267
All you want to know about retail and institutional FX. Reach me @AlexanderKoshkin to discuss advertising options.
For online shoppers, thecheckout page often feels like the happy ending. You've found the perfectebook, snagged that must-have in-game item, or secured access to the lateststreaming service. Click, confirm, and voila – instant gratification. But a shadowlurks behind the convenience of digital transactions: the phenomenon offriendly fraud.Friendly fraud, alsoknown as first-party fraud, flips the script on the traditional image of acybercriminal. Here, the perpetrator isn't a hooded hacker in a dark basement.It's the seemingly ordinary consumer, the very person who clicked "buy"with glee. They receive the digital goods, devour the ebook, conquer thein-game challenge, or binge-watch their fill. Then, with a twist worthy of amystery novel, they file a chargeback, claiming the transaction was fraudulent.This deceptive dancebetween buyer and seller is particularly rampant in the realm of digital goods.Unlike a tangible product you can return, a downloaded game or a streamed movievanishes into the ether. By the time the merchant catches on to the fraudulentclaim, the evidence has often disappeared – leaving them out the cost of thegood and potentially facing additional chargeback fees.The motivations behindfriendly fraud are as varied as the digital goods themselves. Sometimes, simpleconfusion is the culprit. The unfamiliar name on the credit card statement –"DazzlingDigitalBooks" instead of the expected "Fantasy Ebooks"– sparks suspicion. The cardholder, unsure of the legitimacy, initiates achargeback for peace of mind. In other cases, buyer's remorse takes centerstage. Perhaps the in-game item wasn't quite as thrilling as anticipated, orthe movie turned out to be a critical dud. Faced with a less-than-stellarpurchase, the cardholder might resort to a chargeback as a form ofpost-purchase regret therapy.But there's a darkerside to friendly fraud as well. Some consumers exploit the system as a way toessentially get free digital goods. They game the system, knowing the burden ofproof often falls on the merchant. This deliberate manipulation not only hurtsbusinesses, but also creates friction for genuine customers who rely on thelegitimacy and security of online transactions.The consequences offriendly fraud extend far beyond a single disputed chargeback. A recent reportpaints a concerning picture: <a href="https://464903.fs1.hubspotusercontent-na1.net/hubfs/464903/2023%20Case%20Studies%20and%20whitepapers/2024%20Outlook%20Report%20Ethoca.pdf">astaggering 75% of fraud</a> experienced by digital goods merchants is estimatedto be the result of friendly fraud. For merchants, this translates to lostrevenue, increased operational costs, and a potential decline in trust withpayment processors. This, in turn, can lead to stricter security measures and amore cumbersome checkout experience for honest customers. It's a domino effectthat ultimately undermines the very foundation of online commerce – trust.So, what can be done tocombat this digital deception? Transparency is key. Clear and concisedescriptions of digital goods, along with easily accessible customer servicechannels, can go a long way in preventing confusion-based chargebacks.Additionally, robust transaction descriptions on credit card statements canhelp jog the cardholder's memory and reduce unnecessary disputes.Technology also plays acrucial role. Fraud detection systems that analyze purchase patterns andidentify suspicious activity can help merchants stay ahead of the curve.However, these systems should be implemented with a delicate balance, ensuringthey don't inadvertently flag legitimate transactions or create unnecessaryfriction for honest buyers.Ultimately, fostering aculture of responsible online purchasing is essential. Educating consumersabout the ramifications of friendly fraud, and encouraging them to contact themerchant directly in case of dissatisfaction, can help create a more sustainableand trustworthy online marketplace.The digital receipt mayseem like a straightforward confirmation of a purchase. But as the rise…
Читать полностью…
American Express and Worldpay have announced a newcollaboration aimed at facilitating smoother transactions for small businesses,particularly in welcoming American Express Cardmembers. This agreement highlightsAmerican Express's initiative to strengthen its presence in the UK market andbroaden the accessibility of its Cardmember services.Expanding Small Business Access to Card PaymentsOver the past three years, the UK has witnessed asubstantial surge in the number of locations accepting American Express cards,marking a 46% increase. Worldpay, a longstanding partner of American Express,will now provide small businesses with an additional avenue to accept Amex Cardpayments. This move is anticipated to allow small businesses to capture moreconsumer spending while optimizing their checkout procedures.Dan Edelman, Vice President and UK General Manager, MerchantServices at American Express, said: “As our Cardmember base continues to growin the UK, we’ve been making great strides in expanding our merchant coverage.This new strategic agreement will help power our progress, meaning thousands ofadditional small businesses across the country can benefit from welcoming AmexCardmembers who, on average, spend 3.9 times more annually and 3.2 times morefrequently than non-Cardmembers."New Agreement Enhances Operational EfficiencyPer the terms of the newly established agreement, bothWorldpay and its associated merchants are set to enjoy operationalefficiencies, including simplified transaction reconciliation, a standardizedsettlement procedure, an uncomplicated onboarding process, and a centralizedpoint of contact for servicing queries..@AmericanExpress has expanded its #partnership with Worldpay to provide additional #payment capabilities for #SMEs.💸 Curious? Read The Paypers: https://t.co/iNAYBijLdf #thepaypers #paymentsnews #financialnews #merchants #expansion #paymentmethods #paymentoptions pic.twitter.com/bTD9eGfUpR— The Paypers (@ThePaypers) May 13, 2024Globally, the accessibility of American Express hasexperienced an upsurge, with the number of accepting locations more thantripling since 2017.Chris Wood, General Manager SMB International and US Direct,Worldpay, said: “Working in partnership with American Express, we’re pleased tobe opening up more opportunities for our base of merchants in the UK andIreland to benefit from the spending power of loyal Amex Cardmembers. Consumersexpect to pay the way they want to. By enabling our merchants to expand theirchoice of payments options more seamlessly, we’re helping them serve theircustomers better.”This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/vPJ9fEI
For online shoppers, thecheckout page often feels like the happy ending. You've found the perfectebook, snagged that must-have in-game item, or secured access to the lateststreaming service. Click, confirm, and voila – instant gratification. But a shadowlurks behind the convenience of digital transactions: the phenomenon offriendly fraud.Friendly fraud, alsoknown as first-party fraud, flips the script on the traditional image of acybercriminal. Here, the perpetrator isn't a hooded hacker in a dark basement.It's the seemingly ordinary consumer, the very person who clicked "buy"with glee. They receive the digital goods, devour the ebook, conquer thein-game challenge, or binge-watch their fill. Then, with a twist worthy of amystery novel, they file a chargeback, claiming the transaction was fraudulent.This deceptive dancebetween buyer and seller is particularly rampant in the realm of digital goods.Unlike a tangible product you can return, a downloaded game or a streamed movievanishes into the ether. By the time the merchant catches on to the fraudulentclaim, the evidence has often disappeared – leaving them out the cost of thegood and potentially facing additional chargeback fees.The motivations behindfriendly fraud are as varied as the digital goods themselves. Sometimes, simpleconfusion is the culprit. The unfamiliar name on the credit card statement –"DazzlingDigitalBooks" instead of the expected "Fantasy Ebooks"– sparks suspicion. The cardholder, unsure of the legitimacy, initiates achargeback for peace of mind. In other cases, buyer's remorse takes centerstage. Perhaps the in-game item wasn't quite as thrilling as anticipated, orthe movie turned out to be a critical dud. Faced with a less-than-stellarpurchase, the cardholder might resort to a chargeback as a form ofpost-purchase regret therapy.But there's a darkerside to friendly fraud as well. Some consumers exploit the system as a way toessentially get free digital goods. They game the system, knowing the burden ofproof often falls on the merchant. This deliberate manipulation not only hurtsbusinesses, but also creates friction for genuine customers who rely on thelegitimacy and security of online transactions.The consequences offriendly fraud extend far beyond a single disputed chargeback. A recent reportpaints a concerning picture: <a href="https://464903.fs1.hubspotusercontent-na1.net/hubfs/464903/2023%20Case%20Studies%20and%20whitepapers/2024%20Outlook%20Report%20Ethoca.pdf">astaggering 75% of fraud</a> experienced by digital goods merchants is estimatedto be the result of friendly fraud. For merchants, this translates to lostrevenue, increased operational costs, and a potential decline in trust withpayment processors. This, in turn, can lead to stricter security measures and amore cumbersome checkout experience for honest customers. It's a domino effectthat ultimately undermines the very foundation of online commerce – trust.So, what can be done tocombat this digital deception? Transparency is key. Clear and concisedescriptions of digital goods, along with easily accessible customer servicechannels, can go a long way in preventing confusion-based chargebacks.Additionally, robust transaction descriptions on credit card statements canhelp jog the cardholder's memory and reduce unnecessary disputes.Technology also plays acrucial role. Fraud detection systems that analyze purchase patterns andidentify suspicious activity can help merchants stay ahead of the curve.However, these systems should be implemented with a delicate balance, ensuringthey don't inadvertently flag legitimate transactions or create unnecessaryfriction for honest buyers.Ultimately, fostering aculture of responsible online purchasing is essential. Educating consumersabout the ramifications of friendly fraud, and encouraging them to contact themerchant directly in case of dissatisfaction, can help create a more sustainableand trustworthy online marketplace.The digital receipt mayseem like a straightforward confirmation of a purchase. But as the rise…
Читать полностью…
