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Western Union Expands Real-time Payments in Europe

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Western Union Expands Real-time Payments in Europe

Business Wire India

Western Union, a global leader in cross-border, cross-currency money movement and payments, announced today that the Western Union International Bank (WUIB) has joined the Single Euro Payments Area Instant Credit Transfer scheme (SCT Inst) as a Direct Participant, further enhancing the company’s real-time payment capabilities in Europe.

 

Joining SCT Inst allows Western Union to offer its consumers—across the 24 countries and more than 2,300 financial institutions that take part in the SCT Inst scheme—additional real-time money transfer and payment options, available 24/7, providing more choice and convenience and further improving speed and reliability. Progressively, SCT Inst participation will enable consumers using Western Union’s global financial network, spanning more than 200 countries and territories, to send and receive real-time payments to/ from the scheme’s participating countries and financial institutions.

 

Peter Bucher, Managing Director of the Western Union International Bank, said: “This is an achievement that showcases how WUIB is a truly agile, customer-focused organization, at the vanguard of digital innovation. We continue to deliver cutting-edge products and services to expand and enhance the relationship with our customers across Europe.”

 

SEPA Instant Credit Transfer enables pan-European credit transfers, with funds made available on the account in less than ten seconds. The scheme forms part of the Single Euro Payments Area, launched in 2008 by the European banking and payments industry with the support of national governments, the European Commission, the Eurosystem and other public authorities. SEPA has harmonized the way non-cash euro payments are conducted and covers several countries beyond the euro area or the European Union.

 

Shelly Swanback, President, Product and Platform for Western Union, said: “Joining STC Inst as a Direct Participant is a significant milestone, reflecting Western Union’s role as an important financial services provider in Europe. Already, over 60% of our global account payout transaction volume is delivered in real-time. But we don’t stand still: We continue to invest in expanding our real-time payment capabilities, as we work to give consumers additional options and convenience across platforms, devices, borders and currencies.”

 

About Western Union

 

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect businesses, financial institutions, governments, and consumers through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and over half a million retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.

 

WU-G

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211013005751/en/

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Press Release

The Open Group Organizes Sensitization Session on ISO/IEC 20243-2018 (O-TTPS) for Government Organizations in India

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The Open Group Organizes Sensitization Session on ISO/IEC 20243-2018 (O-TTPS) for Government Organizations in India

Business Wire India

The Open Group, a vendor-neutral technology standards consortium, hosted a virtual sensitization session on ISO/IEC 20243-2018 [Open Trusted Technology Provider™ Standard (O-TTPS)] for Senior Indian Government Officials and Regulators on Thursday, 2nd December 2021.

In continuation to The Open Group ongoing endeavor in building awareness and adoption of this standard in India, it organized a virtual session which was the first of its kind sensitization session. The session shared information about the standard, its usage in different industries and departments, and use cases from government-wide procurement process in the US Government. It was attended by seventy officers from the Ministry of Electronics and Information Technology, Ministry of Power, Standardisation Testing and Quality Certification, Centre for Development of Advanced Computing, National Informatics Centre, Central Power Research Institute, Indian Railways, and Indian Institute of Science.

The Open Group provided an overview of the standard and industries where it is being adopted. The O-TTPS is a set of guidelines, recommendations, and requirements that help address the issue of maliciously tainted and counterfeit hardware and software products throughout the commercial off-the-shelf (COTS) information and communication technology product lifecycles. The standard includes best practices throughout all phases of the product life cycle spanning design, sourcing, development, fulfillment, distribution, sustenance, and disposal, thus enhancing the integrity of technology products and the security of their global supply chains. More information about the standard is available at:
 

https://www.iso.org/standard/74399.html
https://www.iso.org/standard/74400.html

Joanne Woytek, Program Manager from NASA‘s Solution for Enterprise-Wide Procurement (SEWP) provided insights into the use of the standard by their supplier group and its valuable contribution in enhancing the procurement process. The SEWP is a premier Government-Wide Acquisition Contract (GWAC) providing federal agencies access to the latest in Information and Communication Technology product solutions, managed by NASA.

The main points and the key takeaways from the session were:

The significance of the standard against maliciously tainted and counterfeit hardware and software products throughout commercial off-the-shelf information and communication technology product lifecycles.

NASA’s use of the standard while being aware that there is some risk and uncertainly involved in the supply chain and being vigilant about it as an imperative. Additionally, ensuring that the process of education and keeping their customer/suppliers updated and aware about their policies and standard usage.

The role of the standard for India in securing India’s critical infrastructures like Power, Telecom, Railways, and Banking. The need for wider awareness among various stakeholders covering consumers, integrators, component suppliers, certification authority, and standards bodies was accentuated during the interactions.

The necessity to create an implementation guide suited to the Indian context and its industries. This will help in a better understanding of the standard and its adoption process for various industries that use information and communication technology products.

