user experience - FinTecBuzz

Ammalgam Raises $2.5M To Revolutionize Decentralized Finance with DLEX Protocol

PRNewswire — Wed, 11 Sep 2024 15:30:33 +0000

Ammalgam, a Decentralized Lending Exchange (DLEX), announced the close of a $2.5M seed round co-led by Lightspeed Faction and Framework Ventures with additional participation from Robot Ventures, Bodhi Ventures, NGC Ventures, DeWhales, Blockchain Founders Fund, and angels including Kain Warwick, Anton Bukov, Spencer Noon, and Jordi Alexander.

Ammalgam plans to utilize this investment towards the protocol’s growth and development by expanding on key talent and improving product development on current and future solutions. The company intends to conduct audits to ensure operational efficiency and effectiveness, while also investing in go-to-market strategies.

“We are transforming decentralized finance by enhancing capital efficiency without additional risks,” said Will Fey, Founder of Ammalgam, “Through our innovative lending methods and advanced visualization tools, we provide users with easy access to sophisticated payouts and insights into the impact of price fluctuations and fees, making for a robust user experience in the DeFi ecosystem”.

Ammalgam combines lending and trading into a single protocol, DLEX, to enhance capital efficiency by utilizing idle assets and offering higher yields without additional risks. DLEX supports advanced users and passive Liquidity Providers (LPs) by providing unlimited trading strategies and guarantees true autonomy that is permission-less and oracle-free with zero dependencies.

Ammalgam offers three lending methods for unutilized assets from the trading pool, traditional DeFi lending and borrowing, and impermanent gain to counteract loss. In addition to lending methods, Ammalgam offers users instant access to assess potential payout positions through payout charts and a novel visualization tool, UI, to display the impact of price fluctuations and fees earned or incurred by LPs throughout the duration of their position.

Investor Quotes

Will Leas, Deal Partner at Lightspeed Faction, said, “Ammalgam brings the power and functionality of DEXs, lending, options, hedging and perpetual protocols into a single primitive, improving capital efficiency and yield generation options in DeFi. Will is one of the sharpest builders we’ve come across and we couldn’t be more excited to back him and the Ammalgam team on their journey.”

“Ammalgam is driving the next phase of AMM innovation by improving capital efficiency for LPs while providing traders with unique payoff structures,” said Roy Learner, Partner at Framework Ventures. “While the DeFi space has been plagued by fast forks and copy cats, we were impressed by Will’s vision to build a net new primitive within DeFi. We’re excited to back Ammalgam as they lead the next major evolution in DeFi.”

Santiago R Santos, an early investor in Ammalgam, said “Not every day you come across something new in DeFi. Combining lending and trading in one protocol improves capital efficiency and reduces risk for LPs. This may be the most exciting primitive since AMMs. I’ve seen how Will and the team have developed the protocol since day 1 and it’s been nothing short of wizardry – the best teams manage to do a lot with little resources. Excited to see what they do in this next chapter.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Ammalgam Raises $2.5M To Revolutionize Decentralized Finance with DLEX Protocol first appeared on FinTecBuzz.

FinTech Interview with Nico Simko, Chief Executive Officer of Clair

FTB News Desk — Tue, 03 Sep 2024 13:30:53 +0000

Learn how embedded finance and financial wellness benefits are reshaping the modern workforce.

Nico Simko, Co-founder & CEO of Clair

Nico, we’re delighted to have you at FintecBuzz. Could you start by sharing your professional journey and how it led you to co-found Clair?
I began my professional career after college at J.P. Morgan, where I worked on projects involving hourly rideshare drivers. This helped me gain a deeper understanding of the fintech space and the obstacles that workers face to reach financial stability. Despite already earning their pay, they don’t have immediate access to it, if they need to cover for unexpected expenses. After working an hourly job in college, I experienced firsthand how incredibly frustrating it could be to wait weeks for my paycheck, and sometimes even longer as a result of processing errors. As a student managing my personal budget, in a new country, I could only imagine the level of frustration for individuals providing for their families financially.

This served as my inspiration for creating Clair, a solution to provide a flexible way for employees to get a portion of their pay before payday. Solving the gap between work and pay, and with 78% of Americans living paycheck to paycheck the ability to access their next paycheck ahead of the designated date can make all the difference.

How has payroll technology traditionally operated, and why do these methods no longer meet the needs of today’s employees?
While payroll providers have traditionally issued paychecks on a biweekly cycle, the world is moving toward faster technology and instant money transfers, yet payday remains stuck in an outdated system. Our perspective at Clair is that people should be allowed to get paid as soon as they clock out, especially since they’ve already done the work to earn that money.

