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VIRGIN MONEY ADDS ACCELERATED PAYMENTS TO ITS FINTECH PARTNERSHIPS

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  • An Invoice Finance provider addressing cash flow issues in business
  • Partnership forms part of Virgin Money’s working capital health proposition

Virgin Money has strengthened its technology expertise, partnering with global invoice financing firm Accelerated Payments to support the development of its business banking proposition and bring additional services to customers.

The fast-growing fintech, which has offices in London, Dublin and Toronto, offers flexible and efficient working capital solutions to help businesses manage their immediate cash flow. This is achieved by paying the individual invoices of companies up front and providing bad debt protection against their debtors, thereby freeing up capital that is tied up in paperwork.

The service offered by Accelerated Payments is easy to use – companies simply access a client portal that allows them to upload and select invoices for funding. Once approved, payment is advanced within 24 hours.

The Accelerated Payments partnership forms part of Virgin Money’s working capital health proposition, which will transform its existing business current account offering, through market-leading digital money management products and services. Last week, the bank launched its new M Account for Business, which has no monthly fee and free digital transactions, and has been designed for entrepreneurs, start-ups and small businesses with an annual turnover of under £1m and who prefer to do their banking digitally.

 

Graeme Sands, Interim Head of Business Banking, at Virgin Money, said: “We have been working to deliver a suite of services that supports an enriched digital customer experience. As well as the provision of new capabilities, we are also developing a range of tools to help customers manage and improve their financial health.

“We understand the power of fintech and the expertise it offers as we shape our new digital offering. Accelerated Payments’ invoice finance solutions will offer our customers help in addressing cash flow concerns that are a regular occurrence for many businesses. Having this kind of innovation will be a powerful tool for customers.”

 

Colm Devine, Head of Business Development and Co-Founder, said: “Virgin Money is one of the most successful and well-established banks in the UK, and its decision to engage with Accelerated Payments is a testimony to our world class reputation in the fintech sector. By working closely with Virgin Money, we gain a bigger platform to educate more SMEs about the availability of invoice financing and to help more companies scale up and go global.

“We are excited about this strategic partnership and look forward to leveraging Virgin Money’s network and continuing our good work in offering a lifeline to those that are struggling with business cash-flow challenges during this critical time.”

 

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Transact365 launches seamless cross border payments in India

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  • Transact365 enables merchants to transact locally in India
  • Merchants can partner directly with Transact365 without needing to source local partners
  • Transact365 offers two local solutions – Unified Payments Interface (UPI), and NetBanking 

 

UK-based fintech Transact365 has added local India payments for merchants.  By using Transact365’s gateway solution, merchants can access new opportunities in India without having to form local payment partnerships or establish an Indian company. The move ensures merchants now have access to over one billion Indian-based consumers enabling them to pay faster in a familiar way.

Transact365 offers two local solutions tailored to the needs of the Indian market – Unified Payments Interface (UPI) and NetBanking.

Developed by the National Payments Corporation of India – UPI is an instant, real-time payment system that facilitates inter-bank transactions through smart phone devices, powering multiple bank accounts into a single mobile application of the 274 participating banks. UPI facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.

NetBanking is a unique payment method facilitating online payment transactions in India. When a user makes a payment via NetBanking, the payment is initiated via the Transact365  gateway which allows the user to complete the transaction with the merchant in realtime in local currency.

Transact365 has also established a local payment distribution allowing merchants to pay clients in India in real time with fully automated api connectivity 247 365 Days a year.

Transact365’s launch in India is the first in a series of big market expansions planned for 2022. Having already expanded into Europe, Asia and Australia, Transact365’s payment gateway system ensures merchants of all sizes and sectors can access fast-growing markets seamlessly and quickly.

Dan Fernandez, CEO of Transact365, said: “We are pleased to announce that merchants can now use Transact365 to process payment transactions in India. By utililising local payment solutions, Transact365 ensures merchants can now facilitate payments in India, with users able to confirm their payment in a matter of seconds.

“Our expansion into India comes at an exciting time for the company. With customer and merchant demand for payment gateways rising, Transact365’s revolutionary system ensures more businesses are able to access consumers in rapidly expanding markets. Importantly, our launch in India will soon be followed by similar market expansion announcements throughout 2022.”

 

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Europe’s first blockchain neobank, BENKER, opens for pre-registration

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BENKER(http://www.benker.io/) is to become the first officially licensed blockchain neobank launched in Europe following approval by the Bank of Lithuania under the Electronic Money Institution (EMI) category. Now open for pre-registration, it is the first financial services provider in the European Union to operate entirely on blockchain.

The neobank will run on Natrix(https://natrix.io/), a purpose-built hybrid blockchain created for the financial sector to meet all GDPR, bank secrecy and regulatory requirements. BENKER will achieve the highest level of Compliant Client Autonomy, where users have complete control, autonomy and real freedom, assuring sustainability of the market where users and financial market participants are on the same level.

Viktor Bodnár, CEO of BENKER, hopes that the neobank will be a catalyst for fundamental transformation in personal finances, offering customers greater autonomy. On his vision for the future of the market, he said: “We’re introducing a new brand in financial services that can challenge the established order by extending existing legal and regulatory safeguards with the advanced technology-based guarantees achieved through blockchain. In obtaining our EMI licence we have been allowed to radically diminish client exposure to the actors of financial markets, and I see this as a move towards the ‘New World Order’.”

“By adding blockchain to the way in which customer accounts are managed securely, we are offering constant transparency, traceability and complete control over financial matters for our clients, creating the highest level of freedom. This is what we’re calling Compliant Client Autonomy and it’s an idea that is at the heart of BENKER.”

Following a two-year planning, development and application phase, and now with its EMI licences receiving full approval, the neobank will offer services for both individuals and SMEs, and a platform on which to buy and sell gold.

Bodnár finished: “We’ve worked hard to create a fully compliant and secure blockchain neobank, and I’m delighted that it is now going live in 2022. The result is a system in which clients and service providers are finally on the same level, and within all legal and regulatory requirements. This will make managing personal finances in the future more efficient than ever.”

 

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