American Express and Worldpay have announced a newcollaboration aimed at facilitating smoother transactions for small businesses,particularly in welcoming American Express Cardmembers. This agreement highlightsAmerican Express's initiative to strengthen its presence in the UK market andbroaden the accessibility of its Cardmember services.Expanding Small Business Access to Card PaymentsOver the past three years, the UK has witnessed asubstantial surge in the number of locations accepting American Express cards,marking a 46% increase. Worldpay, a longstanding partner of American Express,will now provide small businesses with an additional avenue to accept Amex Cardpayments. This move is anticipated to allow small businesses to capture moreconsumer spending while optimizing their checkout procedures.Dan Edelman, Vice President and UK General Manager, MerchantServices at American Express, said: “As our Cardmember base continues to growin the UK, we’ve been making great strides in expanding our merchant coverage.This new strategic agreement will help power our progress, meaning thousands ofadditional small businesses across the country can benefit from welcoming AmexCardmembers who, on average, spend 3.9 times more annually and 3.2 times morefrequently than non-Cardmembers."New Agreement Enhances Operational EfficiencyPer the terms of the newly established agreement, bothWorldpay and its associated merchants are set to enjoy operationalefficiencies, including simplified transaction reconciliation, a standardizedsettlement procedure, an uncomplicated onboarding process, and a centralizedpoint of contact for servicing queries..@AmericanExpress has expanded its #partnership with Worldpay to provide additional #payment capabilities for #SMEs.💸 Curious? Read The Paypers: https://t.co/iNAYBijLdf #thepaypers #paymentsnews #financialnews #merchants #expansion #paymentmethods #paymentoptions pic.twitter.com/bTD9eGfUpR— The Paypers (@ThePaypers) May 13, 2024Globally, the accessibility of American Express hasexperienced an upsurge, with the number of accepting locations more thantripling since 2017.Chris Wood, General Manager SMB International and US Direct,Worldpay said: “Working in partnership with American Express, we’re pleased tobe opening up more opportunities for our base of merchants in the UK andIreland to benefit from the spending power of loyal Amex Cardmembers. Consumersexpect to pay the way they want to. By enabling our merchants to expand theirchoice of payments options more seamlessly, we’re helping them serve theircustomers better.”This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/vPJ9fEI
For years, credit cardshave reigned supreme in the realm of online commerce. Transactions flowedthrough a well-oiled machine: merchants, card networks like Visa andMastercard, and issuing banks all played their part, each taking a slice of thepie. These fees made online payments a hidden source of profit, adding a layerof complexity to the process. Now, <a href="https://www.financemagnates.com/fintech/payments/the-rise-of-the-pay-by-bank-phoenix-nab-and-banked-forge-a-future-for-faster-payments/">a challenger emerges</a>, operating with quietefficiency: pay by bank.This seemingly simpleinnovation – transferring funds directly from your checking account – has thepotential to spark a digital currency revolution, fundamentally altering thefinancial landscape. Pay by bank cuts through this intermediary web, establishinga direct connection between your bank and the retailer. The result? Fastersettlements for merchants, potentially lower fees for everyone involved, and apotential power shift in the world of online transactions.This shift goes beyondmere efficiency. It represents a potential power struggle, a chance for banksto reclaim control over the flow of digital currency. Currently, card networksact as gatekeepers, dictating many of the terms for online transactions. Pay bybank empowers banks, potentially giving them the upper hand in setting fees andshaping the future of online payments. The implications are vast. Could this bethe dawn of a new era where banks, not card networks, dictate the terms ofonline commerce?The answer lies not justwithin domestic competition, but on a global stage. Pay by bank thrives on openbanking, a system where banks securely share customer data with third-partyproviders. While this fosters innovation and potentially creates a wider rangeof payment options for consumers, a crucial question arises: can a systemdesigned for one nation's financial infrastructure seamlessly integrate withanother's?Consider the starkcontrast. Developed economies boast robust banking systems with high rates ofbank account ownership. In these regions, pay by bank could become a dominantforce, streamlining transactions and potentially lowering costs. However, the landscapeis vastly different in many developing nations. Here, mobile money platformsreign supreme, offering financial inclusion to unbanked populations. Can pay bybank bridge this divide, fostering financial inclusion for the unbanked andunderbanked globally? Or will it exacerbate existing disparities, furthermarginalizing those who lack access to traditional banking systems?The answer might lie ina hybrid approach. Perhaps pay by bank coexists with established card networks,catering to specific user preferences or filling gaps in certain regions. Forinstance, pay by bank might prove particularly convenient for larger purchases,while credit cards retain their appeal for smaller transactions or buildingcredit scores. Alternatively, a completely new digital currency standard couldemerge, one built on the foundation of open banking and instant settlementsfacilitated by pay by bank. Such a system could offer greater efficiency,transparency, and potentially lower fees for everyone involved.This potential for aglobal digital currency revolution raises a multitude of questions. How willexisting regulatory frameworks adapt to accommodate this new payment method?Will central banks embrace or resist this innovation, fearing potential disruptionsto their control over monetary policy? And most importantly, will consumerstrust this new system with their hard-earned money? Building trust will becrucial for widespread adoption. Consumers need assurance that their financialdata is secure and that pay by bank offers robust fraud protection mechanisms.The battle lines arealready being drawn. Established card networks aren't passive players. They'reinvesting heavily in new technologies, including tokenization and instantsettlements, to maintain their dominance. But banks have a powerful weapon intheir arsenal: direct access to…
Читать полностью…
Google has introduced its digital wallet, GoogleWallet, in India. This move came nearly two years after the platformsuccessfully relaunched in the United States. Positioned alongside the establishedGoogle Pay app, Google Wallet promises to enhance digital payments in Indiawith new features that enhance convenience and efficiency.Expanding Digital PaymentsGoogle Wallet caters to non-payment usecases, such as storing boarding passes, gift cards, event tickets, and loyaltypasses, while Google Pay is the primary payment solution. By integrating with Android, users can manage their digitaltransactions on the digital platform. Additionally, users can add various items, including boarding passesand loyalty cards, through QR codes, barcodes, or links shared via Gmail onGoogle Wallet, TechCrunch reported. Besides that, the app supports creating passes fromimages containing barcodes or QR codes.@Google has just launched the Google Wallet app in India.Here's everything you need to know about the app: https://t.co/5A16mDzRIf#Google #GoogleWallet pic.twitter.com/Umtng0yBrq— Business Standard (@bsindia) May 8, 2024Google has entered into partnerships with local brands and service providers to support Google Wallet inthe Indian market. Initially collaborating with 20 brands, including Flipkart,Air India, and MakeMyTrip, the tech giant aims to provide users with a seamlessexperience across various sectors, such as entertainment and travel.Additionally, the digital wallet has partnered with local transport operators toenable users to access transit tickets.Competition from Major BrandsWith the growing smartphone usage in India, GoogleWallet aims to tap into the country's expanding payment space. However, itfaces stiff competition from existing players such as Samsung Wallet andApple Wallet.In February, Google announced that it will discontinue Google Pay in the United States from June 2024 and transition users to GoogleWallet. The latter will maintain features such as in-store tap-to-pay andpayment method management. Google Wallet's usage in the US reportedly surpassesGoogle Pay's by five times, making it the primary platform for payment cardstorage and other digital items like transit cards and IDs.#Google to shut down #GooglePay in US, Indian users to remain unaffectedhttps://t.co/OzYb32TDzd— Business Today (@business_today) February 25, 2024While the US transitioned to Google Wallet, GooglePay's services in other countries, including India and Singapore, wereunaffected. Users in these regions will continue to access Google Pay foronline and in-store payments. Google assured users in these regions that the Google Pay app will not be changed and they will still be able to access andmanage their funds via the Google Pay website.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/o0LGUkm
The hype surrounding the Finance Magnates Africa Summit (FMAS:24) is real, with just over one week to go until the biggest event of the year in Africa. Now in its second straight year, the premium event is returning to Sandton City, South Africa on May 20-22. Prospective attendees can expect a strong focus on retail trading, with thousands of new and veteran traders on site and ready to network and engage with. Africa is a continent full of potential for brokers and traders alike. Many companies have already set up shop, with a massive base of potential clients looking to find a broker to trade with. For many traders, simply getting started on their trading journey is the hardest step, which is why FMAS:24 is oriented towards this demographic. This includes the launch of a new content stage, Trader Zone, which caters extensively towards retail traders and brokers. For the first time at FMAS, this informative hub will help provide an engaging forum for all participants to learn, network, and connect with other traders, top brokers, and more.The entire full-length agenda can be viewed with the following link, with several interesting and relevant sessions for traders on tap. This includes the notable panel, ‘Tutorial: Welcome to The World of Trading!’, which is an excellent beginning point for any newer traders just starting out or looking for some tips for success.Time is running out to sign up online for FMAS:24. Make sure to head on over to the registration page for FMAS:24 and sign-up today! Registering online ensures you can skip the wait and queue on-site.Start Your Trading Journey at FMAS:24FMAS:24 will be featuring a wide range of panels, workshops, keynotes, and more, all focusing on the online trading sphere. The upcoming session, ‘Tutorial: Welcome to The World of Trading!’ is a perfect example of this, taking place on May 21 at 17:20-17:40 at Trader Zone. Are you ready to take your first steps into the exciting world of trading? Join renowned trading expert Adam Button, Chief Currency Analyst at ForexLive as he will look to guide participants through key terms, practical skills, and fundamental capital market investment concepts.Mr. Button is ideally equipped to spotlight this session, having led and managed ForexLive for 10 years. He learned early in his career that news and understanding what it means first is the most valuable commodity in markets. Few will read more or dig deeper. Register Today for the Biggest Event of the Year in Africa!Join Mr. Button this May for a can’t miss session for traders of all skill levels! See you soon in South Africa!This article was written by Jeff Patterson at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/1LEFD7k
