vol.5. issue 9.
September, 2019.
PCM Big answers are needed to solve a huge problem for small businesses
SPECIAL EDITION
Cover Story:
JELMER ROTTEVEEL
BLANKA LIGETI
VERNA KWAN
Marketing and Business Development Manager
Production Editor and Head of Creative
Digital Marketing Executive
jelmer@teampcn.com
blanka@teampcn.com
verna@teampcn.com
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CONTENTS
4
COVER STORY: BANKING CIRCLE Big answers are needed to solve a huge problem for small businesses
10
EXPERT INTERVIEW Exclusive Interview with Evelien Witlox from ING
12
SIBOS 2019 Attending Companies
16
EXPERT INTERVIEW: UBIQUITY Exclusive Interview with Corey Besaw
20
STARTUP SPOTLIGHT: ELUCIDATE Putting a price tag on financial crime risk
22
THOUGHT LEADER: SIBOS What will the future of cross-border payments look like?
24
THOUGHT LEADER: BLOCKCHAIN FOUNDERS FUND From Credit Cards to Digital Wallets - What’s Next for Cashless?
27
JOBS & EVENTS Check Out Our Hottest Jobs & Events From the Industry
BIG ANSWERS ARE NEEDED TO SOLVE A HUGE PROBLEM FOR SMALL BUSINESSES
Anders la Cour, Co-founder and Chief Executive Officer of Banking Circle looks at the challenges and opportunities ahead for FinTechs, challengers and incumbent banks seeking to better-serve SMEs.
The sole trader painting bespoke Christmas baubles in their garden workshop. The brothers making natural shampoo bars to sell through their website and an online marketplace. The independent seaside coffee shop known for the best carrot cake in town. The marketing agency with 30 international clients. The gym chain employing 230 staff.
This leaves most SMEs trapped in a space somewhere between retail and corporate banking offerings, with neither option meeting their needs. And worryingly, the gap between what SMEs need from their financial services provider and what has been traditionally offered is steadily growing, leaving SMEs underserved and financially excluded.
Each of these is categorised as an SME, yet each business differs enormously from the others. Some are seasonal, some are international, some are online only, some require an injection of cash upfront to purchase stock before making revenue or profit. No single traditional banking solution can possibly meet all the financial needs of every one of these small businesses – there is no one-size-fits-all solution.
And there’s another factor that is slowly but surely excluding SMEs from the right financial solution for their enterprise. Cost. While interest rates may remain relatively low, charges, fees, commissions and collateral requirements for lending continue to rise. Such financial exclusion is not just an inconvenience – it can have a catastrophic effect on a business.
Traditional banks, faced with increased scrutiny, are unable to provide the flexible banking and lending solutions SMEs need, at a price they can afford, or in a timely manner to keep up with the fast pace of today’s market. In fact, it is not just the big banks that have shied away from investing in SME solutions. Compared with the number of retail banking providers, few FinTech or challenger bank solutions cater specifically or successfully for the needs of SMEs. 4 | COVER STORY | BANKING CIRCLE
Seeking solutions At Banking Circle, we recently commissioned MagnaCarta Communications to carry out further research into these issues, to supplement the findings we published in our June 2019 white paper, ‘Financial Inclusion for Europe’s SMEs: Building a Circle of Trust’. The second round of research included interviews with some of the people working right in the midst of the challenges and the solutions hitting the market today. In this way, we have been able to get first-hand expert
insights and experiences, to help us find a way towards better financial inclusion for businesses of all sizes, stages and models. We have published the results in a mini-paper we have called ‘Circle of Trust or out of the loop?’, which complements the in-depth report published earlier in the year. The latest report, which will be launched at Sibos 2019, uncovers where changes are happening, where opportunities exist, and where barriers are beginning to come down to increase SME financial inclusion. It paints an inspiring and exciting picture of the future of SME banking. What the experts said David Selves, founder of The Selves Group, summed up the problems in two categories. Firstly, delays caused by payment clearing as we move away from
Key findings • More providers are recognising the gap in the market and realising the size of the potential benefits if they work to fill that gap • For businesses willing to use non-traditional providers, there are affordable, accessible options available for all their financial requirements, but businesses need to take that step to move away from the traditional option of using a single banking provider for all their banking services • Banks need to offer solutions independently, flexibly, rather than requiring a business to move all their banking to a single institution in order to access the services they want and need • So far, formal directives have focused too much on access to funding rather than access to a broader suite of financial services
ANDERS LA COUR Co-founder & CEO Co-founder and Chief Executive Officer of Banking Circle, Anders la Cour is a hands-on leader driving innovation to facilitate more inclusive, efficient and cost-effective banking, lending, payments and FX. He was also instrumental in arranging the $300 million acquisition of Banking Circle by EQT VIII and EQT Ventures in 2018.
ABOUT BANKING CIRCLE Next-generation provider of missioncritical banking infrastructure, Banking Circle, is underpinning the service proposition of Financial Tech businesses, PSPs, FX providers and banks. Banking Circle is increasing financial inclusion, helping financial institutions provide their customers with faster and cheaper banking solutions, including local and cross border payments, banking accounts and lending.
