Neobanks – Innovative Words http://innovativewords.com/ Mon, 01 Aug 2022 22:06:47 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://innovativewords.com/wp-content/uploads/2021/04/default.png Neobanks – Innovative Words http://innovativewords.com/ 32 32 Amazon and Walmart oppose same-day delivery https://innovativewords.com/amazon-and-walmart-oppose-same-day-delivery/ Mon, 01 Aug 2022 20:18:28 +0000 https://innovativewords.com/amazon-and-walmart-oppose-same-day-delivery/ Until fast delivery is innovated, the best thing is same-day, a concept Amazon is aggressively pursuing in a time of growing demand for faster service. Amazon said in a Monday, Aug. 1 blog post that it now offers same-day ordering and delivery for Prime members in more than 10 cities across the United States from […]]]>

Until fast delivery is innovated, the best thing is same-day, a concept Amazon is aggressively pursuing in a time of growing demand for faster service.

Amazon said in a Monday, Aug. 1 blog post that it now offers same-day ordering and delivery for Prime members in more than 10 cities across the United States from retailers including PacSun, GNC, SuperDry, and Diesel. and more to come. There is also an option to buy online, pick up in store (BOPIS).

Read more: Amazon offers same-day delivery from local retailers

Prime members in Atlanta, Chicago, Dallas, Las Vegas, Miami, Phoenix, Scottsdale, Seattle and Washington, DC are the first to taste the new same-day offer, free for U.S. Prime members spending $25 or more on qualifying items and $2.99 ​​for those spending less than $25.

It’s a multi-level local game, as retailers within a shopper’s postcode get an extra boost in same-day Amazon orders, and consumers get the speed and the commodity. The e-commerce leader is actively recruiting retailers to “grow your business with local selling.”

“We see great potential in our expanded partnership with Amazon, which includes direct delivery from select PacSun outlets,” said Mimi Ruiz, vice president of e-commerce at PacSun, a premier retailer group. participants, in the blog. It’s one more way for us to give our customers the styles they want and love, when they want them.

Consumers want faster deliveries and demand same-day delivery, according to “The ConnectedEconomy™ Monthly Report: The Rise of the Smart Home,” a July PYMNTS study.

Get the report: ConnectedEconomy™ monthly report

“For many e-commerce shoppers, waiting two or more days to receive their purchases is no longer enough; many expect to acquire their purchases the same day they are purchased,” the report states.

Twelve percent of US consumers made e-commerce purchases in May online for in-store/curbside pickup or same-day delivery, equating to approximately 30 million shoppers showing a need for speed.

Walmart+ leans

Walmart is feeling the heat, having lost a bunch of shoppers to Amazon during the pandemic. In early July, Walmart announced that its “straight to your fridge” home delivery service is now an add-on for Walmart+ members.

“Our members want options and a shopping experience that’s easy to navigate and meets their individual needs, while saving them time and money – that’s truer than ever,” said Chris Cracchiolo, Vice -senior president and general manager of Walmart+ in the announcement.

However, unlike Amazon’s news of a same-day program that incurs no additional cost, Walmart+ members – who already pay $12.95 per month or $98 per year for membership – “can now add unlimited free home delivery and no tip for an additional $7 per month or $40 per year. That’s $138 per year for both, which is $10 less than previous annual prices when Walmart+ and InHome were separate subscriptions. New customers who sign up for both services also benefit from the reduced price of the combined programs.”

Whether that’s a big enough saving remains to be seen, much like Amazon’s same-day test success with select marketplaces and merchants.

From his own narrower focus the same day, Walmart’s director of e-commerce, Tom Ward, said in a CNBC interview in June that by adding InHome, an order “could arrive within hours of buying it online. , as opposed to days later.. So it’s a transformational experience in terms of speed, which is really hard to replicate without that fantastic footprint that we have.

For all PYMNTS retail coverage, subscribe daily Retail newsletter.

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NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS HAVING HIGH DEMAND FOR SUPER APPS

About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.