Adyen, a global financial technology platform, has unveiledits partnership with Cover Genius, an insurtech company specializing inembedded protection solutions. This collaboration aims to enhance the paymentprocessing capabilities of Cover Genius across multiple continents, includingthe Americas, Europe, and the Asia-Pacific region.Optimizing Online Transaction AuthorizationAs part of the partnership, Adyen will serve as one of CoverGenius's payment processing partners, facilitating the integration of localpayment methods into the insurtech company's platform. By leveraging Adyen'sexpertise in payment processing, Cover Genius seeks to optimize itsauthorization rates for online transactions, thereby improving the overallcustomer experience.Cover Genius identified the need for a financial technologypartner capable of supporting its diverse range of local payment methods on aglobal scale. Through its collaboration with Adyen, Cover Genius aims to expandits reach and offer secure payment options to customers worldwide.Adyen and Cover Genius Team up to Enhance Payment Experiences for End-Customers [Sydney]https://t.co/5lg9fyc2uN— PaymentsNews.com (@paymentsnews) May 9, 20243D Secure Solution: Balancing Security and ConvenienceOne of the key features of the partnership is theimplementation of Adyen's fraud and security solution, known as 3D Secure. Thistechnology utilizes an authentication engine powered by machine learning toassess transaction risk levels and determine the appropriate level ofauthentication needed. By striking a balance between security and userconvenience, Adyen's 3D Secure solution aims to boost transaction authorizationrates while maintaining a seamless payment experience for customers.“As Australians look to make savings wherever possible in anincreasingly challenging economic climate, insurers need to portray valuethrough digital experiences and leverage insights, if they’re to remain top ofmind as a non-discretionary cost. At Adyen, we are seeing increased investmentfrom insurtechs in digital transformation to offer more relevant choices totheir customers,” said Hayley Fisher, Adyen Country Manager, Australia and NewZealand. “We’re thrilled to work with Cover Genius in providing thebest-in-class customer experience and improving business operations.”This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/4DyJPOd
Adyen, a global financial technology platform, has unveiledits partnership with Cover Genius, an insurtech company specializing inembedded protection solutions. This collaboration aims to enhance the paymentprocessing capabilities of Cover Genius across multiple continents, includingthe Americas, Europe, and the Asia-Pacific region.Optimizing Online Transaction AuthorizationAs part of the partnership, Adyen will serve as one of CoverGenius's payment processing partners, facilitating the integration of localpayment methods into the insurtech company's platform. By leveraging Adyen'sexpertise in payment processing, Cover Genius seeks to optimize itsauthorization rates for online transactions, thereby improving the overallcustomer experience.Cover Genius identified the need for a financial technologypartner capable of supporting its diverse range of local payment methods on aglobal scale. Through its collaboration with Adyen, Cover Genius aims to expandits reach and offer secure payment options to customers worldwide.Adyen and Cover Genius Team up to Enhance Payment Experiences for End-Customers [Sydney]https://t.co/5lg9fyc2uN— PaymentsNews.com (@paymentsnews) May 9, 20243D Secure Solution: Balancing Security and ConvenienceOne of the key features of the partnership is theimplementation of Adyen's fraud and security solution, known as 3D Secure. Thistechnology utilizes an authentication engine powered by machine learning toassess transaction risk levels and determine the appropriate level ofauthentication needed. By striking a balance between security and userconvenience, Adyen's 3D Secure solution aims to boost transaction authorizationrates while maintaining a seamless payment experience for customers.“As Australians look to make savings wherever possible in anincreasingly challenging economic climate, insurers need to portray valuethrough digital experiences and leverage insights, if they’re to remain top ofmind as a non-discretionary cost. At Adyen, we are seeing increased investmentfrom insurtechs in digital transformation to offer more relevant choices totheir customers,” said Hayley Fisher, Adyen Country Manager, Australia and NewZealand. “We’re thrilled to work with Cover Genius in providing thebest-in-class customer experience and improving business operations.”This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/4DyJPOd
The global payment company Corpay has acquiredPaymerang, a provider of accounts payables automation solutions, tostrengthen its services for corporate clients. This acquisition boosts Corpay'spresence in sectors such as education, healthcare, hospitality, andmanufacturing.Advancing Corporate Payment ServicesRon Clarke, the Chairman and Chief Executive Officerof Corpay, mentioned: "This acquisition is right in our wheelhouse andexactly the kind of transaction we find most attractive. It's a businessgrowing over 20% within Corporate Payments, where we can accelerate growth andprofitability. It will help us sell more in several large verticals wherePaymerang has a strong position with satisfied customers, ERPs, andpartners."According to the press release, one of the importantbenefits of the acquisition is the addition of over 250,000 merchants fromPaymerang to Corpay's existing network of over 1 million vendors. This expandedmerchant network enables Corpay to process approximately $120 billion in annualtransactions.The two companies expect to close the transaction inthe second quarter of 2024, pending regulatory approval. Corpay is listed on the NYSE under the ticker symbolCPAY and provides global corporate payments services dedicated to enhancing expense management for businesses and consumers. The firm offers paymentsolutions that enable its users to manage expenses.Rebranding and Global PartnershipsIn March, global payments firm FLEETCOR Technologiesrebranded as Corpay to reflect its focus on corporate payment solutions. Thischange, effected March 25, 2024, aligned with the company's core operations andstrategic direction. While the new identity emphasizes corporate payments,FLEETCOR maintains its existing brands in the vehicle and lodging paymentssegments.Clarke mentioned: "The Corpay name betterrepresents what we do now, which is provide corporate payment solutions. Wewill use Corpay as the go-to-market brand for our Corporate Payments segmentand retain our existing popular go-to-market brands in our Vehicle Payments andLodging Payments segments."Specializing in facilitating business payments forinternational transactions, Corpay offers currency risk management and supportfor global business expansion. With operations spanning 145+ currencies and200+ countries, Corpay enhances cross-border transactions for businessesworldwide, enabling financial transactions globally.Beyond its core business operations, Corpay'spartnerships extend into diverse sectors, including sports and entertainment.The firm recently partnered with AC Milan and CricketIreland as their official commercial foreign exchange partner.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/O3n6eV9
The global payment company Corpay has acquiredPaymerang, a provider of accounts payables automation solutions, tostrengthen its services for corporate clients. This acquisition boosts Corpay'spresence in sectors such as education, healthcare, hospitality, andmanufacturing.Advancing Corporate Payment ServicesRon Clarke, the Chairman and Chief Executive Officerof Corpay, mentioned: "This acquisition is right in our wheelhouse andexactly the kind of transaction we find most attractive. It's a businessgrowing over 20% within Corporate Payments, where we can accelerate growth andprofitability. It will help us sell more in several large verticals wherePaymerang has a strong position with satisfied customers, ERPs, andpartners."According to the press release, one of the importantbenefits of the acquisition is the addition of over 250,000 merchants fromPaymerang to Corpay's existing network of over 1 million vendors. This expandedmerchant network enables Corpay to process approximately $120 billion in annualtransactions.The two companies expect to close the transaction inthe second quarter of 2024, pending regulatory approval. Corpay is listed on the NYSE under the ticker symbolCPAY and provides global corporate payments services dedicated to enhancing expense management for businesses and consumers. The firm offers paymentsolutions that enable its users to manage expenses.Rebranding and Global PartnershipsIn March, global payments firm FLEETCOR Technologiesrebranded as Corpay to reflect its focus on corporate payment solutions. Thischange, effected March 25, 2024, aligned with the company's core operations andstrategic direction. While the new identity emphasizes corporate payments,FLEETCOR maintains its existing brands in the vehicle and lodging paymentssegments.Clarke mentioned: "The Corpay name betterrepresents what we do now, which is provide corporate payment solutions. Wewill use Corpay as the go-to-market brand for our Corporate Payments segmentand retain our existing popular go-to-market brands in our Vehicle Payments andLodging Payments segments."Specializing in facilitating business payments forinternational transactions, Corpay offers currency risk management and supportfor global business expansion. With operations spanning 145+ currencies and200+ countries, Corpay enhances cross-border transactions for businessesworldwide, enabling financial transactions globally.Beyond its core business operations, Corpay'spartnerships extend into diverse sectors, including sports and entertainment.The firm recently partnered with AC Milan and CricketIreland as their official commercial foreign exchange partner.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/O3n6eV9
In its continued commitment to environmental conservation, global trading platform INFINOX has announced a significant shift towards sustainability by going completely paperless. In a pioneering initiative, the company has partnered with scnz.io to issue eco-friendly contactless business cards, emphasising its dedication to responsible corporate practices.In collaboration with eco-conscious digital business card supplier scnz.io, INFINOX has initiated a program dedicated to global reforestation. For each business card produced—a durable, lifetime card designed for single-issue, perpetual use—a tree will be planted in partnership with the renowned charity OneTreePlanted.org. These business cards, symbolise both INFINOX's and scnz.io commitment to sustainability and long-term environmental stewardship. This initiative prioritises planting trees in regions where reforestation is critically needed, effectively linking everyday business activities with global conservation efforts. The rollout began successfully in the UK, continued in Lisbon, and will expand next to the UAE and subsequently to all INFINOX regions."Our move towards digital solutions significantly cuts down our paper use and by extension, our carbon footprint. This new initiative is part of our broader commitment to sustainability," explained Jay Mawji, CEO at INFINOX. "We are thrilled by the potential environmental impact of our efforts, and we are eager to implement these practices globally."Additionally, INFINOX has stopped printing promotional brochures. Replacing them at the Colombia Money Expo will be innovative PVC bookmarks, which include barcodes linking directly to INFINOX's digital brochure, downloadable apps, and the main website.Attendees at upcoming expo events will have the opportunity to see INFINOX's environmental commitments in action, underscoring the company's role as a leader in sustainable business practices in the global trading sector.About INFINOXINFINOX, a global, multi-regulated online trading provider with a presence in 15 countries, has earned a strong reputation for integrity and trust since its establishment in 2009. Serving clients worldwide, INFINOX facilitates trading across diverse asset classes, from forex to equities, commodities, and crypto CFDs. The company provides personalised customer service. Boasting a broad platform suite, including Metatrader 4 and 5, the IX Social copy trading app, and the customisable IX Sync platform, caters to traders of all levels, ensuring effective navigation of financial markets.About Scnz.ioScnz.io, a leading supplier of contactless business card solutions designed specifically for large corporations. The scnzhub platform revolutionises the way businesses manage contact information, offering seamless and secure digital business card solutions tailored to meet the unique needs of corporate environments. Experience the convenience and efficiency of contactless networking with scnz.ioThis article was written by FM Contributors at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/vbISxro
