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Industry roundup: 3 November

Efficiencies in the financial technology space continue to emerge as FintechOS updates platform

FintechOS announced its latest product release, FintechOS 22, a platform that will enable financial institutions to update their current systems into the latest technology to effectively deliver unique digital products in an efficient and fast way. According to FintechOS, FintechOS 22 will combine “composable digital and core business blocks with a no-code/low-code approach, underpinned by cloud-native, data-at-the-core architecture”.

With FintechOS 22, financial organizations will be able to meet their digital transformation goals in a short amount of time while offering a highly productive financial infrastructure platform in a cost effective and easy way. 

Traditionally, financial institutions have had the burden to learn and embrace new product technologies and financial expenditure commitments. Teo Blidarus, CEO and Co-founder at FintechOS, explained that “institutions can finally overcome these inefficiencies and develop products that are truly personalized to the needs of their customers.” In addition, Blidarusexplained that financial service providers must change as Embedded Finance begins to revamp the relationships between providers, industries and technologies, and their product offerings should reflect differentiation and easy integrations into third-party offerings. As Blidarus described, “the era of IT-centric monolithic technology architectures must end.”

Below are updates directly from FintechOS 22 to the platform for banks and insurers respectively.

Updates to the platform for banks include (data source from Fintech):

  • New vertical, end-to-end solutions such as Buy Now Pay Later and split payments loans, overdraft and credit facilities.
  • Ready-made UX journeys for first-time-buyer mortgages, personal loan applications, split payments, and onboarding for digital bank accounts including SME banking.
  • Connectors to exploit API data sources including LexisNexis Bridger Insight, Companies House, and postal address databases.

Updates to the platform for insurers include (data source from Fintech):

  • Pre-built UX journeys for personal health insurance self-service quote and buy, property and casualty first notification of loss, transparent policy version history tracking, multi-policy contracts.

FintechOS also announced that it is “launching FintechOS Academy which allows its customers and implementation consultants to learn how to create and edit financial products independently of IT teams. This self-service model alleviates the reliance on overburdened internal software development and IT teams for change requests.”

ONLINE CONFERENCE:

The launch of FintechOS 22 will be held on November 2-4 offered through FintechOS Leap, an annual virtual event that showcases successes, challenges and best practices for new and innovative financial products and services. Over 60 leading speakers will be featured,withover 1000 industry professionals attending.

For more information, please visit https://fintechos.com/

 

Oracle’s NetSuite First Cloud ERP

As more and more financial institutions and corporations aim to improve their accounts payable and receivables systems, Oracle’s SuiteBanking is the first cloud ERP to help improve forecasting and automation more swiftly by integrating fintech into the cloud ERP. According to Oracle, SuiteBanking will help cash flow processes by making it easier to pay and receive invoices in a fast and efficient way.

An increasing number of organizations are looking for ways to automate their vendor payment processes along with the manual entry and monitoring of data transactions from various systems. Evan Goldberg, EVP, Oracle NetSuite, said “time saved from automating these processes could be spent on strategic projects that help drive further growth for the organization.” Combining fintech and EFP will help automate the current manual processes through one point of entry while improving cash flow.

The new alliance between Oracle’s Suite Banking and HSBC helps improve the accounting processes by speeding up both accounts payable and accounts receivable. The increased automation helps provide organizations more control over their expenses, improves their accounting processes, and provides all of this insight in one system. This unified system removes the need to collect data from other departments and systems, which should save finance teams significant time every month. Additionally, integrating NetSuite with banking partners like HSBC provides NetSuite customers the access to a global digital wallet and virtual payment card. HSBC is the first SuiteBanking alliance partner who has embraced fintech innovation.

Learn more at https://www.netsuite.com

 

Mastercard moving forward much faster into the future with sustainability finance

Mastercard reduced their net zero timeline by a decade, from 2050 to 2040. Their sustainable solutions have reached customers across Europe and Latin America. Banco de Costa Rica, ekko, Granit Bank, and Sberbank are all Mastercard customers that have signed on to adopt the Mastercard Carbon Calculator.

With the net zero strategy to encourage climate conscious choices, Mastercard aims to help banks offer their customers digital tools such as the Mastercard Carbon Calculator and cards made from more sustainable materials. Michael Miebach, chief executive officer, Mastercard, said, “We will also use our technology and global network to inspire collective action that fosters a more sustainable digital economy.”

About 85% of respondents from a Mastercard global survey said they are willing to take personal action to combat environmental and sustainability challenges in 2021. Some of the advancements implemented by Mastercard include the Mastercard Carbon Calculator, a way to inform consumers about the environmental impact of their spending, and Mastercard’s sustainable card program, a way to reduce the use of PVC plastic in card manufacturing and use cards from recyclable, recycled, bio-sourced, chlorine-free, or ocean plastics. Mastercard and its partner network via the Priceless Planet Coalition enable ways for consumers to contribute and donate to forest restoration. In the race towards meeting sustainability goals, Mastercard made changes to their executive compensation model to include the three global ESG priorities including operational carbon neutrality.

As many banks and businesses have acknowledged, Mastercard’s Carbon Calculator is a tool to help draw consumer awareness to the environmental issues while illustrating the impact on the environment and ability to make a difference on this impact.

For further information, please visit www.mastercard.com.

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