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Coinfloor, provider of the UK’s longest running Bitcoin exchange, today announced a partnership with one of the longest established FCA authorised electronic money institutions, Enumis, to offer fiat current account banking functionality. The service, aimed at crypto-focused businesses, has been specifically created to meet the demand for a trustworthy domestic fiat current account banking facility that is part of the UK Faster Payments network. The new offering is part of Coinfloor’s wider strategic ambition to build a trusted, reliable and secure set of cryptocurrency financial services to bridge the fiat and crypto worlds.

As well as allowing for deposit and withdrawal of funds via CHAPS, BACS and, 24 hours a day, UK Faster Payments, the Coinfloor Enumis Fiat Current Account will let clients reduce costs with free GBP deposits and withdrawals into and out of their Coinfloor cryptocurrency exchange accounts. Access to the account is available 24 hours a day online and clients will be able to undertake regular banking functions such as setting up Direct Debits and Standing Orders; more advanced features including programmatic API access for account automation are also available. Prepaid/Debit cards providing a 0.2% rebate on all transactions will also be issued to all account holders.

Speaking of the new offering, Obi Nwosu, Founder & CEO of Coinfloor said: “Crypto-focused businesses are growing at a steady pace, but until now, no reliable banking facilities have existed to help them manage fiat and crypto finance operations in an effective manner. Our partnership with Enumis will ensure that this will no longer be an issue. With our joint pedigree and market expertise in the cryptocurrency and financial services spaces, we hope that this offering designed by members of the crypto community for the community will help the community of crypto businesses overcome their financial

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Abacus Group, a global provider of IT services for alternative investment firms, today announced it has launched a new third-party patch management feature for its AbacusFLEXäIT-as-a-Service clients, as well as enhanced compliance reporting within the Abacus Client Portal. Abacus continues to invest heavily in its premium service, technology solutions, cybersecurity and R&D to meet the unique and stringent compliance requirements for investment firms.

The new automated third-party patching option provides Abacus clients with an added layer of security to help mitigate vulnerabilities on their workstations. Keeping workstations up-to-date with the latest versions of sensitive applications is a critical component of endpoint security. With automated patch management built into its IT systems, a firm has the opportunity to take advantage of this enhanced security layer. Abacus also provides clients a third-party patch management audit report within its Client Portal, assisting with compliance and oversight reporting.

The proprietary Abacus Client Portal is a suite of compliance tools developed in-house and designed to provide financial firms with complete transparency and control over their firm’s technology platform. Abacus has invested heavily in new reporting capabilities and features for clients within the portal so far this year. Clients can now access a newly enhanced set of inventory reports on their Abacus-managed assets, including a device inventory report that shows important detail about all of their workstations, mobile devices, virtual machines, routers and switches. A new antivirus activity report provides unprecedented visibility and transparency into virus and malware-based threats mitigated on their network. Other recent enhancements to the portal include new features providing clients with visibility into their firm’s web browser policy settings and email distribution lists.

Earlier this year, the company launched AbacusIDä, a new Identity-as-a-Service (IDaaS) feature that provides clients with single sign-on to third-party applications using their AbacusFLEX credentials.

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The decision by major central banks and SWIFT to migrate to ISO 20022 is an opportunity for banks and corporates to improve operational efficiency and reassess existing business models, but will require CEO commitment and allocation of appropriate budgets

The migration to the ISO 20022 messaging standard promises greater interoperability between various settlement networks and will enable the transmission of far richer payments data, bringing higher levels of straight-through processing and more efficient compliance processes, says Deutsche Bank’s “Ultimate guide to ISO 20022 migration”.

Over the next five years, the Federal Reserve and The Clearing House in the US, Eurosystem and EBA Clearing in Europe, and the Bank of England’s real-time gross settlement service will all modernise their High Value Payment Systems, almost simultaneously, underpinned by the migration to ISO 20022. SWIFT will also introduce ISO 20022 for cross-border payments, with a view to phasing out existing payment messages – making the migration the most impactful payments industry undertaking since the introduction of the Single Euro Payments Area (SEPA).


“Treating this as just another IT project would be a mistake – it is game-changing and signifies an opportunity for banks and corporates to improve operational efficiency and reassess existing business models,” says Christian Westerhaus, Head of Cash Products, Cash Management, Deutsche Bank GTB. “However, making the most of ISO 20022 requires a significant and complex migration, affecting not just core payments processing, but many other banking systems and departments.”