B2BinPay, a leading cryptocurrency payment provider, marks the anniversary of its successful partnership with the Athletic Club. The company served as a proud sponsor for the 2023/2024 La Liga season, supporting Athletic Club's journey and contributing to numerous milestones. This collaboration significantly boosted B2BinPay's brand visibility and Athletic Club's success over the past year.A Year of Substantial Growth for B2BinPayThe increased exposure and association with a prestigious club like Athletic Club directly impacted B2BinPay's operational growth. Over the past year, they upgraded their service offerings by introducing new blockchain networks, expanding their coin portfolio, and adding advanced features like currency swaps. Additionally, they secured a new licence in Italy and made further advancements.This collaboration also allowed B2BinPay to promote crypto processing throughout Europe, fostering wider adoption of cryptocurrencies among the general public.An Outstanding Year for Athletic ClubAthletic Club, boasting eight La Liga titles and holding the distinction of being one of the most successful clubs in the league, had a truly special year during B2BinPay's sponsorship (2023-2024 season). The club consistently ranked among the top five throughout the season, celebrating 16 victories.Beyond financial support, B2BinPay actively enhanced the fan experience by distributing giveaways and tickets globally, allowing fans worldwide to support and celebrate the team's achievements. Athletic Bilbao is renowned not only for its on-field accomplishments but also for its unique approach to the game, which emphasises local talent and honours its Basque heritage, fostering a strong sense of community that extends beyond football.B2BinPay is delighted to have contributed to this journey, supporting both the team and its global fanbase through various initiatives during the 2023-2024 La Liga season."Since initiating our partnership with Athletic Bilbao, this past year has been one of the most successful for both B2BinPay and the club. We have successfully increased awareness about crypto payments and, as a result, about our brand. We responded to market requests and massively upgraded our services. At the same time, we supported the Athletic Club on its journey and are proud to have played our role in their victories during the La Liga season."– Arthur Azizov, CEO of B2BrokerAthletic Club & B2BinPay | Official Sponsor 2022-2024Looking AheadAs they celebrate this milestone, B2BinPay recognises the strong alignment between football's core values of teamwork, passion, and community and their company ethos. They look forward to the future, aiming to explore new avenues to connect with fans and customers. Their rewarding journey with the Athletic Club motivates them to extend this collaboration, striving to achieve new heights of success together in the coming years.This article was written by FM Contributors at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/2f3wWzs
Today (Thursday), the joint venture (JV) between Mastercardand NetsUnion Clearing Corp (NUCC) officially commenced operations in China,marking a milestone for the US payment company's presence in the Chinesemarket. The establishment of the JV follows the approval granted by thePeople’s Bank of China, the country’s central bank, in November 2023, for bankcard clearing operations.Approval Spurs Bank Card Clearing Operations in ChinaMastercard's entry into the Chinese market via this JVpositions it as the second overseas bank card clearing institution to operatein the country, following American Express' entrance in 2020. The introduction of Mastercard's services in China isexpected to contribute to the diversification and enhancement of financialservices available to stakeholders within the country. The approval granted by Chinese regulators last year pavedthe way for Mastercard NetsUnion Information Technology (Beijing) Co., the JVentity, to initiate bank card clearing operations in China. Notably, theofficial Mastercard website confirms that the JV has commenced processingpayments made in China using Mastercard cards issued by domestic banks.Additionally, the JV has expanded acceptance of Mastercard-branded cards forboth domestic and international transactions.Mastercard's Chinese joint venture announced the official commencement of its bank card clearing operations on Thursday, issuing Mastercard-branded cards with its member institutions for domestic and international use https://t.co/WQGnmATN3m pic.twitter.com/YImcg0G6qh— China Xinhua News (@XHNews) May 9, 2024“This is another significant milestone for Mastercard. Ourgoal is to simplify the payments experience for China’s Mastercard cardholdersboth at home and overseas,” Michael Miebach, CEO of Mastercard, was quoted inthe statement sent to the Global Times. Strengthening Global ConnectivityNUCC, as the local partner in the joint venture, hasrestated its focus on offering support for Mastercard NetsUnion's operations,highlighting its cooperation with Chinese regulators. In accordance with itsgoals, Mastercard NetsUnion intends to work with local acquirers to extend itsacceptance network in China, strengthening its global network comprising over130 million acceptance locations.“To offer more choices and deliver greater value for Chineseconsumers and businesses of all sizes, we will expand the availability ofMastercard-branded products, facilitate the addition of millions of newacceptance locations across the country, and deliver seamless and safe paymentsexperiences every day,” said Ling Hai, Chairman of the Board of MastercardNetsUnion and President of Asia Pacific, Europe, Middle East & Africa forMastercard.This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/aZ3Ax4S
In its continued commitment to environmental conservation, global trading platform INFINOX has announced a significant shift towards sustainability by going completely paperless. In a pioneering initiative, the company has partnered with scnz.io to issue eco-friendly contactless business cards, emphasising its dedication to responsible corporate practices.In collaboration with eco-conscious digital business card supplier scnz.io, INFINOX has initiated a program dedicated to global reforestation. For each business card produced—a durable, lifetime card designed for single-issue, perpetual use—a tree will be planted in partnership with the renowned charity OneTreePlanted.org. These business cards, symbolise both INFINOX's and scnz.io commitment to sustainability and long-term environmental stewardship. This initiative prioritises planting trees in regions where reforestation is critically needed, effectively linking everyday business activities with global conservation efforts. The rollout began successfully in the UK, continued in Lisbon, and will expand next to the UAE and subsequently to all INFINOX regions."Our move towards digital solutions significantly cuts down our paper use and by extension, our carbon footprint. This new initiative is part of our broader commitment to sustainability," explained Jay Mawji, CEO at INFINOX. "We are thrilled by the potential environmental impact of our efforts, and we are eager to implement these practices globally."Additionally, INFINOX has stopped printing promotional brochures. Replacing them at the Colombia Money Expo will be innovative PVC bookmarks, which include barcodes linking directly to INFINOX's digital brochure, downloadable apps, and the main website.Attendees at upcoming expo events will have the opportunity to see INFINOX's environmental commitments in action, underscoring the company's role as a leader in sustainable business practices in the global trading sector.About INFINOXINFINOX, a global, multi-regulated online trading provider with a presence in 15 countries, has earned a strong reputation for integrity and trust since its establishment in 2009. Serving clients worldwide, INFINOX facilitates trading across diverse asset classes, from forex to equities, commodities, and crypto CFDs. The company provides personalised customer service. Boasting a broad platform suite, including Metatrader 4 and 5, the IX Social copy trading app, and the customisable IX Sync platform, caters to traders of all levels, ensuring effective navigation of financial markets.About Scnz.ioScnz.io, a leading supplier of contactless business card solutions designed specifically for large corporations. The scnzhub platform revolutionises the way businesses manage contact information, offering seamless and secure digital business card solutions tailored to meet the unique needs of corporate environments. Experience the convenience and efficiency of contactless networking with scnz.ioThis article was written by FM Contributors at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/vbISxro
China, the land wherecash was once king, is hurtling towards a digital future. At the forefront ofthis revolution is the e-CNY, the country's audacious attempt at a central bankdigital currency (CBDC). But unlike the seamless experience promised by itssleek app, the e-CNY's journey hasbeen more akin to a dragon chasing its own tail.The initial vision wasseductive. A frictionless payment system, unshackled by the physicallimitations of paper money. Greater financial inclusion, particularly for thoseoutside the traditional banking system. And perhaps most importantly, a digitalyuan poised to challenge the dominance of the US dollar in global trade.However, the cold lightof reality is proving a stark contrast to the initial enthusiasm.A recentreport paints a picture of hesitant citizens, converting their e-CNY wages backto good old-fashioned cash. The reasons are as simple as they are fundamental:a lack of places to spend it, and a nagging suspicion that the e-CNY'sconvenience comes at the cost of privacy.The problem lies in thevery nature of the beast. Unlike its paper counterpart, every e-CNY transactionleaves a digital footprint. This transparency, while lauded for its potentialto combat financial crime, has instead fueled anxieties about governmentsurveillance. Citizens worry that every purchase, every digital penny spent, isbeing meticulously recorded by the watchful eye of the state.This lack of trust is asignificant hurdle. China boasts a thriving mobile payment ecosystem dominatedby giants like Alipay and WeChat Pay. These platforms offer a familiar andfrictionless experience, one that the e-CNY currently struggles to replicate.Sure, the government is doling out digital coupons to incentivize adoption, butthese efforts feel like throwing pebbles into a vast ocean.The stakes, however, areundeniably high. If the e-CNY succeeds, it could reshape the global financiallandscape. A China untethered from the dollar's grip could disrupt theestablished order, with ramifications felt across international trade andcurrency markets. But for this digital dragon to truly take flight, it needs toovercome its earthly constraints.The answer might lie notin coercion, but in creating a compelling value proposition for everydaycitizens. Perhaps the e-CNY could offer exclusive discounts or loyalty programsunavailable elsewhere. Maybe it could integrate seamlessly with existing mobilepayment platforms, leveraging their established networks.More importantly, Chinaneeds to address the elephant in the room: privacy. Can a robust digitalcurrency co-exist with a culture of anonymity deeply ingrained in Chinesesociety? Striking a balance between transparency and user comfort will becrucial.The e-CNY's story is farfrom over. It is a microcosm of China's broader digital ambitions, a test casefor a nation hurtling towards a future where the physical and digital realmsbecome increasingly intertwined. Whether the e-CNY flourishes or fizzles outwill depend on its ability to adapt, to morph into a currency that not onlyserves the state's agenda, but also caters to the everyday needs and anxietiesof its people. The question remains: can this digital dragon shed its earthlylimitations and take flight, or will it remain forever tethered to the ground,a grand vision grounded by the realities of human behavior?This article was written by Pedro Ferreira at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/eFD53NA
