Temenos (SIX: TEMN) today announced that it has successfully completed certification for the FedNowSM Service, the Federal Reserve’s new instant payment offering launching in July 2023. Through Temenos’ flexible, cloud-native Payments Hub, banks can support the FedNow service and offer faster payments services to their customers.
FedNow is an instant payments network that moves funds directly and immediately between financial institution accounts in the United States. Participation in the program will enable banks’ customers to receive value into their accounts in near real time, thus outperforming traditional US payment clearing services with faster completions. Temenos will continue to enrich its FedNow capabilities, enabling its US clients to better serve customers with innovative payments solutions such as Request to Pay, accelerated payouts, and embedded finance offerings.
Christine Barry, Head of Banking & Payments, Datos Insights, commented: “For banks wanting to stay at the forefront of technology, participating in the FedNow Service will pave the way to creating additional differentiation for their customers. Offerings like Temenos’ core banking and payments cloud-native technology enables banks to innovate more quickly, giving customers access to faster payment methods which improve their cashflows and increase satisfaction, not just for Temenos’ banking clients but for their clients’ customers too.”
Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive, said: “We are excited that early adopters of all sizes across the country are making strides in their operational readiness for live transactions through the system. Completing certification is a key milestone for participating organizations to validate their ability to deliver instant payment services.”
Philip Barnett, President Americas, Temenos, said: “Temenos’ highly scalable platform with proven localization and ongoing investment in the US, enables banks to modernize their payments giving them the business agility required to benefit from new market initiatives such as instant payments. Temenos has a wealth of experience in supporting global financial institutions with their payments transformation across multiple payment schemes, clearing infrastructures and evolving regulations. In addition, many banks’ existing core technology can limit the benefits they provide to their customers from instant payments services like FedNow. Temenos can address these limitations by enabling banks to progressively modernize their core capabilities and accelerate the time to value. We see tremendous growth opportunities and are excited to have recently been selected by Convera, the global payments leader to modernize their payments infrastructure. We continue to invest in our single code base across core banking and payments making our offering the most compelling in the market.”
The benefits of this flexible, secure, and cost-efficient setup for instant payments are already well known to Temenos clients across the world, using instant payment rails including both ISO20022 and non-ISO20022 schemes such as UK Faster Payments and SEPA Instant in the European Union. FedNow certification further enhances Temenos’ capabilities in this area and reputation as a leader in the market. Temenos Payments is ranked #1 best-selling payments system in the global IBS Sales League Table 2023.
Temenos Payments Hub standardizes and simplifies payments operations within a centralized cloud-native platform and helps banks gain greater efficiency and lower costs. Temenos Payments Hub running in the cloud can scale massively handling all payment types and schemes.
Temenos offers a single platform across all banking verticals and business segments including payments and core banking. With Temenos, banks can progressively replace legacy systems, starting with payments. This way they can process payments at scale and pass on the benefits of the FedNow instant payments to their customers by using a modern, cloud-native core, unincumbered by legacy core systems. Therefore, the FedNow rollout process can become a key step towards the bank’s full modernization.
Stockify goes fully Digital, offers Mutual Funds and Dematerialization of shares
In a strategic move to expand its offerings and provide a comprehensive suite of financial services, Stockify, a leading platform for Unlisted and pre-IPO shares in India, has announced plans to venture into the Mutual Fund space.
This development comes as part of Stockify’s mission to assist High-Net Individuals (HNIs) and Non-Resident Indians (NRIs) in accessing various investment opportunities in India via the pre-IPO route and maximizing their wealth. The company is also set to facilitate the Dematerialization of Shares. (Conversion of Physical Share to DEMAT account.)
Founded by Piyush Jhunjhunwala (CA, CPA) and Co-Founded by Rahul Khatuwala (CA) both seasoned finance professionals with decades of experience in global conglomerates.
Stockify has already carved a niche for itself in the Indian Financial landscape. The platform primarily focuses on providing access to Blue-Chip Stocks before their listing on the Indian Stock Market (via the Pre IPO Route) enabling early investors to potentially achieve significant returns. While expressing the company’s intent behind expanding its services, Jhunjhunwala said, “Mutual Funds are the backbone of the Indian Equity market, and we believe it is important that NRI and retail investors in India can greatly benefit from our new offering and this will help them in creating long-term wealth.”
The recent announcement of Stockify entering the Mutual Funds market follows the company’s successful acquisition of a Mutual Fund license in the first quarter of 2023. Alongside Mutual Funds, Stockify intends to offer an array of other financial products, like Start-up Funding, fixed investment products like Bonds and Non-Convertible Debentures (NCDs) and Insurance-Linked Investments, in the coming months. Notably, Stockify plans to make all its products and services 100% accessible online, aligning with the Digital India vision of our beloved Prime Minster Mr. Narendra Modi.
Currently, Stockify boasts 70 Unlisted/pre-IPO companies on its platform, with in-depth research conducted on all of them as stated by Jhunjhunwala. It offers a simple online process where transactions can be completed online, and shares get transferred to the clients DEMAT account on the same day.