Additionally, payroll technology has historically been clunky, which means it’s difficult and time-consuming for employees to use. More employers are recognizing these pain points, as 58% mentioned technology integration as one of the top areas of improvement for their payroll providers, and another 29% said tech modernization is a major concern. In order to meet the needs of the modern workforce, Clair decided to partner with a national bank to provide compliant earned wage access (EWA) to America’s workforce. Our team has worked tirelessly over the past few years to offer a banking infrastructure and compliance framework that makes accessing on-demand pay seamless. We’ve brought this – and our proprietary technology – to industry-leading HR platform partners like Gusto and TriNet, so the companies using their tools can easily offer on-demand pay to their workers.

We just announced in July that Clair grants employees at many of Gusto’s 300K supported businesses access to sign up for On-Demand Pay right in the Gusto Wallet app. This makes Gusto the first partner to announce Clair’s new embedded On-Demand Pay product, which leverages proprietary technology to provide an embedded, compliant EWA solution that integrates directly into workforce management and payroll applications.

We also recently partnered with payroll infrastructure company Check, which selected Clair as its first EWA partner. HR platforms using Check to build and launch their payroll businesses can seamlessly opt into offering Clair’s fully compliant, On-Demand Pay solution, without any impact to payroll and changes to HR.

It’s been a busy year for our team, but we’re happy to be at the forefront of a larger shift toward embedded finance in the HR and payroll industry.

Can you explain how embedded finance is converging with payroll technology and what benefits this convergence brings to both employers and employees?
We’re seeing more embedded finance tools integrated into HCM platforms for seamless use and adoption. APIs, for example, allow for financial experiences to be embedded into existing HR apps to create a “one-stop shop,” providing a more user-friendly design similar to that of consumer apps. About 41% of employees are already overwhelmed by the number of tools and technologies they’re required to use, so streamlining their HR tech stack is key.

By providing employees with one platform where they can access multiple benefits, including financial wellness tools, HR can have a better view of what’s important to employees in the workplace. This can help executives make data-driven choices, reduce the time and resources required to train employees on new benefit tools and help overall employee satisfaction and productivity.

With a top-requested benefit like earned wage access, for example, building an embedded experience is key. It’s typically complicated for HR tech to build, so finding a compliant partner that has the right tech infrastructure in place is critical. Clair’s On-Demand Pay product removes all manual work required to roll out the benefit, and that includes any manual changes to employee counts or payroll.

Why is it important to give employees flexibility when they get paid, and how does this flexibility impact employee satisfaction and retention?
For employers who are still dealing with labor shortages in essential fields like healthcare and manufacturing, offering flexible benefits like on-demand pay can be a game changer in employee satisfaction, which leads to retention. With benefits like on-demand pay, employers can help their workers get better financial footing and stand out in the labor market. Companies that go one step further to ensure embedded finance benefits are available within their existing HR apps can also gain a significant advantage, such as lessening burnout among their HR teams and prioritizing workers’ well-being and user experience, to ultimately differentiate themselves as a top employer.

With 68% of employees using financial wellness services provided by their employers in 2023, up from 51% in 2012, what does this trend indicate about the evolving needs of the workforce?
This indicates a few things about today’s workforce. They’re dealing with stressors – like unexpected expenses, student loan payments, or inflation increasing the cost of living – and they appreciate the help and support of their employers. They also want both long-term and short-term financial wellness benefits. Offering 401(k)s for long-term savings is important but many workers need help now and can benefit from access to their pay outside of the bi-weekly pay cycle, budgeting tools, financial education and more. Simply put: Employees want more flexibility and control over their finances and financial wellness benefits help deliver that.

Why is it crucial for payroll tech providers to partner with financial wellness benefit providers who understand regulatory complexities and ensure long-term compliance?
Service disruptions can be a headache and if a financial wellness benefits partner isn’t compliant, it can turn into a nightmare for employers and their employees. That’s why it’s critical to identify a partner who not only understands regulatory complexities but is also compliant, which gives employers peace of mind while extending support and buy-in from executives. When it comes to EWA in particular, it’s no longer just an advantage but rather a need as the CFPB recently proposed that EWA products should be recognized as loans, and states are also constantly enacting their own laws. This can lead to interrupted service with EWA providers that are not compliant, when laws change.

