Fintech PR
Healthcare Payments Innovator MAPay Tackles Inefficiencies in Global Healthcare Transactions
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MAPay, LLC, a global healthcare technology firm, has deployed a transformational healthcare payment network with an expanding customer base, positive patenting positions, increasing revenues, and multiple industry stakeholder acceptance. The company utilizes distributed ledger technology to power smart contracts to transact secure medical solutions on the MAPay network. MAPay utilizes a hybrid architecture of both centralized and decentralized protocols for multi-party medical payments and HIPAA-compliant data exchange.
MAPay is poised to expand its payment network first built for the U.S., which spends $3.3 trillion annually on healthcare, with consumer out-of-pocket payments exceeding $515 billion, to capture the worldwide sectoral expenditure of $8.7 trillion. The company projects to have more than $11 billion in transactions processed through the network, with revenues of $471 million by 2021. The company derives revenues from both an enterprise B2B solution set, as well as its consumer-facing MEDspedia portal.
Based in New Jersey, MAPay is led by founder and CEO Michael Dershem; a.k.a. “Dersh,” a seasoned business entrepreneur who brings an extensive history in the healthcare industry that includes both executive-level roles and ownership of companies. While serving as founding CEO of Pharmasset, an Emory University start-up, he successfully raised more than $25 million in private equity funding and executed $30 million research and development agreements with Big Pharma. Pharmasset subsequently went public and was acquired by Gilead Sciences for $11 billion.
MAPay’s core business is its healthcare payments solution, which can reduce healthcare transaction costs by as much as 50 percent, while increasing transaction transparency, payment completion rates, and collecting proprietary data. MAPay has a unique patient-centric path to interoperability by way of its payment transaction engine and the trust it builds within its community.
“If healthcare providers and the legacy intermediaries who are running transactions were transparent, people would riot,” says Dershem. “There is a massive, expressed need in the market for increased interoperability via transparency within the medical encounter. That being said, MAPay offers unique, distinct, value propositions to all of the stakeholders in the healthcare industry. This is what’s leading to the momentum of our adoption.”
“An opportunity exists to eliminate a major portion of the claim processing and transaction costs associated with our own employees receiving care at our owned system network providers. Working with MAPay, we are hoping to create a payment network to streamline processing for our provider to our health system transactions, thereby reducing the historical network access and claims adjudication expense of operating the Plan by at least 20 percent while providing real-time transaction visibility,” says Michael Young, the CEO of Temple University Health System.
Moreover, the future promise of healthcare depends on the availability and sharing of patient data. Because of business and technology reasons, however, this data remains stuck in silos. Conventional approaches to aggregating healthcare information for impact in research and population health management have been plagued with the business, structural and regulatory conflicts of obtaining and using data. If this data could be accessed and used by a broader community, it could provide price transparency, anonymized data for research and cures, and limit societal medical costs related to fraud and abuse.
As Dershem stated in a recent interview with Becker’s Hospital Review, a pragmatic approach to how blockchain could affect the future of payment transactions in the healthcare industry, “…is to build hybrid architectures that use legacy database structures with introduction of distributed ledger technologies. This provides a platform where blockchain technologies can be tested and trusted.”
With the rise of new technology, MAPay’s mission is to place healthcare records on its permissionable multi-node blockchain for secure patient-driven use, as well as utilizing this information to impact population health management. For the first time, patients will be able to authenticate themselves into the healthcare ecosystem, not the other way around.
Despite the fact that interoperability between these has existed in the industry since the advent of the Commodore computer, until now, these records have been hard-siloed off into institutional and/or business structures that did not communicate with one another. In addition, patients are often granted little or zero access to their own medical records.
“This is no longer a technology issue but rather, a business and regulatory issue. Our doctrine on blockchain driven by the patient may be the answer to getting to the trends shaping the discussion of population health management, dynamic diagnosing as well as fraud and abuse,” says Dershem.
“MAPay has a proprietary technique to aggregate financial, clinical and contextual data through an individual patient-provisioned methodology. I’ve yet to see anything as transformational as what Dersh and his team have created. Physicians and other healthcare providers will have access to information never before available to drive more customized and effective interventions to treat patients leading to better population health and outcomes,” says Jenny A. Witthoff, VMD MS, a global health researcher and adjunct professor at Georgetown University.
