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Industry roundup: 18 February

Global countries unite to combat supply chain collusions

According to a recent UK government press release, a new working group of international competition authorities has come together to address supply chain collusion. The working group is made up of competition authorities in the "Five Eyes" countries: UK Competition and Markets Authority (CMA), US Department of Justice, Australian Competition and Consumer Commission, Canadian Competition Bureau and New Zealand Commerce Commission. The group will use existing international cooperation tools and meet regularly to share information and try to detect suspicious anti-competitive behaviour and collusion.

The five competition authorities issued a unified warning to companies seeking to use supply chain disruptions as a cover for illegal anti-competitive acts, including collusion. These companies will face the full power of the law. Fines of up to 10% of global sales, dismissal of directors and, in some cases, criminal charges could be incurred in the UK.

The working group was developed due to concerns about higher prices resulting from supply chain disruption throughout the economy. The agencies are concerned that some businesses could take advantage of the disruptions and engage in anti-competitive collusion practices.

Michael Grenfell, Executive Director of Enforcement, CMA, commented that while there are legitimate price increases, the CMA is concerned if collusive anti-competitive practices are the cause to those high prices or prevent them from decreasing. If evidence is found that the issues in the supply chain might be caused by potential breaches of competition law, the CMA will take legal action.

The CMA provided contact and policy information for businesses and individuals who would like to share key information directly with the CMA, with a leniency line for cartel participants that are the first to report.

Powering institutions with data analytics through Money.Net

As demands on investment banking and capital markets institutions continue to evolve rapidly, a need for modernization and reliance on data analytics in investment banking is increasing the desire for more innovative solutions such as cloud-based technologies, artificial intelligence (AI) and cognitive tools, according to Deloitte’s perspectives. In order to meet those demands, Money.Net, a financial data and analytics company, launched an enhanced platform for institutional users. The platform provides cost-effective access to professional financial tools. Money.Net is now available to support institutional users throughout the investment process by leveraging next-generation technologies such as AI and machine learning (ML) to manage big data.

Through Money.Net, users are able to access financial data for various asset classes such as equities, fixed income, cryptocurrencies, commodities, FX and derivatives / options. Additionally, users can access information and analytics through web and Excel integrations with customizable layouts and live support.

Furthermore, the platform is obtainable at numerous stages that include Pro, Premium and Enterprise, and users, at any stage, can access real-time market information and news, portfolio monitoring, and evaluation and charting tools, with the ability to access the Symphony generation platform.

Vincent Sangiovanni, CEO, Money.Net. commented that Money.Net provides a simple-to-use, next-generation multi-asset class interface enabling institutional users the capability to seamlessly research, analyze and support their investment decision-making process. Below are some of Money.Net’s new strategic partnerships to better serve the needs of institutional investors.

  • Cosiac’s ChartIQ : combines intuitive visualization with multi-asset class data to provide customizable charts that deliver actionable and tradable insights.
  • Symphony : provides access to the largest global financial services community through a secure and compliant communication stack of chat, voice, video conferences, files and screen sharing, enabling investors to interact in real time.
  • Trading Central : provides AI and ML technology to explore and validate trading opportunities and manage risks.

Mitigating digital BNPL fraud risk through SEON and ViaBill partnership

With digital fraud on the rise, businesses are prioritizing viable, innovative, preventative solutions to combat fraud. SEON, a fraud prevention provider, is partnering with ViaBill, a global Buy Now, Pay Later (BNPL) company, to prevent and detect digital fraud. This partnership demonstrates growth trends in fast-growing areas that effectively mitigate the risk of fraud using SEON's comprehensive digital footprint data enrichment service and Know Your Customer (KYC) checks. SEON also announced partnerships with other major companies in the BNPL space, including Afterpay, Mokka and Sezzle.

With many alternative payment methods available for purchases, the BNPL industry continues to grow globally, with millennials and Gen Z leading the space. According to ViaBill, the capabilities offered by SEON bring unique ways to use additional data signals to help companies make more perceptive decisions. SEON enables ViaBill to substantially reduce the risk of fraud by confirming the authenticity of potential users. Claus Linde, SVP Product, ViaBill, commented that their users will now have a seamless and safe shopping experience using the smart and straight-forward payment options protecting them from online fraud and personal data theft.

By combining comprehensive data enrichment using digital footprints and modernized device fingerprinting technology, SEON’s fraud protection tool will help BNPL businesses deal with fake users, fraud rings and bot attacks. In addition, by providing this security, the BNPL industry will be able to thrive in developing countries, which are often at high risk for fraud. Fintech start-ups in high-growth countries will be able to implement rigorous fraud prevention protocols in a cost-effective and secure manner, standardizing financial BNPL services around the world.

SEON's solutions can be integrated seamlessly into existing KYC verification protocols or used to build entirely new systems. The technology is designed to minimize the impact on the customer experience and the buyer's journey.

Enhanced digital banking in the Philippines using SaaS cloud payment services via Tinkoff and BPC partnership

Tinkoff Group, a digital financial and payments services provider, selected BPC’s SaaS cloud payment services for its strategic expansion into the Philippines. The agreement specifies that BPC’s next-generation payment processor, Radar Payments, will manage the end-to-end payment experience for Tinkoff’s potential customers in the Philippines, including the production of virtual and physical cards  and the issuance and management of debit and credit cards, SmartVista ACS for 3DS security and fraud prevention services.

According to the press release, BPC has been active in the Philippines for over 15 years, serving banks, neobanks, rural banks and transport operators, contributing to better financial inclusion using next-generation technology. BPC was selected for its functionality to support customer growth and anticipated transaction volume. New financial players seek partners to quickly and effectively deploy a sustainable enterprise model. George Chesakov, International Expansion Lead, Tinkoff, commented that the combination of Tinkoff’s SaaS cloud technology services and BPC’s payment processing business along with their strong local familiarity with the Philippines’ banking sector will help build efficient products for the market quickly.

Transact365’s payment solutions footprint expands into LATAM

Transact365, UK-based financial technology and payments provider, launched its worldwide payments platform in Latin America (LATAM), enabling it to become one of the largest alternative payment platforms in the region. The new platform will enable cross border and local e-commerce transactions via bank transfers and local payment methods such as PIX and Boleto. Consumers in the region will be able to initiate secure online transactions, while merchants will have the ability to access those transactions through enhanced capabilities.

LATAM’s merchants will be able to initiate bank transfers in local currency and enable cash and non-card local payment methods for domestic or cross-border transactions, connecting them with consumers across the world. Transact365 currently covers the majority of all banks in the LATAM footprint with their payment network consisting of ten national jurisdictions (including Mexico, Brazil, Colombia, Ecuador, Peru, El Salvador and Costa Rica) and plans to expand further.

LATAM merchants will benefit from B2B and B2C transactions and real-time payment confirmation capabilities through Transact365’s state-of-the-art payment solution technology and security and fraud protection features, reducing the risk of fraud or chargebacks significantly once a transaction is approved by Transact365.

Dan Fernandez, CEO, Transact365, commented that the expansion into the LATAM region is the latest in a series of developments planned for established and emerging markets. Transact365 launched in India earlier this year and is operational in Europe, Asia, Australia, North America and Africa.

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