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NSAV Cryptocurrency Exchange to Launch Aug. 9

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Cryptocurrency, blockchain, and digital asset technology company Net Savings Link (OTC Pink: NSAV) this week announced its cryptocurrency exchange will launch Aug. 9 under the brand name NSAV. Net Savings Link will own 100 percent of the exchange.

The NSAV management team includes director Yuen Wong, who is also CEO of LABS Group, an end-to-end blockchain-powered real estate platform powered by the LABS token. Wong is also a managing partner at Bitmart Cryptocurrency Exchange which supports more than 220 cryptocurrencies and has a 24-hour trading volume of approximately $2 billion.

“I am thrilled that our long-awaited cryptocurrency exchange will soon become a reality,” NSAV president James Tilton said. “I sincerely hope that all NSAV shareholders are as excited as we are with today’s announcement.”

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Source: https://www.crowdfundinsider.com/2021/07/177905-nsav-cryptocurrency-exchange-to-launch-aug-9/

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Payments Fintech Banking Circle Chooses European Firm SIA to Provide Instant Payments

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Banking Circle, the Payments Bank for the digital economy, has chosen SIA, an established European hi-tech firm in payment services and infrastructures, controlled by CDP Equity, in order to introduce its instant payments service in Europe “connecting to the TARGET Instant Payment Settlement (TIPS) service of the Eurosystem.”

As stated in the announcement:

“Thanks to SIAnet, the ultra-fast fiber optic network infrastructure, Banking Circle enables European financial institutions and corporates to execute instant payments in less than 10 seconds with a maximum amount currently set at 100,000 euros per individual transaction, 24/7, all year long, in line with the SEPA Instant Credit Transfer scheme of the European Payments Council (EPC).”

The partnership with SIA will also enable Banking Circle clients to take advantage of the concession granted by the European Central Bank to SIA and Colt as Network Service Providers for ESMIG (Eurosystem Single Market Infrastructure Gateway).

The announcement further noted:

“Beyond TIPS, SIAnet enables all the key organizations in the European financial system to access also the platform for the settlement of large-value payments TARGET2, the securities settlement platform TARGET2-Securities (T2S), the Eurosystem Collateral Management System (ECMS), and possibly other new services and applications.”

The high-speed, secure and low-latency network infrastructure SIAnet is developed to address the requirements of instant payments “in terms of security, reliability and performance and it represents a single access channel to the main national and international payment platforms, also including EBA Clearing’s pan-European real-time payment system RT1.”

Michael Boel, Head of Local Clearing, Banking Circle, remarked:

“Banking Circle is making cross border payments faster and more cost effective for Banks and Payments businesses, in turn enhancing the service they provide to their customers. Instant Payments is a crucial part of this and we are delighted that our partnership with SIA enables us to connect to the TIPS platform via our cloud solution.”

Michael added that they believe that being the first bank to use SIA’s network and Cloud integration options “sends a clear message that [they] are committed to getting as close as possible to central banks, Automated Clearing Houses and Clearing and Settlement Mechanisms.”

He further noted that through the partnership with SIA, Banking Circle will “deliver Instant Payments at the lowest cost possible and at the highest level of stability for our clients, and their customers.”

Cristina Astore, SIA’s Northwest Europe and DACH Region Sales Director, stated:

“Thanks to the perfect integration of our network with the major public cloud providers on the market, the new digital payment service was up and running in just a few months and is now available for all current and future Banking Circle customers.”

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Source: https://www.crowdfundinsider.com/2021/07/178253-payments-fintech-banking-circle-chooses-european-firm-sia-to-provide-instant-payments/

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Cross-Border Payments Fintech Thunes Acquires Limonitek, a European Payment Service Platform

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Cross-border payments Fintech Thunes revealed earlier this week that it acquired Limonetik, a European Payment Methods Platform.

The latest acquisition by Thunes should complement the Fintech firm’s existing cross-border payments solutions by enabling companies or businesses to get paid in 70 different countries, using more than 285 local payment methods, including mobile wallets, payment by instalments (BNPL), QR code payments, and various other options. The solution will be called Thunes Collections.

As noted in a release, Limonetik is one of the “earliest” developers of an alternative payment methods platform that is “suitable for international merchants and marketplaces.” And like Thunes, the company closely works with different payment service providers (PSPs) and financial institutions.

Handling over EUR 2 billion a year, Limonetik is “trusted” by more than 14,000 merchants, marketplaces and Fintech players – which includes Deliveroo, Uber Eats, Veepee, CMA – CGM, Worldline – Ingenico, ACI, Amadeus and Natixis.

Established in Paris in 2007, Limonetik is led by CEO & co-founder Christophe Bourbier, a well-known entrepreneur and payment space professional. Today, Limonetik “counts 50 employees who will become Thunesters.”

As noted in the announcement:

“Rapid growth in cross-border e-commerce trade has made it essential for global sellers to accept payments in locally preferred methods. There are over 400 alternative payment methods, and this diversity brings integration complexity and back-office costs that Limonetik’s offering resolves with a single API integration. We believe collecting funds globally should be easy regardless of customer location.”

By joining the Thunes payment and collection networks, companies and their clients are able to send payments to – and get paid in – “even the hardest-to-reach corners of the world.” With a single, simple connection, Thunes provides fast, transparent, and affordable payments and will now also “enable more flexible ways to collect funds.”

Peter De Caluwe, CEO of Thunes, stated:

“Thunes is recognised for our far-reaching global network and brilliantly simple payments solution. We are excited to further strengthen our offering with a global collections capability made possible through the acquisition of Limonetik. We welcome the Limonetik team to Thunes, and as one, we look forward to offering a single end-to-end payment solution that connects every corner of the world and makes the global economy accessible to all.”

