NovoPayment Named Finalist in Two BAI Global Innovation Award Categories

Finalist in Innovation in Customer Experience and Disruptive Innovation in Financial Services

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MIAMI – On July 10, 2018,  the Bank Administration Institute (BAI) announced that NovoPayment was a finalist in two Global Innovation Award categories: Innovation in Customer Experience and Disruptive Innovation in Financial Services for the company’s entry, Embedding Financial Services in a Gig Economy Value Chain.

 

Now in its eighth year, the BAI Global Innovation Awards recognizes industry leaders and showcases what leading financial services innovators in all regions of the world are doing to deliver new value to customers and employees and improve efficiencies and profitability for their organizations.

 

The company’s submission showcases how its API-powered technology allows banks and financial institutions to dynamically deliver financial services and frictionless user experiences to their gig economy clients, without the need to alter their core systems or sacrifice security and compliance. This innovation allows a growing number of bank clients with platform-driven businesses to pull important instant issuance and mass payout services on demand, and with the scalability they require. As a result, banks are able to capture new deposits and transactional revenue, and deliver highly differentiated services at a fraction of the cost of traditional products.

 

ABOUT THE AWARDS

 

BAI’s Global Innovation Awards is the industry’s most prestigious awards program featuring the most transformative solutions in the financial services industry worldwide. This year’s program features advancements in artificial intelligence, innovative touchpoints, customer experience and more. Each nomination is evaluated by a panel of global financial services leaders who thoroughly review each application to determine the top submissions. The judges weigh each innovation on originality and impact on consumers and the industry.

 

The BAI Global Innovation Award winners will be announced in August and celebrated at BAI Beacon in Orlando, Fla., on Oct. 9–11.

 

ABOUT BAI

 

BAI is a nonprofit organization providing research, training, and thought leadership events for the financial services industry. Its members include national and global banks, credit unions, mortgage and auto loan providers, money service businesses, and larger lending institutions.

Visa (NYSE:V) has announced a partnership with NovoPayment, a leading enabler of digital financial and transactional services, to facilitate the implementation of payment solutions for Business to Business (B2B) transactions in Latin America and the Caribbean. The companies will work in three key B2B areas: solutions for the business traveler, solutions for accounts payables and receivables; and accelerating Visa’s bank clients go-to-market strategies.

The first project under the new partnership has launched in Colombia, where Visa, NovoPayment and a local bank are enabling real-time payments in the urban delivery sector through a suite of APIs that provide courier fleets the ability to electronically procure goods from merchants on behalf of customers through dynamically created and loaded Visa accounts. This new model, integrated by NovoPayment’s platform, gives urban delivery businesses greater operational agility and scalability in a fast-growing and digitally-driven category.

Another project advancing under this new partnership, aims at simplifying the payment of independent drivers in the expanding urban mobility and shared transportation sector. Under this model, drivers will use Visa accounts to efficiently receive payment for services rendered and to manage day-to-day expenses.

Through the integration with Visa’s platforms and API’s, this partnership with NovoPayment offers Visa clients –  banks, merchants and acquirers – new payment functionalities and the ability to accelerate the adoption of electronic payments in the region.

“Through our open collaboration strategy, we partner with fintechs in the region to accelerate the adoption of new technological capabilities that complement our payment functionalities and those of our bank and merchant partners,” said Allen Cueli, Vice President of Product Solutions and New Enablers. This is the first initiative resulting from a broader partnership with NovoPayment, focused on the deployment of a number of projects including prepaid enablement, API integration as well as B2B solutions,” he concluded.

The partnership with NovoPayment aligns with Visa’s overall objective to move businesses and consumers from cash to digital forms of payment. For Visa, a culture that relies less on cash provides more convenience, more security and ease of use, which translates into faster growth and greater efficiency compared to cumbersome and expensive cash handling processes.

“We work to expand the use of electronic payments across the region, to improve people’s daily lives and help businesses increase sales and operate more efficiently,” said Diego Rodriguez, Vice President Business Solutions Visa Latin America and the Caribbean. “These projects with NovoPayment allow us to extend our reach and presence in the region, through different business models, facilitating payments amongst businesses and creating frictionless business-to-business interactions,” he added.