In his keynote address at the Sydney Dialogue on 18th November 2021, Prime Minister Modi spoke about India’s efforts towards creating and operating with trusted supply chains. In this regard, the Department of Telecom launched the Trusted Telecom Portal effective from June 15th, 2021. Taking the same thread forward with concrete action, the Standardisation Testing and Quality Certification (STQC) Directorate of the MeitY has recently launched the Trusted Electronics Value Chain Certification Scheme (TEVCCS). This scheme is derived from and aligned with the ISO 20243:2018. This impacts design, development, manufacturing, procurement, and deployment activities in the entire telecom sector. After the Telecom Sector, India released the cybersecurity guidelines for the power sector. There is a heavy emphasis on trusted providers in the Power Sector’s Cybersecurity Guidelines with two of its main objectives being the reduction of cyber supply chain risks and use of open standards and in that context the O-TTPS being mentioned as one of the standards for compliance signaling the relevance and timeliness of the session.

The Open Group has constantly strived to lead the field in technology standards services, certifications, research, and training worldwide. “With supply chain cybersecurity emerging as one of the most important priorities in protecting our critical infrastructures, this sensitization session demonstrates our vision and commitment to open standards and accentuating its adoption as a public good. We aim to continue more such sessions to cover other stakeholders in India,” states Dr. Pallab Saha, General Manager, The Open Group (India).

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CertiK Closes Largest Investment Round in Blockchain Security from Sequoia, Bringing its Valuation to Nearly $1 Billion

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CertiK Closes Largest Investment Round in Blockchain Security from Sequoia, Bringing its Valuation to Nearly $1 Billion

Business Wire India

CertiK, the leading global blockchain security firm headquartered in New York, today announced the completion of an $80 million Series B2 financing round. This investment is led by Sequoia, with participation from existing investors including Tiger Global, Coatue Management, and GL Ventures (Hillhouse Capital’s VC arm). This not only sets the bar for the largest single round of fundraising in the blockchain security space but now brings CertiK’s valuation to nearly $1 Billion. This is the third round of capital raised by CertiK within four months, altogether totaling just over $140M.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211201005593/en/

 

CertiK cofounders Ronghui Gu (left) and Zhong Shao (right) (Photo: Business Wire)

There has been a substantial increase in demand for blockchain security in the past few years – mostly driven by recent blockchain hacks, and stolen cryptocurrency. In 2021, $1.3 billion in cryptocurrency was lost to hacks, exploits, and scams – a large increase from the over $500 million dollars lost in 2020.

 

CertiK has experienced incredible growth over the past year, increasing revenues by 20x and its headcount by 4x. To date, CertiK has provided security products and services to over 1,800 clients, detected over 31,000 vulnerabilities in blockchain code, and protected over $310 billion worth of digital assets.

 

“Blockchain security is an indispensable link in the commercial value chain overall,” said a Sequoia spokesperson. “We are very proud to invest in CertiK, which is deeply involved in this field. This is an important addition to our global blockchain investment landscape. We believe that CertiK can create synergies with other companies we have invested in. Our goal is that Sequoia can provide CertiK with resources to jointly develop the blockchain security market.”

 

In addition to blockchain and smart contract auditing and formal verification through its Security Leaderboard platform, CertiK launched Skynet, the first 24/7, active-monitoring platform. Skynet monitors and protects smart contracts as well as blockchains against sophisticated security threats. As the security threat landscape continues to evolve, Skynet’s strategy is to utilize large amounts of on-chain and off-chain machine learning data. With this data Skynet can adapt and evolve, to protect smart contracts and blockchains against new threats. Both Security Leaderboard and Skynet are seeing incredible growth. Since the end of 2020, Skynet’s booked revenue has grown 2,300%, and the total number of users on the Security Leaderboard has grown 2,000%.

 

The newly raised capital coupled with revenue generated from both Skynet and Security Leaderboard, will be used for the development and operation of more innovative products. “Smart contract auditing and formal verification are the first steps in a blockchain security service,” CertiK Co-founder, Professor Ronghui Gu pointed out. “CertiK’s goal will be to develop more SaaS products to provide additional security benefits for clients. This includes security auditing, formal verification, monitoring, detection, as well as protection of client blockchain and smart contracts.”

 

CertiK strives to create a leadership team composed of the best talent. Dr. David Tarditi, who recently joined CertiK as Vice President of Engineering, has over 16 years of experience growing and leading engineering and research teams at Microsoft. He is also the inventor and co-inventor of 22 patents and has carried out research on typed intermediate languages, which gives compiler developers proof of compiler phases maintaining key correctness properties of input source code. In addition, Monier Jalal, who has over 20 years of leadership in the cybersecurity space, has also joined CertiK as Vice President of Marketing. Mr. Jalal has helped companies successfully market and launch products and has been part of the founder and executive leadership team driving the growth, acquisition, and IPO for several cybersecurity startups.