While online shoppingsprees and tap-and-pay convenience define the modern spending experience, ahidden danger lurks beneath the surface – Card-Not-Present (CNP) fraud. Ase-commerce and mobile payments soar, so too do the financial losses businessesface from this silent thief.A<a href="https://464903.fs1.hubspotusercontent-na1.net/hubfs/464903/2023%20Case%20Studies%20and%20whitepapers/2024%20Outlook%20Report%20Ethoca.pdf">recent report</a> paints a sobering picture: CNP fraud losses are projected toreach a staggering $28 billion globally by 2026, astaggering 40% increase from just three years prior. This exponential growthisn't uniform across the board. The U.S. and APAC regions are anticipated tosee the most dramatic rise, with annual growth estimated at a hefty 13%. EvenEurope, lauded for its stricter regulations, isn't immune, with projectedlosses reaching $2.15 billion by 2026.But what exactly is CNPfraud, and why is it such a growing concern? Unlike <a href="https://www.financemagnates.com/fintech/payments/the-sneaky-art-of-stealing-credit-card-numbers/">traditional credit cardfraud involving stolen cards</a> or physical swipes, CNP fraud exploits the digitaldivide between the cardholder and the merchant. With the rise of mobile wallets,in-app purchases, and QR code payments, the line between "in-person"and "online" transactions blurs. Businesses might unknowingly processa CNP transaction even when a customer taps their phone at a physical store.The report clarifies that even these seemingly present transactions can fallunder CNP fraud.The consequences of CNPfraud are significant. Since merchants typically shoulder the burden offraudulent CNP transactions, the financial losses can be substantial. It is estimated that CNP fraud losses in the U.S. alone will balloon to $12.87billion by 2026, a significant jump from $9.20 billion in 2023. This translatesto a potential loss of revenue that could cripple businesses, especiallysmaller ones operating on tighter margins.This vulnerabilityunderscores the urgent need for businesses to bolster their cybersecuritydefenses and implement robust fraud prevention measures. However, striking abalance is crucial. While robust security is essential, an overly cumbersomecheckout process can lead to frustrated customers abandoning their cartsmid-purchase, ultimately hurting legitimate sales. As such, one cannot emphasize enough theimportance of customer experience, meaning that businesses need tonavigate this tightrope walk, prioritizing security without sacrificing asmooth user experience.SecurityMeasures to Combat CNP FraudThe fight against CNPfraud demands a multi-pronged approach. Businesses must prioritize robustcybersecurity measures to fortify their defenses. Here are some key securitytools in the fight against CNP fraud:3D Secure Authentication: This protocol adds an extra layer of security during online transactions. When a customer makes a purchase, they are redirected to their bank's website for verification, typically requiring a password or one-time code.Tokenization: This process replaces sensitive payment information, like credit card numbers, with unique digital tokens. Even if hackers breach a system, they wouldn't have access to the actual card details.Fraud Scoring Tools: These advanced systems analyze transaction data in real-time, looking for patterns that might indicate fraudulent activity. Factors like unusual purchase locations, sudden spikes in spending, or inconsistencies in billing information can all trigger a fraud alert.By implementing acombination of these security measures, businesses can significantly reducetheir vulnerability to CNP fraud. Additionally, fosteringcollaboration between financial institutions, technology companies, andmerchants can lead to the development of more sophisticated fraud detectiontools that can identify and prevent CNP transactions before they occur (ie. artificial intelligence can analyze purchasing patterns and flagsuspicious activity in real-time, significantly reducing the instances…
Читать полностью…
China, the land wherecash was once king, is hurtling towards a digital future. At the forefront ofthis revolution is the e-CNY, the country's audacious attempt at a central bankdigital currency (CBDC). But unlike the seamless experience promised by itssleek app, the e-CNY's journey hasbeen more akin to a dragon chasing its own tail.The initial vision wasseductive. A frictionless payment system, unshackled by the physicallimitations of paper money. Greater financial inclusion, particularly for thoseoutside the traditional banking system. And perhaps most importantly, a digitalyuan poised to challenge the dominance of the US dollar in global trade.However, the cold lightof reality is proving a stark contrast to the initial enthusiasm.A recentreport paints a picture of hesitant citizens, converting their e-CNY wages backto good old-fashioned cash. The reasons are as simple as they are fundamental:a lack of places to spend it, and a nagging suspicion that the e-CNY'sconvenience comes at the cost of privacy.The problem lies in thevery nature of the beast. Unlike its paper counterpart, every e-CNY transactionleaves a digital footprint. This transparency, while lauded for its potentialto combat financial crime, has instead fueled anxieties about governmentsurveillance. Citizens worry that every purchase, every digital penny spent, isbeing meticulously recorded by the watchful eye of the state.This lack of trust is asignificant hurdle. China boasts a thriving mobile payment ecosystem dominatedby giants like Alipay and WeChat Pay. These platforms offer a familiar andfrictionless experience, one that the e-CNY currently struggles to replicate.Sure, the government is doling out digital coupons to incentivize adoption, butthese efforts feel like throwing pebbles into a vast ocean.The stakes, however, areundeniably high. If the e-CNY succeeds, it could reshape the global financiallandscape. A China untethered from the dollar's grip could disrupt theestablished order, with ramifications felt across international trade andcurrency markets. But for this digital dragon to truly take flight, it needs toovercome its earthly constraints.The answer might lie notin coercion, but in creating a compelling value proposition for everydaycitizens. Perhaps the e-CNY could offer exclusive discounts or loyalty programsunavailable elsewhere. Maybe it could integrate seamlessly with existing mobilepayment platforms, leveraging their established networks.More importantly, Chinaneeds to address the elephant in the room: privacy. Can a robust digitalcurrency co-exist with a culture of anonymity deeply ingrained in Chinesesociety? Striking a balance between transparency and user comfort will becrucial.The e-CNY's story is farfrom over. It is a microcosm of China's broader digital ambitions, a test casefor a nation hurtling towards a future where the physical and digital realmsbecome increasingly intertwined. Whether the e-CNY flourishes or fizzles outwill depend on its ability to adapt, to morph into a currency that not onlyserves the state's agenda, but also caters to the everyday needs and anxietiesof its people. The question remains: can this digital dragon shed its earthlylimitations and take flight, or will it remain forever tethered to the ground,a grand vision grounded by the realities of human behavior?This article was written by Pedro Ferreira at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/eFD53NA
King Rama IV (Mongkut),a 19th-century visionary on the Siamese throne, championed trade liberalizationand modernization. Now, in the 21st century, the Bank of Thailand is echoingthat spirit with a bold experiment: a pilot program for a Retail Central BankDigital Currency, or digital Baht. This seemingly niche undertaking holds thepotential to reshape the financial fabric of Southeast Asia's second-largesteconomy, and its success could be a testament to Thailand's enduring embrace ofprogress. And while the BOT isn't rushing to launch a digital Baht just yet,the program's findings paint a fascinating picture of a future where cash mightnot reign.Thepilot, designed to test the core functionalities and innovative potentialof a Retail CBDC, went beyond theoretical discussions. Real-world transactionswere conducted with a controlled group of users, merchants, and financialinstitutions. This hands-on approach allowed the BOT to not only evaluate thetechnical feasibility of a digital Baht, but also gauge its impact on thebroader financial ecosystem.The program's resultsare promising. The BOT envisions a Retail CBDC fostering a more competitiveenvironment, one where financial service providers (FSPs) are incentivized todevelop new and improved offerings. This could translate into a wider range offinancial products and services catering to a more diverse consumer base.Additionally, streamlining transactions through a digital currency could leadto cost reductions for both consumers and businesses. Faster, cheaper paymentscould grease the wheels of commerce, potentially boosting economic activity.The pilot program servesas a microcosm of the larger conversation surrounding CBDCs. It highlights thepotential benefits of increased competition, innovation, and efficiency. Athriving digital Baht could pave the way for a more dynamic financial landscapein Thailand, with FSPs spurred to create a wider array of financial productsand services. This could empower consumers with greater choice and potentiallylead to a more inclusive financial system.The success or failureof this pilot program could have ripple effects across Southeast Asia, a regionwith a rapidly growing digital economy. Other central banks in the region arelikely watching Thailand's experiment with keen interest. A flourishing digitalBaht could serve as a blueprint for other nations looking to modernize theirown financial systems.The rise of digitalcurrencies, both state-backed and privately issued, presents a fundamentalquestion: what is the future of money itself? Is physical cash destined tobecome a relic of the past, replaced by a constellation of digitalalternatives? The Thai experiment doesn't provide definitive answers, but itoffers a glimpse into a world where the way we pay, save, and invest couldundergo a dramatic transformation.As Thailand ponders thenext steps for its digital Baht, the world watches with anticipation. Thedecisions made in Bangkok could have far-reaching consequences, shaping thefuture of not just Thai finance, but the very nature of money itself.This article was written by Pedro Ferreira at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/h2pEgHO
