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    Business Wire India

    The Bill & Melinda Gates Foundation released a new open-source software for creating payment platforms that will help unbanked people around the world access digital financial services. The software is designed to provide a reference model for payment interoperability between banks and other providers across a country’s economy. It is available now, free-of-cost, for software developers to adapt and banks, financial service providers and companies to implement. Information on the code can be found at


    Current data from the World Bank shows that nearly two billion people in developing economies lack bank accounts and miss out on the benefits and security that basic financial services provide. Digital financial services, such as mobile money on cell phones, have rapidly expanded over the last two decades because they are convenient for users and cost-effective for companies aiming to serve new markets. In Kenya, an estimated 194,000 households have moved out of extreme poverty due in part to their access to M-Pesa, a mobile money platform, and users’ ability to save money more effectively. Digital financial services are now available in nearly 100 countries according to GSMA, an organization representing mobile network operators. However, global expansion of these services—especially to the world’s poor—has been hampered, in large part, by a lack of interoperability between digital financial services and payment platforms.


    The new software, called Mojaloop, establishes a blueprint for connecting today’s financial services sector, and can be used as a solution to barriers that banks and providers seeking interoperability have traditionally faced. Delivering financial services to the poor is prohibitively challenging for many businesses because they struggle to invest adequately in complex technology while maintaining a commitment to low-cost, inclusive services. This has led to a prevalence of consumer payment options that are out of reach for many people in developing economies, or which limit customers’ ability to transact across products, banks and borders. These and similar challenges have dissuaded many companies from expanding into developing markets altogether.


    Mojaloop can be used by financial institutions and commercial providers, to simplify and reduce the cost of developing inclusive payment platforms. It was designed to serve ultimately as a model for national payment switching systems that, for example, enable an individual’s digital wallet to connect with her employer’s bank account and her children’s school account to complete monthly transactions. The code can also be applied to adapt and improve existing services.


    “Interoperability of digital payments has been the toughest hurdle for the financial services industry to overcome. With Mojaloop, our technology partners have finally achieved a solution that can apply to any service, and we invite banks and the payments industry to explore and test this tool,” said Kosta Peric, Deputy Director, Financial Services for the Poor, at the Gates Foundation. “Just as the internet revolutionized digital communication, open-source solutions like Mojaloop can spark innovation and democratize access to digital payments, empowering billions of new customers and driving massive economic growth in developing markets.”


    Mojaloop (building off the Swahili word “moja,” which means “one”) was created in partnership with fintech developers Ripple, Dwolla, ModusBox, Crosslake Technologies and Software Group, using cutting-edge technology such as the Interledger Protocol, a solution for settling funds among multiple providers across their individual systems. It joins other promising digital financial software, but is the first model that can help extend interoperability from mobile money providers to any bank, merchant or government institution in a customer’s economy in a way that specifically meets the needs of the poor.


    “Interoperability is necessary both for financial inclusion and market maturity, but it is a complex thing to achieve,” said Benno Ndulu, Governor of the Bank of Tanzania, the country’s national bank. “We are excited to explore implementation of this because of how it can simplify that capability for businesses and governments, and speed up access to financial services.”


    “As we modernize and develop national and cross-border payments infrastructure in Africa, the only way to sustainably reach and serve the world’s unbanked communities is through new technologies,” said Chris Hamilton, CEO of BankservAfrica. “Our aim as an organization is to offer national payments platforms for the next generation of financial innovators and Mojaloop gives us some tantalizing new options for doing that in a way that integrates with the entire national economy.”


    Developers can access the new software on GitHub, the world’s leading open-source development platform. It includes four components: an interoperability layer, which connects bank accounts, mobile money wallets, and merchants in an open loop; a directory service layer, which navigates the different methods that providers use to identify accounts on each side of a transaction; a transactions settlement layer, which makes payments instant and irrevocable; and, components which protect against fraud. The software will not be owned or implemented by the Gates Foundation. It will be used in the foundation’s ongoing work to promote the development of pro-poor, digital payment platforms.


    Mojaloop was created by the Gates Foundation’s Level One Project, which is aimed at leveling the economic playing field by crowding in expertise and resources to build inclusive payment models to benefit the world’s poor. Alongside Mojaloop’s development, the project also brought together four mobile systems companies—Ericsson, Huawei, Telepin, and Mahindra Comviva—to develop an Open API for mobile money interoperability. These APIs will allow mobile money providers to integrate seamlessly with Mojaloop and products built from it.


    “In order to achieve the full potential of mobile money, we must evolve today’s complex and often fragmented digital payments ecosystem,” said Mr. Shi Yaohong, President of Software Product Line at Huawei. “I look forward to exploring opportunities to leverage Mojaloop to help us achieve our goal of bringing digital financial services to all poor and low-income customers.”


    For technical documentation and to contribute and use the Mojaloop software, visit For more information on the Level One Project, visit


    About the Bill & Melinda Gates Foundation


    Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people's health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people—especially those with the fewest resources—have access to the opportunities they need to succeed in school and life. Based in Seattle, Washington, the foundation is led by CEO Sue Desmond-Hellmann and Co-chair William H. Gates Sr., under the direction of Bill and Melinda Gates and Warren Buffett.





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    Business Wire India

    IDEMIA, the global leader in trusted identities for an increasingly digital world, today announced the milestone of 1 million MOTION CODETM online transactions with Société Générale.


    Société Générale was one of the first banks worldwide to launch MOTION CODE™, the next-generation card integrating a dynamic security code by IDEMIA (formerly known as OT-Morpho). This solution consists in replacing the 3 digits of the cryptogram printed on the back of the card with a small screen displaying a new “dynamic” code every hour. Thus, in case of piracy of the bank card’s data, the 3 digits of the cryptogram quickly become obsolete, preventing fraudsters from reusing data, especially on e-commerce sites.After successful testing among more than 500 people in 2016, Société Générale started offering MOTION CODE™ to all their French customers early 2017. In less than 10 months, the results illustrate this incredible commercial launch, existing customer and new customer’s adoption. In brief:

    • Significant milestone: 1 million online transactions made with the dynamic cryptogram card
    • Massive adoption: more than 200 thousand cards issued
    • Attractive offer: 8% of Motion Code cards are newly issued cards
    • The best launch of Société Générale cards ever

    "Société Générale is very proud to be the first bank to offer to all its customers this innovative solution that reinforces the security of online transactions. As it does not change customer habits, it is very easy for them to adopt it and we have seen strong customer demand. Société Générale as one of the leading e-commerce banks in France, wants to continue to strengthen the security of online payments while making our customers’ everyday lives easier”, said Philippe Marquetty, Société Générale, Head of payment and cash management products.


    “IDEMIA’s main concern is to help banks make their customers’ lives more secure and convenient: with MOTION CODE™ we are fully answering this mission, by securing CNP transactions and decreasing the cases of fraud. End-users feel more secure and can e-shop with no worries and no change. This project carried together by Société Générale and IDEMIA has confirmed MOTION CODE™ value and leadership worldwide. MOTION CODE™ also helped Société Générale stand out among consumers with an innovative product”, said Eric Duforest, Executive Vice-President, Financial Institutions business at IDEMIA.





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    Business Wire India

    Sibos - Murex, an industry leader in trading, risk management and processing solutions for capital markets, announces it has certified its MX.3 technology platform to run on Microsoft Azure.


