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HAS COVID SIGNALLED THE END FOR CASH?

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The rise in online shopping during the pandemic delivered a corresponding decline in the use of cash. Will the COVID-effect be permanent, or will societies be reluctant to forever give up on physical currencies? Leading global e-wallet STICPAY’s Customer Service Director James Bay, thinks the use of cash is coming to end thanks to COVID.

He said: “In 2010 50% of all payments made in the UK were cash and just one in six payments were made with debit cards. By the end of 2017 debit cards were used for more than one in three payments in the UK, so the decline of cash was already being seen. However, the social distancing measures and lockdowns necessitated by the COVID pandemic, have accelerated the move to digital payment methods.

“With many physical businesses being shut for long periods of time, much of our shopping has moved online in the past 18 months, and that has inevitably led to an increase in debit/credit or digital payments. In fact, according to Link, which runs the UK’s cash machine network, the volume of ATM transactions fell 62% year on year at the start of lockdown.

“In Spain the picture was even more stark, with cash volumes dropping by up to 90% during lockdown.

“With many of us getting used to online shopping and other payment methods that don’t involve cash, it is unlikely that we will return to paying for goods with physical currency any time soon.

“Experts had predicted that we would become a cashless society in the next 10-15 years, but that move is likely to have been accelerated by COVID and the milestone could even be achieved in the next year or two.

“And it is easy to see why this would happen. Contactless or digital payments are much less likely to spread germs or viruses and they make social distancing rules much easier to maintain. As we start to reopen our economies, these measures will become even more important to allow us to continue to operate some sort of normal life.

“Small and medium sized businesses who may not have accepted digital payment solutions prior to COVID have been forced to during the pandemic and many are finding it something they prefer. As well as being more hygienic, digital payments are also much easier from an accounting point of view and anything that removes an administrative burden from a small business will always be popular.

“Not having physical cash on the premises also removes the possibility of stores being raided for the money in the till, which is something that is still a major concern for many small businesses.

“But as our finances become ever more digital, we present hackers with more opportunities to gain access to our funds. That is why choosing a payment solution that has high levels of security is vital.

“Digital money transfers also make life potentially easier for international criminal gangs wishing to launder large sums of money. Again, the payment solution and its security protocols are crucial if we want to stop the flow of illegally obtained funds.

“When using an e-wallet the user’s sensitive financial data is always protected, whether it is being used for in-store purchases via a smartphone or for online payments. E-wallets have a layer of advanced encryption that generates a random number sequence for each transaction. Even if hackers manage to intercept the customer’s transaction, they won’t be able to use the data they acquired.

“And stealing the phone used for the e-wallet won’t help the hacker either. They wouldn’t be able to log into the digital wallet account as it is protected with biometrics (face recognition, fingerprints), a PIN, or a password.

“When you consider the benefits of digital payments it is easy to see there are many reasons why they are a better option than cash. COVID may have accelerated our shift away from cash, but it is a shift that was inevitable.”

 

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TINTRA PLC FINALISES JOINT VENTURE WITH ARTIFICIAL INTELLIGENCE PARTNER TO BUILD INDUSTRY CHANGING REGULATORY TECHNOLOGY

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TINTRA PLC FINALISES JOINT VENTURE WITH ARTIFICIAL INTELLIGENCE PARTNER

Innovative fintech company, Tintra PLC(https://tintra.com/), has formed a joint venture with award-winning Artificial Intelligence and Machine Learning business, TMC2, via its subsidiary Finsensr.

The Joint Venture will utilise or create advanced, end-to-end AI tech – some already patented – to revolutionise how compliance between developed and emerging market economies works. This exciting tech stack includes the utilisation of lightning-fast large scale predictive modelling and semantic embeddings of financial data; together with the development of scalable efficient solutions based on customised shallow classifiers, deep learning, and Bayesian inference for robust and explainable predictive modelling.

Tintra is focused on enabling financial institutions, EMI’s, multi-nationals, and large corporates in the emerging world to gain access to banking systems that understand their geographic need. Using pioneering payments technology and compliance infrastructure will evolve the global banking industry. Where other fintech’s iterate, Tintra will innovate across the space.