a cash society, and secondly, the increasing difficulty of maintaining a personal relationship with a banking professional who understands the specifics of a small business. David explained: “Pubs, for example, take most of their money over the weekend, pay in the cash on Monday but have to wait up to five days for the money from their card payments. Most breweries charge the pub landlord once a week, on a Tuesday. If you have cash that’s great and you can pay, but if it’s on cards, you may not be able to pay. But that is being addressed, and the problem is receding. “However, the other major problem is having nobody to talk to. You can’t go and natter with your bank manager, you can’t explain to someone who knows you and your business that the transaction is approved, and the money is on its way but just hasn’t cleared. Automated systems will turn down applications or reject direct debits because the funds are not in the account.” Kent Vorland, CEO of SmartTrade, explained why this is such a serious issue: “Smaller merchants tend to have normal people problems. By that I mean that the problem isn’t that they want money so they can go on holiday or go out for a nice dinner. They need their money so they can feed their family, complete the jobs or orders for their customers, or to purchase stock for the customer who has ordered it. If they don’t have access to the finance they have legitimately earned, they might not be able to feed their family or themselves.” The experts who took part in our study agreed that some categories of SMEs are better served than others. Valentina Kristensen, Director of Growth and Communications at OakNorth Bank said: “Smaller SMEs and start-ups are generally well served, but the next stage – profitable businesses needing extra finance to expand – is not served well at all. Banks will only lend ‘this’ amount, it must be secured against property; ‘you must draw down everything on day one’; ‘we won’t offer covenants or structures that will work specifically for your business’. ‘It’s an offthe-shelf solution and on top of that we won’t keep you up to date, we won’t tell you if you’re successful in securing the loan, you won’t get it for typically 2-4 months for a ‘no’ and 4-6 months for a ‘yes’. The opportunity cost of that delay is extremely detrimental to a small business.” Roger Vincent, CEO of Trade Ledger added: “The next level up is where firms really need help – above a turnover of £1m, banks will 6 | COVER STORY | BANKING CIRCLE
flick businesses over to corporate banking from retail, and that’s the gap where companies are massively underserved. “SMEs are the driving force behind the UK economy. If we don’t start to tackle the problem of financial exclusion, we will be a long way behind the curve against other industries or other countries who are tackling the problem and stimulating growth within their countries.” Patty Zuidhoek, Director of Business Banking at Triodos Bank highlighted the difficulties faced by banks, with the European Central Bank enforcing upon banks more stringent gatekeeping requirements. “All these checks and balances can be discouraging. A lot of large banks withdrew from SMEs because they want to take a standardised approach, which doesn’t work in this sector.” Paul Townsend, non-exec director of Vitesse PSP Ltd confirmed: “There are certain client groups where a bank is perfectly acceptable and works well. Where it becomes more challenging is when the client becomes more complex, requiring FX and cross border payments, having a small balance sheet and low number of employees. This brings concerns around cost-to-serve. I believe the reason the Banks are struggling is because they have large offices, complex and old computer systems, large expensive structures to run. They need to make decisions on who they support, and the barrier to entry is going to rise.” Broadening SME banking horizons Although most alternative banking solutions in the market today cater to consumers, there is an increasing provision targeted at SMEs. OakNorth’s Kristensen commented: “SMEs are still not top of the agenda for most financial services providers, but many are waking up to the benefits. They are realising that if they get an SME on board, they will be loyal and bring multiple crossselling opportunities within the business, amongst the business owners and there is potential for employees to become profitable retail customers too.” All the experts interviewed by MagnaCarta Communications recognise the benefits of ecosystem models, rather than the
traditional model of vertically integrated ‘wholeof-banking’ relationships. As our report shows, bringing about real change and better financial inclusion for SMEs requires not only top-down directives from state authorities, but more of a grass-roots movement. This requires participants to work together and develop joint solutions, building bridges between individual innovations already in the market. Vincent of Trade Ledger commented: “We are creating a new ecosystem of financial services providers, in partnership with other providers such as Banking Circle, to establish a new era of financial services which will better service customers and SMEs in the banking space. If we better serve the banking space through the incumbents, then the SMEs will benefit greatly as they can access the services they want. In this new ecosystem we can provide a new environment to better serve the SME financial services space.” Banks are also recognising the potential of the ecosystem model and are facing a choice ahead between two strategic moves. They can build their own ecosystem platforms, or they can design interoperable services and solutions to be distributed through other ecosystems. Either way, we are seeing a distinct shift away from exclusive relationships, in favour of a more shared approach. Undoubtedly, banks must be involved in the conversation regarding the way forward – they are perfectly-placed to lead on areas of strength and build collaborative solutions to fit the diverse sector, working together to help build a larger marketplace from which everyone can benefit. What’s next? The latest edition of the European Central Bank’s survey on the access to finance of enterprises (SAFE) paints a positive picture of financial access for European SMEs. The European Banking Federation reports improvement in SMEs’ ability to access bank lending and the EIB has shown a steady increase in approval rates for bank financing over the past five years. Clearly, change is happening, inclusion is increasing. But, whilst it has been increasingly recognised and discussed that change is needed, it is overdue and, as yet, has been small and slow.
Why have we yet to see a significant shift in the industry? Vorland of SmartTrade believes the market is more than ready for a better SME funding solution. “100% of the merchants I have worked with over the past three years would be overjoyed, thrilled, to have access to their cash instantly, and would willingly pay a small fee or interest on the loan, or a certain percentage of all transactions to pay back a settlement or loan they needed.” Not only that, he believes the solution could be delivered now. “I can assure you, every financial institution on earth could put together a risk structure that would allow these companies to have access to that finance. And on top of that all insurance companies in the world would be happy to insure those liabilities, so the risk wouldn’t necessarily even lie with those offering that financial inclusion. All in all, there is a long line of companies that would benefit from being given that level of flexibility.” However, as our latest report shows, the progress and achievements will remain limited until further collaboration, communication and joined-up thinking becomes commonplace within the financial services industry. As Selves, of the Selves Group commented, the potential is huge. “A bank who took the bull by the horns and really went in to support SMEs would clean up.” And as Trade Ledger’s Vincent points out, the impact is far wider-reaching. “The UK entered the Open Banking journey 18 months ago, and we’re seeing other countries follow us into this revolution. If we can connect countries via these open banking programmes, like we should see through PSD2 across Europe, it will facilitate better trade.” But whatever strategies are applied, the key is that increased financial inclusion brings increased trade, and global economic benefits. It is vital for sustained growth in the new global economy. Click here to register for the new Banking Circle Insight Paper which will be launched at Sibos 2019.