    Since early 2016, Murex has collaborated with Microsoft to bring to market solutions enabling clients’ digital transformation. This collaboration has now come to fruition with the availability of support for the Murex MX.3 platform on Azure, as well as the planned integration of Microsoft SQL Server 2016 as a relational database for MX.3.


    Murex has certified Azure for its most demanding use cases including GPU-powered solutions for computationally intensive workloads. This enables Murex clients to leverage the flexibility and economies of scale of the cloud to meet new requirements. Those opting to adopt cloud as part of their infrastructure will continue to benefit from the full support of Murex’s expert client services teams around the world.


    Maroun Eddé, CEO of Murex, says “Increasingly we see banks looking for ways to rationalize, simplify, and reduce total cost of ownership. Cloud brings tremendous agility to our clients and is a key enabler of their transformation initiatives. Our clients are accustomed to the highest level of support from Murex and we’re now fully confident that we can continue to provide the same high standards of service in the cloud.”


    Janet Lewis, Vice President of Worldwide Financial Services at Microsoft, comments, “Microsoft is committed to supporting financial institutions in their digital transformation journey, providing firms with the global scale and enterprise-grade security to deploy applications in the cloud. Murex solutions powered by Microsoft Azure provide businesses with the productivity and intelligence to run their most demanding business applications in the cloud.”


    Philip Wright, Chief Architect at Murex, adds “The choice of Microsoft SQL Server 2016 made sense for Murex and Murex clients due to its availability as a managed service in the cloud as well as being supported by Microsoft for on-premises deployment. For these reasons, SQL Server 2016 will be an enabler for customers’ transition from on-premises to cloud.”


    About Murex (


    For more than 30 years, Murex has been providing enterprise-wide, cross-asset financial technology solutions to capital markets players. Its MX.3 platform supports trading, treasury, risk and post-trade operations, enabling clients to better meet regulatory requirements, manage enterprise-wide risk, and control costs. With more than 45,000 daily users in 60 countries, Murex has clients in many sectors, from banking and asset management to energy and commodities.


    Murex is an independent company with 2,000 employees across 17 countries. Murex is committed to providing cutting-edge technology, superior customer service, and product innovation.





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    Business Wire India

    • Enables consumers to upgrade living by booking India’s first wellness homes at just 6 per cent 
    • This 6 per cent easy payment in line with the project’s Code 6 value proposition is valid till 15th November 2017 
    Tata Housing - one of the leading real estate developers in India, today announced an exclusive easy payment plan for India’s first wellness homes - Serein in Thane. This scheme will enable consumers to book their apartments by paying just 6 per cent and the balance payment after 36 months. The limited payment plan valid till 15th November 2017, is set to bring consumers close to nature.

    Commenting on the launch of the scheme, Mr. Rajeeb Dash, Head - Corporate Marketing, Tata Housing, said, “With a thriving wellness industry and growing awareness about health and wellbeing, wellness homes are currently gaining popularity in the premium space. The luxury home buyer segment is evolving as home buyers are demanding living spaces specially designed to connect with nature’s elements. Serein assures the highest standards of living with unique wellness features integrated into the project.”

    “The scheme will not only offer flexibility in payments, but also relieve consumers from worrying about EMI payments post booking, for the next 3 years. At Tata Housing, we strive to provide valuable propositions to our customers and we are delighted to launch this scheme, in true celebration of this festive season and its spirit.”

    The 6 percent easy payment plan perfectly complements with the Code 6 of Serein which includes six distinguished features of the project. This unique project with wellness as a theme has outdoor living spaces designed exclusively for users to immerse themselves in nature’s elements. The apartments have been placed such that they have abundant sunlight and natural ventilation. Taking wellness to the next level, these homes are boasting wellness features like Vitamin C showers, Dehumidifiers, Homes with Low VOC Paints and many more. The project is spread across 1 million sq.ft. comprising two-, three- and four-BHK apartments and duplexes.
    About Tata Housing

    Tata Housing is a closely held public limited company and a subsidiary of Tata Sons. It is the first corporate to pioneer the concept of real estate development in India. It is widely recognized for quality construction, ethical and transparent business practices and timely delivery of properties. It has a pan-India and international presence with demonstrated capabilities in Construction, Engineering, Commercial / IT parks, Housing and Township development. It is known for international standards of design and green sustainable developments.

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    Business Wire India

    Award received by Mr. Satish Chawla
    Award received by Mr. Satish Chawla

    UAE Exchange India showcased its penchant quality and exemplary services trends in all its service verticals especially in the field of Digital media which is reigning large in the contemporary industry. Exceptional contribution in customer engagement and conveniences through social media has become an integral part of the business strategy. Due to its versatile service trails, UAE Exchange India has won the prestigious INDCOM Award for the Best Digital Media Campaign, organized by Goldman Communication and Public Relations Society of India.
    Indcom 2017, India's premier PR conference powered by PRSI honored UAE Exchange India in a prestigious function at Mumbai on 6th October 2017, where Mr. Brijish Singh, IPS handed over the Best Digital Media Campaign Award to Mr. Satish Chawla Head Corporate-West India.About UAE Exchange India
    UAE Exchange India is one of the pioneers of financial services renowned for its penchant quality and optimized service trends, creating a niche for itself in the industry. Connecting people and creating progress with the finest of quality is the vision of the company that has an extensive reach of 370 plus branches serving a population of 1.25 million people under the proficient support of 3375 employees. The company has been instrumental in providing cost-effective service in Foreign Exchange, Money Transfer, Air Ticketing & Tours, Loans, XPay Cash Wallet, Insurance and Share Trading.


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    Business Wire India

    IDEMIA, the global leader in trusted identities for an increasingly digital world, was selected by BGFIBank, the top bank in Central Africa, to launch the new Visa bank card in Gabon integrating MOTION CODETM, a technology developed by IDEMIA ensuring optimal security especially in Internet transactions and considerably reducing the risk of online fraud.


    As a reference player in the African banking landscape, the BGFIBank Group has always been a pioneer in the adoption of new technologies in order to offer its customers the most innovative and secure solutions on the market. It is therefore quite natural that BGFIBank chose the expertise of IDEMIA (formerly known as OT-Morpho) to offer its customers high-tech payment cards for the first time in Africa. The adoption of this innovative solution is intended to secure online purchases made by its customers.


    Traditional payment cards have a static cryptogram (CVV2) used to pay online and printed on the back of the card, next to the signature pad. If stolen, this code, as well as the card number (PAN) and the expiration date, may be used to make fraudulent online purchases. With MOTION CODETM, the CVV2 becomes dynamic: the 3 digits are permanently displayed on a mini-screen integrated in the card, but automatically change every hour. Thus, the codes stolen unbeknown to the cardholder quickly become unusable online by a fraudster.


    “BGFIBank is the first bank to deploy MOTION CODE™ in Africa, but also in the Middle East. IDEMIA, as a privileged partner of BGFIBank, is very proud to launch this first VISA card with dynamic cryptogram, which guarantees an optimal level of security for online payments,”said Muzaffar Khokhar, President of the Middle East and Africa Region at IDEMIA.


    “The launch of Motion Code in our Group is part of the digital strategy that BGFIBank is deploying. The primary objective is to provide our customers with a unique digital experience through innovative tools with real added value. It is therefore with confidence that we, as pioneers, are adopting this innovative technology, the most secure of the market, for the first time in Africa. We are convinced that our collaboration with IDEMIA will enable us to optimize our payment solutions for the Group’s customers,” said Henri-Claude Oyima, CEO of the BGFIBank Group.


