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EBAday 2021: Will the European Council’s latest endorsement boost corporate instant payments?

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The European Council recently backed the creation of an integrated and instant system for retail payments, interoperable across all EU member states.

While this update gives the Commission strong political mandate for pushing forward initiatives across these fields, the industry is yet to see supervisory attention given to the corporate sector with the same fervour.

Adopting conclusions that respond to the Retail Payments Strategy presented by the European Commission in September 2020, the Council is pushing to ensure that market conditions for the development of EU-wide payment solutions are created to decrease the EU’s dependency on major global players in the area.

However, the Council also raised a number of challenges that must be addressed when developing and regulating this market, including financial inclusion, security and consumer protection, data protection and anti-money laundering aspects.

Also setting out four ‘pillars’ for strategic action, the Council notes that its priorities are to:

  • address issues related to increasingly digital and instant payment solutions;
  • address innovation and competitiveness issues;
  • ensure access and interoperability of retail payment systems and other support infrastructures; and
  • improve payments with countries outside the EU.

Interestingly, the Council considers that “legislative action may be needed to promote adherence to the SEPA Instant Credit Transfer (SCT Inst.) scheme and to its additional functionalities (eg requests to pay, QR codes and proxy lookup services), and that other ways to foster adoption could be explored.”

The Council names TARGET Instant Payment Settlement (TIPS) specifically and calls on the Commission to act, if necessary, following an impact assessment, in a phased and proportionate way, duly considering the appropriate scope and relevant exemptions.

Despite the opportunity instant payments presents to the corporate banking sector, this same level of attention isn’t being seen across corporate banking. Yet, if banks struggle to cater to the increasingly demanding expectations of corporates, they risk losing these clients who will inevitably seek out more efficient and innovative providers.

Capgemini’s World Payments Report 2020 found that 60% of treasurers expect their banking partners to provide enhanced treasury and corporate connectivity solutions, while 50% said they expect robust risk management services.

Instant payments are accelerating in the B2B space as treasurers consider them a differentiator, said Mark Buitenhek, head of transaction services, commercial banking, ING, in the report. “We worked with a large retailer in the Netherlands for QR-code payment based on instant payments for grocery delivery. The solution witnessed massive uptake as it solved reconciliation issues for the client and retailer.”

Highlighting geopolitical uncertainty, escalating cyber threats, interconnected supply chains, and inadequate treasury infrastructure and automation, the Capgemini report also noted that corporate treasurers are looking to digital as an antidote to B2B payment challenges. Inherent inefficiencies across cash and liquidity management that (without manual intervention) have led to errors, fraud and slow transaction processing, the increasing number of digital payment methods being adopted to mitigate such challenges seems a natural progression.

Solutions including API-based payments, B2B virtual cards, mobile payments/B2B wallets and instant payments, are gaining traction and are therefore on a trajectory of strong growth.

Sumit Aggarwal, EVP head of transactional banking services, Emirates NBD, stated in the report: “In B2B payments, payment execution is not the real problem. Most of the friction is in the pre-validation and after execution of the payment itself. End-to-end payments handing and turnaround time are far more important.”

Instant payments and its potential within corporate banking will be a core topic discussed at the Euro Banking Association and Finextra’s EBAday 2021. Running in digital format on 28-30 June for its sixteenth year, the event will welcome a host of board directors, chief executive officers and payments and technology heads from Europe’s leading banks, as well as selected fintechs and registration is now open.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.finextra.com/newsarticle/37788/ebaday-2021-will-the-european-councils-latest-endorsement-boost-corporate-instant-payments?utm_medium=rssfinextra&utm_source=finextrafeed

Payments

Thiel-backed Block.one preps $10bn crypto exchange

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Block.one, the blockchain software firm backed by Peter Thiel, is pumping $10 billion into a new cryptocurrency exchange subsidiary.

The new unit, Bullish Global, is planning to launch its blockchain-based crypto exchange this year, promising to combine the performance, user privacy, and compliance offered by central order book technology with the vertically integrated user benefits of DeFi market architecture.

The new venture has been capitalised with over $10 billion in cash and digital assets following an initial injection by Block.one of $100 million, 164,000 BTC, and 20 million EOS tokens, which power Block.one tokens.

Another $300 million has been raised in a funding round joined by Thiel and fellow Block.one investors Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital, and Nomura.

The exchange will offer automated market making, lending, and portfolio management tools to its users to deliver functionality that it says has previously been monopolised by incumbent players in traditional finance, while driving deeper liquidity to digital assets.

Bullish will utilise Block.one’s EOSIO and the EOS Public Blockchain to produce a cryptographically validated, provable, and immutable audit trail of all transactions processed on the platform.

Says Thiel: “Bullish’s balance sheet is strong, and its vertical integration offers stability and liquidity to the cryptocurrency space. I’m happy to join Bullish as an investor and advisor as it gets started on a long and fruitful journey.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.finextra.com/newsarticle/38025/thiel-backed-blockone-preps-10bn-crypto-exchange?utm_medium=rssfinextra&utm_source=finextrafeed

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Payments

Engage People makes hiring push

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Engage People, the only loyalty network that enables program members to pay with points directly at checkout, is growing – and hiring.

The company currently has more than 25 job openings across North America and boasts the ability to onboard new team members remotely.

