Leading provider of embedded financial technology solutions, VoPay, today announced the launch of VoPay 360.
VoPay 360 bridges the gap between accounting software and the payment platform in one centralized platform.
Built on VoPay's industry-leading API, VoPay 360 will become the "operating system" for all transaction data going in and out of a business, revolutionizing how companies handle their financial transactions.
Problem: As businesses often use multiple systems to manage their Accounts Payments and Accounts Receivable processes, they must often allocate additional resources to their operations, relying heavily on manual labour, resulting in an increased risk of error. In fact, the average time to process a single manual paper-based transaction is 8 minutes, with costs $3 more than an electronic transaction.
Business customers are increasingly seeking integrated solutions to solve complex money movement problems, as manual and paper-intensive methods cannot keep up with modern enterprises' needs.
Integration: Allows VoPay customers to connect VoPay to their accounting system
Centralization: Brings in open invoices and bills from the accounting system to VoPay
Efficiency: Eliminates the manual processes of financial data entry, freeing up staff members so they can focus on more strategic tasks.
Visibility: Real-time payment tracking enables businesses to immediately identify and resolve issues that may cause a delay in cash flow.
Process Automation: Automate one of the most time-consuming and error-prone processes for business: the update of ERP systems with financial transaction data. Turn an open receivable or payable item into a closed or paid item automatically.
“The introduction of VoPay 360 was a result of direct feedback from our customers who were experiencing inefficiencies in their current AR/AP processes and needed a more innovative approach. In this day and age, managing collections and reconciliation should be easy, but that’s not the reality. We want to help businesses eradicate the friction associated with multiple disconnected systems by maximizing digitization and bringing all the necessary tools into a single platform. I expect our customers to see immediate benefits from this 360 solution.”
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Torys via Mondaq | Brigitte Goulard, Konata Lake, Marissa Daniels, Mohammed Muraj and Robin Asgari | Jan 25, 2023
Image: Unsplash/Tech Daily
Although many were hoping for the launch of the first phase of open banking in January 2023, as initially promised in the final report of the advisory committee on open banking, this date no longer appears achievable. However, progress continues to be made on open banking, with the first phase expected to launch this year.
As the open banking steering committee and working groups continue their important work to create an open banking framework in Canada, the larger financial services community is preparing to integrate open banking for businesses and ultimately for consumers.
Accreditation:there was consensus that the Australian model is preferable. The Australian model allows participants to determine the adequacy of the insurance or comparable guarantee that they require by assessing factors such as the (1) nature of products or services to be provided; (2) nature of Consumer Data Right (CDR) likely to be managed; (3) volume of CDR data held; (4) financial resources; (5) scope; (6) policy limit; (7) persons covered; and (8) exclusions.
The liability working group focused on three themes: (1) liability as it pertains to consumers; (2) traceability and transparency; and (3) liability between participants. However, in order to govern the legal relationship between participants, there was no agreement on whether the regime should prescribe a deemed contract under statute, as is the case in Australia, or to follow the non-legislative U.K. approach.
Discussed redress for consumers, with most agreeing that the redress process should begin at the complaints desk chosen by the consumer (either the data recipient or provider) and that the data recipient should be the automatic guarantor, who must pay out automatically to the consumer and then resolve compensation with the corresponding party through an alternative dispute mechanism.
Privacy: There was consensus that revocation of consent will be deemed where the consumer closes their account or if the purpose for which the data was collected changes.
There was also general agreement that the consent approach should align with the existing financial services industry standards and that the disclosure approach found in the Bank Act consumer protection provisions provide a solid baseline for disclosure principles to be applied to open banking.
Security: The working group is not responsible for developing the principles and technical standards of the API, which is a crucial piece of open banking that will facilitate the data exchange between financial services providers and open banking platforms.
A majority of the participants agreed that the National Institute of Standards and Technology (NIST) framework provided the best balance to serve as a baseline requirement to address data security risk, providing flexibility and prescriptive requirements.
Governance: The one elephant in the room that has not been discussed is the "governance" of Canada's open banking initiative. Although the report recognized that "in all open banking approaches, effective governance of the system is central to success", it does not appear as if any decisions have been made as to how the government plans on tackling the governance of Canada's open banking framework.
In addition to the open banking steering committee, other groups are also working to advance Canada's open banking framework. One such group is the CIO Strategy Council. In November 2022, the council published its national standard for consumer directed finance.
2023 should yield pivotal developments in the implementation of open banking in Canada. This will provide clarity to industry members as to how open banking will impact their businesses and services.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Britain’s most valuable fintech company, Revolut, is assembling a team to track whether staff are being “approachable” and “respectful”, as it tries to address criticism about an aggressive corporate culture and secure a UK banking licence.
