Neo has been authorized to offer a multicurrency account for corporates. Neo will now create a PSD2 payment institution which will be supervised by the Bank of Spain.
Neo will allow the account holder to receive, store and pay in around 30 currencies. The Neo account will include an IBAN in the client’s name, and will be fully programmable in order to offer extended automation capabilities to clients. It will rely on a proprietary Core Banking System developed by Neo Fintech Lab in the UK.
The payment services will be exclusively available on getneo.com, and will run alongside the FX hedging services already offered by Neo Capital Markets (the investment services entity of the group). Clients will now be able to hedge 90+ currencies and receive / make payments in 30+ currencies form a single place.
This converts Getneo.com into a unique gateway to a large range of services. This includes virtual multicurrency accounts for international payments and collections, FX hedging solutions and treasury investment. The platform will allow clients to reduce costs, but more importantly it will allow clients to digitalize their treasury department, automate tasks and reduce the numerous errors which can occur through manual input. Neo will also include features inspired from Treasury Management Systems (TMS) which are normally reserved for large multinationals due to the high cost.
Activities will be supported by the Neo proprietary “Core Banking System,” which will ensure connectivity to clearing systems and the holding of a transactions ledger. Having its own CBS is the guarantee that our clients remain in control of their data all along the chain. It is also a guarantee that Neo will be able to control its growth with no external dependencies. Neo CBS is developed in the UK by Neo Fintech Lab.
Laurent Descout, CEO: “Our vision back in 2017 was to create a platform that can replace the old fashioned banking platform. A true “One-stop shop” that offers all the financial products a corporate client needs to operate in a global environment. Operating with Neo does not require any complex installation. It is 100% on demand with the client being in complete control. The platform ensures clients can reduce costs and increase efficiency by reducing manual tasks and improving processes. Our 100% API approach also offers clients great automation possibilities.”
The Neo multi-currency account will be available start 2020 in Spain, France, UK and Poland.
Eleni Coldrey, Business Development Director - EMEA, Equinix, speaks at EBADay 2019 in Stockholm about her highlights from the event, how Open banking has evolved, how the Nordics has received this development and new technologies, and the importance of partnerships and collaboration.
Mid and back office travel technology provider, Procon Solution, today announced their partnership with Conferma Pay, a global leader in virtual payments technology.
The partnership will provide Procon and Conferma Pay Travel Management Company (TMC) clients with a fully automated virtual payment solution to streamline invoicing processes to remove manual intervention and provide significant productivity gains in the administrative processes.
The integration will enable Procon clients, within the EMEA and APAC regions, to benefit from Conferma Pay’s payment platform, bringing about tighter controls and overall efficiencies. The partnership is also a result of Procon’s investment in the UK market where Conferma Pay provide solutions to over 500 TMCs.
Jesper Just, Managing Director of Procon Solution comments about the recent partnership: "This partnership with Conferma Pay is another step forward in our commitment to provide our clients with the most advanced and cost-effective travel technology. We are responding to the need to optimize cash flow and the requirement to automate the administrative processes for the new payment options. Our automated bill back solution will help travel agencies to eliminate manual processing and human error, and achieve higher levels of efficiency and competitiveness, and this way facilitating the adoption of new payment options and improving cash flow".
Director Of Strategic Relationships at Conferma Pay, Paul Raymond added: “As a business, we understand the importance of tight controls and cost efficiencies in order to propel growth for TMCs. We want to support international travel businesses by enabling them to cut costs through more efficient administrative processes.
“Partnering with Procon will enable clients to eliminate inefficient payment processes, as well as creating scope for wider expansion and service excellence. This integration will enhance productivity and provide greater visibility for TMCs, whilst enabling them to strengthen their client relationships. We are delighted to be working in partnership with Procon and believe this will aid great success for both our clients.”
Procon Solution and Conferma Pay have worked in partnership to deliver this integration, which is available to clients immediately.
British consumers care far more about online payment security than speed, simplicity and convenience, according to research from Equifax, the consumer and business insights expert
Two thirds (66%) of people rate safe and secure payments as most important in the online checkout process, with only one in ten being most concerned about speed or simplicity. Security ranked highest across all age groups, and was a particular concern for over 55s (75%) compared to just over half of 18-24 and 25-34 year olds (52% and 53% respectively).
