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GoCardless Launches First Global Network for Recurring Payments With Foreign Exchange Powered by TransferWise for Business

Taavet Hinrikus, CEO, TransferWise and Hiroki Takeuchi, CEO, GoCardless
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GoCardless, the leading fintech for recurring payments, has created the first global network for bank debit, bolstered by a partnership with TransferWise, the global technology company for international payments.

The new network is the only simple, predictable and transparent way to collect recurring payments such as subscriptions, invoices and instalments via bank debit – a method which reduces failure rates by up to four times when compared to cards1. GoCardless customers can collect payments via multiple bank debit schemes around the world, without the need to navigate the specific rules for each, through the GoCardless API, dashboard or partner integrations.

By integrating directly to the TransferWise API, businesses can benefit from low cost, convenient and completely transparent pricing no matter what the currency, without leaving their account. This cuts out the pain of having to open a new bank account in every country where the business collects payments, as well as eradicating hefty receiving fees for foreign currency transactions.

With the ability to collect and pay out in over 30 countries worldwide – representing 70 per cent of the global recurring payments volume – the new network will be available to all GoCardless customers via a phased roll-out starting mid-November 2019. Businesses will receive payments at the real exchange rate in GBP, USD, EUR, SEK, DKK, CAD, AUD and NZD.

Hiroki Takeuchi, CEO and co-founder of GoCardless, said: “Businesses today have global ambitions, but an antiquated, fragmented and opaque payments system is holding them back.

“Our new network represents a major milestone in our mission to fix this broken system. Companies of all sizes can now tap into the only global network for recurring payments, built on the tried and trusted method of bank debit, with real exchange rates powered by TransferWise. This will take the pain out of getting paid and enable every business to operate in a way that’s truly borderless.”

Taavet Hinrikus, chairman and co-founder of TransferWise, said: “GoCardless shares our passion for bringing fairness and transparency to the business banking sector. With GoCardless customers trading internationally in over 30 countries, giving them the ability to collect payments in currencies all over the world is a major step change for businesses trading across borders.

“Together, we’re setting the new standard for business banking, using new technology to offer cheaper, faster, more transparent services that truly meet the needs of today’s businesses.”

The move comes at a time when businesses are looking abroad for growth. New research from YouGov and GoCardless spanning six markets indicates 73 per cent of businesses surveyed plan to grow internationally within the next five years. Despite these ambitions, 39 per cent say the complexity of taking international payments is holding them back from global expansion.

Of those taking international payments, nearly half (49 per cent) feel frustrated by the extra admin required, such as opening multiple bank accounts and reconciling different currencies. A similar proportion (51 per cent) called out the lack of transparency, such as hidden fees and complex pricing.

Already businesses – such as US-based digital marketing agency Growth Alliance which has clients in the UK, US and Australia – can see how the new network takes the pain out of getting paid.

Founder James McGlade said: “We’ve been looking to expand our international footprint for a few years, but the complexity of taking payments abroad seemed too much of a hassle. The new network is just what we’re looking for. The FX capability will save us a significant amount of time when reconciling our books, and having just one bank account means it’s easier to comply with banking regulations. It’s going to be a game changer.”

Fintech

WORBLI, the Compliance Driven Public Blockchain, to Enter APA with AmaZix Capital

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WORBLI is pleased to announce that the WORBLI Foundation (“Foundation”) has entered into an Asset Purchase Agreement (the “APA”) concerning the proposed acquisition of 100%  of its assets by AmaZix Capital Limited (“AmaZix Capital”) and 0rigin Ventures (“0rigin”) in return for ongoing funding and development capital.

The acquisition will be completed upon satisfaction of conditions precedents. The transaction will allow WORBLI to accelerate the deployment of its proprietary Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) offering to the FinTech and Digital Asset sectors, concurrently with the commercialisation of the tokenised security technology native to the WORBLI blockchain.