    BGFIBank and IDEMIA have celebrated their partnership and the launch of this new card during an event in Libreville (Gabon) on October 19, 2017.





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    Business Wire IndiaTata Value Homes - a 100 % subsidiary of Tata Housing - one of the leading real estate development companies in India, today announced the launch of ‘99 hours flash sale’ on Tata Value Homes across India. Through this offer, Tata Value Homes will enable customers to own their dream home with 99 percent funding by select banks. The scheme is applicable on the first 99 units across the projects and for a limited time frame of 99 hours starting from 2nd November to 6th November 2017.

    Mr Rajeeb Dash, Head – Corporate Marketing, Tata Housing, said, “Tata Value Homes pioneered affordable housing in India and continues to introduce innovative offers to encourage fence-sitting buyers to take a first step towards owning a home. Customers have always been central to our business and this unique 99 hours flash sale is tailored to connect aspirers with their perfect residence from our diverse portfolio of projects.”

    To avail the scheme, customers will have to log on to between 23rd October to 1st November and register using basic details. Post registration, customers can visit the site between 2nd November to 6th November 2017 to check for loan availability within 30 minutes and walk away with the allotment of the unit with a loan of 99% of the agreement value.

    As the leading provider of homes under affordable housing segment, Tata Value Homes develops affordable housing that goes beyond merely providing a house, to one with a 'neighbourhood and community'. The first 99 customers will have the convenience to buy a home from the Tata Value Homes projects such as New Haven, Bahadurgarh; New Haven Compact, Ahmedabad; Shubha Griha Ahmedabad; New Haven Boisar I & II; La Montana, Talegaon; New Haven Bengaluru, Santorini, Chennai; New Haven Ribbon Walk Chennai.
    About Tata Value Homes Limited

    Tata Value Homes Limited is 100% subsidiary of Tata Housing Development Company Limited, established in 2010, to exclusively focus on value and affordable housing. The vision of Tata Value Homes Limited is to be the largest home provider in India. Tata Value Homes Limited has introduced two pan-India brands – Shubh Griha (Value Homes) and New Haven (Affordable Homes). Tata Value Homes Limited is also developing a Mediterranean themed project “La Montana” near Talegaon, Pune, while Shubh Griha is currently being developed in Boisar & Vasind near Mumbai and Ahmedabad, and New Haven is currently being developed at  Bosiar,  Ahmedabad and Bengaluru. Tata Value Homes Limited today has projects in Mumbai, NCR, Ahmedabad, Bengaluru,  Chennai and Pune.

    About Tata Housing

    Tata Housing is a closely held public limited company and a subsidiary of Tata Sons. It is the first corporate to pioneer the concept of real estate development in India. It is widely recognized for quality construction, ethical and transparent business practices and timely delivery of properties. It has a pan-India and international presence with demonstrated capabilities in Construction, Engineering, Commercial / IT parks, Housing and Township development. It is known for international standards of design and green sustainable developments.

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    Business Wire India

    The San Francisco 49ers and IDEMIA announced a new multi-year partnership to promote and implement identity and security services from IDEMIA’S IdentoGO solution, the country’s preeminent identity-related service provider and exclusive provider of TSA Pre✓®, at Levi’s® Stadium. In addition to offering TSA Pre✓® enrollment opportunities at 49ers home games, IDEMIA will equip the stadium with biometric-based technology to assist in fan experience and security in the near future.


    We’re always looking for innovative ways to enhance security at Levi’s® Stadium and IDEMIA’S IdentoGO technology complements our efforts as we strive to provide expedited entry for pre-approved customers,” said Jim Mercurio, 49ers Vice President of stadium operations and Levi’s® Stadium general manager. “We look forward to working with IDEMIA to jointly deploy the first-ever Trusted Fan Program which we plan on implementing in stages. We are excited about the possibilities they bring toward enhancing the fan experience at Levi’s® Stadium.


    “At IDEMIA, we make it our mission to protect people and places with innovative and convenient solutions so that security doesn't get in the way of enjoying free time. This is what we are doing for millions of Americans already using the TSA Pre✓® program to travel safely,” said Didier Lamouche, CEO of IDEMIA, the company that provides IdentoGO services. “We are very excited to partner with such a progressive sports organization in technology to bring 49ers fans TSA Precheck and outfit Levi’s® Stadium with cutting-edge biometric solutions to help them better serve their fans.”


    Through innovative pilot programs focused on leveraging IdentoGO’s wide-ranging technology, the 49ers will test options to streamline fan entrance into Levi’s® Stadium, enhance the fan experience inside the stadium, and look at the implementation of biometrics at point of sale.


    Being located in Silicon Valley mandated that our organization have a close relationship with pioneering technology companies and IDEMIA certainly delivers on that characterization,” said Brent Schoeb, 49ers Vice President of corporate partnerships. “The launch of their TSA Precheck enrollment for 49ers fans who visit Levi’s® Stadium is just the beginning of our work with them as we work to further enhance the guest experience at Levi’s® Stadium.”


    About IDEMIA
    OT-Morpho is now IDEMIA, the global leader in trusted identities for an increasingly digital world, with the ambition to empower citizens and consumers alike to interact, pay, connect, travel and vote in ways that are now possible in a connected environment. With close to €3bn in revenues, IDEMIA is the result of the coming together of OT (Oberthur Technologies) and Safran Identity & Security (Morpho). This new company counts 14,000 employees of more than 80 nationalities and serves clients in 180 countries. For more information, visit / Follow @IdemiaGroup on Twitter


    About the San Francisco 49ers
    The San Francisco 49ers, owned by Denise and John York, currently play in the NFC West division and have won five Super Bowl trophies including Super Bowl XVI, XIX, XXIII, XXIV and XXIX. The franchise also has six conference championships and 19 divisional championships and was the first major league professional sports team to be based in San Francisco more than 70 years ago.





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    Business Wire IndiaFINVASIA today announced the launch of their one stop in-house custom client portal - PRISM. The client portal allows investors to view and analyze their investments under a single login, thanks to its intuitive layout and features. By making it easier for clients to manage their trading accounts and request changes in real time, Finvasia has taken a dramatic step forward in making account management more efficient for clients. Its features include:

