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Agile insurtechs respond to crisis opportunities

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Agile fintech companies, including insurtechs, have been able to respond quickly to the COVID-19 crisis and make the most of the new opportunities it has presented, according to the latest EY FinTech Australia Census.

This year’s Census is based on an online survey conducted between July and August of 111 fintechs across Australia, as well as a series of interviews with fintech leaders and the heads of innovation functions within major Australian financial services organisations.

The survey finds Australia’s fintech sector has maintained momentum despite COVID-19 and capital constraints, with 39% of local fintechs surveyed now counting more than 500 paying customers, up from 27% last year.

Despite the challenges of operating during a global pandemic, the Australian fintech industry is still managing to sustain its revenue base, attract more paying customers and plan for future global expansion, EY says.

Despite current global challenges, Australian fintechs also remain largely optimistic about offshore opportunities, with 88% intending to expand overseas in the future.

To read more, please click on the link below…

Source: Agile insurtechs respond to crisis opportunities – Local – Insurance News – insuranceNEWS.com.au

Source: https://australianfintech.com.au/agile-insurtechs-respond-to-crisis-opportunities/

Fintech

Aite-Novarica Group research ranks 7 core providers for digital banking solutions

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When it comes to core providers, Temenos edged out six others as the “best in class vendor” in a matrix released last week. The Aite-Novarica Group released its Aite Matrix: U.S. Digital Banking Solutions of CoreProviders ranks vendors by overall competitive position, stability, client strength, product features and client services. Temenos “has been able to […]

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Source: https://bankautomationnews.com/allposts/core-cloud/aite-novarica-group-research-ranks-7-core-providers-for-digital-banking-solutions/

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Signifyd Collaborates with Capital One To Help Retailers Combat False Positives

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A new partnership between Finovate alum Signifyd and Capital One will bring the fraud prevention specialist’s Authorization Rate Optimization solution to the bank’s payment ecosystem. The integration will help boost authorization rates and reduce the number of orders on Capital One credit cards that are inaccurately declined due to suspected fraud. This will increase revenue for retailers, as well as enhance customer lifetime value. Capital One will benefit from stronger cardholder loyalty, while cardholders will enjoy a more secure, online shopping experience with less friction.

“We are so pleased to partner with Capital One to solve a strategic issue for the ecommerce world,” Signifyd CEO Ra Ramanand said. “The very largest ecommerce sites globally can work directly with issuers to optimize their auth rates, but what do other merchants do? They come to Signifyd because we can optimize payment acceptance through our deep product integrations across the financial ecosystem.”

Signifyd’s Authorization Rate Optimization technology will be integrated with Capital One’s Enhanced Decisioning Data API. This will give Capital One enhanced data and fraud insights to help establish whether or not a given transaction should be approved or declined at the bank authorization stage. The solution provides identity intelligence across the entire shopper journey, delivering instant insights from the Signifyd Commerce Network at checkout, and helping authorization rates go up and the number of false declines go down.

An increase in false declines are, in some ways, the predicable outcome of the arms race between retailers and fraudsters. As fraud becomes more sophisticated, with more attacks and intrusions taking place earlier in the transaction process, both banks and merchants have found themselves increasingly declining payment at the authorization stage. The Economist reported that up to one in eight e-commerce dollars are currently declined during payment authorization, and the Aite Group reported that 62% of the merchants it surveyed admitted that their false decline rates have gone up in the last two years.

“There is no reason (why) merchants and banks should miss the opportunity to create seamless customer experiences at checkout,” Signifyd General Manager, Payment Solutions Okan Ozaltin said. “Working directly with issuing banks such as Capital One means Signifyd can offer the kind of ecommerce protection that makes life better for merchants and their loyal customers.”

Making its Finovate debut at FinovateSpring in 2013, Signifyd has become a leading, enterprise-grade fraud prevention platform. This year, the company was recognized by G2 in its 2021 Summer Report as a leader in the space as well as being first in market presence. Founded in 2011 and headquartered in Palo Alto, California, Signifyd has raised $390 million in funding, including a $205 million Series E round closed in April that was led by Owl Rock Capital. In addition to its partnership with Capital One – itself an alum of Finovate’s developer conference FinDEVr – Signifyd has teamed up in recent months with B2B payments specialist Adflex and, this spring, launched its Return Abuse Prevention Solution, which helps retailers better manage the $43 billion problem of fraudsters who abuse the refund and return system.

“Unfortunately, fraudsters and a subset of consumers are becoming more aggressive and ingenious when it comes to taking advantage of return policies meant to make life easier for shoppers,” Signifyd Vice President of Product Gayathri Somanath said when the solution was introduced. “Return Abuse Prevention relies on Signifyd’s network data, machine learning models and our new Decision Center module to give retailers the tools they need to stay ahead of this increasing, revenue-crushing trend.”


Photo by Markus Spiske from Pexels

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Source: https://finovate.com/signifyd-collaborates-with-capital-one-to-help-retailers-combat-false-positives/

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Temenos goes live with payment processor Paymentology

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Customers of banking software company Temenos gained access to a cloud-based payment processor when an app for Paymentology went live last week on the Temenos Marketplace, a self-service digital store, Temenos announced.