The survey, conducted online with YouGov, also revealed a further 76% of Brits would be willing to accept a slower or less convenient checkout experience in return for greater payment security. Meanwhile, almost half (45%) said security concerns about online payment processes were the reason most likely to put them off using a particular online retailer, more so than having to create an account (14%), a confusing process (8%), or too many steps during checkout (6%).
Keith McGill, head of ID and fraud at Equifax, said: “With more than 20% of retail revenues coming from online sales*, it’s positive to see so many consumers have security front of mind when they’re at the online checkout. The latest stats from Cifas do however show an increase in identity fraud** so it’s important shoppers remain vigilant. If you have any doubts about the professionalism of a website you should always think very carefully before entering your personal or payment details.
“New European wide regulations are on the horizon which will require two stage verification for any online purchase for more than 30 euros, similar to the security checks used for online banking. While this might feel like an extra hoop to jump through, it’s an important step forward in the ongoing battle to fight fraud.”
British Airways faces a record £183.39 million fine for a data breach last year that compromised the personal information - including payment card details - of hundreds of thousands of people.
The breach saw users of BA's website diverted to a fraudulent site, through which details of about half a million people were harvested.
Credit card numbers, expiry dates and CVV codes were all taken, along with names, addresses and travel booking information.
Information Commissioner Elizabeth Denham says: "People’s personal data is just that - personal. When an organisation fails to protect it from loss, damage or theft it is more than an inconvenience.
"That’s why the law is clear - when you are entrusted with personal data you must look after it."
BA chief executive Alex Cruz says the airline is "surprised and disappointed" by the ICO finding. It has 28 days to appeal.
Fintech incuto, the next-generation banking platform for credit unions and community-based banks and lenders, has been selected by HM Treasury as the sole technology partner for the two-year pilot of its prize-linked savings scheme for credit unions.
Included as part of a package of measures in the Autumn Budget to support affordable credit and the credit union sector, HM Treasury has now announced 15 credit unions participating in the pilot, with incuto in place to deliver the scheme.
HM Treasury’s new savings scheme for credit unions offers cash prizes to savers. It is designed to boost awareness and membership of credit unions with the end goal of helping people increase their financial resilience.
incuto’s technology solution for credit unions enables these organisations to digitise their service and compete more effectively with banks and short-term, high-cost lenders. It has 1.1 million accounts on its platform so will play an instrumental role in coordinating the credit unions participating in HM Treasury’s pilot scheme.
Andrew Rabbitt, CEO, incuto comments: “Credit unions and community-based lenders offer a viable and more ethical alternative to short-term, high-cost credit such as that offered by payday lenders. We’re delighted to partner with HM Treasury on this exciting project. It has never been more important to raise awareness of credit unions, and take steps to counter the financial hardship and exclusion which can result for some people when turning to pay day lenders.”
John Glen MP, Economic Secretary to the Treasury and City Minister is spearheading this prize-linked savings scheme for credit unions. He comments: “Connecting credit unions to innovative Fintech solutions will play an important role in raising awareness and driving membership of social and community lenders. I’m very pleased we’re partnering with incuto on our prize-linked savings scheme and I look forward to seeing the pilot up and running.”
The 15 credit unions participating in the pilot include: 1st Alliance (Ayrshire) Credit Union, Bradford District Credit Union, Central Liverpool Credit Union, Clockwise Credit Union in Leicester, East Sussex Credit Union, Lewisham Plus Credit Union, London Capital Credit Union, Merthyr Tydfil Borough Credit Union, Nottingham Credit Union, Riverside Credit Union in Liverpool, South Manchester Credit Union, Westcountry Savings and Loans in Portishead, Commsave Credit Union, Plane Saver Credit Union and Police Credit Union.
Andrew Rabbitt continues: “Our technology allows credit unions and other community-based banks and lenders to digitise the customer journey, as well as tackling financial exclusion via access to a bank account, sort code and debit card. Alongside the technology, partnerships with Starling Bank, Post Office, Vocalink, Telefonica, Mastercard and Experian give people better access to free-to-use services. It’s not just about enabling people to manage their money online, it’s about giving them financial freedom and the same level of interaction and engagement that they would receive from a high-street or online bank.”
incuto’s banking platform also offers credit unions a complete transactional system including branch interface, CRM, transaction engine for loans and savings, accounting, GL and treasury and document management.