    1. Dashboard: Multi graph section that gives a snapshot of user’s primary information ranging from Balance, Unrealized PnL, Realized P/L, Stock Holding values along with pictorial Script wise PnL, open positions, date range and more. Users to view information exchange wise as well as total their portfolio from the dashboard.
    2. Manage Accounts: Users can access multiple reports ranging from Financial Ledger, Open Positions, Closed Positions, Trade confirmation & Tax reports under this section.
    3. Leverage: In an effort to address the foremost request of intraday traders seeking higher leverage, Finvasia will offer traders additional limits for intraday trading in all segments across NSE, BSE and MCX. Traders will be able to request from the available categories of Bronze, Silver & Platinum. They will be able to avail additional limits upto 5X, over and above the free limits for intraday trading at a nominal charge. In addition to requesting more leverage, trader will also be able to deactivate the request when it’s not required.
    4. IPO: Investors will be able to view all upcoming IPOs and get all details to submit the application form.
    5. Digital Demat Account: Users can open CDSL Depository accounts within few minutes by simply entering their Aadhaar number followed by OTP received.
    6. Ticket System: Users will be able to open tickets on any issue and track the process of the request live to get solution within 24 hours. The ticketing system also stores history of the all the previously opened and resolved tickets.
    7. Upload AOF Form: By uploading the AOF form once, investors will be able to invest in physical mutual funds and liquid funds.
    8. NOW Funds: Unlike NEST Plus, NOW does not offer online funds transfer for getting instant limits. Hence, Finvasia is giving this additional service to NOW clients allowing them to transfer Funds using a third party payment gateway Atom Technologies. This is custom built only for NOW users, letting them transfer funds for getting limit increase within few minutes. Once the funds have been successfully transferred, users can leave a message on Live Chat requesting an instant limit increase.​
    9. PIT STOP: Once a Demat account is opened with Finvasia, investors can view all their Portfolio of InvestmenT ranging from Stocks, Derivatives, Currencies, Commodities, Mutual Funds, SIP and more under a single log in. 
    Finvasia is always looking forward, adapting to client needs and using innovative strategies. This new online client portal is just one more way to enforce that Finvasia seeks to empower investors leveraging automation and artificial intelligence.
    About Finvasia

    FINVASIA is dedicated to create a technologically driven commission free financial ecosystem in India. We are offering services ranging from asset management, investment banking, capital market advisory, and currency hedging to brokerage free trading services in NSE, BSE, & MCX. It is India’ first fintech financial institution offering Zero brokerage, Zero clearing trading using SEBI approved Aadhaar based eKYC account. We have received an FDI funding from some of the industry’s notable Venture Capitalists against a valuation of INR 1.5 Billion from these investors in its pre-launch phase. The company has advised institutional clients on their investments in fourteen countries while also acting as a one-stop shop for Foreign Portfolio Investors (FPI) who seek to make investments in the Indian markets. We are registered as a Commercial Clearing cum Trading Member of National Stock Exchange of India Limited (NSE) and Trading Member of Multi Commodity Exchange of India (MCX), Bombay Stock Exchange (BSE) and AMFI. Additionally, we were registered as a Foreign Institutional Investor (FII) with Securities Exchange Board of India and are an Investment Advisor with Securities and Exchange Commission, USA.

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    Business Wire India

    Moody’s Analytics has launched the CreditLens platform, our next-generation credit origination and risk monitoring solution. This new platform offers flexibility, configurability, and efficiency to lending institutions striving to establish smarter and leaner loan origination practices.


    The CreditLens platform reduces time-to-decision while tapping into powerful models and insightful analytics that help lenders manage risk and drive productivity. Lenders gain efficiency from the solution’s automated spreading capability and a flexible model authoring module. They also gain deep insights from built-in Moody’s Analytics Risk Grading features and Business Insights dashboards, which provide a complete view of the lender’s credit relationships. Automation in the platform also reduces errors and preserves data lineage throughout the credit assessment and origination process.


    The platform has been designed for configurability to align with each lender’s unique business strategies. Clients can choose from several implementation options for the CreditLens solution: software-as-a-service, private or public cloud, or on-premise installation.


    "Now more than ever, financial institutions must innovate to keep pace with their customers’ evolving needs,” said Elaine Wong, Managing Director at Moody’s Analytics. “The CreditLens platform gives lenders more control and helps them make higher quality loans, faster.”


    Click here to learn more about the Moody’s Analytics CreditLens platform.


    About Moody’s Analytics


    Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research, and financial risk management. By providing leading-edge software, advisory services, and research, including the proprietary analysis of Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenue of $3.6 billion in 2016, employs approximately 11,500 people worldwide and maintains a presence in 41 countries. Further information is available at







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    Business Wire India

    Visa (NYSE:V) today marked the launch of the newly-incorporated Visa Foundation, which has been established as part of Visa’s larger social impact strategy that will prioritize the growth of micro and small enterprises around the world, enabling individuals, businesses, and economies to thrive. To mark its inception, the Visa Foundation is making its first financial commitment of up to $20 million to Women’s World Banking.


    At the heart of the Visa Foundation is the belief that micro and small enterprises are the backbone of the global economy. In fact, small and medium enterprises account for more than 90 percent of enterprises worldwide, and contribute 50-60 percent of global employment.1 However, these segments struggle to access the financial tools, capital and training programs required to enable them to fully thrive. The Visa Foundation’s core mission is to support efforts to rectify this imbalance.


    “As a brand and a business, Visa has always stood for making a positive and transformational impact on the world,” said Al Kelly, chief executive officer for Visa and Visa Foundation board member. “The Visa Foundation has been established to build on a long history of corporate giving and will accelerate the delivery of our social impact goals. Our intention is to establish a legacy of meaningful contributions by helping millions of microenterprises thrive.”


    Women’s World Banking Support


    The Visa Foundation’s first multi-year initiative will be a five-year, up to $20 million grant to Women’s World Banking aimed at supporting millions of women-led small and micro enterprises.


    Despite their contribution to both the formal and informal economy worldwide, women-owned micro and small businesses are unserved or underserved financially. According to the World Bank there is a staggering $300 billion annual credit deficit for formal sector women-owned small and medium sized businesses.2 Financial products such as savings, credit and insurance can help low-income women to build their assets, grow their businesses, and ensure economic resilience in challenging times.


    With the Visa Foundation’s support, Women’s World Banking will develop sustainable solutions for women entrepreneurs to build their enterprises and establish financial safety nets while also advancing leadership skills and financial capabilities. Over the next five years, the program will:

    • Develop, test and scale innovative and sustainable products, that may include bundled financial services, business continuity insurance and technology-based solutions that drive positive financial behaviors
    • Expand Women’s World Banking’s global network of partner financial service providers to effectively serve 50 million more financially underserved individuals
    • Measure the impact that having access to improved financial services has on women enterprise owners
    • Drive knowledge sharing, innovation and best practices within the global community on how to best support small and micro enterprises

    The Visa Foundation grant is designed to support Women’s World Banking’s efforts around the world, with an initial focus in India, Mexico, Egypt and Nigeria, as key markets to drive growth among low-income, women-owned small enterprises.


    “Women and women-owned businesses continue to be disproportionately excluded from accessing formal financial services, impacting hundreds of millions of individuals with a significant effect on families and communities,” said Stephen Kehoe, Visa’s senior vice president for global financial inclusion, speaking at Women’s World Banking Making Finance Work for Women Global Summit in Dar es Salaam in Tanzania. “By supporting measures to include women, there is a strong multiplier effect in terms of increased financial health for all. For this reason, the Visa Foundation chose to focus its first grant on women-owned enterprises and has selected Women’s World Banking as our first grant recipient.”


    “Women’s World Banking is thrilled to be Visa Foundation’s inaugural grantee. We share a vision to serve low-income women entrepreneurs whose contribution to economic growth is far below its potential,” said Mary Ellen Iskenderian, President and CEO of Women's World Banking. “One billion women worldwide are unbanked, a significant number of them business owners. Through this partnership, we will deliver solutions that drive women’s access and usage of innovative financial services, so that they create economic opportunity for themselves and their families.”


    About the Visa Foundation


    The Visa Foundation, the philanthropic arm of Visa, works with charitable organizations to support underserved people and communities. As its central focus, the Visa Foundation is committed to helping low-income, financially underserved micro and small enterprises around the world to thrive and prosper. The Foundation, registered in the U.S. as a 501(c)(3) entity, also supports broader community needs as well as humanitarian responses in times of crisis.