Canada's Financial Transactions and Reports Analysis Centre(FINTRAC) has taken action against cryptocurrency exchange Binance, imposing ahefty fine of nearly USD 4.38 million (C$6 million) for violations related tomoney laundering and terrorist financing laws.Canada Imposes Fines for Money Laundering ViolationsThe regulatory body disclosed that Binance had failed tocomply with essential requirements, notably neglecting to register as a foreignmoney services business with FINTRAC despite multiple deadlines. Furthermore,it was revealed that the exchange had neglected its obligation to report thereceipt of virtual currency amounting to C$10,000 or more on a staggering 5,902occasions. This concerning lapse in reporting occurred between June 1, 2021,and July 19, 2023.Notably, Binance ceased its operations in Canada last year,raising questions about its compliance with regulatory standards during itstenure in the country's cryptocurrency market. In response to queries regarding the fine and theviolations, Binance remained silent, not providing an immediate comment toReuters.Canada fines Binance $4.38 million for money laundering violationshttps://t.co/SsAtIysJVP— CNBC-TV18 (@CNBCTV18Live) May 9, 2024Founder Sentenced and Philippines Regulator Cracks DownEarlier, Binance's Founder, ChangpengZhao, received a four-month prison sentence for allowing money launderingon the exchange, as Finance Magnatesreported. The sentence, handed down in a Seattle federal court, followed a dealwith the US government in November, where Zhao agreed to step down as CEO tosettle an investigation. Despite federal prosecutors seeking a three-year term,Zhao's sentence was lighter. He was convicted of failing to implement effectiveanti-money laundering programs, violating the Bank Secrecy Act. Meanwhile, the Philippines'securities regulator has cracked down on Binance, instructing Google andApple to remove the exchange's apps from their app stores. This move has comeamid accusations of Binance offering unregistered securities to Filipinoinvestors. The Securities and Exchange Commission emphasized the risk toinvestors' funds posed by Binance's presence, alleging that the exchange's appsfacilitate illegal activities. The action follows findings that Binancepromoted its services to attract funds from Filipinos without the requisite licensing.This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/q0cKTVg
For decades, the GreatWall of China served a dual purpose: a physical barrier and a symbolic one. Itprotected the Middle Kingdom from invaders, but it also walled off its economyfrom the outside world. In the realm of finance, this manifested in a tightlycontrolled payments system dominated by domestic players. But a recentdevelopment threatens to crack that wall, potentially ushering in a new era forChinese consumers and businesses.Mastercard NetsUnion, ajoint venture between the American payments giant and China's NetsUnionClearing Corporation, has begun processing domestic transactions within China.This seemingly innocuous move represents a significant shift. For the first time,Chinese-issued Mastercard cards can now be used for everyday purchases withinthe country, not just for international travel. This seemingly small crack inthe financial wall holds the potential to reshape the payments landscape inChina, a market coveted by global players for its sheer size and growthpotential.The significance ofMastercard NetsUnion's entry goes beyond just offering another payment option.It's a recognition of China's growing economic clout and its increasingintegration with the global financial system. For Mastercard, it's a chance totap into a massive and lucrative market that was previously out of reach. ForChinese consumers, it offers the potential for greater choice, convenience, andpotentially, even better security.The road to this pointwasn't straightforward. In 2020, Mastercard received initial approval for thejoint venture, but final clearance took years of painstaking negotiation andcompliance with stringent Chinese regulations. This cautious approach reflectsthe Chinese government's desire to maintain control over its financial systemwhile acknowledging the benefits of foreign expertise and innovation.Mastercard NetsUnion'ssuccess hinges on its ability to integrate seamlessly into China's existingpayments infrastructure, which is dominated by domestic giants like UnionPay.Collaboration, not competition, will be key. By leveraging its global networkand expertise in areas like security and fraud prevention, Mastercard NetsUnioncan offer Chinese partners valuable tools to enhance their offerings.The impact of thisdevelopment will likely ripple outwards, affecting not just consumers andbusinesses, but also China's burgeoning fintech sector. The entry of a majorforeign player like Mastercard could spark a wave of innovation, pushingdomestic players to up their game and develop new and exciting paymentsolutions. This, in turn, could benefit Chinese consumers by offering them awider range of options and potentially driving down transaction fees.However, challengesremain. Earning the trust of Chinese consumers accustomed to domestic paymentmethods will be crucial. Additionally, Mastercard NetsUnion will need tonavigate the complex web of regulations that govern data privacy and securityin China. Striking a balance between offering innovative solutions and adheringto local regulations will be essential for long-term success.The long-termimplications of Mastercard NetsUnion's entry are still unfolding. But one thingis clear: the once-impenetrable wall surrounding China's financial system hasshown a crack. Whether this crack widens into a full breach, transformingChina's payments landscape, remains to be seen. But one thing is certain: thegame has just begun, and the stakes are high. The ripples of this developmentcould be felt not just within China, but across the global financial ecosystem.This article was written by Pedro Ferreira at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/Yudolz1
Mastercard and Access Bank Group, a Nigerianmulti-national bank, have partnered to enhance cross-border payments. The twoentities launched a new solution, designed to enable businesses and consumersacross the African continent to access international transactions, in Lagos, Nigeria, today (Thursday). Enhancing Cross-border PaymentsAccording to the press release, this collaborationaccelerates Africa's integration into theglobal economy by offering a gateway for businesses and individuals to engagein international transactions. It promises fast and traceable paymentorigination and delivery solutions.Mark Elliott, the Division President for Africa atMastercard, mentioned: "Empowering Access Bank customers with innovativesolutions that prioritize choice, security, and flexibility is an achievementthat fills us with great pride. This collaboration signifies our commitment totransforming payment experiences as it not only brings cutting-edge paymentsolutions to the bank's diverse clientele but also extends the reach ofMastercard's financial and digital ecosystem, ensuring millions from underservedcommunities can actively participate in the evolving financial and digitaleconomy." With operations spanning across Africa, Access Bankwill provide a diverse range of channels, including bank accounts, mobilewallets, cards, and cash, to enable customers to send and receive cross-borderpayments globally.Driving Financial InclusionAdditionally, Access Bank aims to optimize liquidity and capital inthe markets by leveraging Mastercard's network assets and treasurycapabilities to reduce international transaction costs incurred bybusinesses and consumers. The two entities expect this initiative to play apivotal role in bridging the financial divide and creating a more inclusive andprosperous future for all Africans.Meanwhile, Mastercard recently extended its collaboration with I&M Bank for eight years to enhance services for cardholders in Kenya. The partnership aims to facilitate seamless andsecure payment solutions for individuals and businesses across the countryusing the technology of both entities and the local network.The extended collaboration introduces a range of cardoptions, including Platinum Debit, World Elite Debit, World Debit,Multicurrency Prepaid Cards, and Credit Cards. Each card category offers uniquetravel benefits, privileges, and experiences, providing cardholders with apersonalized banking experience.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/34waNVp
Mastercard and Access Bank Group, a Nigerianmulti-national bank, have partnered to enhance cross-border payments. The twoentities launched a new solution designed to enable businesses and consumersacross the African continent to access international transactions in Lagos, Nigeria, today (Thursday). Enhancing Cross-border PaymentsAccording to the press release, this collaborationaccelerates Africa's integration into theglobal economy by offering a gateway for businesses and individuals to engagein international transactions. It promises fast and traceable paymentorigination and delivery solutions.Mark Elliott, the Division President for Africa atMastercard, mentioned: "Empowering Access Bank customers with innovativesolutions that prioritize choice, security, and flexibility is an achievementthat fills us with great pride. This collaboration signifies our commitment totransforming payment experiences as it not only brings cutting-edge paymentsolutions to the bank's diverse clientele but also extends the reach ofMastercard's financial and digital ecosystem, ensuring millions from underservedcommunities can actively participate in the evolving financial and digitaleconomy." With operations spanning across Africa, Access Bankwill provide a diverse range of channels, including bank accounts, mobilewallets, cards, and cash, to enable customers to send and receive cross-borderpayments globally.Driving Financial InclusionAdditionally, Access Bank aims to optimize liquidity and capital inthe markets by leveraging Mastercard's network assets and treasurycapabilities to reduce international transaction costs incurred bybusinesses and consumers. The two entities expect this initiative to play apivotal role in bridging the financial divide and creating a more inclusive andprosperous future for all Africans.Meanwhile, Mastercard recently extended its collaboration with I&M Bank for eight years to enhance value propositionsfor cardholders in Kenya. The partnership aims to facilitate seamless andsecure payment solutions for individuals and businesses across the countryusing the technology of both entities and the local network.The extended collaboration introduces a range of cardoptions, including Platinum Debit, World Elite Debit, World Debit,Multicurrency Prepaid Cards, and Credit Cards. Each card category offers uniquetravel benefits, privileges, and experiences, providing cardholders with apersonalized banking experience.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/34waNVp
With a little over one week to go, some of the biggest brands and brokers are gearing up for the upcoming Finance Magnates Africa Summit (FMAS:24). This includes FBS, already one of the largest players in the African market. Finance Magnates spoke with Eduard Melkostupov, Head of Education at FBS for his take on the event, as well as the company’s outlook and strategy in Africa.Are you excited for FMAS:24 and how do you feel your company can directly benefit from attending an event such as this in Africa?Our FBS Team is absolutely thrilled to join FMAS:24 this year. Considering that the summit focuses on the African continent and takes place in South Africa, we particularly look forward to engaging with traders, influencers and key opinion leaders brought together by FMAS, and we will eagerly contribute to the development of the finance and trading community with our expertise and solutions.Our sponsorship of FMAS:24 and participation in the expo remarkably correlate with our global mission of empowering trading enthusiasts and professionals.FMAS is returning to Sandton City for its second year. What are you hoping to see or get out of this year’s event?Although it is our first FMAS experience, we hope to see ample opportunities for insightful agenda, the latest innovations, and expert discussions. From our side, the FBS team aims to share our expertise in trading education and financial market analytics and present the upgraded FBS app and our flagship IB Partnership program.Many brokers and brands have made the move to Africa amid the continent’s hype, size, and overall potential. Does this perspective align with your company’s goals in 2024 or beyond and is this excitement warranted? The African continent has a huge potential for an online trading boom in the upcoming years. We do notice increasing trading activity in this region. For 2024, FBS aims to establish our upgraded FBS app in the market. With at least sixty percent of traders relying solely on mobile trading, our all-in-one application should be the right match for African traders. We are very enthusiastic about FBS in Africa.FMAS:24 will be drawing the biggest brands as well as regional and local providers across multiple industries. How does your company plan to stand out in the crowd this year?Being the broker that takes care of every trading aspect, FBS makes everything possible to allow our clients to focus on trading, leaving their worries behind. At FMAS:24, FBS will spotlight our solutions to help maintain an efficient trading lifestyle – the FBS app, trading education resources, and the FBS IB program. We have also prepared exciting activities for the visitors and invited special guests to our booth who will set the mood for passionate trading.The retail industry continues to see sweeping changes, necessitating different strategies to chart a course forward. Given this uncertainty, how is your company built to navigate any industry headwinds in 2024 or what techniques do you feel are the most important looking ahead?At FBS, our commitment extends beyond being a service provider or a trading platform. We aim to empower our clients’ trading lifestyle, ensuring they have convenient and useful tools for efficient trading. This approach is embodied in our FBS app and other educational and analytical projects. On top of that, FBS will, as always, focus on the security and reliability of our traders' funds and personal data, further advancing the technical protection of our servers.This article was written by Finance Magnates Staff at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/ga7wePv
