Connect with us

Latest News

Merchant Payment Platforms Now Seeing Cryptocurrency as Cash

Published

on

Reading Time: 5 minutes

 

New merchant processing and point of sale platforms have been introduced into the market at a rapid rate over the last few years. A recent industry report said: “Money and the idea of its exchange through payments have evolved a lot from the time of its inception… Over the last decade or so, payment technologies have grown at a dizzying pace… Payments are now evolving at a rapid pace with new providers, new platforms, and new payment tools launching on a near daily basis. This shift precipitates a need for retailers to adapt toward fast, simple and secure mobile payments… It’s predicted that by 2025, 75% of all transactions will be made without cash.”  Cryptocurrency is one of those new methods. The same report added: “A cryptocurrency-based global payment solution would… work very differently from credit cards and other online transfers. Instead of the payment being authorized by the owner and then taken from the account by the recipient, the owner transfers the coins directly to the recipient – a “push” model, rather than an “authorize and pull” model. Cryptocurrency-based global payment solutions offer the possibility of vastly improving the speed and security of international payments while reducing transaction costs… To make the payment, of course, the owner must have enough coins in the wallet. Active Companies in the industry include NetCents Technology Inc. (CSE:NC) (OTC:NTTCF), Fiserv, Inc. (NASDAQ:FISV), PayPal Holdings, Inc. (NASDAQ: PYPL), Pareteum Corporation (NASDAQ: TEUM), Square, Inc. (NYSE: SQ).

Cryptocurrency payments work in much the same way as cash. The owner keeps their coins in a secure digital wallet to which only he/she has the “key” – a digital signature that only the owner knows. The wallet can receive payments without being opened, but to make a payment the owner must open the wallet with the key. To make things extra safe, some wallets have multiple keys: for example, a wallet might have three digital signatures, one held by the owner, a second held by a trusted third party and a third in offline (“cold”) storage. Making a B2B payment from one of these “multisig” wallets requires two or more keys, not just one. This is not unlike business checks that must be countersigned to be valid for payment.

NetCents Technology Inc. (CSE:NC) (OTCPK:NTTCF) (Frankfurt:26N) BREAKING NEWS:  NetCents Technology s pleased to announce that it has completed its integration into the NetCents Merchant Gateway and has begun processing with Surge365 LLC (“Surge365”). NetCents will also be entering into a referral agreement with Surge365, following last month’s announcement.

With the integration of the NetCents Merchant Gateway into the Surge365 platform, Surge365 is able to accept and process international membership subscriptions and  transactions in cryptocurrency and will work towards offering cryptocurrency as a payout option for company residuals and bonuses, ranging between $1,000 to $1 million dollars.

Surge365 is a direct sales company that gives members access to hundreds of thousands of hotels, resorts, cruises, and all-inclusive resorts around the globe and offers their members huge discounts to sell and offer their network. Surge365 offers training and memberships for individuals to build their own home-based businesses by providing members all the tools required to act as an individual travel agency with custom branded sales portals.   Read this and more news for NetCents at:  https://www.financialnewsmedia.com/news-nc/   

Other recent developments in the tech industry include:

PayPal Holdings, Inc. (NASDAQ: PYPL) recently announced that it has joined Cambridge Blockchain, Inc’s Series A funding round. With this investment, the two companies will explore potential collaborations to leverage blockchain technology.

“Our service helps streamline digital identity compliance while giving customers control over their identity data,” said Matthew Commons, Cambridge Blockchain’s CEO. “We are honored by PayPal’s vote of confidence, and we look forward to their support and guidance.”

Square, Inc. (NYSE: SQ) recently announced a first-of-its-kind partnership with Levy Restaurants and the Washington Nationals. During the 2019 season, Caviar Pickup and the new Square Terminal will make it faster and easier for fans to order and pay for their favorite food and drink from their seat without missing a pitch.

Square has partnered with the Nationals to create a concession stand that offers the only skip-the-line, order-ahead experience in the ballpark, powered by Caviar Pickup. Fans who open the Caviar app from their seats will be able to order their concessions in advance – including beer and wine for fans 21 and over – and receive an alert when their food is ready to be picked up.