    [1] International Finance Corporation, “IFC Issue Brief: Small and Medium Enterprises.” March 2012


    [2] International Financial Corporation, “Closing the Credit Gap for Formal and Informal Micro, Small, and Medium Enterprises.” 2013



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    Business Wire India

    Andersen Global is proud to announce an expanded presence in Canada through a Collaboration Agreement with tax firm W.L. Dueck & Co. LLP. The collaboration further extends Andersen Global’s presence in North America. W.L. Dueck & Co. LLP is led by founding partners Warren Dueck and Steven Flynn with locations in Vancouver, Calgary, Richmond and Edmonton.


    “We have already worked on a number of engagements with Warren and his colleagues and they have demonstrated a strong commitment to their clients and to providing best-in-class service,” said Global Chairman and Andersen Tax LLC CEO, Mark Vorsatz. “Our collaboration with W.L. Dueck & Co. LLP substantially builds out a broader geographic platform in Canada and will play a significant role in enhancing our client solutions in the region. I look forward to having them join our team and continuing our expansion in Canada.”


    W.L. Dueck & Co. LLP was founded in 1998 and specializes in U.S. and Canadian cross-border tax matters. The firm provides cross-border tax services for high-net worth individuals, including offshore voluntary disclosures, estates and trusts, etc. For businesses it provides tax services for Canadian investment in the U.S., U.S. investment in Canada and cross-border acquisitions and mergers. It also provides U.S. Federal and state and Canadian tax return preparation services for individuals and businesses. W.L. Dueck & Co. LLP currently includes four Partners and 15 tax professionals.


    “The collaboration with Andersen Global further enhances the team we have here and will allow us to provide more extensive coverage and cross-border tax solutions to assist clients in Canada and in the U.S.,” commented Warren Dueck. “Working with professionals that share our values is of high importance to us, so I am excited to collaborate with folks who also make stewardship, independence and transparency top priorities.”


    Andersen Global is an international association of separate, independent member firms comprised of tax and legal professionals around the world. Established in 2014 by U.S. member firm Andersen Tax LLC, Andersen Global now has more than 2,200 professionals worldwide and a presence in over 75 locations through its member firms and collaborating firms.





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    Business Wire India

    GTreasury, a leading provider of Treasury Management Systems (TMS), announced a $42 million investment from Mainsail Partners, a growth equity firm that exclusively invests in profitable, fast growing technology companies. GTreasury will use the new capital and Mainsail’s extensive resources to accelerate product development, expand internationally, and enhance GTreasury’s customer service.


    GTreasury was co-founded over thirty-one years ago by Orazio Pater, CEO, and his wife Peg, General Manager, and offers the longest tenured and holistically developed TMS in the industry. The company’s software suite includes its industry-leading Cash Management and Funds Transfer solutions which provide essential insights, automation, and tools to help large enterprises manage global liquidity. The company also offers Accounting, Banking, and Financial Instruments solutions to help treasury departments automate accounting procedures, manage banking relationships, analyze bank fees, and manage investment and debt activity. To facilitate these services, the company has direct connections with over 2,000 banks globally, and integrations with hundreds of ERP and 3rd party systems.


    “We built our company by creating mission critical products and providing top tier service to our customers and partners,” said Mr. Pater. “This partnership with Mainsail will allow us to double down on those efforts by accelerating innovation and delivering even greater value to treasury departments,” added Pater. “We chose Mainsail for their experience scaling technology companies and because they share our vision for building a global business with a focused mission – build powerful software that provides greater visibility and control for corporate treasuries while never outgrowing the intimate client service experience that is necessary for companies to maximize value. In Mainsail we were looking not just for additional financial resources, but also for a true long term partnership.”


    “We see an opportunity to take an even greater leadership role in the market through innovation and expansion of our products and services,” adds Ashley Pater, Senior Vice President of Product Marketing. “Our goal is to stay one step ahead of the needs of our clients and this investment will help us achieve that goal.”


    Vinay Kashyap, Principal at Mainsail Partners, said, “Due to a number of factors, the role of the treasury department at enterprise corporations has become increasingly difficult and more important than ever. Rapid globalization, economic volatility and changing regulations have added complexity for Treasurers, putting more pressure on their organizations,” added Kashyap. “The GTreasury team has built a suite of products that reduces the complexity and workload for treasury departments and allows them to focus on more strategic priorities. Combined with a deep set of best practices and intellectual property from over 31 years in this business, the consultative and high-touch approach to their clients is second to none. We are excited to invest behind this high-quality management team and a company that is so well positioned in this rapidly evolving market.”


    In connection with the growth equity investment from Mainsail, GTreasury recently announced the opening of its first international office, in London, to support global expansion and its existing multinational customer base.


    About GTreasury


    Originated in 1986, GTreasury is the global leader of treasury management solutions for organizations spanning the world. GTreasury’s solution illuminates a treasury’s liquidity by centralizing all incoming and outgoing banking activities, along with tracking all financial instrument activities. This gives GTreasury practitioners real-time insight and access into their global liquidity. GTreasury is the only company that offers both an installed and a SaaS solution using the same version of the system. Our modular platform and infrastructure allow any size treasury operation the ability to customize a solution that is best suited to their needs. For more information please contact or visit


    About Mainsail Partners


    Mainsail Partners is a growth equity firm that invests exclusively in bootstrapped software companies. The San Francisco-based firm has a team of experienced operating professionals to help entrepreneurs scale their businesses and accelerate growth. The firm has raised more than $750 million in committed capital. For further information, please visit



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    Business Wire India

    • In the first of its kind program, Clix Capital partners with the platform jointly developed by Airtel and Seynse Technologies to offer end to end digitization of the entire loan lifecycle with loan approval within five minutes 
    • Fully digital and completely paperless procedure to buy iPhone 7 starting at Rs. 7,777
    Clix Capital Services Private Limited (“Clix Capital”), formerly GE Money Financial Services Private Limited, has partnered with Airtel and Seynse Technologies to launch India’s first fully digital mobile financing program in India. The partnership aims to leverage technology and analytical algorithms created by Seynse Technologies, to provide instant loan approval. The device finance program will be available in 21 cities in India.

    Powered by technology, data, and machine learning algorithms, Clix Capital offers a full spectrum of financing solutions for individuals and institutions. Clix Capital uses extensive algorithms leveraging alternate data in addition to the traditional credit information, to create a snapshot of the borrower’s creditworthiness and likelihood of repaying the loan. This unique methodology enables Clix Capital to evaluate applications, underwrite credit risks, and provide instant loan offer for customers digitally.

    Commenting on the partnership, Pramod Bhasin, Chairman, Clix Capital said “At Clix Capital we are using cutting edge technology, analytics and artificial intelligence to drive new and disruptive models of lending. We believe these models have the capacity to significantly expand financial inclusion, provide one-stop shop lending solution to a large number of customers and radically alter the customer service experience. We are delighted to partner with Airtel and Seynse Technologies in their end-to-end frictionless platform, which coupled with our advanced digital lending capabilities, will provide excellent services to our end customers. We look forward to working with them to constantly improve the overall customer experience and delight.

