workflow makes it simple for insurers to customize how disclosures, content, and specialized messaging are handled throughout the process. Even if an insurer’s core system does not support it, the Payment Centre contains a notable customer-requested feature that enables insureds to arrange a payment up to 30 days in advance. 

“The release of Payment Centre was on our minds for much of 2022. Kicking off 2023 with this feature launch is only the beginning. Our product roadmap and implementation plans are stacked for this year, and this is just the first of many major ‘feature drops.’ We are excited to continue to expand and improve our unique offerings for current and new customers”, said Steve Johnson, Co-Founder and Head of Product for insured.io. 

CBI Launches World Elite Exclusive Card  

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Commercial Bank International (CBI) has announced the launch of its new World Elite Exclusive Mastercard Credit Card, in collaboration with Mastercard, to offer customers a host of exclusive benefits and privileges. The World Elite Exclusive Mastercard Credit Card is designed for discerning customers, who are looking for a premium credit card experience. The card offers a host of exclusive benefits, including access to VIP airport lounges, concierge services, and exclusive offers and discounts at select restaurants and hotels. 

The new by-invitation CBI World Elite Exclusive Mastercard credit card is made with the goal of providing excellent services to CBI’s invitation-only clients, and it does so in partnership with a large number of foreign businesses and high-end stores worldwide. It provides added value while preserving the highest levels of security and dependability, which are supported by Mastercard’s reliable technology. The new technology, which supports contactless payment, guarantees a quick and secure checkout process while giving customers the freedom to choose their preferred method of payment. 

In addition, the card also offers a host of travel benefits, such as complimentary travel insurance, emergency travel assistance, and emergency cash advance. Customers can also enjoy a host of other benefits, such as purchase protection, extended warranty, and price protection. It offers customers a host of rewards and incentives, including cashback on all purchases, as well as reward points that can be redeemed for a wide range of products and services. 

“We are delighted to collaborate with Commercial Bank International to launch this card, offering their invitation-only clients access to a world of exclusive opportunities. Every proposition has been specifically tailored to cater for the lifestyle needs of the UAE’s most discerning cardholders, providing priceless benefits and experiences wherever they may be”, said Gina Petersen, VP and Country Business Development Lead for the UAE & Oman, Mastercard. 

The World Elite Exclusive Mastercard Credit Card is available to customers who meet the bank’s credit criteria and comes with a host of security features, including chip and pin technology, and SMS alerts, to ensure that customers can use their card with confidence. The World Elite Exclusive Mastercard Credit Card is a great option for customers looking for a premium credit card experience, with a host of exclusive benefits and privileges, travel benefits, and rewards and incentives. Interested customers can apply for the card by visiting the CBI website or by visiting any of the bank’s branches. 

Peppercorn Announces the Launch of Confused.com  

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Peppercorn.ai, an AI-driven insurance provider, has recently launched its AI platform, Confused.com. Peppercorn.ai’s unique approach to insurance is powered by cutting-edge artificial intelligence technology, which allows the company to offer highly customized and personalized insurance products to consumers. By analyzing a wide range of data, including social media activity, and driving habits, Peppercorn.ai is able to offer tailored insurance policies that are specifically designed to meet the individual needs of each customer. 

Customers can now take advantage of a more tailored user experience, from insurance purchases to policy changes, thanks to Confused.com platform. Additionally, putting the client in charge of the conversation eliminates the need for paperwork and waiting times. With the use of natural language comprehension, the assistant can react to inquiries immediately. 

In comparison to traditional insurance companies, Peppercorn claims that its conversational technology helps to keep operating expenses and expenditure ratios low. Furthermore, the platform makes sure that consumers are receiving quality coverage at a reasonable price by utilizing pre-inception underwriting decisioning and counter-fraud technology. 

Nigel Lombard, Founder and CEO, Peppercorn, said, “Our team has a dynamic blend of insurance and technology expertise and have worked hard to build a unique experience and service. To launch a quality product on a leading Price Comparison Website in such a short space of time is a testament to the team’s commitment to transforming the insurance industry. This is a significant milestone for us and we are just getting started. Our company is committed to refining and evolving Peppercorn’s platform, empowering our customers, and improving their experience, one conversation at a time. At a time when saving money on bills is at the top of everyone’s minds, Peppercorn will show how smart technology can result in fairer pricing for consumers. And the response we are already getting from our customers suggests they agree too.” 

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