No UK license (yet): While the crypto trading to payments company is valued at $33bn (£27bn) and boasts 25 million customers and 6,000 staff in offices stretching from London to Tokyo to São Paulo, it has so far lacked a UK licence that would bring the firm within regulated customer protection schemes.
In a company-wide town-hall meeting led by its joint founder and chief executive, the former Lehman Brothers banker Nik Storonsky, employees will be told they need to be “inclusive, approachable” and “respectful at all times”, and to use the “the best tone of voice, time and situation to provide feedback”.
Problem culture: The move comes after a string of controversies over Revolut’s working environment in recent years, with some former staff claiming they were set unachievable targets in the name of the startup’s growth, forced to do unpaid work and put under severe pressure to the point where they eventually quit their jobs.
widely reported issues around Revolut’s corporate culture, as well as its high staff-turnover, are understood to have been raised with Storonsky by board members who have been trying to convince the Financial Conduct Authority to approve the company’s UK banking licence application since early 2021.
Hannah Francis, the head of people experience at Revolut:
I wouldn’t say this is a straight reaction from regulatory discussions … This is more linked to our growth and how we’re changing and the feedback we were getting from our people. We really needed to shift and change.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
More than 900 days ago, I published a series of case studies called the UX of Banking. These benchmarked and compared the user experience of 12 banks in the UK.
It was a forensic process: logging, timing and cataloging everything on their mobile apps. Those 6 chapters from 2020 demonstrated how far ahead the challengers (Monzo, Starling and Revolut) really were, compared to most of the high street banks. Has the gap widened? Which of the legacy banks are actually chipping away at the deficit? And ultimately, which are stale experiences that consumers should avoid?
Fixing Issues: Over time people demand better user experiences from mainstream apps. Having a great UX is no longer a unique selling point—in most industries it's a necessity.
[data] suggests that the narrative of the 'legacy banks catching up', is largely false.
On average, the challenger banks deploy updates 4.6x more frequently than the incumbents.
Core experience: Monzo, Starling and Revolut boot up nearly 4x faster than the Santander app, and typically twice as fast as most incumbent banks. The apps that load faster, seem to perform better in these independent broad satisfaction surveys.
Fees: despite the rise of crypto, new (and cheaper) ways to send money abroad and the popularity of challenger banks, the incumbents aren't budging.
In 2023, your bank may still be charging you more than £28, to send £100 abroad.
Another factor to consider is how late into the payment process the user has to be, before they learn about these costs. The trend is clear: the more expensive the fees, the later into the process you'll learn about them.
The banks that charge the most, are generally less transparent, and are leaving their experiences to stagnate.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Fintech, or financial technology, has been revolutionizing the way we handle our finances for years, and the latest trends involve creating mobile apps that make managing our finances easier than ever. Financial institutions are using these mobile apps to provide customers with a convenient and secure way to access their accounts on the go. By leveraging the latest technologies, these apps have been designed to make it easier for users to track their spending, save money, and make payments.
With the rise of fintech mobile apps, financial institutions are able to provide customers with a more efficient and secure way to manage their finances, while also providing unique features such as budgeting tools and money-saving opportunities. This article will delve into the latest trends in fintech mobile app development and explore how these apps are changing the way we handle our finances.
Artificial Intelligence
One of the most promising areas of fintech mobile app development is artificial intelligence. AI is based on computer systems that are programmed to respond in a way that mimics human intelligence. The latest fintech mobile apps are using AI to create financial advice and recommendations that are tailored to each user.
AI can be used to analyze users’ financial data and make predictions based on trends and patterns in their spending. This can help customers avoid overspending and save more money. AI can also be used to recommend services provided by certain financial institutions. For example, AI can use a customer’s spending patterns to recommend a credit card with no annual fee and a low-interest rate. AI can also be used to improve security on financial apps. For example, AI can be programmed to detect abnormal activity on a user’s account, such as a large withdrawal from an ATM.
Machine Learning
Another promising area of fintech mobile app development is machine learning. Machine learning is based on computer systems that can learn new information and make predictions based on previous information. Fintech apps are now being designed with machine learning in mind. This means that they can be programmed to learn what their users’ spending habits are and make suggestions based on that data.
For example, if a customer uses a certain feature regularly on their app, the app can be programmed to recommend that feature to other customers who also use the app. This can help users save time and make better use of the features that are available to them. Machine learning can also be used to protect users’ accounts and data. For example, if a user enters incorrect information into their account, the app can be programmed to recognize that and stop the user from making a mistake. Go to this website, if you are looking for professional machine learning services.