Open positions range from the DevOps and client success teams to human resources and graphic design. The preferred location for the positions is in the Greater Toronto Area of Ontario, but the company is location agnostic and will consider applicants from anywhere in North America.

“We are looking to grow our team to keep pace with the demand for loyalty solutions from our partners. Banks and retailers are coming to us because e-commerce is undergoing a fundamental transformation and we are at its vanguard,” said Len Covello, CTO. “Consumers increasingly expect to be able to shop online and pay via a variety of methods, including with loyalty points, and this shift represents more than an abating trend.”

Engage People’s hiring push comes as the company is undergoing significant growth. In 2020, Engage People experienced more than 30% year-over-year growth. This expansion was largely driven by the adoption and validation of the ‘Pay with Points’ (PwP) model, and 2021 promises even more as new customers and merchants are added.

“Engage People is a fantastic place to work,” said Jonathan Silver, CEO of Engage People. “We offer industry-leading pay and benefits. We also have an employee-first program aimed at enhancing employee engagement and culture, enriching the employee experience, and supporting the professional growth and development of our team. And, we are committed to having a diverse workforce, and this commitment extends to our willingness to hire employees located anywhere in the world.”
 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.finextra.com/pressarticle/87579/engage-people-makes-hiring-push?utm_medium=rssfinextra&utm_source=finextrafeed

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Payments

ClearBank chooses Napier transaction screening tech

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Napier, the London-based provider of next-generation anti-financial crime compliance solutions, has announced that it will be providing ClearBank, the cloud-based clearing bank, with its advanced Transaction Screening system.

As a purpose-built, technology-enabled clearing bank, ClearBank offers cloud-based banking services to financial service providers, FCA-regulated businesses and fintechs. Its new Transaction Screening system, built on Napier’s AI-enhanced technology, will allow ClearBank to identify sanctioned individuals and entities in payments, while reducing false positives and accurately alerting on risk.

Stuart Morley, CIO of ClearBank, commented: “As with all financial organisations, it is imperative that ClearBank has a robust sanction screening programme in place to support the industry in its constant battle against financial crime. Having gone through a thorough vendor selection process, we are delighted to have now joined forces with Napier, whose next-generation technology and AI-enhanced capabilities are leading the way in AML compliance. We feel this has the potential to become a long-term partnership with the RegTech provider.”

Napier works with institutions such as ClearBank around the globe to provide its AI-led platform for intelligent KYC, AML & trade compliance. Doubling its annual revenue in 2020, Napier has recently been strengthening both its senior management team and its roster of global customers.

Former HSBC Group COO and BCG Global Banking Chair, Andy Maguire, joined Napier as Board Advisor, while the RegTech provider was also recently named as the official anti-money laundering and counter terrorism financing technology platform for Australia Post.

Julian Dixon, Napier CEO, said: “We are honoured to be the vendor of choice to help ClearBank supercharge its Transaction Screening. Our technology will help provide its agency and transaction banking services with a faster, smarter way to meet regulatory requirements while driving business efficiency.

“We are going to be building on this new relationship with ClearBank by partnering on future cutting-edge product development too, so there’s a lot to look forward to that will really raise the bar for the industry as a whole.” 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.finextra.com/pressarticle/87578/clearbank-chooses-napier-transaction-screening-tech?utm_medium=rssfinextra&utm_source=finextrafeed

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Blockchain

Palantir Reveals First Quarter Results, Starts Accepting Bitcoin

Software and analytics maker Palantir today reported 49% revenue growth for its first quarter of 2021.

The post Palantir Reveals First Quarter Results, Starts Accepting Bitcoin appeared first on BeInCrypto.

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Software and analytics maker Palantir today reported 49% revenue growth for its first quarter of 2021.

Co-Founded by Peter Thiel, Palantir has built its business on lucrative government deals for their data analytics software. The company revealed that its government revenue hit $208 million for the period. However, they also improved their commercial returns with impressive growth across the United States of $133 million.

Founded in 2003 by PayPal’s Thiel, Palantir developed their software and analytics offerings through computer scientists and analysts from the intelligence agencies over three years. Their proposal being intelligence augmentation, the use of human analysts to explore data from many sources in an attempt utilize artificial intelligence effectively.

Last year, during the onset of the covid-19 pandemic, they were one of four large technology companies working with the NHS to track and contain the virus, among other exploits to combat the virus. Palantir was awarded a $44.4 million contract by the U.S. Food and Drug Administration, in December 2020.

This rounded off a year in which the company had also gone public, with its share price opening at $10 in September 2020 and rising as high as $19.89 today.

Significant crypto embrace

Palantir revealed, alongside their first quarter results, that they would now be accepting bitcoin as a form of payment from their clients. This move is in keeping with Peter Thiel’s other companies, PayPal and Venmo, who also embraced cryptocurrency payments.

Both companies allow users to buy and sell cryptocurrencies through their applications and PayPal is even exploring the launce of a stablecoin. During this morning’s earnings call, they even said that the possibility of adding bitcoin to their balance sheet was, “definitely on the table.”

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A Social Science graduate from Trinity College Dublin, Adam is working in London while studying for a self-paced MicroMasters in Data, Economics and Public Development online with MITx.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/palantir-starts-accepting-bitcoin/

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