Transaction Highlights

  • The transaction encompasses 100% of WORBLI’s assets including 10% of WORBLI Utility tokens (“WBI”) in circulation which will be subject to a lock-up period spanning 6 years
  • The transaction will secure funding and resources for the WORBLI Foundation to uphold administrative and customer support for the blockchain and for the promotion of WORBLI’s institutional product offering
  • This expanded and accelerated roll out of WORBLI technology will allow for faster commercial adoption of the chain

 

SOURCE WORBLI

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Fintech

AllocateRite’s AI-Powered Autonomous Wealth Management Strategies Are Now Available Via iOS and Android Mobile Apps

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AllocateRite, the New York FinTech and data science company that provides wealth managers with ETF-based dynamic asset allocation strategies and risk analytics, is excited to announce that its proprietary portfolio management and asset allocation strategies are now available to iOS and Android mobile devices via our mobile app.

AllocateRite’s AI-powered strategies use sophisticated portfolio construction and risk management techniques to offer superior risk-adjusted returns over time.

Additionally, our strategies are highly diversified and liquid, utilizing benchmark ETFs that represent the most liquid sectors of the stock market. Until now, these strategies were previously available only to institutional clients.

Using our mobile app, you can easily link your brokerage account to use one of our strategies. Also, you have the flexibility to allocate either a partial amount or the entire amount of your account to our strategies while maintaining full custody and control of your account at your brokerage firm.

Our strategies are suitable for retirement accounts, as they are focused on capital preservation, capital appreciation and income, enabling you to reduce your management fees by having your money flow out of pricey mutual funds into low cost ETFs.

AllocateRite’s strategies are automatically rebalanced monthly to maintain an optimal risk / reward ratio. Furthermore, they are GIPS-verified and have a confirmed track record of success stretching back four years.

 

SOURCE AllocateRite, LLC

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Fintech

TONIK Selects Finastra’s Core Banking Solution to Power Southeast Asia’s First Pure-play Licensed Digital Bank

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Greg Krasnov, Founder & CEO at TONIK

 

Finastra announced today that TONIK, the first licensed digital-only bank in Southeast Asia, has selected Fusion Essence in the cloud to power its end-to-end core banking capabilities. The move will support TONIK as it launches its retail deposit and customer loans services in the Philippines, giving it agility and the ability to scale quickly.

Greg Krasnov, Founder & CEO at TONIK, said, “The banking sector in the Philippines is ripe for digital disruption. The country has high internet usage, the majority of Filipinos are unbanked and research shows half of the people who do have bank accounts would be interested in switching to a neobank.

“We want to create a hyper-compelling consumer proposition that will revolutionize the way money works in the region. Finastra’s Fusion Essence Cloud – powered by Microsoft Azure – will give us the agility to get these services to market quickly and efficiently. We are also impressed by the modern, open and scalable capabilities of the solution, particularly the in-built analytics, which will help us to better understand our customers’ smart digital banking needs.”

The key proposition for digital banks is providing a customer experience that traditional banks struggle to offer. This requires modern, cloud-native technology that facilitates innovation whilst future-proofing investment. For TONIK, Fusion Essence Cloud will be deployed out of the Microsoft Azure Southeast Asia Region (Singapore Data Center), which will allow for both low latency and data residency. TONIK will benefit from a low cost of entry into the market, ease and speed of deployment, and the ability to increase business volumes and diversify its product set cost-effectively. It will also benefit from ongoing software updates and, in time, access to further innovation via FusionFabric.cloud, Finastra’s platform for open innovation and the development of applications.

European neobanks, including revverbank and Gravity, are already being powered by Fusion Essence Cloud, and this deployment in Southeast Asia will help bring the benefits of innovative digital banking to the Philippines.

Anand Subbaraman, General Manager, Retail Banking at Finastra, said, “TONIK is well positioned to replicate the disruption that has taken place in Europe, where digital banks have quickly attracted millions of customers and billions of dollars in investor funding. Using digital technologies and a lower-cost operating model, TONIK will be able to offer customers the products and services they need, delivered in a convenient way, as well as increasing opportunities for financial inclusion in Asia. Fusion Essence Cloud is ideally suited to help TONIK achieve these goals, as well as see a fast return on its investment. We are extremely proud to be TONIK’s partner in bringing digital banking to the Philippines for the first time.”

 

SOURCE Finastra

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