Category: Artificial Intelligence and Machine Learning

Tamra Capital Collaborated with Shariyah Review Bureau

Posted on by fintechoutlook

Tamra Capital, a Saudi financial technology company authorized by the Capital Market Authority, will use robo-advisory technology to give customers affordable and practical access to the world’s financial markets. It collaborates with the Shariyah Review Bureau (SRB) to guarantee that all its business practices, legal agreements, and investment products adhere to Shariah.

As a starting point, Tamra Capital will concentrate on giving goal-based investment options by using global Exchange Traded Funds (ETFs) to provide investment portfolios that are balanced, diversified, and across various asset classes and markets.

Tamra Capital has already made its online debut, and the community has shown a lot of enthusiasm for it. It has the means to promote aspirations as a short-term geographic focus as it prepares to launch a trading mobile app early next year.

Salauldean Jamal Khashoggi, Managing Director of Tamra Capital, stated, “We want to tap the gap we see in the local and regional market where conventional vehicles and other robo-advisory platforms are offering expensive and non-compliant products. Through Tamra Capital’s platform, we will be able to provide ‘faith-centric’ customers cost-effective and convenient opportunities to invest in Sharia-compliant ETFs that cover different asset classes and markets. We wanted all our partnerships to capitalize on their reputation, credibility, and strength. Hence we did not compromise when seeking to partner up with a reputable and esteemed Sharia advisory firm.” He added, “We stand to gain with our engagement with SRB’s who will review all our legal documents, provide ongoing consultation, and conduct periodical audits to provide assurance to our customers and investors.”

The Shariyah Review Bureau offers fully integrated, strategically implemented Sharia advisory solutions that enable Sharia oversight, performance, and faster product licensing. FinTech companies that wish to concentrate on customers who are religious now have an appealing and simple choice. Through its outsourced services, SRB meets this need while keeping the expense of Shariah overheads for these fintechs to a minimum. The start-ups can gain from SRB’s broad exposure to the financial market as well.

Yasser S. Dahlawi, CEO of Shariyah Review Bureau, commented, “Our appointment by Tamra Capital reflects a growing interest in the region to facilitate investment strategies using robo-advisory services; a practice that we see will shape the asset management sector in the coming years. Unlike traditional investing platforms, robo-advisors automate the investing process by relying on algorithms and other data to build and manage customer portfolios. Being the first fintech in the Kingdom, we are excited to partner with them for Sharia advisory, certification and Audit services.”

Read: Iyo Bank Japan’s First Bank to Leverage DTCC’s ITP Services

 

Moxo and Kasisto Joined Forces to Offer Better Client Interaction Services

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Moxo, a top-notch client interaction workflow solutions provider, collaborated with Kasisto, a renowned financial services digital experience platform, to provide Kasisto digital assistant abilities in the OneStop Client Interaction Hub of Moxo.

The partnership will enable financial institutions to simplify client interactions throughout different client segments and use cases. KAI manages initial product and service requests through intelligent digital assistants. It amplifies any conversation that needs superior human interaction to knowledge workers at any financial institution or bank to manage through Moxo.

Zor Gorelov, Co-Founder and CEO, Kasisto, stated, “The customer service experience has never been more important to the clients of financial institutions than it is today. From consumer banking to business banking to investment management, today’s financial clients expect to engage digitally, efficiently, and at just the right moment. Our partnership and integration with Moxo will allow front-line bankers and relationship managers at financial institutions to focus on the highest-value tasks and conversations while ensuring their clients enjoy engaging digital experiences.”

The KAI conversational artificial intelligence (AI) platform empowers the digital assistants of Kasisto, and they are digital banking assistants that would be incorporated in Moxo. Integrated into the Live Chat module of KAI and connected to the financial services ecosystem, KAI will manage the first level of client questions where there is no need for human involvement. When KAI finds it unable to answer more complex questions, the digital banking assistant will take it from there to represent as a physical representative inside Moxo’s Live Chat Module in real-time.

Subrah Iyar, Co-Founder, and CEO, Moxo, commented, “We are excited to partner with Kasisto to further deliver seamless interactions and experiences that clients and consumers expect in today’s digital-first world. Together, Moxo and Kasisto will provide our joint clients with a competitive advantage within the financial services industry by ensuring personalized and engaging experiences across client segments.”

Read: TrueLayer Partnered with Chip to Accelerate Customer Experience

Spire and Mastercard Partnered to Empower Banks in MENA Region

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Spire Technologies is a Bahrain-based open banking services provider that serves its consumers with a robust financial ecosystem. It aims at focusing on the resolving challenges, complexities, and core problems faced by SMEs and individuals when it comes to financial management. It endeavours to provide simple, accessible, and beneficial financial ecosystem to everyone.

