Information and Analytics about Embedded Finance, BaaS and Open Banking

NCR Voyix Offers US Restaurants a QR Powered Pay-At-Table Software Solution

NCR Voyix Offers US Restaurants a QR Powered Pay-At-Table Software Solution

NCR Voyix, a global leader in digital commerce solutions, has launched its innovative Aloha Pay-At-Table software in the United States, as highlighted in The Fintech Times. This new solution, powered by Atlanta-based tech firm sunday, aims to enhance the dining experience by allowing guests to use their smartphones to scan a QR code, view their itemized bill, split costs, and leave a tip, all in less than 10 seconds. Originally launched in 2021 across 23 locations in Europe, the platform now supports over 2,000 restaurants worldwide, impacting 50 million guests annually. Integrated seamlessly with Aloha POS by NCR Voyix, Aloha Pay-At-Table reduces wait times and improves efficiencies for guests, staff, and restaurant owners. Benny Tadele, executive vice president and president of restaurants at NCR Voyix, emphasized the benefits of the solution: “In an industry known for its razor-thin margins, our Aloha Pay-At-Table by NCR Voyix technology enables restaurants to operate more efficiently. By serving guests faster, encouraging higher spending, and turning tables swiftly, it’s a game-changer for business-minded operators.” The software also offers automatic, precalculated tip suggestions, resulting in servers earning 10 percent higher tips. Additionally, it prompts guests to leave reviews on Google, enhancing feedback on food, service, ambiance, and value for money. Christine de Wendel, co-founder and US CEO of sunday, highlighted the overall improvements: “We are providing a better overall experience for everyone involved, whether it’s a restaurant guest, server, or restaurant operator. Guests can pay and leave at their convenience, waitstaff have more time for personalized service, and managers or owners gain valuable data insights, such as which servers perform best and what experiences need improving.” NCR Voyix aims to transform the dining experience with this efficient and user-friendly solution.

The Beginning of AI and Embedded Finance: Insights from Visa at the Dubai FinTech Summit

The Beginning of AI and Embedded Finance: Insights from Visa at the Dubai FinTech Summit

The Fintech Times attended the second edition of the Dubai FinTech Summit to explore emerging industry trends in the Middle East. During this two-day event, we had the opportunity to speak with Vanessa Colella, the global head of innovation and digital partnerships at Visa, to discuss key topics currently impacting the world of finance. As a global leader in payments, Visa operates across diverse regions and observes varying approaches and use cases worldwide. Colella highlighted the differences in innovation approaches between large tech firms and smaller fintech companies. She noted, «The big tech players and global tech platforms often innovate around new technologies, new business models, or new sectors they want to enter. These firms drive a significant amount of their innovation from economies with mature payments infrastructure. Conversely, in the fintech space, innovations often emerge from economies where payments infrastructure may be more brittle or inaccessible.» Embedded finance has generated considerable excitement within the fintech industry. Colella elaborated on why this enthusiasm is justified and the potential positive impact on the global economy. She explained, «There’s a $1.7 trillion gap between goods flowing around the world and liquidity in the supply chain. This means some suppliers have to wait to get paid. Embedding payments throughout the supply chain can shrink this gap and relieve the burden on small suppliers, ultimately fostering growth and increased GDP in many regions.» The financial sector has embraced artificial intelligence (AI) to streamline processes and address various pain points. Colella revealed that Visa has been using AI for three decades, primarily to combat investment fraud. «We’ve been using AI for 30 years. Last year, Visa blocked more than $40 billion worth of fraud. We think not just about risk and fraud, but also about loyalty, hyper-personalized shopping experiences, and enhanced customer care empowered by AI,» she said. Dubai has emerged as a global fintech hub, with fintech funding reaching $2.3 billion in 2023. Colella praised the region’s foresight, stating, «The UAE appointed the First Minister of AI in 2017, well before the current fascination with AI. This region’s strategic capital investments and foresight in attracting talent and creating conditions for diverse thinkers are crucial for the development of generative AI.» The Dubai FinTech Summit showcased the region’s growing influence in finance and technology. Visa’s insights highlight the transformative potential of embedded finance and AI, setting the stage for future innovations in the global financial landscape.