“Ultimately, by integrating our APIs and collaborating more closely, we are able to help others deliver better customer experiences and create new value chains free of traditional bottlenecks, while capturing new money and data flows,” said Anabel Perez, CEO of NovoPayment. “Our most recent project in Colombia is a great example of the kind of interoperability and structure required in today’s platform-driven businesses and a hint of what is possible in the future,” she added.

The combined proficiencies of both companies, along with their reach, will accelerate the development and diversity of Latin America’s payments ecosystem.

 

NovoPayment, a leading enabler of digital financial and transactional services throughout the Americas, today announced the launch of its Developer Hub, the first bank-agnostic application protocol interface (API) portal of its kind offering resources to software developers seeking payment and financial service related APIs to build new solutions, enhance existing products and accelerate their initiatives. The portal’s current 37 APIs address a diverse range of Latin American geographies and verticals including banking, service organizations, insurance, urban delivery and transportation, and travel.

With the launch of its Developer Hub, NovoPayment is releasing a number of powerful APIs including those aimed at Account Creation (individuals, enterprise, merchants, corresponding agents); Cash Transfers (cash-in and cash-out, P2P [peer-to-peer], cash disbursements and collections); Account Inquiries (account balance, recent transactions, transaction history, transactions by category, agent commission history) and Customer Support Tools (account/card verification, blocking and replacement, report lost or stolen card, automated support).

“We’re proud to be joining the open API movement and to do our part in enabling banks, financial institutions, fintechs and others in the developer community to deploy next-generation financial services and enhanced customer experiences (CX),” said NovoPayment CEO, Anabel Perez. “These tools and others to come will help enable and accelerate the digital transformation of financial services in the Americas, providing a new means for organizations to extend their digital ecosystems, positively impact their customer’s value chains and overcome many common transactional bottlenecks,” she added.

Key features and differentiators of the hub include:

The company announced that its APIs are currently available in a sandbox mode for the purpose of testing and experimentation prior to deploying in a production environment. According to the company, additional APIs will be released in the coming weeks. Interested parties are invited to visit developer.novopayment.com and request a free tour in English or Spanish.

NovoPayment’s platform has earned the honor of 2017 Pay Awards Best in Category in the Outstanding White-Label Platform classification. Pay Awards has conferred the most prestigious recognition of excellence in payments technology worldwide for 11 years. The awards are presented annually by Paybefore, whose publications are the leading source of industry information for payments executives.

NovoPayment’s bank-grade platform was selected as one of three winners in late April by an expert judging panel that evaluated a stellar field of global nominees, and in June was conferred the title of Best in Class after the close of voting by the publication’s readers, mainly comprised of industry professionals.

“We’re truly honored to receive the best in category distinction and are grateful to Paybefore, the judges, and Paybefore readers for their consideration,” said Anabel Perez, CEO of NovoPayment, whose multi-country, multi-currency, multi-tenant and bank agnostic platform offers clients faster deployment, lower capital expense, greater scalability and resiliency.

Born of the need to solve many of the bottlenecks and technical challenges common to the Americas, NovoPayment’s platform facilitates the creation of new financial services and payment products, as well as the integration of third-party systems via a bank-grade, highly scalable, and cost-effective subscription model.

Field-tested, the platform is differentiated in the market by its product maturity (supports 72 branded programs representing more than two million accounts), it’s turnkey solutions (from program design to post-sales services), integration (host of APIs, web services, and proprietary interfaces), flexibility (various program types and languages), scalability and security (stringent bank-grade security protocols and certifications).

Paybefore judges have selected NovoPayment’s Platform as a Service (PaaS) a 2017 Pay Awards winner, in the Outstanding White-Label Platform category. For 11 years, Pay Awards has conferred the most prestigious recognition of excellence in payments technology worldwide. The awards are presented annually by Paybefore, whose publications are the leading source of industry information for payments executives.

“We’re delighted to have our platform recognized by the industry and are grateful to the judges and many clients and developers that have chosen our white-label offering for faster deployment, lower capital expense, greater scalability and resiliency,” said Anabel Perez, CEO of NovoPayment.

NovoPayment Platform as a Service was selected by an expert judging panel that evaluated a stellar field of global nominees.