Additionally, Millennials and Gen Z-ers make up the majority of today’s professionals and have grown up with consumer-friendly apps with embedded finance experiences, like Venmo and Uber. As a result, they now expect the same app and software experiences that prioritize convenience and are designed with sleek and simple interfaces. By embedding financial offerings into HR management apps, users can easily find what they need without the extra step of extensively searching workflow documents or contacting customer support. With the help of innovative HR tech and fintech teams leveraging APIs and building proprietary technology, this experience can be brought to life. By minimizing employee confusion and lessening time-consuming questions for HR teams, workplaces can also see a rise in employee engagement rates.

Based on your experience, what advice would you give to employers looking to update their Workforce Management and Human Capital Management systems to better meet the needs of their employees?
Make it as easy as possible to keep everything integrated! Employees do not have the time or energy to navigate a new app or tool in their workflow management processes. They’re already occupied with their daily job responsibilities, so the additional task of spending time updating payroll information or logging into yet another insurance portal creates productivity obstacles. By making tools simpler and more seamless, workers are more likely to utilize them on a day-to-day basis and it makes it easier to onboard future employees.

In closing, what final thoughts or key messages would you like to share about the future of payroll technology and the importance of integrating financial wellness services for a modern workforce?
Embedded finance is key to reshaping the way employers approach employee benefits and workplace management. It’s been exciting to see the demand for financial wellness benefits increasing recently among employers and professionals. We’re excited about expanding access to On-Demand Pay and to see the noticeable impacts on employees’ lives.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post FinTech Interview with Nico Simko, Chief Executive Officer of Clair first appeared on FinTecBuzz.

NAGA Rolls Out Exciting Platform and Mobile App Upgrades

PRNewswire — Tue, 06 Aug 2024 16:30:50 +0000

NAGA is thrilled to announce a series of powerful updates aimed at significantly improving user experience and creating a more user-friendly trading environment.

Discover Top Traders Effortlessly

The NAGA.com platform has seen a major update to the Top Traders and Leaderboard sections. The revamped interface offers a seamless and intuitive way to discover and access trader information. Users can explore and filter top traders more easily, ensuring that all relevant profiles are visible and detailed information is just a few clicks away.

Trade on the Go with Enhanced Insights

Recognizing the growing mobile trading trend, NAGA introduces the Trading Signals feature from Trading Central directly into our mobile applications. This feature delivers timely and relevant trading insights, empowering users to stay informed and make smarter trading decisions while on the move.

Performance-Based Copy Trading

In its ongoing commitment to a better user experience, NAGA has updated the fee structure and remuneration policy of its copy trading product. Now, fees paid by users and premiums awarded to traders are performance-based, reflecting actual trading outcomes. This ensures a system that rewards successful trading strategies, enhancing overall user satisfaction.

NAGA is a pioneering German fintech company offering a Super App that integrates social trading, stock and crypto investing, and neo-banking into one unified platform. Serving a global community across more than 100 countries, NAGA provides a wide range of services for both fiat and cryptocurrencies. Our platform features a physical VISA card with automatic crypto conversion and cashback, dynamic social feeds, and advanced auto copy functions, enabling users to replicate the strategies of top-performing traders. Designed for a global audience, NAGA creates an inclusive and efficient financial ecosystem for personal finance and trading.

Join the NAGA community today and experience a new standard in trading and personal finance management!

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post NAGA Rolls Out Exciting Platform and Mobile App Upgrades first appeared on FinTecBuzz.

HTX Integrates Fireblocks Off Exchange

PRNewswire — Thu, 18 Jul 2024 17:30:22 +0000

HTX announces its integration of Fireblocks Off Exchange, an innovative direct custody solution that mitigates exchange counterparty risk. Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on blockchain, launched Off Exchange to enable trading firms and asset managers to trade on centralized exchanges from an on-chain multi-party computation (MPC) shared wallet. The integration of Off Exchange will help strengthen digital asset security, streamline global compliance operations, and create a better virtual asset trading experience for HTX users.

Off Exchange effectively mitigates exchange counterparty risk by allocating and mirroring assets from a wallet both institutional traders and exchanges mutually control, leveraging Fireblocks’ MPC technology and on-chain settlement. In the last 90 days, the Fireblocks Network, upon which Off Exchange was deployed, facilitated over $200 billion in transactions between institutional traders and over 30 connected exchanges.

In March 2023, HTX joined the Fireblocks Network, an enterprise-grade digital asset transfer platform for rapid digital asset transactions and dynamic payment workflows, to facilitate seamless trading on the HTX platform, leveraging the direct custody solution offered by Fireblocks.

