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PenFed Cut Ribbon for New Hatillo financial centre and Financial Education Programme

Betty Tűndik

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PenFed Credit Union leadership and local officials cut the ribbon for the new PenFed Hatillo Financial Center during a ceremony on Saturday, January 12.
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PenFed Credit Union hosted a ribbon-cutting ceremony for its new financial centre opening soon in Hatillo, and announced the launch of a financial education partnership for high school students in Puerto Rico.

“The best way to help Puerto Rico is by investing and creating jobs,” said James Schenck, President/CEO of PenFed Credit Union and CEO of PenFed Foundation. “After Hurricane Maria hit in September of 2017, we knew we had to do something not only to help those in need of immediate short-term assistance – but also to help contribute to a long-term brighter future for Puerto Rico. As Americans, we must stand together – and PenFed continues to stand with the resilient people of Puerto Rico.”

PenFed remains committed to supporting the restoration of Puerto Rico following the hurricane. The new financial centre will create dozens of jobs and provide the best deposit and loan rates in all of the United States.

PenFed currently serves nearly 200,000 members in Puerto Rico through two branches in San Juan and one in Fort Buchanan. The new financial centre at 801-825 Calle Jardin in Hatillo has the potential to be the largest of all. PenFed has had a presence on the island for 13 years. Puerto Ricans currently have over $400 million in deposits and nearly $200 million in loans with PenFed.

“Following Hurricane Maria, PenFed was the first credit union to step forward and make a commitment to revitalizing the island of Puerto Rico,” said Ray Martinez, President, Financial Education, EVERFI. “I am proud to now call PenFed a partner in our endeavor to bring financial education to students in communities across the island. By providing students with the critical skills and knowledge they need to achieve their most ambitious dreams for their future, PenFed Credit Union’s Tu Dinero, Tu Sueño programme is poised to make a significant impact in the lives of students in disaster-stricken communities and help empower communities across the island.”

The ribbon-cutting event was attended by community leaders including:

Carlos Johnny Mendez, President and Speaker of the Puerto Rico House of Representatives;

  • Jose Rodriguez Cruz, Mayor of Hatillo;
  • Joel Franqui Atiles, Representative, Puerto Rico House of Representatives District 15;
  • Jose Gonzalez Mercado, Representative, Puerto Rico House of Representatives District 14;
  • Major General (Retired) Felix Santoni, Civilian Aide to the Secretary of the Army Emeritus.

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Chinsay’s Intelligent Contract Platform Enables Rio Tinto & Cargill to Complete the First Fully Digitalised Iron Ore Trade

Vlad Poptamas

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Photo source: salestechstar.com
Reading Time: 1 minute

 

Chinsay, the leading provider of contract digitalisation solutions in the commodity and freight markets, is announcing today the completion of the first fully digitalised iron ore trade, through a trial achieved in partnership with Rio Tinto and Cargill‘s Metals business on Chinsay’s Intelligent Contract Platform (ICP).

In using ICP, Rio Tinto and Cargill collaborated on a single platform to dramatically reduce the time it takes to create, issue and approve commodity contracts from several days to under two hours. The digitalisation of this fundamental trade process creates the opportunity to automate and deliver post-trade efficiencies by linking front-, middle- and back-office functions.

Colin Hayward, Chinsay CEO, said: “This is a technological milestone for the industry, and we are delighted Rio Tinto and Cargill Metals chose to partner with us and use our ICP as the core technology to create this advance. We are constantly collaborating with clients, market participants, tech vendors and industry consortia to extend digitalisation further along the commodity trade lifecycle.”

“The Intelligent Contract Platform is a great tool that has the potential to benefit the entire ferrous industry,” said Lee Kirk, Managing Director for Cargill’s Metals business. “This is a great example of how we can leverage advancements in technology to benefit from increased speed, transparency and efficiencies that enable us to serve our customers and suppliers better.”

ICP is state-of-the-art technology which allows companies to digitalise pre-trade processes early in the deal lifecycle, creating an agreed contract dataset that can be seamlessly integrated with other operational systems, functions and processes, enabling transparency and traceability across the supply chain.  ICP prepares clients for the use of technologies such as blockchain, ML, AI and electronic trade documentation solutions.

 

SOURCE Chinsay

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Fintech

Carson Crosses $10 Billion in Assets; Sets Sights on Deepening Value to Partner Firms

Vlad Poptamas

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Carson Group, one of the fastest growing financial services firms in the country, today announced the firm has surpassed $10 billion in assets under management. Hitting this milestone highlights Carson’s status as a top-ranked RIA and coincides with several other recent breakthroughs for the organization.

