Fintech PR
Finastra launches Compliance as a Service to help banks combat financial crime for instant payments
New solution from Finastra combines real-time sanctions screening and AI-powered anti-money laundering transaction monitoring, for the US’ FedNowSM Service and Europe’s TIPS
LONDON, Sept. 14, 2023 /PRNewswire/ — Finastra, a global provider of financial software applications and marketplaces, today announced the launch of its new payment solution, Finastra Compliance as a Service on Microsoft Azure. The service includes Fincom’s real-time AML (Anti-Money Laundering) transaction screening and ThetaRay‘s AI-powered transaction monitoring as a pre-integrated packaged solution with Finastra Payments To Go. The end-to-end solution, based on technology proven at many of the world’s leading financial institutions, enables US and European banks to streamline and automate compliance processes to effectively deliver instant payments. The service will soon be integrated with Finastra Global PAYplus.
Finastra Compliance as a Service helps banks take advantage of, and comply with, a range of instant payment infrastructures, including the FedNow service in the US and TIPS in Europe, while mitigating the increased risks of financial crime. With real-time compliance screening by Fincom and real-time AI-powered transaction monitoring from ThetaRay, the service will allow financial institutions to accelerate business growth, increase risk coverage and reduce operational costs.
“The introduction of any new payment rail brings new risks, and especially when that rail operates in real-time,” said Mike Vigue, Chief Product Officer, Payments at Finastra. “We are building on the success of Payments To Go for instant payments by providing accurate and efficient compliance capabilities at a reduced total cost of ownership. By pre-integrating Fincom and ThetaRay with our solutions, our customers will reduce the time and risks of launching instant payment services while benefiting from a new level of security, scalability and flexibility. Finastra is committed to helping banks keep pace with customer, industry and regulatory demands through payments innovation, bringing together our ecosystem of partners to deliver a best-of-breed service.”
“By delivering relevant value-added payment risk solutions as a service, we will help banks to improve speed-to-market and ensure our customers stand to benefit from the ongoing evolution in enabling capabilities like AI and Machine Learning,” added Radha Suvarna, Head of BaaS and Value-Added Payment Solutions at Finastra.
Payments To Go is an end-to-end SaaS payment processing solution that enables banks to deliver instant and flexible digital payments faster and more efficiently. Financial institutions can subscribe to the solution through Microsoft Azure Marketplace for convenient billing through one single invoice. Integrated with Finastra’s Financial Messaging Gateway, Payments To Go provides frictionless, more affordable and direct access to the TIPS and FedNow networks, among others. Combined with specialist compliance services from Fincom and ThetaRay, Finastra Compliance as a Service harnesses the power of AI and ML to provide on-the-spot compliance checks for optimal operational efficiency for instant payments.
To learn more, visit Finastra at Sibos booth #C31.
About Finastra
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 40 of the world’s top 50 banks. For more information, visit finastra.com.
About Fincom
Fincom offers the best AML Screening Solution and RTC platform to date, proven to reduce AML sanction screening operational cost by 90%. The solution is enriched by an intuitive case management system supporting all the banking verticals, e.g., FedNow, RTP, ACH, perpetual KYC, and increasing the compliance regime of financial institutions, ensuring no Missed Hits, and <2.4% alert rate in RTP sanctions screening.
Based on Fincom’s patented Phonetic Fingerprint technology that enables matching names even when misspelled, in different formats, and multiple languages/alphabets. For more info, visit fincom.co.
About ThetaRay
ThetaRay’s AI-powered SONAR transaction monitoring solution, based on “artificial intelligence intuition,” allows banks and fintechs to expand their business opportunities and grow revenues through trusted and reliable cross-border payments. The groundbreaking solution also improves customer satisfaction, reduces compliance costs, and increases risk coverage. Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay’s unmatchable low false positive and high detection rates. For more information, visit thetaray.com.