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EXPERT INTERVIEW: EVELIEN WITLOX FROM ING 10 years ago the banks were in charge of payments. Now the tide is shifting. How are you dealing with the changes in the payments landscape?
usage of block chain technology in the wold of Supply Chain and Trade Finance, servicing our top whole sale international clients.
Indeed other players than banks have entered the payments arena. In fact Fintechs started with innovative payments solutions using advanced technologies and quite often focussing on a very specific service. ING realises that this means more fierce competition and decided already a few years ago to follow these new players more intense. This has led to constantly identifying the strengths of these parties and building partnerships in order to stay relevant. ING has developed different ways to ensure we remain the primary relation for our clients. Within the business lines we have moved to Agile in order to increase client focus, time to market and effectiveness. Furthermore ING has innovation labs where we foster new initiatives which has led to spin offs like Yolt and Cobase. Apart from that we also work together with Fintech to integrate their services in our client offering. For instance ING bought last year a 21 million Euro stake in an Irish (B2B) payments firm, TransferMate. This Fintech has developed an alternative cheaper and faster cross border payments solution. ING will offer this solution to SME’s and corporate clients next to our current SWIFT based service offering. An other example is the acquisition of Payvision that extends our merchant service offering.
PSD2 is currently around the corner. How did ING prepare for itself, what changes can individuals and businesses expect to see?
Do you feel the current changes as a threat to the way ING is conducting business, or rather as opportunities for ING to grow and expand into other areas? ING sees these current changes as an opportunity to continue to better service our clients and growing as a result of that. As the TransferMate example already illustrates we perceive these changes as challenges and as opportunities to stay ahead in the international payments business. Our innovation centre constantly explores and follows these changes and players in order to step into attractive partnerships; we already realise that banks will not survive in this business acting on its own. It is advanced technology and agility of these new players which help us to continuous improve our offerings to our clients. Next to the payments business there are good examples of 10 | EXPERT INTERVIEW | ING
PSD2 is of course a big game changer where banks have to open their payments initiation and account information services enabling Third Party Payments Providers to build on our capabilities enriching our offering towards our clients. ING has developed the PSD2 services as a platform. TPP’s can connect to these API’s and have immediate reach towards all ING client indepent of their geographic location and/or market segment. ING does see possibilities that Open Banking will create. On ING’s Developer Portal we have delivered the PSD2 services and we will continue to enrich this with other API’s. This will accelerate innovation by working more closely with external developers. It gives them access to selected, simulated ING application programming interfaces (APIs) they can use to jointly create new and innovative customer experiences. In the spirit of Open Banking, the Developer Portal is a global market place for developers from inside and outside the bank. These include developers from corporate clients and Fintechs who want to partner with ING to create new, empowering initiatives for customers. You have mentioned before that ING is “envisaging how payments can be fully integrated into the buying experience rather than being a separate stage on the journey.” How are you envisaging this? Will PSD2 at to this buying experience? For individuals buying more and more in an E commerce environment and using digital web based services 24 x 7, they expect the payment to be paid instantly. Next to PSD2 we see real time or instant payments service offering as an other game changer next to PSD2. Also Corporates in sectors like transportation, insurance or logistics are demanding this instant payment service offering as well. Next to that seamless integration of our financial services with ERP systems and processes of our corporate clients is an other important trend in clients needs which we really want to fulfil.
How big is the current global reach of ING? What are your current key markets and target markets for the years to come? Our main focus is a clear and seamless harmonised service offering with a broad Pan European coverage. This means apart from our dominant home market position in the Netherlands and Belgium we focus on extending also our market share in Germany, where a.o. our Direkt Bank proposition is very succesful. We furthermore focus on a number of other so called challenge and growth countries: Spain, France, Italy and Czech Republic creating one way to interact with our customers. Last but not least we are constantly improving our local service offerings in Romania, Turkey, Poland, Australia and Luxemburg. ING has invested in various companies in recent periods such as Payvision, TransferMate and Yolt. Which fields is ING looking to develop further business and invest in? I was already earlier referring to our Innovation centre that constantly follow market developments in corporation with the business lines. When I look to the world of Transaction Services in the broadest sense, we decided to invest in blockchain based initatives for Trade Finance. ING has teamed up in 2017 with R3, trade finance platform TradeIX, and 12 other banks to make trade finance safer, simpler, and more flexible. Powered by Corda, a distributed ledger platform, the initiative allows institutions to automate financing for traders before and after shipment. Current manual processes, such as checking documents, will be replaced by smart contracts. A nice example of serious improvements in the customer journey of our bigger international corporate clients. ING also decided to join USC, a blockchain-powered trade settlement mechanism to make these transactions more efficient. USCs, a digital version of existing currencies, based on central bank backed digital currencies. USC’s can be used for settlements and to transmit all the transaction data. It reduces the exchange rate risks of the transactions, making the payments and settlements process faster, cheaper and less risky. The initiative is led by the newly-established Fnality International as per June this year with capital from the 14 participating banks, including ING Bank with focus on financial markets based transactions. In your honest opinion, how much will the market be disrupted in the near future. Will banks get into trouble? Of course we see tremendous changes in the markets with new players, I already was referring to these earlier on. According to my view within ING we are changing the organisation more to be fully customer oriented and creating an agile environment. It of course needs a cultural and mental change in traditional banking. These changes take time, but is a good way of staying relevant in this highly competitive market. Partnering with key players that complement service offerings of banks is key as well. We do realise that banks also will have to become more and more tech firms delivering solution to its clients. These examples that illustrate that banks, according to me can and will stay relevant in the turbulent payments landscape.
EVELIEN WITLOX Global Director Evelien Witlox is Global Director Payments & Cards. This strategic product portfolio is heavily influenced by major shifts in client needs, technology, regulation and resulting changes on business models. Her focus is on consolidation of Cards & Payments, Instant Payments, International Payments, PSD2 and Open Banking. Evelien has more than 20 years of international experience in the Payments industry across Retail and Wholesale banking and is a member of the EPC Board. She joined ING in 2016.