Fireblocks Off Exchange: Battle-Tested Technology and Real-Time Settlement

Fireblocks Off Exchange sets itself apart from other third-party custodial solutions by utilizing MPC technology to help traders mitigate exchange counterparty risk by locking funds in secure MPC-based shared wallets.

Justin Sun, a member of the HTX Global Advisory Board, acknowledged the importance of leveraging Fireblocks, stating, “By working with Fireblocks, HTX will deliver a more secure trading environment and an enhanced user experience. HTX is committed to establishing itself as the world’s leading one-stop trading platform, earning the trust of millions of users worldwide.”

Michael Shaulov, CEO and Co-founder of Fireblocks, said, “Exchanges are increasingly looking to innovative technology and institutional-grade security to address the challenges around counterparty risk and to ensure customer funds are protected. Fireblocks Off Exchange provides HTX with the ability to monitor and validate client collateral on-chain and enforce risk management without taking custody, as well as increases liquidity and maximizes capital efficiency, creating a more secure digital asset trading environment.”

HTX Continues to Elevate User Trading Experience, Paving the Way for Freedom of Crypto Trading

HTX recognizes the launch of Fireblocks Off Exchange as a milestone in risk mitigation for over-the-counter (OTC) transactions in the cryptocurrency market. Adhering to the “User First” principle, HTX is committed to consistently reducing trading risks and enhancing the overall trading experience. By working with Fireblocks, HTX aims to contribute to a cryptocurrency ecosystem that fosters greater freedom in trading, while simultaneously decreasing risk and increasing liquidity. Users from both platforms can seamlessly perform instant transfers, payments, and other operations directly through their HTX accounts. This move enhances the platform’s global presence and provides a myriad of investment opportunities for users worldwide.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post HTX Integrates Fireblocks Off Exchange first appeared on FinTecBuzz.

Advisor360° Launches New Bulk Onboarding Capability

BusinessWire — Wed, 17 Jul 2024 18:00:51 +0000

Advisor360°, a leading provider of integrated technology for enterprise wealth management firms, has launched Account Transitions, its newest Digital Onboarding capability that allows firms to easily repaper thousands of client accounts in seconds in support of advisors in transition. Debuting on the heels of its recent research revealing that nine out of 10 financial advisors would switch firms over bad technology, Advisor360°’s new capability facilitates a best first impression when advisors make a move.

Account Transitions accelerates the collection and transfer of data during the onboarding of client accounts, supporting the setup of up to 6,000 accounts in 90 seconds. The new capability collects and standardizes client and account data en masse by automating error detection, creating contacts and households for the CRM, and drafting new account information. By facilitating a seamless and efficient bulk account transfer and repapering process, the Account Transitions capability is a force-multiplier for advisors moving entire books of business from one firm to another.

“Research shows that on average 13,000 advisors switch firms every year. With so many advisors on the move, firms need solutions to help attract and transition them effectively,” said Mat Mathews, Chief Product and Engineering Officer of Advisor360°. “Account Transitions enables firms to get advisors settled with ease and move their client accounts in less time while maintaining excellent client service.”

Advisor360°’s award-winning Digital Onboarding solution is already used by advisors to open approximately 400,000 new accounts per year. The company has integrated Envestnet’s managed accounts platform into its Digital Onboarding offering, resulting in an average of 6,500 new Envestnet account openings per month.

In addition to the launch of Account Transitions, Advisor360° continues to drive efficiency for advisors and their home office teams with updates to its mobile app and Home Office Dashboard.

More Access in the Mobile App

Advisor360° has elevated the overall functionality and user experience in its mobile app for both iOS and Android devices. In addition to having a holistic view of their portfolios, clients now also have real-time account balance details and can communicate securely with their advisors. Balances on all types of accounts are now accurate up to the minute, so clients have access to the most current portfolio information every time.

Enhanced Home Office Dashboard

Advisor360° unveiled a new environment for advisors and their teams using its Home Office Dashboard. Now, Home Office users can more easily navigate across cases, accounts, trading and compliance, as well as initiate portfolio analysis. Users can personalize their dashboards to consolidate what they need into a single view—whether that’s support, operations, or compliance—creating efficiencies and streamlining workflows for deeper analysis with advanced visuals.

“Growth-minded firms are investing in the best technology to empower home office users to work more efficiently,” said Mathews. “Our new Home Office Portal and Dashboard improve productivity, ensure security, deliver personalization and enable home office users to complete their daily tasks within a single integrated portal.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Advisor360° Launches New Bulk Onboarding Capability first appeared on FinTecBuzz.