Fiserv, Inc. (NASDAQ: FISV) a leading global provider of financial services technology solutions, recently announced that one of the Mediterranean region’s most innovative banks, Hellenic Bank, is furthering its digital transformation strategy with the implementation of payments technology from Fiserv. The Dovetail Payments Platform from Fiserv will enable the bank to simplify its payments architecture, operate more efficiently and offer customers new and customized capabilities.

“Our diverse client base has a range of payment needs, and over time we have added a variety of payment systems to meet those needs,” said Phivos Leontiou, Chief Operating Officer, Hellenic Bank. “By moving to a centralized payments platform, we have been able to streamline our payments operations while offering the payment options customers expect. We’re also able to easily add capabilities, such as support for new real-time payment schemes.”

Pareteum Corporation (NASDAQ: TEUM) a rapidly growing global cloud software communications platform company with a mission to connect every person and every(thing)TM, recently announced it launched seven new customers into production during March 2019.   This brings to 15 the total number of customers deployed into commercial service during the three months to March 31st, 2019. The announcement caps a first quarter during which Pareteum grew its 36-month Contractual Revenue Backlog (36MCRB) of signed sales agreements to a new total of $938 million.

Strong growth in new sales transactions reflects the recent strategic acquisitions of Artilium and iPass. These acquisitions have deepened Pareteum’s capabilities and created a rich seam of cross- and up-sell opportunities with existing customers, as well as significantly expanding the overall addressable market.

DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult =a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated forty nine hundred dollars for news coverage of the current press releases issued by NetCents Technology Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

 

SOURCE FinancialNewsMedia.com

Fintech

Klarna Opens Tech Hub in Berlin

Published

on

Photo source: fintechmagazine.com

 

Klarna, one of the world’s leading payment providers, today announced its plan to open a tech hub in Germany’s capital at the beginning of next year. This will enable Klarna to further build out its product portfolio and services, better serve its fast-growing merchant and consumer base across Europe and the US and tap into the cities’ rich talent base.

The new Berlin site will be based in the very heart of Berlin’s thriving technology scene in Berlin Mitte and offers Klarna employees space of around 7,400 square meters in a modern and functional repurposed car garage. In the future, it will house more than 500 employees focusing on product, engineering and commercial growth and will be an addition to Klarna’s German offices in Munich and Linden, each with approximately 100 employees.

Berlin is one of the most exciting tech and entrepreneurial hubs worldwide and attracts exceptional local and international talents from all over the world. We are very proud and humbled to be part of that thriving ecosystem now. This site will enable us to further scale our footprint in GermanyAustria and Switzerland and new markets, but at the same time build new products and services to solve people’s shopping pain points across Europe and the US. We are on a very exciting journey from a pure payment provider to a global shopping ecosystem and our team in Berlin will play a decisive part to reach our ambitious goals.” says Sebastian Siemiatkowski, CEO Klarna.

Robert Bueninck, General Manager DACH, adds: “The DACH market as a whole developed fantastically throughout the past years and we have a very strong momentum and growing brand awareness in the region. With several thousands of new merchants which went live with us this year and many millions of consumers using our services, Germany is hugely important to the company to drive volume and revenue growth. The new site in Berlin is testament to our strong track record locally and our commitment to becoming the most favorite way to buy in GermanyAustria and Switzerland.”

Klarna currently employs over 2,500 employees in StockholmLos AngelesNew York, Columbus, MadridBrusselsLondonViennaAmsterdamBerlin, Linden, MunichOsloHelsinki and Uppsala. In August 2019, the company received a 460 million US dollars funding round on a 5.5 billion US dollars post-money valuation, which currently makes Klarna the highest private FinTech company in Europe. Earlier this year, the company tapped into new business verticals by launching new products such as the Klarna Open Banking Platform and Global Authentication Platform. On the consumer side, Klarna introduced the Klarna Card and Klarna’s Instore solution in Germany as well as various new features in the Klarna app that fundamentally change the way how people shop and pay. This underpins the company’s versatility in opening up new revenue streams and ambition to become the go-to destination when it comes to online and offline shopping.