ABOUT ING ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 53,000 employees offer retail and wholesale banking services to customers in over 40 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). Sustainability forms an integral part of ING’s strategy evidenced by ING’s ranking as Leader in the banks industry group by Sustainalytics and ‘A’ rating in MSCI’s ratings universe. ING Group shares are included in major sustainability and Environmental, Social and Governance (ESG) index products of leading providers STOXX, Morningstar and FTSE Russell.
Attending companies
11:FS 3Forge ABN AMRO Absa Accenture Accuity ACI Worldwide ADIB Afghanistan International Bank (AIB) Agricultural Bank of China AHI-Fintech (Beijing) Technology Co., Ltd. AKTIF YATIRIM BANKASI A.S. Allevo Allied Engineering Group Amazon Web Services Amenity Analytics ANZ Banking Group Ltd Appian Apply Financial Ascent RegTech AutoRek AXE FINANCE BAE SYSTEMS APPLIED INTELLIGENCE Banco BRADESCO BANCO NACIONAL DE GUINEA ECUATORIAL Banco Safra Bank of America Bank of China Bankable BankiFi BANKING CIRCLE BANKSERVAFRICA Barclays BayernLB BBVA Be | Shaping The Future Beijing Baiguan Technology Co., Ltd. Beijing Financial Security
Industrial Park Beijing Internet Finance Industry Association Beijing Tiande Technologies Ltd. Beijing UnisGuard Technology Co., Ltd. Belleron BIAN e.V. Bleckwen Blue Prism BME BMO BNP Paribas BNY Mellon Bottomline BPC Breaking Banks Broadridge Financial Solutions BT Systems, LLC Bud Financial Limited Business Big Data Technology Ltd. (BBD) CACEIS Calypso Technology Capgemini Financial Services CBI S.c.p.a. CBW Bank CGI China Central Depository & Clearing Co., Ltd. (CCDC) China Construction Bank Corporation CHINA FOREIGN EXCHANGE TRADE SYSTEMS (CFETS) China Systems CIPS Citi Citi ClearBank® Clearstream Banking
12 | ATTENDING COMPANIES | SIBOS 2019
Cloud Elements CLS CMA Small Systems AB Cobase CoCoNet CODIX Cognizant Commerzbank AG Commonwealth Bank of Australia ComplyAdvantage CONPEND ConsenSys COORP.ID Copp Clark Limited Corzap Crédit Agricole Corporate & Investment Bank CREDIT SUISSE (Switzerland) Ltd. Crown Agents Bank Currencycloud Danske Bank Datactics Deloitte Deutsche Bank Deutsche Bank DNB Bank ASA Doha Bank QPSC Dow Jones Risk & Compliance DrumG Technologies DTCC EastNets EBA Group Ebury Partners UK Ltd ECOMMBX ECS Fin Inc. EFiS AG Elavon Elucidate Enterprise S.p.A. equensWorldline Equiniti Eurobank Euroclear European Central Bank
Attending companies
everis Exactpro EY Features Analytics Featurespace Feedzai Feedzai Fenergo FINASTRA FINEKSUS Finextra Research Limited FINN - Banking of Things FintechFinance FINTECHOS Fiorano Software FIS Fiserv FN FNA Fnality International Form3 Financial Cloud Funding Options Gapsquare GlobeTax Google Cloud Gresham Technologies Helaba Landesbank Hessen-Thüringen Hewlett Packard Enterprise HID Global Horizn HQLAx HSBC Hyperledger i-exceed technology solutions IBM ICBC Icon Solutions Identitii IHS Markit Incentage AG INDIAN BANKS’ ASSOCIATION
Infosys Infrasoft Technologies Ltd. ING Innotribe Inpay InstaReM Intellect Design Arena Ltd. INTERCOPE GmbH INTESA SANPAOLO S.p.A. INTIX Invest Northern Ireland Investsuite iProov J.P. Morgan Jumhouria Bank Jumio Kapital Bank KBC Bank Kinetica Know Your Customer KPMG KUVEYT TURK PARTICIPATION BANK Kyriba Lakala Fintech Landesbank BadenWürttemberg (LBBW) LexisNexis Risk Solutions Lloyds Bank London & Partners London Stock Exchange Group Marco Polo Mastercard McKinsey & Company METACO SA Microsoft Mindgate Solutions Mitsubishi UFJ Trust and Banking Mizuho Bank, Ltd. Modo moneycorp Moneythor
MONTRAN MUFG Bank MULESOFT Murex nanopay Corporation Napier National Australia Bank Limited NATIXIS NatWest NatWest Newgen Software Norbloc Nordea Norton Rose Fulbright NTT DATA NTT DATA Getronics Corporation Nucleus Software Numerix OBIE Onfido Open Bank Project OpenRisk Technologies, Inc. Oracle Oracle PASHA Bank Payments & Cards Network PEERNOVA Pegasystems Ltd Pelican Pendo Systems Personetics Perx Technologies PixelPin PPI AG Premium Technology Previse Limited PROFILE SOFTWARE ProgressSoft Corporation Publicis Sapient QNB Group Quant Network Quantexa
Attending companies
R3 LLC Rabobank Raiffeisen Bank International Red Hat Refinitiv Ripple Royal Bank of Canada S-CountryDesk GmbH S&P Global Market Intelligence Salesforce SANTANDER CORPORATE & INVESTMENT BANKING SAP SE SAS SAUDI BRITISH BANK Saxo Bank SBERBANK SBI (STATE BANK OF INDIA) Scanovate SEB Secure Code Warrior Sensedeal Technology Co., Ltd. Serrala Shieldpay SIA SimSpace Corporation SIX smartKYC SmartStream Societe Generale Splunk Standard Bank Standard Chartered Bank STARLING BANK STET Strata Sumitomo Mitsui Banking Corporation (SMBC) SUNTEC BUSINESS SOLUTIONS Swallow Tech SWIFT SWIFT Labs Synechron syracom AG 14 | ATTENDING COMPANIES | SIBOS 2019
TAS Group Tata Consultancy Services - TCS BaNCS TD Bank Group Temenos The Banker The Clearing House The Federal Reserve The Logic Value ThetaRay Thought Machine Tieto Tink Token Tongdun Technology TORSTONE TECHNOLOGY TRACE FINANCIAL Treasury Intelligence Solutions GmbH Tribe Payments Trulioo Trustology TURKIYE IS BANKASI A.S. (ISBANK) UBS Switzerland AG UK Pavilion UniCredit Virtusa Visa Vitesse PSP Limited Volante Technologies Inc. Warba Bank Wavestone we.trade Wells Fargo Wells Fargo Westpac Institutional Bank WorkFusion Xceptor XMLdation Yabber Global YeePay Co., Ltd YINZHOU BANK Zhejiang Rural Credit Cooperative Union ZHONGYUAN BANK CO., LTD
250+ 250+
CEO CEOspeakers speakers
160+ 160+
140+ 140+
fintechs on stage fintechs on stage exhibitors exhibitors
70+ 70+
countries countries
2600+ 2600+ attendees attendees
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networking networking
Get ready for the 5th Edition!
