Best FinTech Solution

Recognizes the best solution to make financial services more efficient by demonstrating an incremental or radical/disruptive innovation development of applications, processes, products or business models in the financial services industry, expanding business and consumer options for investing, saving, and conducting transactions, competing with banks selling financial service solutions for money transfer, lending, investments, and payments. This can include but is not limited to financing, insurance, investments, payments, advisory, security, blockchain etc.

Pay-to-card Salary Payments - CloudPay

Pay-to-card vs. the banking system: From 3 days to 30 seconds A revolution in salary payments has arrived. It’s a game-changer for global payroll, finance, and HR teams. And it means employees can receive their wages in a matter of seconds. Most organizations pay employees through the banking system, via services such as BACS, ACH, and SEPA. This typically takes 2-3 days to process through multiple banks en-route to the recipient’s account. Setup is also lengthy, involving several data points and a ‘penny test’ for validation. This complexity provides multiple points of failure. Until recently, this was the only method available to pay employees. But through advances in FinTech and mobile apps, a new system has come into play – pay-to-card using ‘card rails’ – making it possible to pay employees in as fast as 30 seconds. CloudPay’s new money movement solution gives employers choice of payment methods and a higher level of security and accuracy than ever before. Enabled by a collaboration with Visa, CloudPay’s pay-to-card payment method uses Visa Direct. This is Visa’s real-time push payment platform that leverages their global network, facilitating fast digital payments worldwide, with state-of-the-art security and compliance controls. It makes instant digital salary payments to employees’ debit and credit cards and replaces lengthy banking set-up processes with fast card validation. CloudPay also offers a FinTech mobile app, CloudPay NOW, connected to Visa Direct. Using the app, employees can input card or bank details, view their payslips, and make and receive instant payments to cards from their earned wages, before payday. This can happen whenever and wherever, without the limitations of banking hours. It’s on-demand access to wages that have already been earned - in effect, enabling employees to choose their own payday. CloudPay NOW is the world’s first global earned wage access solution. Our first CloudPay NOW customer, a leading global retail brand, reported a 30% adoption rate among employees in the first two months. Progressive employers like this company have employee experience top of mind. FinTech developments have opened up possibilities for companies to add new tools to ESS (employee self-service) platforms, giving employees flexibility and control over how and when they are paid. As part of CloudPay’s mission to modernize the employee pay experience, we are closing the gap between global payroll and payment services using technology. CloudPay’s CEO, Paul Bartlett said, "Global pay processes have evolved significantly in recent years, with further acceleration of digital transformation due to the pandemic. Our relationship with Visa is one more example of how CloudPay is helping employers transform legacy payroll systems with pay-to-card payments, and engage employees with the option to draw down earned wages and manage financial commitments before payday."

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  • FinFit's Holistic Financial Wellness Platform - FinFit

    FinFit offers a holistic financial wellness platform, featuring a personalized assessment, premier educational resources, interactive budgeting tools, member rewards incentives, early wage access, and innovative banking, savings, and credit solutions that motivate employees to establish positive financial behaviors to achieve overall financial well-being. If your organization is struggling to retain employees, adding FinFit's suite of financial wellness resources to your employee benefit package can increase employee retention by 19% and save you nearly $2 million annually for every 1,000 employees.

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  • LeaseQuery - LeaseQuery LLC

    LeaseQuery’s accounting software simplifies and improves lease accounting for organizations reporting under FASB, IFRS, and GASB by providing the calculations and functionalities necessary to comply with the financial reporting standards for lease contracts - ASC 842, IFRS 16, GASB 87, and various others. The solution provides accurate lease accounting calculations and everything else needed for compliance: amortization schedules for the lease liability and ROU asset, journal entries, reports, disclosures, and knowledgeable support staff. Fully compliant with the new lease accounting standards, LeaseQuery provides accurate finance lease and operating lease accounting for lessees reporting under ASC 842 and IFRS 16 as well as both lessees and lessors reporting under GASB 87.

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  • OneSpan Sign Virtual Room - OneSpan

    Agreement processes are most successful when completed in person. Why? Because consumers tend to turn to channels where they can get human help � especially for complex, multi-step agreements. That�s why in today�s increasingly remote world, the human element is more important than ever before. Organizations that can offer a personal, human touch remotely are in a better position to get their customers the help they need and ultimately win them over. The OneSpan Sign Virtual Room enables financial institutions (FIs) to re-create the power of face-to-face meetings and complete financial agreements that require human assistance. It brings together electronic signature, web-enabled videoconferencing, and rich collaboration capabilities in a secure cloud solution. Customers get the financial help they need from the convenience of their home or office, and the financial institution gets access to a new, high-touch channel to engage with customers. Banks and FIs get the opportunity to replicate the in-person experience and walk customers through high-value agreements and product applications, verify their identity, and collect signatures and approvals � as if they were in-person with their customers. OneSpan Sign Virtual Room provides banks and FIs with: � Convenience: Built-in videoconferencing eliminates the need for in-person meetings to review and sign high-value agreements. � Real-time Assistance: Give customers the personalized attention, answers, and help they need in real-time. � Fully Branded Experience: Add your branding to the e-sign process to increase customer trust and improve completion rates. � Secure Agreements: Bank-grade security, digital signature encryption, and strong identity proofing capabilities ensure data and documents are always secure. � Strong Electronic Evidence: Strengthen security and compliance with vendor-independent audit trails with the option to record the virtual signing session. � All-in-One Solution: Built-in e-signature, identity verification, videoconferencing, and rich collaboration features elevate the customer experience, increase security, and simplify management and compliance.

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    Pipe: The Trading Platform for Recurring Revenue - Pipe

    Pipe has created the world's first trading platform for recurring revenue, enabling entrepreneurs to grow their businesses on their terms. Pipe gives companies access to the capital they need to grow by turning their recurring revenue into up-front capital instantly without restrictive debt or dilution. By treating recurring revenue streams as a new asset class, and making them tradable on a two-sided platform, Pipe enables businesses to finance their growth without reliance on banks or venture capital. This recognition of the changing financial landscape makes funding accessible to a wider range of diverse business owners. On the sell-side, companies connect their accounting, banking and billing systems securely and Pipe’s algorithm analyzes their revenue and financial health to provide the best possible bid price based on their level of risk. This allows founders to access capital at the lowest cost without taking on restrictive loans or diluting their ownership. The buy-side of the platform is made up of institutional investors all eager to purchase these recurring revenue-generating assets, which generate similar returns to fixed-income products. In the initial launch, the platform served SaaS companies, but now over 50% of the companies on the platform operate in non-SaaS verticals including D2C, real estate, telcom, and service businesses. In February 2020 Pipe launched in beta and publicly launched in June 2020. In 2021, Pipe raised $300 million in funding from some of the biggest technology innovators and investors including Shopify, Slack, Hubspot, Okta, Chamath Palihapitiya, Michael Dell, and Marc Benioff. Pipe reached a $2 billion valuation less than a year after their public launch, the fastest of any fintech company in history.

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