ESign Genie has announced its digital signature platform now supports knowledge-based authentication (KBA). Developed in collaboration with LexisNexis Risk Solutions, the new solution improves the security of sensitive, private, or protected documents by mandating a Social Security number. Providing essential security options, such as KBA, was a feature that the software company felt was an important step in its continued development and improvement of safe, reliable, and secure eSigning software. Most notably, eSign Genie helps businesses create reusable document templates they can fill out and have different recipients sign as needed. Forms can be embedded on websites, applications, or sent via email. Enterprises also may enable email authentication for signing online forms. KBA by eSign Genie adds an extra layer of security by authenticating document recipients’ identities before issuing viewing or editing rights. The KBA security feature enables Enterprise Plan users to stay compliant by utilizing all forms of identity checks while also maintaining signature certificate authentications and obtaining eSignatures on important digital documents.
Video game platform Roblox second quarter earnings results showed an increase in average daily active users (DAUs) of 29 percent year over year, or 43.2 million. That includes 42 percent growth in DAUs outside of the U.S. and Canada compared to the same time last year, as well as 46 percent growth in those over the age of 13. The company also had 9.7 billion hours engaged, an increase of 13 percent over 2020. The company has succeeded by way of its metaverse, a digital construct wherein players can gather, play games, work together and more. The players are assigned avatars which they can customize, and users can choose what they want to do based on several different creations by fellow users.
JPMorgan launched request for pay, a service that lets corporate clients avoid card network payment processing and other third-party services by sending payment requests directly to the retail customers who use the bank’s app or website. Request for pay is JPMorgan’s first proprietary RTP solution—here’s how the service can benefit the bank. The service can strengthen JPMorgan’s relationship with corporate clients. JPMorgan’s request for pay service helps corporate clients—especially those operating internationally—get paid faster and gives them a clearer picture of their businesses’ finances. It can also help keep their costs low by letting FIs avoid some fees affiliated with other transaction types. The real-time business-to-consumer sector (which request for pay falls under) remains largely untapped—putting JPMorgan at the forefront of the emerging space. It may also be extended to support other payment use cases. Since the service operates within JPMorgan’s client base, the bank could extend real-time options to other transactions—like B2B payments, which are expected to hit $27.542 trillion this year in the US alone. Expansion can help build out the bank’s wholesale payments division—the segment that includes RTP services—which currently contributes to 10% of its total revenues.
NTT has launched NTT’s Private 5G platform (P5G), the first globally available private LTE/5G Network-as-a-Service platform. With a complete end-to-end stack of services that goes beyond the network, NTT P5G helps Chief Information Officers and Chief Digital Officers leverage the benefits of private 5G to solve business problems and innovate to keep pace with the future of enterprise. NTT P5G leverages design thinking principles to integrate security, control and privacy by design, providing performance and cost benefits with a clear ROI. Running on a cloud-native architecture, the platform can be delivered via cloud, on-premises, or at the edge. The platform is pre-integrated with leading network and software partners, allowing enterprises to secure, scale and segment their network flexibly. With patent-pending MicroSlicing technology, NTT P5G allows mission-critical apps to leverage the advantages of private 5G. NTT Private 5G platform offers a single end-to-end management and service creation platform with global visibility, eliminating friction and increasing ROI. NTT Private 5G is purpose-built to solve enterprise business challenges with a platform that goes beyond connectivity, providing security, device and edge management, application development, big data analytics and deep back-office integration.
Reserve Trust describes itself as “the first fintech trust company with a Federal Reserve master account.” Basically, a federal reserve master account allows Reserve Trust to move dollars on behalf of its customers directly, via wire and ACH payment rails, without an intermediate or partner bank. Historically, only banks were able to access these payment rails directly, which left both domestic and international fintechs “with limited partner options, poor technology and slow implementations when it came to embedding high-value B2B payments. Reserve Trust touts that its technology and services give companies all over the world the ability to “seamlessly move money via the first cloud-based payment system connected directly to the Federal Reserve” since it is not limited by legacy banking systems. Reserve Trust works with businesses that seek to embed domestic and cross-border B2B payment by offering them the ability to store funds in custody accounts that are backed by its Federal Reserve master account.
Nexus is a model for connecting multiple national payment systems into a cross-border platform that could enable international payments to happen as quickly as sending a text message. More than 60 countries already have instant (or “fast”) payments systems that allow people to send money to each other within seconds. Meanwhile, sending money abroad is often still slow and expensive. Connecting these national systems internationally could improve the speed, cost and transparency of cross-border payments. A bridging platform like Nexus could streamline the process of linking national systems. It makes recommendations for countries that are upgrading or rebuilding their payments technology to prepare for cross-border interoperability.
The Bank for International Settlements and the Monetary Authority of Singapore have published a blueprint for the multilateral linking of domestic real-time payement systems across borders. The blueprint builds on the bilateral linkage between Singapore’s PayNow and Thailand’s PromptPay, and benefits from the experience of the National Payments Corporation of India’s (NPCI) development and operation of the Unified Payments Interface (UPI) system. Titled Project Nexus, the model envisages the creation of ‘Nexus Gateways’ that serve to coordinate compliance, foreign exchange conversion, message translation and the sequencing of payments among all participants. This is complemented by an overarching Nexus Scheme that sets out the governance framework and rulebook for participating retail payment systems, banks and payment service providers to coordinate and effect cross-border payments through the network. Project Nexus is trying to achieve the equivalent of internet protocols for payments systems. That means creating a model through which any country can join by adopting certain technical and governance requirements. Under the Nexus blueprint, participating countries will only need to adopt the Nexus protocols once to gain access to the broader cross-border payments network. This removes the need for countries to negotiate payment linkages with each jurisdiction on a bilateral basis.
financial messaging services company SWIFT has launched SWIFT Go, a service that transmits instant cross-border payments anywhere in the world from a user’s bank account. So far, seven global banks which handle a combined 33 million cross-border transactions annually are live with the service. With SWIFT Go, banks can offer simple payments experience for transactions typically made by small and medium-sized businesses (SMBs) to pay overseas suppliers and customers sending funds to friends and family internationally. The service includes pre-validation of data and enables financial institutions the ability to share processing times and costs with customers ahead of time. The system is expected to launch in November 2022 and already has support from Citi, Bank of New York Mellon, Deutsche Bank, BNP Paribas, Standard Chartered and Bank of China. The following global banks are now using SWIFT Go: BBVA, Bank of New York Mellon, DNB, MYBank, Sberbank, Société Générale and UniCredit. The new service will allow banks to compete effectively in one of the fastest-growing segments of the payments market, delivering a seamless experience for their customers.
MX, the financial data platform and leader in modern connectivity, announced an extension to its intelligent account verification solution, available through the MXconnect widget or MXapi, making it easier for customers everywhere to securely connect any depository account. Through a new partnership with Dwolla, MX has automated the micro-deposit verification experience for clients by removing the need to manage their own ACH and micro-deposit processes. This patented approach provides expanded coverage to financial institutions of all sizes, giving all customers secure access to their financial data—no matter where they bank. MX was already leading the industry with connectivity to instantly verify more than 90 percent of accounts within seconds. With the Dwolla partnership, MX increases coverage to the additional 10 percent of U.S. accounts via micro-deposits. The speed and success of these connections improve customer retention by reducing dropoff due to slow and failed connections. Developers can access MXconnect through the MXapi and begin testing in the sandbox environment within seconds. The updated functionality helps organizations deliver an intelligent connectivity experience within their products and reduces risk and customer drop-off.