With a little over one week to go, some of the biggest brands and brokers are gearing up for the upcoming Finance Magnates Africa Summit (FMAS:24). This includes FBS, already one of the largest players in the African market. Finance Magnates spoke with Eduard Melkostupov, Head of Education at FBS for his take on the event, as well as the company’s outlook and strategy in Africa.Are you excited for FMAS:24 and how do you feel your company can directly benefit from attending an event such as this in Africa?Our FBS Team is absolutely thrilled to join FMAS:24 this year. Considering that the summit focuses on the African continent and takes place in South Africa, we particularly look forward to engaging with traders, influencers and key opinion leaders brought together by FMAS, and we will eagerly contribute to the development of the finance and trading community with our expertise and solutions.Our sponsorship of FMAS:24 and participation in the expo remarkably correlate with our global mission of empowering trading enthusiasts and professionals.FMAS is returning to Sandton City for its second year. What are you hoping to see or get out of this year’s event?Although it is our first FMAS experience, we hope to see ample opportunities for insightful agenda, the latest innovations, and expert discussions. From our side, the FBS team aims to share our expertise in trading education and financial market analytics and present the upgraded FBS app and our flagship IB Partnership program.Many brokers and brands have made the move to Africa amid the continent’s hype, size, and overall potential. Does this perspective align with your company’s goals in 2024 or beyond and is this excitement warranted? The African continent has a huge potential for an online trading boom in the upcoming years. We do notice increasing trading activity in this region. For 2024, FBS aims to establish our upgraded FBS app in the market. With at least sixty percent of traders relying solely on mobile trading, our all-in-one application should be the right match for African traders. We are very enthusiastic about FBS in Africa.FMAS:24 will be drawing the biggest brands as well as regional and local providers across multiple industries. How does your company plan to stand out in the crowd this year?Being the broker that takes care of every trading aspect, FBS makes everything possible to allow our clients to focus on trading, leaving their worries behind. At FMAS:24, FBS will spotlight our solutions to help maintain an efficient trading lifestyle – the FBS app, trading education resources, and the FBS IB program. We have also prepared exciting activities for the visitors and invited special guests to our booth who will set the mood for passionate trading.The retail industry continues to see sweeping changes, necessitating different strategies to chart a course forward. Given this uncertainty, how is your company built to navigate any industry headwinds in 2024 or what techniques do you feel are the most important looking ahead?At FBS, our commitment extends beyond being a service provider or a trading platform. We aim to empower our clients’ trading lifestyle, ensuring they have convenient and useful tools for efficient trading. This approach is embodied in our FBS app and other educational and analytical projects. On top of that, FBS will, as always, focus on the security and reliability of our traders' funds and personal data, further advancing the technical protection of our servers.This article was written by Finance Magnates Staff at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/ga7wePv
Proprietary trading firms have a need to continually evolve and refine strategies to attract new traders and ensure compliance and streamline operations. FunderPro has recently updated its technology platform and introduced features aimed at enhancing both trader acquisition and adherence to regulatory standards.Pioneering Free Trial Strategies to Boost Trader AcquisitionFree trials are not uncommon in the proprietary trading industry, but FunderPro-powered firms can now use them to boost conversion rates, not only brand awareness.Unleashing the True Power of Free TrialsFunderPro firms can now offer Free Trials, allowing traders to engage with the platform without financial commitment. While these trials do not lead to a funded account directly, they are a vital marketing tool.In fact, a trader’s profitable experience during a free trial can significantly influence their decision to invest in a funded account challenge with the same brand. Free trials are therefore a way of leveraging the initial experience into a deeper commitment.Introducing Free Trial Conversion: An Industry FirstCapitalizing on the positive momentum created by a successful free trial, FunderPro has taken the concept to the next level with a new feature: free trial conversions.This feature is uniquely available on FunderPro and allows traders who have made a profit during their free trial to carry it over to a full Challenge. The retained profit lowers the Challenge's profit target, enhancing the attractiveness of purchasing a funded account challenge.Firms can set parameters such as the amount of profit that can be carried over, any additional fees for conversion, and the minimum profit required to unlock the conversion option.Enhancements for Regulatory Compliance and Operational EfficiencyAs we have seen in the past, FunderPro has an ongoing commitment to making things easy for prop firm owners, increasing efficiency and peace of mind.Restricted Countries FeatureTo ensure compliance with international regulations, FunderPro has implemented the option to exclude specific countries from the checkout process. This feature prevents users in restricted jurisdictions from completing a purchase, aligning with legal requirements and reducing potential risks.Referral Assignments and Affiliate ManagementFirm administrators can now assign users to specific affiliates and campaigns without dependencies. This flexibility is crucial for managing marketing strategies more effectively and acting fast on specific market dynamics.Better Refund OversightFunderPro has improved the Admin panel of its platform to allow administrators to filter by refunded orders. This feature allows firms to monitor and analyze refund activity more efficiently, identifying potential issues and improving customer satisfaction.ConclusionFunderPro is proving that they are on a mission to modernize prop firm technology for traders and firms alike. By reducing barriers to entry and enhancing platform flexibility, FunderPro is setting new standards in the industry, paving the way for prop firms to thrive in a competitive market.FunderPro’s technology is engineered to cater both to hybrid broker/prop setups and as a standalone product. Interested parties can visit https://funderpro.com/prop-trading-technology/ and schedule a demo by filling in the contact form.This article was written by FM Contributors at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/mv6lKQL
In any business, especiallyfinancial services, if you can get a customer to use more services, it reduceschurn. Of course, the starting point in financial services is that there is trustbetween the provider and the client. With trust, a client can be open to otherservices. With that said, a research by Optimove revealedthat customers have limited trust in financial advisors for multiple financialneeds. The survey of 260 US customers of financial institutions with householdincomes of $100,000-plus, revealed that just 40% of clients of these firmsimplicitly trust their financial institution as the primary financial advisorfor multiple financial needs.It underscores that 60% of respondents do not “totallytrust” their financial service provider as their primary financial advisor formultiple financial needs.Adapting Strategies for CustomerRetentionRetaining customers is harder. Intoday's dynamic financial landscape, characterized by evolving customerexpectations and rapid technological advancements, the banking sector facesunprecedented challenges in retaining customers. As people prove to beinherently unpredictable, navigating this uncertainty requires innovativestrategies tailored to the modern <a href="https://www.financemagnates.com/tag/fintech/">fintech landscape</a>.Human behavior is complex,influenced by subjective, emotional, and context-dependent factors. Traditionalbanking strategies, often reliant on rigid frameworks, struggle to adapt tothis unpredictability. As a result, <a href="https://www.financemagnates.com/tag/customers/">customer</a> churn ratescan rise, exacerbated by increased competition and regulatory constraints.<a href="https://www.financemagnates.com/tag/financial/">Financial</a> servicecompanies are at the forefront of revolutionizing the banking industry,leveraging innovative technologies and customer-centric approaches to addressthe challenges of unpredictability and churn. The Role of Data and EmotionalIntelligence in FintechFintech firms are revolutionizingcustomer experiences through the strategic utilization of data analytics and<a href="https://www.financemagnates.com/tag/ai/">artificial intelligence</a>. By leveraging these technologies, they can delve deepinto individual customer preferences and behaviors, paving the way forpersonalized interactions. Tailoring services to meet the unique needs of eachcustomer fosters stronger connections and cultivates loyalty, thus enhancingthe overall customer experience.Artificial Intelligence in Financial Technology ▶️ Source <a href="https://twitter.com/FPrimeCapital?ref_src=twsrc%5Etfw">@FPrimeCapital</a> via <a href="https://twitter.com/enricomolinari?ref_src=twsrc%5Etfw">@enricomolinari</a> #⃣ <a href="https://twitter.com/hashtag/fintech?src=hash&ref_src=twsrc%5Etfw">#fintech</a> <a href="https://twitter.com/hashtag/finserv?src=hash&ref_src=twsrc%5Etfw">#finserv</a> <a href="https://twitter.com/hashtag/GenerativeAI?src=hash&ref_src=twsrc%5Etfw">#GenerativeAI</a> <a href="https://twitter.com/hashtag/marketing?src=hash&ref_src=twsrc%5Etfw">#marketing</a> <a href="https://twitter.com/hashtag/AI?src=hash&ref_src=twsrc%5Etfw">#AI</a> <a href="https://twitter.com/hashtag/govtech?src=hash&ref_src=twsrc%5Etfw">#govtech</a> <a href="https://twitter.com/hashtag/ehealth?src=hash&ref_src=twsrc%5Etfw">#ehealth</a> <a href="https://twitter.com/hashtag/insurtech?src=hash&ref_src=twsrc%5Etfw">#insurtech</a> <a href="https://twitter.com/hashtag/banking?src=hash&ref_src=twsrc%5Etfw">#banking</a> <a href="https://twitter.com/hashtag/payments?src=hash&ref_src=twsrc%5Etfw">#payments</a> <a href="https://twitter.com/hashtag/neobanks?src=hash&ref_src=twsrc%5Etfw">#neobanks</a> <a href="https://twitter.com/hashtag/ChatGPT4?src=hash&ref_src=twsrc%5Etfw">#ChatGPT4</a> <a href="https://twitter.com/hashtag/innovation?src=hash&ref_src=twsrc%5Etfw">#innovation</a> <a href="https://twitter.com/hashtag/leonardoai?src=hash&ref_src=twsrc%5Etfw">#leonardoai</a> <a href="https://twitter.com/hashtag/enricomolinari?src=hash&ref_src=twsr…