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Report, BFSI News, AND BFSI https://innovativewords.com/report-bfsi-news-and-bfsi/ Fri, 29 Jul 2022 02:30:00 +0000 https://innovativewords.com/report-bfsi-news-and-bfsi/ India’s growth story relies heavily on its young population, with more than 50% of the population being under the age of 28. The bank will soon see the first generation of true digital natives who rarely visit branches for transactions and may not be tied to a long before digital bank, says Grant Thornton Bharat’s […]]]>

India’s growth story relies heavily on its young population, with more than 50% of the population being under the age of 28. The bank will soon see the first generation of true digital natives who rarely visit branches for transactions and may not be tied to a long before digital bank, says Grant Thornton Bharat’s latest report on the emergence of neobanks open and integrated.

According to the report, the Indian neobank market is expected to grow at a compound annual growth rate (CAGR) of 50.5% over three years to reach $11.65 billion by fiscal year 2025.

The technology is driving fundamental change in banking with automation, predictive analytics, and machine learning finding beneficial applications across multiple functional areas of the retail banking industry.

While neobanks are focused on improving many of their customer-facing front-end operations with digital solutions, the reality is that many processes in traditional banks are still heavily reliant on people and paper to process requests. customers, which is costly, slow and can lead to inconsistencies. results and a high error rate, he added.

“Traditional banking services are transforming and customers are now deeply accustomed to hyper-personalized digital banking services. The Indian neo-banking market is poised for rapid expansion through outreach to New Banking Segments (NTB), SME and salaried customers,” said Jaikrishnan G, Partner, Financial Services Consulting, Grant Thornton Bharat.

The report further pointed out that the Indian stack has played a pivotal role in the growth of digital banking in India, enabling banks, non-bank financial companies (NBFCs), fintechs, government agencies and other players financial services to enable the provision of digital, paperless and cashless services. .

Global market

While neobanking may have its roots in Europe, other economies have actively pursued this concept and devised unique approaches suited to their markets and regulatory policies.

For example, development in North America, South America and Southeast Asia has been driven by customer needs in domestic markets, while in regions such as Australia and the UK, the development has been driven by regulatory mandates.

Unlike the global development path, India’s neo-banking ecosystem is built on a hybrid method where the market as well as the government have collectively impacted the development of the industry.

The neo-bank market in the country was estimated at $3.42 billion in fiscal 2022, driven by rapidly changing technology and rising levels of internet and smartphone penetration, it said. -he adds.

Challenges

Institutions are building the capacity to access available data in real time and make rapid decisions based on algorithms, the report says while adding that the shift from physical to digital will pose challenges such as establishing the trust and sustaining the humanity of digital interactions.

“The neo-banking industry may face challenges from established players, their dependence on banks, security issues, regulatory ambiguity, increased competition from fintechs and super -applications that combine elements of e-commerce, payments and financial services on the same platform,” Jaikrishnan said. added.

While regulators in India welcome and promote fintech innovations, neobanks face several regulatory challenges such as RBI not recognizing pure virtual banks or regulating them.

Moreover, in such an unregulated environment

environment, non-compliance and fraudulent behavior by any of the incumbents would trigger a regulatory compliance review of the banks/NBFC fintech partnerships, bringing neo-banks under the radar of the RBI, putting the whole sector under tough supervisory standards.

Indian neobanks are also barred from performing some of the key banking functions including loan sanctioning, investment portfolio management and determining KYC compliance, while traditional banks deploy neobanks as offers, which makes the market space more crowded.

Tech giants such as Facebook, Amazon and Google could also enter the neobank market, further tightening competition. With access to numerous customer data points, existing loyalty, and advanced technology capabilities, these players could disrupt and rebuild neo-banking.

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Neobank market to triple to $11.65 billion by FY25: report https://innovativewords.com/neobank-market-to-triple-to-11-65-billion-by-fy25-report/ Thu, 28 Jul 2022 15:19:32 +0000 https://innovativewords.com/neobank-market-to-triple-to-11-65-billion-by-fy25-report/ The country’s neo-banking market is expected to triple to $11.65 billion (about Rs 92,000 crore) by FY25, according to a report on Thursday. Due to the scale of the Indian market, there is a substantial opportunity for neobanking to create value for a large segment of customers, while leveraging the vast talent pool available to […]]]>

The country’s neo-banking market is expected to triple to $11.65 billion (about Rs 92,000 crore) by FY25, according to a report on Thursday.

Due to the scale of the Indian market, there is a substantial opportunity for neobanking to create value for a large segment of customers, while leveraging the vast talent pool available to create high-quality banking products focused on technology, Grant Thornton Bharat said in a report.

