Fintech PR
Harcus Parker: Mastercard and VISA will face multi-billion pound lawsuits over multilateral interchange fees on UK businesses
- The Class Representatives are seeking damages from Mastercard and VISA of over £4 billion on behalf of businesses across the UK.
- The Competition Appeal Tribunal has given the go-ahead for the collective action that could see businesses compensated for the unlawful multilateral interchange fees (“MIFs“) set by Mastercard and VISA that applied to transactions involving commercial cards in the UK. The claim alleges that businesses that received payments by commercial cards paid fees much higher than they should have been, causing them significant losses.
- The claim period runs from June 2016 to June 2022, with damages continuing to accrue until the date of judgment or settlement. If you think your business received payment by commercial card in that time, you could be included in these proceedings.
LONDON, Sept. 4, 2024 /PRNewswire/ — The Competition Appeal Tribunal (the “Tribunal“) ordered that the claims, brought by the Class Representatives, Commercial and Interregional Card Claims I & II Limited, be certified, enabling the Class Representatives to seek compensation for businesses across the UK for the unlawful fees they paid.
The Tribunal dismissed Mastercard’s and VISA’s objection to the claims being certified, ruling that the cases can proceed as collective actions.
A deadline for involvement in these claims has been set by the Tribunal and businesses are encouraged to register their interest now to stay updated on developments in the proceedings and, if successful, to claim their share of any damages awarded.
For more information about the opt-in and opt-out collective claims, visit commercialcardclaim.co.uk.
Responding to the Tribunal’s judgment, Jeremy Robinson, a partner at Harcus Parker Limited, representing the Class Representatives said:
“We welcome the opportunity to hold Mastercard and VISA to account for imposing multilateral interchange fees at an unlawfully high level and causing substantial loss to UK businesses. We are pleased that this important claim will now proceed despite Mastercard and Visa’s attempts over the last two years to deny thousands of UK businesses a straightforward and effective route to justice through the Competition Appeal Tribunal.
Although in relation to different types of MIFs, both the UK Supreme Court and the Court of Justice of the EU have condemned similar practices engaged in by Mastercard and Visa. Holding global corporate giants to account through class action litigation is the best way to ensure the likes of Mastercard and Visa do not go on imposing unfair charges on businesses.”
Stephen Allen, the director of the Class Representatives said:
“We are fighting to ensure businesses and organisations across the UK economy are properly compensated by Mastercard and Visa for their unlawful multilateral interchange fees.
MIFs operate like a tax on business, increasing the fees businesses have to pay to their banks for accepting commercial card transactions. These claims seek to recover the losses businesses have suffered as a result of Visa and Mastercard’s practices and highlight the need for such practices to be abolished.
UK businesses in the travel, hospitality, and retail sectors have been particularly hurt by Mastercard’s and Visa’s multilateral interchange fees and we are delighted that this claim has been endorsed by leading trade bodies including UK Hospitality and the Association of British Travel Agents (ABTA).”
MIFs are paid by businesses through fees paid to their banks (known as acquiring banks) upon the acceptance of a commercial card transaction. The losses suffered by businesses throughout the UK are significant, estimated to be at least $4 billion.
If you know your business receives payment by commercial cards, or you would like to confirm whether your business does, then visit the claims website today, register, and find out.
For more information about the opt-in and opt-out collective claims, visit commercialcardclaim.co.uk.
View original content:https://www.prnewswire.co.uk/news-releases/harcus-parker-mastercard-and-visa-will-face-multi-billion-pound-lawsuits-over-multilateral-interchange-fees-on-uk-businesses-302237105.html
Fintech PR
MarketsandMarkets Appoints Milan Rao as Chief Operating Officer and Chief Revenue Officer, Strengthening Apex Leadership in Line with Ambitious Growth Plans
DELRAY BEACH, Fla., Nov. 25, 2024 /PRNewswire/ — MarketsandMarkets, a prominent Indian-origin startup recognized by Forbes as one of ‘America’s Best Management Consulting Firms 2023’, has appointed Milan Rao as its Chief Operating Officer (COO) and Chief Revenue Officer (CRO). Milan’s appointment comes as the company continues to scale its innovative AI-based knowledge platform and consulting capabilities and strengthens its apex leadership team, in preparation for its future growth trajectory.
Milan has joined MarketsandMarkets from a distinguished career in the industry, bringing over 25 years of expertise in driving operational excellence and revenue growth at global firms. He has held leadership roles at top-tier organizations, such as Wipro, GE Healthcare and Airtel, where he was instrumental in spearheading transformation strategies for clients in diverse sectors. Milan also has extensive experience in scaling startups and working with PE firms in accelerating growth for start-ups in high-potential markets.