Читать полностью…
Many venues are heading to the upcoming Finance Magnates Africa Summit (FMAS:24) in a couple weeks to explore opportunities on the continent. However, one broker that has already become a strong player and is a leader in the region is iFX Brokers. Ahead of FMAS:24 this May, FM interviewed iFX Brokers’ CEO Hannelé de Necker for her perspective on the event and company’s future prospects on the continent.Are you excited for FMAS:24 and how do you feel your company can directly benefit from attending an event such as this in Africa?We are incredibly excited for FMAS:24, especially as a Regional Sponsor this time around. Attending events like this in Africa presents a fantastic opportunity for iFX Brokers to further enhance brand visibility, network with valuable industry contacts, and showcase our innovative solutions to a targeted audience in the region.FMAS is returning to Sandton City for its second year. What are you hoping to see or get out of this year’s event?As a strong player in the African market, we have specific goals for this year's FMAS event. Firstly, we aim to further solidify our position as a leader in the African market and showcase our expertise and tailored solutions to potential clients and partners. Additionally, we hope to use this opportunity to deepen our relationships with existing clients and industry contacts and explore opportunities for collaboration and growth within the African market. Finally, we look forward to gaining valuable insights from industry experts and staying up to date with the latest trends and developments in the African market.Many brokers and brands have made the move to Africa amid the continent’s hype, size, and overall potential. Does this perspective align with your company’s goals in 2024 or beyond, and is this excitement warranted?Absolutely, the momentum and potential of the African market align perfectly with our vision for expansion and diversification in 2024 and beyond. We believe that Africa offers immense growth opportunities, and we are eager to leverage our presence at FMAS:24 to solidify our position as a key player in the region.FMAS:24 will be drawing the biggest brands as well as regional and local providers across multiple industries. How does your company plan to stand out in the crowd this year?iFX Brokers stands out as a local OTC licensed South African broker, leveraging our ODP/OTC license and deep understanding of the African market. Our commitment to innovation, exceptional customer service, and strategic partnerships sets us apart from the competition. At FMAS:24, we will showcase our unique value proposition and engage attendees by offering insights into our cutting-edge solutions. iFX Brokers is the trusted and reliable choice for clients seeking a prominent and fully locally owned broker in South Africa.The retail forex industry continues to see sweeping changes, necessitating different strategies to chart a course forward. Given this uncertainty, how is your company built to navigate any industry headwinds in 2024, or what techniques do you feel are the most important looking ahead?In navigating industry headwinds in 2024 and beyond, iFX Brokers is focused on adaptability, agility, and continuous innovation. We prioritise staying ahead of market trends, regulatory changes, and technological advancements to ensure that we can provide our clients with the best possible trading experience. By remaining agile and responsive to evolving market conditions, we are confident in our ability to thrive amidst uncertainty and drive sustainable growth for our company.This article was written by Finance Magnates Staff at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/2u48dZW
Proprietary trading firms have a need to continually evolve and refine strategies to attract new traders and ensure compliance and streamline operations. FunderPro has recently updated its technology platform and introduced features aimed at enhancing both trader acquisition and adherence to regulatory standards.Pioneering Free Trial Strategies to Boost Trader AcquisitionFree trials are not uncommon in the proprietary trading industry, but FunderPro-powered firms can now use them to boost conversion rates, not only brand awareness.Unleashing the True Power of Free TrialsFunderPro firms can now offer Free Trials, allowing traders to engage with the platform without financial commitment. While these trials do not lead to a funded account directly, they are a vital marketing tool.In fact, a trader’s profitable experience during a free trial can significantly influence their decision to invest in a funded account challenge with the same brand. Free trials are therefore a way of leveraging the initial experience into a deeper commitment.Introducing Free Trial Conversion: An Industry FirstCapitalizing on the positive momentum created by a successful free trial, FunderPro has taken the concept to the next level with a new feature: free trial conversions.This feature is uniquely available on FunderPro and allows traders who have made a profit during their free trial to carry it over to a full Challenge. The retained profit lowers the Challenge's profit target, enhancing the attractiveness of purchasing a funded account challenge.Firms can set parameters such as the amount of profit that can be carried over, any additional fees for conversion, and the minimum profit required to unlock the conversion option.Enhancements for Regulatory Compliance and Operational EfficiencyAs we have seen in the past, FunderPro has an ongoing commitment to making things easy for prop firm owners, increasing efficiency and peace of mind.Restricted Countries FeatureTo ensure compliance with international regulations, FunderPro has implemented the option to exclude specific countries from the checkout process. This feature prevents users in restricted jurisdictions from completing a purchase, aligning with legal requirements and reducing potential risks.Referral Assignments and Affiliate ManagementFirm administrators can now assign users to specific affiliates and campaigns without dependencies. This flexibility is crucial for managing marketing strategies more effectively and acting fast on specific market dynamics.Better Refund OversightFunderPro has improved the Admin panel of its platform to allow administrators to filter by refunded orders. This feature allows firms to monitor and analyze refund activity more efficiently, identifying potential issues and improving customer satisfaction.ConclusionFunderPro is proving that they are on a mission to modernize prop firm technology for traders and firms alike. By reducing barriers to entry and enhancing platform flexibility, FunderPro is setting new standards in the industry, paving the way for prop firms to thrive in a competitive market.FunderPro’s technology is engineered to cater both to hybrid broker/prop setups and as a standalone product. Interested parties can visit https://funderpro.com/prop-trading-technology/ and schedule a demo by filling in the contact form.This article was written by FM Contributors at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/mv6lKQL
In any business, especiallyfinancial services, if you can get a customer to use more services, it reduceschurn. Of course, the starting point in financial services is that there is trustbetween the provider and the client. With trust, a client can be open to otherservices. With that said, a research by Optimove revealedthat customers have limited trust in financial advisors for multiple financialneeds. The survey of 260 US customers of financial institutions with householdincomes of $100,000-plus, revealed that just 40% of clients of these firmsimplicitly trust their financial institution as the primary financial advisorfor multiple financial needs.It underscores that 60% of respondents do not “totallytrust” their financial service provider as their primary financial advisor formultiple financial needs.Adapting Strategies for CustomerRetentionRetaining customers is harder. Intoday's dynamic financial landscape, characterized by evolving customerexpectations and rapid technological advancements, the banking sector facesunprecedented challenges in retaining customers. As people prove to beinherently unpredictable, navigating this uncertainty requires innovativestrategies tailored to the modern <a href="https://www.financemagnates.com/tag/fintech/">fintech landscape</a>.Human behavior is complex,influenced by subjective, emotional, and context-dependent factors. Traditionalbanking strategies, often reliant on rigid frameworks, struggle to adapt tothis unpredictability. As a result, <a href="https://www.financemagnates.com/tag/customers/">customer</a> churn ratescan rise, exacerbated by increased competition and regulatory constraints.<a href="https://www.financemagnates.com/tag/financial/">Financial</a> servicecompanies are at the forefront of revolutionizing the banking industry,leveraging innovative technologies and customer-centric approaches to addressthe challenges of unpredictability and churn. The Role of Data and EmotionalIntelligence in FintechFintech firms are revolutionizingcustomer experiences through the strategic utilization of data analytics and<a href="https://www.financemagnates.com/tag/ai/">artificial intelligence</a>. By leveraging these technologies, they can delve deepinto individual customer preferences and behaviors, paving the way forpersonalized interactions. Tailoring services to meet the unique needs of eachcustomer fosters stronger connections and cultivates loyalty, thus enhancingthe overall customer experience.Artificial Intelligence in Financial Technology ▶️ Source <a href="https://twitter.com/FPrimeCapital?ref_src=twsrc%5Etfw">@FPrimeCapital</a> via <a href="https://twitter.com/enricomolinari?ref_src=twsrc%5Etfw">@enricomolinari</a> #⃣ <a href="https://twitter.com/hashtag/fintech?src=hash&ref_src=twsrc%5Etfw">#fintech</a> <a href="https://twitter.com/hashtag/finserv?src=hash&ref_src=twsrc%5Etfw">#finserv</a> <a href="https://twitter.com/hashtag/GenerativeAI?src=hash&ref_src=twsrc%5Etfw">#GenerativeAI</a> <a href="https://twitter.com/hashtag/marketing?src=hash&ref_src=twsrc%5Etfw">#marketing</a> <a href="https://twitter.com/hashtag/AI?src=hash&ref_src=twsrc%5Etfw">#AI</a> <a href="https://twitter.com/hashtag/govtech?src=hash&ref_src=twsrc%5Etfw">#govtech</a> <a href="https://twitter.com/hashtag/ehealth?src=hash&ref_src=twsrc%5Etfw">#ehealth</a> <a href="https://twitter.com/hashtag/insurtech?src=hash&ref_src=twsrc%5Etfw">#insurtech</a> <a href="https://twitter.com/hashtag/banking?src=hash&ref_src=twsrc%5Etfw">#banking</a> <a href="https://twitter.com/hashtag/payments?src=hash&ref_src=twsrc%5Etfw">#payments</a> <a href="https://twitter.com/hashtag/neobanks?src=hash&ref_src=twsrc%5Etfw">#neobanks</a> <a href="https://twitter.com/hashtag/ChatGPT4?src=hash&ref_src=twsrc%5Etfw">#ChatGPT4</a> <a href="https://twitter.com/hashtag/innovation?src=hash&ref_src=twsrc%5Etfw">#innovation</a> <a href="https://twitter.com/hashtag/leonardoai?src=hash&ref_src=twsrc%5Etfw">#leonardoai</a> <a href="https://twitter.com/hashtag/enricomolinari?src=hash&ref_src=twsr…
Читать полностью…