The neobank market is well placed to capitalize on the growing digital economy and achieve rapid growth due to the very dynamic local market with significant growth potential in terms of revenue generation potential, he said.

The Indian neobank market was valued at $3.42 billion as of FY22 and is expected to grow at a compound annual growth rate (CAGR) of 50.5% over three years to reach $11.65 billion by FY25.

Neobanks can be defined as digital branchless banks that interact directly with customers and provide them with a seamless banking experience.

Neobanks are arranging customized financial services products by delivering them entirely online, either through strategic partnerships or by creating their own products after approval from relevant regulators.

Currently, RBI neither recognizes nor regulates purely virtual banks.

The report suggests that the regulator needs to ensure there is regulatory clarity, consistent monitoring and oversight.

With India’s growth story heavily reliant on its young population and more than 50% of the population under the age of 28, the report assesses that future consumer trends will be driven by the first generation of true digital natives in the world. banking sector.

This generation rarely visits a branch to transact and have very different expectations of their banks in terms of products, service delivery and transactional experience.

According to Jaikrishnan G, Partner, Financial Services Consulting, Grant Thornton Bharat, the neo-banking industry may face challenges from entrenched players, their reliance on banks, security issues, regulatory ambiguity, increased competition from fintechs and super-apps that combine elements of e-commerce, payments and financial services on the same platform.

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Crassula partners with Salt Edge https://innovativewords.com/crassula-partners-with-salt-edge/ Tue, 26 Jul 2022 10:59:24 +0000 https://innovativewords.com/crassula-partners-with-salt-edge/ Crassula, a cloud banking software-as-a-service (SaaS) platform, has partnered with Salt Edge, an Open Banking solutions provider, to help banks, EMIs and fintechs launch PSD2 and Open Banking solutions in the UK and EU. By partnering with Salt Edge, Crassula becomes a one-stop-shop providing Open Banking functionality-based opportunities for fintech startups, neo-banks, PSPs, small banks, […]]]>

Crassula, a cloud banking software-as-a-service (SaaS) platform, has partnered with Salt Edge, an Open Banking solutions provider, to help banks, EMIs and fintechs launch PSD2 and Open Banking solutions in the UK and EU.

By partnering with Salt Edge, Crassula becomes a one-stop-shop providing Open Banking functionality-based opportunities for fintech startups, neo-banks, PSPs, small banks, retailers, telcos, credit unions, construction companies and others. Salt Edge resonates with Crassula’s vision to create digital experiences, so more businesses can receive Open Banking and SCA compliant solutions, account information and payment initiation functionality, White Label PFM, and Get instant access to financial data from over 5,000 financial institutions in over 50 countries. countries.

The financial services industry is experiencing a revolution in the way software solutions are created and brought to market, and one of the most significant digital transformations is the concept of Open Banking which has laid the foundation for future disruption.

Crassula is a fintech software platform providing solutions for companies to create financial products. The Crassula platform consists of three main products: Core Banking System, Crypto Banking System and PSP.

Salt Edge is a financial API platform with PSD2 and Open Banking solutions for every business. The company has two main business vectors: allowing third parties to access banking channels through a unified gateway and developing the technology necessary for banks to comply with the requirements of the directive.

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6 things traditional banks can learn from new banks and fintech companies https://innovativewords.com/6-things-traditional-banks-can-learn-from-new-banks-and-fintech-companies/ Sun, 24 Jul 2022 13:17:02 +0000 https://innovativewords.com/6-things-traditional-banks-can-learn-from-new-banks-and-fintech-companies/ When it comes to personal finance, banks continue to act as a one-stop shop for the consumer and are often the main point of contact. Additionally, traditional banks have physical distribution networks that can provide an excellent multi-channel experience. On the other hand, neo-banks and fintech companies offer a whole new customer experience and are […]]]>

When it comes to personal finance, banks continue to act as a one-stop shop for the consumer and are often the main point of contact. Additionally, traditional banks have physical distribution networks that can provide an excellent multi-channel experience. On the other hand, neo-banks and fintech companies offer a whole new customer experience and are part of the logic of the digital revolution. They are readily available as users do not need to visit a branch or queue to fill out paperwork in order to use banking services. Thanks to a sophisticated banking application, everything is fully digitized and accessible in just a few clicks. Traditional banks need to step up their game in this technologically advanced world.

