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Cache Valley Bank accelerates its digital growth strategy with Finastra

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Powered by Finastra Phoenix and Digital Banking, plus an expanded suite of solutions, the bank will enhance its user experience for both businesses and consumers  

LAKE MARY, Fla., May 16, 2024 /PRNewswire/ — Finastra today announced that Cache Valley Bank, a community bank with $2.9 billion in assets serving Utah and Southern Idaho, has expanded its collaboration with the financial software provider, gaining increased flexibility and agility through its cloud-based solutions. The bank will leverage Finastra Phoenix for its core, Finastra Digital Banking for consumer and business mobile banking, and a suite of ancillary solutions to enhance its operations and future-proof its technology stack.

Cache Valley Bank expanded its relationship with Finastra to modernize its core banking infrastructure and to reinvent its business with cutting-edge abilities and increased efficiencies across its operations. The bank is enhancing its Finastra core solution while replacing its digital banking infrastructure with Finastra’s robust end-user engagement platform, making it well-positioned to quickly and efficiently adapt to emerging opportunities and to better deliver an enhanced user experience for businesses and consumers across the markets it serves.

When the bank recognized that its legacy digital banking solution could not offer the enhanced customer experience it wanted to deliver, it chose Finastra for its underlying technology, flexibility, and ecosystem. “For more than two decades, we have worked with Finastra to power our bank through their innovative, thoughtful, and efficient solutions,” said Mike Lemon, chief financial officer at Cache Valley Bank. “When it came time to seek a new partner for our digital banking needs, we knew it made sense to expand our relationship with Finastra, as they offer the experience, stability, and access to innovation we need to deliver an enhanced customer experience.”

The bank has a strategic vision to migrate all on-premises software to the cloud over time. Finastra Phoenix and Digital Banking support this goal and are designed to seamlessly migrate to the cloud, enabling the optimization of back-office resources and architecture. This shift will allow the bank to focus on its other priorities, such as the customer experience, more closely.

“To enable future growth, Cache Valley Bank needed an intuitive and user-friendly tech stack powered by the latest innovations in financial services,” said Swathy Parthasarathy, chief operating officer, Universal Banking at Finastra. “Our core solution, digital banking, and our overall suite of services give the bank the agility and innovative capabilities needed to continue to be a leader in the market, grow its footprint, and increase efficiencies. We’re honored to be a part of their growth journey.”

Recognizing the importance of applying data to inform decision-making, the bank has added Finastra’s Fusion Analytics business analytics tool as well. The solution helps community banks gather and aggregate their customers’ current relationships, behaviors, and lifestyle attributes to identify opportunities for growth and profitability.

As part of the bank’s migration to its new suite of services, it also benefits from access to Finastra’s fintech ecosystem, leveraging partners such as Glia, a digital automation platform offering enhanced customer service. The bank additionally will implement Enterprise Content Management, Item Processing, and Rapid Wires from Finastra’s suite of ancillary solutions.

About Finastra

Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world’s top 50 banks.

For more information, visit finastra.com

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Bitget Wallet Lists Ecosystem Token BWB on Native Launchpad, Seeks to Capitalize on Market Momentum

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VICTORIA, Seychelles, May 20, 2024 /PRNewswire/ — Bitget Wallet, one of the largest multi-chain wallets, has announced that its official ecosystem token will be listed on its native launchpad from May 23, 18:00 (UTC+8). This move marks a significant milestone in Bitget Wallet’s commitment to revolutionizing the digital asset landscape and providing users with unparalleled opportunities for growth and engagement.

Users who have accumulated at least $200 worth of transactions in the month of May on Bitget Swap, the wallet’s native trading platform, will be eligible for the public round of the launchpad.

“For a project to launch its own token, careful and robust consideration of various factors have to be made,” Alvin Kan, COO of Bitget Wallet comments. “A clear understanding of a project’s unique value proposition on the market, together with a strong community to back it, are paramount requirements that need to be met before a token launch. We are satisfied that these conditions have been adequately met at this point in time, which have led us to this strategic move.”