Biometric Security Interface
Many financial institutions are now using biometric security interfaces to protect their users’ accounts. Biometric security interfaces use fingerprints, retinal scans, and other aspects of individuals’ unique biological makeup to authenticate and authorize their users. This means that when customers log into their accounts, they are prompted to input certain aspects of their physical selves that are stored on their mobile apps.
For example, when a user wants to log into their account, they may have to scan their thumbprint on the app. Fintech apps are now being designed to allow customers to use their biometric security interfaces to log into their accounts and make payments. This means that users no longer need to remember long passwords, making it easier to access their accounts on the go.
Robotic Process Automation
Robotic process automation (RPA) is another promising area of fintech mobile app development. RPA is built on computer systems that are programmed to perform specific tasks. Fintech apps are using RPA to streamline their workflows and provide their customers with a more efficient experience. This means that customers don’t have to wait as long for their financial institutions to process their transactions.
Moreover, RPA allows financial apps to self-monitor and self-correct when necessary. If something goes wrong with the processing of a transaction, the app can recognize the mistake and correct it without causing delays. Fintech apps are also able to adapt to changes in their users’ spending patterns. For instance, if a customer makes a large purchase and the app doesn’t recognize it as an authorized transaction, RPA can be used to reset the transaction and recognize it as a mistake.
Blockchain Technology
Blockchain technology is often associated with cryptocurrencies such as Bitcoin, but it has many other applications. Blockchain technology is based on a decentralized ledger that records and stores data in a secure and tamper-proof way. Fintech mobile apps are now using this technology to create secure and easy-to-use payment systems.
Blockchain technology can be used to create accounts that allow users to send and receive payments without the need for a bank account or credit card. This type of account is known as a “wallet”, and it can be accessed from any computer or smartphone with an internet connection. This type of payment system is particularly useful for individuals who do not have a traditional bank account and don’t have access to credit.
Conclusion
Fintech is the ever-growing industry of technology that deals with financial services. In recent years, fintech has revolutionized the way we handle our finances by providing new apps that make managing our money easier than ever. Now, the latest trends in fintech mobile app development are a hot topic. Artificial intelligence, biometric security, robotic process automation, blockchain technology, and machine learning are just a few of the latest trends that have changed the way we manage our money.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Thought Leadership Series of Expert interviews and insights related to a made-in-Canada open banking regime
The National Crowdfunding & Fintech Association of Canada (NCFA), true to its mission of providing education, industry stewardship, networking, growth, and funding opportunities for innovative financial technologies and related sectors, is pleased to launch a brand new thought leadership series on Open Banking led by Berlin-based NCFA ambassador and independent expert in Fintech-Bank Partnerships Mahi Sall.
NCFA is proudly contributing this thought leadership series to help shape a system that will bring profound changes in how financial services will be created, distributed, and consumed in Canada over decades to come. Our hope is that Canada’s Open Banking system will improve economic outcomes, improve market efficiencies and competitiveness, and enable consumers to access new and innovative financial services in a way that is secure, efficient, and consumer-centric.
The series is called ‘Canada’s Open Banking Journey’ and aims to aggregate international and domestic perspectives of Open Banking/Finance expert practitioners from around the globe to advance dialogues, key considerations, and explore potential solutions for the development of a made in Canada open banking regime with the following timeline:
Sep 2018: Canada’s Open Banking journey officially began when the government established a multi-stakeholder Advisory Committee tasked to conduct a review into the merits of Open Banking
Mar 2022: Government appoints Abraham Tachjian – PwC Canada as Canada’s Open Banking lead responsible for convening industry, government and consumers in designing the foundation of the system of Open Banking for a launch in 2023.
Oct 2023: Phase 1 implementation expected
NCFA Canada's Open Banking Journey Series:
Thought Leadership Perspective
“As our CDR expands, there are untold opportunities for innovation by combining datasets from different sectors”
- Kate O’Rourke, Treasury’s First Assistant Secretary for the Consumer Data Right."
Overview of Australia's Consumer Data Right
Launched in July 2020 in the banking sector to serve as a testbed, Australia's ambitious economy-wide reform known as the Consumer Data Right (CDR) has expanded since early Q4 2022 to the Energy sector. According to plan a new sector will be assessed and designated every year with Telecommunications being the next sector in line.
The expansion from banking to energy speaks volumes not only about the success of open banking in spite of a low take up according to some sources familiar with the matter but perhaps more importantly it shows the confidence and determination that the authorities have developed in their capability to roll out the multi-year reform. The work around all aspects of open banking might not be finished yet but that is not a roadblock to moving forward, which is a lesson worth keeping in mind, as Canadian committees continue to discuss and agree/challenge their own set of implementation and oversight rules for a made in Canada open banking solution.
