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Virtual card fintech raises $3M to extend reach in Latin America, Caribbean

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Digital card payment platform provider Moca announced Tuesday a $3 million series B funding round that will allow the platform to expand its foothold in Latin America and the Caribbean. The end-to-end solution is both a gateway to Visa and the card management system — functions that are typically handled by different vendors.

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The investment round was led by Woodforest Financial Group, parent company of the Woodlands, Texas-based Woodforest National Bank. The group recognized that Moca’s platform could benefit community banks and credit unions, said Andrew Paur, executive vice president and chief operating officer at the $9.8 billion Woodforest National Bank, in a statement.

“Today’s account holders demand advanced and flexible ways to handle their money,” Paur said in the release, adding that Moca’s “management team’s deep and successful experience developing and selling products to community financial institutions was also a significant factor in our investment decision.”

A white-label cloud-based solution, Moca uses APIs to integrate with a bank’s core, Moca CEO John Burns told Bank Automation News. The integration allows the platform to automate customer identification based on a few details, such as the last four digits of a Social Security number or a birthdate.

Moca piloted its platform in May with the San Juan, Puerto Rico-based Alliance Capital International Bank, offering debit and gift cards to customers throughout Latin America and the Caribbean. Alliance and Moca plan to roll out virtual credit cards across the region later this year, Burns said.

The pilot has been a success: After six weeks, 90% of the customer base at Alliance Capital International Bank has opted into the virtual card program, Paul Ortega, director of technology at the bank, told BAN. However, it took three years for Visa to approve the pilot, he told BAN.

The fintech partnership means customers can deal in U.S. currency while still spending locally without converting their money, Ortega said. That appeals to customers in Latin America, where the currencies can be volatile.

“Latin American people, they’re always trying to protect their money because there is a lot of instability, politically and economically,” Ortega said. “So when you have your funds in local banks, you have your funds in local currency, which one day can be 50% less of what you had the day before.”

The virtual cards also solve another problem the bank has experienced: Getting cards into the hands of customers. Physical cards often disappeared or were stolen from the mail, Ortega said. In addition, the cards give customers a secure alternative to cash, he added.

Alliance Capital International Bank was also sold on Moca’s payment option, which charges based on what the bank makes, rather than charging the bank whether or not the cards are used. And Ortega likes that Moca has handled all the related IT infrastructure and support.

“I don’t want to deal with Visa, with a customer call center, and with a technological team; that is not our business,” Ortega said. “Our business is to open an account and to lend money.”

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Source: https://bankautomationnews.com/allposts/payments/virtual-card-fintech-raises-3m-to-extend-reach-in-latin-america-caribbean/

Fintech

Miami is first city to accept ‘gift’ proceeds from new cryptocurrency

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Miami this month became the first U.S. city to use cryptocurrency to help bankroll its budget, but other cities may soon choose to follow if this new way of using crypto technology takes hold. The Miami city commissioners voted Sept. 13 to accept a gift of 30% of the revenue generated from MiamiCoin cryptocurrency, valued […]

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Source: https://bankautomationnews.com/allposts/crypto-defi/miami-is-first-city-to-accept-gift-proceeds-from-new-cryptocurrency/

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Aite-Novarica Group research ranks 7 core providers for digital banking solutions

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When it comes to core providers, Temenos edged out six others as the “best in class vendor” in a matrix released last week. The Aite-Novarica Group released its Aite Matrix: U.S. Digital Banking Solutions of CoreProviders ranks vendors by overall competitive position, stability, client strength, product features and client services. Temenos “has been able to […]

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Source: https://bankautomationnews.com/allposts/core-cloud/aite-novarica-group-research-ranks-7-core-providers-for-digital-banking-solutions/

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Signifyd Collaborates with Capital One To Help Retailers Combat False Positives

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A new partnership between Finovate alum Signifyd and Capital One will bring the fraud prevention specialist’s Authorization Rate Optimization solution to the bank’s payment ecosystem. The integration will help boost authorization rates and reduce the number of orders on Capital One credit cards that are inaccurately declined due to suspected fraud. This will increase revenue for retailers, as well as enhance customer lifetime value. Capital One will benefit from stronger cardholder loyalty, while cardholders will enjoy a more secure, online shopping experience with less friction.

“We are so pleased to partner with Capital One to solve a strategic issue for the ecommerce world,” Signifyd CEO Ra Ramanand said. “The very largest ecommerce sites globally can work directly with issuers to optimize their auth rates, but what do other merchants do? They come to Signifyd because we can optimize payment acceptance through our deep product integrations across the financial ecosystem.”

