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Mitek enables ANNA Money to increase new customer acquisition by 25% in 3 months

Betty Tűndik

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Photo source: thepaymentgateway.co
Reading Time: 3 minutes

 

Mitek (NASDAQ: MITK, www.miteksystems.com) today announced that ANNA Money, the business-account app for startups and small businesses, has doubled the speed of its customer onboarding process and achieved its target of 25% more new customers in the digital channel in just three months – as a result of integrating Mitek’s Mobile Verify® digital identity verification.

“Our customer base of UK startups, sole traders and SMEs use our services to help their business cash flow. We support our customers with their financial admin, sending and chasing invoices to facilitate payments – but first, we have to onboard them efficiently and securely, and in compliance with Know Your Customer (KYC) regulations,” said Daljit Singh, Chief Design Officer at ANNA Money. “Our previous process had many roadblocks for onboarding new customers, and we were seeing abandonment rates climb.”

“As our customers take their first step on their entrepreneurial journey, we needed to provide a simple and efficient process,” Singh explained. “To do so, we required a much more flexible identity verification provider who could verify all types of ID – including driving licences and ID cards. In Mitek, we found a partner whose technology enables our customers to sign up to the service quickly, on the go, and without unnecessary bureaucracy.”

ANNA Money chose Mitek’s Mobile Verify®, and integrated this technology into their chatbot-style onboarding process in August 2018. It’s intuitive customer experience guides customers to take accurate pictures of identity documents, to instantaneously assess the authenticity of the identity to accelerate the onboarding process and ensure regulatory compliance. “By improving our process and empowering new customers to use their chosen form of ID, we have doubled the speed at which we can onboard customers,” said Singh. “We have also been able to reach our target of increasing our customer base by 25% in only three months. We wouldn’t have achieved this important milestone without these improvements to our identity verification process.”

“Identity verification is vital to comply with regulation and protect businesses – but this doesn’t need to come at the expense of good customer experience,” said Rene Hendrikse, EMEA MD at Mitek. “Speed and flexibility are crucial for small businesses selecting new services, and ANNA Money recognised the need to provide this for new customers. We are delighted to support them on reaching their targets for customer growth, and are proud to play a key role in ANNA Money’s innovative services for small businesses.”

 

About Mitek
Mitek (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification solutions built on the latest advancements in AI and machine learning. Mitek’s identity verification solutions enable an enterprise to verify a user’s identity during a digital transaction, which assists financial institutions, payments companies and other businesses operating in highly regulated markets in mitigating financial risk and meeting regulatory requirements while increasing revenue from digital channels. Mitek also reduces the friction in the users’ experience with advanced data prefill and automation of the onboarding process. Mitek’s innovative solutions are embedded into the apps of more than 6,100 organizations and used by more than 80 million consumers for mobile check deposit, new account opening and more. Learn more at www.miteksystems.com.

About ANNA Money
Absolutely No Nonsense Admin
ANNA is a hybrid digital assistant that helps with your business admin. ANNA is an app, a card and a business account.

As well as tracking your own finances, ANNA can send and pay invoices. This is done using email, which the AI can analyse to learn how much you’re owed, by whom, and chasing them (politely) when they’re due. Likewise, when users receive an invoice, they can forward the details onto Anna, which will prepare any payment instructions and fill in information like surnames and sort codes so that the payment is ready to be made whenever needed.

From running banks to designing award-winning brands and working with state-of-the-art technology, the team behind ANNA is made up of design, marketing and tech experts from across the world. We see a future where businesses get time and the support they need to grow and prosper. A future where ideas, creativity and innovation are encouraged and running a business is fun. So we created Anna to provide businesses with time-saving tools that enable them to spend more time doing what they love.

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Banking/Financial Services

Caplin Steriles Announces INR 218 Crore Investment by Eight Roads Ventures and F-Prime Capital

Vlad Poptamas

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Reading Time: 2 minutes

 

  • The partnership will accelerate Caplin Steriles’ efforts to cater to the rapidly growing demand for injectable pharmaceutical products in the regulated markets, especially the US and Europe
  • Eight Roads and F-Prime Capital together bring access to a powerful investment platform spanning Asia, Europeand the US

Caplin Point Laboratories Limited (Caplin Point), one of the fastest growing pharmaceutical companies in India, today announced an investment in its injectables subsidiary, Caplin Steriles, by Eight Roads Ventures, the proprietary investment arm of FIL, Fidelity International Limited and its US-based sister fund, F-Prime Capital.

Caplin Point was founded in 1990 by C.C. Paarthipan. Since then, it has grown to become a leading provider of affordable, high-quality pharmaceutical formulations in several emerging markets including Latin America and Africa, with over 2700 product registrations globally.

Caplin Steriles, its subsidiary, will cater to the rapidly growing demand for injectable products in the regulated markets, especially the US and Europe. The $10bn US generic injectables segment continues to be very attractive, driven by high barriers to entry on product development as well as regulatory compliance in manufacturing such sterile products. This has resulted in relatively lower competition and constrained online capacity in this segment. Caplin Steriles has established a 550-person business with state-of-the-art R&D facilities in Chennai and high-quality manufacturing infrastructure that is approved both by the US FDA and European regulatory authorities. The subsidiary has already filed 8 ANDAs on its own and through partners with the US FDA, with 2 approvals.