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EXPERT INTERVIEW: UBIQUITY 1. Can you give us an introduction to Ubiquity? We started Ubiquity with a focus on providing customer service and operational support for financial services incumbents and fintech challengers. Our founding group has extensive experience in the payments and banking space, and we saw a market need to bring that expertise to bear for customer service and operational support. Typically, financial services companies select either a large business process outsourcer or they rely on their transaction processors for customer service. We saw an opportunity to fill the space between, combining our specialised banking background with our customer service and workforce management experience to deliver exceptional service while helping our clients better manage costs and mitigate risks. In speaking with customers every day, we are on the front line of understanding customer likes, dislikes and needs. We combine this with deep industry knowledge to help our clients map customer journeys and refine their product designs. Over the past seven years, we have grown to 3,000 employees worldwide, supporting more than 100 financial services and fintech brands by delivering a variety of services from customer service to fraud and risk solutions. We also have expanded our service offering to include omnichannel solutions like social media management. It’s a high-demand area for us because consumers are interacting with their financial services providers on their apps and online. Social media has become a primary point of entry in many cases and we’re able to solve a customer’s concern without requiring them to call. By using social media listening, moderation and engagement tactics, we’re able to create better customer experiences. 2. How did you manage to grow so extensively in a relatively short period of time? Understanding the payments space from a business perspective and understanding financial services customers across demographics has proved to be invaluable in terms of optimising customer journeys and helping our clients grow. We also leverage our operational acumen to support our clients and have invested heavily in technology. For example, our proprietary InTouch app helps team leaders track agent performance in real time from their tablets, so they can immediately address areas for improvement. InTouch also analyses coaching effectiveness to 16 | EXPERT INTERVIEW | UBIQUITY
help us assess our employees’ development. Most importantly, we set out to create a culture that was different. As we’ve grown, we’ve been able to maintain the passion, flexibility and creativity that makes us client and employee champions. 3. You have recently opened an innovation lab in Amsterdam. What are your plans for this location specifically, and what areas of innovation is Ubiquity focusing on more broadly? Our team of developers in Amsterdam is primarily working on developing our artificial intelligence and machine learning technology for the marketplace, and is first being deployed to our clients. There’s a lot of buzz in the market around using AI for automation or to reduce human interactions, but our focus is on using technology to help our agents perform their best. The financial services market is very competitive. Customers don’t care about how good your service is on average. It only takes one bad experience for them to leave. At the end of the day, all of our investments in technology and our people are around reducing handle times and associated costs for our clients while ensuring process compliance and providing the best possible experience for their customers. 5. In the fintech & financial services industry, what kinds of tasks or departments are being outsourced? We see a lot of demand for what I’d call banking operations, which would include everything from omnichannel customer support to disputes
and chargebacks. Technical support is another key outsourcing area. For some clients we help them recruit and hire IT staff, including software developers. For others, we provide technical support, such as troubleshooting and resolving technical issues for merchants using payment terminals. 6. What kind of companies would need Ubiquity’s services the most? Companies often come to us when they’re growing rapidly and struggling to keep quality up and costs down. Our teams are purpose-built for scale, speed and agility—every action is guided by data, experience, operational flexibility and cost efficiency. Larger organizations seek us out not because they’re having difficulty scaling per se but because they need process efficiency, seasonal support, or they need help with specific goals such as reducing costs or increasing customer satisfaction. We’ve also helped many large organizations by supporting new and innovative products that they found difficult to support within their existing operations.
COREY BESAW Chief Innovation Officer
In terms of industry, the majority of our clients are in fintech. We have a lot of connections in that space and continue to add more clients there but at the end of the day, delivering on business transformation is attractive to any industry. Healthcare and eCommerce are big growth areas for us today, and we are expecting growth across many sectors.
Corey Besaw is the Chief Innovation Officer for Ubiquity, where he is responsible for leading the development of new products and services. With more than 15 years of business process outsourcing and product leadership experience, Corey has helped with the launch and expansion of call center operations globally. Corey also serves as the Chief Product Officer for Aigent, a fully held subsidiary of Ubiquity focusing on the application of artificial intelligence and machine learning solutions in the contact centre environment.
8. How does the timeline look from start to finish on an outsourcing project?
ABOUT UBIQUITY
We’re not typically working on discrete projects. We certainly can do that, but most of our clients are working with us on an ongoing basis. When clients have experienced dramatic growth, we’ve had to launch as quickly as in a few weeks. But for most of our clients, it generally takes somewhere between two and four months from the time we decide to work together to launch services. 9. What are your growth plans? Over the next year, we’re expecting to grow by more than 1,000 employees, putting us at more than 4,000 people. We also will be making further investments in technology and opening new facilities. Our Amsterdam team has doubled in size, and we expect to double the headcount again over the next six months. Today we have offices in the US, Central America, Asia and Europe. We plan to open additional centres in both Latin America and Asia, and expect to make a number of exciting announcements over the next year.