Parkopedia and Irdeto Collaborate to Revolutionize EV Charging

Parkopedia and Irdeto Collaborate to Revolutionize EV Charging

Parkopedia, a leading provider of connected services for automotive OEMs, has partnered with Irdeto, a digital platform cybersecurity firm, to streamline and secure the EV charging process globally, as stated in The Fintech Times. This collaboration introduces a new multi-contract solution designed to enhance the ‘Plug and Charge’ experience for drivers. Utilizing Parkopedia’s EV Charging service and Irdeto’s CrossCharge technologies, the partnership enables EV drivers to pay for parking and charge their vehicles directly from their in-car media systems. This innovation eliminates the need for multiple apps or RFID cards, making the process more convenient and user-friendly. Duncan Licence, CPO at Parkopedia, expressed pride in the collaboration, stating, «We are proud to work with Irdeto to be able to offer the first true multi-contract Plug and Charge setup to the industry, providing EV drivers with the greatest possible access to EMSPs and lowest-cost tariffs.» The solution leverages Irdeto’s Public Key Infrastructure (PKI) expertise, enhancing security and compatibility in EV charging. The advanced security solution, based on ISO 15118 standards, protects against potential cyber threats, ensuring a secure and reliable charging process. Additionally, it extends the utility of legacy vehicles by making them compatible with multiple contracts, allowing older EV models to benefit from modern charging infrastructure. Niels Haverkorn, SVP and general manager of connected industries at Irdeto, highlighted the significance of the partnership: «The partnership with Parkopedia marks a significant milestone in our mission to drive security and simplicity in the digital world. Leveraging Irdeto’s expertise in cybersecurity and our commitment to innovation, we are poised to revolutionize the EV charging experience.» The new solution also simplifies compliance with ISO 15118 for vehicle manufacturers, reducing the development burden and accelerating the adoption of EVs through improved, secure, and user-friendly charging solutions.

Temenos Launches Responsible Generative AI Solutions for Core Banking

Temenos Launches Responsible Generative AI Solutions for Core Banking

Temenos, a leading provider of SaaS cloud banking solutions, has launched its first Responsible Generative AI solutions for core banking, as highlighted in FinTech Magazine. These innovative solutions are part of the Gen AI infused banking platform, designed to enhance efficiency, operations, and product management by integrating with Temenos Core and Financial Crime Mitigation (FCM). The Responsible Gen AI solutions by Temenos are notable for their compatibility with FCM and their explainability, which stems from extensive R&D efforts. Compliance and a commitment to ESG principles are central to Temenos’ approach as it scales its AI initiatives. Temenos’ new Gen AI solutions offer tangible benefits for banks, enabling professionals to access unique insights and reports through natural language queries. This transparency ensures that users and regulators can quickly verify the results, making these solutions ideal for customer and middle office operations, as well as product development. These AI solutions can be deployed as standalone systems or integrated with existing core systems. They are versatile, available on-premise, via public or private clouds, or through Temenos’ SaaS offerings. Prema Varadhan, President Product and COO at Temenos, emphasized the value of AI in daily life, stating, «Temenos Explainable AI offers transparent, auditable insights while our Generative AI infused platform delivers these insights instantly in an intelligent and personalized way. Temenos ensures responsible AI practices by providing explainability, security, safe deployment, and banking-specific capabilities. With our AI platform, banks can rapidly implement real-world use cases that enhance efficiency, boost profitability, and create hyper-personalized customer experiences.» The introduction of Temenos’ Gen AI solutions marks a significant shift from the hype surrounding AI to its practical implementation. The fintech sector is at the forefront of this change, helping banks to harness great data and the right tools to enhance customer experiences and competitiveness. Bola Rotibi, Chief Analyst at CCS Insight, highlighted the broader industry trend, saying, «Gen AI heralds a new era of efficiency and competitiveness in banking, with the potential to revolutionize customer experiences, streamline processes, and uncover actionable insights. Banks are naturally cautious in embracing generative AI to the full and want to ensure they do so responsibly. A proven track record in delivering responsible AI will be vital for financial institutions to confidently experiment and deploy generative AI models for critical business functions across the enterprise. Providers such as Temenos that place responsible AI operations at the heart of their banking solutions are well-placed to give financial institutions confidence to experiment and deploy Gen AI solutions to critical business functions across the enterprise.»

A Micro-Investing App Is Debut by FutureMoney to Assist Families in Securing Their Financial Future

A Micro-Investing App Is Debut by FutureMoney to Assist Families in Securing Their Financial Future