“As our industry changes, we remain committed to honoring innovation and excellence. Among the big themes in this year’s competition were solutions tailored to specific B2B, health care, T&E and cross-border payment needs,” says Loraine DeBonis, Paybefore editor-in-chief and chair of the judging panels.

“We also saw a remarkable number of consumer-focused solutions with ingenious approaches to savings and incentives that are making a difference in people’s lives. We’re proud to recognize NovoPayment for its contributions in propelling the industry forward.”

Born of the need to solve many of the bottlenecks and technical challenges common to the Americas, NovoPayment’s PaaS facilitates the creation of new financial services and payment products, as well as the integration of third-party systems via a bank-grade, highly scalable, and cost-effective subscription model.

NovoPayment’s Platform as a Service will now vie for Best-in-Category distinction, which will be announced in Pay News the week of June 12. Visitors to Paybefore.com will have a chance to vote on Best in Category through May 31. The outcome of this vote will be combined with the judges’ picks to determine Best-in-Category honorees, all of which will be profiled in the Pay Magazine – Awards Issue.

NovoPayment, Latin America’s leading fintech firm and a frontrunner in enabling payments and financial services innovation throughout the Americas, today announced the availability of Facebook Messenger integration within its platform, allowing their clients — including banks, financial institutions, retailers, and travel organizations — to quickly deploy engaging applications and services on the popular social network.

According to the company, their new Messenger bot capabilities will allow its clients’ end users to perform automated functions, such as opening accounts, checking balances and transaction histories, making peer-to-peer (P2P) payments, watching tutorial videos and having common help questions answered, within the user-friendly Facebook Messenger app. Organizations working with NovoPayment will now be able to offer a new set of transactional experiences to their customers all while ensuring privacy, security, and compliance.

“By working with Facebook, we’re helping our clients to quickly configure and deploy their own Messenger bots, and are able to accelerate innovation and generate new transaction streams with limited intrusion, creating differentiated and engaging experiences for mobile users across demographic segments,” said NovoPayment’s CEO, Anabel Perez.

Facebook Messenger has grown rapidly since its launch two years ago, reaching one billion users earlier this year, facilitating multiple transactions without sending users to an external website or alternate service delivery channel. In addition, bots support voice-to-text, deliver news and content, updates, confirm reservations, and send receipts, driving personalized, scaled customer experiences.

NovoPayment, Latin America’s leading payments technology services company providing stored value/prepaid program design, implementation and Platform as a Service (PaaS), today announced the launch of its latest cloud-based management application for enterprise customers, Conexion Empresas 2.0 (CE 2.0), or enterprise connect 2.0 in English. The application provides multinationals greater functionality and control in their stored value cash management and disbursements.

The company noted that CE proved particularly attractive among multinationals with varying personnel who travel frequently, such as airlines, hospitality, transportation companies, as well as businesses with decentralized reporting and approvals processes.

“Today, payments need to be easy, secure and available 24/7 to the cash management, treasury, procurement and HR teams entrusted with administering them,” said Anabel Pérez, president and CEO of NovoPayment. “CE 2.0 streamlines tasks with enhanced features and interfaces, providing enterprise users a single, ERP-integrated system that’s secure, controlled and responsive to business realities,” she said.

Highlights of CE 2.0 include:

Conexion Empresas 2.0 is currently available via program managersTebca and Servitebca or as a white-labeled offering through NovoPayment

Paybefore has chosen the LATODO MasterCard, powered by NovoPayment, the leading payments technology services company in Latin America, as a 2013 Paybefore Awards winner in the Most Effective Prepaid/Emerging Payments Solution category. The program was launched by Servitebca Peru in April 2011 with the support of Interbank, one of the country’s leading financial institutions.

“We believe that prepaid/stored value provides a win-win model for the vast number of unbanked and underserved Peruvians that exist today,” said Anabel Pérez, President and CEO of NovoPayment. “These individuals, particularly in densely populated urban centers, are surrounded by a modern payments infrastructure that, for the first time, they can now access through LATODO, which includes mobile apps and SMS capabilities, among other features.”