Aave’s GHO Stablecoin Now Live on Arbitrum Powered by Chainlink CCIP

PRNewswire — Wed, 03 Jul 2024 14:00:21 +0000

Following community discussions and voting, the Aave DAO has launched GHO on the Arbitrum network – the DAO’s first new market in its phased GHO cross-chain expansion strategy. GHO, the multi-collateralized stablecoin native to the Aave Protocol, will utilize the industry standard Chainlink Cross-Chain Interoperability Protocol (CCIP) and rollout progressively, beginning with Arbitrum as the first network and expanding over time to other networks. The expanded availability of GHO beyond Ethereum mainnet aims to increase accessibility, lower transaction costs, enhance the user experience, and improve liquidity, fostering greater adoption and spurring innovation. Although GHO is issued on Ethereum mainnet, the cross-chain strategy enabled by Chainlink CCIP will open the door to integration opportunities and new use cases. With the expansion to Arbitrum, the largest Layer 2 network with $17.7B in TVL, GHO becomes a borrowable asset in the Aave Arbitrum pool, making GHO more available in a cost effective way with additional use cases expected to follow.

“Congratulations to the Aave community on achieving this milestone for GHO’s expansion beyond Ethereum mainnet to Arbitrum,” said Aave Labs Founder and CEO Stani Kulechov. “The DAO’s measured approach to making GHO more accessible, aligns perfectly with its commitment to stability and risk management. Integrating with other networks will lower fees, offer faster transactions, and enhance liquidity, making GHO more attractive to users and ushering in a variety of new use cases, including GHO digital payments.”

“We are excited to see that the Aave DAO has chosen Arbitrum as the first platform to launch its GHO stablecoin. This integration is poised to revolutionize accessibility, lower transaction costs, and unlock unprecedented liquidity. As decentralized finance continues to advance, we are looking forward to seeing more transformative new use cases across Arbitrum.” said Nina Rong, Head of Ecosystem Development at The Arbitrum Foundation

“Excited to see that the Aave community has voted to choose the security of Chainlink’s CCIP as its interoperability solution for cross-chain GHO transfers. I have always seen the developers of Aave prioritize security, thanks to their deep understanding of the dynamics around keeping user value secure. CCIP does provide a large improvement on the security of other cross-chain systems, which is what will come to define it as the leading cross-chain infrastructure, just like the security of Chainlink Data Feeds is what led them to become the leading source of data in DeFi,” said Sergey Nazarov, Co-Founder of Chainlink.

For secure and cost-effective GHO cross-chain transfers, the Aave DAO chose CCIP, which is compatible with both EVM and non-EVM networks, enhances risk mitigation, security, and user experience through advanced features and mechanisms like rate limits, flexible billing, Programmable Token Transfers, a well-audited codebase, and a first of its kind separateRisk Management Network. Additionally, CCIP’s cross-chain security innovations empower the DAO through important risk management levers such as configurable rate limits and the ability to control GHO bridge logic. Backed by Chainlink’s battle-tested infrastructure, CCIP is widely adopted across DeFi and capital markets and supports existing Aave deployments, helping to ensure smooth and secure cross-chain expansion for GHO.

GHO was designed to be a secure multi-chain stablecoin architectured for flexibility. Arbitrum has, and every chain with GHO in the future will have, its own GHO version, backed by reserves on Ethereum, for sufficient collateralization. For secure cross-chain transfers between Ethereum and non-Ethereum chains like Arbitrum, GHO uses a lock-and-mint model enabled by CCIP, where tokens are locked on Ethereum while an equivalent amount is minted on the other network, keeping the total supply constant. As additional chains are supported, transfers between non-Ethereum chains will use a burn-and-mint model enabled by CCIP for maximum capital efficiency and fungibility, while still being backed by reserves on Ethereum. This ensures security and flexibility for GHO’s future expansion across multiple blockchains.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Aave’s GHO Stablecoin Now Live on Arbitrum Powered by Chainlink CCIP first appeared on FinTecBuzz.

Marqeta Announces New Customer Swiss4

BusinessWire — Tue, 02 Jul 2024 14:00:35 +0000

Marqeta, the global modern card issuing platform that enables embedded finance solutions for the world’s innovators, announced a new customer, Swiss4, providing real-time and personalised digital payment services for their customers. This is part of Swiss4’s recently launched application that combines financial services and high-end lifestyle management, the first of its kind in Switzerland.

With Marqeta’s platform, Swiss4 can swiftly design and introduce novel payment features, continually enhancing the end user experience. With Marqeta, Swiss4 reinforces its commitment to providing state-of-the-art digital financial solutions, ensuring a convenient, secure, and efficient transaction experience for its customers.

