One solution to manage it all

Global Onboarding is the final building block in a unified solution that integrates onboarding seamlessly with G2RS monitoring products, Persistent Merchant Monitoring and Transaction Laundering Detection. For the first time, risk managers have the ability within a single platform to underwrite merchants, approve them intelligently at scale, and then usher the flow of approved merchants in and out of activities that continuously monitor for a wide variety of illegal and/or violative conduct.

“We’re thrilled to be the first to deliver an integrated solution based on our Merchant Map^® and enhanced AI,” said Brian Longe, G2RS chief executive officer. “Our customers need to operate quickly and accurately to capture new merchant opportunities while also minimizing merchant portfolio risk. Speed is money, and our solution finally lets them scale up in a safe, smart way.”

Innovation to match evolution

As the e-commerce landscape expands with new online merchants and digital payment options, competition has increased. At the same time, regulations have gotten increasingly complex and punitive, and bad actors have become more sophisticated. Companies need innovation and agility to stay ahead in this ecosystem. Effective merchant onboarding is a critical step in the efficient setup of merchant clients for secure digital payment acceptance while avoiding exposure to fraud, card service rule infractions, and regulatory fines.

“The expanding e-commerce landscape presents exciting opportunities and significant challenges for the payments industry,” said Rochelle Blease, G2RS president of merchant risk solutions. “Global Onboarding empowers financial institutions and other payments providers to navigate this dynamic environment confidently, acting swiftly on new business opportunities while minimizing exposure to illegal activity and non-compliance.”

Combining the industry’s best resources

Global Onboarding incorporates advanced proprietary technology to enable rapid, confident merchant onboarding. The solution includes robust G2RS risk mitigation and business enablement capabilities that are unique within the payments industry, including:

• Merchant Map®, a proprietary, industry-exclusive merchant behavior database built over 20+ years with billions of data points, all validated by G2RS expert analysts.
• Compass Score®, a comprehensive, AI-driven score that predicts the risk of problematic merchant activity during the next 12 months. The scoring models synthesize data from the Merchant Map and additional data sources, including watchlists and sanctions registries, consumer ratings and adverse media, and risk-based insights for content compliance and operational risk.
• Merchant lifecycle risk management, a comprehensive approach covering risk from underwriting and onboarding to ongoing monitoring and transaction laundering detection, with re-underwriting as needed for audits or investigations.

“Our global customers need tools that keep pace with the increasing complexity and growth of the industry,” said Gavin Andrews, G2RS director of product management. “The AI-powered insights, comprehensive risk evaluations, and automation-ready workflows in Global Onboarding address the critical needs for efficiency, accuracy, and smarter decision-making when onboarding merchants. This is fintech that helps payments providers more confidently scale their operations.”

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Acuity is a trusted partner for lending institutions. It works with over 250 financial services firms, helping them drive process standardisation, improve credit risk practices and deliver data insights for their portfolio.

CreditPulse is designed to empower analysts to leverage generative artificial intelligence (AI) and help them identify emerging portfolio risks. To harness the power of data and reporting, it can integrate seamlessly with existing tech stacks at financial institutions, resulting in improved data interpretation and visualisation. This cutting-edge platform enables financial institutions to accelerate their credit lifecycle processes and achieve a 25 – 30% efficiency boost.

“We are glad to introduce our proprietary LLM tool, CreditPulse, which can be used to create summarised commentary for fact-based analysis. This tool has been created with our in-depth knowledge of the lending value chain and corresponding technology landscape,” said Rajul Sood, Managing Director and Global Head of Lending Services at Acuity Knowledge Partners.

Rajul further added, “CreditPulse leverages AI to help standardise, digitise and streamline the credit writing and review process. It enables the credit risk function to focus on insights-based analysis, reduce turnaround time and support growth in lending volumes. This leads to improved credit risk governance practices overall.”

