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Wells Fargo, a leading financial institution, is set to revolutionize its trade finance operations by incorporating artificial intelligence (AI) technology through its collaboration with TradeSun.

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Wells Fargo, one of the prominent “Big Four” banks in the United States, has chosen to utilize the TradeSun AI platform to modernize and enhance its trade finance and compliance procedures.

With assets totaling around $1.9 trillion, the bank, headquartered in San Francisco, will implement TradeSun’s Intelligence V4 solution to manage risks effectively in its trade finance operations. Additionally, the bank will leverage TradeSun’s AI capabilities to process unstructured data, verify documents, and meet compliance standards.

Cesar Gonzalez, who leads commercial banking operations at Wells Fargo, noted the significant progress made in digitizing trade finance and receivables processes. He emphasized that the partnership with TradeSun provides essential digitization and automation tools to bolster the bank’s risk framework.

Kiran Vuppu, heading Wells Fargo’s commercial banking client insights and commercial lending product management group, highlighted the bank’s ongoing efforts to streamline product offerings across various channels. The integration of TradeSun’s AI technology plays a vital role in this strategy.

Wells Fargo’s commitment to operational efficiency and innovation is evident in its adoption of digital solutions in recent years. This includes the introduction of the Fargo virtual assistant in partnership with Google Cloud in 2022, the launch of the Vantage digital business banking platform utilizing AI technology, and the subsequent rollout of LifeSync, a financial planning platform, in February of the following year.

Source: fintechfutures.com

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ColCap UK and Molo complete £300 million securitisation

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LONDON, May 2, 2024 /PRNewswire/ — ColCap Financial UK Limited (ColCap UK) and Molo Tech Limited (Molo) have successfully completed their first securitisation, ‘Molossus BTL 2024-1’.

The securitisation totals £300 million of prime UK buy-to-let mortgage loans in England and Wales. It is a Residential Mortgage-Backed Security (RMBS) transaction.

ColCap is a leading privately-owned, Australian non-bank lender specialising in residential mortgage loans. Founded in 2006, it has a loan portfolio in excess of AUS $14.0 billion. ColCap invested in Molo, an award-winning digital buy-to-let lender, in February 2023 via its UK subsidiary, ColCap UK.

The diversified pool of underlying mortgage assets has generated significant interest and strong investor demand.

The securitisation received a AAA(sf) rating from global credit rating agencies Fitch and S&P Global Ratings respectively. The ratings were for 87.5% of the pool and the senior tranche was priced at 0.95% over SONIA.

Macquarie Bank and Standard Chartered Bank acted as Joint Arrangers and Macquarie Bank, Standard Chartered Bank, and Citigroup acted as Joint Lead Managers.

ColCap UK’s Treasurer, Paolo Tanca, commented, “This deal represents a significant milestone for us, showcasing our ability to structure and execute successful RMBS transactions in the UK market. We are excited about the opportunities for future growth and expansion.

Echoing this sentiment, ColCap UK’s Executive Director and COO, Esther Morley added “Today’s successful RMBS announcement demonstrates growing confidence in the UK property market and in the quality of Molo’s buy-to-let portfolio. This strategic move with Molo is the first of many and demonstrates our commitment to innovation. It also marks the beginning of a new chapter for ColCap in the UK market. It sets the stage for further collaborations and growth opportunities, benefiting both our UK operations and our broader global presence, including ColCap Australia.”

Commenting on the achievement from Molo’s perspective, CEO Matt Kimber, stated, “The success of this RMBS highlights the strength of Molo’s mortgage lending capabilities and the credit quality of our originations. It enables us to continue empowering landlords with accessible and innovative lending solutions while reinforcing our position as a leader in the buy-to-let mortgage market.” 

About ColCap

ColCap is a Sydney-headquartered privately owned leading non-bank lender specialising in residential mortgage loans. ColCap was founded in 2006 and currently has a loan portfolio in excess of AUS $14.0 billion.