Last week, The Australian Financial Review reported that the government has introduced a piece of legislation (“action initiation to CDR”) which is expected to bring significant changes to open banking that should give customers the power to switch banking, energy and telecom providers with only a few clicks of a mouse. Quoting an independent statutory review of the CDR the newspaper added that “screen scraping (common practice globally in countries without open banking regulations including in Canada) should be banned in the near future in sectors where the CDR is a viable alternative”.
For our final 2022 open banking thought leadership series article on Canada’s Open Banking Journey, we have reached out to Australia’s CDR Division at the Treasury department to learn more about the vision behind CDR. The team led by Ms Kate O’Rourke works to deliver the Consumer Data Right through strategic policy and rules development, legislation and program management.
We are pleased to share their insightful contributions below, which offers a glimpse into the experience consumers and businesses will enjoy once open banking is fully implemented.
Kate O’Rourke, First Assistant Secretary, Consumer Data Right Division, Australian Treasury
A key foundation of Australia’s growing digital economy, its Consumer Data Right is a game-changing economic reform that will drive competition and innovation across the economy.
Australian consumers can now access the benefits of Open Banking. So far, so good. But in Australia, energy and telecommunications are the next sectors and datasets to be added to its data-sharing program.
The opportunities for innovation in Open Banking are clearly unlimited – faster credit checks, streamlined application processes and even AI-enabled personal finance assistants.
When it expands to the energy sector, Australia’s CDR will help consumers find better deals, encourage new retail products for households and businesses to better manage their energy use and ultimately drive down the cost of energy.
Expanding to telecommunications as the third sector, the CDR will help Australian consumers choose products and services that best suit them, while also increasing competition in the sector and driving improved affordability and service offerings. Importantly, when telecommunications data can be combined with a consumer’s banking and energy data, it will provide opportunities for a range of different applications, such as budgeting, cashflow and financial management apps.
Because the CDR is designed to be an economy-wide digital reform, Australia’s Treasury is continuing to identify priority datasets and sectors to ensure the CDR continues to be implemented in a way that maximizes benefits for consumers.
As our CDR expands, there are untold opportunities for innovation by combining datasets from different sectors. When more data is available through the CDR, we’re likely to see rapid growth in time-saving digital solutions for consumers offered by innovative businesses, including our homegrown fintech sector. It will revolutionize the consumer experience across a range of important milestones and decisions in life – like buying your first car, renting an apartment and setting up new energy and internet deals, starting a small business or planning your retirement.
With its whole-of-economy, consumer-led approach, Australia is leading the world in transforming how we all understand and benefit from data.
Mahi Sall is an Ambassador of the National Crowdfunding & Fintech Association of Canada “NCFA”, and an Expert on Fintech-Bank Partnerships. He is based in Berlin, Germany.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Commitment to competition and innovation: Open banking has a continuing role in promoting greater competition and innovation for the benefit of consumers, businesses and the wider economy, as well as maintaining the UK’s international competitiveness and leadership in the field. This will enable new services that consumers and businesses value and trust, and which support sustainable economic growth. The Government and regulators remain committed to supporting the continued growth of open banking.
The Future: The joint statement updates on the work of the committee, including emerging thinking on the vision and design of a future open banking entity, ahead of a further statement in Q1 2023 setting out the common authorities’ views and recommendations.
Priorities: HM Treasury, the FCA, the PSR and the CMA are determined to ensure that the benefits of Open Banking are fully realised and momentum is sustained. The three priority areas to achieve this are unlocking the potential of Open Banking payments, adopting a scaleable model, and establishing a sustainable footing for the ongoing development of the Open Banking ecosystem. They agree that the future entity should:
Have effective regulatory oversight, with a new long-term regulatory framework to govern the ecosystem;
Have a broad-based and equitable funding model;
Be independent, well-governed and underpinned by a set of values and cultures that include an emphasis on integrity and promoting ethical behaviours.
The co-chairs of the committee, FCA’s Executive Director, Consumers and Competition, Sheldon Mills, and PSR’s Managing Director, Chris Hemsley, said:
'Open banking and its future continue to be a priority for the FCA and the PSR. Together with the committee and industry, we are committed to its continued growth and evolution. Fully realised, open banking and then open finance can bring further benefits to consumers and businesses and will help the UK become more competitive and innovative.
This means supporting new use cases, promoting innovation and competition in data sharing and payments, and setting the vision for future developments. We will, with the other members of the committee, work closely with industry and broader stakeholders to establish a future entity that will deliver these outcomes.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. 
