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Has COVID Signalled the End for Cash?

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The rise in online shopping during the pandemic delivered a corresponding decline in the use of cash. Will the COVID-effect be permanent, or will societies be reluctant to forever give up on physical currencies? Leading global e-wallet STICPAY’s Customer Service Director James Bay, thinks the use of cash is coming to end thanks to COVID.

He said: “In 2010 50% of all payments made in the UK were cash and just one in six payments were made with debit cards. By the end of 2017 debit cards were used for more than one in three payments in the UK, so the decline of cash was already being seen. However, the social distancing measures and lockdowns necessitated by the COVID pandemic, have accelerated the move to digital payment methods.

“With many physical businesses being shut for long periods of time, much of our shopping has moved online in the past 18 months, and that has inevitably led to an increase in debit/credit or digital payments. In fact, according to Link, which runs the UK’s cash machine network, the volume of ATM transactions fell 62% year on year at the start of lockdown.

“In Spain the picture was even more stark, with cash volumes dropping by up to 90% during lockdown.

“With many of us getting used to online shopping and other payment methods that don’t involve cash, it is unlikely that we will return to paying for goods with physical currency any time soon.

“Experts had predicted that we would become a cashless society in the next 10-15 years, but that move is likely to have been accelerated by COVID and the milestone could even be achieved in the next year or two.

“And it is easy to see why this would happen. Contactless or digital payments are much less likely to spread germs or viruses and they make social distancing rules much easier to maintain. As we start to reopen our economies, these measures will become even more important to allow us to continue to operate some sort of normal life.

“Small and medium sized businesses who may not have accepted digital payment solutions prior to COVID have been forced to during the pandemic and many are finding it something they prefer. As well as being more hygienic, digital payments are also much easier from an accounting point of view and anything that removes an administrative burden from a small business will always be popular.

“Not having physical cash on the premises also removes the possibility of stores being raided for the money in the till, which is something that is still a major concern for many small businesses.

“But as our finances become ever more digital, we present hackers with more opportunities to gain access to our funds. That is why choosing a payment solution that has high levels of security is vital.

“Digital money transfers also make life potentially easier for international criminal gangs wishing to launder large sums of money. Again, the payment solution and its security protocols are crucial if we want to stop the flow of illegally obtained funds.

“When using an e-wallet the user’s sensitive financial data is always protected, whether it is being used for in-store purchases via a smartphone or for online payments. E-wallets have a layer of advanced encryption that generates a random number sequence for each transaction. Even if hackers manage to intercept the customer’s transaction, they won’t be able to use the data they acquired.

“And stealing the phone used for the e-wallet won’t help the hacker either. They wouldn’t be able to log into the digital wallet account as it is protected with biometrics (face recognition, fingerprints), a PIN, or a password.

“When you consider the benefits of digital payments it is easy to see there are many reasons why they are a better option than cash. COVID may have accelerated our shift away from cash, but it is a shift that was inevitable.”

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Rob Pettman takes the helm as CRO and president at Tifin

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Tifin has announced the high-profile appointment of Rob Pettman as its new Chief Revenue Officer and President.

Pettman, who formerly served as Executive Vice President of Wealth Management Solutions at LPL Financial, is set to bring a significant breadth of experience to his new role at Tifin.

Tifin stands at the forefront of financial technology, particularly within the WealthTech domain, by integrating cutting-edge AI solutions to enhance wealth management services. The company is renowned for its commitment to leveraging technology to improve financial advisory services and client outcomes through smarter, data-driven decision-making processes.

In his new position as Chief Revenue Officer and President, Rob Pettman will be instrumental in driving Tifin’s revenue strategies and expanding its market presence. Reporting directly to Tifin’s Founder and CEO, Dr. Vinay Nair, Pettman’s responsibilities will include overseeing the company’s growth initiatives, forming strategic partnerships, and enhancing the overall financial performance across Tifin’s various enterprises.

Rob Pettman comes to Tifin with nearly two decades of experience at LPL Financial, where his leadership spanned multiple key areas including investment product distribution, advisory platforms, and wealth management strategy. His extensive background in financial services and deep understanding of the advisory landscape equip him well to lead Tifin’s next growth phase.

Throughout his career, Pettman has demonstrated a keen ability to manage complex wealth management platforms and foster relationships with product and technology partners, skills that will be vital as he takes on his new challenges at Tifin.

Tifin CEO Dr. Vinay Nair expressed his enthusiasm about the new appointment, “Rob’s extensive experience and deep understanding of the financial advisory landscape make him the perfect fit to help Tifin’s growth as we enter a phase of scaling and deployment. At the same time, his familiarity with advisor, asset manager, and insurance provider frustrations will help us with relevant ongoing innovation. I am delighted to welcome him and look forward to working closely with Rob.”

