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IndustryUpdate

Ubiquity releases outsourcing guide for fintechs

Ubiquity, a business process outsourcer, released a white
paper aimed at helping European fintechs use outsourc-
ing to adapt to rapidly changing market conditions. The
paper addresses challenges and opportunities facing
fintech scaleups in Europe as they navigate ongoing
economic uncertainty, budget constraints, recruitment
and retention issues, and increased transaction volumes.
It also explores the buy versus build decision for cus-
tomer experience and the potential of AI in fintech work-
flows. The white paper also offers guidance from fintech
leaders and commentators on leveraging outsourcing for
growth and cost efficiency.
ANNOUNCEMENTS
RESEARCH

Alchemy Pay gains Arkansas money transmitter
license Digital commerce transactions to pass 1 trillion
Alchemy Pay acquired a money transmitter license A study by Juniper Research predicts that global digital
in Arkansas,, enabling its compliant crypto payment commerce transaction volumes will reach 1.08 trillion
services in the state. The license allows Alchemy Pay by next year, up from 966 billion this year, marking a 12
to engage in activities related to payment instruments, percent growth in a single year. The strongest growth is
stored value, prepaid access and virtual currency receipt. expected in NFC payments (30 percent), digital ticketing
This achievement, Alchemy Pay stated, reflects its com- (19 percent), and physical goods purchases (12 percent).
mitment to securing local licenses in key global markets.
Alchemy Pay is also pursuing licenses in the UK and The increase in contactless acceptance, particularly with-
Hong Kong and recently gained recognition from Visa in transit, has driven the surge in NFC payments; open-
and Mastercard as an approved third-party service pro- loop payment systems in ticketing have also boosted
vider. contactless adoption in markets that previously lagged
behind; and to differentiate themselves, vendors in
Clip Money closes strategic investment competitive markets should focus on reducing payment
costs, researchers found.
Clip Money Inc. raised $4.9 million through a non-
brokered private placement of common shares and $6.1 LNRS reports on cost of financial crime compliance
million through secured convertible notes. Cardtronics
Inc., a subsidiary of NCR Corp., invested a total of $10 LexisNexis Risk Solutions released its annual True Cost of
million in Clip Money. The investment coincides with Financial Crime Compliance Report, revealing that financial
a long-term partnership between Clip Money and NCR institutions globally bear a total cost of $206.1 billion for
to enhance business cash deposit solutions with card- compliance. While 71 percent of professionals in finan-
less cash deposit API and cash in network capabilities, cial crime compliance are utilizing advanced analytics
expanding access to Clip Money's services for U.S. busi- and AI, data quality issues, data silos, outdated systems
nesses regardless of their bank's branch presence, Clip and internal collaboration challenges create avoidable
Money stated. compliance activity and expenses, researchers found.
The study also noted that EMEA financial institutions
Rebag launches consignment option and customers face higher compliance costs compared to
other regions, driven by complex complex requirements.
Rebag, a luxury accessory trading platform, launched a
consignment service, complementing its existing trade The Payments Association reports on cost of living
and buyout options. The service offers sellers upfront
quotes, pre-approved payouts, fixed commission rates The Payments Association presented its report titled
and quick payments, eliminating ambiguity and lengthy Navigating the rising cost of living: Payments innovation as
processes, Rebag stated. Sellers can submit images or a game-changer to MPs and regulatory body representa-
use Rebag's Clair technology to determine the fair value tives in the UK Parliament. The report identifies three
of an item before sending it for evaluation. Rebag noted groups of people newly at risk of financial exclusion due
that it offers competitive commission rates, as low as 8 to the rising cost of living and makes recommendations
percent, and sellers can benefit from premium payouts, for building a more resilient and inclusive financial sys-
which increase by 1 percent per month for up to 12 tem in the UK.
months.
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