Stockify’s global presence was recently showcased at the Dubai Fintech Summit (DFS). The two-day event brought together over 5,000 C-suite leaders, 1,000-plus investors, and 150 speakers from around the world. Stockify was selected as one of the proud exhibitors at the summit, solidifying its position as one of the world’s largest providers of pre-IPO and Unlisted Stocks in India.
With its ambitious expansion plans and commitment to innovation, Stockify is set to continue revolutionizing the way investors access and engage with financial opportunities in India and beyond.
VerifyVASP Wins Hong Kong’s IFTA Fintech and Innovation Awards 2022/23: Regulatory Technology Award
VerifyVASP was awarded the Institute of Financial Technologists of Asia (IFTA) Fintech and Innovation Awards 2022/23 for Regulatory Technology. The awards exhibit the extraordinary achievements made by companies and individuals in the finance and technology industries.
The IFTA Awards, themed “Game Changers: The Rise of Next Gen Fintech”, celebrates ground-breaking ideas and technologies that are shaping the future of finance. The distinguished Guest of Honour presenting the IFTA awards was the Under Secretary for Financial Services and the Treasury for Financial Services in the Hong Kong SAR, Mr. Joseph Ho-Lim Chan.
VerifyVASP has established itself as a comprehensive Travel Rule solution provider catering to Virtual Assets Service Providers (VASPs) worldwide. Its commitment to facilitating full compliance with Travel Rule regulations across multiple jurisdictions has earned it this prestigious recognition.
This accolade comes at an opportune time, as VerifyVASP supports the Hong Kong Virtual Asset Trading Platforms (VATPs) in adhering to the regulatory framework set forth by the Hong Kong Securities & Futures Commission, which came into effect on 1 June 2023. VATPs are granted a grace period till 1 January 2024 to ensure compliance with Travel Rule requirements.
The IFTA Fintech and Innovation Award underscores VerifyVASP’s capabilities, including:
- Facilitation of counterparty due diligence: VerifyVASP assists VASPs in counterparty due diligence before the first transaction, to stringent standards akin to that observed in correspondent banking. This is achieved through VerifyVASP’s own rigorous due diligence process, encompassing over 100 VASPs.
- Immediate and secure transmission: Leveraging a scalable architecture, VerifyVASP ensures immediate and secure transmission of required information, alongside verification of such information. To date, the platform has processed over 5 million transfers.
- Adherence to international data protection laws: VerifyVASP complies with international data protection law thanks to its decentralised, end to end encrypted architecture. This dedication to data security and privacy sets it apart in the industry.
- Asset agnostic: VerifyVASP’s capabilities extend to accommodating any type of virtual asset, having processed over 400 cryptocurrency variants on its platform.
- Integration of third-party screening solutions: VerifyVASP seamlessly integrates third-party solutions, allowing for efficient screening of originators or beneficiaries before blockchain transactions.
SOURCE VerifyVASP Pte Ltd
Nagad’s Digital Bank on cards, Sadaf to lead the side
Nagad, Bangladesh’s leading Mobile Financial Service (MFS) provider, is gearing up to establish the much-anticipated digital bank, as it is going to secure a licence from the Bangladesh Bank within a couple of months.
Sadaf Roksana, a co-founder and executive director of Nagad Ltd., has been entrusted with the responsibility of leading her company’s transformative venture that will bring greater convenience to the lives of millions of Bangladeshis, reducing their reliance on traditional brick-and-mortar banks.
The MFS provider earlier applied to secure a digital bank licence following the central bank’s call for applications through its website. The Bangladesh Bank also formulated necessary guidelines to widen and accelerate financial inclusion, which will also create jobs for young IT workers.
The world’s fastest mobile money carrier is going to venture into the digital banking era at a time when the financial landscape across the globe is fast evolving towards digitalisation, driven by technological advancements and changing consumer preferences.
Taking on the new assignment, Sadaf, a seasoned financial executive with a remarkable track record in the fintech industry, is poised to steer Nagad’s digital bank towards success. Once Nagad gets the digital bank licence, it will provide its consumers with innovative and convenient banking solutions.
“We are very excited that we are going to introduce digital banking services to the people of Bangladesh within a couple of months,” Sadaf said, adding, “This endeavour aligns perfectly with our vision of enhancing financial inclusion and ensuring easy access to all financial services also at affordable prices.”
Nagad is already well-equipped to launch a digital bank. It will start serving customers soon after getting the licence, Sadaf assured.
Under its digital banking platform, Nagad will introduce many new services, such as single-digit and collateral-free loans for small informal businesses and farmers who now are to take loans from moneylenders even at 40% interest rate per day, she pointed out.
“Thus, we will encourage them to come under financial inclusion, thus putting their money into the formal channel,” she expressed her optimism.
To assess one’s creditworthiness, Nagad has created an AI-based credit rating system that will analyse all transactions-related data available on public domains using one’s NID and mobile number, Sadaf Roksana added.
As Nagad goes ahead with its plans, all eyes will be on Sadaf Roksana and her team as they will embark on this exciting journey towards a more digitised and inclusive financial future for the country.
SOURCE Nagad Limited
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