Continue Reading

Fintech

Progressive Approach in Embracing the Digital Finance Key to Labuan IBFC’s Growth in Financial Innovation

Published

on

 

“Labuan International Business and Financial Centre’s (Labuan IBFC’s) digital family continues to grow in recognition of the progressive approach the centre has taken in embracing the digital revolution by being as facilitative as possible to enable innovative digital business to take root in Labuan,” said Labuan Financial Services Authority (Labuan FSA) Director-General, Danial Mah Abdullah at the inaugural Connecting Digital Ecosystems in Asia 2019 (CoDE Asia 2019) conference in Kuala Lumpur today.

Mah added: “To this extent, the centre has used legacy licences like money broker, credit token licenses to provide the regulatory umbrella for the digital business to be carried out. Now that is innovation by itself. Thus, the centre has a toolbox of solutions to meet the needs of the rapidly expanding digital industry, whether from the supply or demand side”.

He went on to add that the digital business model must be legitimate, meeting international standards of compliance, transparency and prudential requirements. Thus, prospects would need to obtain Labuan FSA’s prior approval for any proposed digital business if the activities fall within the ambit of Labuan Financial Services Securities Act 2010 or Labuan Islamic Financial Services Securities Act 2010.

Labuan IBFC’s digital journey began in 2017, with eight licenses up to 2018 and 2019 has seen an exponential growth in the number of players in the centre with more than 30 licenses approved to operate as digital entities.

“Our bespoke and curated approach is an ideal match to the demands of a fast-evolving digital marketplace,” said Farah Jaafar-Crossby, CEO of Labuan IBFC Inc, the jurisdiction’s market development agency. She added Labuan IBFC’s tax neutrality and currency agnosticism adds to the appeal as a digital hub, especially since the digital marketplace is inherently borderless in its application.

“We have seen a significant increase in interest of our digital toolbox from regional and also international entities,” she said and cited Memorandum of Understandings signed between Labuan IBFC Inc with China Construction Bank, Labuan as well as Huobi Group of China, both in relation to the advancement and development of Labuan IBFC’s digital ecosystem.

She added the fast-growing ecosystem in the jurisdiction had also prompted the establishment of an industry-led Labuan Fintech Association, which is open to any party interested in participating and contributing to Labuan IBFC’s growing “digital family”.

Labuan IBFC which will celebrate its 30th year of establishment in 2020, is home to more than 6,000 active companies which includes top-ranked financial institutions comprising 55 banks, 217 insurance companies, 61 corporate service providers, more than 300 leasing companies and 43 commodity trading companies. Labuan IBFC entities employ more than 6,000 people, making the IBFC the largest employer compared to other industries in Labuan.

The Connecting Digital Ecosystems in Asia 2019 (CoDE Asia 2019) conference was attended by more than 250 delegates and featured a lineup of regional industry players and subject matter experts, discussing topics catered towards developing a holistic digital ecosystem in the region. For more information on Labuan IBFC and its offerings, log on to www.labuanibfc.com.

Continue Reading

Fintech

OneConnect wins prestigious award at the 2019 Kotler Future Marketing Summit for its outstanding global marketing efforts

Published

on

OneConnect wins prestigious award at the 2019 Kotler Future Marketing Summit for its outstanding global marketing efforts

 

OneConnect Financial Technology Co., Ltd (OneConnect), an associate company of Ping An Group, won the “Kotler New Marketing Year Successful Overseas Marketing Award” at the prestigious “2019 Kotler Future Marketing Summit” held in Beijing on 12 October. OneConnect’s win is an affirmation of its outstanding global marketing efforts that successfully export Ping An’s technologies to leading financial institutions outside of China within a short span of one year or so. Philip Kotler, known as the “father of modern marketing”, graced the event at the Wangjing Hyatt Hotel in Beijing.