Sandeep Sugla, Founder and CEO of MarketsandMarkets, expressed his enthusiasm for Milan’s appointment: “We are thrilled to partner with Milan in this leadership role. His wealth of experience across large global firms and start-ups is a perfect fit to drive our growth and scale ambitions, globally. Milan’s expertise will be invaluable, as we continue our mission to enable businesses to identify and capitalize on megatrends, such as AI, clean-tech, IoT, and blockchain, which will create transformative opportunities across industries like Technology, IT, Semiconductors, Healthcare, Life Sciences, Energy, Chemicals, Industrial and Automotive sectors.”
Milan’s leadership will be critical in navigating the ongoing global disruptions caused by these megatrends. According to MarketsandMarkets, new revenue sources amounting to approximately USD 25 trillion are expected to emerge by 2030, creating significant growth potential for clients. His dual role as COO and CRO will see him overseeing operational efficiencies, while driving sustainable revenue growth through innovative market strategies and partnerships.
“I’m excited to have joined a company that is at the forefront of identifying and analyzing real-time megatrend impacts across major sectors,” said Milan. “MarketsandMarkets’ AI-based platform is unique in its ability to provide actionable insights to global leaders, enabling them to adapt to and benefit from disruptive shifts. I look forward to building on this foundation and helping our 13,000 global clients stay ahead of the curve in an increasingly dynamic business environment.”
Milan holds an MBA from IIM Calcutta and a bachelor’s degree in computer science from IIT, BHU-Varanasi, and has undertaken an advanced management program from Harvard Business School. He is an active supporter of several social initiatives, focusing on education and healthcare for the underprivileged.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms, as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines — TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies — helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com/
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AMSTERDAM, Nov. 25, 2024 /PRNewswire/ — VERMEG, a leading provider of software solutions for the financial services industry, backed by Charterhouse Capital Partners, announces today it has entered into an agreement to sell its RegTech division “Agile” to Regnology, a renowned global expert in regulatory compliance. This strategic transaction aligns with VERMEG’s long-term vision to strengthen its focus on its core areas of expertise, Collateral Management and Insurance, while ensuring a promising future for the Agile team under Regnology’s leadership.
For decades, asset servicing has been a cornerstone of VERMEG’s operations, with a comprehensive portfolio that includes corporate actions (OST), Collateral Management, mutual funds (OPCVM), and life insurance. These core offerings have solidified VERMEG’s reputation as a trusted partner to financial institutions worldwide.
The acquisition of Lombard Risk in 2018 marked a pivotal moment in VERMEG’s history, enabling the company to expand into Anglo-Saxon markets and establish itself as the global leader in Collateral Management. This transformation was driven by the complementarity between VERMEG’s and Lombard Risk’s product portfolios and supported by the center of expertise established in Tunisia, which continues to play an instrumental role in VERMEG’s success.
Agile, VERMEG’s regulatory business division, has represented a distinct and specialized segment of the company, accounting for approximately 10% of its workforce. Over the years, Agile has evolved into a best-in-class modular and scalable SaaS platform that delivers end-to-end regulatory reporting solutions, from data ingestion, through calculation to last-mile reporting. Positioned as a high-performing entity in the complex regulatory environment, Agile has garnered industry recognition for its innovation and capabilities.
Through this transaction, Agile will join Regnology, a globally recognized leader in regulatory reporting and supervisory processes. This move enables Regnology to expand its international footprint and leverage the expertise and talent cultivated in Tunisia. The strategic partnership ensures service continuity while creating exciting opportunities for Agile and its team.
For VERMEG, the transaction represents a significant milestone in its strategy to concentrate on its core strengths. By consolidating its leadership in Collateral Management and Insurance, VERMEG will mobilize resources to pursue growth and deliver even greater value to its clients. This strategic realignment underscores VERMEG’s commitment to innovation and excellence in financial technology.
“This transaction aligns with VERMEG’s strategy to ensure long-term sustainability and success for both the company and its employees,” said Badreddine OUALI, co-CEO and Founder. At the same time, VERMEG can focus on strategic initiatives in its core Banking & Market Infrastructure and Insurance divisions, leveraging additional resources to deliver even greater value to our clients.”