Continuing with the same goals, Spire has collaborated with Mastercard to help banks improve user experience and amplify customer engagement in the MENA (Middle East and North Africa) region. The partnership will lead to integrate Spire “Ingage”, and Merchant Identifier solution of Mastercard.

Aamir Janjua, Group CPO, Aion and Spire, commented, “Our promise is to enable a connected, simplified, and convenient financial lifestyle and experience for the 65 million GCC consumers. ‘Ingage’ helps banks to offer personalized financial services and insights to their customers to better manage their financial lives. We are excited to partner with Mastercard to provide simple, transparent and meaningful transactional insights to banks and their customers.”

Spire has empowered its financial wellbeing platform, Ingage, with Artificial Intelligence (AI) for retail banking customers. The platform has features such as smart savings, proactive bill management, smart budgeting, smart lending, and real-time financial reminders to streamline customer’s financial decision-making.

Mastercard a global technology organization in the payments industry brings Merchant Identifier solution, made to integrate and give merchant data in seconds into different categories. It has been designed to be recognizable and relevant to banks and their consumers as well.

J.K. Khalil, Country General Manager, MENA East, Mastercard, stated, “We are delighted to announce our partnership with Spire as part of our efforts to simplify the digital journey for consumers. Through this partnership, cardholders can now easily understand their payments history, therefore eliminating the need to clarify statements, and allowing for better financial management. We see this innovation as a key milestone in our ongoing efforts to provide seamless and simple payment experiences for all as we embrace the limitless possibilities presented by Open Banking.”

The collaboration is moving forward to deliver an instant personalized consumer experience based on real-time data that enables customers for practical financial management, and empowering the banks with easy customer acquisition, retention and recommendations.

Read: Tappy and Visa Partnership to Bring Tabby Visa Card

Alchemy Pay Collaborates with Forter for its Fraud Detection Capabilities

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Alchemy Pay, a Singapore-based payment solutions provider impeccably connects crypto and fiat economies for global customers, developers, vendors, and institutions. It renders a convenient system for the acceptance of both crypto and fiat money for online and offline vendors and paves an easy onboarding to them for blockchain ecosystems, and also makes web3 services extremely accessible.

John Tan, CEO, Alchemy Pay, commented, “Forter is the industry leader in terms of secure payment approvals and we are delighted to be able to pass these on to our client partners. We are intent on providing the optimal performance for our solutions and Forter will help us do just that. In order for crypto to break into mainstream use and gain worldwide adoption from everyday people we have to make payments between fiat and crypto as seamless as possible.”

Alchemy Pay has partnered with Forter to add more security to Alchemy Pay transactions. In this partnership, Forter supports Alchemy Pay to enable it with higher payment approval rates and chargeback offerings that benefit both users and clients.

Forter is a New York-based fraud detection company that acts as a Trust Platform for digital commerce. It encourages merchants to reduce losses caused by fraudulent activities and generate more revenue. It helps in making precise and real-time decisions about each digital transaction.

Joseph Lee, Vice President Asia Pacific, Forter, stated, “We are excited to partner with Alchemy in their quest to provide a safe and secure checkout experience. As the Trust Platform for digital commerce, Forter understands the crypto customer journey and provides accurate, instant assessments of trustworthiness across every step of the buying journey. Alchemy is at the forefront of the crypto payment sector, and we look forward to a continued partnership with them as crypto adoption accelerates.”

Alchemy’s forthcoming crypto on-ramps and fiat payment platforms enable users to buy cryptocurrencies and access Web3 offerings through mainstream online payment methods such as mobile wallets, cards, and bank transfers. Artificial Intelligence or AI-based fraud detection system of Forter will help Alchemy Pay safeguard genuine customers against fund losses by recognizing and blocking fraud transactions.

Read: SurePay and Virgin Money to Work for Anti-Fraud & Misdirected Payments

Sentinels chosen by Brand New Day for AML Compliance

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Brand New Day (BND) a Netherlands-based neobank that operates in the field of savings and investment. It helps open savings or investment account for its users to build a buffer for later. These services help users with tax benefits (for annuity payment or a supplementary pension) and without tax benefits (for normal savings and investments purposes). BND has selected Sentinels an AML and transaction monitoring platform, to enhance its anti-money laundering (AML) capabilities.

Sentinels supports financial institutions and manages compliance to help them deliver highly scalable services. It offers AML services powered by machine learning that helps customers fight financial crimes with efficiency. 

Joost van Houten, CEO, Sentinels, stated, “Neobanks like Brand New Day are committed to disrupting conventional wisdom to create stronger services, making them an increasingly popular choice for end-users. However, this disruption comes with intense regulatory scrutiny, particularly for those operating using their own banking licenses. We’re thrilled to be working with Brand New Day, easing its regulatory burden through our own disruptive approach to compliance and ensuring that both the neobank and its customers are better protected from AML issues.” 

