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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

Personetics Empowers Banks With Self-driving Finance™ on Oracle Cloud

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Personetics, the leading provider of AI-powered personalization and customer financial wellness solutions used by the world’s top banks and a Silver level member of Oracle PartnerNetwork (OPN), today announced that its Self-Driving Finance™ platform has achieved Powered by Oracle Cloud status and is now available in the Oracle Cloud Marketplace.

Leading banks around the world are using the Personetics Self-Driving Finance engagement platform to provide retail, small business and wealth management customers with varying degrees of guidance in managing their finances – highlighting events that are most important to each person at any moment, recommending next best actions, and invoking automated programs that help customers simplify day-to-day banking and improve their financial wellbeing.

The Oracle Cloud Marketplace is a one-stop-shop for Oracle customers seeking trusted business applications and service providers offering unique business solutions, including those that extend Oracle Cloud Applications. Oracle Cloud is a Generation 2 enterprise cloud that delivers massive, non-variable performance and next-generation security across a comprehensive portfolio of services including SaaS, application development, application hosting, and business analytics. Customers get access to leading compute, storage, data management, integration, security, HPC, artificial intelligence (AI), and blockchain services to augment and modernize their critical workloads. Oracle Cloud runs Oracle Autonomous Database, the industry’s first and only self-driving database.

The integration of Personetics Self-Driving Finance with Oracle Open Banking APIs allows any bank to leverage Oracle’s extensive platform and open banking capabilities to deliver tailored insights, advice, and automated programs that differentiate the way they engage and serve customers.

Self-Driving Finance-as-a-Service is now available on Oracle Cloud Infrastructure, providing additional benefits to banks:

  • Built-in security: Fully contained solution available in bank-owned private cloud with built-in security, data encryption, client data isolation, key vault, and auditing that adheres to financial services security and compliance requirements
  • Enabling quicker time-to-market: Ready-to-deploy solution with easy setup and upgrades using Kubernetes
  • On-demand scalability and pricing: On-demand resource provisioning to scale out from market pilot to millions of customers and extend across geographies while optimizing price to performance metrics
  • Agility to innovate: Ability to quickly test and iterate on new product offerings and new functionality

“Delivering Self-Driving Finance-as-a-Service on Oracle Cloud accelerates the transformation towards a new standard of banking experience which is highly personalized, proactively engaging the customer, and focused on the customer’s financial wellbeing,” said Dorel Blitz, Personetics’ VP Strategy and Business Development. “We look forward to leveraging the power of Oracle Cloud to help additional banks move faster in this direction. Beyond using Oracle Cloud Infrastructure, this relationship lays the foundation for future integration with Oracle’s large portfolio of retail banking and customer experience (Oracle CX) solutions, SME finance (NetSuite) applications and comprehensive PaaS stack – allowing us to continuously enhance our offering and innovate with Oracle to provide mutual value to our joint customer base.”

Personetics is also a participant in Oracle’s Fintech Innovation Initiative, a collaborative effort that brings together major financial services providers and innovative Fintechs to work on pressing digital innovation challenges facing the world’s largest banks.

Powered by Oracle Cloud status recognizes OPN member solutions that have been tested or verified to run on Oracle Cloud Infrastructure. This achievement offers customers confidence that the partner’s application is supported by the Oracle Cloud Infrastructure SLA, enabling full access and control over their cloud infrastructure services as well as consistent performance.

The Oracle Cloud Marketplace offers an intuitive user interface to browse and search for available applications and services, as well as user ratings and reviews to help customers determine the best business solutions for their organization. With its new automated application installation features, customers can easily deploy provider business applications from a centralized cloud interface.

 

SOURCE Personetics

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Prime Minister of the Republic of Singapore Intrigued by WeBank’s Fintech-powered Services at SFF x SWITCH

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WeBank showcased a series of new generation fintech capabilities at the Singapore Fintech Festival. On Nov. 12, Lee Hsien Loong, Prime Minister of the Republic of Singapore, visited WeBank’s booth and communicated with Henry Ma, Executive Vice President and Chief Information Officer of WeBank. Henry introduced how WeBank adopted fintech capabilities in the areas of ABCD (AI, blockchain, cloud computing and big data) to promote financial inclusion as China’s first digital bank. He suggested that by leveraging these technologies, WeBank was enabled to increase operational efficiency, reduce costs, and scale faster. Then Henry intrigued the Prime Minister with a demonstration of real user journey of WeBank’s fintech-powered microloan service.

As a world’s leading digital bank, WeBank reaches out for international collaborations on promoting financial inclusion through fintech. Alan Ko, Head of Fintech Innovation (international) at WeBank, addressed WeBank’s open mindset towards promoting digital financial inclusion at the festival. “Fintech holds the potential to revolutionize future financial services, that is why our fintech solutions have garnered so much attention here at the event, especially our showcases in fields like AI, blockchain, cloud computing and big data. As a technology innovator in the world’s leading digital bank league, we are actively looking for partnership and collaboration to take a step further in promoting financial inclusion through new technologies.

