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Everyday People Financial & Smart Employee Benefits Form Joint Venture to Launch Healthcare Spending Account Mastercard(R) Program Across North America

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Edmonton, Alberta–(Newsfile Corp. – October 31, 2022) – Everyday People Financial Corp. (TSXV: EPF) (“Everyday People” or the “Company“), a financial technology and consumer financing company, is pleased to announce that, further to the letter of intent entered into April 22, 2022, pursuant to a definitive agreement dated October 27, 2022, EP Care Inc., a wholly-owned subsidiary of the Company, has formed a joint venture with SEB Administrative Services Inc. (“SEB Admin“), a subsidiary of Smart Employee Benefits Inc. (TSXV: SEB) (OTCQB: SEBFF) (“SEB“), an Insurtech provider of cloud based, end-to-end IT and Benefit Processing solutions for the life and group benefits marketplace and government, to launch a “Healthcare Spending Account Mastercard® Program”, offering a challenger product to traditional employer health spending accounts.

Healthcare Spending Accounts (“HSA“) help business owners save on medical costs by turning an after-tax personal medical expense into a before-tax business expense. This plan is a smart and efficient option for the modern-day entrepreneur helping the plan member minimize coverage gaps between government and employer funded healthcare and other health insurance options.

The Mastercard® HSA solution is unique to the Canadian marketplace and is particularly applicable to small companies and self-employed business owners. In Canada, 97% of all businesses are small businesses, representing 1.2 million companies1, 10.3 million employees2 and 0.9 million gig workers3,4.

Together, Everyday People and SEB are the first to introduce this integrated employee healthcare spending account and credit card program into the Canadian market. This program represents a large specialty opportunity targeting the HSA market, currently estimated at over $8 billion premium in Canada5 and over $98 billion in the United States6. Our combined resources and client base position the new joint venture to capture significant market share in the overall HSA Canadian marketplace.

“A joint venture with SEB to offer a healthcare spending account program for small business owners and their employees is yet another way that Everyday People, along with one of its partners, provides people with greater financial flexibility,” states Barret Reykdal, CEO of Everyday People. “Giving small business employees access to a healthcare spending account helps fill coverage gaps, allows individuals to manage healthcare spending and to direct funds according to their healthcare needs. The solution provides an instant, easy to use, efficient method of transacting in the form of a card-based platform. Today, Everyday People offers similar specialty credit payment card solutions in multiple markets. The HSA solution adds to the Company’s extensive digital banking solutions portfolio.”

Within the joint venture, Everyday People will operate as the program manager and SEB will operate as the HSA program administrator and adjudicator. SEB has an established customer base of employers who use SEB’s proprietary benefit administration and billing solutions (including SaaS solutions) to self-administer health benefit programs for their employees.

“This innovative program will streamline operations, increase accuracy and boost efficiency, and offers employees a reduction of out-of-pocket burden and costs normally associated with traditional healthcare spending accounts,” states Mohamad El Chayah, COO of SEB and President & CEO of SEB Admin. “Members of this HSA program are issued a spending account for healthcare and wellness services tied to a Mastercard®. This provides more financial flexibility in managing healthcare options and an improved customer experience, allowing immediate reimbursement of healthcare expenditures at the point of sale.”

Sources:

1 https://www.ic.gc.ca/eic/site/061.nsf/eng/h_03126.html
2 https://www150.statcan.gc.ca/n1/pub/11-621-m/11-621-m2022004-eng.htm
3 https://www150.statcan.gc.ca/n1/pub/11f0019m/11f0019m2019025-eng.htm
4 https://www.ic.gc.ca/eic/site/061.nsf/eng/h_03147.html
5 https://ayacare.com/hsa-wsa/
6 https://www.devenir.com/research/2022-midyear-devenir-hsa-research-report/

About Everyday People Financial Corp.

Everyday People is a financial technology and consumer financing company founded on the belief that everyone deserves access to credit, instant payments and the opportunity for homeownership. Through our technology driven ecosystem, our alternative and specialty credit financing programs offer credit and payment cards, prepaid card programs, homeownership facilitation, consumer lending, and payment management services. Our mission is to help our clients be their best financial selves and our goal is to offer the kinds of credit products and services that help everyday people add extraordinary value to their everyday lives.

For more information visit: www.everydaypeoplefinancial.com.

Everyday People Financial Corp. Contacts

Barret Reykdal
CEO of Everyday People Financial Corp.
[email protected]
1 888 825 9808

Caroline Sawamoto
Investor Relations
[email protected]
1 888 825 9808

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain “forward-looking statements” or “forward-looking information” (collectively referred to hereafter as “forward-looking statements”) under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the structure and terms of the joint venture, including the HSA program, and the business, plans and operations of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, termination of the definitive agreements expectations and assumptions concerning the Company as well as other risks and uncertainties, including those described in the filing statement of the Company dated July 27, 2022, which is available on SEDAR at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142360

Fintech

Central banks and the FinTech sector unite to change global payments space

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The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

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TD Bank inks multi-year strategic partnership with Google Cloud

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TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.

Source: fintechfutures.com

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MAS launches transformative platform to combat money laundering

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The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.

Source: fintech.global

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