    Speaking about the partnership, Bhavesh Gupta, CEO, Clix Capital said “At Clix Capital we take pride in using cutting edge technology and analytics to provide a seamless financing experience to our customers. We are pleased to partner with Airtel and Seynse Technologies for the launch of the fully digitized platform and look forward to setting new benchmarks of customer service with our speed, simplicity and innovation. In the first of its kind offering in India, customers can apply for our loans online and get credit approval instantly. The entire process involves only a few clicks and can be completed in less than five minutes. This is the first of many partnerships we plan to launch with leading online and offline platforms and sellers in the near future.”

    This offer is available exclusively for devices listed on the Airtel Online Store []. Under this partnership, iPhone 7 will be available at a down payment starting from Rs. 7,777 and 24 easy monthly installments of Rs. 2,499. In addition to the principal and interest repayment component, the monthly installments have a built-in high-end Airtel postpaid plan which offers 30 GB data, unlimited calling (local, STD, national roaming), and Airtel Secure package that covers the device against any physical damage and offers cyber protection.
    About Clix Capital

    Headquartered in Gurugram, India, Clix Capital was launched with the acquisition of commercial lending and leasing business of GE Capital in India by a consortium of its top executives, Pramod Bhasin & Anil Chawla, and AION Capital in 2016. Clix Capital has an asset of $300 million which will be used as a base to expand business. Clix Capital has identified five major verticals for business - Consumer Finance, Small and Medium Enterprise (SME) Lending, Vehicles Finance & Leasing, Equipment Finance and Corporate Lending.

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    Business Wire IndiaAxisDirect, the retail broking arm of the leading BFSI player Axis Securities Limited, was honored with the coveted DMA India Awards 2017 in the Best Web/E-Commerce Category. The award was conferred to AxisDirect for their innovative approach in developing a simple, user-friendly and informative website which makes investments easy and hassle-free for its clients. This win reiterates AxisDirect’s commitment to adopt innovative technology for empowering investors and helping them to plan their finances confidently.
    Commenting on the win, Mr. Amit Golia, Chief Business Officer, Axis Securities said, “To assimilate relevant insights for making any financial decision, an investor has to scan through hundreds of pages of complicated and incomprehensible financial information. We wanted to offer a viable & simple solution for addressing this concern by developing a platform which is aligned with our motto “#SimpleHai”. We have always been at the forefront of introducing innovative product and services and our new website was also designed as a simple and intuitive platform to offer a delightful user experience. As DMA India Awards are regarded to be a benchmark in honoring creative excellence, this win serves as a testimony of our innovative customer focused approach. We are extremely delighted to receive this accolade for all our efforts to create value for our clients.”
    AxisDirect identified that investors often find investing optimally a complex and time consuming process. To support investors in this endeavor, AxisDirect introduced a simple, user-friendly web portal in line with its new brand tagline #SimpleHai. With consumer convenience in mind, this fully device responsive portal was built with an absolutely clean and clutter-free layout. Being an intuitive and feature rich portal, it provides all market information, news and data relevant to an investor in a simple card layout and in easy to understand language. The website also offers investors with ease of investing across 20 investment products.
    The new AxisDirect website has in-built filters to help customers find the desired and accurate information about market, stocks and investment ideas. Investors can access news from best sources (containing live news feed, live tweets from best twitter handle of industry, Live TV as well as RSS Feeds), get currency & commodity feeds and access real time information on Stocks, Mutual Fund, Derivatives & Market Indices. The in-house research calls are also available in a video format to help investors make informed decisions. It also offers a gamified and fun-filled learning experience to help investors grasp technical investment concepts in a simple manner. The new website focuses on offering personalized content through notifications and provides portfolio insights to help customers take quick investment decisions. 
    About Axis Securities Ltd.
    Axis Securities Ltd. (ASL) is a proud subsidiary of Axis Bank – India’s 3rd largest private sector bank. ASL is currently present in 80+ branches across India. ASL offers retail broking services and also functions as a distributor to Bank’s financial products. The retail broking vertical of ASL, AxisDirect engages in offering simplified investment solutions to the customers. AxisDirect offers a bouquet of investment products to its customers e.g. Equities, Mutual Funds, SIPs, IPOs, Derivatives, Bonds, NCDs, ETFs and Company Fixed Deposits. With over 15 lakh customers, AxisDirect is one of the fastest growing players in the industry and is among the top 5 players in terms of customer base.


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    Business Wire IndiaGovernment of India’s announcement to infuse INR 2.11 Lakh Crores into Public Sector Banks (PSB) is a credit positive step for the NPA plagued sector. With this Brickwork Ratings expects PSBs credit profile to improve significantly. The agency believes that this step should be monitored by enforcing strict conditions for banks to optimally utilise the allocated funds, have clear targets to reduce NPAs and develop strong balance sheet moving ahead.
    A study in early January 2017, Brickwork Ratings had projected INR 2 lakh crores as the required amount for capitalisation for PSBs by FY19. Today’s announcement by the government reflects the prudent step it has taken to address this issue. 
    “Indian economy has been witnessing muted growth in the past few quarters. However, with fundamentals being strong and with a declining inflation rate, the economy needed a much awaited stimulus in the form of economic reforms. Today, the government has taken a bold and much required step which seems to be in the right direction to propel economic growth by addressing a key issue of capitalisation of Indian PSBs,” said Vivek Kulkarni, Founder Managing Director, Brickwork Ratings.
    He added, “This step also takes care of excess liquidity banks are facing currently on account of last year’s demonetisation. Banks can cleverly invest these funds in the recap bonds which will ultimately be routed back as equity in the system. This step will also ensure that bond market will not be impacted by such a large issuance for the private sector issuers.”
    Brickwork Ratings also believes that with the capital issue being addressed for the PSBs, the banks would resume lending activity and grow their balance sheets. This would ultimately benefit the MSME sector which is undergoing through one of its major funding crisis in the country. 
    “Improved credit conditions and steps like compulsory TReDs registration, access to bank finance through central portal through revamped, 100 bank approved project templates and sector specific Mudra financing is huge credit positive for the MSME sector in the country,” said D Ravishankar, Founder Director, Brickwork Ratings.
    He added, "The total procurement by PSUs from MSMEs are less than 10% of their overall procurement. Hence a two-way is required by increasing their procurement from MSMEs beyond 10% and ensuring that this entire procurement by PSUs mandatorily happens through TReDs. These steps would improve the liquidity for MSMEs and would boost growth beyond their sentiments.”
    About Brickwork Ratings

    Brickwork Ratings is India’s homegrown credit rating agency built with superior analytical prowess from industry’s most experienced credit analysts, bankers and regulators.
    Established in 2007, Brickwork Ratings set forth an effort to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate and transparent ratings. Brickwork Ratings provides market participants with an alternative solution by delivering timely and in-depth research across the Structured Finance, Public Finance, Financial Guaranty, Financial Institutions, Project Finance and Corporate sectors.
    Headquartered out of Bengaluru, Brickwork Ratings has employed over 250 credit analysts and credit market professionals in over 150+ locations in India. Our experienced analysts have published over 10,000 ratings across asset classes and a cumulative debt of over INR 9 Lakh Crores. Brickwork Ratings maintains coverage on more than 1200 issuers in investment grade ratings. 
    Brickwork Ratings strives to provide the investment community with the products and tools needed to make informed investment decisions. Brickwork Ratings is a registered credit rating agency by Securities and Exchange Board of India (SEBI) and a recognised external credit assessment agency (ECAI) by Reserve Bank of India (RBI) to carry out credit ratings in India. Brickwork Ratings is also empanelled by National Small Industries Corporation (NSIC) to assess financial strength and operating performance of small and medium enterprises (SME) in India.
    Brickwork Ratings is promoted by Canara Bank, India’s leading public-sector bank.
    For more on Brickwork Ratings, log on to

