fintech

fintech

Salvation Army choose Fintech prepaid cards specialist B4B Payments in modern slavery response


Cashless advocates and prepaid payments company, B4B Payments is lending its technological weight to The Salvation Army in the vital work to support recovering victims of modern slavery, by working with the organisation on cashless payment technology.

The Fintech organisation, which is a fast-growing player in the prepaid card industry for over 14 years, is helping The Salvation Army to roll out its prepaid cards among victims of modern slavery for whom cash is an insecure method of payment. The rapid introduction of this new technology is one of many measures The Salvation Army and its partners have initiated with support from the Home Office to adapt the way support is provided to victims of modern slavery in its care. The use of prepaid cards enables The Salvation Army to minimise face to face contact during the coronavirus pandemic in delivering subsistence payments to which victims of modern slavery are entitled under the Government contract through which The Salvation Army provides vital support to help them begin their journey of recovery.

Modern slavery is a problem which is still surprisingly prevalent around the world. Since 2011, The Salvation Army has supported more than 10,000 victims of modern slavery. In 2019, 46% of potential victims who entered support were referred from London. It is estimated that one in two hundred people around the world is a slave, victims of all manner of exploitation hidden in plain sight in farms, factories and car washes and forced to work in the sex industry and even criminal activities such as drug smuggling.

Thanks to their amazing work in Britain and around the world, The Salvation Army is helping victims of modern slavery to begin new lives living independently when they are rescued from their captors, supporting the work undertaken through the Government contract with additional support programmes through our own charitable funds.

By partnering with B4B Payments, The Salvation Army is able to give the people it helps a prepaid Mastercard®. This means that staff can give the victim all the money that they are entitled to at once without fear that they will be targeted, and it works as a viable alternative to cash. Users are also able to make cashless payments online using this method, just like a traditional bank card, so they can more easily access Government services or pay for things from home if they have a disability or restricted by social distancing measures.

Major Kathy, Betteridge, Director of Anti Trafficking and Modern Slavery for The Salvation Army said “Even in these challenging times with coronavirus, The Salvation Army and our partners are doing all we can so that victims have the best care possible, to keep them safe and help them continue their recovery.

Bringing forward the roll out of prepaid cards has been one of the key adaptations we’ve successfully introduced in recent weeks to help survivors of slavery as they not only begin to live independently but also supporting them to do this within Government guidelines, to protect them from infection.

The Salvation Army’s Victim Care Fund has made a contribution of £20,000 from its charitable resources to make sure we could get the prepaid cards to the vulnerable people in our care as quickly as possible.

We recognise the extraordinary demands on our staff, volunteers and partners, and want to thank them all, along with suppliers like B4B Payments, for stepping up in their rapid response to a fast-moving situation which has been exceptional and deserves commendation.”

B4B Payments CEO Paul Swinton said: “It has been hugely rewarding to provide our services to The Salvation Army because they’re tackling some of the biggest social problems in the world today. Financial inclusion is an issue that cuts across so many different areas including Modern Slavery, domestic abuse, people trafficking and homelessness, and it is vital that we as a financial technology company do our bit to innovate and help the less fortunate.”

Stats on modern slavery and how The Salvation Army are supporting victims

Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The Card is issued by Wirecard Card Solutions Ltd (“WDCS”) pursuant to license by Mastercard International Inc. WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051)

Press Contact:
Katrina Hutchings, Marketing Director B4B Payments
katrina.hutchings@b4bpayments.com

For media enquiries, please contact The Salvation Army’s PR & Communications office:
media@salvationarmy.org.uk / 020 3657 7555

B4B Payments  provides forward-thinking payment processing solutions, which enable any size organisation to manage expenses, simplify payroll, reimbursements, and offer employee rewards and incentives.

With over 1,000 customers and growing, B4B Payments, voted the Best Prepaid Product of the Year in 2019, operates throughout Europe and North America.

As a leader in Fintech and prepaid payment solutions for over 12 years, employing a global team, B4B Payments continues to offer innovative, flexible, and time-saving solutions that streamline and eliminate antiquated finance and accounting processes.

B4B Payments Europe is a member of the Federation of Small Businesses, PIF (Prepaid International Forum), Innovate Finance, and the Mayor of London’s International Business Program.

