Innoviti Technologies gets Great Place To Work® Certified™ for the second consecutive year in 2023. Over 82% of Innoviti employees whole-heartedly participated in the survey conducted by Great Place to Work and endorsed their belief in Innoviti being the best place amongst mid-sized companies by creating a steep 21% increase from last year’s result.
In 2022, Innoviti had an overall score of 70 points but within a year through implementation of people-centric and growth focused policies, the score has risen by a whopping 15 points to an overall 85 points, raising the bar for performance. A 2x rise from industry normal of 8-9 points is a feat in itself.
The certification stands a clear testimony of new age growth-oriented leadership that has positioned Innoviti as a leading employer within the midsized tech / fintech industry.
The maximum workforce gave a huge thumbs-up to key factors of growth like
- Credibility of management improved [15 point rise to 85],
- Respect for people [16 point rise to 83],
- Fairness at the workplace [11 point rise to 85],
- Pride [14 point rise to 87],
- Camaraderie between people [17 point rise to 83],
Great Place To Work® is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting, and insights they need to make strategic people decisions. The Institute serves businesses, non-profits and government agencies in more than 60 countries and has conducted pioneering research on the characteristics of great workplaces for over three decades.
Innoviti Technologies, known for being growth-oriented company with a right-people, fit-right approach, has always supported its people to retain their uniqueness while pushing them to embrace a collective common growth path. People centric initiatives have built Innoviti as real caretakers especially during the pandemic. Boosting group medical coverage by 4x, offering unique incentives to front-line field resources, implementing two increment cycles, paying out annual incentives and performance-linked variable bonuses have been specially appreciated. Initiatives across functions have reduced the company’s attrition rate to 3% in 2022-23, which is much lower than the industry average.
Amrita Malik, Co-Founder and President, Innoviti Technologies, said, “Right people with the right skill-sets are essential to adapt to the fast changing market dynamics. It is extremely satisfying that 82% of our team members endorsed our efforts in realizing our vision and embraced our passion to excel. We have invested in young, ambitious, and adaptable workforce who have the courage to face any market challenge fearlessly. This is our greatest leverage point, allowing us to build and offer digital payment products that are greatly valued for their premium offerings. A committed team and our shared mission is why we are consecutively being certified as a Great Place to Work. Based on principles of excellence first, Innoviti provides a stimulating ground for high achievers, inspiring them to achieve more while doing it right. I am happy that ‘Innovitians’ relate well with our philosophy. Together, we will continue to enable the organization to reach greater heights while placing new milestones.”
Navneeth Sulakhe, Senior Vice President and Head, Human Resources, Innoviti Technologies, said “At Innoviti, our cultural values of curiosity, urgency, risk-taking, self-management, and quality drive to listen first and act quickly on feedbacks, demonstrating our unwavering commitment to continuous improvement. Innoviti opens door to those who want to excel and foresee a growth career ahead of them. This place supports new skill enhancement, learnings on new challenge acceptance and delivery process, and teaches how contribute meaningfully to any growth mission. Investing in the great talent is investing in an great future ready organization that enables success for all.“
Expressions of Interest for Director of the European Bank for Reconstruction and Development
The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.
The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.
Minister McGrath commented:
“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.
My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”
Expressions of interest will be accepted up to 3pm on 27th March 2024
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Council adopts regulation on instant payments
The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.
The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.
The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.
Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.
The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.
The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.
Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.
The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.
This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.
On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.
Source: European Council
FCA highlights need for enhanced competition in wholesale data markets
The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.
Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.
The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.
In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.
Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”
In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.
Source: Fintech Global
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