Bahrain-based NEC Payments needed an ACS offering 3DS 2.0, the latest in payment security protocols. Netcetera rose to the challenge, building them a solution from the ground up.
ZURICH & DUBAI–(BUSINESS WIRE)–NEC Payments is a rapidly growing digital banking and payment technology company with big plans. Already offering innovative cloud-native banking-as-a-service to Middle East Fintech and technology distribution partners via its licensed and regulated status and principal membership of the international payment schemes; the company is expanding geographically to offer banks, payment companies, digital platforms and other Fintech businesses across Europe and North America access to their modular and embedded digital financial services solutions. In order to guarantee their customers the highest transaction security possible, they wanted to implement the latest 3D Secure protocol 2.2. Enter Netcetera.
NEC Payments connected with Netcetera via contacts at Mastercard Europe and requested their help in the latest 3DS implementation, as mandated by many schemes. To ensure purchases are both secure and smooth, Netcetera worked with NEC Payments to build a tailored ACS solution which supported 3-D Secure protocol 2.2 in line with SCA. This was a leap forward from the previous version and meant providing even higher purchase security while offering a user-friendly interface.
3-D Secure is widely implemented by many major card issuers as a means to ensure SCA (Strong Customer Authentication). However, the at NEC Payments previously used version of 3DS 1.0 led to cumbersome security procedures for mobile customers and lower conversion rates as a result. With 3DS 2.2, supported by Netcetera’s Access Control Server (ACS), several factors (transaction limits, whitelisting) are used to bypass unnecessary steps and encourage simplified online purchases.
NEC Payments is delighted with the protocol implementation, which opens up many new possibilities for them. Due to their multi-tenant relationships, they are now able to provide personalised experiences to multiple issuers and customers/co-branders in addition to their own business as principal members of the schemes. They also plan to expand their use of silent authentication for virtual cards in the future.
Andrew Sims, CEO at NEC Payments commented “We are delighted that we have found a partner in Netcetera that can support our requirements and deliver the latest security protocols in personalised settings and are looking forward to a long and fruitful collaboration to drive our business forward.” Ramy Fouda, Director of Sales at Netcetera Dubai said “We were pleased to be able to deliver great results with state-of-the-art technology for NEC Payments. We pride ourselves on always offering the latest payment security solutions.”
Netcetera is a global software company with cutting-edge IT products and individual digital solutions in the areas of secure digital payment, financial technologies, media, transport, healthcare and insurance. More than 2,000 banks and issuers, and 150,000 merchants rely on the digital payment solutions and globally certified 3-D Secure products of the market leader for payment security. The owner-managed company covers the entire IT lifecycle, from ideation and strategy to implementation and operation. The balanced combination of the latest technologies and proven standards ensures investment security, from large-scale projects to innovative start-ups. Founded in 1996, Netcetera is a holding company with 700 employees and is headquartered in Zurich, Switzerland, with additional locations across Europe, Asia and the Middle East.
Further information: netcetera.com
About NEC Payments
NEC Payments is a digital banking and payments technology company that provides innovative financial technology solutions to banks, distribution partners, businesses and consumers, and powers high-performance, flexible and secure embedded digital banking, payment processing, compliance, and financial control systems. Licensed and regulated by the Central Bank of Bahrain, NEC Payments cloud-native technology can be securely deployed into pure cloud and hybrid environments to enable flexibility, scalability and availability that drives digital transformation and growth. With MasterCard, Visa, PCI-DSS and ISO9001/27001 certified card, virtual, and mobile payment transaction processing technology, NEC Payments offers a full range of technology and service solutions to banks, fintechs and non-financial institutions across the Middle East and is rapidly expanding into Europe and North America.
Further information: necpayments.com
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BGL releases investment portfolio solution Simple Invest 360
BGL Corporate Solutions, Australia’s leading supplier of SMSF administration and ASIC company compliance solutions, announces the release of its new investment portfolio solution, Simple Invest 360.
This newest addition to BGL Product Suite provides a portfolio management solution for trusts, companies and individuals. The kind of efficiency we’ve seen clients achieve in their SMSF processing with Simple Fund 360, can now be achieved for trusts, companies and individuals. Simple Invest 360 uses the same award-winning proven technology that powers Simple Fund 360, Australia’s #1 SMSF administration solution.
“I am incredibly proud to be in a position where we can now offer 3 incredible cloud based solutions to our clients,” writes BGL’s Managing Director, Ron Lesh. “We’ve built a reputation for offering market leading solutions for SMSF Administration and ASIC Corporate Compliance, so to have a third product, complementary product is a really great achievement by the team.”
