Fintech, Finance, Technology, Banking Highlights – 7 June 2018
Currencycloud extended remittance partnership with Hyundai
Currencycloud, the international payment platform, announced the launch of South Korea’s first remittance service by a non-bank, following its strategic partnership with the country’s leading credit card company, Hyundai Card.
The news builds on Currencycloud’s momentum in Asia-Pacific, with the UK-headquartered fintech signing 14 partnerships in the region in the past year and growing the volume of payments in the region by 66% in the past year since Q1 2017.
These partnerships include agreements to process business payments between the West and China with X-Transfer and to deliver local payouts in Europe with Geoswift. A strategic partnership has also been signed with EasyPay to facilitate the collections process for Hong Kong merchant service providers.
The remittance service with Hyundai Card demonstrates another possible outcome of these collaborations. The offering, which is underpinned by Currencycloud’s advanced API and facilitated by Shinhan Bank, enables Hyundai Card members to make faster and cheaper cross-border payments.
“Currencycloud has developed a strong presence in Europe, and after making inroads into the US, launching in Asia is a logical next step. Partnering with the second largest conglomerate in South Korea was an easy decision to make, as its reach and the sheer size of the market allows us to bring our leading technology to millions of end users who can then benefit from the combined product” Commented Stephen Lemon, VP, Corporate Development and co-founder of Currencycloud.
Envestnet/Yodlee unveil AI-Driven Financial Wellness Assistant
Envestnet|Yodlee, a data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, announced significant enhancements to its Artificial Intelligence (AI) powered Financial Wellness Solution at CFSI’s Emerge Financial Health Forum.
Leveraging enriched transaction data, artificial intelligence and machine learning, the enhanced Envestnet | Yodlee Financial Wellness Solution dynamically monitors consumers’ financial health and provides actionable financial guidance across a spectrum of devices, user interfaces and platforms. New data intelligence enhancements include full integration of Envestnet | Yodlee’s new award-winning AI FinCheck application and the availability of OK to Spend predictive cash flow application and API.
“Now, more than ever, consumers are looking for personalized, intuitive and forward-looking experiences that help them meet their financial goals now and in the future,” said Katy Gibson, Vice President of Product Applications at Envestnet | Yodlee. “By expanding our Financial Wellness Solution to include the new AI FinCheck application, financial service providers can provide their consumers with a personalized virtual financial wellness assistant which delivers actionable insights to help improve their financial health. This easy-to-use tool utilizes real-time data to enable consumers to make more informed financial decisions.”
Alpha Fintech and Trustly team on online banking payments
Alpha Fintech, the fintech vendor management platform that simplifies the management of current vendors and exposes new payments, risk and commerce providers via a single interface, is proud to announce a new partnership with European payments company Trustly.
Trustly provides fast, simple and secure online banking e-payments (OBeP) to and from from consumer bank accounts across Europe.
This partnership will see Trustly’s payment solutions available to banks, MSPs and merchant users on the AlphaHub platform.
The AlphaHub is a fintech vendor management platform that provides access to a library of fintech vendors through one dynamic API and user interface. Alpha Fintech aims to foster innovation by introducing standardised third-party vendor access.
According to Datamonitor, 93% of European citizens use their bank accounts as their primary funding source. With new digital authentication methods, the bank account has grown in relevance across European markets for both domestic and international payments. And merchants and service providers are looking to accommodate their customers’ payment habits.
Trustly is available in 29 countries and more than 3.5 million secure purchases are made using Trustly every month, allowing customers to pay with their online bank without leaving the online shop.