Ubiquity Global Services, Inc., provides multinational business process outsourcing focused on transforming the customer experience through data, technology and an unprecedented passion for people. Headquartered in New York City, the company’s expanding global footprint includes service delivery from five operating countries. For more information, visit www.ubiquitygs.com. Ubiquity’s InTouch app helps team leaders track agent performance in real time from their tablets, so they can immediately address areas for improvement.
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Risk
Price
PUTTING A PRICE TAG ON FINANCIAL CRIME RISK Traditionally, the work of compliance departments has been viewed as ancillary to the function of a modern bank, providing limited direct financial value in and of itself. It is time to challenge this common wisdom. In a number of recent financial crime cases, banks that failed to properly manage their risk exposure have paid a substantial price through share price volatility. In the wake of these scandals, investors have therefore begun to hold banks accountable for their inability to effectively manage their risk profile. For banks today, this means one thing: financial crime is a financial risk. Yet, the management of financial crime risk across correspondent banking today does not reflect this reality. The pricing of respondent relationships is often inconsistent. To incentivise improved financial crime management, correspondent banks must begin pricing their services in line with financial crime risk and the effectiveness of their respondent banks’ controls.
Using financial crime risk to price correspondent relationships If financial crime is a financial risk, then the factors that contribute to financial crime exposure must also create a corresponding financial risk exposure. The absence or presence of certain factors and controls have an ascertainable and mathematically definable probability that they will be associated with increased or decreased 20 | STARTUP SPOTLIGHT | ELUCIDATE
financial crime risk exposure. Yet, the status quo fails to reflect this reality. Our research found no evidence of consistent correlation between financial crime risk and pricing of cash and trade products at even the largest institutions, despite a clear acknowledgement that the cost to manage a high risk relationship is discernibly higher than a lower risk relationship. Instead, rather basic and possibly misleading proxy indicators are used, particularly geographic risk, or even volume-driven pricing, a practice which in fact increases risk whilst impacting pricing downward. The pricing of risk in correspondent banking services should be based on concrete measurables and risk indicators. We see two ways in which this can be done: 1. By linking data on financial crime risk and the operational and compliance costs associated with the contract at initiation and during ongoing maintenance. In doing so, correspondents can establish the base price needed to ensure adequate margins. 2. By evaluating the potential for financial losses (regulatory fines, market cap loss, remediation costs, reputational loss, etc.) due to a financial crime risk event, against the profits generated by the contract. Whilst this approach would be new to financial crime, this is akin to the calculus insurance companies have been making.
Once correspondent banks understand the factors that contribute to their financial crime risk exposure, they can begin to effectively price their relationships with respondents, charging higher fees for poorly managed control regimes, and providing discounts to top-tier institutions. In turn, those respondent banks seeking a reduced price on their contract with a correspondent bank will be left to improve their control quality, or pay extra for their poor risk management practices. In other words, it gives financial institutions a clear financial incentive to implement more effective and better managed controls across their institution.
How Elucidate can help The Elucidate FinCrime Index (“EFI”) is built on modelling approaches similar to those used to quantify financial risks such as credit or operational risks, and is supplemented by BigData technology, machine learning, and automation. The EFI evaluates inherent risk indicators and associated controls, providing transparent, objective, and factual risk management. Financial institutions are therefore able to assess the quality of individual control areas in granular detail, and identify where their greatest risk lies. The risk indicators evaluated indicate potential exposure to financial crime risk, enabling users to make an informed determination as to the associated financial costs. For respondent banks, this means that they can access correspondent banks solely on the merits of their control framework, not on outdated guesswork metrics. When financial crime risk is priced, the world becomes simpler for all market participants: the better the control implementation, the lower the risk. The lower the risk, the lower the cost of a correspondent banking relationship.
SHANE RIEDEL Co-founder and CEO Shane Riedel is the Co-founder and CEO of Elucidate. Prior to Elucidate’s creation in 2018, Shane was the Head of Financial Crime Compliance for Financial Institutions and Correspondent Banking at Standard Chartered Bank. He started his career in Finance with Goldman Sachs. Prior to his career in Finance, Shane was a diplomat with the United Nations Office on Drugs and Crime. Shane received a BA from Kent State University and a Masters from Ohio University. He lives in Berlin, Germany.
ABOUT ELUCIDATE Elucidate is the industry’s first FinCrime risk rating agency, working with hundreds of banks globally to quantify FinCrime and digitise risk management. Using hybrid of machine learning and expertdriven modelling, the Elucidate FinCrime Index (EFI) scores FinCrime risk. The blockchain-enabled platform leverages data from various sources, evaluating it to deliver a risk management solution tailored to the user’s needs.
WHAT WILL THE FUTURE OF CROSS-BORDER PAYMENTS LOOK LIKE? Innovations in domestic retail payments have advanced at a gravity-defying pace in recent years, driving previously unimaginable improvements for consumers. With goods and services moving more quickly and across greater distances than ever before, corporates are now increasingly demanding the same experience for their international payments. Friction-free value transfers are no longer a ‘nice to have’. The world of wholesale cross-border payments is, however, advancing rapidly. The idea that cross-border payments can be as seamless and convenient as domestic ones is becoming a reality. As payments systems continue to modernise, the customer experience will continue to improve, ushering in a new norm. What will that norm look like?
