Connect with us

News

BLOCKERS TO BLOCKCHAIN ADOPTION LIFT FOR 65% OF FINANCIAL ORGANISATIONS

Published

on

Four years of data from Visma | Onguard’s Fintech Barometer finds growing confidence in blockchain technology

 

65% of organisations have either adopted blockchain technology or worked out the first ideas for future adoption in 2021, up from 51% in 2018. Of this 65%, almost a third are already utilising the technology – a significant 12% increase on last year’s levels.

These are the latest findings by Visma | Onguarda leader in cutting-edge software solutions for the order-to-cash chain. Fresh analysis of four years of data from its annual Fintech Barometer has indicated the growing market trend towards blockchain adoption.

Blockchain’s uptake is likely to be closely linked to the variety of opportunities it presents to the financial sector. Enhanced data security was flagged as a key benefit by 28% of respondents, while 25% highlighted the greater ease with which international and corporate payments could be made.

The study found that while some hurdles remain on the journey to blockchain adoption, fewer respondents are identifying the biggest hurdle – security – as a challenge (from 40% in 2018 to 35% in 2021). This points to a rising confidence in blockchain’s decentralised security features and its built-in protections against cybercrime.

Finance professionals are also growing increasingly aware of where the biggest hurdles lie in relation to blockchain technology. The drop in respondents claiming to be ‘unsure’ of the challenges (from 12% in 2018 down to 9% today) is another indicator of blockchain’s rising credibility in fintech circles.

Blockchain is forecast to be more than a flash in the pan. In fact, growing numbers of financial organisations are now integrating it into much longer-term plans. With blockchain and robotic process automation (RPA) capable of working together, results from 2021 show that 40% of businesses are developing ideas on how to incorporate robotisation into their adoption of blockchain – a large jump from last year’s 25% and another indicator that blockchain technology is here to stay.

“The story of blockchain adoption has truly moved into its next chapter”, said Tim Blok, CTO of Visma | Onguard. “Only three years ago, many financial organisations discredited blockchain as a passing fad, but that’s certainly not the case now. Our 2021 study shows an improved awareness and understanding of how the technology works, which is driving its increased adoption. Blockchain looks set to become a key solution in the toolkit of financial organisations moving forward.”

 

News

Real-time payments are here to stay and with good reason 

Published

on

By

Real-time Payment (RtP) models are here to stay for the foreseeable future alongside traditional payment schemes. But as businesses increasingly recognize their potential, further cases for real-time payments are coming to the fore. That’s according to Buckzy Payments Inc., (https://buckzy.net/) the Toronto-based global fintech on a mission to make international payments quicker, more reliable, and more affordable.

Umesh Maini, Chief Product Officer at Buckzy, stated, “Customer-oriented businesses such as retailers and hospitality providers value the increased speed with which they receive funds through real-time payments. In addition, during the Covid-19 pandemic, cross-border online purchasing increased, which put more pressure on liquidity for merchants due to the settlement times involved. But with the pandemic far from over, businesses from a wide variety of industries are also now looking at RtP with increased interest as a remedy to this issue, since with RtP it is the payer that is responsible for and controls the flow of funds rather than the payee and their bank or payment provider.

“RtP not only speeds up client payments – it can also improve cash flows, budgeting, financial projections and cash management,” explained Maini. “And if that’s not enough to get every Chief Financial Officer sitting up and paying attention, RtP also offers an opportunity to support and accelerate other digital innovations and trends, such as expedited bill payments, faster payroll disbursements to workers, and the ability for current account holders to manage their cash better. In other words, it acts as a major catalyst for businesses to digitally transform their business models by being able to accept payments that are settled in real-time.”

“Across the world, tech-savvy consumers and companies alike now want their bill payments, online shopping and cross-border transactions completed instantly, cheaply and at scale. That’s the power of RtP,” added Maini.

Maini summarizes the main benefits for financial services providers to adopt and support real-time payments as follows:

  • RtP helps with customer acquisition a real-time payment provides an additional set of services that will help to attract new customers
  • RtP removes the need to use costly, outdated fund transfer methods like SWIFT
  • RtP provides extra clarity for users to manage cash through up-to-the minute transaction histories and real-time account balances
  • Increased revenue through improved economies of scale and customer retention
  • Manual processes can be reduced, which in turn saves costs
  • RtP enables better customer insights compared with cash, which can then be used by the payment provider to improve their other financial services
  • RtP data can also improve anti-money laundering (AML) and fraud monitoring

“As with any major shift in technology, payment providers will face both costs and benefits to upgrade their systems to a new faster payments infrastructure. Investment by providers and adoption by users will both depend on the specific benefits each gains from real-time payments. Consumers today expect to get what they want quickly and at any time, at the push of a button. This also goes for their payments and it’s why RtP will quickly become the new normal,” concluded Maini.

Continue Reading

News

Union Bank of India goes live with RuPay Credit Card on UPI with Kiya.ai as a technology partner

Published

on

By

Nitesh Ranjan, ED Union Bank of India with Rajesh Mirjankar, Managing Director & CEO, Kiya.ai at the launch

 

Kiya.ai, one of the most innovative digital solutions providers in India, announced that Union Bank of India was among the first banks to launch NPCI’s UPI linked to Rupay Credit Card and UPI Lite on the unified payments interface (UPI) platform with Kiya.ai as their technology partner in this achievement.

The announcement comes after the RBI Governor Shri Shaktikanta Das and National Payments Corporation of India (NPCI) launched RuPay credit card on UPI, UPI Lite and Cross Border payments for BBPS at Global Fintech Fest 2022.