Flexible cloud infrastructure

Neobanks and fintech companies are using smart AI-powered cloud solutions to efficiently store and manage data and support applied analytics, which is difficult for traditional banks to do. With these technologies, banks can create a flexible infrastructure that allows all staff to easily access customer and account information. Better customer knowledge, increased productivity, innovation, agility and even a lower risk of data theft are the results. Traditional banks can accelerate cloud adoption and offer their customers more flexible financial services by collaborating with start-ups.

Advanced security and transparency

Traditional banks have major security and transparency concerns. Fintech companies and neobanks are backed by data security rules to protect consumer information and guard against unauthorized access to accounts.

Neobanks keep their consumers informed about payments and transactions in real time, demonstrating their transparency. Additionally, they provide information on additional charges and penalties the customer may face in specific circumstances.

Neobanks and Fintechs use encryption technology, biometric verification, two-factor authorization, and role-based access management to stop fraud and cyberattacks, thereby securing banking transactions for customers.

Hassle-free process

Neobanks and Fintechs are challenging the conventional banking system by using artificial intelligence and technology to provide users with a variety of online banking solutions. Neo banks have an automated front-end and back-end process that not only lowers the cost of operations for banks, but also completely eliminates the possibility of human error.

Therefore, traditional banks could automate a number of operational tasks such as loan administration, account opening and document verification using AI-powered tools.

Improve the customer experience

Traditional banking online platforms are quite outdated, use outdated technology and do not provide a pleasant user experience. Neobanks and Fintech companies offer 24/7 customer service using AI-enabled chatbots with their user-friendly design, cutting-edge technology stack, and intuitive mobile app. Traditional banks should opt for a better balance between revenue and customer orientation.

These fintech companies also prioritize customer feedback and customization needs, which benefits them.

Ease of use

Neobanks and FinTechs have the technological advantage and know-how to support effective consumer-focused programs. Instead of using digitized solutions that could strengthen them in the financial market, traditional banks spend a large part of their budget on maintaining their outdated legacy systems.

Thanks to the partnership between traditional banks and neo-banks, traditional institutions have increased their user-friendliness with more powerful online services and applications that are easy for customers to understand and use. improve all aspects of the services provided.

Lower fees, higher rates

Neobanks and fintechs have lower operating costs because they have fewer employees and fewer physical branch networks. The lower rates and no monthly payments resulting from their branchless business model are usually passed on to their customers. One of the top five reasons to switch to digital-only readers is to get better pricing.



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Disclaimer

The opinions expressed above are those of the author.



END OF ARTICLE



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Arvest Bank of Arkansas shadowed by Google https://innovativewords.com/arvest-bank-of-arkansas-shadowed-by-google/ Fri, 22 Jul 2022 11:27:00 +0000 https://innovativewords.com/arvest-bank-of-arkansas-shadowed-by-google/ Arvest Bank Group, Inc. took another step towards its digital future this week. What is happening: The Fayetteville-based company announced Thursday that it has entered into a five-year agreement with Google Cloud to host its data. The bank will also use artificial intelligence and machine learning from Google Cloud to streamline services and, it says, […]]]>

Arvest Bank Group, Inc. took another step towards its digital future this week.

What is happening: The Fayetteville-based company announced Thursday that it has entered into a five-year agreement with Google Cloud to host its data.

  • The bank will also use artificial intelligence and machine learning from Google Cloud to streamline services and, it says, create a better online and in-person banking experience.

Why is this important: To stay competitive and continue to attract younger customers who grew up with digital wallets, brick-and-mortar banks are scrambling to keep pace with digital-only “neobanks” like Chime and Varo.

  • Most are digital services moving to other institutions, but Varo is a nationally chartered bank.

Yes and: Banks create and use a lot of data that is expensive to maintain. Investments in hardware can be a deterrent for any business. Outsourced data services like Google’s can help businesses stay agile.

The context: Arvest has total assets of $26.6 billion and is Arkansas’ largest bank by deposit market share, with $13.3 billion in deposits as of June 30, 2021.

  • The company has more than 200 banks in Arkansas, Kansas, Missouri and Oklahoma.

