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CHECK-IT, CHASE-IT, COLLECT-IT: KNOW-IT LAUNCHES NEW STANDARD FOR CREDIT MANAGEMENT

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First of its kind cloud-based platform streamlines approach to the credit management process, helping businesses mitigate credit risk, boost cash flow and tackle late payments

Know-it (https://know-it.co.uk/), a Scottish fintech start-up, has launched its beta cloud-based credit management platform. Founded by Lynne Darcey Quigley, the new platform gives businesses and its finance teams the tools to automate and simplify the way it manages credit risk and the credit control process, helping save time, reduce debtor days and increase cash flow.

The platform, which is the first of its kind, ensures that businesses can credit check and monitor, chase for payment, collect overdue unpaid invoices, and more all from one place. By partnering with some of the UK’s leading accountancy software and credit reference agencies – such as Xero, QuickBooks, Sage, FreeAgent and Graydon – users can instantly credit check companies, get live data and real-time updates to monitor customer’s credit behaviour and mitigate potential credit risks.

The beta platform also gives finance teams and business owners a simple way to check their customers credit worthiness. It also ensures customers pay on time through scheduled reminders and customisable chaser emails, letters and SMS, helping reduce debtor days and increasing cash flow. Users can also get instant quotes to collect unpaid invoices quickly and efficiently through their debt recovery partner Darcey Quigley & Co, as well as monitoring and acquiring reports on commercial debts.

Lynne Darcey Quigley, CEO and founder of Know-it explains: “Know-it is a fresh perspective on a traditional process – while the credit control process hasn’t really changed over time, our new unique platform brings together all credit control functions into one place. By removing the need to access and subscribe to multiple different platforms, our cloud-based platform streamlines the credit control process so you can credit check and monitor, chase for payment, collect overdue unpaid invoices and more all from one place. This is set to transform the way businesses view the credit control process, as it will immediately help them save time and costs by providing real-time data all from the convenience of one place.

“With light now at the end of the tunnel in terms of the pandemic, the road to recovery is underway for many across the business community. This is now a crucial time for technology to step in and offer a helping hand through an affordable and innovative credit management platform. In the past, smaller businesses in particular have been unable to access the necessary resources required to automate this process, which has left many on the receiving end of late payments and financial fraud. With the launch of Know-it’s platform, businesses of all sizes are now able to Check-it, Chase-it and Collect-it , all in real-time and without the headache of manual processing.”

The Know-it platform has launched against the backdrop of Covid-19, as well as an increasing culture of late payments and financial fraud, which have both mounted pressures on businesses and their finance departments. According to recent research, around 60% of SME owners believe that the government must offer greater support for businesses, this is despite the various support schemes having already been introduced.

Jack Malcolm, Relationship Manager, West Scotland, Royal Bank of Scotland said: “Royal Bank of Scotland is proud to have played a part in Know-It’s journey, helping support Lynne and the team from their inception and beta testing, through to providing funding to achieve its growth plan and the launch of today’s credit management platform. As a leading champion of Scottish SMEs, we look forward to continuing to work with Know-It, and are excited to see what the future holds for this promising Scottish fintech.”

Lynne concludes: “Although this platform has been several years in the making, it was not our intention to launch the Know-it platform in the wake of a global pandemic, but there is a timely opening for the platform to provide an additional layer of support for vulnerable businesses at a time when they need it most. Support from automated and effective credit management systems have traditionally been out of reach until now, so we hope this pioneering technology will provide businesses with the comprehensive and holistic solution they need to work smarter, just as we begin to return to a sense of normality across the working world.”

 

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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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