FutureMoney, a FinTech company established by industry veterans, has introduced a new micro-investing platform designed to assist families in building generational wealth, as outlined in Fintech Global. This innovative app allows parents to create accounts for their children, set financial goals, and establish recurring deposits with minimal weekly investments. The platform addresses a market gap for parents seeking accessible ways to save for their children’s futures. By leveraging compounding returns and tax advantages, FutureMoney aims to provide financial security and comfort to families of all income levels. The app offers fully managed portfolios, automated deposits, and tax optimization, simplifying the saving and investing process for the average family. A standout feature of the platform is the Junior Roth IRA™, a tax-advantaged account that transitions from a 529 plan to a Roth IRA after 15 years. This service allows contributions of up to $35,000 per child, growing tax-free into retirement savings. Philip Barrar, CEO and founder of FutureMoney, highlighted the company’s mission: “We’re the first generation that is financially worse off than our parents, and we’ve seen firsthand the hurdles new parents encounter when trying to determine the best way to save and invest in their children’s future. Our goal with FutureMoney is to give moms and dads at all income levels more confidence and comfort, knowing they’re providing financial security for their kids regardless of what happens later in life. We want to give parents options and make investing more inclusive.” Co-founder Dave Fortin, CFA, emphasized the long-term impact of early investing: “If a parent invests just $10 a week from their child’s birth to age 18 and then leaves it to grow for 50 years, their child could have a $1 million nest egg, assuming 8% compounding annual returns. Investing early changes lives. As a father of twins, I’m excited about the potential of the Junior Roth IRA and we are confident it will transform the way families save.” This new app from FutureMoney promises to revolutionize family savings and investment, making it easier for parents to secure their children’s financial future.

Commerce Bank Adopts FedNow via Temenos Payments Hub to Boost Modernization

Commerce Bank Adopts FedNow via Temenos Payments Hub to Boost Modernization

Commerce Bank in the US has launched FedNow on the Temenos Payments Hub, delivered through Temenos SaaS, enabling real-time payments on a secure and scalable platform, according to The Fintech Times. This marks another step in the bank’s modernization strategy, moving away from legacy systems to a future-ready, cloud-native platform. Temenos’ platform provides Commerce Bank with enhanced business agility, combining advanced banking products with high-tech delivery. The Temenos US Model Bank aids Commerce in addressing the unique needs of the US market. With this latest implementation, Commerce can offer FedNow real-time payments through the Temenos Payments Hub. As a SaaS deployment, the platform can dynamically expand to meet future demands and handle various payment types. David Roller, Commerce Bank’s Chief Information Officer, stated, «Commerce is focused on staying at the forefront of technology to ensure the best service to our customers, and we are delighted to enable FedNow real-time payments with Temenos. This continues our modernization path as we build value on the Temenos platform, adding capabilities that allow us to meet the rising expectations for our customers.» In addition, Commerce Bank launched core banking for deposits on the Temenos platform in 2022 and a new loan origination solution for private banking customers earlier this year. Philip Barnett, President of the Americas at Temenos, added, «We are excited to build on our close relationship with Commerce to modernize its payments capability. This latest go-live with FedNow real-time payments will further elevate the experience for Commerce’s customers and prove the strength of our banking and payments platform, which is tailored to the needs of US banks. Our single code base across core banking and payments with robust localization is a competitive advantage for Temenos.»

Personetics: Examining the Effects of AI on Banking

Personetics: Examining the Effects of AI on Banking

At Citi’s 2024 FinTech Conference, Jody Bhagat, President of Americas at Personetics, discussed the transformative impact of data-driven personalization in banking, as stated in FinTech Magazine. He highlighted how advanced KYC tools are enhancing customer experiences and the future potential of AI in the industry. Bhagat emphasized the value of transaction data, calling it a «goldmine» that Personetics helps banks unlock. He explained, “By analyzing deposits, card usage, and payment patterns, we gain amazing visibility into each customer’s financial life.” This allows for detailed customer personas and real-time personalized recommendations. Personetics leverages AI to provide deep personalization at scale. “AI is the great equalizer,” Bhagat stated, noting that their models can identify patterns and tailor insights for every customer. This approach democratizes personalization, making it accessible to all banking customers. Bhagat also stressed the importance of understanding the banking vertical to deliver precise AI-driven insights. He pointed out that trust and control are crucial for the widespread adoption of AI in banking. “By consistently demonstrating the accuracy and value of our AI-driven personalization, the capability is becoming more widely embraced by banks of all sizes.” Despite challenges, Bhagat is confident in AI’s role in the future of banking. He concluded, “The Age of AI has arrived in banking, and we couldn’t be more energized to lead this charge alongside forward-thinking institutions.”