 

About CertiK

 

CertiK’s mission is to secure the cyber world. Starting with blockchain, CertiK applies cutting-edge innovations from academia into enterprise, enabling mission-critical applications to be built with security and correctness. Headquartered in New York City, CertiK was founded by computer science professors at Yale University and Columbia University. CertiK is backed by industry leaders, including Sequoia, Coatue Management, Tiger Global, GL Ventures (Hillhouse Capital’s venture arm), Binance, Coinbase Ventures, Lightspeed, and more

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211201005593/en/

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EasyCollect by Easebuzz – A Complete API Integration Toolkit for Growing Businesses in India

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EasyCollect by Easebuzz – A Complete API Integration Toolkit for Growing Businesses in India

Business Wire India
Easebuzz has set its foot in the digital world in 2016 and launched its operations with a gamut of digital payment solutions to help SMEs with digital payment issues and offer them scalable and reliable solutions that allow them to grow seamlessly in the competitive market.

Early-stage growing businesses in India encounter dire problems as they grow and end up with a high-cost center for solving such issues with banks or other financial institutions. Easebuzz comes with a motive to help businesses with smart APIs and cost-effective solutions all in one single place. It’s a well-established software platform, embedded with payment infrastructure aiding businesses to accept, process, and disburse payments with its API-based product suite.

Amit Kumar, CTO and Director of Easebuzz stated, – “At Easebuzz we are recognized as a “Collection Gateway” and act as a “Technology Partner” for growing businesses and enterprises in India. Our core focus is towards resolving problems related to collection mechanisms at the least cost with help of unique product offerings.

In today’s world, online payment transactions are setting standards whereas cash is becoming an impediment. Moreover, irrespective of their retail foothold, there is a dire atmosphere created for businesses to have online payment options that can further ensure their indispensable digital presence. Technology, on the other hand, is a double-edged sword. In spite of the multitude of advantages offered by technology, there still are problems faced by emerging businesses in India.
 
Easebuzz has identified and solved these primary problems by establishing a software platform that is integrated with payment infrastructure. EasyCollect is one of Easebuzz’s innovative SME offerings which is a complete API integrated toolkit for developing enterprises. This product accepts a variety of payment methods and speeds, including real-time transactions. Customers can quickly and easily make a payment that suits their needs and communicate further via SMS, Email, or WhatsApp.
 
The automated payment reminders help in reducing manual follow-ups, reconciliation and allow to customize e-mail and SMS content for follow-ups at the click of a button. It helps in managing all the payment-related activities from a single dashboard. Automated payment reminders make digital payment simple, and the seven-step procedure is reduced to just three steps i.e.,

Login
Set payment automation
Receive payment.

 
EasyCollect is a value-added API-driven software that is favored over any traditional payment link solution in the industry due to its unique features that contribute to a hassle-free payment.  Following are the key characteristics of EasyCollect:

Auto-Generated Invoice – Send auto-generated invoice detail to customers
Voice-Enabled Bot – For Payment reminders & marketing activities
Real – Time Updates – Real-Time payment updates are available 24×7, 365 days
Automation – Reduction of manual follow ups and reconciliation
Customize Email & SMS – Follow up with the click of a button
Single Dashboard – Multiple adaptations in one place for a quick overview

  
Reconciliation, Split Payment, Auto Payment, and Bulk Payment made easier with EasyCollect:
 
Real-time reconciliation of transactions into ERP systems can be easily done with the help of EasyCollect. This comprises transaction ID and transaction details which are gathered on the gateway by selecting the required data and format to properly integrate with the accounting system of choice. 
 
Speaking of bulk payment, with EasyCollect you can send payment links in bulk by uploading a batch file on the EasyCollect Dashboard. Additionally, Wire- a flagship product of Easebuzz facilitates split payment that can be integrated, with EasyCollect for merchants who require their payments to be split between different vendors.
 
EasyCollect by Easebuzz automates recurring bill payments, manages advance payment collection and subscriptions with great ease using APIs. It automates the reminder overpayment collections for any merchant that has a due date-based collection mechanism. Easebuzz has partnered with over 100 merchants on a monthly basis, resulting in over 219 lifetime EasyCollect merchants.

The customer can operate EasyCollect with ease as per the following step:

Create a simple payment link via Easebuzz Dashboard and customize it.
Share Payment links via SMS, Email, or Whatsapp and get paid instantly.
Automate your payment collection with invoice payment reminders before the Due Date of an Invoice.
Create and share payment links for multiple customers in one go by uploading a bulk file.
Manage your transactions, refunds, and settlements from one single dashboard.
Quickly remind customers about due bill dates with our Outbound IVR Service feature.
Get notified when there is a change in the status of the transaction.

 
These features allow EasyCollect customers to pay during any point of time and can easily fulfill their bills or invoice related to pending payments such as maintenance bills, school fees, insurance, and other obligation manual reminders. This saves time and cost both for the merchants as well as for the customers.
 
Mr. Rohit Prasad, CEO and MD of Easebuzz stated – “Easycollect is a cutting-edge API-based solution to enable diverse small and medium-sized enterprises to process digital payments and collections.”
 
Easebuzz, a preferred partner for SMEs across India, is working towards its long term aim of establishing itself as a payment collection/SaaS software solutions company with an API module tailored for Indian startups and SMEs.

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