CreditPulse offers a range of features, including end-to-end portfolio management, early warning indicators for effective risk governance, user-friendly interactive interface, configurable templates, credit repository and data extraction capabilities. The platform provides 30% cost savings over a three-year period and enables significant productivity gain in the first year of implementation.

“We are excited to bring this game-changing technology to the market. Our goal is to help financial institutions around the globe reduce the time taken for credit report generation and unlock new opportunities for growth,” said Jon O’Donnell, Chief Operating Officer at Acuity Knowledge Partners.

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PPA is a leading technology-enabled service provider to financial institutions in Germany and Switzerland, providing services focused on bespoke structuring of global financial and ESG data for commercial lending and ESG analysis.

With offices in Darmstadt, Germany and Zurich, Switzerland, PPA has over two decades of experience in working with leading European banks to help them better understand and utilise complex counterparty data. PPA’s software-enabled services, developed in-house, and deep domain expertise deliver accurate, cost-effective and secure results to its growing client base.

“Advanced, accurate and timely data processing to assist financial institutions engaged in commercial lending is a key growth area for Acuity. The acquisition of PPA Group is a strategic investment to support Acuity’s commitment and growing presence in supporting best practices in commercial lending. I am also delighted that we will partner with the highly experienced PPA management team to scale this business and bring its capabilities to Acuity’s global client base,” said Robert King, Chief Executive Officer, Acuity Knowledge Partners. “Our combined platform will provide clients with a market-leading service, and we look forward to integrating PPA’s innovative use of AI and Machine Learning into our portfolio of solutions. The acquisition also adds direct presence in two important and major European financial markets, Germany, and Switzerland.”

Heimo Saubach, Chief Executive Officer, PPA Group, said, “We have built a best-in-class data extraction and processing business serving European lending customers. Becoming part of Acuity Knowledge Partners will allow us to expand our market share globally and provide additional value to our existing customer base. It also means we can combine our advanced understanding of AI platforms with that of Acuity to create new and market-leading solutions. Acuity and PPA share the same mission of being a strategic and trusted partner to our customers and a great place to work for our employees. We feel very comfortable becoming part of Acuity and are confident that we can add value to our common endeavours.”

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“The Spring ’24 Release marks a significant advancement in empowering insurers to thrive within a complex and evolving landscape,” said Manish Shah, President and Chief Product Officer of Majesco. “Artificial Intelligence, particularly Generative AI, is rapidly emerging as a pivotal driver of transformation across all industries, ushering in novel avenues for heightened productivity. As pioneers in Insurance, we are spearheading the integration of GenAI advantages into our offerings through Majesco Copilot within our Intelligent products. We are excited to see Majesco Copilot revolutionize insurers’ operations, elevating efficiency, precision, and customer experiences to unprecedented heights. Moreover, it will augment our extensive product portfolio with a myriad of new features. This synergy enables insurers to optimize their operations while fostering innovation to address evolving risks, customer demands, and market dynamics.”

Leading the Industry with Generative AI

The Spring ‘24 Release marks another significant milestone in Majesco’s commitment to innovation and excellence. Majesco Copilot, already a cornerstone of efficiency, productivity, and support for insurance operations, now boasts enhanced capabilities that leverage the GenAI technology for actions. Users can now effortlessly copy quote, close claims, add notes, send emails, create detailed descriptions and more, all within the intuitive interface available on every screen of Majesco’s solutions including P&C Intelligent Core Suite, L&AH Intelligent Core Suite, Loss Control, Digital 360 Solutions, and Distribution Management offerings. This advancement positions Majesco as the first in the industry to integrate GenAI within its entire portfolio of offerings, showcasing a dedication to driving the future of insurance business operations and technology.

“GenAI is the hottest topic in the industry. Key to successful deployment is an investment in a holistic data strategy with access to all data across an insurer’s portfolio of solutions,” said Karlyn Carnahan, Head of North America Insurance at Celent. “An embedded data and analytics strategy with seamless integration into existing systems and workflows across applications broadens the value and impact of the types of analytics a carrier can deploy. The fast and effective implementation of advanced GenAI technology opens new possibilities for improving and optimizing insurance operations.”