Cross-border payments will be instant
Cross-border payments will meet the needs for all
The advent of real-time domestic payments and 24/7 central bank settlement has been a major catalyst in the transformation of cross-border payments. The industry is reconceptualising how quickly cross-border payments can be delivered, using new technology, common standards and improved service level agreements. The speed of transactions will continue to increase as more and more banks move away from batch to real-time processing. Because customers are demanding faster payments, and an increasing number of markets are moving to real-time, banks will have no choice but to start processing their payments this way, or risk being left behind.
The utility of any payment convention depends on the depth and breadth of its adoption. Value needs to be accepted, trusted and exchangeable, and it has to move from every account to every account, with speed and certainty.
The urgency of moving to real-time will continue to accelerate. This is because with enhanced transparency on payments, banks will have greater insight into how fast their correspondents process transactions. Driven by their own customers, banks will either pressure them to speed up, or move their business to correspondents with faster processing capabilities. Moving to real-time is simultaneously driving banks to extend interbank processing hours too; no longer limited to office hours, 24/7 processing is fast becoming the norm. 22 | THOUGHT LEADER | SIBOS
There are two key elements to delivering this. The first is being able to track international payments around the globe with a single, ubiquitous standard, regardless of the institution handling it. Tracking should also pair with transparency on fees, remittance and FX information to streamline reconciliation and boost the customer experience. And the second is final confirmation that the funds have been credited to the end beneficiary account on all transactions. This guarantees the finality of a payment and unlocks the transformational benefits of having true end-to-end visibility on all payments. Cross-border payments will be open and smart Maintaining the openness of the cross-border payments system is fundamental to ensuring efficient flows to everyone, everywhere. That’s why enabling a vibrant ecosystem in which banks can differentiate themselves by layering services and products to distinguish their offerings using technologies such as application programming interfaces (APIs), is key.
That ecosystem will also enable fintechs and other players add and create their own additional value through offering new innovative payments services. Modern, open, globally adopted standards are a key part of realising this. ISO 20022 will be a driving force in making this happen, ushering in transformational change to the way wholesale payments are made. The standard will drive straight through processing for financial institutions, which in turn means more streamlined and cost-effective payments. Cross-border payments will be future proof With a common language, a common purpose and modern, open standards, the correspondent banking community will be well placed to embrace the challenges of the future. This will be pivotal in fraud and compliance, for example. Cyberattacks will continue, adversaries will get smarter, and as payments move faster, the sophistication of fraudsters will keep pace. And regulation is not likely to go away; in fact, the eye of regulators will more likely focus even more closely on the flow of money across borders. Information sharing, raising control levels and developing ever-more sophisticated tools and capabilities, will be key in meeting these demands. Increased and better use of data, along with new powerful technologies such as artificial intelligence and machine learning, are already improving screening algorithms and reducing the number of false positives in areas such as sanctions screening. As better data becomes available, manual intervention will reduce even further, and as a result, so will the cost of compliance.
Realising the vision The vision is simple. Make cross-border payments as seamless and convenient as domestic ones. SWIFT and its community of 11,000 banks, corporates, market infrastructures and capital markets players are delivering on a revolutionary standard for cross-border transactions to make this happen. That standard is SWIFT gpi. Already, thousands of banks have embraced gpi to send cross-border payments which are fast (the vast majority of payments are credited in minutes, many in seconds), transparent, and trackable from end-to-end. The tipping point in gpi adoption has been reached, with nearly 60% of all cross-border payments being gpi payments. Soon, it will be the new norm for all financial institutions. Once SWIFT and its community have achieved this, the boundaries between wholesale and retail will blur; correspondent banking and its infrastructure will be as suited to e-commerce, person-to-person and remittance business as it is to wholesale business. The future is bright. Find out more about the future of cross-border payments at this year’s Sibos, taking place at the Excel in London on 23-26 September. Register now – www.sibos.com
FROM CREDIT CARDS TO DIGITAL WALLETS - WHAT’S NEXT FOR CASHLESS? The cashless movement started in 1950 with the introduction of the universal card by the Diners Club. Despite being seen as the first credit card, it differed from present day cards as Diners Club holders had to settle their bill at the end of each month. Not surprisingly, banks were fast to realize the opportunity of offering customers real credit on card and in 1958 the Bank of America released their first card with revolving credit. It allowed consumers to pay off their accumulated debt over time. When credit cards were first spread into mainstream, many people refrained from financing essential items on credit. Over time behavior has shifted. Nowadays, consumers are comfortable using their credit cards for small purchases and daily items. Websites like Badcredit.org even feature “Guaranteed Approval Credit Cards” for users with a bad credit score. This is just one of the many reasons why accumulated credit card debt reached $1 trillion in the US in 2018. From a user perspective, credit cards have made paying a smoother and faster experience. From an economical perspective, credit cards have boosted the velocity of money. Nevertheless with technological progress, one innovation which makes everyday payments easier is digital wallets. The first prevailing digital wallet (also called e-wallet) was invented by PayPal already in the 1990s, but it took around 20 years until digital
24 | THOUGHT LEADER | BLOCKCHAIN FOUNDERS FUND
wallets started entering the mainstream. In 2008, the thriving Apple revolution offered 3rd party developers access to secure apple payment infrastructure and users did not hesitate to buy apps in the Apple Appstore to make their lives easier. Since then, we have seen the rise of many digital wallets most notably in China where Alipay as well as WeChat Pay report having crossed the 1 billion active users daily threshold. Digital Wallets have created a lot of value for users. To pay a user is simply required to show his phone (QR-Code based) or hold it close to the PoS (NFC, SMT), no signature required. Another major advantage over credit cards is the added layer of security provided by digital payments. When a customer pays with his wallet app the merchant does not receive any details of the customers card nor the underlying source of funds. Instead they receive a unique one-time code that is only valid for that one purchase. For merchants, accepting digital payments cuts cost compared to accepting credit cards such as visa or MasterCard. According to the Global Payments Report from Worldpay eWallets will be accounting for 47% of transactions made in ecommerce and 28% of transactions at the PoS worldwide by 2022 (2018:9). The question is no longer, if digital payments will be shaping the payment landscape but rather which kind of system will be running in the background. When it comes down to the providers of digitized payments options, two conceptually contrasting