BWB Tokenomics

Following the recent conclusion of the BWB Points campaign, the BWB token, set to launch on Solana, Ethereum, and Base chains, will be capped at a total supply of 1 billion. 47% of this total supply will be allocated to the community treasury and 10% will go to investors, while 5% will be reserved for the pre-TGE (token generation event) airdrop.

Aside from community governance rights, BWB can also be used to cover gas fees on multiple chains, staking, and will qualify holders for future airdrops from Bitget Wallet. The token will soon make its way to the wallet’s native launchpad.

Bitget Wallet Launchpad: Democratizing DeFi

Distinguishing Bitget Wallet from other wallets by providing new and innovative ways to improve the overall user experience has been a central focus of Bitget Wallet’s development roadmap this year. By introducing a native launchpad, the wallet aims to provide an avenue for users to better discover new and upcoming projects that have been carefully vetted by the Bitget Wallet team. In doing so, not only will users be able to better capitalize on various “low risk, high return” opportunities in the DeFi space, it also empowers retail investors to follow smart money and trends in the industry.

“The democratization of investment opportunities is an important goal that we are working towards, as this allows users to participate in high-quality projects and strengthens the participation and reward mechanism of the entire ecosystem,” Alvin says.

Being one of the first wallets on Web3 to integrate a native launchpad also means that users will be able to participate in leading projects right from the convenience of their Bitget Wallet mobile application. The launch of the platform’s ecosystem token on its very own native launchpad marks a pivotal milestone in Bitget Wallet’s aims to expand its global influence and deepen customer engagement.

About Bitget Wallet

Bitget Wallet is Asia’s largest and a leading global Web3 wallet with over 20 million users worldwide. It offers a comprehensive range of features, including asset management, intelligent market data, swap trading, launchpad, inscribing, NFT, DApp, and token earning center. Currently, it supports more than 100 major blockchains, hundreds of EVM-compatible chains, and over 250,000 cryptocurrencies. Bitget Wallet enhances liquidity by aggregating it across hundreds of top DEXs and cross-chain bridges, facilitating seamless trading on nearly 50 blockchains.

For more information, visit: Website | Twitter | Telegram | Discord

View original content:https://www.prnewswire.co.uk/news-releases/bitget-wallet-lists-ecosystem-token-bwb-on-native-launchpad-seeks-to-capitalize-on-market-momentum-302150050.html

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Dubai World Trade Centre Drives Impact as Economic Output Surges to US$4.98 Billion in 2023, up 40% YoY

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DUBAI, UAE, May 20, 2024 /PRNewswire/ — Dubai World Trade Centre (DWTC), a global leader in the events and exhibitions industry, has once again demonstrated its significant impact on Dubai’s economy in 2023, welcoming 2.47 million participants and hosting 301 events, 76 of which, were large-scale events that attracted 1.54 million attendees, with 46% from overseas.

DWTC’s 2023 Economic Impact Assessment (EIA) Report, based on its 76 large-scale events (2000 or more attendees) revealed an impressive surge in the total economic output, reaching US$4.98 billion, marking an incredible 40% YoY increase, with high returns for adjacent industries such as Travel, Accommodation and Retail, connected to the Meetings Incentives Conferences and Exhibitions (MICE) ecosystem.

DWTC’s large-scale events generated a substantial US$2.87 billion Gross Value Added (GVA) to Dubai’s GDP, retaining an impressive 58% of the total economic output locally. International participation soared by 53%, with overseas visitors driving 6.2 times more contribution than domestic counterparts.

Events hosted at DWTC supported 69,281 jobs, generating US$915 million in disposable household income for the city’s residents. The substantial economic impact of these events extends beyond direct revenue generation, fostering socio-economic development and contributing to Dubai’s status as a leading global business hub.