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    Business Wire India

    Ujjivan 100th branch
    Ujjivan 100th branch

    Ujjivan Small Finance Bank Limited, a wholly owned subsidiary of Ujjivan Financial Services Ltd. has achieved a milestone of 100 bank branches nationally. The branch launches in Bhatinda, Nanjangud and Nagpur today aided Ujjivan Small Finance Bank (SFB) to achieve this historic feat in just 8 months of commencing its banking operations.
    Ujjivan SFB branches are currently spread across 16 States & Union Territories with a robust expansion strategy in place for the coming years. Among these 100 branches, there are two new Unbanked Rural Centres (URC) located at Matiagachha in West Bengal and Krishnapura in Karnataka.
    In the past 11 years, Ujjivan has established a strong geographical presence in India with 457 branches, catering to the financial needs of over 3.7 million+ customers. Since its launch in February, Ujjivan SFB has been gradually converting its microfinance branches into bank branches. This conversion process will continue to take place over the next two years to serve the target customer segments. Additionally, Ujjivan SFB will be opening more URCs to fulfil RBI’s requirement of 25 per cent branches in unbanked areas.
    Speaking on the milestone, Mr. Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank Ltd. said, “We are pleased to achieve the 100-branch milestone in a short span of 8 months. This reiterates our commitment of providing a full range of banking services to the unserved & underserved customers. The cornerstone of Ujjivan’s strategy is to bring the large unbanked populace into the formal banking system and this will continue to be our focus. In the coming times, we will expand our banking footprint across the country to address the financial needs of the masses and fulfil comprehensive financial inclusion objectives amongst the segments we aim to serve.”
    Mr. Ittira Davis, Chief Operating Officer, Ujjivan Small Finance Bank Ltd. said, “At Ujjivan SFB, our core objective is to make banking more seamless and accessible for our customers. We have always taken pride in being a customer centric organization with a high customer touch-point. We aim to empower customers with easy and seamless banking, thus helping them lead better lives. Through our diverse & attractive product offerings, state of the art technology, digitization and doorstep banking services, we look forward to bringing a world of convenience to our customers.”
    Ujjivan SFB provides of bouquet of banking products with competitive and attractive rates of interest. The bank offers a whole host of benefits such as mobile, internet and phone banking, access to biometric ATMs and Aadhaar enabled account opening process on a hand-held device. Ujjivan Small Finance Bank’s goal is to build a leading state of the art mass market bank in five years. About Ujjivan Small Finance Bank Limited
    Ujjivan Small Finance Bank Limited is a wholly owned subsidiary of Ujjivan Financial Services Ltd. The bank commenced operations as a Small Finance Bank with effect from February 1, 2017 post transfer of business undertaking by Ujjivan Financial Services Ltd. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.

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    Business Wire India

    Brickwork Ratings (BWR) has placed a Credit Watch with Positive Implications for the bond ratings of 16 Public Sector Banks rated by BWR (list of banks is shared at the end of press release).
    BWR has factored in the recent announcement of capital infusion by the Government of India (GOI) in its initiative to further strengthen the capital base of the Public Sector banks (PSBs). Brickwork Ratings views this as a credit positive step which will boost the PSBs to focus on credit growth, currently facing weak asset quality.
    The GOI has extended its continued support to the PSBs by announcing allocation of Rs. 2.11 lakh Cr which will enable the PSBs to strengthen their balance sheet. This will help the PSBs to increase credit growth. As part of this plan, the government will issue recapitalization bonds worth Rs. 1.35 lakh Cr and infuse it as capital into PSBs. Under the Basel 3 implementation roadmap, banks need to increase total capital (including the capital conservation buffer) to 10.875 percent by March 2018 and to 11.5 percent by March 2019. The planned capital allocation will help PSBs meet the above regulatory norms.
    Earlier in August 2015, the GOI had announced the Indradhanush – a recapitalization plan to infuse Rs.70,000 Cr into PSBs between the period FY 16 to FY19. This was to be supported by the respective PSBs raising capital on their own through equity issuances and sale of non-core assets.
    The asset quality issues and provisioning has impacted the Bank’s Capital adequacy ratios given their limitations to raise capital. The lack of capital has prevented PSBs from growing and cleaning up their books by increasing provisions against bad loans. This has necessitated the need for GOI to increase the infusion of capital into PSBs.
    BWR has placed the bonds of PSBs on Credit Watch with Positive Implications, given that the quantum of infusion in individual PSBs is yet to be decided. BWR will continue to monitor the landscape. Once the actual capital infusion to each of the PSBs materializes, BWR will take appropriate rating action.
    Names of PSBs bonds rated by BWR are as follows:
    Banks Rating Action on 25 October 2017
    Allahabad Bank Credit Watch with Positive Implication
    Andhra Bank Credit Watch with Positive Implication
    Bank of India Credit Watch with Positive Implication
    Bank of Baroda Credit Watch with Positive Implication
    Canara Bank Credit Watch with Positive Implication
    Corporation Bank Credit Watch with Positive Implication
    Central Bank of India Credit Watch with Positive Implication
    Oriental Bank of Commerce Credit Watch with Positive Implication
    Indian Overseas Bank Credit Watch with Positive Implication
    Punjab and Sind Bank Credit Watch with Positive Implication
    Punjab National Bank Credit Watch with Positive Implication
    State Bank of Mysore Credit Watch with Positive Implication
    UCO Bank Credit Watch with Positive Implication
    Union Bank of India Credit Watch with Positive Implication
    United Bank of India Credit Watch with Positive Implication
    Vijaya Bank Credit Watch with Positive Implication
    Please click on the aforesaid respective Bank’s links for their latest rating rationale.

    Hyperlink/Reference to applicable Criteria  
    Analytical Contacts     Media  
    Manjunatha MSR
    Director – Ratings
    +91 77388 75550
        Relationship Contact  

      Phone: 1-860-425-2742
    For print and digital media
    The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media.
    Note on complexity levels of the rated instrument:
    BWR complexity levels are meant for educating investors. The BWR complexity levels are available
    at Investors queries can be sent to
    About Brickwork Ratings
    Brickwork Ratings (BWR), a SEBI registered Credit Rating Agency, has also been accredited by RBI and empaneled by NSIC, offers Bank Loan, NCD, Commercial Paper, MSME ratings and grading services. NABARD has empaneled Brickwork for MFI and NGO grading. BWR is accredited by IREDA & the Ministry of New and Renewable Energy (MNRE), Government of India. Brickwork Ratings has Canara Bank, a Nationalized Bank, as its promoter and strategic partner.
    BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations. BWR has rated debt instruments/bonds/bank loans, securitized paper of over Rs.9,30,000 Cr. In addition, BWR has rated about 5000 MSMEs. Also, Fixed Deposits and Commercial Papers etc. worth over ₹19,700 Cr have been rated. Brickwork has a major presence in rating of nearly 100 cities.
    Brickwork Ratings (BWR) has assigned the rating based on the information obtained from the issuer and other reliable sources, which are deemed to be accurate. BWR has taken considerable steps to avoid any data distortion; however, it does not examine the precision or completeness of the information obtained. And hence, the information in this report is presented “as is” without any express or implied warranty of any kind. BWR does not make any representation in respect to the truth or accuracy of any such information. The rating assigned by BWR should be treated as an opinion rather than a recommendation to buy, sell or hold the rated instrument and BWR shall not be liable for any losses incurred by users from any use of this report or its contents. BWR has the right to change, suspend or withdraw the ratings at any time for any reasons.