A neobank is a type of digital bank that has no branches. Instead of being physically present at a particular location, a neobank operates entirely online. Neobanks can also be said fintech firms that offer digital and mobile-first financial solutions such as payments and money transfers, money lending, and more. These banks don’t have a bank license of their own but count on bank partners to provide bank licensed services.

Contrary to regular neobanks, BND got its banking license in 2017 and serves over 200,000 customers. The rapid growth of Sentinels was one of the primary reasons for this collaboration as a RegTech solution.

Gerjan de Lange, CIO, Brand New Day, included, “We’re excited to be working with Sentinels, benefitting from its industry-leading position and commitment to providing workable and futureproofed compliance solutions that are tailored to our core business goals and processes. We look forward to growing together, safe in the knowledge that our regulatory needs are being met, that false positives will not increase exponentially as we scale, and that our operational costs are kept low while our internal compliance standards are high.”

Read: A Basic Introduction About Anti-Money Laundering (AML)

Scienaptic AI to Host Ascendus for SMB Lending

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Scienaptic AI services are now available at Ascendus. In a recent announcement, the pioneer of AI-driven credit decision platform made its integration to the Ascendus public. This integration will be boosting the credit decision making of the Ascendus and thus it can make decisions about lending loans to small and mid-size organizations in advance.

Pankaj Jain, Co-founder and President of Scienaptic, added, “Our partnership with Ascendus will further our mission to empower lenders to make AI-powered advanced loan decisioning and offer better access to credit for entrepreneurs. With credit access, these entrepreneurs, often women and people of colour can build assets, can support their families, create employment opportunities for their neighbours and strengthen their communities.”

Ascendus offers a wide range of financial products including loans and others to small and mid-size companies. It is engaged in online business lending services and in its three decades of service, it has lent more than $255 million to over 25,300 small companies across the nation.

Paul Quintero, CEO, Ascendus, stated, “The pandemic adversely impacted the personal credit scores of small business owners, which has worked against their ability to obtain capital to grow and expand during the recovery phase of the cycle. Scienaptic’s AI-powered credit decisioning platform updated our existing credit risk algorithm to reduce the emphasis on personal credit while ensuring the portfolio quality we desired. Even more, Scienaptic’s platform is expected to help us approve up to 30% more SMBs than before, which means more capital for more small business owners.”

Ascendus is looking to offer credit facilities to underprivileged sections of society. After Scienaptic AI deploys its platform of loan decisioning, Ascendus will become more able to reach into the service of small business lending. This will further enable vendors and merchandisers to access financial services that can help their companies grow.

Read: VoPay and HES Fintech forms an Alliance for Payment Technology

Fyle Introduced Real-Time Spend Management on Visa Credit Cards

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Fyle Inc. introduced a new attribute to the real-time spend management solution for consumers utilizing small business and commercial cards in the US, beginning with Visa. Fyle is going to be among the first spend management platforms to provide immediate and real-time transaction feeds to any Visa-powered credit card customer, with precise registration from the cardholder.

Fyle has combined their current commercial credit cards to provide them with a real-time spend management experience. This immediate data from card feeds and receipts are integrated to make accounting easy and decrease physical work for customers, accounting institutions, and finance teams.

Yashwanth Madhusudhan, CEO, Founder, Fyle, stated, “With this launch, we can offer all customers who have Visa business credit cards access to powerful, AI-driven software to track & manage their card spending. It also gives us the opportunity to collaborate with card issuers who are losing business to new-age corporate card products. For the first time ever, customers won’t have to switch their credit cards to get the best spend management experience.”

As SMBs are getting more advanced AI-based spend management platforms and the liberty to select their commercial credit cards, Fyle is providing its products to any commercial credit card without being conditional on the bank’s tech load. This presents an exclusive partnership prospect to market the services to the bank’s commercial clients.

The real-time feed will diminish the physical effort of organizations and accountants. The organization’s personnel can deposit the everyday receipts from various applications such as Gmail, Outlook, text messages, MS Teams, and Slack, and via Fyle’s Android and iOS mobile applications.

This AI-powered platform immediately codes expense information, designates it to the concerned projects and cost centers, and drives the data to cloud-first ERP and accounting software such as Xero, Sage Intacct, NetSuite, and QuickBooks Online.

Read:Visa and Magnati come with “Tap to Phone” in the UAE

Microsoft Azure Cloud Platform to Host FIS’ Modern Banking Platform

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FIS, a leader in financial technology has declared the availability of the FIS Modern Banking Platform on the Microsoft Azure cloud platform, for increasing digital online banking in markets of the UK, Thailand, and New Zealand. This will include the recent developments in cloud security monitoring, operational analytics, and resiliency along with an advanced, cloud-native core.

