Signals Analytics, the next generation advanced analytics platform that leverages external data to uncover trends and predictive insights, announces a new rollout of its award-winning platform, leveraging breakthroughs in NLP, machine learning and other capabilities that enhance the precision, detail and utilization of advanced analytics in the enterprise.
Read more here.
Biz2Credit Teams Up With AICPA & CPA.com to Launch New Small Business Funding Platform
Small business funding platform Biz2Credit announced on Tuesday it is teaming up with the American Institute of Certified Public Accountants (AICPA), its business and technology arm, CPA.com, to launch a new small business funding platform, CPALoanPortal.com. According to Biz2Credit, the platform was created to help with the process for CPA firms advising small businesses both on loan forgiveness under the Paycheck Protection Program (PPP) and additional small business financing options.
Biz2Credit also explained that the platform adds new CPA-centric capabilities to the automated PPP loan forgiveness tool the companies introduced in July that has been used by over 30,000 borrowers and more than 5,000 CPAs and financial professionals.
“[The platform] incorporates the PPP forgiveness calculator developed by the AICPA and is available to any business approved for a PPP loan. The platform produces all government forms required under the PPP program, supports calculations on payroll and other expenses, and produces a master report with the applicant’s electronic signature that can be delivered to the underwriting lender.”
The basic loan forgiveness tool is included in CPALoanPortal.com, with enhanced functionality now available specifically for CPA firms to support clients more efficiently. These features include:
- Functionality that allows firms to easily aggregate clients, customize engagements and track progress on loan and financing applications
- Integration to additional lending options for clients
- Enhanced customer service for CPA firms
Two subscription tiers, premium and enterprise, are also available based on the number of users and volume of loan applications a firm is managing. The original basic loan forgiveness application service remains free. Speaking about the platform, Biz2Credit CEO Rohit Arora, added:
“The PPP loan forgiveness process is only the start of the journey to recovery for many small businessesMany will need continued support and sound financing as the economy continues to slowly recover from the impact of the pandemic. That’s why the additional lending options we’re providing in CPALoanPortal.com are critical. It’s also crucial that CPAs play a key role in guiding small businesses through these decisions, particularly when it comes to financing. We’re committed to helping firms serve their clients better at this critical time and in the future.”
Transferwise is Saving US Customers Lots of Money Compared to Other Fintechs (and Banks)
Transferwise, a UK based Fintech that has gone global, has distributed a note promoting the savings it can generate for US customers.
Transferwise is a Fintech that allows you to quickly and inexpensively transfer money anywhere – minus hidden fees and silly exchange rates. The company is also an emerging digital bank as it is anticipated to add investment features in the UK at some point in the not so distant future. The company recently published its annual report indicating the 4th year of profitability (read sustainability).
According to the release, Transferwise is targeting the $8.7 billion Americans lose each year when they use competitors when sending money, or spending money, abroad. The company reports that it is estimated that consumers and SMEs paid over $16.3 billion in 2019 in fees on foreign exchange. Of this, about $7.6 billion are shown as transaction fees, but more than half – about $8.7 billion – are hidden as exchange rate markups on conversions, payments, and card purchases. That’s not a small sum.
Transferwise states that 9 in 10 consumers do not understand the true cost of sending money internationally. Shockingly, 20% think it is completely free. It’s not.
According to Transferwise, in 2019:
- Consumers sending money to friends and family in other countries (also known as remittances) spent more than $7.3 billion to move their own money, of which $2.2 billion is hidden in exchange rate markups.
- Travelers on vacation spent more than $3.2 billion in fees on foreign exchanges, of which $2.1 billion is hidden in exchange rate markups.
- Small businesses spent more than $2.4 billion on foreign exchange, of which $2.3 billion is hidden in exchange rate markups.
When comparing Transferwise to three of the largest retail banks and payment providers in the US, Transferwise came out on top. In fact, Transferwise says it is 7 times less expensive to use their services. Additionally, their fees to withdraw $500 and $1000 USD from an ATM are said to be up to 2 times cheaper. TransferWise can be up to 12 times cheaper to keep an account open each month.
While Transferwise is not always the cheapest way to move money around, on average, the Fintech typically comes out on top. Transferwise consistently crushes PayPal when it comes to transfers. If you are curious as to the cost of a transfer you may visit the Transferwise comparison page here.
The company also offers a growing number of services including a borderless account.
Kristo Käärmann, CEO & co-founder, TransferWise explains:
“Today’s findings expose the total lack of transparency in the foreign exchange industry. When banks and remittance firms hide fees in exchange rate markups and manipulate the cost for their benefit, it’s the consumer that’s negatively affected. American customers deserve to know how much they are charged – it’s a basic principle of business. TransferWise is calling on Congress to put a stop to the lack of transparency in international payments by banks and other money providers. It’s unfair and misleading. Congress should step in to make sending and spending money abroad easier, cheaper and fairer, for all of us.”
Recently, the European Union implemented rules to eliminate hidden exchange rate markups. The Australian government also has issued a report on the lack of transparent pricing and hidden fees in international payments. As well, the United Kingdom is in the process of creating new transparent disclosure standards. Transferwise, and others, believe the United States should do the same.
Cost of sending $5000 from the US to the UK
Real Estate Crowdfunding Marketplace DiversyFund Announces Significant Growth in 2020 Amid COVID-19 Pandemic
DiversyFund, a real estate crowdfunding marketplace, announced on Tuesday it has undergone a period of significant growth in 2020 despite the COVID-19 pandemic. The funding platform reported it saw an increase in customers this year and surpassed the 13,350 milestone. DiverseyFund further noted that it has responded to the growth by expanding its team to include two new senior leadership positions.
“Through our online platform, we are democratizing alternative asset investing by breaking down traditional barriers to entry, such as eliminating broker fees and high minimum investments.We open up access to multi-million dollar commercial real estate investments to everyone and provide them with the opportunity to diversify their portfolio beyond stocks and bonds.”
Speaking about the growth, Craig Cecilio, CEO of DiversyFund stated:
“During times of heightened economic uncertainty, wealth gaps increase, so it’s no surprise that we’ve seen such interest in our investor-first, wealth-building platform. The everyday consumer is seeing the year 2020 — a time when political, social, and economic unrest is converging — as a crucial moment to build long-term wealth. The 99% are demanding access to high-quality investments and the ability to attain financial freedom.”
DiversyFund also noted that it urrently has $25 million in AUM and approximately $75 million in real estate assets under management. Cecilio added:
“Now is the time to truly democratize investing through technology. With our bolstered team and new features, we’re providing accessible financial education for all, while working towards our core mission – closing the wealth gap. Technology is at the core of equalizing investing, so we are constantly developing our capabilities to enable our community to invest like the 1%.”
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