His Excellency Helal Saeed Almarri, Director General of DWTC Authority, said: “Aligned with Dubai’s Economic Agenda D33, we continue to spearhead efforts in sector diversification, reinforcing the city’s stature as a leading global business hub. The remarkable accomplishments of 2023, presented in the ‘DWTC Economic Impact Assessment Report’ demonstrate that Dubai’s MICE sector, driven by DWTC, remains a vital pillar of financial resilience and growth underscoring our accelerated strides towards sustainable socio-economic development. The increase in international participation, along with the significant economic impact generated across diverse sectors such as travel, accommodation and retail, highlights the city’s steadfast commitment to propelling business tourism.”

The venue’s formidable events portfolio strategically aligned with Dubai’s economic priorities, showcasing Healthcare, Medical, and Scientific; Information Technology (IT); and Food, Hotel, and Catering as the top contributors. These leading sectors collectively accounted for 59% (US$1.71 billion) of the GVA to Dubai’s economy, and 49% (747,468) of the total large-scale event visitation.

Adjacent sectors, including hotels, air travel, and local transportation experienced a significant boost in economic activity. The direct revenue generated through expenditure was nearly US$2.94 billion.

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Phishing, BEC, and Beyond: Tackling the Top Cyber Threats to UK Banks

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KnowBe4’s new report finds that UK financial institutions face onslaught of cyberattacks at unprecedented rate

LEEDS, England, May 20, 2024 /PRNewswire/ — KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform, today released its report on cyber threats faced by the financial sector in the UK. The report examines the escalating rise of cyberattacks on this sector, the tactics deployed by cybercriminals and what financial institutions should do to safeguard themselves and their employees.

The report shows that, in general, the financial sector in the UK is under constant attack and that it is grappling to keep pace with ever-evolving cyber threats. A clear urgency is emerging for financial institutions to adapt their security strategies for dealing with more sophisticated cyberattacks as banking is shifting towards being fully digital.

Some key findings in the report reveal a startling landscape of cyber threats:

  • The frequency of ransomware attacks on the financial sector in the UK doubled in 2023, showcasing an alarming escalation.
  • Phishing and Business Email Compromise (BEC) remain the top threats to organisations, which includes financial institutions.
  • AI-driven deepfake audio impersonations are notably on the rise.
  • For the first time, cyberattacks, and their potential to disrupt essential services, were perceived as an acute risk, more so than geopolitical tensions, inflation, or economic recessions.
  • There was a dramatic 81% surge in cyberattacks against UK financial institutions in the year following Russia’s invasion of Ukraine, outpacing the global increase of 61% during the same timeframe.
  • Multiple UK banks are lacking basic online and app protections, including use of outdated and vulnerable web applications, failure to enforce secure passwords, and the absence of alerts for critical account changes.

The report further delves into the prevailing cyber threats in the sector as well as real-life examples. It also provides some practical advice on how financial institutions can protect themselves against cyber threats and cyberattacks.

Addressing the urgency of the situation, Javvad Malik, lead security advocate at KnowBe4 stated, “These findings underscore a stark reality for the UK’s financial sector – they are being attacked at an unprecedented rate. Cyber defences need to adapt with the same speed and intelligence as the threats themselves. In addition to traditional security strategies, fostering a culture of security awareness to mitigate the inherent human risk of any organisation is no longer optional; it is a cornerstone for survival against cybercrime.”

To download a copy of KnowBe4’s report on UK financial institutions, click here.

About KnowBe4
KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform, is used by more than 65,000 organizations around the globe. Founded by IT and data security specialist Stu Sjouwerman, KnowBe4 helps organizations address the human element of security by raising awareness about ransomware, CEO fraud and other social engineering tactics through a new-school approach to awareness training on security. The late Kevin Mitnick, who was an internationally recognized cybersecurity specialist and KnowBe4’s Chief Hacking Officer, helped design the KnowBe4 training based on his well-documented social engineering tactics. Organizations rely on KnowBe4 to mobilize their end users as their last line of defense and trust the KnowBe4 platform to strengthen their security culture and reduce human risk.

Media Contact
Amanda Tarantino
Public Relations Officer
KnowBe4
[email protected]  

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