What they say : Laura Merling, chief operations and transformation officer at Arvest, joined the bank from Google Cloud earlier this year.

  • She told Axios that one of Arvest’s data centers will no longer be needed, but employees are undergoing refresher training to avoid job cuts. A test with Google Cloud and historical data from Arvest means some transactions happened 30-50% faster than before, Merling said.

MeanwhileSimmons Bank of Pine Bluff began investing in its digital transformation in 2018, reports Arkansas Business, which is estimated to cost $100 million.

  • Its Coin Checking account, aimed at new users, accounted for more than 7% of Simmons’ checking accounts in the bank’s first quarter.

Go further with Axios Pro:

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Neo-banking startup Niyo raises $30 million from Multiples Alternate Asset Management https://innovativewords.com/neo-banking-startup-niyo-raises-30-million-from-multiples-alternate-asset-management/ Tue, 19 Jul 2022 16:31:00 +0000 https://innovativewords.com/neo-banking-startup-niyo-raises-30-million-from-multiples-alternate-asset-management/ Neobank platform NIYO-SOLUTIONS announced on Tuesday that it has raised $30 million from Mumbai-based private equity firm Multiples Alternate Asset Management Pvt Ltd. Avendus Capital was the financial advisor for the transaction. The startup had raised $100 million in a Series C funding round led by Accel and Lightrock India, with participation from Beams Fintech […]]]>

Neobank platform NIYO-SOLUTIONS announced on Tuesday that it has raised $30 million from Mumbai-based private equity firm Multiples Alternate Asset Management Pvt Ltd.

Avendus Capital was the financial advisor for the transaction.

The startup had raised $100 million in a Series C funding round led by Accel and Lightrock India, with participation from Beams Fintech Fund and existing investors Prime Venture Partners and JS Capital. With this round, Niyo raised a total of $130 million this year.

The latest round brings the company’s total fundraising to approximately $180 million ($13.2 million in Series A from Silicon Valley-based Social Capital, Jonathan Soros’ family office, JS Capital LLC, Horizon Ventures and Prime Venture Partners; $35 million in Series B round led by Horizons Ventures and Tencent).

The company said it will deploy the funds to expand product capabilities and increase customer base through organic and inorganic opportunities. Proceeds will also be used to grow the brand and build team strength across all functions, he said in a statement on Tuesday.

Neo-banking platform Niyo Solutions raised $30 million in the latest round

Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo offers digital savings accounts and other banking services in partnership with banks. It claims to serve around four million customers through its banking and wealth management products and processes transactions worth more than $3 billion daily.

It also issues travel and currency cards in partnership with SBM and DCB Bank, and also provides zero-balance prepaid cards for domestic blue-collar workers. With the fundraising, Niyo will soon launch its outward remittance business.

“With this fundraiser, we are focused on improving product development, improving our product line to have more consumer-focused products like credit cards, remittances, loans, etc Our foray into new product categories will help us capitalize on the huge tailwinds for digital financial products. the market sees today,” said co-founder and CTO, Virender Bisht.

“Niyo’s products are designed to deliver superior economic value and a seamless, highly engaging experience for customers. It is amazing that Niyo is able to reach customers with over 16,000 PINs which covers 80% of PINs in India. Vinay and Viren are building Niyo with strong technology and partnership DNA,” said Nithya Easwaran, Managing Director of Multiples.

The private equity firm has backed other startups like Acko, Delhivery, Dream Sports, Licious, and MoEngage, among others.

(The story has been updated with clarifications shared by the Niyo team on the total amount of funding and the existence of the remittance activity.)

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How close are we to frictionless international payments? https://innovativewords.com/how-close-are-we-to-frictionless-international-payments/ Mon, 18 Jul 2022 05:00:05 +0000 https://innovativewords.com/how-close-are-we-to-frictionless-international-payments/ High costs, slow speeds, sprawling networks and lack of transparency make international payments notoriously inefficient. According to bank of englandsome overseas transactions can take up to ten days and cost up to 10% of the transfer value. But fix some of these legacy issues and there’s a lot to be gained. A recent report from […]]]>

High costs, slow speeds, sprawling networks and lack of transparency make international payments notoriously inefficient. According to bank of englandsome overseas transactions can take up to ten days and cost up to 10% of the transfer value.

