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Rapyd Partners with OCBC Bank to Create Singapore’s First Instant Mobile Payments via PayNow

Vlad Poptamas

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Photo source: paynow-app.com
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Rapyd, a global FinTech-as-a-Service provider, announced a partnership with OCBC Bank to enable real-time bank payments for Singapore consumers and online retailers. The partnership leverages PayNow, Singapore’s national peer-to-peer funds transfer service, enabling OCBC Bank customers to make digital payments using the OCBC Pay Anyone app powered by Rapyd’s recently launched Checkout payments solution for e-commerce.

Consumers pay online retailers directly on their mobile devices from deposit accounts 

Many customers are increasingly adopting the option to pay retailers directly from their deposit accounts using their mobile phones. Among OCBC Bank customers, such transactions have grown 4.5 times year-on-year, via QR code payments on the OCBC Pay Anyone app.

Today, most online retailers only give consumers the option to check out their online retail purchases using credit or debit cards. There are very few online retailers that enable customers to directly leverage the funds in their deposit accounts to make online payments – and if they do, the process is very complex, requiring the customer to exit the retailer’s app to perform an Internet Banking transaction before navigating back to the app.

The partnership with Rapyd Checkout will provide OCBC Bank customers with more payment options at online retailers’ checkouts, enabling them to directly access their bank account funds by simply choosing “Pay with OCBC Pay Anyone” within a retailer’s app. Payment details such as the retailer name and amount to be paid will then automatically populate in OCBC Pay Anyone, which the customer simply needs to review and confirm before authenticating the transaction biometrically. Customers will not need to input any additional information to make an online payment, and do not need to navigate out of the retailer’s app, making the payment process completely seamless and convenient.

Retailers can receive payments instantly

With the number of real-time payments globally expected to grow from USD$6.8B in 2018 to USD$25.9B in 2023 according to research consultancy MarketandMarkets, digital retailers are actively looking to add more local payment options for customers.

With Rapyd Checkout, these retailers can receive payment immediately from OCBC Pay Anyone users, rather than waiting up to three days to receive money from card-based payments, giving merchants faster access to their working capital.

Mr. Joel Yarbrough, Vice President, Asia Pacific at Rapyd, said: “We are excited to work with OCBC to make instant payments through OCBC Pay Anyone available to our network for online and mobile merchants. We are also thrilled to be leveraging the significant investments Singapore has made in the open loop PayNow real-time payments infrastructure, to make safer bank transfers available for Singaporeans as they shop globally.”

Mr. Pranav Seth, Head of E-Business, Business Transformation and Fintech and Innovation Group, OCBC Bank, said: “Singapore’s eCommerce market is estimated to hit $5 billion this year. The partnership with Rapyd will benefit Singapore consumers and online retailers by expanding payment options for consumers while simultaneously increasing revenue opportunities for businesses. This partnership extends the ability of customers to directly access their bank account funds to pay more than 3,000 retailers via QR codes and PayNow at physical stores, to also access their bank account funds directly to pay online retailers on mobile apps seamlessly. This is a key milestone on our journey to drive digital payments adoption across Singapore.”

He added: “The global movement towards real-time payments through bank accounts continues to grow exponentially. OCBC is at the forefront of the digital payments revolution and working with Rapyd’s payment gateway expands this service, accelerating Singapore’s Smart Nation and cashless society agenda.”

 

SOURCE Rapyd

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Fintech

Folio Financial a Finalist for Investment News 2019 Innovation Award for Digital Wealth Platform and How It Transforms Online Investing for Advisors and Their Clients

Vlad Poptamas

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Folio Financial announced today that it was a finalist for the Investment News 2019 Innovation Award for its Digital Wealth Platform (DWP), in the first year the award has been given to firms. This award recognizes firms that demonstrate original approaches to the opportunities and challenges facing the financial advice profession, as well as innovations that improve how financial advisors take care of their clients, run their businesses and improve client outcomes.

DWP is a next-generation platform offering the essential building blocks for financial advisors to deliver intelligent and personalized digital investment experiences to all types of investors, at a lower cost. DWP provides a unified solution to manage and extend a firm’s digital wealth management strategy. Whether a firm’s growth strategy includes a standalone robo advisor to reach a broader range of retail investors or an infusion of digital automation to improve advisor productivity, with DWP, firms can:

  • Maintain Complete Ownership of the Client Relationship – No more outsourcing digital advice business to third-party robo providers. DWP puts total ownership of the client relationship back into the firm’s hands.
  • Deliver Personalized, Automated Investment Advice – Fully automate the creation and management of custom-tailored, diversified portfolios developed from the ground up to support client goals—allowing firms to deliver greater levels of personalization throughout every step of the investment journey.
  • Ensure Consistency of Advice Across Channels – DWP is fueled by each firm’s unique advice methodology, investment strategies, capital market assumptions and preferred investment products to ensure consistency of advice across channels.
  • Manage Multiple, Complex Investment Programs from One Solution – Fully automate the creation and management of desired investment strategies—from model-based portfolios and managed ETF and/or fund programs to more personalized multi-manager strategies or bespoke, equity-based portfolio creation.
  • Streamline Operations – Complete automation of key touchpoints and operational tasks. From real-time, paperless onboarding, secure money movement and automated portfolio management to streamlined workflows, branded client communications and more, all designed to create a seamless, digital investment experience.