Rob Pettman also shared his excitement about his new role, “I am thrilled to join Tifin at such an exciting time in the company’s journey. Tifin is on the leading edge of applying AI technology to empower financial advisors with better intelligence and to enhance client outcomes. I am looking forward to collaborating with Vinay and his teams across the Tifin portfolio to drive continued success and innovation.”

Source: fintech.global

The post Rob Pettman takes the helm as CRO and president at Tifin appeared first on HIPTHER Alerts.

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DataTracks Celebrates Completion of 19 Years

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SINGAPORE, April 18, 2024 /PRNewswire/ — DataTracks, a provider of cloud-based software to automate/generate compliance reports for filing with financial/security regulators to more than 28,000 business enterprises in 26 countries, celebrates the completion of 19 years of service and innovation.  Founded with a vision to make regulatory compliance “accurate, reliable, timely, and easy”, DataTracks has grown into a leading name in the industry, worldwide with cutting edge software that incorporates “artificial intelligence” aided features to reduce “time to prepare” and improve “accuracy”.

Decades of Dedication and Expertise

Over nearly two decades, DataTracks has achieved significant growth, with its software delivering more than 400,000 reports, showcasing its pivotal role in regulatory reporting. The software and service address regulations across diverse jurisdictions, including SEC in the USA, HMRC and FCA in the UK, Revenue in Ireland, CIPC in South Africa, ACRA in Singapore, MCA in India, SSM in Malaysia and ESMA, EBA, and EIOPA in Europe. 

DataTracks distinguishes itself in the industry

(a) with its global footprint (preferred by business enterprises whose regulatory obligations are spread across multiple jurisdictions)

(b) with its state-of-the art software that incorporates “AI/ML” features and

(c) with its credentials for information security (including ISO 9001:2015 and ISO 27001:2013 certifications)

Addressing the employees and spouses in a town hall meeting to celebrate the event, Vinod P John, President of DataTracks said: “We are happy to start our 20th year in the industry. I have to thank the 28,000 clients who trust us and the several hundred employees who developed our software and who helped customers (and our internal team) prepare compliance reports for reaching this milestone.  We’ve always believed in leveraging technology to make regulatory compliance as easy, quick, timely, and accurate as possible for our clients.  Our continuous investment in AI and machine learning is a testament to this belief, and it’s what keeps us at the forefront of the industry.”

Looking ahead, DataTracks is ready to address upcoming mandates such as the DATA Act and FTA in the US as well as the MBRS/XBRL mandate by SSM in Malaysia.

About DataTracks

DataTracks is a Singapore-based globally renowned leader in providing cloud-based regulatory compliance software for self-use and “black box services” using the same software, catering to 28,000 clients across 26 countries. In 19 years DataTracks has helped its client enterprises prepare more than 400,000 compliance reports for filing with financial/security regulators in several jurisdictions. Financial analysts have rated the quality of reports generated using DataTracks as top of industry for quality; significantly above that of several of its competitors.  For further information, visit www.datatracks.com.

For Business Enquiries: Email: [email protected]; Phone: Singapore: +6531582850, US: +1(646)9048324, UK: +44(0)2036088035

Media Contact: [email protected] 

Logo – https://mma.prnewswire.com/media/663546/3984133/DataTracks_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/datatracks-celebrates-completion-of-19-years-302119623.html

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BharatPe names Nalin Negi as permanent CEO

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Indian digital payments fintech BharatPe has promoted Nalin Negi, its CFO of almost two years, to the position of permanent CEO.

Negi has acted as the fintech’s interim boss since January last year, when Suhail Sameer – who had served as BharatPe’s CEO since August 2020 – departed the post.

Rajnish Kumar, chairman of BharatPe’s board, states that Negi’s “extensive experience” and the growth accumulated under his leadership designates him as a “natural choice to lead the company”.

The fintech claims to have recorded a 182% increase in revenue from operations during his tenure as interim CEO, and marked its first EBITDA-positive month last October.

Moreover, it states that its new boss’ strengths lie in formulating and implementing strategies that leverage market opportunities, and “fostering a culture of innovation and customer-centricity”.

Prior to joining BharatPe in 2022, Negi served as CFO for the Indian credit card company and payment provider SBI Card – where he is credited with steering the company’s IPO – as well as a controller for GE Capital Services India.

Commenting on the fintech’s “strategic focus” now that he has taken the company reigns permanently, Negi asserts that BharatPe will concentrate on “sustained profitability, scaling lending businesses, and launching new merchant-centric products”.

BharatPe, which was founded in 2018 and is noted for launching India’s first UPI interoperable QR code, says it will now begin its search for a new CFO.

Source: fintechfutures.com

 

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