About VERMEG
Founded in 1993, VERMEG provides software solutions to over 500 blue-chip clients in more than 40 countries across the banking, insurance, and wealth management industries. The company’s high-quality platform offers best-in-class tools to automate processes and drive digitalization in financial services. Headquartered in Amsterdam with offices in 16 countries, VERMEG employs over 1,000 people worldwide. For more information, visit www.vermeg.com.
About Regnology
Regnology is a leading global provider of innovative solutions for supervisory, regulatory and tax reporting. Over 35,000 financial institutions, 70 regulators and tax authorities rely on our solutions to streamline their processes, enhance data quality, and improve efficiency. Building on our unified data ingestion model, Regnology is uniquely positioned to support regulators in data collection and supervisory processes, and the regulated across the full regulatory reporting value chain. Leveraging the expertise of 900+ employees in 16 countries, we help clients navigate the complexities of an ever-evolving, data-intensive regulatory landscape.
For more information, visit www.regnology.net/.
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Contact:
Donia SAHLI [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/vermeg-announces-the-sale-of-its-regtech-division-agile-to-regnology-302315472.html
Fintech PR
Trust Wallet Integrates Binance Connect to Supercharge Fiat-to-Crypto Transactions, Expanding Access for Millions
DUBAI, UAE, Nov. 25, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet trusted by over 140 million users, has integrated Binance Connect, Binance‘s official fiat-to-crypto gateway, to streamline access to digital assets and enhance the user journey. This integration offers a seamless experience with direct access to peer-to-peer (P2P) services and robust fiat-to-crypto solutions, all within Trust Wallet’s efficient environment.
With Binance Connect, Trust Wallet users can now access over 300 cryptocurrencies at competitive rates, supported by Binance’s unparalleled liquidity and market reach. This integration streamlines the fiat-to-crypto experience, allowing transactions via credit and debit cards, bank transfers, Binance wallet balance, and Binance P2P trading.
Through this integration, Trust Wallet is enabling users to access a broad range of crypto services from trusted partner merchants, reducing barriers and making it easier for millions to connect to the world of Web3.
Trust Wallet currently supports seven fiat on-ramp solutions, and the addition of Binance Connect supercharges Trust Wallet’s capabilities offering its users a seamless, cost-effective, and accessible way to buy, sell, and manage cryptocurrencies directly within the wallet.
Key Benefits of Binance Connect Integration:
- Global Accessibility: Binance Connect expands on-ramp coverage to underserved regions, providing users worldwide with more ways to access cryptocurrencies.
- Effortless Onboarding: Binance KYC-verified users enjoy faster access to P2P and fiat services within Trust Wallet, eliminating the need for additional checks.
- Cost Efficiency: P2P transactions via Binance Connect are generally more affordable than traditional payment methods, further promoting crypto adoption. Competitive P2P transaction fees make crypto more accessible and encourage regular use.
- Robust Currency Support: The integration supports 100+ fiat currencies, 300+ cryptocurrencies, and over 300 payment methods, including both traditional and alternative options.
Eowyn Chen, CEO of Trust Wallet, emphasized the significance of this integration:
“At Trust Wallet we keep working to make Web3 accessible to everyone. By collaborating with Binance Connect, we’re simplifying the journey into the on-chain world, particularly for users in regions where traditional financial infrastructure channels fall short. This integration is a game-changer for empowering self-custodial wallet users globally.”
“Trust Wallet’s integration of Binance Connect demonstrates the power of collaboration in advancing the Web3 ecosystem,” says Thomas Gregory, Vice President of Fiat at Binance. “Together, we are simplifying the user experience for millions worldwide, offering seamless transactions that make digital assets accessible, especially in regions where traditional financial systems face limitations.”
Trust Wallet users can begin using Binance Connect immediately by selecting it as their preferred payment method within the app. From setting up the wallet to completing transactions, the process is intuitive and seamless, regardless of experience level.
To explore the benefits of Binance Connect within Trust Wallet, download Trust Wallet today.
About Trust Wallet
Trust Wallet is the secure, self-custody Web3 wallet and gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it possible for millions of people around the world to experience Web3, access dApps, store and manage their crypto and NFTs, as well as buy, sell, and stake crypto to earn rewards — all in one place and without limits.
About Binance Connect
Powered by Binance, Binance Connect is a comprehensive fiat-to-crypto solution that provides access to Binance’s global liquidity and an extensive array of payment methods. Its mission is to simplify access to cryptocurrencies and Web3 services worldwide.
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View original content:https://www.prnewswire.co.uk/news-releases/trust-wallet-integrates-binance-connect-to-supercharge-fiat-to-crypto-transactions-expanding-access-for-millions-302315458.html
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