Finastra | July 01, 2022
Finastra today unveiled its embedded consumer lending solution, enabling access to traditional regulated lending options for consumers at point-of-sale (POS). Financial institutions, distributors and merchants will benefit from a platform that makes it easy for their customers to access lending options.
For end consumers, Finastra Embedded Consumer Lending aims to make the buying process as frictionless as possible, providing more options to consumers and an alternative to the Buy Now Pay Later approach, which is often not applicable to high value purchases. For merchants, the BaaS platform provides access to numerous lenders and their specific products. And for financial institutions, Finastra Embedded Consumer Lending provides access to a marketplace of distributors and merchants to distribute their banking products.
Jeannette Kescenovitz, Senior Director, Solution Management, Banking as a Service and Orchestration at Finastra said, "Finastra's Embedded Consumer Lending solution offers financial institutions a direct route to growth by offering loans via a merchant's digital point-of-sale. The solution builds connectivity and relationships between financial institutions and the distributor organizations that embed lending solutions at merchants' point-of-sale."
"Banking as a Service (BaaS) is a vital component of our growth strategy and embedding loans at the consumer point-of-sale opens a new channel to provide financing to customers we couldn't have reached before. This cost-effective solution delivers consumers a safer, regulated alternative when it comes to POS financing. As our trusted partner of many years, Finastra is the ideal orchestrator as we connect and scale on our embedded finance offering."
-Josh Williams, EVP, Chief Banking Officer at Seattle Ban.
Finastra's Embedded Consumer Lending exposes APIs on Finastra's FusionFabric.cloud open platform with which third-party distributors, like Loanstar Technologies, may integrate. Loanstar Technologies offers state of the art technology to connect lenders to borrowers, creating POS consumer loans through their merchant network in numerous verticals. Andrew Turner, CEO at Loanstar Technologies said, Working with Finastra will enable us to scale up significantly, providing access to hundreds of financial institutions, like Seattle Bank, across the US. As a trusted provider of mission-critical financial services software, Finastra will help us connect with the right bank providers to bring billions of dollars of new liquidity to fund POS loans with our merchant customers.
Integrated with Finastra's lending and origination core systems and hosted on Microsoft Azure, the solution enables financial institutions to process POS loan applications, including performing identity verification, decisioning, facilitating e-sign, as well as account creation and funding (through the bank's core banking system). Using APIs and event notification systems, third-party distributors can provide real-time feedback to merchants and consumers on loan status.
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world's top 100 banks.
Sionic | June 29, 2022
Sionic is a leading provider of consumer-to-business and omni-commerce payments solutions and international technology and consulting firm serving the banking, insurance, and other financial sectors announced entering into a multi-year agreement with a suite of cloud computing services, Google Cloud. The company has chosen Google Cloud as the only cloud service provider for the country-wide rollout of its real-time, bank-to-bank digital payment services, which lets customers deposit cash into merchants' accounts at the point of sale.
After eight years of hosting Sionic’s mobile commerce platform with Amazon Web Services (AWS), the company has decided to use Google Cloud to power its online, ULink mobile, in-store, and in-vehicle service experiences.
"We invested a lot of time with the Google Cloud team to thoroughly understand the value and benefits of Google Cloud over AWS." He added, "Having that level of interaction and support from knowledgeable, real human beings was a great first impression. Google Cloud’s focus on security, scalability, and sustainability mirrors our objectives as we bring current and future solutions to market. We have greatly decreased our infrastructure management needs and increased our development velocity by using Cloud Run, Cloud SQL and Big Query."
-Justin Turner, Director of Product for Sionic
"The payments industry is increasingly embracing the security and scalability that is offered by cloud technology," stated Yolande Piazza, Vice President, Financial Services, Google Cloud. "We look forward to working with Sionic to enable its bank-to-bank digital payment service and enhance the payments experience for customers."
"We are anticipating steady, month-over-month transaction volume growth as we connect our Pay-by-Bank service to existing card payment providers already processing billions of transactions annually," mentioned Erica Burris, VP Strategy and Product for Sionic,
Agilysys Inc. | June 28, 2022
Agilysys Inc., an American developer and marketer of proprietary enterprise software and other products, announced expanding its experience enhancers collection by introducing two hospitality application collections at HITEC Orlando 2022 that elevate return on experience (ROE). Collectively, the company's primary point-of-sale systems (POS), property management systems (PMS), and inventory & procurement (I&P) systems contain 28 integrated extensions.
ROE examines how technology empowers and creates more engaged staff members and guests who spend more, return more often and give better reviews. By ensuring that every experience at every touchpoint avoids disappointment and produces a champion, ROE covers longer-term gains.
Formulated to increase ROE through the experience of various staff and guests, the Experience Enhancers Collections from Agilysys enable management companies, property operators, and owners to boost the emotional and empirical returns derived from integrating cutting-edge technology across their operations.
Rohith Kori, vice president, product and corporate strategy for Agilysys, said, “Hospitality technology must clear a higher bar than traditional ROI because hospitality is a zero-disappointment business.” He added, “If a property exceeds expectations on nine out of 10 guest experiences but disappoints on the tenth, that is the one that will show up on a review site, discouraging both return and referral business. By making ROE a priority and by providing broad options for customers to build ROE, we help to drive high return hospitality overall.”
Kori mentioned that the company enhances ROE through integrated, experience-focused modules designed based on industry dynamics as well as customer input, such as the elevated demand for mobility and self-service for both guests and staff. In addition, Agilysys will reveal its Experience Enhancers for Food & Beverage collection, which comprises 12 applications, and Experience Enhancers for Hospitality collection, which consists of 18 applications.