  • Carson Partners, which include 108 firms and nearly 230 advisors within its ecosystem, now collectively serves more than 27,000 families across the U.S.
  • Signed net new assets from incoming advisors have risen to $1.45 billion year-to-date.
  • 215 Carson stakeholders now support the firm’s various advisor coaching and partnership offerings, 49 have joined in 2019 alone.
  • The organization will begin construction this month on its 200,000-square-foot, Omaha-based headquarters, which is slated for completion in late 2020.

“This has been a monumental month for the entire Carson family; not only in memorializing how far we’ve come in the last decade with asset growth but also in what we’re doing now to prepare for the next chapter,” said Ron Carson, founder and CEO of Carson Group. “We’re laying the groundwork for what I believe will be a 100-year company. We’re not plotting a quick and profitable exit or looking to sell; we’re building something bigger than ourselves here. Something we intend will forever change the world of financial advice for the better.”

Carson is constantly looking to expand and improve the ecosystem it offers partner firms. By doing so, it’s experienced tremendous growth in a time of change in the profession. From the recent Regulation Best Interest Rule to industry consolidation and an aging advisor population, the organization provides financial advisors a path to navigate disruption.

Due to Carson’s fast-paced growth, proactive moves are being made, including a plan to hire between 30 and 40 additional stakeholders through the end of 2019, releasing further iterations of client-facing technology and tools to enhance the experience advisors are providing, and expanding departmental support to ensure advisors are well-equipped to take advantage of the competitive landscape for attracting new business.

“We aim to build – and become – that fast-growing, innovative hub for financial services, because we know our competitive advantage is that we can move faster and do more for our clients, for less,” said Aaron Schaben, Executive Vice President of Carson. “Every decision we’re making right now – and every new partner we consider – must always bring us a step closer to doing what’s right for our clients. Advisors are seeing Carson deliver on that promise, and that is what most excites me as we look ahead to our future growth.”

In addition to being a mainstay in the Barron’s annual list of top wealth management firms, Carson Group remains among the Inc. 5000 list of America’s fastest-growing companies, has been recognized for two consecutive years by InvestmentNews as a top-50 firm for Best Places to Work for Financial Advisors, and was awarded a Best Places to Work in FinTech by American Banker.

 

SOURCE Carson Group

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Fintech

India’s SME-focused Digital Neo Bank EZOTO Gearing up for Launch in June 2019

Vlad Poptamas

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Reading Time: 2 minutes

 

Small businesses (SMEs) in India spend significant time for mundane work like sales invoice tracking, payment to vendors and employees, and get frustrated with the alien world of GST and accounting. Close to 35% of the entrepreneur’s time is utilized in non-revenue generating activities like invoicing and bank reconciliation. This is a big concern for young startups and SMEs. This further led to concerns like improper accounting, non-compliance, extended credit period, penalties, etc.

EZOTO is an SME-focused Neo Bank, which will automate banking and accounting for modern businesses of India. EZOTO wants to disrupt traditional banking by offering API-driven digital banking for SMEs.

EZOTO founders have been in the fintech space for a significant time and know the SME sector very well. Small businesses, entrepreneurs and freelancers have started moving to app-based banking, and EZOTO offers a whole new range of services. EZOTO has three core functions – Smart Banking, Invoicing (GST billing), and Automated accounting.

  • Smart Banking is a new age banking where one can collect and make payments directly attached with invoices. Smart banking will enable 100+ vendor and employee payments in just a second. Moreover, EZOTO will combine bank transaction statements of all banks and create business dashboard for sales, purchase and expense.
  • Invoicing (GST billing) is need of the hour, as it is must for all GST registered businesses. When one creates all sales and purchase and expense in EZOTO, it will automatically create all desired report for GST filing. GST enabled billing will be harnessing Machine learning to detect GST frauds.
  • Automated accounting will be based on integrated bank transaction and auto reconciliation using machine learning.
  • Modern businesses by millennial entrepreneurs need more than what traditional business banks offer. This accounting software has build an intuitive layer over traditional banking to make business finance easy for entrepreneurs. This will not only reduce cost but also give entrepreneurs real time data which will help boost sales.

EZOTO founders request modern entrepreneurs to get early access of EZOTO software and say goodbye to boring banking and accounting works. With the launch date of EZOTO around the corner, more than 3,000 modern SMEs have got early access of EZOTO. Download EZOTO App and get early access to futuristic banking.

 

SOURCE EZOTO

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