Latest News

Tradeweb to acquire wealthtech ICD in $785m deal

Published

1 month ago

April 10, 2024

Tradeweb has entered into a definitive agreement to purchase Institutional Cash Distributors (ICD), an investment platform based in Colorado, for $785 million with the deal expected to close in the second half of 2024.

Operating as an institutional money market fund portal, ICD provides investment technology for corporate treasury organisations trading short-term investments, and sported a daily balance average of more than $230 billion in 2023.

The all-cash deal, which remains subject to regulatory review, will see Tradeweb envelop both ICD’s portal, which facilitates insight into and trading with around 40 short-term investment providers, and its accompanying AI-driven portfolio analytics solution, which aggregates positions across corporate treasury portfolios for analysis and reporting.

In the first year after acquiring ICD, the electronic marketplaces operator expects its adjusted earnings per share to be accretive as its addressable market expands by over $2 billion.

Moreover, the New York-headquartered firm states that it intends to “accelerate ICD’s growth and expansion” by utilising its global reach and providing money market funds to its own established client base.

Speaking on the deal, Tradeweb CEO, Billy Hult, claims the acquisition will “further diversify our client and business mix” while continuing its history of “expanding into adjacent markets to improve client workflows”.

Following the completion of the transaction, ICD CEO, Tory Hazard, will report to Tradeweb president, Thomas Pluta, as the newest member of the firm’s operating committee.

“This acquisition will enable ICD clients to have integrated access to Tradeweb’s fixed-income marketplace, while continuing to trade through our existing technology”, asserts Hazard.

The deal for ICD adds to Tradeweb’s growing portfolio of fintech acquisitions, including the firm’s move for Aussie trading platform Yieldbroker in an all-cash deal worth $82 million last year.

Source: fintechfutures.com

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Latest News

Bankart migrates payment processing to Diebold Nixdorf’s Vynamic Transaction Middleware

Published

1 hour ago

May 16, 2024

Peter Tolan

“Bankart Chooses Diebold Nixdorf’s Vynamic Transaction Middleware for Enhanced Payment Processing”

Bankart, a prominent financial institution based in Slovenia, is undergoing a significant transformation by transitioning its payment processing services from ACI Worldwide’s Base24 to Diebold Nixdorf’s innovative Vynamic Transaction Middleware solution. This strategic collaboration underscores Bankart’s commitment to optimizing its payment processing capabilities and delivering enhanced services to its clientele.

Through this partnership, Bankart will leverage Diebold Nixdorf’s cloud-based platform to streamline various aspects of payment processing, including issuing, acquiring, transaction switching, and e-commerce services. Serving a network of 20 banks across Central and Eastern Europe (CEE), Bankart collectively processes over 600 million transactions annually, highlighting the scale and importance of this initiative.

Diebold Nixdorf’s Vynamic Transaction Middleware is designed to provide Bankart with the flexibility and scalability required to develop and deploy new products and services efficiently. Leveraging smart routing, graphical interfaces, and low-code modeling, the platform operates autonomously from Bankart’s core systems, enabling seamless integration across multiple banking channels.

Aleksander Kurtevski, Managing Director at Bankart, expresses confidence in Diebold Nixdorf’s Vynamic Transaction Middleware, emphasizing its ability to tailor payment processing solutions to meet diverse customer needs. He underscores the platform’s role in creating an open and connected digital environment where payments play a central role in everyday life.

As Bankart embarks on a multi-phased migration to implement the Vynamic Transaction Middleware platform, Kurtevski reassures customers that the transition process will be conducted with minimal disruption. This strategic initiative underscores Bankart’s commitment to innovation and excellence in payment processing services.

Source: fintechfutures.com

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Latest News

ATM Giant Hyosung Americas Announces Fintech Innovation Veteran as CEO

Published

3 hours ago

May 16, 2024

Peter Tolan

Kunoh Kim, a seasoned fintech professional, has been appointed as the new CEO of Hyosung Americas, headquartered in Irving. Known globally for its innovative ATM hardware, software, and services catering to financial and retail sectors, Hyosung Americas welcomes Kim as the successor to Sang Hwan Kweon, who was promoted from Chief Operating Officer to CEO in September 2022 following the retirement of former CEO Hee-Eun Ahn.

Nancy Gail Daniels, Chief Revenue Officer of Hyosung Americas, expressed enthusiasm for Kim’s appointment, emphasizing his intelligence, business acumen, and recent success in driving fintech and retail technology ventures in Korea. She anticipates that Kim’s expertise will significantly benefit Hyosung Americas’ growing business in North America.

Having relocated to its Las Colinas headquarters in late 2020, Hyosung Americas has been at the forefront of innovation, launching a new line of ATMs in July 2022 designed for future needs, including cash, crypto, and gaming. The company’s commitment to innovation is further highlighted by the introduction of its “Hyosung Innovue” brand identity and the rollout of Cajera Series ATMs capable of handling bill payments, crypto transactions, and cash recycling.