MAPay has already gained plaudits and recognition for its novel payment technology. The firm is working in collaboration with leading organizations focused on interoperability; has been in discussions with several major US hospital systems for onboarding; and has been in conversations with multiple practice management systems. The company is poised to announce global partnerships with two top-tier technology services and consulting firms, as well as a full-scale international deployment on a countrywide basis of its platform. This will be the first of its kind for any fintech firm in the world.
“If we can reduce global healthcare transactions cost by even 10 percent, that would free up nearly $1 trillion dollars,” Dershem said at the recent HealthFurther conference in Nashville. That would go a long way to providing vaccines in developing geographic regions, access to care in urban health deserts, and orphan drug research. Not a bad day after all.”
SOURCE MAPay, LLC
Fintech PR
The Trader Funds to Showcase Innovative Prop Trading Model at World of Trading 2024 in Frankfurt
HONG KONG, Nov. 18, 2024 /PRNewswire/ — The Trader Funds (hereinafter referred to as TTF), backed by the Magic Compass Group, a leading global fintech company, is excited to announce its participation in the upcoming World of Trading 2024, scheduled to take place on November 22-23 at the Frankfurt Trade Fair. As an Asian pioneer in prop trading models, TTF aims to bring its innovative solutions to the European market, recognizing the region’s potential for growth and the increasing demand for advanced trading technologies.
In recent years, Europe has emerged as a critical hub for financial innovation, and TTF is eager to leverage its expertise in proprietary trading to elevate the trading landscape for European clients. “We believe that our unique approach to prop trading can significantly contribute to the evolving market in Europe, providing prop traders with opportunities.” Alex Zhou, Chief Marketing Officer at TTF, as he unveiled insights about the upcoming event.
Experience the Future of Trading at the Event
Attendees of the World of Trading 2024 can anticipate an engaging and interactive experience at The Trader Funds exhibition booth. TTF will debut a cutting-edge virtual reality (VR) immersive trading simulation, allowing visitors to don VR devices and step into a simulated trading environment. This innovative approach not only demonstrates TTF’s commitment to advancing the trading experience but also provides a unique opportunity for traders to engage with the latest technologies in a fun and accessible way.
At the World of Trading conference, attendees will hear from two leading figures at The Trader Funds (TTF) under the Magic Compass Group. Alex Zhou, Chief Marketing Officer, will present “Catalyst for Capital: Unleashing the Potential of Proprietary Trading with TTF,” where he will unveil how TTF empowers traders through its robust platform and regulatory compliance. Following this, Yuri Zanoni, Marketing Director of TTF, will host an interactive seminar highlighting TTF’s unique offerings, including innovative account structures and the TTF Academy, designed to enhance traders’ skills and profitability. Together, these presentations promise to inspire and equip traders with the tools they need for success in the trading landscape.
In addition to the immersive VR experience and the sharing, TTF proudly announced a strategic partnership with a finance creator from Singapore, who will collaborate with the team at the event. This collaboration reflects TTF’s commitment to merging technology with creativity, fostering a community of informed and engaged traders.
Looking Ahead
With preparations underway for World of Trading 2024, The Trader Funds is poised to make a significant impact in the European financial sector. A team of experts will be present to welcome visitors and showcase how TTF’s cutting-edge technology can empower traders and investors in the prop trading industry. Stay tuned and make sure to catch them at Booth 6 to discover the future of trading with The Trader Funds!
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View original content:https://www.prnewswire.co.uk/news-releases/the-trader-funds-to-showcase-innovative-prop-trading-model-at-world-of-trading-2024-in-frankfurt-302308410.html
Fintech PR
IDB Invest Allocates $3.7 Billion from Sustainable Bonds to Drive Green and Social Impact
- Proceeds from 18 sustainable bonds issued were allocated to 109 green and social projects.
- Funds helped to finance 1.2 million MSMEs, create 145,000 jobs, and reduce over 11 million tons of greenhouse gas emissions.
BAKU, Azerbaijan, Nov. 18, 2024 /PRNewswire/ — IDB Invest launched its annual Sustainable Bond Allocation and Impact Report, marking the third round of proceeds allocation under its Sustainable Debt Framework. The report covers IDB Invest’s bond issuances from 2021 through 2023, showcasing the actual, cumulative impact of these investments in Latin America and the Caribbean. The report was announced during the UN Conference of the Parties on Climate Change (COP29).