But fix some of these legacy issues and there’s a lot to be gained. A recent report from Boston Consulting Group puts the value of cross-border payments at more than $250 billion by 2027, up from $150 billion in 2017. That’s an increase of more than $100 billion in just ten years.

So how close are we to frictionless international payments? We asked the experts what obstacles remain and how smoother cross-border transactions will affect both startups and the global marketplace in the future.

What holds us back?

Søren Mogensen, Director of Growth at Banking Circle Group, which includes banking circle, a technology-driven payments bank specializing in B2B banking solutions and international payments, says the main challenge today is the correspondent banking system. This is where a bank provides services to another bank, usually in another country.

Countries and jurisdictions have different conventions for data format and storage. Their harmonization requires manual intervention”

“Every transaction on the correspondent banking system has to pass through the major banks before it can reach the final beneficiary and each bank has to do its control and monitoring of sanctions, which costs time and money,” explains Mogensen. “This fragmentation means that often the money doesn’t make it there, or half of it gets there, or it goes back to the sender.”

Lewis McLellan, editor of the OMFIF Digital Monetary Institute, an independent forum for central banks, tells a similar story.

“Countries and jurisdictions have different conventions for formatting and storing data,” McLellan explains. “Their harmonization requires manual intervention. Likewise, there are different data protection standards, such as AML (Anti-Money Laundering) and CFT (Anti-Financial Terrorism) checks that require processing at both ends of the transaction, or by banks matches in the string.

McLellan adds that banks may also have different opening hours and work in different time zones, which can slow down the process.

Smarter, faster, better?

To circumvent some of these issues, neobanks and other financial institutions have entered the payments space promising to make cross-border banking smarter, faster and better.

“Because Banking Circle has its own banking license, we build our own access to major currencies, and because we bring this access together on the same platform – with the right technology, anti-money laundering controls and good management of data – we can offer smooth, near real-time, low-cost international payments,” says Mogensen.

Other companies looking to revolutionize cross-border payments include UK fintech Leatherback, which raised a $10 million pre-seed round in April 2022 to expand its solutions in South Africa, Egypt, Uganda, India and the United Arab Emirates.

And payment services can be especially useful for fintechs that haven’t yet received financial licenses, which Banking Circle offers.

“Banking Circle Group may provide banking services as a service to unlicensed businesses,” Mogensen says. “More recently, Juni, the Nordic fintech that is growing at 800% per year, has taken advantage of this while waiting for its license to go live.”

A mobile revolution

Smartphones are another key driver towards frictionless international payments.

“The mobile payments revolution started in the UK a decade ago when Barclays launched PingIt, an app that allowed money to be transferred from person to person with minimal friction,” explains Mogensen. “Since then, we have seen similar offers in almost all European countries, spreading as P2P (peer-to-peer) or P2M (peer-to-merchant) solutions.”

But while this has helped improve domestic payments, he says cross-border payments remain insufficient.

European Association of Mobile Payment Systems (EMPSA) uses a technology it calls “The Bridge,” which connects different members to enable frictionless international payments”

One initiative that is helping to broaden the reach of mobile payments is the European Association of Mobile Payment Systems (EMPSA). It was founded in 2019 to unite payment methods across the European continent and today connects 15 mobile payment systems, over 90 million mobile payment users and hundreds of banks.

“EMPSA uses a technology it calls ‘The Bridge,’ which connects different members to enable frictionless international payments,” says Mogensen, adding that Banking Circle is helping the initiative with its technology.

“We are very happy to be able to help them realize this new cross-border mobile payment system,” he told Sifted. “Because it will effectively become a new means of European payment.”

Whether or not EMPSA becomes the de facto payment method in Europe, many fintechs and neobanks are making good use of the digital infrastructure offered in the mobile payment ecosystem.

Crypto to the rescue?

Cryptocurrency and public blockchains also offer near-instantaneous transactions. But to send money across borders, users need to access a crypto exchange to exchange fiat for crypto, send said cryptocurrency to the recipient’s crypto wallet, and then exchange it again for fiat – an experience to be had. trouble without friction.

“Technically, cryptocurrency can be transferred internationally without friction,” McLellan says. “However, the absence of AML, CTF and KYC checks means it does not represent a viable alternative payment mechanism for international businesses.”