A recent survey found that 52% of 25-34-year-olds said using financial products and services from their favorite brands was more convenient than using a conventional bank. Another 51% of respondents said brands offer products more tailored to their needs than traditional institutions do, while 50% say their loyalty to brands is thanks to the financial benefits and incentives they offer, showing the growing opportunity for non-traditional finance service offerings to grow their consumer base.

Swiss4 was founded in 2020 and is one of the first companies in Switzerland to obtain its fintech licence from the Swiss Financial Market Supervisory Authority (FINMA). Swiss4 has created a financial services application, now available across Switzerland, combining a multicurrency account, payment and foreign exchange facilities, personalised lifestyle management services for organising leisure activities – travel, hospitality, gastronomy, access to prestigious cultural and sports events, recommendations for experiences, and private events for its members.

“We sought out a partner that was experienced not only in the Swiss market, but also across Europe, and could support our future expansion plans when the time comes,” said Zhina Asmei, co-founder and CEO of Swiss4. “Marqeta is a trusted solution that can meet our requirements for a flexible, scalable and personalized offering with the latest capabilities that our customers are seeking.”

“With continued demand for personalised payment experiences, Marqeta has the scale, breadth and experience to serve innovative customers like Swiss4 as they reimagine financial services for the luxury market,” said Marcin Goglowski, SVP and Managing Director, Europe, and UK CEO at Marqeta. “We’re proud to continue our momentum in Europe and work closely with our customers to deliver payments offerings that help grow their customer base and create lasting customer engagement.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Marqeta Announces New Customer Swiss4 first appeared on FinTecBuzz.

Cogitate Names Lava Jois as Chief Technology Officer

PRNewswire — Mon, 01 Jul 2024 15:53:36 +0000

Cogitate announces the appointment of Lava Jois as Chief Technology Officer (CTO), reporting to CEO and Co-founder, Arvind Kaushal. Lava will lead the development and implementation of Cogitate’s DigitalEdge Insurance solution suite, spearheading innovations in artificial intelligence, large language models and machine learning, data analytics, and data science. Lava will also oversee information security and infrastructure management.

Jois joined Cogitate in 2021 as Vice President, Enterprise Architect, and had an immediate impact on Cogitate’s product offering. As the chief architect responsible for design and development, he drove the initiative to launch the DigitalEdge Policy V. 2.0 – the cloud-native, multitenant, microservices architected platform hosted on Azure. He has also managed the dev ops practice at Cogitate and facilitated security certifications.

“We are so pleased to offer this well-deserved position to Lava Jois. I have been so impressed with Lava’s entrepreneurial approach to innovation. He has seized opportunities to incorporate AI and data science into our solutions, which align with the needs of our insurance partners. Under his guidance, we have advanced tremendously, and I rely on his competencies and strategic vision to guide us forward,” shared Arvind Kaushal.

Jois brings more than two decades of technology architecture expertise to his new role as CTO at Cogitate. Previous to Cogitate, Jois employed his consultative skillset with Cloud By McKinsey where he guided clients through transformative cloud migration strategies. Jois has also held several technology consulting roles with Fortune 100 companies across the US. Beginning his career as a software developer, he has architected various solutions for B2B, B2C, and SaaS. Jois holds a Bachelor of Engineering from the University of Mysore.

Jois expressed his enthusiasm stating, “As we enter this exciting phase for Cogitate, I am honored to take on the role of CTO. With a commitment to innovation and a focus on collaboration, I look forward to leading our tech vision with passion and purpose. Guided by the visionary leadership of Co-founders Arvind Kaushal and Jacqueline Schaendorf, we will align our technological advancements to enhance the insurance user experience.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Cogitate Names Lava Jois as Chief Technology Officer first appeared on FinTecBuzz.

Trovata Launches Multibank Connector

PRNewswire — Thu, 27 Jun 2024 16:30:07 +0000

Trovata, the global leader in corporate banking APIs, announces the launch of its new Multibank Connector which includes the most extensive library of direct-to-bank APIs to power financial services worldwide. Much like data aggregation solutions contributed to the rise of fintech in consumer banking, Trovata now offers a low-code, embeddable, self-service connectivity experience for corporate bank accounts. Backed by the largest corporate & institutional banks, Trovata’s API platform provides a streamlined way to access balances, transactions, and payment rails. The solution is set to accelerate innovation in corporate banking, finance, accounting, and treasury services for mid-market and enterprise companies.

