Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from Alveo, Revolut, Polygraph, Deel, Mollie and Kyriba.
Financial data management platform launches
UK-based financial data management solutions provider Alveo Technology has launched the newest version of its cloud-native core platform, ‘Prime Cloud’.
Alveo suggests that Prime Cloud is a highly scalable end-to-end solution which enables the sourcing, mastering, quality control and more of financial data. The platform will support companies to onboard and incorporate new data sources at lower cost and higher speed than they were able to previously.
Mark Hepsworth, CEO of Alveo, said “We believe institutions moving market data infrastructure to the cloud will be a major trend over the next five years and we are already working with clients on these projects. The release of Prime Cloud is a major milestone for Alveo which enables clients to run our core and new products natively in the cloud.
“Along with our new User Interface and focus on business user self-service, native integration with the cloud allows clients to reduce total cost of ownership (TCO), accelerate the onboarding of new data and improve efficiencies.”
Revolut launches Pay Later in Ireland
Finance app Revolut has officially launched Pay Later to its 1.9 million users in Ireland. The launch becomes the first pay later product in Ireland to use an approved credit limit.
Customers will be able to use Pay Later for purchases up to a maximum of €499, with any Revolut cards. This is the maximum limit, although each customer will be given their own unique limit as decided by Revolut’s credit assessment. A fee of 1.65 per cent per purchase is repaid as part of the final two instalments.
Joe Heneghan, CEO of Revolut Europe, commented: “We’re delighted to add Revolut ‘Pay Later’ to our financial superapp to give our customers more control and flexibility over their personal finances, in a responsible way, by enabling them to spread the cost of purchases over three instalments. From assisting budgeting, to managing cash flow, we’ve had great feedback and stories from our customers who have used Pay Later as part of the early rollout, and we look forward to hearing more.”
Report suggests most will reduce online spending
Financial services provider Mollie has released its findings from its latest European Ecommerce Report. The findings of the report are based on a survey of 3,000 online shoppers across Europe.
Mollie suggests that ecommerce retailers must act fast to remain competitive as 79 per cent of European shoppers plan to reduce online spending in a significant downturn. Meanwhile 53 per cent of those surveyed had a pessimistic economic outlook for upcoming year.
Ken Serdons, CCO at Mollie said: “Online shopping is holding the gains made during the pandemic, but consumers now demand a seamless, friction-free experience from ecommerce businesses. Online retailers must make themselves more attractive than their competitors. Our research identifies the key things retailers can do to gain a competitive edge ahead of the year’s busiest shopping period.
Online ads at risk of click fraud
Cybersecurity company Polygraph has warned companies in the UK and Ireland that their online advertisements may be at risk of click fraud.
Click fraud is caused by groups that are create fake websites and monetise the content using online ads, with bots generating fake clicks. Each click can take up to a few pence from advertisers – potentially costing substantial amounts due to the potential for up to billions of fake clicks from thousands of these faux websites.
Trey Vanes, chief marketing officer at Polygraph explained: “In the past, most click fraud targeted advertisers in the US, mainly due to the size of its market. However, we’re now seeing more and more criminals expanding the fraud to other countries, including the UK and Ireland. What concerns us is most advertisers in the British Isles aren’t aware of click fraud, meaning they haven’t taken steps to protect themselves.”
AI is king in predicting cash availability
Kyriba, a cloud-based finance and IT solution provider has launched its newest solution ‘Cash Management AI’. The solution makes use of data science technologies to predict cash availability using artificial intelligence.
The launch of the new solution intends to improve companies’ cash management and forecasting capabilities.
Jean-Baptiste Gaudemet, senior vice president of data analytics at Kyriba commented: “With increasing market volatility, CFOs are demanding greater accuracy and reliability from their cash forecast.”
“Data science and analytics are needed to learn from the vast amounts of information that finance teams manage every day. Artificial intelligence helps CFOs harness data to make more informed, rapid and effective decisions.”
Deel looks to solve global hiring, payroll and legal issues for companies
Deel, a compliance and payroll solution provider, has launched two major solutions: ‘Deel Shield’ and ‘Deel API’.
Companies misclassifying employees as independent contractors is a recurring problem causing potential problems with documentation and following the applicable laws.
‘Deel Shield’ looks to reduce and potentially solve this issue altogether by providing access to a contractor’s work, documentation, and invoices among other features.
‘Deel API’ looks to enable companies to globalise their HR products with this new hiring software. The solution looks to ensure that these companies hire and pay people without having to leave its platform.
Image and article originally from thefintechtimes.com. Read the original article here.