ISO 20022 migration is not mandatory from a regulatory perspective, but those that do not act now risk being excluded from international payment systems. This first edition of the guide, which has been produced in collaboration with PPI and focuses on the banking implications, strongly recommends banks carry out a strategic review of all internal information flows

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Investors need to mitigate the risks of China’s looming current account deficit, coming at a time of ballooning U.S. budget deficits.

This is the warning from a Senior International Investment Strategist at one of the world’s largest independent financial advisory organisations.

The stark observation from deVere Group’s Tom Elliott comes as the escalating trade war between the U.S. and China – the world’s two largest economies -threatens to curb Chinese exports, accelerating the Asian powerhouse’s lurch towards a current account deficit.

He explains: “China has spent the last two decades turning its trade surplus into purchases of overseas assets, from U.S. Treasuries to London property.

“But China is changing. Its current account is about to turn negative, meaning its economy will be increasingly dependent on foreign capital to continue growing. This has potentially far-reaching implications, not just for China, but for the U.S. and the rest of the world. The 25% tariff imposed by the U.S. on $500 bn worth of Chinese imports will accelerate this trend.

He continues: “As China stops being a large buyer of U.S. Treasuries, America’s budget deficit is ballooning and will be just short of $1 trillion this fiscal year. The combination is negative for U.S. Treasuries, and may help drive up U.S. and global bond yields.

“Investors around the world may see higher global borrowing rates, from car loans to mortgages, because of the end of the Chinese savings glut.

“This could trigger a global economic downturn.”

“The two main drivers of this change both reflect the fact that China has become wealthier, and that a growing middle class has cash to spend.

“First, the growth in the export of goods has not kept pace with the growth of consumer imports. China’s deficit in traded goods with Japan and South

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Redwood Bank, which focuses on small and medium-sized businesses in the UK, has become the latest challenger bank to join Flagstone’s cash deposit platform.

Flagstone’s SME clients will now be able access to Redwood Bank’s competitive rates with a 1.40% one-year fixed-term deposit account now live on the platform.

Redwood Bank becomes the 31st bank to join Flagstone, which is the largest cash deposit platform in the UK having transmitted more than £3.5bn of client deposits. As well as providing access to market-leading and exclusive rates, the platform allows individual and joint account savers, SME corporates and charities to manage their risk and maximise their FSCS protection.

The deal with Redwood Bank follows news earlier this month that a consortium of investors, including Moneysupermarket Group, had invested £11m to help fund Flagstone’s rapid growth.

Gary Wilkinson, CEO & Founder of Redwood Bank, says:

“The Flagstone cash deposit platform is a powerful tool for SMEs, Charities and Individual Savers, and we believe that the combination of their market-leading technology and Redwood Bank’s great interest rates will prove extremely popular. We look forward to working closely with Flagstone to make our rates available to clients easily and efficiently through the platform.”

Andrew Thatcher, Co-Founder and Co-Managing Partner at Flagstone, says:

“We’re delighted that Redwood Bank has joined the Flagstone platform and that its accounts will be available to our SME clients to provide them with ever greater choice and flexibility.

“Many UK businesses are sitting on excess cash but aren’t maximising their interest income or diversifying their risk. Flagstone puts SMEs in control, providing them with access to market-leading and exclusive rates to generate more income and a growing panel of UK banks to diversify risk. By using the platform, they can ensure that that their cash is

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About Us

Here at Fintech Finance, we work with renowned executives in the industry to provide key decision-makers globally within leading financial services organizations with reliable and accurate intelligence on emerging trends and breakthrough technologies, helping them to make informed decisions.

At Fintech Finance, we produce monthly video episodes looking at range of topics within financial services, as well as a constant stream of news plus coverage from attending some of the most prominent events within the sector.

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In the three years since its banking products were first announced on stage at STHLM Tech Meetup, Minna Technologies has emerged as one of the most significant contributors to making subscription management easy with financial technology.

Today, Minna Technologies announces a €5.6M Series A investment led by Zenith Group. Also participating in the funding round were Visa and existing investor Swedbank.

“This investment round makes it possible for us to scale up and execute on our European expansion plans. As many European banks have started to embrace FinTech partnerships, we have seen a dramatic increase in the interest of our subscription management platform. Our current bank partnerships have proved that subscription management is well received by banking customers and that it is an essential part of digital banking.“, says Joakim Sjöblom, co-founder and CEO, Minna Technologies.