To provide partners more effective and low-cost approaches to tackle fintech problems in their businesses, WeBank’s professionals presented solutions from four major areas-AI, blockchain, cloud computing and big data:

In terms of AI, WeBank is building a series of advanced AI applications for financial inclusion scale-up and technology-driven financial ecosystem. One of them is Federated AI Technology Enabler (FATE), China’s first industrial level federated learning platform open sourced by WeBank. FATE helps businesses and organizations build AI models effectively and collaboratively, by using data in accordance with user privacy protection, data security, data confidentiality and government regulations. So far, it has already been applied in credit, insurance, supervision and retails.

WeBank also provides comprehensive blockchain solutions including the infra platform FISCO BCOS, middleware kits WeBase, and applications including WeIdentity and WeEvent:

  • FISCO BCOS (Be Credible, Open & Secure) is an open consortium chain platform, built with an aim to facilitate partnerships and inspire collaboration amongst businesses. It is the largest open source consortium chain ecosystem in China with 10,000+ members (500+ enterprise members). And it has launched more than 60 applications in interbank reconciliation, tourism finance, supply chain finance, judiciary services, copyright protection, entertainment & gaming, and social management & public services.
  • WeBASE (WeBank Blockchain Application Software Extension) is a bridge connecting applications with the blockchain infrastructure.
  • WeIdentity is an open source solution which offers a safe and efficient solution for identity authentication and data cooperation based on blockchain.
  • WeEvent is a distributed event-driven architecture developed for cross-institutional and cross-platform event notifications in loosely coupled systems that support the Collaborative Business models.

WeBank adopted and reinvented many cloud-based technologies including Fintech Sandbox and WeCube. WeBank FinTech Sandbox is a virtual innovation lab designed for individual developers, as well as technology and business partners. It provides a testing ground to build, demonstrate, share, augment and test cutting edge financial technologies, reference implementations as well as various other business applications and solutions. We encourage fintech innovators to build their own disruptive business models based on technologies which have been tested and proven at scale and applicable for a multitude of use cases including virtual banking, supply chain finance, mobile payment, smart retail, and others.

WeCube tackles the challenges of managing a fully distributed architecture require smart ops & maintenance tools for higher efficiency. It is the all-in-one tool to address the issue as being an open-sourced and self-evolving working platform.

In the big data area, WeBank extracts the essence of its financial-grade data technologies and designed WeDataSphere. It is a platform with financial grade computing, data storage and exchange, and machine learning capabilities developed based on various open-source components like Hadoop, spark, HBase, KubeFlow and FFDL. Enormous enhancements and reinforcement efforts were made by WeBank on top of the open-source components to tackle financial application issues related to security, performance, high availability, and traceability.

To find more WeBank Fintech solutions, follow their official website at fintech.webank.com/en.

 

SOURCE WeBank

 

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Crypto.com Partners With Xfers

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Users can buy and sell crypto in SGD instantly with Xfers Wallet

 

Crypto.com, the pioneering payments and cryptocurrency platform, announced today at the Singapore Fintech Festival that it is partnering with Xfers, the Singapore-based payment processing gateway, to enable Crypto.com users to buy and sell crypto in SGD by December 2019.

With this Xfers partnership, Crypto.com users will be able to instantly buy crypto (including BTC, ETH, LTC, XRP, MCO, CRO) in SGD. By facilitating the purchase and selling of cryptocurrencies with fiat currencies, the partnership further accelerates the adoption of cryptocurrencies in Singapore.

Crypto.com also plans to support StraitsX, Xfers’ pilot stablecoin initiative, and XSGD, its Singapore Dollar-backed stablecoin. Crypto.com will offer XSGD as part of Crypto.com Pay, its mobile payment solution enabling instant and zero fees settlement between customers and merchants.

Tianwei Liu, Co-founder and CEO of Xfers said: “Partnering with a leading platform such as Crypto.com is essential to driving our vision of building an open payments infrastructure for the region. This combined pilot to adopt XSGD for MCO Card top-up and for Crypto.com spend adds to our strong foundation for the initiative, as StraitsX aims to be the common ledger for digital assets and payments- enabling transparency for payments.”

Kris Marszalek, Co-founder and CEO of Crypto.com said: “We are pleased to partner with Xfers first to enable crypto purchases in SGD and then on the strategic stablecoin initiatives surrounding StraitsX and XSGD. Both solutions will increase the utility of the Crypto.com platform for our Singapore community.”

SOURCE Crypto.com

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