For this reason, many countries are researching or piloting central bank digital currencies (CBDC or government-backed digital tokens that are the digital version of their fiat currency) to harness the speed and frictionless nature of cryptocurrencies, while providing much-needed checks and balances.

A frictionless future is the key to global trade

Mogensen optimistically tells Sifted that more and more payments in the future will be account-to-account-based, regardless of location. But, he says, the current inefficiency of frictionless international payments is hampering startups, global commerce and e-commerce – once we improve these inefficiencies and reduce friction, we will encourage more efficient international trade.

“TThe value lost by payment processors can be spent on capital investment, job creation, research and other more productive things”

McLellan paints a similar picture, saying friction in payments doesn’t help anyone except businesses that derive revenue from payment processing — and the sooner that stops, the better.

“If a system can be designed where international payments can be sent instantly, securely and inexpensively, then the value lost to payment processors can be spent on capital investment, job creation, research and other things. more productive,” he said. “It will also reduce margins on international trade, opening up markets that previously would not have been economically viable.”

In partnership with

Banking Circle, the next generation technological payment bank.

Learn more.

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Crypterium becomes Choise.com, the MetaFi ecosystem linking CeFi and DeFi https://innovativewords.com/crypterium-becomes-choise-com-the-metafi-ecosystem-linking-cefi-and-defi/ Sat, 16 Jul 2022 07:34:00 +0000 https://innovativewords.com/crypterium-becomes-choise-com-the-metafi-ecosystem-linking-cefi-and-defi/ London, UK–(Newsfile Corp. – July 16, 2022) – Popular crypto wallet Crypterium has changed its name to Choise.com and declared its intention to connect the worlds of centralized and decentralized finance. His new tenure will see Choise.com evolve into a MetaFi ecosystem that offers users exposure to the best elements of CeFi and DeFi. Figure […]]]>

London, UK–(Newsfile Corp. – July 16, 2022) – Popular crypto wallet Crypterium has changed its name to Choise.com and declared its intention to connect the worlds of centralized and decentralized finance. His new tenure will see Choise.com evolve into a MetaFi ecosystem that offers users exposure to the best elements of CeFi and DeFi.

Figure 1

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8831/130971_b2a21b48a4a53883_001full.jpg

Since its launch in 2017, the company has grown rapidly, expanding its ecosystem with new products and services. During this process, Crypterium has become much more than just a cryptocurrency wallet.

The rebranding marks the biggest milestone in the project’s history. Choise.com represents a huge leap forward, transforming Crypterium into an innovative digital asset ecosystem that will offer its users greater choice and financial freedom than ever before.

Choise.com’s primary mission is to create the industry’s first MetaFi ecosystem. By combining centralized and decentralized financial products and services, its platform gives users the choice to earn more from their coins through yield farming, DEXs, liquidity pools, and lending protocols. The new platform promises an intuitive user experience, industry-leading security and customer support, and a single marketplace to meet the needs of everyone from newcomers to veterans.

“When I launched Crypterium in 2017, one of the main challenges was to connect traditional banking with the then new and unexplored blockchain technology. At the time, our goal was to create a neobank for crypto and simplify the digital assets for users. As we have grown alongside the cryptocurrency market, our mission has expanded. Now we not only want to simplify access to crypto, but also offer users new ways to earn more. To achieve this, we are building Choise.com’s MetaFi ecosystem that seamlessly connects CeFi and DeFi across multiple blockchains, protocols, wallets, and liquidity pools with the same convenience as our customers have already appreciated on Crypterium”, – Vladimir Gorbunov, founder and CEO of Choise.com, shared the company’s vision in a letter from the founder.

Choise.com will consolidate crypto solutions under one roof, allowing beginners and professionals to generate income on their digital assets. Its battle-tested CeFi services offer customers a convenient way to store, trade, invest and spend their digital assets with the Crypterium debit card, bank transfers and seamless fiat in and out lanes.

This will be complemented by the Charism protocol which gives users access to decentralized finance tools, protocols and dApps to generate revenue above current market rates without dealing with the complexity of DeFi. Users can also leverage CHO, the native token of Choise.com, to maximize profits through yield farming and staking by receiving additional APY from smart wealth management and CHO airdrops.

