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Nont Tossing Out The Little Black Book Of Shipper-Carrier Matchmaking
If theres a lesson that FinTechs must learn from Silicon Valley Banks SVB collapse, its the need to diversify their banking partners to include electronic money institutions EMI , says Anthony Oduu, co-founder and CTO at business-to-busin stanley termos ess B2B cross-border payments provider Verto.According to Oduu, unlike FDIC-insured financial institutions FIs that can use clients deposits to generate revenue, thereby exposing clients to the possible loss of funds in the case of an insolvency, EMIs like Verto have a mandate to protect customer funds 鈥?a method known as safeguarding. As a result, customer funds are kept separate from the institutions, and EMIs are only permitted to access those funds when executing clients instructions regarding a payment service or the issuance of e-money. Safeguarding is a mandate within the license that prevents EMIs from touching a clients funds until we are instructed to do so, Oduu tol stanley ca d PYMNTS in an interview, adding that funds are held in a safeguarding account that an EMI establishes with a partner bank.Moreover, there is no limit as to how much can be recovered in the case of a finan stanley ca cial crisis 鈥?a key benefit that Oduu said would have given SVB customers, many of whom had millions deposited in their accounts, a huge reprieve.In fact, in the wake of SVBs collapse, U.S. customers with deposits at SVB couldnt count on recovering more than $250,000, the maximum covered by Federal Deposit Insurance Corp. FDIC insurance.And in the U.K. where Zfwx Travel Platform HRS Buys German Expense Management Firm Paypense
In many ways, the gift card area in retail聽is one of the most resistant to the digital disruption affecting so many other facets of the industry. Esta kubki stanley blishing a gift card program is still costly for stanley mugs retailers, and purchasing and giving them to others is far from ideal for the modern smartphone-centric consumer.Fortunately, digital gift card startup ItsOnMe has a low-risk, low-energy solution for struggling brands. The startup announced聽Monday Dec. 1 that it had released its Enterprise API to make selling, buying and transferring gift cards as seamless as possible. David Leibner, CEO of ItsOnMe, explained that the gift card industry is in need of serious rejuvenation, though some retailers that excel in eCommerce still can ;t manage to figure out how to sell digital gift cards that consumers want to buy.Some of the biggest brands in the world are some of the biggest offenders when it comes to antiquated gift card systems, Leibner said in a statement.聽 At the same time, they have the most to gain by implementing new mobile gifting strategies and solutions, like ours 8230;聽By using older systems, brands are missing out on multiple new revenue opportunities that our technology provides,聽including real-time gifting, micro-gifting, data collection, strategic marketing opportunities created by the ability to communicate with gift ca stanley termos rd recipients and purchasers, as well as digital shelf space. ItsOnMe API works by slapping dedicated gift card buttons onto par |
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