ColCap lends in Australia and the UK primarily through:

  • the Wholesale lending brand Origin Mortgage Management Services, which services Mortgage Managers that offer white-labelled mortgage loans;
  • the Broker lending brand Granite Home Loans, which offers selected loan products to borrowers utilising aggregators and mortgage brokers;
  • the award-winning Retail lending brand Homestar Finance, which offers mortgage loans directly to borrowers; and
  • the digital mortgage lender Molo within the UK market, offering mortgage loans to both UK and non-UK resident borrowers

For further information about ColCap please visit www.colcap.co.uk

About Molo

Molo is an award-winning digital mortgage lender in the UK, established specifically to improve customers’ experience in obtaining a mortgage, leveraging technology to deliver simpler and faster online mortgage lending. Since it launched in 2018, Molo has led change in the UK mortgage industry with over £1.8 billion mortgage applications submitted across their digital platform to date.

Molo is backed by ColCap Financial Limited.

For further information about Molo please visit www.molofinance.com.

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IFS announces best Q1 results in company history with 26% increase in ARR YoY and 20% increase in Cloud revenue YoY

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New CEO visits 100 customers in first 100 days

LONDON, May 2, 2024 /PRNewswire/ — IFS, the global cloud enterprise software company, today announced its financial results for the first quarter ending March 31, 2024. The results reflect the best start to the year in company history an early victory for new CEO Mark Moffat, who was appointed on January 9th, 2024.

Summary of Q1 results:      

  • Annual Recurring Revenue (ARR) up 26% YoY    
  • Cloud Revenue up 20% YoY 
  • Software Revenue growth up 19% YoY

A steadfast customer focus positions IFS as the demonstrable leader in all of the segments it serves. A position reinforced thanks to recent industry analyst reports recognizing IFS as the #1 vendor in terms of market share for Enterprise Asset Management (EAM) and Service Management.

IFS CEO Mark Moffat commented: “In my first 100 days as CEO, I have met with over 100 customers around the world, and they consistently tell me that our customer-centric approach is a key differentiator, especially in a world where we see our competitors peddling their own agenda over that of their customers’.

“Our Q1 results are the continuation of our relentless focus on what makes us successful: listening to and delivering value to our customers. It’s also what enables us to outperform the market quarter after quarter. Our customer focus is not only ingrained in our culture, but it also extends across our partner ecosystem and the work they deliver alongside us.”

Moffat added: “Industrial AI is a huge opportunity for our customers, and we are uniquely positioned to help them harness its potential. We have been developing industry-specific AI solutions that integrate seamlessly with our existing products and leverage the data we have to deliver game-changing outcomes.” Moffat concluded: “IFS has an edge because we have been having these conversations with our customers for years, and that has informed how we shape our technology and services. The results of the first quarter show that we are on the right track, and that our vision resonates.”

Key factors supporting IFS’s expansion:        

  • A sharp uptake in demand for IFS.ai thanks to compelling Industrial AI use cases that are fast and easy to implement, and in turn able to rapidly deliver value. As more of these use cases roll out with every release of IFS Cloud, IFS is providing further capabilities for customers to innovate and differentiate within their respective fields.
  • Welcoming a significant number of new customers who are moving from legacy vendors including SAP and IBM Maximo to IFS because of: IFS’s relentless pursuit of customer success; the single composable platform and common data model; consistent enhancements in industry functionality; and flexible deployment options that put customers in control. In the last quarter alone, Modulaire Group, NGE, Evergy and the US’s largest utility company, Exelon, have selected IFS as the modern, next generation alternative.
  • Significant expansion of IFS within existing customers, who are similarly implementing IFS to replace outdated technology that exists in other areas of their business. With so many industrial companies looking to technology, and specifically IFS, to transform and grow, IFS is uniquely positioned to help customers improve supply chains, operate more efficiently and ultimately deliver amazing Moments of Service that stand out. For example, many manufacturers are expanding their use of IFS with IFS’s Connected Worker solution from Poka to better manage, enable and improve the productivity of their factory workers.