“Paybefore Awards, in its seventh year, is the most prestigious recognition of excellence in the worldwide prepaid and emerging payments industry. LATODO MasterCard was selected by a panel of five industry experts who served as judges for this years’ competition, which – once again – included a record number of entries from around the world. Paybefore Awards were created to honor the companies and individuals that are at the forefront of innovation as well as successful market implementation across the globe,” said Loraine DeBonis, Paybefore editor-in-chief and chair of the judging panel. “It’s a dynamic time in electronic payments as companies like NovoPayment and Servitebca Peru continue to innovate to solve payments problems.”

Marilyn Bochicchio, Paybefore’s CEO, commented further, “As the world changes, so do the payment and money management needs of individuals, businesses and government agencies. The Paybefore Awards recognize the organizations that use financial services to make people’s lives better, which is why it is so exciting for us to honor those who champion innovation and excellence.”

The LATODO MasterCard is NovoPayments second GPR program in the region and the foundation for a new breed of payments ecosystems based on stored value. The program is one that the company expects other local players to soon join, and whose model it hopes other markets will notice and want to replicate. LATODO is available in 2,500 outlets in Peru through a proprietary reloading network called, AKI, a play on the Spanish word aqui, which means “here.”

NovoPayment, Latin America’s premier prepaid card service provider, recently revealed its role in the design and delivery of Peru’s first general purpose reloadable (GPR) program aimed at serving the country’s unbanked population. LATODO MasterCard, launched in April by Servitebca Peru, is NovoPayments second such program in the region and the foundation for a new breed of payments ecosystem based on stored value –a program that the company expects other local players will soon join and whose model it hopes other markets will notice and want to replicate.

“Connecting those who lack a traditional banking relationship with a modern payments and services infrastructure has always been a key objective,” stated Anabel Perez, NovoPayment’s co-founder and CEO. “Together with our partners, we are pleased to bring this offering to the Peruvian market and to provide another working example of how prepaid can provide the on-ramp to financial inclusion and a vehicle to reduce costs for those that serve the unbanked,” she added.

NovoPayment’s Platform as a Service (Paas) capabilities fulfill LATODOs technical and financial processes and requirements from card sales to clearing transactions to compliance and customer service. This is the second GPR program NovoPayment has launched in the region, having already introduced the Plata card program in Venezuela in 2005.

NovoPayment, Latin America’s leading prepaid program manager and service provider, announced the results of a study that reveals the need to inform Mexican companies of the benefits of recent legislation designed to promote food benefits for workers, and identifies opportunities for electronic benefits transfer (EBT) programs based on network branded prepaid.

The study, commissioned by NovoPayment subsidiary Tebca and conducted by TNS Research International, surveyed human resource professionals in greater Mexico City regarding their awareness of key aspects of the Nutritional Assistance Law (LAAT by its Spanish acronym), the penetration of food vouchers in their companies, processes for administering existing programs and satisfaction.

The study indicated that 62% of those surveyed had never heard of the new law. Among those respondents who knew of the law, 66% did not know that the LAAT provided fiscal benefits to companies, and 88% were unaware whether the food support benefits could be delivered in cash (they cannot).

“There is a significant opportunity to inform companies about the fiscal benefits of the LAAT and the impact that modern payment systems can have on their organizations,” said Anabel Perez, President and CEO of NovoPayment. “With network branded prepaid cards, companies can easily and securely administer benefits and other payments, and employees can have the freedom to choose among nearly 500,000 points of sale nationally,” she added.

The findings also highlight opportunities to differentiate prepaid food and meal programs from older, more established alternatives such as paper vouchers through improved processes, greater convenience, cost efficiency and security.

Tebca Mexico launched Bonus Alimentación® MasterCard, the country’s first network branded prepaid EBT program, in 2010. The program is designed to assist public and private organizations in distributing food and meal benefits to their employees. By 2017, prepaid products in the food voucher category in Mexico are estimated to represent a business opportunity of US$ 8 billion in transactions.

NovoPayment provides prepaid solutions and services in Latin America through its subsidiaries Tebca and Servitebca. Tebca provides food benefits via branded prepaid payment solutions through the Bonus Alimentación® and Provis® Alimentación card brands. Servitebca provides an array of other prepaid solutions targeting businesses, government organizations and consumers, including Plata® Compras, Plata® Gasolina, Plata® Clásica and Plata® Gift.

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