The yearly Kotler New Marketing Awards aim to establish industry benchmarks and recognize successful experiences, further inspiring enterprises to carry out marketing innovations and pave the future of marketing. The summit focused on two main themes: cutting-edge marketing and growth marketing.

OneConnect celebrated the opening of its Singapore Office in November 2018 to spearhead regional expansion, and in February 2019, celebrated the launch of its Indonesia Office. Within a short span, OneConnect made remarkable progress inking maiden deals with leading financial institutions in MalaysiaIndonesiaThailandCambodiathe PhilippinesJapan and Abu Dhabi.

Ms Tan Bin Ru, CEO of OneConnect Financial Technology, said: “Over the past one year or so, OneConnect has built an impressive footprint with customers in about 10 countries outside of China. More Asian banks are looking to strengthen their technological capabilities to serve the millennials and the unbanked and underserved segments. We are making an impact in enabling banks and insurers in their transformation journey.”

OneConnect has served more than 600 banks and over 80 insurance companies, and is expanding its operations. In August, OneConnect announced a strategic joint venture partnership with SBI Holdings, Inc. to enter Japan market. SBI OneConnect Japan will fully leverage SBI Neo Financial Services and other SBI companies to introduce OneConnect’s fintech services to financial institutions and businesses across Japan.

In June, OneConnect and UBX Philippines Corporation, the wholly-owned fintech subsidiary of Union Bank of the Philippines, entered a partnership to build SeekCap – the country’s first lending platform to meet the banking needs of micro, small and medium enterprises (MSMEs). SeekCap was launched by UBX within four months in November, demonstrating OneConnect’s strong tech capabilities. Today, SeekCap is a true loan marketplace with multiple lenders showcasing their loan products for borrowers to choose what best suits their business needs, and apply for loans digitally and seamlessly on a single end-to-end platform. Loans can be approved on the same day, and disbursed within three working days. This drastically shortens turnaround time as compared with traditional loan applications in the Philippines.

In Indonesia, OneConnect is the choice tech partner of Sinar Mas Financial Services Group, the financial arm of conglomerate Sinar Mas. As a key strategic partner, OneConnect is partnering with Bank Sinarmas, PT. Kredit Biro Indonesia Jaya, the country’s first private credit bureau to provide banks and micro-finance organizations with better lending decisions, and ASPARINDO, an association for retailers in Indonesia, to build a smart lending ecosystem. OneConnect is also partnering with Asuransi Sinarmas to build a smart auto claims solution, as well as Sinar Mas Multi-finance to build a smart retail lending platform for Indonesians to gain easy access to loans.

In Malaysia, OneConnect is partnering with one of the country’s top banks to build an SME lending platform. In Thailand, OneConnect counts three of the top 10 banks as its customers.

In Abu Dhabi, it is building a financial ecosystem with the Abu Dhabi Global Market to spur fintech innovations, collaborations and market opportunities. The first initiative was the launch of an innovation lab at the Fintech Abu Dhabi in October. The lab will use OneConnect’s technology to connect legacy systems of financial institutions to fintech applications through enabling the creation of APIs, System Virtual Machines, data and applications in a cost-effective and scalable manner. It will enable financial institutions to transform digitally, accelerate product development, drive innovation, as well as embrace interoperability, partnerships and collaboration within a truly inclusive financial ecosystem.

Beyond Asia, OneConnect is partnering finleap connect to offer its fintech software-as-a-service (SaaS) technology to the European market. finleap connect is a business unit of finleap, Europe’s leading fintech ecosystem, which is based in Berlin and has offices in MilanParis and Madrid.

These achievements underscore OneConnect’s mission of using technology to make finance easier, and its vision of becoming a technology partner that financial institutions trust to ride the wave of digital transformation.

 

SOURCE OneConnect

Continue Reading

Trending

Thefintechbuzz is a news publishing website which digests / hand picks the latest news about the financial industry industry, and serves them to you daily.

Contact us: pressroom@thefintechbuzz.com

© Thefintechbuzz.com 2019 - part of PICANTE Media. All rights reserved. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania