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Rapyd Partners with OCBC Bank to Create Singapore’s First Instant Mobile Payments via PayNow

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Rapyd, a global FinTech-as-a-Service provider, announced a partnership with OCBC Bank to enable real-time bank payments for Singapore consumers and online retailers. The partnership leverages PayNow, Singapore’s national peer-to-peer funds transfer service, enabling OCBC Bank customers to make digital payments using the OCBC Pay Anyone app powered by Rapyd’s recently launched Checkout payments solution for e-commerce.

Consumers pay online retailers directly on their mobile devices from deposit accounts 

Many customers are increasingly adopting the option to pay retailers directly from their deposit accounts using their mobile phones. Among OCBC Bank customers, such transactions have grown 4.5 times year-on-year, via QR code payments on the OCBC Pay Anyone app.

Today, most online retailers only give consumers the option to check out their online retail purchases using credit or debit cards. There are very few online retailers that enable customers to directly leverage the funds in their deposit accounts to make online payments – and if they do, the process is very complex, requiring the customer to exit the retailer’s app to perform an Internet Banking transaction before navigating back to the app.

The partnership with Rapyd Checkout will provide OCBC Bank customers with more payment options at online retailers’ checkouts, enabling them to directly access their bank account funds by simply choosing “Pay with OCBC Pay Anyone” within a retailer’s app. Payment details such as the retailer name and amount to be paid will then automatically populate in OCBC Pay Anyone, which the customer simply needs to review and confirm before authenticating the transaction biometrically. Customers will not need to input any additional information to make an online payment, and do not need to navigate out of the retailer’s app, making the payment process completely seamless and convenient.

Retailers can receive payments instantly

With the number of real-time payments globally expected to grow from USD$6.8B in 2018 to USD$25.9B in 2023 according to research consultancy MarketandMarkets, digital retailers are actively looking to add more local payment options for customers.

With Rapyd Checkout, these retailers can receive payment immediately from OCBC Pay Anyone users, rather than waiting up to three days to receive money from card-based payments, giving merchants faster access to their working capital.

Mr. Joel Yarbrough, Vice President, Asia Pacific at Rapyd, said: “We are excited to work with OCBC to make instant payments through OCBC Pay Anyone available to our network for online and mobile merchants. We are also thrilled to be leveraging the significant investments Singapore has made in the open loop PayNow real-time payments infrastructure, to make safer bank transfers available for Singaporeans as they shop globally.”

Mr. Pranav Seth, Head of E-Business, Business Transformation and Fintech and Innovation Group, OCBC Bank, said: “Singapore’s eCommerce market is estimated to hit $5 billion this year. The partnership with Rapyd will benefit Singapore consumers and online retailers by expanding payment options for consumers while simultaneously increasing revenue opportunities for businesses. This partnership extends the ability of customers to directly access their bank account funds to pay more than 3,000 retailers via QR codes and PayNow at physical stores, to also access their bank account funds directly to pay online retailers on mobile apps seamlessly. This is a key milestone on our journey to drive digital payments adoption across Singapore.”

He added: “The global movement towards real-time payments through bank accounts continues to grow exponentially. OCBC is at the forefront of the digital payments revolution and working with Rapyd’s payment gateway expands this service, accelerating Singapore’s Smart Nation and cashless society agenda.”

 

SOURCE Rapyd

Fintech

NOVASPARKS EXPANDS ITS OPERATIONS IN ASIA-PACIFIC

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NovaSparks™, the leading field programmable gate array (FPGA) market data company, is pleased to announce the appointment of Clément Pelletier as the new sales and marketing director, based in Bangkok, Thailand. Pelletier will report to Dr. Luc Burgun, CEO and president, beginning on December 1st, 2023.

“Clément possesses a wealth of experience that makes him unique in the industry,” said Luc Burgun, NovaSparks’ chief executive officer and president. “His thorough understanding of the sales process, particularly in the field of trading tools which he acquired over 20 years in Asia, makes him ideally suited to drive our sales and marketing initiatives in APAC. We are pleased to welcome Clément and look forward to his leadership in expanding our operations in Asia.”

Pelletier brings to NovaSparks solid experience in sales and marketing in Asia. Most recently, he served as sales director for the APAC office of Horizon Software, a global leader in electronic trading solutions and algorithmic technology. Prior to Horizon Software, he served as CEO of CPIT, an IT services and consulting, specialized in the Fintech industry, based in Hong Kong. Pelletier holds a Master of Engineering from INSA Lyon.

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Broadridge Investment Management Technology Enhances Carlyle’s Private Credit and CLO Portfolio Management Operations

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Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR) announced today that its cloud-based solution, Sentry, has been implemented at global investment firm Carlyle in support of its private credit and collateralized loan obligation (CLO) portfolio management. The Sentry private credit and CLO portfolio management technology will enable Carlyle to more efficiently manage its deal pipeline, trade compliance and loan operations on a single platform, and scale operations as the platform grows.

“With increased demand in credit products and ongoing growth of our product offerings, we wanted the right technology that would enable us to scale up and achieve a platform approach,” said Jim Keogh, Carlyle’s Managing Director and Head of Operations for Global Credit. “Sentry has smoothly integrated with our technology stack and provides functionality that will improve our capabilities as we grow.”

“Working closely with Carlyle, we customized Sentry to specifically suit their portfolio management requirements, which emphasized the need to help manage all aspects of private credit and CLO administration,” said Mike Sleightholme, Broadridge’s president of international and head of asset management solutions. “This implementation really showcases the value of the flexibility and scalability our solution offers and how it helps position firms for growth.”

Broadridge’s Sentry PM is a scalable web-based solution that provides front-to-back-office functionality to both the private debt and syndicated loan markets to increase overall efficiency, including research and pipeline management, pre- and post-trade compliance, analysis of hypothetical trade scenarios, dynamic waterfall projections, loan administration, and data aggregation across strategies, portfolios and assets.

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Nuvei enters global payments partnership with Microsoft

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Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today that it has partnered with Microsoft to deliver leading payment experiences for customers of its products, solutions, and services across many of its key markets.

Microsoft will start using Nuvei’s customizable and agile payments technology in the Middle East and the Africa region, while benefiting from Nuvei’s deep knowledge of local markets to optimize its payments for recurring billing and individual transactions across both its Office and Xbox product ranges.

Other benefits of Nuvei’s global payments capabilities Microsoft is harnessing include optimized authorization rates through local acquisition and superior risk management that minimize false declines, as well as Nuvei’s ability to offer all of the relevant local alternative payment methods (APMs) to each market through a single integration. Philip Fayer, Nuvei Chair and CEO said: “Enabling Microsoft to connect to its customers across a wide range of products is testament to our technology and dedication to world-class customer service. We’re excited to optimize payments for such a universal brand that is trusted and relied upon by so many people.”

“We’re pleased to extend our payment solutions to the Middle East and African region,” added Ajith Thekadath, Vice President Global Payments at Microsoft. “Whether it is a one-off purchase, software subscription, or in-game purchasing, payments are critical to our overall customer experience.  Partnering with Nuvei enables our customers to pay wherever they are and whenever they want to.”

Extending the partnership across geographies and use cases

Nuvei and Microsoft are committed to extending this partnership across additional markets, as well as exploring new use cases to enhance the overall Microsoft experience. This includes Microsoft Dynamics 365, its business applications technology suite that drives operational efficiency and improved enterprise resource management.

Fayer commented: “As two innovative, technology-led businesses that provide solutions to many of the leading international brands across the globe, it makes sense to explore how we can work more cooperatively as we grow our commercial relationship.”

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