“We’re thrilled to become a part of Minna Technologies ongoing journey. We can clearly see what values Minna Technologies creates for the end-user through bank partners and we’re looking forward to supporting the company taking this offer throughout Europe”, says Tommy Jacobson, Chairman of the board, Zenith Group

“Minna Technologies is run by a strong team who have developed a scalable bank grade technology platform with a high level of automation that is ready to scale out in Europe. We further strongly believe in the underlying trends that Minna Technologies builds their business on in terms of the growing subscription economy, banks willingness to collaborate with FinTech companies and consumers wish for an easier way to access actionable insights that help improve their personal finances. We’re also happy to make this investment together with Visa and Swedbank, which alongside the entrepreneurs and the earlier investors gives Minna Technologies a strong and relevant group of owners for the

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About Us

Here at Fintech Finance, we work with renowned executives in the industry to provide key decision-makers globally within leading financial services organizations with reliable and accurate intelligence on emerging trends and breakthrough technologies, helping them to make informed decisions.

At Fintech Finance, we produce monthly video episodes looking at range of topics within financial services, as well as a constant stream of news plus coverage from attending some of the most prominent events within the sector.

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TransferMate, one of the world’s leading cross-border B2B payments providers, has today announced a strategic relationship with Wells Fargo Bank, N.A. (“Wells Fargo”) to deliver Global Invoice ConnectSM – the go-to platform for U.S.-based international businesses looking for a simpler, more cost-effective solution for receiving payments from their global customers.

Global Invoice ConnectSM provides electronic bill presentment in U.S. dollars or in customers’ local currency. TransferMate collects funds from customers located in over 50 countries around the world through a local funds transfer in customers’ local currency. Global Invoice ConnectSM helps reduce a business’ expenses and improves its cash flow by ensuring receipt of the full invoiced amount and receiving funds faster and at a lower cost than a traditional international wire.

Terry Clune, co-founder and CEO of TransferMate, said:

“With this relationship, TransferMate and Wells Fargo are leading the charge in reducing the friction between borders for international businesses, and those aspiring to expand abroad. Global Invoice Connect is a prime example of two innovative financial services companies coming together to deliver a powerful new payments technology that helps businesses stay ahead of the curve in an increasingly fast-paced world.”

Global Invoice ConnectSM streamlines the receivables process and reduces administrative overhead by automatically matching the payment received to the invoiced amount, therebyeliminating manual reconciliation. Global Invoice ConnectSM also benefits a business’ customer by helping to reduce their payment cost in many locations from an expensive international wire to a local funds transfer. Additionally, TransferMate provides competitive foreign exchange rates that may be better than the rate offered by customers’ local bank.

Sinead Fitzmaurice, co-founder and CFO of TransferMate, said:

“We are delighted to announce this strategic relationship with Wells Fargo, which is an important step in the global growth of TransferMate. Wells Fargo is one

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David and Jeff take a close look at mortgages, a painful process Jeff recently went through. Research shows that people who have gone through the process felt stressed, lost sleep, half of the couples rowed over the process and 1 in 10 couples stopped having sex! Furthermore, 1 in 10 sought GP help due to effects on mental health. What is broken here?

The duo is joined by a panel of fantastic guests to tell us more about the mortgages market, why some of these challenges exist and what changes are coming:

Maria Harris – Director of Intermediary Lending, Atom Toril Steinmo – Head of Loans, DNB Dan Hegarty – CEO, Habito Vadim Toader – CEO, Proportunity

The panel discusses how applying for mortgages is one of the most stressful processes in our lives, as humans have integral anxiety about shelter for themselves and their family. The panel argues that the product is not built around the consumer’s needs, but rather quite simple data made incredibly opaque. Vadim Toader explains the process like planning a wedding, you don’t have any prior knowledge about the process, and hopefully, when you have done it once you don’t have to think about it ever again.

Thoril Steinmo explains how the process is very different in Norway, and the panel asks, what is inhibiting the UK to have the same process as they do in Norway? Is there an urgent need for a clearer and more transparent language that customer actually understands?

All this and so much more on today’s show.

Don’t forget to subscribe so you never miss an episode, leave a review on iTunes and let us know your thoughts on the stories @FintechInsiders on Twitter where you can also ask the hosts questions, or email podcasts@11fs.com

This week’s

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