Trovata offers a unique data transport layer for corporate multibank connectivity. As a fully managed service, the Multibank Connector handles client onboarding and consent, and includes groundbreaking features to ensure data quality, accuracy, completeness, and security. These features include built-in reconciliation with automated self-healing, unlimited data storage, and a modern infrastructure that can process billions of bank transactions in milliseconds. This platform differentiates Trovata significantly from legacy service bureaus and traditional file-based sFTP services, offering a better, cheaper, faster, and more secure solution than any other on the market today.

“APIs are the modern building blocks for digital transformation, and yet corporate treasury globally still runs on legacy sFTP services with file formats from the ’80s,” said Brett Turner, founder and CEO of Trovata. “Cloud-native infrastructure, along with bank APIs that provide rich metadata, enable deeper intelligence and automation. With Trovata, treasurers are using AI to better manage risk, controllers are automating reconciliation, and CFOs are discovering that bank transactions labeled by cash flow type at scale are a powerful financial operating tool to improve capital efficiency.”

Since 2018, Trovata has pioneered access to banking APIs, working closely with banks globally to democratize broader use and often being the first to connect a live client. This has led to early adopter banks becoming partners and investors. While Trovata has used its platform to create a next-gen user experience for managing cash and liquidity for hundreds of mid-market and enterprise customers, it is now making its APIs available to banks, ERPs, treasury management systems (TMS), and other financial software providers to power a broader partner ecosystem.

The corporate banking landscape is evolving. In the past five years, many of the largest financial institutions have started developing API programs for their commercial and corporate banking clients. These APIs allow clients to access account balances and transactions directly and move money in real-time. However, unlike the rapid adoption of APIs in retail banking for consumers and small businesses with less than $10 million in annual revenue, the rollout for larger companies has been much slower. This is due to banks’ outdated core infrastructure and stricter security and regulatory requirements, making APIs in wholesale banking for mid-market and enterprise companies difficult to connect to and use. Trovata is bridging this gap.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Trovata Launches Multibank Connector first appeared on FinTecBuzz.

Fintech Interview with Matt Gardner, Co-Founder & CEO, Hiline

FTB News Desk — Tue, 25 Jun 2024 13:30:18 +0000

Learn how Matt revolutionized accounting with Hiline, using tech-driven methods to streamline back-office operations for SMBs.

Matt Gardner, Co-Founder & CEO, Hiline

Matt, please tell us a bit about your background and what led you to co-found Hiline.

After earning my bachelor’s and CPA degrees, I worked extensively as an accountant and auditor. Eventually I founded and ran Gardner & Capparelli, a boutique, integrated services accounting company for small and medium-sized businesses. As the company expanded and we began working with other innovators, it became very apparent that there was an obvious and immediate opportunity to modernize back-office operations and disrupt traditional accounting with a modern approach and integrated technology. With that in mind, I founded Hiline in 2016, and we now serve hundreds of clients.

What inspired you to transition from traditional accounting methods to a tech-forward, integrated approach at Hiline?

At Gardner & Capparelli, I was confronted with an industry that was outdated, analog, and stale. It was an industry ripe for disruption. My co-founder, CPA Jim Capparelli, held the same belief. We felt tax, accounting, and auditing work had remained largely unchanged since the 1970s. It felt commoditized. The traditional approach valued conformity over curiosity and it sacrificed innovation. We saw other CEOs and CFOs truly excited about their work and we were inspired to bring that same energy and enthusiasm to the accounting and finance industries.

Our goal was to leverage our experience to help small and medium-sized business (SMB) founders and owners make room for more strategic financial decisions. We learned from these tech-forward SMBs that traditional accounting methods didn’t really serve the needs of modern companies that typically prioritize efficiency and innovation. Businesses with high-growth potential were being frustrated by financial and compliance details. We aim to integrate technology to better serve our clients without losing the human element.

Can you describe a pivotal moment or experience with a client that highlighted the need for modernizing back-office operations?

Well, I can share an incredible success story with you – and that is our partnership with Jahnel Group. Our expertise and tech-powered accounting approach were instrumental to their growth and expansion. Our team identified $1 million in R&D tax credits for Jahnel Group, which enabled them to reduce their annual taxable income by a million dollars! They’ve also saved hundreds of hours working with Hiline. Getting that time back has allowed them to concentrate on growing their core business.

How did your experience with Gardner & Capparelli influence the services offered at Hiline?

We were inspired by the agile and tech-driven approaches that characterized our start-up clients. How could we modernize back-office operations and integrate technology, adapting traditional accounting practices for the tech era? We used the same methods that our target clients deploy. Applying software product management methodologies and prioritizing user experience, we developed cloud-based financial reporting and virtual CFO services.