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    Business Wire India

    FundCru, Inc., the blockchain-powered fundraising platform that enables caused-based funding via fiat money, cryptocurrency, and eCommerce transactions, today announced that it will launch its ICO on December 5, 2017 at 13:00 UTC.


    FundCru also announced its partnership with ATSoft, Inc., a Point of Sales (POS) company that services over 5000 merchants, and plans to integrate FundCru’s blockchain-powered smart contract technology for gift cards, vouchers, and coupons into ATSoft’s existing POS system, making this technology available to all ATSoft merchants.


    “FundCru’s blockchain system makes it easy to manage gift cards, vouchers, and coupons at low costs and with high levels of security, auditability, and scalability,” said Andrew Pham, CEO of ATSoft. “Because FundCru’s smart contract API provides interoperability with existing e-commerce systems, FundCru’s product will integrate seamlessly and require no additional knowledge of blockchain technologies or data encryption.”


    FundCru's Chief Marketing Officer, Patricia Wilson, says, “FundCru's products encourage customer loyalty and are critical for merchants. Currently, many merchants are unable to independently maintain a gift card system that complies with fast-changing POS system requirements. In the past, only large enterprises could keep up with these requirements due to the extensive resources needed. But by integrating blockchain technology, ATSoft can use the blockchain’s natural permanence and transparency to lower costs significantly, giving its merchants access to the same benefits that had previously only been available to large enterprises.”


    Additional Resources


    About ATSoft


    Founded in 2005, ATSoft is a nationwide supplier of point of sale (POS) software and systems. ATSoft specializes in providing customized POS systems that improve business and transaction efficiency for retailers, restaurants, and rental businesses.


    About FundCru


    Founded in 2015, FundCru is a blockchain-powered fundraising platform that funds causes through e-commerce transactions and direct donations. FundCru distinguishes itself from other fundraising platforms by supporting both cryptocurrency and fiat money on all transactions, providing fundraisers with a large percentage (typically 25%) of gross sales from eCommerce transactions, and forgoing platform fees for donations.


    FundCru aims to use its business model and blockchain technology to provide fundraisers with a wealth of additional revenue sources, merchants with significantly improved outreach and marketing, and supporters with more ways to help their causes.





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    Business Wire India

    Left to right: Ashish Goyal (CFO), Akshay Mehrotra (CEO)
    Left to right: Ashish Goyal (CFO), Akshay Mehrotra (CEO)

    • India’s First Mobile App for Instant Cash, EarlySalary offers instant loans to young working professionals
    • Get instant salary advance in 10 minutes
    • Crosses 75Cr of loan disbursal
    • Now available in 13 cities, a Fintech startup, today announced the launch of its operations in Chandigarh & Mangalore which leads to the company’s presence in 13 key cities across the country. EarlySalary aims to support young working professionals overcome their month-end financial needs. The company provides instant loans from as low as Rs. 8,000 up to Rs.1,00,000/- for up to 30 days. The app has already disbursed more than Rs.75Cr of loans and is currently giving out 14000 instant advances & loans a month. The company believes that there is a high dependency on friends & family for short term needs of youngsters and EarlySalary is here to remove that embarrassment of asking friends and family.
    Over the past few years, cities like - Chandigarh & Mangalore have seen a surge in the number of internet and smartphone users. ‘Chandigarh’ has emerged as one of the booming markets in the Northern belt with a large number of young working professionals settling down in the city. While on the other hand, ‘Mangalore’ is a growing IT regional hub with a constant progress in the banking sector. It has also emerged as the fastest growing non-metro city in Southern India. The company’s management decided to launch in these 2 cities, owing to an overwhelming response of 6,000 app downloads followed by incessant loan requests in the last month. Hence, these markets seem to be quite lucrative for the FinTech startup to launch their product.
    EarlySalary is a Salary Advance option which allows an individual to get an instant credit limit against his monthly salary, which is available to him 24x7. All you need is a smart phone, a Facebook profile & minimum salary of Rs. 20,000 per month to get a Salary Advance from EarlySalary. All a customer needs to do is complete the 60 second app journey & eKYC and get a loan. Keeping a credit line is free for the customer. Only on disbursement, EarlySalary charges a nominal cost which works out to be less than Rs.9 per Rs.10, 000 towards interest. EarlySalary has already helped thousands of customers borrow without asking for help from friends and family members. EarlySalary’s unique social media based underwriting system and machine learning platform allows even a person who is New to Credit (NTC) or Customer without Credit Bureau scores to borrow.
    Commenting on the launch, Akshay Mehrotra, Co-founder & CEO of EarlySalary, said, “The growth momentum in smaller cities has begun to pick up especially due to the abundant job openings in IT, education, financial services, manufacturing and real estate sectors. This in turn has led to a surge in demand for our product offerings across the country and hence, we are working towards providing a 10-minute loan service across these markets. Our aim has been to offer instant loans in the most convenient mode from the very beginning. The 10-minute loan service feature of our product has received an overwhelming response. We are working towards building a customer base of nearly 100,000 customers over the next year.”
    Adding to this, Ashish Goyal, Co-Founder & CFO of EarlySalary said, “Our ability to lend across the country is fueling our next leg of hyper growth. We are seeing high demand & high acceptance across the country today. We believe our ability to give real time instant loans and salary advances fueled with stronger risk decision supported by Social Media Underwriting system will help grow a strong business across the country.”About
    EarlySalary is a short term small amount Loan given to Salaried Individuals on a mobile app. These loans are similar to salary/cash advances or credit card cash withdrawal. 
    EarlySalary is a mobile app which allows you to apply and get a loan approval within minutes and instantly get money transferred to your account. Coupled with social profiling which gives better risk assessment, helps go beyond financial underwriting and IndiaStack; EarlySalary aims to do more prudent risk assessment and lend better and is today fast becoming the fastest lender in the country. 
    Key Features
    • Instant Salary Advance upto 50% of monthly Salary in under 10 minutes
    • Super Fast: 70% loans are given in under 10 minutes
    • Instant CASH: Salary advance/cash loans transferred to bank anytime instantly
    • Short duration: Cash loans from 7 days to 40 days.
    • Instant Transactions: From Rs.8,000 to Rs.2Lac Cash transferred to Bank
    • Shop on Amazon and Pay Later in 3 Months EMI at Zero Cost
     * Existing customer on repeat loans get 3 EMIs options and upto Rs.2Lac limit
    Key Founding Members Include:
    Akshay Mehrotra, CEO, previously served as the Chief Marketing Officer at Big Bazaar, Future Retail Limited, CMO at & Marketing Head at Bajaj Allianz Life Insurance.

    Ashish Goyal, CFO, is a chartered accountant by education and previously served as the Chief Investment Officer at Bajaj Allianz General Insurance.

    Vimal Saboo, CBO, previously served as the Business Head of Edelweiss Capital and also served in senior roles at Axis Bank.

    Vivek Jain, CTO, who previously served as the Principal Technology Architect at Infosys.

    For more information please visit
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