In forming a joint venture with TMC2 – the team behind Mashtraxx, the AI engine being used to power a multi-billion dollar US based social media platform – Tintra aims to eliminate or radically improve the well documented emerging market issues of KYC & AML. The mission is to utilise these solutions to democratise financial regulation and level the playing field for all markets and make access to the global market place as seamless in Africa or Asia as it is in Europe or the United States.

 

Gary Wright, lead for TMC2 in the transaction stated, said “We are extremely excited to enter into this long-term partnership with Tintra to support the expansion of its business through the use of our leading-edge artificial intelligence. 

Our in-house team includes PHDs in Artificial Intelligence & Machine Learning. A Senior Executive Team with experience in the financial sector across financial services, Technology, Corporate banking, Investment management, Fund Management, and transaction services. With our key personnel gaining experience in institutions including Sungard, Mann Group, Royal Bank of Scotland, M&G, Prudential, Simplex Technology amongst a host of others

We are setting out to create the next generation of intelligent automated AI RegTech that we are confident will help power another billion-dollar unicorn, like Mashtraxx before it. We hope that this will revolutionise how the financial services industry fulfils the complex demands of KYC and AML compliance and regulatory legislation”

Tintra PLC is publicly listed on the AIM market of the London Stock Exchange and also available on the OTCQB Venture Market in New York.

In early November 2021, the PLC unveiled plans to raise additional capital to accelerate its growth strategy.

 

For more about Finance Derivative.

 

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CELLPOINT DIGITAL PARTNERS WITH VYNE TO ENABLE INSTANT OPEN BANKING PAYMENTS FOR MERCHANTS

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CELLPOINT DIGITAL PARTNERS WITH VYNE TO ENABLE INSTANT OPEN BANKING PAYMENTS FOR MERCHANTS

The partnership will allow CellPoint Digital customers to incorporate Vyne into its payment ecosystem and access instant payments without a need for direct integration.

 

Payment orchestration leader CellPoint Digital today announces a partnership with full stack account-to-account (A2A) payments specialist, Vyne. This partnership allows the Vyne platform to offer instant payments to CellPoint Digital’s merchant customers, allowing users to check-out faster than ever before and reducing merchant transaction costs.

Through CellPoint Digital’s Velocity Payment Orchestration Platform, merchants can easily incorporate Vyne into their payment ecosystem, providing all the speed and convenience of instant payments without the need for a direct integration with an open banking provider. With transactions intelligently routed and monitored in real-time, merchants can analyse performance and use data to cut costs, boost acceptance rates, and simplify operations via automated reconciliation.

By partnering with Vyne, CellPoint Digital’s merchants can now access improved payment experiences too. Harnessing open banking technology, the Vyne solution allows online shoppers to check out in as few as three clicks and offers settlements within seconds.

 

CellPoint Digital CEO, Kristian Gjerding, said: “The partnership with Vyne represents a significant addition to CellPoint’s payments offering. Merchants currently using our Velocity Payment Orchestration Platform can utilise all the benefits of the Vyne platform within their payments ecosystem and this will provide merchants with a greater opportunity to grow their business.

“At CellPoint, we put much stock into our partnerships. To us, they are more than simply functional and with Vyne being fellow innovators in the payments space with a track-record of supplying top tier merchants, we look forward to developing a long-lasting, collaborative relationship.”

The Vyne solution functions by using a customer’s existing online banking app to initiate and authenticate a transfer. As a result, the customer does not need to enter their account information online and sensitive financial details are never held by the merchant, resulting in a more secure process for both parties. By enabling a payment method that can be completed in just three clicks, the platform provides a simple and seamless experience that can help to reduce cart abandonment.

 

Vyne CEO, Karl MacGregor, said: “Existing payments and banking solutions are broken, and stacked against the merchants and consumers that use them. Payment methods come with a variety of settlement formats and can take anything from days to weeks to complete with customer conversions impacted by manual card data entry.

Vyne provides a new, alternative payment method for merchants and their customers and we’re delighted that more people will benefit from it through this partnership. CellPoint merchants will now experience instant fund settlement and their customers will be able to complete payments through their own banking apps in just a few taps with no card details needed. Merchants can also engage customers at the right time, through the right channels, using pay by link or QR codes, which can be sent via email, SMS, in app or used for in person sales.

“We look forward to working closely with CellPoint and empowering merchants with a level of payments functionality that can drive real, measurable growth.”

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