Until now, UPI allowed the linking of bank accounts by mapping an account linked with a mobile number and an savings / current account. Earlier in June 2022, the RBI allowed the linking of credit cards with UPI, stating that RuPay credit cards would be initially linked with UPI “to provide additional convenience to users and enhance the scope of digital payments”.

Rajesh Mirjankar, Managing Director & CEO, Kiya.ai, “We are extremely delighted to partner with Union Bank of India in this pilot project of linking RuPay Credit card on UPI. Kiya.ai has partnered with Union Bank of India for various digital payment initiatives including UPI, UPI Lite, UPI linkage to credit card, and sandbox for API banking.  The linking of credit card to UPI will significantly enhance high-volume transactions while also increasing average amount per transaction given the ease of using credit facility on UPI. This is a game-changing initiative as it will ensure safe and contactless transactions, reducing the risk of credit card frauds too.”

Mr. Nitesh Ranjan, ED Union Bank of India said, “We are pleased to embrace the decision taken by the Reserve Bank of India and NPCI to enable Rupay credit cards through UPI. Union Bank of India is proud to be a part of this launch. This is a game changer as one would be able to use a credit card for doing payments using UPI. We are excited to partner with Kiya.ai on this journey, and together, we can provide a smooth user experience to customers and make India even more digitally advanced.”

As part of the pilot project, NPCI will integrate the UPI AutoPay feature with credit card transactions to reduce the risk of defaults on credit card payments.

Continue Reading

Magazine

Trending

Business10 hours ago

Solving the Future of Decarbonisation in Real-Time

Jamil  Ahmed, Distinguished Engineer at Solace   The energy sector has faced many disruptions and challenges in recent years, from...

Banking16 hours ago

Resilient technology is the most important factor for successful online banking services

By James McCarthy, Director of Solutions Engineering, NS1   More than 90 percent of people in the UK use online...

Technology17 hours ago

Why anti-spoofing fingerprint technology is essential for the continued growth of digital payments

Anthony Eaton, CTO, IDEX Biometrics   The digital payments revolution is being driven by consumer demand for ever increasing convenience....

Finance17 hours ago

Why Financial Services must ‘Change its Change’ to deliver results

By Hervé Mazenod, Managing Director, Financial Services Sector at Webhelp  You can almost hear the collective sigh of relief from financial...

News17 hours ago

Real-time payments are here to stay and with good reason 

Real-time Payment (RtP) models are here to stay for the foreseeable future alongside traditional payment schemes. But as businesses increasingly...

Business17 hours ago

Criminal Minds: Account Opening Fraud Tactics put to the Test

By Raj Dasgupta, Director, Global Advisory, BioCatch   The last two years have created a perfect storm for account opening...

Business4 days ago

Know Your Business (KYB): Exceeding KYC

Victor Fredung, CEO at Shufti Pro   Money laundering costs the UK more than £100 billion pounds a year, according...

Finance1 week ago

Mini-Budget 2022:

Tax giveaway is a boost for business, but will it drive growth or fuel inflation?   Chancellor Kwasi Kwarteng has...

Finance1 week ago

A zero trust environment is critical for financial services

Boris Bialek, Managing Director of Industry Solutions at MongoDB Not long ago security professionals were still focused on protecting their...

Banking1 week ago

Digital Banking – a hedge against uncertainty?

Ankit Shah, Head of Digital Banking, Apex Group   The story of the 2020’s thus far is one of crisis....

News2 weeks ago

Union Bank of India goes live with RuPay Credit Card on UPI with Kiya.ai as a technology partner

Nitesh Ranjan, ED Union Bank of India with Rajesh Mirjankar, Managing Director & CEO, Kiya.ai at the launch   Kiya.ai,...

Finance2 weeks ago

Anyone Can Become an R&D Tax Expert with the Right Foundations

Ian Cashin is a Customer Success Manager at Fintech company and R&D tax software provider WhisperClaims   For accounting firms,...

Business2 weeks ago

Addressing the ongoing global pilot shortage issue

By Bhanu Choudhrie, Founder of Alpha Aviation   The Covid-19 pandemic brought the aviation industry to a halt, causing vast...

Business2 weeks ago

How exporters can mitigate risks and operate smoothly in stormy, post-Brexit waters

By Morgan Terigi is Co-Founder and CEO of Incomlend   The past few years have presented a series of hurdles...

Business2 weeks ago

From employees to customers, workforce management can benefit the entire banking ecosystem

Michael Cupps, SVP of Marketing of ActiveOps explores the significant impact workforce management can have on the employees and customers...

Business2 weeks ago

Redefining the human touch with digital transformation

Simon Kearsley, CEO of bluQube   It may not be a new phrase, but digital transformation is still inducing anxiety...

Finance2 weeks ago

CFOs – the forgotten ally in the fight against ransomware

Justin Vaughan-Brown, VP Market Insight at Deep Instinct   Ransomware attacks have nearly doubled in the past couple of years....

Technology2 weeks ago

7 cost benefits of cloud accounting software

By Paul Sparkes, Commercial Director of iplicit, an award-winning accounting software developer   Is your accounting software having a laugh...

Business2 weeks ago

How does Identity Access & Privileged Access Management help in PCI DSS Compliance?

Narendra Sahoo is a director of VISTA InfoSec. Introduction The Payment Card Industry Data Security Standard also commonly referred to...

Finance2 weeks ago

Listed private debt deserves a closer look from investors

By Michel Degosciu, Managing Partner, LPX AG Over the past few years, the private debt asset class is attracting serious...

Trending