“We are honored that Investment News recognized Folio’s innovation, as well as the many ways our Digital Wealth Platform helps advisors serve their clients and grow their business,” said David Hagen, Folio’s Vice President of Digital Wealth. “DWP is a continuation of Folio’s long history of delivering cutting-edge and scalable brokerage and custody technology to RIAs. Folio was one of the first to offer advisors completely paperless, streamlined account opening, bank-link creation and funding – and to also provide advisors with online trade confirmations, statements, performance reporting, tax documents and proxy voting services.”

Modular in design, DWP is available as a white-labeled, customizable solution or through a robust suite of APIs that offer advisors complete control of the client experience.

 

SOURCE Folio Financial

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Fintech growing strong in Delaware

Vlad Poptamas

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Delaware Governor John Carney, speaking to the state's foundation in financial services at the release event for "Delaware in a Fintech Future," a collaborative analysis about the state's leadership in the evolving sector.
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Delaware in a Fintech Future, a report highlighting Delaware’s role in the rapidly changing financial services industry, was released today. The report, researched and authored by the Delaware Prosperity Partnership, First State Fintech Lab and the University of Delaware’s Institute for Public Administration, details the latest developments and fast-moving technological innovation in financial services.

With brand power that includes JPMorgan Chase, Capital One, M&T Bank, WSFS Bank, and Citibank, the talent pool in banking and financial services has grown exponentially and accounts for 9% of all jobs in Delaware, the highest share of any U.S. state.

And now, in addition to being a destination location for traditional banking, fintech companies from around the world are choosing Delaware.  Examples include Irvine, California-based Acorns, which opened a satellite operation at The Mill in Wilmington, DelawareDelaware-based Fair Square Financial, which recently expanded and moved into a 22,000 square-foot facility in Wilmington, Delaware; and Marlette Funding, which is expanding and creating 200+ new jobs and making a $7.5M capital investment in New Castle County, Delaware.

Defining the fintech sector can be complicated, according to John Taylor, Director of Economic Research at the Delaware Prosperity Partnership.

“Some are referring to fintech as a standalone new industry,” Taylor said. “Certainly, the term is relatively new, but a closer look suggest that all financial services companies are becoming fintech companies, including the well-established incumbents as well as early-stage startups.”

No matter how broad or narrow the definition, Delaware is becoming the location-of-choice for financial and business services.

Fast Facts:

  • Delaware has the highest relative concentration of financial services jobs of any U.S. state. Among U.S. counties, New Castle County ranks third.
  • Since 2009, nearly 200 fintech patents were assigned to Delaware-based individuals and companies, ranking first in the United States on a per capita basis, and fifth in absolute terms.
  • Finance accounts for more than one-fifth of our state’s GDP, the largest contribution of any sector.
  • Delaware has been a magnet for out-of-state direct investment by financial services firms in recent years, with $725 million invested since 2010. Wilmington is the leading destination in our region for this investment.

“We should think of fintech as the next wave of innovation in banking,” says Taylor. “Advances in machine learning and data analytics are enabling new ways for consumers to access financial services.”

 

SOURCE Delaware Prosperity Partnership

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Uplandme, Inc. raises seven figures for a new property trading game

Vlad Poptamas

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Upland Logo Screenshots
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Uplandme, Inc. has closed a financing round, which was led by Finlab EOS VC Fund and with the participation of several angel investors. FinLab EOS VC Fund is a venture capital fund backed by both Block.one, the publisher of the blockchain protocol EOSIO, and FinLab AG, one of Europe’s largest company builders and investors focused on financial services technologies.

The funds will be used to support the initial development and launch of Upland, a digital property trading game that blurs the boundaries between real and virtual worlds. Players buy, sell, and trade properties based on real-world addresses. An in-game currency called UPX will power the economy of Upland. Players will be able to complete property collections, use location-based features and trade their properties on a marketplace.

“We invested into Uplandme, Inc. because we like the genuine idea of a virtual property market powered by the EOS Blockchain and the very experienced and passionate team behind it,” said Stefan Schuetze, Managing Director of FinLab EOS VC Fund. “Blockchain and specifically EOSIO allows the creation of completely new game mechanics that were not possible before.”

We are excited to work with Uplandme, Inc. as we believe they present a very unique and differentiated concept and that gaming and digital collectable companies, such as Uplandme, Inc., are a great application of Blockchain technologies, in particular EOSIO,” commented Paul Grotowski, COO of EOS VC.

“We have chosen the EOSIO blockchain software because it offers the best foundation to create a strong casual gaming experience where players engage quickly and can continuously enjoy the game without the hassle and need to understand today’s complicated world of Blockchain. We are excited to work with Finlab and EOS VC to leverage their EOSIO background and financial expertise which are very important for us as we build out Upland,” said Dirk Lueth, Co-founder of Uplandme, Inc.

 

SOURCE Uplandme, Inc.

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