Signifyd’s Authorization Rate Optimization technology will be integrated with Capital One’s Enhanced Decisioning Data API. This will give Capital One enhanced data and fraud insights to help establish whether or not a given transaction should be approved or declined at the bank authorization stage. The solution provides identity intelligence across the entire shopper journey, delivering instant insights from the Signifyd Commerce Network at checkout, and helping authorization rates go up and the number of false declines go down.

An increase in false declines are, in some ways, the predicable outcome of the arms race between retailers and fraudsters. As fraud becomes more sophisticated, with more attacks and intrusions taking place earlier in the transaction process, both banks and merchants have found themselves increasingly declining payment at the authorization stage. The Economist reported that up to one in eight e-commerce dollars are currently declined during payment authorization, and the Aite Group reported that 62% of the merchants it surveyed admitted that their false decline rates have gone up in the last two years.

“There is no reason (why) merchants and banks should miss the opportunity to create seamless customer experiences at checkout,” Signifyd General Manager, Payment Solutions Okan Ozaltin said. “Working directly with issuing banks such as Capital One means Signifyd can offer the kind of ecommerce protection that makes life better for merchants and their loyal customers.”

Making its Finovate debut at FinovateSpring in 2013, Signifyd has become a leading, enterprise-grade fraud prevention platform. This year, the company was recognized by G2 in its 2021 Summer Report as a leader in the space as well as being first in market presence. Founded in 2011 and headquartered in Palo Alto, California, Signifyd has raised $390 million in funding, including a $205 million Series E round closed in April that was led by Owl Rock Capital. In addition to its partnership with Capital One – itself an alum of Finovate’s developer conference FinDEVr – Signifyd has teamed up in recent months with B2B payments specialist Adflex and, this spring, launched its Return Abuse Prevention Solution, which helps retailers better manage the $43 billion problem of fraudsters who abuse the refund and return system.

“Unfortunately, fraudsters and a subset of consumers are becoming more aggressive and ingenious when it comes to taking advantage of return policies meant to make life easier for shoppers,” Signifyd Vice President of Product Gayathri Somanath said when the solution was introduced. “Return Abuse Prevention relies on Signifyd’s network data, machine learning models and our new Decision Center module to give retailers the tools they need to stay ahead of this increasing, revenue-crushing trend.”


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Source: https://finovate.com/signifyd-collaborates-with-capital-one-to-help-retailers-combat-false-positives/

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Temenos goes live with payment processor Paymentology

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Customers of banking software company Temenos gained access to a cloud-based payment processor when an app for Paymentology went live last week on the Temenos Marketplace, a self-service digital store, Temenos announced.

The collaboration gives banking clients of the Switzerland-based Temenos pre-integrated third-party solutions to deliver card products with spend controls and other features backed by secure cloud-native payment processing technology, Temenos said in a release.

“For the provider, the benefits are that they get access to a very broad market reach and a very broad customer base,” Martin Bailey, director of innovation and ecosystem at Temenos, told Bank Automation News. “And for our customers, they get access to a curated set of solutions that they know has been through some good due diligence, so they can build a truly composable solution and make themselves individual in the market.”

The Temenos platform offers cloud-based, cloud-agnostic, API-based digital banking, core banking, payments, fund management, and wealth management software products. More than 3,000 banks and financial institutions are running Temenos cloud-native banking software and software-as-a-service (SaaS) solutions, including the $2.98 trillion HSBC and $1.6 trillion Credit Suisse. The marketplace, part of the Temenos ecosystem, connects banks with fintech solutions like Salt Edge, Qualco, Wise and Bluecode.

Launched in 2015, London-based Paymentology specializes in replacing legacy issuer card processing with a payment processing platform used by challenger banks such as Revolut and Standard Chartered’s Mox Bank.

The partnership will provide banks with real-time data feeds that can include more than 120 lines of information associated with any transaction, rather than the 10 to 20 lines of data most legacy systems use, Bailey said. This gives banks more granular, actionable information on customers’ habits.

“A lot of the value in banking comes down to what you know about the costs. So, things like analytics and explainable [artificial intelligence] are key to making sure that you understand that, and both of those are very data-centric,” Bailey said. “So, the more data you can feed them, the better. There’s more that we can correlate; there’s more that we can spot trends. It’s just a much richer set of data to work with.”

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Source: https://bankautomationnews.com/allposts/core-cloud/temenos-goes-live-with-payment-processor-paymentology/

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