The Spring ’24 Release includes new capabilities across all Majesco software product offerings, delivering integrated intelligence and operational effectiveness spanning across Core, Data, Digital, Distribution, Risk and Compliance for P&C and L&AH Insurance. Highlights of the release include:

• P&C Intelligent Core Suite: Enhancements include an enhanced, intuitive Copilot feature for seamless task and action completion in Policy, Billing, or Claims, customizable Intelligent Core Landing Pages with intelligent insights, significant performance improvements, and the innovative Glovebox integration for a unified policy and billing overview for agents.
• Loss Control: Enhanced scalability and stability, enhanced Copilot capabilities, and streamlined adjuster onboarding with collaborative tools to reduce back-and-forth communication.
• Premium Audit: Expansion of premium audit capabilities supporting workers compensation and general liability.
• P&C CoreConnect: Introduces a workflow event bus for enhanced external platform integration, interactive self-calculating premium overrides for dynamic pricing adjustments, pre-integration with Digital Agent360, and a deeper comprehensive loss history view by integrating third-party and user-entered data.
• Enterprise Rating: Features include the unified Product Studio, integrated Analyzer for real-time policy analysis, and Lambda function support to replace outdated scripting with more efficient custom functions.
• L&AH Intelligent Core Suite: Upgrades focus on improving operational productivity and the customer journey with enhanced Copilot capabilities, expanded embedded business intelligence capabilities, enhanced holistic disability claims administration, and refined the underwriting process with intelligent solutions.
• Illustrations: Launch of illustrations for group, benefits, and worksite products to ensure consistent and reliable projections for products.
• ClaimVantage Enterprise Claims: Now featuring AI-powered claims guidance using a deep integration with EvolutionIQ, support for proportional loss and residual disability benefits, and a new single event creation for a holistic view of claims.
• Intelligent Sales & Underwriting Workbench: Includes AI for renewal cross-selling, enhanced user maintenance, and simplified commission structures for improved operational efficiency for group, voluntary benefits, and worksite products.
• Digital1^st® Platform: Enhanced digital experience, UI improvements for faster interactions, and enhanced app engagement tools.
• Digital360 Portals: Majesco Copilot is now integrated across Digital 360 Portals enriching the Customer360, Agent360, and Group360 platforms with improved features and content.
• Data & Analytics: Expanded use cases for Copilot across all solutions, new data connectors, and integration of expanded datasets into the Data Lakehouse and ready-to-use reports across the solutions.
• Distribution Management: Enhanced compliance with NIPR automation for Florida State Appointments and integration with Document as a Service (DaaS) for superior document management.

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In 2023, FINBOA’s installed base of customers grew to almost 200 financial institutions, comprised of U.S. based community or regional banks and credit unions. A key driver for implementing FINBOA for these institutions is the need to eliminate manual processing to increase efficiency, compliance and customer experience. In the past year, FINBOA expanded integration of its Payments Disputes solution with leading banking core systems and card processors; and secured PCI/DSS certification ensuring compliance with industry data security standards.

“FINBOA continues to experience solid growth in both new client acquisition and revenue. We’ve strategically invested in people, systems and partnerships that enable us to grow exponentially. For example, our Payment Disputes integration with leading core systems and card processors firmly establishes FINBOA as the leading provider of dispute process automation for banks and credit unions,” said Raj Singal, CEO and Founder of FINBOA, Inc. “I am excited about the opportunity to introduce more innovations in 2024.”

FINBOA continues to earn industry recognition, being named a 2023 finalist in Finovate’s Best Use of RPA award. Raj Singal, FINBOA’s CEO and Founder, regularly engages in key industry events providing thought leadership in the area of compliance process automation and business intelligence.

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The Data Productivity Cloud with Databricks brings no-code data ingestion and transformation capabilities that are purpose-built for Databricks, enabling users to quickly build data pipelines at scale, to be used in AI and analytics projects.