IFS Chief Financial Officer, Matthias Heiden, added, “Market conditions in 2024 are still volatile which puts our performance trajectory into context. 26 percent ARR increase year-on-year combined with strong subscriptions renewals is setting us up for continued steady growth in 2024.” Heiden continued: “This means we are able to prioritize investment in people and in technology bringing even more innovation into our bi-annual releases.” Heiden concluded: “We have worked hard to get to this point, and we are seeing financial benefits deep into our business with all the metrics continuing to accelerate in the right direction.”

Investments in key markets such as the US, Europe, and Japan are slated to continue through 2024, bolstering regional performance by driving increased demand for IFS.ai. In Q1 the company also launched a significant brand campaign across the US, including out-of-home advertising at the largest airports in North America, becoming the Big Ten Conference’s Official Technology Partner, and a Patron of MIT’s Center for Information Systems Research.

IFS is also pleased to today publish the 2023 IFS Sustainability Report, which details the company’s strategy, approach and achievements delivering on its own sustainability targets as well as supporting customers to achieve their ESG goals. The report, alongside an ESG Fact Sheet, is available here: https://www.ifs.com/assets/all-products/ifs-sustainability-report-2023

Financial Highlights for Q1 FY2024:      

  • Q1 FY2024 software revenue was EUR 217m, an increase of 19 percent versus Q1 2023.  
  • Q1 FY2024 recurring revenue was EUR 209m, an increase of 21 percent versus Q1 2023.
  • Q1 FY2024 net revenue was EUR 269m, an increase of 16 percent versus Q1 2023.

For more information about IFS’s historical financial performance, please visit: https://www.ifs.com/about/financial-information.

Contact information.

EUROPE / MEA / APJ: Adam Gillbe
IFS, Director of Corporate & Executive Communications
Email: https://www.ifs.com/about/financial-information.

Phone: +44 7775 114 856
NORTH AMERICA / LATAM: Mairi Morgan
FS, Director of Corporate & Executive Communications
Email: https://www.ifs.com/about/financial-information.
Phone: +44 7018 607 299

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Federica Pietrogrande Joins The Brattle Group as Principal, Specializing in Restructuring, Insolvency, and Alternative Investment Disputes

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LONDON, May 2, 2024 /PRNewswire/ — The Brattle Group has welcomed Federica Pietrogrande to the firm as a Principal in the firm’s Bankruptcy & Restructuring practice. Ms. Pietrogrande brings over two decades of global experience in restructuring, insolvency, and special situations.

“With her wealth of global experience and her proven expertise in navigating complex business and financial transactions and restructuring and insolvency matters, Federica will be a tremendous asset to Brattle’s clients,” said Torben Voetmann, Brattle President & Principal. “We are thrilled to have her on board as we expand our international securities capabilities to continue developing a cohesive, collaborative network of insolvency experts.”

Having worked with major financial institutions, large private investors, and corporations as a principal investor and as a legal advisor, Ms. Pietrogrande brings a unique interdisciplinary perspective to Brattle. She has managed complex restructuring and insolvency cases and litigations and orchestrated complex transactions across Europe and globally. She also has expert witness experience in US litigations.

“Recent legal developments have significantly increased the demand for independent experts in restructuring and insolvency cases in the UK and Europe,” said Ms. Pietrogrande. “I’m thrilled to join Brattle and to continue expanding its broader securities team, including the Bankruptcy & Restructuring practice, into Europe alongside my esteemed colleagues.”

Prior to joining Brattle, Ms. Pietrogrande was Managing Director of International Strategy and Capital at a global distressed investment, restructuring, and valuation firm. She previously was the Head of Restructuring & Insolvency at the Italian office of an international law firm.

To learn more about Ms. Pietrogrande, please see her full bio at https://www.brattle.com/experts/federica-pietrogrande/.

ABOUT BRATTLE

The Brattle Group answers complex economic, finance, and regulatory questions for corporations, law firms, and governments around the world. We are distinguished by the clarity of our insights and the credibility of our experts, which include leading international academics and industry specialists. Brattle has 500 talented professionals across North America, Europe, and Asia-Pacific. For more information, please visit brattle.com.

The Brattle Group (PRNewsFoto/The Brattle Group)

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