Today, Hiline is a leading provider of financial-operations-as-a-service, helping growth-minded organizations manage risk, improve outcomes, and make better decisions through our comprehensive services across accounting, finance, tax, human resources, and payroll. We have relationships with key technology providers and offer a team of experts across finance and tech.

How do you believe Hiline’s tech-forward approach helps SMBs with high-growth potential compared to traditional accounting methods?

It’s actually the combination of technology and having the right people in the seats. Despite rapid advancements in AI and accounting technology, you still need people that are stewards of good financial operations. So we’ve built a company that does two things: leverages technology to its highest potential and focuses on hiring the very best talent to serve our clients.

The pandemic really forced companies into adopting remote work and it required a huge mental shift. It was also a huge catalyst for our business model. The old accounting model that required in-person visits to your CPA went out the window. It became obvious that people could get better service and best-in-class technology more cost-effectively – and 100 percent remotely. This offered clear evidence of the advantages of our tech-enabled approach. It demonstrated that you could deliver high-quality financial services efficiently and effectively, regardless of where you were located.

What are the main challenges SMB founders face in financial management, and how does Hiline address these challenges?

The financial side of the business can be a real blind spot for founders. They don’t speak the language. Typically, the creative and visionary side of your brain that makes you a great founder and operator isn’t the analytical side that makes you a great accountant. The ability to execute on a vision is an incredible superpower successful founders exhibit. However, they rarely also find joy in keeping meticulous company records and setting up back-office infrastructure.

There are so many things challenging business owners today: access to capital, hiring decisions in an uncertain economy, the litany of SaaS tools available that many businesses just don’t know how to use. Understanding how to manage and deploy both human and financial capital is a daunting undertaking. Being a good capital allocator comes down to two things: how you leverage your cash flow and how you invest in talent. Most accounting services focus on compliance, but they fail to provide the financial expertise and tailored strategic support that businesses need to thrive.

The good news for companies is that they can outsource both accounting and finance advisory level support. By leveraging cloud-based accounting and finance platforms, Hiline delivers a really compelling alternative. It can also be less than half the cost of that in-house investment in headcount. This will better set up a SMB for success long-term and with a system in place that scales with their growth.

In your opinion, why do many startups and small businesses overpay for basic bookkeeping but under-invest in strategic financial work like FP&A?

Small businesses often look to abdicate these responsibilities to someone they perceive to be necessary such as a bookkeeper or controller, but this can be a massive over-investment in the basic accounting needs. What they actually need is strategic input from someone who understands accounting but can also help them look out into the future. There generally isn’t a single CFO or bookkeeper that can offer both.

I find that most founders and operators of SMBs are intimidated by the concept of financial planning and analysis (FP&A). Simply put – FP&A is just planning. And it’s critical in the short and longer term. The economic landscape is forcing founders and operators to improve their financial acumen and become efficient capital allocators. It’s about adapting and ultimately thriving as the world changes. To navigate through this economic inflection point, you need some type of FP&A inside your business. Implementing this type of planning from the outset can be a game-changer for small businesses.

How can a fractionalized CFO service help startup/SMB founders improve their financial planning and analysis?

For many startups and small businesses, it’s an overinvestment to hire a six-figure CEO or controller. It might benefit some businesses, but the majority will be well served by teaming up with an external partner like Hiline who can provide year-round financial expertise. A company’s industry and scale will help determine this. We work to meet companies where they are at and help them figure out what the best solution is for their individual business.

Hiline has made FP&A more accessible for these smaller businesses. Our team of seasoned finance and technology experts can manage revenue planning, cash flow forecasting, headcount planning, scenario analysis, etc. to align a company’s finance and operational data and give businesses a clear perspective of the road ahead.

We also work with companies on budgeting and forecasting to help them implement a budget that supports sustainable growth, identify profitable opportunities and allocate resources effectively.

What role does AI-powered software play in Hiline’s approach to making FP&A more approachable for businesses with less than 100 employees?

We have a partnership with Basis, an AI-powered planning and reporting tool that scales as companies grow. FP&A is becoming more accessible and easier to deploy in SMBs with advances in cloud-based platforms like Basis.

Integrated with other accounting software, these tools can unlock real time insights into a company’s performance, budgets, rolling forecasts and more. I find most operators really thrive with an executive level summary dashboard that focuses their attention
on the most important things they need to know and understand, such as cash flow,
profitability, margins and growth, for example.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Fintech Interview with Matt Gardner, Co-Founder & CEO, Hiline first appeared on FinTecBuzz.