Additionally, Choise.com’s crypto price insurance product allows customers to set a guaranteed minimum price when purchasing digital assets (currently the service is only available for BTC and ETH). So, if the price of a given cryptocurrency appears lower than the insurance price at expiration, the user’s losses will be covered by the insurance.

About Choise.com

Choise.com is the very first MetaFi ecosystem that combines the best of the CeFi and DeFi worlds under one user-friendly platform. Choise.com is the evolution of Crypterium, serving over 700,000 registered users and with 2021 revenue of €230 million. With the recent rebrand, the company is looking to provide its customers with the opportunities the most profitable and exciting ways to earn crypto via centralized and decentralized finance. such solutions.

Find out more: https://choise.com/

contacts
Alena Akimova
Choose.com
pr@choise.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130971

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Focus on invisible payments, the customer journey https://innovativewords.com/focus-on-invisible-payments-the-customer-journey/ Thu, 14 Jul 2022 16:00:10 +0000 https://innovativewords.com/focus-on-invisible-payments-the-customer-journey/ Expect real-time payments to gain momentum, writes Clayton Weir, CEO and co-founder of FISPAN, in the PYMNTS e-book “Baseline 2022: What the Next Six Months Holds” – for the benefit of retailers, banks and, perhaps most importantly, their customers. What we have seen, what has always been true, and what we have understood is that […]]]>

Expect real-time payments to gain momentum, writes Clayton Weir, CEO and co-founder of FISPAN, in the PYMNTS e-book “Baseline 2022: What the Next Six Months Holds” – for the benefit of retailers, banks and, perhaps most importantly, their customers.

What we have seen, what has always been true, and what we have understood is that all of our efforts must be customer focused. Our decisions should be based on improving the customer journey, and our products and solutions should eliminate any friction that exists in that journey.

So the baseline for the rest of 2022 and into the future really should be “How does this support the customer?” with a focus on payments putting customer experience first. The core being fast, easy to use, transparent and ultimately invisible payment types.

This includes payment types such as real-time payments (RTP) and bank-selected payments. Real-time payments aren’t new, but have certainly gained momentum as customers demand faster payment processing. Bank-selected payments, where the customer sends the payment and the bank determines the best, most cost-effective, and fastest type of payment to send it, also shows an increase in demand.

These invisible systems operate behind the scenes to the great benefit of the client, allowing either increased cash management or optimization of costs and types of payment. Different payment types, but both benefit the customer while providing a smooth and frictionless customer experience.

Financial institutions are still absent from the SME market

For a long time, banks have focused on their large and medium customers as they have traditionally been a smaller group and the biggest revenue generators. However, small and medium-sized enterprises (SMEs) are a critical driver of the US economy, and SME customers represent a significant portion of many banks’ customer base. There needs to be a bigger change to serve this group.

Neobanks are an example of non-banks that are focused on serving this market and are gaining traction with their low barriers and highly targeted approach. SMBs are demanding faster and more seamless B2B experiences because cash management is critical to their survival. Traditional banks have the means to be competitive and should use their first digital offers to retain existing customers and attract new SME customers.

Banks that pay attention to and serve this market will become the banks of choice for large, growing SMEs and will win in the long run.

Bank-FinTech partnerships will be key to banks’ success

We have seen a shift in the partnership landscape as new bank-FinTech partnerships are rapidly emerging as banks realize the many benefits that can come with them.

APIs have had the most significant impact on innovation in recent times, and fintech can develop the technology needed to support new API-powered features, such as integrated banking.

Banks can certainly build API solutions in-house, but tend to struggle with development timelines, speed to market, and general maintenance required. However, FinTechs have consistently shown that they can efficiently design, deliver and support these digital solutions in a much faster time to market.

The digitization gap in the financial sector will continue to grow and will be more pronounced between early digital adopters and those who wait. The time to act was really yesterday.

ebook download

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NEW PYMNTS DATA: HOW UTILITIES AND CONSUMER FINANCE COMPANIES CAN IMPROVE THE BILL PAYMENT EXPERIENCE

About: More than half of utilities and consumer finance companies have the ability to digitally process all monthly bill payments. The kicker? Only 12% of them do. The Digital Payments Edge, a collaboration between PYMNTS and ACI Worldwide, surveyed 207 billing and collections professionals at these companies to find out why going digital remains elusive.

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