bunq Enhances AI-Driven Banking and Travel Insurance Offerings

bunq Enhances AI-Driven Banking and Travel Insurance Offerings

European neobank bunq has partnered with insurtech firm Qover to provide users in seven markets with worldwide, one-time activation travel insurance, as highlighted in The Fintech Times. Additionally, bunq has upgraded its AI money assistant, Finn, making it fully conversational. Qover’s expertise in embedded insurance facilitated the integration of features like a fast claims process and accessible travel certificates within the bunq app. Quentin Colmant, CEO and co-founder of Qover, stated, “Collaborative spirit is the cornerstone of our successful partnership. Together with bunq, we prioritised delivering an exceptional user experience for Eva, bunq’s model user.” The embedded insurance orchestration is available on bunq’s ‘Easy Bank Pro XL’ plan. Qover’s claims data dashboard helps users easily make claims by analyzing clauses that often lead to rejections. Ali Niknam, founder and CEO of bunq, expressed, “We’re making travel insurance effortless together. It’s exactly the peace of mind we want our users to have, whether they spend, save, or travel with bunq.” bunq has also enhanced its AI banking experience by upgrading Finn, which now offers conversational capabilities. Since December 2023, Finn has answered over 100,000 questions, providing deeper insights into users’ finances twice as fast as before. Niknam remarked, “We’re thrilled to see so many of our users embrace Finn in their daily lives and can’t wait for them to have a chat with the all-new Finn.” Finn now handles 40% of user support questions independently and assists with 75% daily, replacing the search function in the app and helping users with their banking needs.

Shaping the Future of Payments: Insights from Tribh Grewal at Pay360

Shaping the Future of Payments: Insights from Tribh Grewal at Pay360

The rapidly evolving payment technologies and increasing fraud tactics necessitate regulatory adjustments to combat these challenges effectively, as outlined in The Fintech Times. The Pay360 conference at London’s ExCel brought together over 5,000 payment and finance professionals to address the balance between regulation and innovation. Event organizers emphasized the need for ongoing modernization and regulation in payment systems to counter fraud and enhance market resilience. Tribh Grewal, head of altpay, fintech, and commercial solutions at Discover® Global Network, discussed the potential impact of the proposed Payment Services Directive 3 (PSD3) on creating a more efficient and inclusive financial system. Grewal stressed the importance of adapting regulations to keep up with technological advancements and new services. “Many regulations haven’t kept up to pace with the technology and the new systems, use cases, and new services that are emerging,” he said. Ensuring inclusivity and security in financial services is crucial to increasing consumer confidence. Fraud prevention was another key topic. Grewal highlighted the need for proper data management and compliance with regulatory requirements to enhance fraud detection. “It’s all about data and sharing information. Many companies view data as proprietary, but regulations will require payment service providers to share data,” he noted. Customer protection remains vital as companies navigate data management complexities. Grewal emphasized the importance of making services inclusive, accessible, and secure. “There’s a lot of work that companies can do in education, making things simpler, convenient, and easy to use, while ensuring consumers are protected and have confidence,” he explained. Grewal’s insights underscore the importance of understanding regulatory changes, fraud prevention strategies, and emerging innovations to guide decision-making and solution development. He highlighted Discover® Global Network’s commitment to navigating the dynamic payments landscape effectively. “We’ve been part of the Payments Association for several years. It’s about visibility, engaging with partners and clients, and collaborating with key industry players. Understanding these dynamics helps us tailor our solutions effectively,” Grewal concluded.

Visa Unveils Digital-First Products for the Modern Age

Visa Unveils Digital-First Products for the Modern Age

Visa has introduced a suite of innovative digital products and services designed to meet the evolving needs of businesses, merchants, consumers, and financial institutions, according to Finextra. Announced at the annual Visa Payments Forum in San Francisco, these products are set to roll out over the coming year. “The industry is at a pivotal point — new technologies like Gen AI are rapidly shifting how we shop and manage our finances,” stated Jack Forestell, Chief Product and Strategy Officer at Visa. “We’re announcing the next generation of truly digital-native payment card experiences. Today we unveiled new card features and digital innovations that will bring consumers into a more customized, convenient and secure future.” Key highlights include: Visa Flexible Credentials: This allows a single card to toggle between payment methods such as debit, credit, ‘pay-in-four’ (BNPL), or rewards points. Already live in Asia, it will launch with Affirm in the US this summer. Tap to Confirm, Tap to Add Card, Tap to P2P: These features enhance mobile card usage by simplifying authentication, adding cards securely to wallets or apps, and enabling person-to-person payments. Payment Passkey Service: Aiming to replace passwords, this service uses biometric scans for identity confirmation and online payment authorization, streamlining the checkout process. “There is a global desire to find commonality, interoperability, and simplicity for online payments. Our passkeys, designed specifically for payments, represent a massive paradigm shift in our industry because it confirms identity without interrupting the checkout experience,” added Forestell. “Visa Payment Passkey Service increases security while reducing friction when you pay online, across any device or website, globally.” Visa will integrate Passkeys with its online checkout service Click to Pay, enabling the new feature on Visa cards. Pay By Bank: Utilizing technology from Tink, this account-to-account payment service is available in Europe and recently launched in the US. It includes a security overlay to detect fraud in real-time. Data Tokens: This feature lets consumers consent to share their data while shopping online, offering personalized deals. Consumers can view and revoke data-sharing permissions via their mobile banking app. These innovations mark a significant leap in Visa’s commitment to enhancing digital payment experiences, ensuring security, convenience, and customization for users worldwide.