Ciaran Dynes, Chief Product Officer at Matillion said: “In the months since launching Data Productivity Cloud, we’ve continued to integrate more cloud platforms and data sources to bring no-code data engineering tools to every member of the data team.

“We know that SQL is a massive workload for Databricks, so as well as unlocking the value of Delta Lake and lakehouses, we’re excited to bring no-code tooling to the Data Productivity Cloud to help Databricks users be even more productive running SQL pipelines on the Databricks platform.”

Data Productivity Cloud enables users to easily build data pipelines with any data source for business intelligence and data science projects.

Matillion has long partnered with the data and AI company Databricks, and Databricks Ventures is an investor in the tech unicorn.

Matillion delivers a comprehensive data integration solution that can fit seamlessly within the existing tech stack, helping data teams to centralise and transform data from any source into business-driving insights at speed.

Data Productivity Cloud with Databricks offers consolidated billing with Matillion’s transparent credit-based pricing model, with setup in minutes. Thousands of enterprises including Cisco, Docusign, Slack and TUI trust Matillion to move, transform and orchestrate data for a wide range of use cars from insights and operational analytics, to data science, machine learning and AI.

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Litwinowicz brings nearly three decades of proven sales experience to his new position at DeepTarget, where he will complement the executive leadership team and spearhead the growth of revenue, sales and strategy.

“Tom’s passion and knowledge of the financial services industry combined with his experience working with rapidly growing companies makes him a valuable addition to DeepTarget,” said Jill Homan, president of DeepTarget. “The industry is experiencing an incredible surge in demand for digital consumer engagement during the current global crisis. Tom’s expertise will help DeepTarget further thrive in the ever-changing financial services environment as we continue to meet the demands of banks and credit unions.”Fintech News

Prior to joining DeepTarget, Litwinowicz led enterprise software sales for banktech and fintech companies, where he established an outstanding track record in sales and business development, technical knowledge and business expertise; as well as a strong ability to motivate teams to achieve determined goals. He most recently served as Vice President of Sales-Direct Sales at Sensibill and managed strategic initiatives for Malauzai. He has also held key positions at D3 Banking Technology, Q2ebanking, ARGO, S1 and Software Dynamics.

“I am excited to join the dedicated and passionate team at DeepTarget and I am looking forward to working with an organization that is dedicated to providing new innovations, expanded partnerships and greater success for their customers,” said Litwinowicz.

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Aashish Yadav, Content-Editor, FintecBuzz

Aashish is currently a Content writer at FintecBuzz. He is an enthusiastic and avid writer. His key region of interests include covering different aspects of technology and mixing them up with layman ideologies to pan out an interesting take. His main area of interests range from medical journals to marketing arena.

The post Importance of Business Intelligence in Fintech first appeared on FinTecBuzz.

Imagine’s President, Steven Harrison, will review today’s best practices around “building or buying.”  Steven postulates that with the advent of advanced, all-in, cloud platforms it makes more sense for firms operating in the capital markets to focus on delivering the “last mile” of proprietary functionality, leveraging in-house subject matter expertise and a fin-tech platform for everything else.

The workshop will also examine best practices for building portfolio and trading analytics user interfaces.  Bring the problems you are trying to solve to discuss them with our domain experts spanning technology, data, analytics and risk.  Attendees will also review new technologies and developments that may be incorporated into the stack for even better decision making.

Our special luncheon guest speaker, Eugene Valentinov, Director of Product Development Global Equities for Bank of America Merrill Lynch, will discuss “Automated Reasoning in the Financial Industry.”

Don’t miss the opportunity to meet face-to-face with technology, data, analytics and risk management experts, and network with other industry professionals during sessions and at our hosted drinks reception. Reserve your spot now!

When: Wednesday, November 6, from 8:00 AM-6:00 PM

Where: Therewery, 52 Chiswell Street, London

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