systems can be identified: centralized and decentralized. Currently, all major players in the cashless payment sector are for-profit companies offering centralized solutions, be it Visa, Mastercard or digital wallets such as Google Pay, WeChat, Alipay, and the like. Surprisingly, major financial institutions have been slow to adapt to progress and the leading providers in the mobile payment sector are mostly Tech-companies. On another note, central banks have long been pondering about how to get a hold in the cashless sector. While central banks like the Bank of Mexico or the central bank of Luxemburg are already experimenting with systems to enable faster settlement, the Federal Reserve took until early August this year to announce their plans of a faster system: FedNow. FedNow is a system enabling real-time payment and settlement. The Federal Reserve states that it will be made available to all banks in 2024. Many critics question, why the Feds expect 4 to 5 years of development, when the payments sector is known to advance at high-speed. At the same time the Central Bank of China (People’s Bank of China) has been actively researching digital currencies, filing 52 patents through to October 2018. The patents indicate that the system would include issuance of a digital currency as well as digital wallets storing and transacting assets in an end to end manner. In light of Facebook’s announced issuance of its own digital currency (Libra), the former governor of the PBoC Zhou Xiaochuan declared that Libra poses a threat to payments systems and national currencies. Just one month later, Mu Changchun, deputy director of the payments unit at the People’s Bank of China (PBoC), announced they have been working to complete the systems needed to support the digital yuan offering although there have been conflicting reports on the PBoC plans. Mu stated the digital digital currency would be a substitute for coins and notes in circulation known as M0 and not M2, which comprises of bank deposits. The digital currency would make trade with China simpler and would boost circulation of the Chinese yuan globally (Source Bloomberg). What all these central bank initiatives have in common is that the issued digital currency represents a centrally controlled money supply. In 2008 when the financial system showed deep cracks, an alternative to centralized currencies in form of cryptocurrencies (beginning with Bitcoin) was born. A decentralized network of nodes is securing and maintaining the system the currency is running on. In return for computing power, nodes are rewarded with digital units, further securing the network. Most cryptocurrencies have a set amount of maximum issued units encoded in the protocol to counteract
ALY MADHAVJI Managing Partner Aly Madhavji is the Managing Partner at Blockchain Founders Fund which invests in and venture builds top-tier Start-ups and consults companies and governmental organizations on emerging technologies. He is a Limited Partner on Loyal VC, a Senior Investment Advisor to BitBlock Capital and Fiat Capital Fund, and a Co-Founder and the Former CEO of a digital currency exchange. He has served on various blockchain advisory roles including Polymath and traditional advisory boards including the University of Toronto’s Governing Council. He currently consults organizations on emerging technologies such as INSEAD and the United Nations (UN) on solutions to help alleviate poverty, support business ecosystems, increase financial inclusion, and improve society at large to help achieve the UN Sustainable Development Goals. He is an internationally acclaimed author, publishing three books, including the award-winning book titled, “Your Guide to Succeed in University”, as part of the Succeed Series and a monthly columnist for the leading blockchain magazine.
inflation due to monetary expansion. Nevertheless, cryptocurrency prices have shown a high level of volatility. Another problem with decentralized solutions is their low transaction speed with bitcoin at a throughput of 7 transactions per second. Possible solutions to the lack of scalability include so-called state channels and other layer 2 solutions. Yet, until cryptocurrencies can compete on transaction speed with traditional central systems without sacrificing decentralization, they will lack day-to-day usability by the broader public.
Decentralized solutions can often cut costs for the merchant although paired with slower transaction speed and less prevalence.
Instead of waiting for crypto to scale, merchants can already choose to contract a third-party vendor offering them a PoS solution to accept crypto in close to real-time. These solutions not only allow merchants to accept a variety of cryptocurrencies, but also let them choose which currency they want to be cashed out in.
• Since cash purchases domestically don’t have fees, would the fees to process payments be equivalent to a foreign tax on domestic purchases?
On the volatility side, stablecoins are offering a more stable cryptocurrency, often pegged to an underlying asset or a basket of assets. While most stablecoin projects are conceptually centralized when it comes to issuance of new coins (usually the underlying assets have to be stored first), protocols like MakerDAO have impressively shown, that a relatively stable coin can be achieved in a decentralized manner. Customers eager to spend their cryptocurrency in their daily life can choose to use one of the many crypto-credit cards offered these days. Nevertheless, in this case the merchant will still have to pay a fee to visa/master and the customer is trading off decentralization. To sum it up, centralized solutions offer high transaction speed, regulatory compliance and an identifiable company to hold liable in case anything goes wrong. However, centralized solutions like Visa/MasterCard can pose a high fee on merchants especially when transferring across borders. 26 | THOUGHT LEADER | BLOCKCHAIN FOUNDERS FUND
Additionally, there are still many open questions and growing concerns related to sovereignty in a cashless world such as: • Could paying 2-3% on all transactions value to Visa, Mastercard, Digital Wallets, and payment processors be a national threat?
• In case of war, political interference or a major hack, can the ability to make payments be turned off across a country? • What would the implications of a turned off payment system be economically? All these questions and concerns will have to be addressed before making the move towards a balanced world without physical cash. One of the most viable ideas for a global digital currency has been brought up by the Governor of the Bank of England. Mark Carney proposed a new kind of semi-decentralized digital currency, a “ Synthetic Hegemonic Currency (SHC) “ that would be managed by a consortium of central banks. This currency “could dampen the domineering influence of the U.S. dollar on global trade” and therefore “help reduce the volatility of capital flows to emerging market economies.” (Carney, Economic Policy Symposium 2019:15). It might still be too early for such a global trade currency, but it remains an intriguing idea and who knows. Maybe in 5 years we will all see SHC as a normal part of the world economy.
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