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STICPAY ANNOUNCES LOCAL BANK WIRE SERVICE IN HONG KONG

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  • Offers the ability to transfer funds as if you are a local

Leading global e-wallet payment provider, STICPAY, has today announced a new local bank wire service in Hong Kong.

A local bank wire is one of the easiest ways to transfer money online and is much faster and attracts lower fees than sending money via an international bank wire.

A bank wire is a means of transferring money from one financial institution to another via financial intermediaries. When that involves banks in different countries and operating in different currencies, the process can become time consuming and expensive. The need to adhere to international money handling rules, as well as domestic laws and tax arrangements, can mean a simple transaction takes 3-5 days on average, but could take weeks.

Using a local bank wire removes much of the complexity and therefore the time and cost involved in money transfers. Local bank wire transfers occur within a country’s domestic payment system and therefore no financial intermediaries are required. The obvious benefits of this are that money transfers become faster and cheaper.

STICPAY already successfully operates local bank wire services in S. Korea, China, Malaysia, Indonesia, The Philippines and Singapore and more countries are planned for the future.

The service is expected to be of particular interest in Hong Kong, following recent moves by the Chinese government to restrict how much money can be transferred by foreign banks into China. These moves have caused consternation among global bank executives and foreign companies in China.

James Bay, Customer Service Director at STICPAY, said: “Using a local bank wire to transfer money avoids all of the issues associated with cross border money transactions. It works by using a STICPAY partner bank in the country in which the money is to be received, thereby making the transfer of money a domestic rather than international one.

“Some of the rules around banking in China are changing and becoming less favourable to foreign banks but using STICPAY’s local bank wire service removes any concern as the transfer is conducted through a local bank.

“On top of the increased speed of money transfer and the vastly reduced costs, the removal of concerns around international politics and money regulations means STICPAY’s local bank wire service in Hong Kong is the natural choice for companies and individuals wishing to send money into or out of the territory.”

 

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BUSINESS DEVELOPMENT + MARKETING + COMMUNICATIONS

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Volante Technologies Recognized as Market Leader in Omdia Universe: Selecting a Payment Hub, 2021-22 Report

Cloud payments company scores highest mark for solution innovation capabilities and strategy

Volante Technologies, the global leader in cloud payments and financial messaging, has been recognized as a Leader in the Omdia Universe: Selecting a Payment Hub, 2021-22 global survey.

In preparing the report, Omdia, the analyst division of Informa, performed an in-depth review of the market and ranked vendors based on a matrix of key capabilities, attributes, and features. The comprehensive process incorporated in-depth client and vendor interviews, and is designed to help C-level executives, payment heads, and IT directors select the payment hub platform that will enable their payment modernization ambitions.

The report states that Volante has been recommended as a Leader “thanks to its co-innovation capabilities.” It highlights “the speed that the payment hub can be implemented” and “the maturity of Volante’s cloud capabilities” along with its “particularly strong low-code integration layer” as contributors to the ranking. The report concludes, “Volante scored the highest mark for its solution innovation capabilities and strategy / product roadmap.”

Philip Benton, Senior Analyst – Financial Services Technology at Omdia, said: “Volante Technologies earned its place as a recommended leader thanks to a combination of genuine innovation and the provision of services which allow the company to deliver significant payments efficiencies to both small and large institutions.”

John Farrell, SVP Global Product Management at Volante, said: “We are delighted to have been awarded the top ranking of leader by Omdia. This recognition vindicates our strategy of working as a trusted partner to our customers, and helping free them from the limitations of legacy systems through modern cloud-native payments solutions.

“With 75% of our staff in research and development, we intend to continue investing in our products to maintain our leadership position, and continue delivering outstanding results to our customers.”

 

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ARTERIA AI SET TO ACQUIRE H4’S FINANCIAL SERVICES BUSINESS ASSETS

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H4 Chairman and Co-founder Joe Seifert to join Arteria AI as senior advisor

 

Arteria AI, an award-winning global leader in enterprise digital documentation, has agreed to acquire certain financial services assets of H4, an award-winning contract lifecycle management platform.

As part of the agreement, H4’s Chairman and Co-founder Joe Seifert will join Arteria AI’s team as a senior advisor.

Shelby Austin, CEO of Arteria AI, said: “This is a very exciting time for our business as we set out to unleash the power of data to help global financial institutions solve their client documentation challenges at scale. Since spinning out of Deloitte we have continued on an incredible growth journey accelerated by the market’s clear preference for data-first solutions.”

“It is a strategic decision for us to acquire certain financial services assets of H4 to expand our reach and super-charge our efforts. Joe Seifert will bring invaluable experience and expertise to our team.  We look forward to working together to provide an unrivalled, data-first client documentation solution for global financial institutions.”

Joe Seifert said: “Arteria AI and H4 cover most of the top-tier of the financial services market and it made perfect sense to join forces. Having spent time with Shelby and the team, I’m very excited that the combination will support Arteria AI’s position as a leader in digital documentation transformation across the global banking sector.”

Arteria AI works with the world’s largest banks to accelerate their client documentation processes at scale.  From document generation through signature and beyond, Arteria uses context-specific AI, data, analytics and automation to ensure that stakeholders across the bank are able to serve their clients more quickly.  This can be a key factor in driving additional revenue and minimizing risk and cost.

The company’s co-founders Shelby Austin, Abrar Huq and Jonathan Wong have more than 30 years experience within the documentation space and were leaders within the AI community prior to launching Arteria AI in October 2020.

H4 will focus on its offering for the corporate market, outside of global banking. Rob Fagg, CEO, and Andy Byrne, COO, have agreed a management buyout of H4, continuing their roles and becoming co-founders of the new business. Joe Seifert will remain a minority shareholder in H4.

 

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