View original content:https://www.prnewswire.co.uk/news-releases/finastra-launches-compliance-as-a-service-to-help-banks-combat-financial-crime-for-instant-payments-301926931.html
LIMASSOL, Cyprus, Sept. 20, 2024 /PRNewswire/ — Ultima Markets, a leading global forex and CFDs brokerage, is thrilled to announce its double success at the prestigious Global Forex Awards – Retail 2024. The company won two distinguished awards: “Best Affiliates Brokerage – Global” and “Best Fund Safety – Global.”
The awards were presented during the event in Limassol, Cyprus, where Jean Philippe, Board Advisor, Corporate Governance and Sustainability at Ultima Markets, accepted the honours.
The Global Forex Awards – Retail has celebrated excellence in trading innovation for seven consecutive years. Ultima Markets’ dual wins reflect its commitment to quality, client-centric strategies, and strong partnerships across the financial services sector.
The “Best Affiliates Brokerage—Global” award recognises Ultima Markets’ exemplary affiliate programme, which has successfully driven its global expansion. It is celebrated for its transparency and competitive rewards tailored to affiliate needs.
Receiving the “Best Fund Safety – Global” award highlights Ultima Markets’ efforts to safeguard client assets. Through its partnership with Willis Towers Watson, the company provides up to USD$1,000,000 in insurance per account, while its Financial Commission membership ensures clients access to up to €20,000 in compensation funds.
These recognitions underscore Ultima Markets’ priority to security and transparency, including segregated accounts and robust risk management practices. The broker also assures affiliate partners of exceptional standards.
Commenting on the awards, Jean Philippe said, “These recognitions reflect the exceptional work of our teams to ensure the safety of traders’ funds and our dedication to creating value for our partners and clients. We will continue to evolve and innovate to meet the market’s demands.”
Ultima Markets is renowned for its extensive range of trading products and personalised customer service, designed to meet clients’ diverse needs worldwide. The dual recognition marks a significant milestone in the company’s global growth and reaffirms its reputation for delivering fund safety and robust affiliate opportunities.
“We are delighted to be recognised with these awards, which reflect our mission to create a secure trading environment and build strong, rewarding partnerships,” said Jack Li, Ultima Markets’ Regional Business Director.
About Ultima Markets
Ultima Markets is a fully licensed, fast-growing broker offering access to 250+ financial instruments. With a team of 2,000+ professionals in 15 global offices, we serve clients in 172 countries. Check out more about our awards on Facebook, X, Instagram, LinkedIn and YouTube.
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View original content:https://www.prnewswire.co.uk/news-releases/ultima-markets-wins-two-prestigious-awards-at-global-forex-awardsretail-2024-302253644.html
Fintech PR
EQT to acquire Indostar Home Finance, an Indian affordable housing finance company, for INR 17.5 billion (USD 210 million) and invest INR 5 billion to support further growth
STOCKHOLM, Sept. 19, 2024 /PRNewswire/ —
- Indostar Home Finance is a fast-growing affordable housing finance company with INR 24 billion (USD 286 million) in assets under management, that has supported over 39,000 low income homeowners and small businesses
- India’s INR 30 trillion housing finance market presents a multi-decade growth story driven by strong government support, rising affordability and urbanization
- EQT will invest INR 5 billion in primary capital to support Indostar Home’s continued growth, including by broadening its footprint across India and investing in digital capabilities
EQT is pleased to announce that the BPEA Mid-Market Growth Partnership (or “the MMG fund”) has agreed to acquire a 100% stake in Indostar Home Finance (or “the Company”), a wholly owned subsidiary of Indostar Capital Finance Limited, for INR 17.5 billion (USD 210 million).
Founded in 2017, Indostar Home Finance provides affordable mortgages to retail customers in tier 2 to tier 4 cities in India and has supported over 39,000 low income homeowners and small businesses. The Company has rapidly scaled to more than INR 24 billion in assets under management, achieving a 32 percent compounded annual growth in the last three years. Indostar Home Finance has a network of more than 130 branches spread across nine states and employs over 1,000 people.