“We have been testing Simple Fund 360 and getting client feedback for over 6 months,” added Lesh. “And as we speak, there are over 30,000 portfolios loaded on the Simple Invest 360 – 5 free portfolios for each of our 6.000+ Simple Fund 360 clients. Our BETA finished with over 3,000 portfolios loaded onto Simple Invest 360.”
Simple Invest 360 provides a comprehensive portfolio solution with smart CGT based to handle all different investment asset types in one unified solution. Be it listed or unlisted securities, ETFs, property trusts, wrap accounts, crypto currencies or direct property, Simple Invest 360 can handle it all. The software automates all tedious CGT record-keeping as well as providing simple and financial and tax reporting saving time and money no matter what the tax structure – trusts, companies or partnerships or individuals.
Simple Invest 360 is fully integrated with CAS 360 and Simple Fund 360 as well as providing integrated accounting workpapers, digital signing, over 350 data feeds, registry integration and BGL SmartDocs – our industry leading paper to data solution. “The power of our three fully integrated BGL solutions together is a game changer!” said Lesh.
True Cost of Financial Crime Compliance Global Report Reveals that Costs Reached $213.9 Billion in 2021
LexisNexis Risk Solutions, a global data and analytics firm, has published its annual True Cost of Financial Crime Compliance Global Report.
The results shared in the new report have been prepared after conducting an extensive survey of 1,015 financial crime compliance decision-makers at established financial institutions such as banks, investment companies, funds managers, and insurers.
The expected total cost of financial crime compliance across various financial institutions reached $213.9 billion this year, exceeding the $180.9 billion reported during 2020. Most of the considerable YoY increase is due to financial activities taking place in Western Europe and the US.
The key decision-makers who participated in the research study are responsible for managing financial crime compliance procedures like sanctions monitoring, know your customer (KYC) remediation, anti-money laundering (AML) and transaction monitoring.
The main findings from the LexisNexis report are shared below:
Western Countries Continue to Spend Highest on Compliance – Western European countries and the United States (together) accounted for 82.7% of global total estimated costs.
Germany and the US reportedly cover or account for the majority of cost increases at $9.6 billion and $8.8 billion respectively. Germany notably outsized all other nations by a significant amount.
Mid to large financial institutions / service providers have been leading this growth where all regions, with the exception of the Middle East and South Africa, reported double-digit percentage growth in costs related to ensuring compliance.
Less Consensus on Operational Challenges – During the past several years, there has been general consensus on the top-ranked compliance issues within financial institutions. But there was considerably less uniformity in 2021’s survey.
Customer risk profiling, sanctions screening, regulatory reporting, identifying politically exposed persons (PEPs), KYC for account onboarding and efficient alerts resolution have been similarly ranked as significant challenges.
Different regions reported varying degrees to which particular challenges are more serious, however, less consensus was seen on the top or main challenges to compliance.
Pandemic Impact – The COVID-19 crisis has reportedly left a major imprint on compliance officials and their departments, which has made existing issues even worse and has also contributed to a rise in time and funds required to ensure due diligence.
Mid and large companies based in Canada and the United States and certain areas in Latin America (LatAm) reported considerable COVID-related expense increases.
The main operational challenges became even more prominent or significant in these particular markets since awareness about the pandemic became more widespread. The report from LexisNexis reveals that there’s been increased alert volumes and suspicious transactions, inefficiencies with alert resolution and due diligence, significantly more manual work required and limitations with proper risk profiling/sanctions screening/PEP identification.
Technology Investment Leads to Better Outcomes – Financial institutions adopting and implementing tech solutions to ensure financial crime compliance have generally been more prepared and less affected overall by rising regulatory requirements and the pandemiic.
When compared to companies that channeled considerably more of their yearly compliance costs to labor, those that set aside costs more toward tech are now reporting smaller YoY financial crime compliance operations cost increases, reduced overall costs per full-time worker and fewer COVID-related issues.
Leslie Bailey, VP, Financial Crime Compliance for LexisNexis Risk Solutions, stated:
“Criminals will never cease to become more sophisticated, but a multi-layered solution approach to financial crime compliance can facilitate a more cost-effective, efficient compliance approach, as well as one that benefits the larger organization. Financial institutions should investigate both the physical and digital identity attributes of their customers, leveraging data analytics to assess risks and behaviors in real time.”
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Wealthtech Firm Endowus Hires Veteran Banker as Its Chief Advisory Officer
Singapore-based digital wealth advisor Endowus has announced the appointment of Wei Mei Tan as Chief Advisory Officer.
In her new role, Wei Mei will drive strategic initiatives to accelerate Endowus’ growth trajectory and provide leadership in curating the advisory and investment solutions delivered to clients across all segments.