According to the new report, of the cumulative $3.7 billion allocated from IDB Invest’s sustainable bond issuances, 56% supported social projects and 44% funded green projects. Notably, the largest share of funding supported projects focused on socioeconomic advancement and empowerment ($1.3 billion) and renewable energy ($1.2 billion).
The report highlights key metrics demonstrating the environmental and social impact, including reducing carbon emissions, increasing renewable energy, and expanding financing for underserved populations.
“Our projects address the region’s pressing challenges while fostering partnerships for innovation, economic growth, and social inclusion,” said James Scriven, CEO of IDB Invest. “From environmentally focused efforts like greenhouse gas reduction, wastewater management, and renewable energy, to socially-driven initiatives that provide access to clean water, create jobs, and support MSMEs, we’re driving positive change.”
An independent review by Sustainalytics confirmed the report meets IDB Invest’s Sustainable Debt Framework criteria and reporting commitments.
The report is a cornerstone of IDB Invest’s Sustainable Debt Framework, which enables IDB Invest to issue green, social and sustainability bonds aligned with the Green Bond Principles and the Social Bond Principles published by the International Capital Market Association.
About IDB Invest
IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $21 billion in assets under management and over 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. Visit our website idbinvest.org.
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View original content:https://www.prnewswire.co.uk/news-releases/idb-invest-allocates-3-7-billion-from-sustainable-bonds-to-drive-green-and-social-impact-302307668.html
Pioneering ETD Reporting product to enhance regulatory transparency for listed derivatives
NEW YORK, Nov. 18, 2024 /PRNewswire/ — Droit, a leading technology firm in computational law and regulation, today announces the launch of its Exchange Traded Derivatives (ETD) Reporting product—designed to enhance regulatory transparency and ensure compliance with global reporting requirements for listed derivatives.
Recent scrutiny of position-based reporting obligations to clearing agencies and exchanges has increased pressure on clearing firms to upgrade their reporting infrastructure. Both internal and external audits are pushing clearing firms to adopt stricter controls, ensuring completeness and accuracy akin to OTC transaction reporting standards.
ETD Reporting from Droit provides precise identification and management of reporting obligations for seamless quality assurance of reports pre- or post-submission. Initially focusing on high-risk clearing, collateral, and margin reports, the ETD Reporting product is set to expand beyond futures and options to support a broader range of listed instruments.
With regulators stepping up enforcement and issuing fines for misreporting, clearing firms face the dual challenges of handling vast volumes of trade and position data daily while navigating complex, diverse global regulatory requirements. Senior executives are also pressured to ensure a cohesive quality assurance process exists across their enterprise. Yet, many clearing brokers still rely on outdated, opaque systems that lack transparency and auditability.
Droit’s ETD Reporting delivers a comprehensive quality assurance platform to provide a consistent approach to regulatory compliance. With complete insight into each decision made and the ability to trace the logic through to the underlying source text, the product ensures clarity and accuracy in complex regulatory interpretations.
“Our new ETD Reporting product establishes a unified quality assurance process across Exchange Traded Derivative reports,” said Blythe Barber, Head of Business Development, Americas of Droit. “By using Droit for completeness and accuracy checks, clearing firms can adopt a single global process, significantly reducing the operational burden of current manual methods. Front and middle office teams can fully focus on client opportunities, confident that reporting obligations have been fulfilled.”
“ETD Reporting marks a key step in our strategy to expand our regulatory reporting products to listed derivatives,” said Brock Arnason, Founder and Chief Executive Officer of Droit. “Our clients have many regulatory reporting obligations across departments within their firms. By adding ETD Reporting to our product suite, we aim to provide one platform to advance global compliance and real-time controls, helping our clients navigate these challenges with confidence.”
About Droit
Droit is a technology firm at the forefront of computational law and regulation within finance and other domains. Founded in 2012, Droit counts many of the largest financial institutions as its clients. Its award-winning, patented platform Adept provides an implementation of regulatory rules reflecting industry consensus. The Adept platform processes tens of millions of inquiries a day, deciding in real-time which interactions are legally permissible across the globe. Adept is used by institutions to evaluate, with sub-millisecond latency, the full regulatory implications of any given interaction within their transactional infrastructure.
For more information visit droit.tech. To obtain more information about Droit’s products, please contact [email protected].
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View original content:https://www.prnewswire.co.uk/news-releases/droit-launches-dedicated-product-for-exchange-traded-derivatives-reporting-302307548.html
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