Formerly known as Payment Card Solutions, B4B Payments also manages and operates the re-loadable scrapyard pay-out solution, www.bread4scrap.com.

About The Salvation Army’s modern slavery work:

The Salvation Army was awarded the government contract in 2011 to provide specialist support for adult victims of human trafficking in England and Wales, including safe accommodation, counselling, medical care, translation services and legal counselling. Victims seeking help have been trafficked to or within England and Wales and are referred to the service through a dedicated referral line 0800 808 3733 available 24 hours a day, seven days a week.

For more information visit the website: www.salvationarmy.org.uk/modern-slavery

The Salvation Army is an international Christian church and registered charity which has been transforming lives for more than 150 years. Working in 131 countries worldwide, The Salvation Army offers friendship, practical help and support for people at all levels of need. In the UK and Republic of Ireland this work includes more than 750 community churches and social centres. Registered Charity Nos. 214779, 215174 and in Scotland SC009359, SC037691. For more information visit the website www.salvationarmy.org.uk

Source link

FinTech Innovators Fablious Launch Alternative Finance Community


Fablious launches its new community for consumers to transform the UK lending market

As of today, Fablious launches its new online Alternative Finance Community for the UK market. It aims to transform the way users use and discover financial products and alternatives to traditional credit. Fablious works alongside some of the latest pioneering brands in the alternative finance sphere to bring FCA regulated alternative finance products to the customer in a completely innovative way.

The Alternative Finance Community allows users to browse and compare offerings available on the alternative finance market, offering them an extensive selection of products available to consumers who may have been rejected for more traditional forms of credit. Fablious’ bespoke algorithm works to present customers with the FCA-regulated products that are most suited to their individual needs.

Fablious understands that there are many reasons why a lender may reject an applicant for credit; it doesn’t necessarily mean that they are unsuitable for borrowing. Many lenders and credit reference agencies struggle to obtain information about applicants due to the fact that they’ve never taken out any credit. Alternatively, lenders may also reject applicants if they have already reached their quota for the month. With Fablious, there is less of an emphasis on whether or not a consumer can meet the rigid criteria of a lender, and more on assisting individual needs.

With the creation of an online Alternative Finance Community, customers can find and compare a diverse selection of different financial options; from credit builders to deposit free renting options to interest-free prepaid cards and buy now pay later groceries. Consumers can find a variety of different options to make their lives easier.

By creating this online community, Fablious ensures that customers are using regulated products, safeguarding them against any affordability issues and ensuring that their rights are protected. By searching the market for tailor-made products for specific needs, Fablious helps to eliminate the risks associated with borrowing for both consumer and lender.

“Our aim is to help customers find sensible solutions for credit by finding specialist alternative finance products. We understand that the customer can struggle with finding credit for a number of different reasons, which is why we comparatively search and compare all of the products on the alternative finance market to find solutions that minimise the risk of lending. Our intention with creating Fablious is to help customers to find products that responsibly solve their need for credit, and we hope to achieve that through Fablious’ Alternative Finance Community.” said David Evans, CEO at Fablious.

For press enquiries, please contact: press@fablious.co.uk

Source link

Dubai Based Fintech Set to Disrupt UK Digital Payments


Dubai, UAE: Dubai based fintech company specializing in payment processing is set to launch OG Bank and OG Pay (On the Go) a digital banking solution, chat based payment wallet and a digital point of sale (POS) all to be operated from mobile devices.

OG Bank and OG Pay have signed an agreement with Bankable, the global architect of “Banking as a Service” solutions, to offer digital banking and digital payment solutions primarily in the UK and Germany. Whilst OG Bank will be a digital bank, OG Pay claims that with a chat-based payment solution and digital pos through mobile phones in a closed loop environment they will cause major disruption in these markets.

Chat based payment solutions and mobile payment processing is widely and commonly used in Asia. For the last few years a cashless race has been seen in Asia with global players emerging however this type of technology has rarely been seen in Europe. A closed loop system can create advantages for consumers due to the competitive nature and low costs for operators.

Mohammed Ibraheem Khan, CEO of OG Bank and OG Pay said: “I chose Bankable as a technology partner to support my ambition in multiple markets. OG Pay will change the way individuals and businesses send and receive money along with how businesses process payments. We are going to ruffle feathers… A disruption is needed and disrupt we shall”.

