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The future of data-driven banking

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Decoupling systems

With increasing use of digital and mobile banking, data-driven banking means that banks can meet high customer expectations. In addition to the availability of data and an independent frontend, banks can reduce their dependence on the core banking system.

But how can this be implemented technically?

Detached from an often outdated back-end architecture, new services can be launched simultaneously and developed independently. This makes them accessible at any time and from anywhere. And by ‘anytime’, that can mean real-time availability. The bank can drive fast development and release cycles, which are crucial for successful digital banking providers. It is also possible to implement omnichannel strategies and make products more dynamic and automated.

Unified Data Language

The first step is to unify the data. Integration layers take over this step and enable frontends to communicate in the same “Unified Data Language”. Regardless of whether the data originates from core banking systems, CRM or other analysis tools, data can be unified in the integration layer and thus made more usable. To guarantee security at all times, it is also possible to identify and protect sensitive data.

Faster time to market

With this unified data, the user interface can be optimally configured, as well as data cached and adapted to the performance of the core banking system. Data conversion is therefore an integral part of the interaction layer and enables faster time-to-market.

New functions can be added at any time through additional initial data migrations. It is advantageous if the integration layer is also certified by the core banking system provider, so that any compatibility problems are prevented.

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Source: The future of data-driven banking

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Source: https://australianfintech.com.au/the-future-of-data-driven-banking/

Blockchain

Visa to acquire Swedish open banking firm Tink for €1.8 billion

Card giant Visa is set to acquire Tink, the Swedish open banking platform, in a deal worth €1.8 billion (roughly $2.15 billion).

The post Visa to acquire Swedish open banking firm Tink for €1.8 billion appeared first on The Block.

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Card giant Visa is set to acquire Tink, the Swedish open banking platform, in a deal worth €1.8 billion (roughly $2.15 billion).

The news comes less than six months after the termination of Visa’s planned $5.3 billion acquisition of Plaid, the San Francisco-based fintech firm – a deal that had encountered significant opposition from the U.S. Department of Justice.

Like Plaid, Tink’s platform allows customers to connect with more than 3,400 banks and financial institutions to access aggregated financial data, helping them to build innovative personal finance tools.

“Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals,” said Al Kelly, CEO and chairman of Visa. “By bringing together Visa’s network of networks and Tink’s open banking capabilities we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure.”

As part of the Visa deal, Tink will retain its brand and current management team, as well as its headquarters in Stockholm, Sweden.

Tink last raised money in December 2020, when it secured €85 million (roughly $101.5 million) in a round led by Dawn Capital and Eurazeo Growth.

The €1.8 billion transaction, which includes cash and retention incentives, is subject to approval from regulators. Visa will fund the transaction in cash.

Powered by PSD2

Tink’s business model is in part enabled by the EU’s Revised Payment Services Directive (PSD2), which was put into effect in January 2018. The legislation requires banks to give third parties access to the customer data they store, with the aim of driving competition and innovation in financial services.

But the PSD2 framework also paved the way for new payment functionality that allows consumers to make payments directly from their bank accounts without having to rely on intermediaries, like card networks.

In recent months, account-to-account payments have garnered a lot of attention from crypto startups, which see it as a potentially cheaper and easier method of funding wallets.

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Source: https://www.theblockcrypto.com/linked/109441/visa-acquire-european-open-banking-tink?utm_source=rss&utm_medium=rss

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Blockchain

Exclusive: Financial Technology Provider EXINITI Announces Its Official Launch

The UAE-based technology company is offering comprehensive services to global FX and CFD brokers.

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EXINITI, a Dubai-based financial technology firm, announced today that the company has officially launched its services. Founded by Mohamed Rashad, an industry veteran, the company aims to facilitate international FX and CFD brokers through innovative technology services.

According to an official press release shared exclusively with Finance Magnates, services from EXINITI will support emerging companies as well as well-established businesses in the global financial markets.

Bank Account Alternative. Business Account IBAN.

The company highlighted that its core offering has various services, including an online and scalable CRM package, back-office support systems, client/IB portal solutions, MT5/4 white label solutions, and support with customizable website integration and development.

Additionally, the company will provide extensive support to the brokers including web development and hosting services to help the companies run their operations smoothly and efficiently.

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Commenting on the official launch, Mohamed Rashad, CEO and Founder of EXINITI, said: “EXINITI was founded because there was a gap in the market in terms of technology-related advancements and support for financial services. EXINITI provides everything a Forex and CFD brokerage requires to get set up correctly from day one. We have also perfected the solutions needed to run a brokerage’s day-to-day operations smoothly and in the most efficient and scalable way possible.”

In addition to the mentioned services, EXINITI allows for integration with the most commonly used payment solution providers in the industry.

Mohamed Rashad

The CEO of EXINITI has extensive experience in the global financial markets. Before founding EXINITI, Rashad worked with several brokerages, including MultiBank Group and Equiti.com. In his latest role, he worked with FXGate as Head of information technology.