As a member of Endowus’ Investment Committee, Wei Mei will also be responsible for building portfolio strategies and fund selection.
With over 20 years of financial markets experience, Wei Mei brings to Endowus an extensive background in building digital advisory platforms and investment strategies, having held senior leadership roles at top-tier private banks.
She was most recently a Managing Director at Deutsche Bank as the Global Co-Head of Advisory & Investment Solutions, where she was responsible for building the bank’s dbXpert wealth advisory platform.
At Credit Suisse, Wei Mei was the APAC Head of Portfolio Solutions and successfully launched CS Invest. Wei Mei also spent 6 years at UBS Wealth Management where she was the APAC Head of Mandate Specialists, advising ultra-high net worth clients on asset allocation and portfolio construction.
Wei Mei is a graduate of Harvard Business School and Nanyang Technological University. She is a Temasek scholar and holds Chartered Financial Analyst (CFA), Chartered Accountant (CA), and Chartered Alternative Investment Analyst (CAIA) designations.
She is also an adjunct lecturer at Nanyang Technological University.
This news comes on the heels of their recent S$23 million fundraise by Lightspeed Venture Partners and Softbank Ventures Asia.
Samuel Rhee, Chairman and Chief Investment Officer at Endowus said,
“As an industry veteran, I believe her wealth of experience in client advisory and investment solutions will be essential in our next stage of growth and in meeting the needs of our clients.
Endowus is expanding its range of client solutions and bringing onboard new best-in-class fund products across various asset classes, and Wei Mei’s expertise will contribute to our clients finding more solutions suitable to their investment needs.”
London’s DNA Payments Group Enters £100M Deal with Alchemy Partners
London-based DNA Payments Group, the fast-growing “vertically integrated” payments firm, has entered a £100 million deal with Alchemy Partners (Alchemy).
With an operations based hub in Kent, DNA presently serves more than 45,000 merchants including established online and offline retailers to SMEs, offering them with 70,000+ terminals which make “over 20 million transactions worth over £600m a month.”
As mentioned in a release, DNA is one of just a few players in the United Kingdom and Europe with fully Cloud enabled omni-channel payment processing capabilities, and also “provides a variety of SaaS and PaaS solutions to major global acquirers and payment schemes.”
The investment by Alchemy “sees DNA well positioned to benefit from the strong market opportunity, with the UK beginning to see signs of a recovery from the Covid-19 pandemic,” the announcement noted.
Arif Babayev and Nurlan Zhagiparov, the founders of DNA, stated:
“Alchemy’s investment marks a historic day for DNA and is a huge endorsement of our company and our technology. We have been looking for the right partner with the right ethos, vision and experience and we are lucky to have found this partnership with Alchemy.”
The past year has been quite challenging for businesses, and at DNA they have been “fully dedicated to helping [their] customers manage through the pandemic,” the firm’s management noted while adding that during the last few months DNA has expanded its digital commerce solutions and payment methods, “providing merchants with Pay by Link, Checkout v3, ApplePay, Pay by Bank, PayPal, Open Banking and many other new capabilities.”
As noted in the update:
“This transaction will allow us to accelerate our growth, helping more merchants accept payments quickly and easily, both in-store and online. Our technology and vertical integration give us an unparalleled advantage in servicing our partners and customers, but also provide a great foundation for bolt-on acquisitions.”
This investment will allow us to further improve our product offering and continue with our business strategy of making key acquisitions to grow our presence “not only in the UK but also internationally,” the firm’s management added while pointing out that they have “more than doubled [their] estate size and turnover in the past 18 months.”
Toby Westcott, Partner at Alchemy Partners, remarked:
“We are delighted to be partnering with DNA. Alchemy is always looking for opportunities to partner with talented business founders and uncover attractive investments that others may not be able to access.”
Wescott also mentioned:
“We are focused on helping companies grow and develop, and having worked closely with both Arif and Nurlan during this extraordinary period caused by the Covid 19 pandemic, it was clear that DNA and Alchemy’s goals, missions and values were closely aligned. Merchants’ increasing need for omni-channel payments solutions combined with the strength of DNA’s product proposition creates a compelling investment opportunity and we are excited to join DNA on its journey to build a leading payments business in the UK and expand into Europe.”
DNA Payments was advised by Proskauer, Houlihan Lokey and EY and Alchemy was advised by Macfarlanes and PwC on this transaction.
Launched in 1997, Alchemy aims to target key opportunities across Europe to team up with and work with management teams, assisting them with creating value by addressing problems, helping “take difficult decisions and driving through change.”
Since introducing its services, Alchemy has finalized more than 190 transactions, investing £4 billion+ into firms and organizations based in 14 different countries.
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