The collaboration gives banking clients of the Switzerland-based Temenos pre-integrated third-party solutions to deliver card products with spend controls and other features backed by secure cloud-native payment processing technology, Temenos said in a release.

“For the provider, the benefits are that they get access to a very broad market reach and a very broad customer base,” Martin Bailey, director of innovation and ecosystem at Temenos, told Bank Automation News. “And for our customers, they get access to a curated set of solutions that they know has been through some good due diligence, so they can build a truly composable solution and make themselves individual in the market.”

The Temenos platform offers cloud-based, cloud-agnostic, API-based digital banking, core banking, payments, fund management, and wealth management software products. More than 3,000 banks and financial institutions are running Temenos cloud-native banking software and software-as-a-service (SaaS) solutions, including the $2.98 trillion HSBC and $1.6 trillion Credit Suisse. The marketplace, part of the Temenos ecosystem, connects banks with fintech solutions like Salt Edge, Qualco, Wise and Bluecode.

Launched in 2015, London-based Paymentology specializes in replacing legacy issuer card processing with a payment processing platform used by challenger banks such as Revolut and Standard Chartered’s Mox Bank.

The partnership will provide banks with real-time data feeds that can include more than 120 lines of information associated with any transaction, rather than the 10 to 20 lines of data most legacy systems use, Bailey said. This gives banks more granular, actionable information on customers’ habits.

“A lot of the value in banking comes down to what you know about the costs. So, things like analytics and explainable [artificial intelligence] are key to making sure that you understand that, and both of those are very data-centric,” Bailey said. “So, the more data you can feed them, the better. There’s more that we can correlate; there’s more that we can spot trends. It’s just a much richer set of data to work with.”

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Source: https://bankautomationnews.com/allposts/core-cloud/temenos-goes-live-with-payment-processor-paymentology/

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Has the Pandemic Actually Benefitted Women in Fintech?

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The pandemic has not only shined a light on the inequalities of women in the workplace, it also created a larger gap, especially for working mothers. Between mandatory home schooling and a lack of childcare, the workload that women bear around the house is increasing.

There have been plenty of studies and articles stating that these demands are placed unfairly mothers, have made it difficult for them to advance in their career, and have caused many mothers to drop out of the workforce entirely.

I don’t want to minimize the headaches that moms (and truly everyone) have endured over the past 20 months. However, it’s worth pointing out a few ways that the pandemic economy has actually benefitted working mothers, specifically mothers working in fintech (myself included).

Flexible hours

The need for employees to balance work with home schooling and childcare motivated many workplaces to embrace more flexible working hours. As long as employees produce quality work, put in the necessary hours, and attend mandatory meetings, many are able to set their own schedule that works with their family.

Moms are always on call, whether to nurse a baby, help with homework, solve an argument, or change a diaper. So being able to step away from the computer to take care of pressing tasks is a huge benefit.

Remote working is the new norm

Prior to the pandemic, many workplaces were strictly against remote work, even when in-person collaboration wasn’t necessary. While commuting into an office five days a week has its benefits, it also comes with its share of difficulty. Not only does the extra time of the commute add up, but there is also more time and money spent on a professional wardrobe and makeup.

For breastfeeding mothers, long commutes are especially burdensome because the more time spent away from the baby means the more times mothers have to pump, store milk, and wash and sterilize bottles.

Meetings and conferences come to you

I included this point because of personal experience. My son was nine months old when I attended my first conference after maternity leave. Because I was still nursing, I chose to bring him with me to FinovateFall 2019 in New York. Even though I was physically at the conference, I still missed out on much of the content because I had to step out to nurse him so frequently.

In comparison, at FinovateFall 2021 last week, I was able to attend the show digitally from my home office with my newborn daughter on my lap. I was so much more present during the demos and discussions since I wasn’t running back and forth from the venue to a hotel room.

In this post-pandemic way of work, many businesses have made a point to offer digital experiences either in place of or alongside physical meetings. Now that so many more meetings and conferences offer a digital option, women do not have to miss out in the event they need to care for a sick family member or if they have a gap in childcare.

Normalizing home life

Perhaps the biggest upside of the pandemic is that it has shed a light on the full breadth of women’s duties outside of the workplace. Not only this, but colleagues are more accepting of times when family life collides with work. I’ve worked from home for 11 years, and prior to the pandemic I would have been mortified if my two-year old was audible outside of my office door on a conference call.

In this new era, colleagues and clients are much more open to home life. In fact, I’ve videoconferenced with people who not only don’t mind seeing and hearing children in the background of calls*, but they also ask me to bring them to the computer so that they can say hello to their children on the other end of the screen.

*At least within reason. Yes, children can be quite annoying sometimes.


Photo by Brian Wangenheim on Unsplash

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Source: https://finovate.com/has-the-pandemic-actually-benefitted-women-in-fintech/

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