Commenting on the transaction, C.C. Paarthipan, Chairman, Caplin Point Laboratories Limited, said: “We are at a stage in our regulated markets journey where we believe that the business is now well positioned to evolve and thrive as a separate entity. We are expanding capacities to cater to growing demand from these regulated markets for sterile products, and working on development of complex generic injectable products in-house. Both these efforts will unlock great value in the long run. We are excited to extend our journey from a road less travelled (South America) to a road well-travelled (North America) with Eight Roads Ventures and F-Prime Capital as investment and knowledge partners, given their excellent track record worldwide and particularly in healthcare.”

Dr. Prem Pavoor, Partner at Eight Roads Ventures India, added: “This is a unique opportunity for us to partner with Caplin Point to build a world-class platform in India to develop and manufacture injectable drugs. Over 70% of generic drug shortages in the US continue to be attributable to injectables. Through our combined experience and resources, we aspire to create a leader in this segment, providing affordable, differentiated products for patients.”

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Banking/Financial Services

Wirecard Issues Multi-currency Visa Cards for United Money, Leading Currency Exchange Company in China

Vlad Poptamas

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Photo source: yallacompare.com
Reading Time: 2 minutes

 

– United Money manages around 100 exchange offices in major airports, business districts and upscale communities in China and is serving millions of Chinese consumers with the new solution

Wirecard, the global innovation leader for digital financial technology, has partnered with United Money, one of China’slargest currency exchange companies, to digitize payment processes and offer multi-currency Visa travel cards. The so-called Travel Cashcard is an ideal alternative to traveler’s checks and cash. Wirecard’s solution for United Money targets Chinese nationals who plan to travel abroad and are seeking a widely-accepted and convenient payment method, which can be managed via an online account. Currently, United Money manages close to 100 exchange offices in major airports, business districts and upscale communities nationwide and serves millions of consumers.

Jiang Zhongmo, founder of United Money, said “We are delighted to offer our customers a reliable and secure payment solution, which is backed by trusted industry leaders Wirecard and Visa. As experts in the field of foreign currency exchange, we are confident that Wirecard’s digital payment solution will fulfill the expectations of our customers, whether they are first-time or experienced travelers. We welcome this innovative and forward-thinking solution by Wirecard.”

The digital card supports currencies from the most-visited regions of the world: Australia, Hong Kong, Japan, Singapore, the UK, US and Eurozone. Consumers can load the cards before traveling, locking in exchange rates. United Money, one of the first officially recognized currency exchange companies in China, offers additional services in VAT refund processing and banknotes wholesale.

“As a global company at the forefront of digital financial innovation, we understand the barriers that are faced when paying in a foreign currency,” said Grigoriy Kuznetsov, EVP of Global Financial Services at Wirecard. “This is why we are proud of the collaboration with United Money, a market leader in China in the area of currency exchange. We look forward to developing further innovative solutions for United Money.”

“Multi-currency Visa travel cards are a great option for consumers travelling internationally who want a convenient, secure payment alternative to cash,” said Rajiv Ramanathan, Head of Products, Asia Pacific, Visa. “Visa’s role as a global payments network is about creating the right industry standards for people to pay digitally wherever they choose to travel, and we’re proud to work with United Money and Wirecard on this new solution.”

The multi-currency cards allow users to lock in favorable exchange rates before traveling, presenting an attractive opportunity for millions of Chinese travelers currently fulfilled by cash or traveler’s checks. A study by Coresight Research on Chinese outbound tourists found that foreign exchange rate fluctuations, especially unfavorable ones, will affect frequent travelers’ decisions when choosing a destination. By using the Wirecard-issued multi-currency Visa card, travelers can avoid this problem and take advantage of favorable exchange rates instead.

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Banking/Financial Services

VCB Kenya Goes Live With Corporate Banking Solution Powered by i-exceed’s Appzillon

Vlad Poptamas

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Photo source: i-exceed.com
Reading Time: 2 minutes

 

Victoria Commercial Bank (VCB), Kenya has gone live with an Appzillon-based omni-channel corporate banking solution to cater to the ever dynamic needs of their tech savvy corporate clients. VCB selected i-exceed over several other vendors due to its proven expertise in delivering digital banking solutions globally and strong technical capabilities. The application will be made available on mobile, Internet, SMS, and USSD channels.

VCB Kenya wanted a solution to address everyday needs of their clients while being future ready at the same time. Appzillon Digital Banking is a one-stop solution that makes the best use of technology to create delightful banking experiences. It leverages the technical prowess of Appzillon Digital Experience Platform, an award-winning omni-channel low-code application development platform that featured in Gartner’s Magic Quadrant and Forrester’s Wave reports. Appzillon Digital Banking ranked #2 in IBS Intelligence’s Sales League Table 2018 and 2017 for Digital Banking Solutions.

Dr.Yogesh Pattni, CEO at VCB commented, “Since inception, we have always strived to promote a culture of client servicing through the implementation of smart solutions that have been designed based on a comprehensive understanding of our client’s banking needs. We are confident that the corporate digital banking solution from i-exceed will help us in achieving our goals, expand our client base, and meet client expectations. We have used i-exceed’s Appzillon solution for last four months and have seen considerable benefits in our business with usage of the solution. We are extremely pleased to be associated with i-exceed and pleasingly satisfied with the implementation approach of i-exceed and the technical functionalities of the Appzillon based product.”

Joseph John, Managing Director at i-exceed commented, “This is our first omni-channel solution in Kenya and we expect this to open up further opportunities in the region. We have always dedicated our efforts into constantly evolving our product as a leading-edge digital offering that empowers our clients with future ready solutions and helps them stay ahead of the digital race.”

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