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VIRGIN MONEY ANNOUNCES NEW FINTECH PARTNERSHIP WITH EXPEND

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  • Expend simplifies the expense management experience for businesses
  • Service will form part of Virgin Money’s working capital health proposition

Virgin Money is proud to announce a new fintech partnership with Expend, adding an Expense Management service to its new business banking proposition.

The bank’s offering to business current account customers is being transformed with its improved digital-first proposition, that will offer services – such as Expend – to help customers run their businesses successfully.

Expend has designed its service to be a one-stop shop to empower SMEs and employees to submit and manage their expenses. This saves businesses time, boosts efficiency and increases transparency in its business spending process.

Based in London, the fintech launched in 2015 and has 20 employees. The platform has been designed to be completely scalable and has a range of features for all small businesses, in varying stages of the business lifecycle.

 

Graeme Sands, Interim Head of Business Banking at Virgin Money, said: “Expend offers a service that we know will provide real value to our customers. Businesses want to be able to do tasks quicker and more effectively – and this expense management service is exactly the kind of help many of them need. Not only will it solve a core business pain point, but it will also enrich the data they have, giving an accurate view of their expenditure.

“Working with our fintech partners is playing a vital role in transforming our business bank. We have a new market-leading current account for SMEs, M Account for Business, and there is a lot more to come in 2022. We’re really proud of the work we’re doing with our fintech partners, helping us to help our customers run their businesses in the best way.”

 

Johnny Vowles, founder and CEO of Expend, said: “This partnership with Virgin Money is a real statement of our intent to bring powerful spend and expense management tools into the hands of small and medium businesses. Being a part of this innovative project with Virgin Money is the perfect way for us to further our mission to truly automate complex processes for businesses to help maximise their time and money savings.

Expend aims to help to close the gap between banking and accounting by simplifying things for businesses, helping companies to better understand their financial position, therefore enabling them to act upon that information efficiently.

Historically expenses have been arduous and boring. As a cutting-edge Fintech, Expend is changing that with our drive to improve customers’ experiences with our financial products. By working closely with Virgin Money, we’ll be accelerating that process.”

 

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Russia and Turkey still keep door open to crypto adoption

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Bitcoin dropped around 5% yesterday after the much-anticipated FOMC meeting, where Jerome Powell was more hawkish than expected. Although there was no change to the decision of when to end tapering or hike rates, Powell said that inflation was worse than what was predicted in December, and that they would act more if required. Both equities and crypto fell sharply after the meeting, giving up gains from earlier on in the day.

Crypto is seeing more interest from governments, as the Turkish president Erdogan advised the country’s ruling party to examine the metaverse and cryptocurrencies closely in terms of their potential use. Turkish crypto investors have been very active in buying land in the metaverse. In Istanbul alone, over 11,000 virtual lands are already on the metaverse, with Turkish investors having spent millions.

The Turkish Lira losing value dramatically over the past 2 years has caused many Turks to flock to cryptocurrencies. The Turkish President met with the leader of El Salvador last week, who are the first country to make Bitcoin legal tender. This, alongside the ambition to study cryptocurrencies’ use in more depth, could signal the start of a shift in how the Turkish government views the industry, as they have previously been hostile towards the asset class.

In addition, Russia’s finance ministry has opposed the Russian Central Bank’s call for crypto to be banned, as it would undermine the industry’s technological development. Putin also said that Russia has certain advantages when it comes to Bitcoin mining, because of the country’s surplus of electricity and well-trained personnel. The fact that more and more governments are looking at crypto as an asset class that can provide benefits in staying ahead technologically, is a sign of the asset class maturing. Whether or not Turkey or Russia decides to ban or embrace crypto is still uncertain, although I think they will have no choice but to adopt crypto in the end.

 

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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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