Christophe Bourbier, founder of Limonetik, added:

“Limonetik has been driving the transformation of collections with its platform-as-a-service (PaaS) model, while Thunes possesses a powerful global payments network. We are incredibly excited to extend our combined payments and collections solutions across the world.”

Thunes is also introducing a new brand identity, which includes a new logo and website “to better reflect its well-established market position and expanding service offerings.”

These changes have come around 4 years after Thunes’ launch and the firm’s diversification and scaling of its business while expanding its international footprint.

In May 2021, Thunes secured $60 million through a Series B growth round led by global private equity and venture capital firm Insight Partners, bringing the firm’s total funding to $130 million in just 2 years. Insight Partners’ support “enables Thunes to speed up investment in its operations, product and technology.”

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Source: https://www.crowdfundinsider.com/2021/07/178255-cross-border-payments-fintech-thunes-acquires-limonitek-a-european-payment-service-platform/

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France: Real Estate Crowdfunding Gains Momentum in First Half of Year

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Real estate crowdfunding. one of the most popular sectors of online capital formation is picking up pace in France, according to research by Fundimmo.

While 2020 was a challenging year for all platforms, everywhere, 2021 is on track of a solid year of gains for real estate platforms.

The report states that during the first half 0f 2021, €408.1 million was raised on property platforms. During the same period in 2019, €184 million was raised so more than double (122% increase).

Correspondingly, amounts returned to investors increased as well going from €76.6 million in 2020 to €114.2 million in 2021.

The average amount financed per project in H1 2021 was €872,074 versus  €803,570 a year prior.

The authors state that the increase in the size of projects is indicative of larger projects being financed.

Out of the 468 projects financed in the first half of the year residential dominated with 76.6% of the volume.

The average investment per individual stood at €2,888 – so fairly small. Investors received, on average, a return of 9.2%.

Fundimmo surveyed 40 different platforms but notes that this sector of Fintech is largely dominated by three individual platforms – including Fundimmo, which represents half of the volume.

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Source: https://www.crowdfundinsider.com/2021/07/178276-france-real-estate-crowdfunding-gains-momentum-in-first-half-of-year/

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Legal Proceedings Brought by P2P Lending Platform Mintos have Recovered Investors’ Funds from Aforti Finance

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Legal proceedings brought by European P2P lending platform Mintos have reportedly managed to recover investors’ money from Aforti “in full.”

The Mintos team confirmed in an update, dated July 23, 2021, that all of Aforti’s outstanding investments and pending payments have “now been recovered in full following legal proceedings brought about by Mintos.”

In August 2019, Mintos had proceeded to suspend Aforti Finance from the Primary and Secondary Markets as the lending firm had failed to transfer borrowers’ repayments “as well as to cover its buyback and repurchase obligations to Mintos investors.”

As soon as Aforti got suspended, Mintos confirms that it had initiated a recovery process that “resulted in an agreement on a repayment schedule with the lending company.” This agreement had not been honored and Mintos did “not receive payments as agreed.”

The company further noted that “after complex negotiations, Mintos and Aforti Finance agreed on a restructured payment schedule in February 2020, with an additional security for investors, but once again this schedule was not met.”

In spring of last year, Mintos initiated legal action against Aforti Finance and Aforti Holding, the update from the peer-to-peer lender confirmed. After the legal enforcement proceedings Mintos put forward against Aforti to the courts in Poland – “a lengthy process due to Covid-19 disruptions – the bailiff assigned to the case seized multiple assets of the lending company and Aforti Holding in Spring 2021, and was able to recover the remaining amount owed to Mintos investors as a result.”

As noted by the P2P lender, these bailiff-initiated actions and the respective transfers to investors began in April 2021, and Mintos “previously shared this news with investors in our regular monthly updates.”

As mentioned in the update:

“At the time of the suspension there was €2 239 751 of investor investments at risk, and until today an additional €1 028 567 million of interest has been amortized. Prior to legal enforcement proceedings, Mintos had recovered €312 682.”

The update further revealed:

“Along with the latest recovered amounts, the remaining €1 436 023 funds due from Aforti are now covered resulting in a 100% recovery of all amounts outstanding. The funds have been transferred to Mintos and now are being distributed among the investors with investments in Aforti-issued loans.”

Mintos also mentioned that the total amount recovered is “larger than the amount stated at the time of suspension due to an accumulation of interest since August 2019.” Mintos added that their on-ground legal support costs in Poland “were covered by Mintos, and not deducted from these recovered amounts.”

The Mintos team pointed out that they will always employ “the most appropriate recovery process tactics that we believe are in the best interests of investors to result in higher volumes of recovered funds.”

The peer-to-peer lender further noted that legal enforcement is “not always the best course of action due to the duration of the process, as shown in the case of Aforti Finance and Aforti Holding.” But if proven necessary, Mintos remains “committed to continuing to act in the best interests of our investors and take as aggressive a measure as necessary.”

The company added:

“We’d also like to note that in recovery cases confidentiality is common practice, and we thank our investors for their patience until the point where we can share more information. The progress of the negotiations needs to remain confidential until after an agreement is reached, because revealing our intentions too soon could jeopardize the chances of receiving the best outcome for investors.”

They also mentioned:

“We’d like to thank investors for their patience while we worked to recover the funds in full.”

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://www.crowdfundinsider.com/2021/07/178259-legal-proceedings-brought-by-p2p-lending-platform-mintos-have-recovered-investors-funds-from-aforti-finance/

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