The Indian housing finance market currently stands at more than INR 30 trillion, according to the CRISIL. The segment has recorded strong growth driven by government support, rising affordability, and urbanization. However, there remains a significant shortage of housing in the country, with India’s mortgage to GDP ratio at 12.3% compared to more than 60% for developed countries like the USA and UK.
The MMG fund will invest INR 5 billion of primary capital in Indostar Home Finance to support its next phase of growth. EQT aims to expand the Company’s geographic footprint and accelerate its digital transformation journey by leveraging EQT’s in-house digitalization expertise, network of seasoned industry advisors, and expertise in go-to-market strategies.
Ashish Agrawal, Partner in the EQT Private Capital Asia advisory team, said: “Retail lending is a key investment theme for EQT within financial services in India. Building on our investment in the education finance sector through HDFC Credila last year, we are thrilled to welcome Indostar Home Finance to our portfolio. India’s affordable housing finance sector represents a long-term growth opportunity supported by secular demand drivers, favorable government policies and resilient asset quality across economic cycles”
Hemant Sharma, Managing Director in the EQT Private Capital Asia advisory team, said: “Indostar Home Finance has established itself as a leading player in this segment and is well-positioned for continued growth. We are impressed by its market-leading position in South India and strong underwriting capabilities. We see significant potential to expand Indostar’s presence across India and drive its digital transformation. EQT looks forward to supporting the company in its next phase of growth.”
Mr. Shreejit Menon, CEO of Indostar Home Finance, said: “This transaction marks a key milestone for Indostar Home Finance. We are excited to embark on this new journey with EQT, who shares our vision and whose partnership will significantly help advance our mission of delivering affordable housing finance solutions across India. With EQT’s support and global expertise, we are well-positioned for accelerated growth and success.”
The transaction is subject to customary regulatory approvals.
Contact
EQT Press Office, [email protected]
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LYON, France, Sept. 19, 2024 /PRNewswire/ — After an intense week of competition, the 47th WorldSkills Competition has officially wrapped up, marking the end of a thrilling journey for 1,400 young professionals from around the globe. For four days, participants representing nearly 70 countries and regions competed fiercely in 59 diverse skill areas, transforming Lyon’s Eurexpo into a vibrant hub of craftsmanship and international talent.
From day one, the atmosphere was charged with energy as competitors showcased their expertise in sectors ranging from Manufacturing and Engineering to Fashion, Digital Technology, and Healthcare. The level of dedication and precision demonstrated throughout the week was a testament to the profound commitment these young professionals have to their trades, as well as their determination to showcase their nation’s worth on the global stage.
Last night, the closing ceremony of WorldSkills Lyon 2024, held at Groupama Stadium, brought the event to an emotional close with the announcement of medalists in each skill category. Four medals were awarded in each skill: Gold Medal, Silver Medal, Bronze Medal, and the Medallion for Excellence. This ceremony underscored the core belief of the WorldSkills movement: excellence is found in diversity – diversity of profiles, backgrounds, expertise, and techniques.
The list of medalists is now available. Visit https://worldskills.org/what/competitions/worldskills-lyon-2024/#results to discover the winners!
What’s next?
The impact of WorldSkills Lyon 2024 extends far beyond the event itself. As the competition unfolded, and millions of people followed it in person or through media, WorldSkills Lyon 2024 spotlighted the crucial role of vocational education in today’s world and in shaping our shared future. By celebrating excellence, the competition highlighted the incredible ability of youth to drive the change our world needs through their energy and dedication. The legacy of this event lies in every vocation it has sparked and every future career it has inspired. This 47th edition has once again shown the world that where there is skill, there is a way.
Media Contacts:
Alice Nahon
PR Officer
[email protected]
Anne-Laure TRONC
Press Relation Manager
[email protected]
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