FinTech Automation to provide payments technology on FedNow

FinTech Automation announces its participation as a provider of enabling financial technology for payments processing on the FedNow Service launching in July 2023. The FedNow Service is a new instant payment infrastructure that will allow financial institutions of every size to provide safe and efficient instant payment services. Through the service, funds will settle between participating financial institutions instantly, with no buildup of interbank obligations or short-term credit risk.

David Park, Founder and CEO of FinTech Automation said, “One of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow System will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.”

The FedNow platform will offer core clearing and settlement capabilities with credit transfers completing in seconds making instant payments available 24x7x365. It also features access to balance information around the clock, along with activity reports available on demand or at end of day. Additionally, financial institutions will be able to settle using their own master account or a correspondent’s master account and includes configurable features for each routing transit number (RTN) enabled, such as the ability to receive customer transfers, send and receive customer transfers, receive requests for payment, support financial institution liquidity management transfers, and support settlement services for other financial institutions.

Financial institutions using the FedNow Service will remain competitive, have the ability to create new financial products, and meet the growing needs of customers. In turn, this will allow financial institutions’ business customers to gain better control of cash flow management, improve efficiency of corporate payments, and streamline their reconciliation processes.

The first release of the FedNow Service will provide baseline functionality that will support a range of functionality, including those account-to-account (A2A) transfers and bill pay.

About FinTech Automation

FinTech Automation is a Dallas-based Fintech as-a-Service platform that enables digital transformation for financial institutions (FIs). The Platform consists of FTA’s proprietary UniFi Banking, Trust, and Wealth Management core applications and 7 micro-service-based applications that offers a full suite of banking and wealth management applications. With FTA’s API management application, AccelerationCloud™, the Platform is integrated with over 30 best of breed third-party applications to offer business intelligence, Open Banking, CRM, machine learning, digital account opening, and robotic process automation without having to code a single line. The FTA platform is uniquely built for banks, fintechs, and FIs offering Bank Sponsorship, Banking as-a-Service (BaaS), AdviserTech, Card Issuance, and Embedded Finance.

Fintech Factris Lands €50 Million For SME Lending

Having just reached the milestone of financing €1 billion in invoices in Q1 of 2023, the Amsterdam-based fintech Factris has received further momentum thanks to a €50 million funding line from global investment business Aegon Asset Management (Aegon AM) in April 2023.

With this additional line of funding, Factris is on course to expand their SME financing services into Estonia in Q2 of 2023, as well as provide more business funding opportunities in existing EU markets which include the Netherlands, Belgium, Poland, Lithuania and Latvia.

This new funding line complements other partnerships whose funding helped Factris finish 2022 with strong organic growth that included a 58% increase of cumulative financing volume year over year for their pan-European market and an 83% financing-volume increase in the Netherlands alone.

These 2022 results far surpassed expectations for a year marred by the economic consequences of the ongoing war in Ukraine, Brexit, trade wars, sanctions, record inflation, and rapid interest rate hikes.

Factris CEO Brian Reaves sees Aegon AM's funding line as further evidence that Factris' alternative approach to financing is the way to the future. He commented, "Without our exceptional risk management results supported by our team and technology, we would not be eligible to work with such outstanding institutional investors. Thanks to strong partners like Aegon AM, we have the capacity with our tech-powered financing solutions to support struggling business owners right when they need it."

Aegon AM's Head of Insured Credit and Trade Finance George Nijborg shared similar sentiments, commenting, "We are excited to continue being at the forefront in financing European SMEs and in backing Factris' impressive growth. The strong partnership established with Factris shows that creating attractive financing solutions for institutional investors helps plug the gap needed to support SMEs, which are the backbone of European economies."

About Factris

Factris is a fintech company on a mission to support European SMEs with financial technology and financing to improve business results. Factris received the 2023 SME Financing Specialists of the Year award – Europe from Corporate Vision Magazine.

Since 2017, Factris has focused on helping businesses move forward with innovative financial tools like invoice financing, debt management, and insurance to provide SMEs with quick, convenient working capital exactly when and how they need it most.

Along with cutting-edge financial tools, Factris has also pioneered new technologies that promote growth and increase financial product availability. These include their proprietary FAB (Finance Automation for Business) platform which makes accessing and managing finances easy and convenient, along with an AI-powered risk management system that has helped solve one of the greatest problems financiers face.

Now active in five EU countries, Factris is slated to join a sixth by the end of 2023 as they realize their vision of becoming the leading Pan-European source of alternative funding for SMEs.

Bybit Completes Integration of Arbitrum

Bybit, one of the world's fastest growing cryptocurrency exchanges, has completed the integration of the Arbitrum mainnet. With this integration, Bybit users can now deposit and withdraw Ether (ETH), Tether (USDT) and USD Coin (USDC) on the Arbitrum network.

Arbitrum is an Ethereum Layer 2 (L2) scaling solution and one of the first optimistic rollups that seek to relieve congestion on the Ethereum mainnet. Arbitrum makes transactions on Ethereum cheaper by performing operations off-chain and posting the results to the mainnet to secure proof.

The Next Level of Trading: Bringing the Trifecta of Security, Scalability & Low Cost. Bybit users will enjoy trustless security rooted on the Ethereum blockchain where anyone can ensure the correct results of a L2 like Arbitrum. They will also benefit from Arbitrum's speed, low gas fees and rapid throughput.

Bybit has proven itself to be the most reliable, stable and usable cryptocurrency exchange of the bull run, offering the best liquidity. Unique among major exchanges, Bybit experienced a 99.99% up rate throughout the year with no overload nor downtime throughout.

"Arbitrum is a promising and innovative scaling technology that we are excited to bring to Bybit users — with its decentralized, developer-friendly and broad ecosystem support, we continue to offer next level products and services to all crypto lovers," said Ben Zhou, co-founder and CEO of Bybit.

Bybit is a cryptocurrency exchange established in March 2018 to offer a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class.

Babel Finance Forms Partnership with Paradigm

Babel Finance, a leading global cryptocurrency financial services provider, announced in December 2021 its partnership with Paradigm. Babel Finance crypto trading will offer increased trading precision, eliminate leg risk, and lower execution costs associated with trading derivatives. This partnership, combined with the expertise of the Babel Finance Singapore team, will contribute significantly to the growth of its US$8 billion monthly trading volume.

By partnering with Paradigm, a zero fee institutional liquidity network for derivatives traders, Babel Finance crypto financial services now has unified access to multi-asset, multi-protocol liquidity on demand without compromising on execution preferences, costs, and immediacy.

With Paradigm, Babel Finance crypto trading can now bridge the worlds of traditional and crypto finance. Leveraging Paradigm's platform, Babel Finance can not only connect directly with institutional counterparties, but also access workflow automation tools necessary to facilitate multi-leg and multi-product strategies (with underlying hedges) through a single executable structure.

This is an important step for Babel Finance to have a full suite of reliable services to meet the growing demand from mainstream investors who are keen on adding crypto assets into their portfolios. The digital asset capabilities of Babel Finance asset management will further evolve as the company offers more leading-edge products with capable compliance controls. This will ultimately cement Babel Finance as a key service provider of crypto asset management and prime brokerage services, as well as crypto lending.

Babel Finance is a global leading crypto financial services provider, offering institutional and HNWI investors professional services covering crypto lending and crypto trading.

The company is backed by prominent investors including Sequoia Capital China, Tiger Global Management, BAI Capital, Zoo Capital, Dragonfly Capital, and NGC Ventures.

With a business focus in Asia and a business headquarters in Singapore, Babel Finance has established close cooperative relationships with major global exchanges, custodians, investment funds, and mining institutions.