“Bankable is delighted to partner with Dubai based OG Pay, a chat based payment pioneer, to launch new payment solutions in the UK and Germany. OG Pay is an ambitious organisation planning to launch digital banking services supported by Bankable API infrastructure, not only in Europe but also in Pakistan, Egypt, Malaysia, Indonesia and other jurisdictions,” says Eric Mouilleron, Founder and CEO of Bankable “Bankable will partner with OG Pay in all its markets, appointing new regional bank sponsors in the process.”

Whilst digital banks are emerging and growing in popularity the emergence of payment wallets and adoption in the UK and Europe has been slow. With the world in a cashless race only time will determine the success of such technology in established markets.

For further information, please contact:

Sara Malinowsky at Bankable sara@bnkbl.com / 020 3948 6034

Ancy Rajeev at OG Pay ancy@ogbank.co.uk

About OG Pay/OG Bank

OG Bank and OG Pay is a digital bank, chat based payment wallet and digital point of sale solution. Our digital payment solutions are powered through mobile phone devices and enabling users to avail full banking facilities, payment transfer through chat and transform their mobile device into a payment receiving and processing terminal.

About Bankable
Bankable is a global digital core banking platform and Banking as a Service provider. We help financial institutions, corporates and FinTechs deploy, orchestrate and operate highly differentiated payment solutions with quick time to market.

Source link

EastNets announces partnership with Refinitiv to provide industryleading AML, compliance solution

BRUSSELS and LONDON; 19 November 2019 – EastNets and Refinitiv today announced a partnership to offer enhanced automated access to software and data that enables real-time risk management and improved compliance capabilities to companies at risk of financial crime.

The partnership between one of the world’s largest providers of financial markets data and infrastructure and the leading provider of automated compliance and payment solutions will integrate Refinitiv’s Risk Intelligence data within EastNets’ cutting-edge technology, including the en.SafeWatch Filtering (SWF) solution. EastNet’s SWF solution utilises machine learning and powerful analytics to perform sophisticated watchlist screening and AML detection in real-time.

According to a recent report1 from Refinitiv, 72% of global companies have fallen prey to financial crimes such as money-laundering. In response, many of these companies intend to ramp-up innovation and adopt technology-driven solutions as they seek to plug compliance gaps more quickly and efficiently.

EastNets and Refinitiv will now pursue a coordinated approach to deliver joint services to both new and existing customers in over 190 countries.

EastNets’ innovative SWF screening technology works with Refinitiv’s industry leading API technology to integrate the company’s data including its proprietary and highly trusted World-Check Risk Intelligence data. This will help customers to securely manage risk and meet regulatory obligations by utilising Refinitiv’s comprehensive data  alongside en.SafeWatch Filtering from EastNets.

According to EastNets CEO, Hazem Mulhim, “The agreement between EastNets and Refinitiv allows our clients to obtain the most effective AML, anti-fraud and compliance coverage on the market. Combining the strengths of EastNets’ en.SafeWatch Filtering with a connectivity to World-Check from Refinitiv delivers hightened protection against contemporary fraud and regulatory risks”.

Phil Cotter, Managing Director of the Risk business at Refinitiv said; “We’re pleased to welcome EastNets to our partnership network which aims to offer customers innovative solutions to help streamline compliance processes and meet their regulatory obligations around the world. Businesses exposed to financial crime threats must maximise their use of technology and collaborations such as this could prove key to realising the potential of innovation to uncover criminal activity.”

1 The Innovation and the fight against financial crime: How data and technology can turn the tide report is based on research commissioned by Refinitiv that was conducted online by an independent third party in March 2019. A total of 3,138 managers with compliance-related responsibilities at large global organizations completed the survey, from across 24 geographies.

For forther information or PR enquiries, contact:

Dalia Massad, Group Marketing Manager, EastNets

Paul Sandell, Director Communications, Refinitiv

About EastNets

For over 35 years EastNets has served as a leading global provider of compliance and payment solutions for the financial services sector. With regional offices in major cities, EastNets supports over 750 organisations including some of the biggest financial institutions in the world. Solutions including en.SafeWatch deliver automated, industry-leading AML and fraud protection that helps organisations stay ahead of a changing fraud, compliance and regulatory landscape.

About Refinitiv

Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in approximately 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community – driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime. For more information visit: www.refinitiv.com