With over 26 years of leadership experience in fintech innovation, Kim has played a pivotal role in advancing Hyosung’s integrated payment solutions and leveraging big data platforms. Before joining Hyosung Americas, Kim served in leadership roles at Hyosung TNS and Hyosung Corp., where he spearheaded the launch of retail solution products such as self-order and self-checkout kiosks.

Expressing gratitude for the warm reception from the Hyosung Americas team, Kim affirmed his commitment to contributing to the company’s success in North America. He expressed confidence in achieving great outcomes together with the talented team at Hyosung Americas.

Michael Graham, Chief Product Officer of Hyosung Americas, echoed Daniels’ sentiments, expressing confidence in Kim’s leadership and his ability to enhance the company’s commitment to delivering exceptional customer experiences.

As the North American subsidiary of South Korea-based Hyosung TNS, Inc., Hyosung Americas prides itself on being a leading provider of cash management and payments platform services globally. Since its entry into the North American market in 1998, the company has evolved from being the largest provider of ATMs in the United States to offering innovative and transformative technology solutions across the cash management and payments spectrum.

Source: dallasinnovates.com

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B Lab UK research reveals UK public back change to company law to put people, the planet and profit on more equal footing

Published

4 hours ago

May 15, 2024

CISION (PR Newswire)

LONDON, May 16, 2024 /PRNewswire/ — New research released today reveals that over three quarters of the UK public (76%) believe that, more than ever before, the law needs to change to give businesses a legal responsibility to prioritise people and the planet alongside making a profit.

UK law currently requires firms to operate under a legal regime of shareholder primacy, meaning company directors too often put profit ahead of society and the environment.

The research, which looks at UK opinion on business responsibility, was conducted by B Lab UK ahead of this year’s Better Business Day (Thursday 16^th May).

Better Business Day will see a broad coalition of businesses call to enact the Better Business Act — a proposed change to Section 172 of the Companies Act that would empower company directors to align the interests of shareholders with their employees, customers, local communities and the environment.

Support for the change spans political preferences with voters across the party divide strongly giving their backing; 85% of Labour supporters, 70% of Conservative supporters, and 89% of both Liberal Democrat and Green Party supporters said they were in favour of the proposed amendment to the law.

When respondents were asked about their biggest single motivator for backing the change, looking after people was at the forefront.

Over a quarter (28%) polled believed the most important reason was to protect employees, with recent developments such as the Post Office scandal highlighting a need for change.

This was followed by the need to support the public during the ongoing cost of living crisis (26%) and the fact that businesses should have a legal responsibility to protect the environment (25%).

Around the UK, Wales is the biggest supporter of the proposed amendment, with 86% of people polled there saying the law must change.

The research showed that increasingly the public are looking to businesses to act as a force for good and will prioritise those that do. Almost half of respondents (47%) said that they will only work for companies that show themselves to have a responsibility towards wider stakeholders including their employees, customers, local communities and the environment.

45% also said they would only invest in, and purchase goods from, companies who act in a responsible way, indicating that businesses who prioritise people and the planet have a competitive advantage.

Mary Portas, Chair of the Better Business Act, and founder of Portas agency, said:

“The data is clear. And so is the cultural mood. The British public are crying out for businesses to make a change and make it their legal right and responsibility to look after people and the planet.

We see this demand across the board. From all parts of the UK. All age ranges. All political persuasions. As we head into the election, it’s a challenge the next government cannot ignore.

Thousands of businesses have already prioritised responsible decision-making. It’s only fair that the government now supports every company – big and small – in their journey towards becoming a better business.”

Chris Turner, Campaign Director of the Better Business Act and Executive Director of B Lab UK, said:

“It’s been three years since we launched the Better Business Act campaign. In that time, we’ve seen a growing majority of the UK public demand more from the companies they engage with, while leaders of these organisations also recognise that we need to change ‘business as usual’. Over 2,500 UK companies from all sectors and of all sizes are now backing the Better Business Act, demonstrating the urgency for the next Government to take action and empower all business leaders to prioritise people and the planet alongside profit.

During a time when people are battling a cost-of-living crisis, global temperatures are rising and inequality is reaching new heights, updating Section 172 of the Companies Act would ensure that business becomes part of the solution to the social, environmental and economic challenges we face.”

During Better Business Day, B Lab UK will be releasing a new video in support of amendments to Section 172 of the Companies Act. The film will show UK business leaders sharing elevator pitches as to why they support the campaign.

These contributors are Mary Portas (Co-Chair of Better Business Act and Founder of Portas Agency), Amy Clarke (Chief Impact Office of Tribe Impact Capital), Chris Turner (Executive Director of B Lab UK and Campaign Director of Better Business Act), Dr Ateh Jewel (Entrepreneur), Safia Minney (Author and Entrepreneur), and Luke Boase (Founder of Lucky Saint).

To find out more information visit https://betterbusinessact.org/

Photo – https://mma.prnewswire.com/media/2413540/Better_Business_Day_1.jpg

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