“EXINITI which was founded at the end of 2020 and has its headquarters in the UAE combines technology and functionality to bring to life a suite of new tech and know-how for brokers. The technology provider has launched its website that describes the full suite of brokerage set-up and management solutions that are on offer for financial enterprises to deliver the ultimate experience for their clients,” the company added in the official announcement.

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Source: https://www.financemagnates.com/fintech/exclusive-financial-technology-provider-exiniti-announces-its-official-launch/

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Crowdfunding

Singapore based Digital Wealth and Savings App Hugo Secures $2M via Seed Round from 1982 Ventures, Others

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Singapore-based Hugo, a digital wealth and savings app, recently revealed that they’ve acquired $2 million in capital via a seed round from 1982 Ventures, established family offices and angel investors.

With the proceeds from its investment round, Hugo stated that it will be introducing additional features to help clients with improving their budgeting, savings and achieving their investing goals so that the company can support the financial wellbeing of its customers.

David Fergusson, Chief Executive Officer and Co-Founder at Hugo, stated:

“Money is the biggest cause of stress and Covid-19 has only reinforced how financially unprepared most of us are. We are excited to introduce Hugo at a time when financial wellbeing has become so relevant.”

David has also mentioned that money fears are “most people’s principal cause of stress, and we talk about Wealthcare® as being the antidote to money fears.” So Hugo plans to create a simple user interface, and an intuitive engagement method for “getting people to, basically, look after their money as they spend it, look after their money as they budget with it, and look after their money as they save with it.”

Hugo has developed a unique feature, known as the Gold Vault, which makes investing in gold more convenient and accessible for everyone. Hugo clients are able to purchase or sell gold for as low as SGD 0.01.

Gold has traditionally been a core investment for the ultra-rich and provides safety and wealth preservation during times of high inflation and socioeconomic uncertainty.

Hugo’s Gold Vault is reportedly backed by physical gold that resides in an accredited LBMA (London Bullion Market Association) vault. The gold is insured by Lloyds of London, allowing investors to benefit from the same level of protections as more established hedge funds and private banking institutions.

Herston Powers, Managing Partner, of 1982 Ventures, remarked:

“Hugo is democratizing access to gold with a low fee product that is extremely thoughtful and approachable. Singapore is a perfect market to launch the next generation of digital banking and wealth solutions.”

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Source: https://www.crowdfundinsider.com/2021/06/176928-singapore-based-digital-wealth-and-savings-app-hugo-secures-2m-via-seed-round-from-1982-ventures-others/

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Crowdfunding

Saudi Arabia based Fintech Tweeq, Provider of Spending Accounts for SMEs, Secures Investment from STV, Raed Ventures

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Saudi Arabia-based Tweeq, a provider of spending accounts for individuals and small businesses operating across the country, revealed that it has finalized an undisclosed seven-figure funding round, which has been co-led by STV and Raed Ventures.

As noted by the company’s management:

“Our mission is to help individuals and SMEs in MENA to manage their money better and meet their financial needs by building the best mobile-first spending account.”

Tweeq’s investment round has been finalized after the Fintech firm’s exclusive partnership with Mastercard and Paymentology. The company will use the proceeds to further enhance its product development efforts and prepare for its launch in Saudi Arabia, followed by the wider MENA region.

Established last year by a team of experienced banking and technology professionals, Tweeq will let its customers open a feature-rich spending account within seconds via their intuitive mobile app – where they may quickly start receiving and making payments. Users may also set monthly budgets and long-term financial and investing goals. Additionally, they can monitor and manage personal spending automatically across various categories.

Clients may join the waiting list right now simply by downloading Tweeq via the Apple and Google Play stores.

Saeed Albuhairi, Co-Founder and CEO at Tweeq, stated:

“Tweeq is aiming to provide an unparalleled customer experience and a better modern alternative to the traditional banking account. We are working hard to obtain the necessary licenses and approvals to conduct our business under the Saudi Central Bank (SAMA)’s supervision to achieve the Kingdom’s ambition of developing a diversified and effective financial sector.”

The financial services sector in Saudi Arabia is undergoing rapid digital transformation, a trend that has accelerated following the COVID-19 outbreak.

As covered last month, the Arab Monetary Fund, which aims to establish policies of Arab monetary cooperation and promote the development of Arab financial markets, launched “Finxar,” which is a regional Fintech index for tracking the development of the financial technology industry in Arab nations.

The update had revealed:

“The Kingdom of Saudi Arabia came in second place (after the UAE) with a rate of 65%, … for the development of the demand side and the availability of financing, due to the various initiatives sponsored by the authorities in assisting technology centers in supporting digital financial products and solutions in the Kingdom, and to enhance financial education. In addition to the various awareness programs, enabling the access to finance for small and medium enterprises. It also ranked third at the level of the leading indices of policies & regulations, financial market infrastructure, and talents.”

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Source: https://www.crowdfundinsider.com/2021/06/176938-saudi-arabia-based-fintech-tweeq-provider-of-spending-accounts-for-smes-secures-investment-from-stv-raed-ventures/

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