Bill Borden, Corporate Vice President, Worldwide Financial Services, Microsoft, commented, “We’re pleased to partner with FIS to help more financial institutions modernize their payments and core banking to meet rising customer expectations and drive new value. Running on Microsoft Azure, FIS’ Modern Banking Platform delivers a flexible, data-driven solution to deepen customer relationships and roll out products more quickly, while managing risk effectively.”

The FIS Modern Banking Platform enables banks to create and implement new products and services. Using an automated API-enabled platform, FIS’s real-time solution is cloud-native and offers financial organizations with sophisticated analytics. This platform employs artificial intelligence and component-based infrastructure and is developed to be extremely configurable whilst offering next-level security for financial organizations and their consumers.

Andrew Beatty, Head of Enterprise Banking, FIS, stated, “We’re incredibly excited for financial institutions in more countries to experience the Modern Banking Platform that is cloud-native through Microsoft Azure. Teaming with Microsoft allows us to provide a secure, scalable and compliant SaaS solution in the cloud that helps financial institutions adapt to complex and changing regulations in multiple jurisdictions. Deployment via Azure also provides our clients with elasticity, meaning banks can quickly update their infrastructure to adjust to the volume of business. It’s a solution that allows us to offer the same high level of support and operations that we currently provide with the FIS private cloud.”

 

Read: MetaBank Invests in Advantage Payment Services

Mastercard and Interos to Form Alliance for Better Risk Analysis

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Mastercard has partnered with Interos, a compliance solution provider to broaden its security policy and introduce Interos’ layered risk monitoring resources for financial organizations. This will help institutions to detect and eradicate the risk beforehand in various channels- such as financial, cyber, restrictions, ESG, operational and geopolitical– in the entire channel of the client-business association.

 Systematic Risk Assessment is going to be the first of its kind, completely programmed platform with the help of artificial intelligence and machine learning to map, monitor, and develop the critical network of business associations that influence global trade. The platform also consists of a comprehensive operational resilience risk score that enables the businesses to assess organizations they have relations with for liabilities depending on various risk factors, offering real-time insights that help them to take any action before the damage.

Johan Gerber, Executive Vice President, Cyber and Security Products, Mastercard, said, “The threat landscape is evolving rapidly and financial institutions are being exposed to potential disruption across multiple dimensions. External risks are becoming more sophisticated and complex. Our partnership with Interos’ makes it simpler for financial institutions to continuously evaluate risk, helping advance security and trust in the digital ecosystem.”

In recent months, risk has gained renewed implications. Risks can emerge everywhere in an institution’s third-party corporate network, thanks to an increasing number of complicated and interrelated supplier and merchant business relationships. Many businesses lack the ability to identify and mitigate these risks: according to Interos’ data, just 11% of companies continuously monitor their third-party risk.

Jennifer Bisceglie, CEO, Founder, Interos, stated, “Systemic risk in our business ecosystems is a challenge that impacts every aspect of our global economy. This partnership with Mastercard is important in providing the ability to pre-solve issues before they become costly crises. Together, we’re excited to bring real-time, continuous insights and operational resilience to every market around the world.”

Read: MetaBank Invests in Advantage Payment Services

MetaBank Invests in Advantage Payment Services

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MetaBank, N.A. has made a strategic investment in Advantage Payment Services (APS), the pioneer in financial data management for leading FinTech payments firms. This renowned issuer is investing in the next generation of APS solutions, which will raise the bar for regulatory-compliant dispute case management in the industry. APS is the leader in enterprise dispute management for the largest payment processing issuing banks and fintech. Its consultative approach assists clients in navigating a complex technical and regulatory landscape, while its agile development method supports greater speed to market.

The APS Dispute Advantage platform is a robust, configurable, and regulatory-compliant workflow solution. Artificial Intelligence and Machine Learning are used in the next generation of automation to boost efficiency and enable real-time decision-making.

Dave Campbell, President at APS, stated, “MetaBank is a leader in payments and fintech because it has continually embraced the changing competitive and regulatory landscape. We’ve spent two decades developing and perfecting the technology that gives banks the critical visibility and control over any program they authorize. We’re excited to further our relationship with this industry leader to deliver the best possible solutions for the industry at large.“

Anthony Sharett, MetaBank President, commented, “APS integrates key identity verification, compliance and reporting capabilities seamlessly into our existing business processes. Creating this collaborative environment allows us to further their ability to very quickly develop and deploy technology that addresses the evolving compliance and reporting demands in payments and fintech.“

Read: Welcome to the Fraud Fighters

 

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