Imagine instantly getting the best deal on a loan or credit card tailored to your spending habits—no more jumping through hoops or hidden fees. Open banking puts users in control, delivering faster, smarter financial options right when and where they're needed.

The landscape of banking and financial services is transforming rapidly, with open banking at the forefront of this revolution. While Open Banking regulations have been fully established in Europe through initiatives like PSD2 (the Revised Payment Services Directive), the United States has moved at a slower place with relevant rules unveiled in October, 2024. With the rise of fintech solutions and increased consumer demand for better control over personal financial data, this news is long overdue.

But what exactly is open banking, and how will it benefit users in the US?

Understanding Open Banking

At its core, open banking refers to the practice of banks sharing financial data with third-party service providers (with users' explicit consent) through the use of APIs (Application Programming Interfaces). This allows fintech companies, payment apps, and other financial services to offer innovative products and services that cater directly to consumers' needs.

Currently, many American consumers are already familiar with some open banking-like experiences, such as linking their bank accounts to apps like PayPal, Venmo, or budgeting tools like Mint. However, full-fledged open banking would make this process more secure, standardized, and far-reaching, offering numerous benefits for users.

More Financial Control for Consumers

One of the most significant advantages open banking brings is increased control over personal financial data. In today’s environment, consumers are often limited to the services and tools offered by their own banks, which may not always suit their financial habits or goals. Open banking allows users to access a variety of services from fintech companies and other financial institutions, enabling them to make more informed decisions.

For example, instead of being locked into one bank’s savings account, open banking allows users to compare interest rates across various institutions and switch accounts more easily. Consumers are no longer tethered to their bank’s limited offering of services; instead, they can explore the best financial products available across the market.

This reflects a growing appetite for better access to personalized financial services, which open banking could readily provide.

Personalized (and Hyper-Personalized) Financial Services

Open banking creates the foundation for more tailored financial experiences. When consumers grant third-party providers access to their financial data, fintech companies can aggregate that information to create highly personalized services. For instance, budgeting apps can track spending patterns, analyze transaction data, and offer actionable advice on saving, debt management, or investment opportunities. 

AI-driven solutions could use this data to recommend the best credit cards, loans, or even investment strategies based on a user’s financial behavior. For example, someone with recurring expenses on travel might receive targeted recommendations for travel rewards cards with low interest rates. 

Open banking creates the infrastructure for this kind of personalization, enabling better user experiences through intelligent, data-driven recommendations.

A More Competitive Financial Ecosystem

Traditionally, the banking sector has been dominated by a few large institutions. However, open banking levels the playing field by allowing smaller fintech companies and challenger banks to compete directly with larger incumbents. This increased competition ultimately benefits the end user, as financial institutions are forced to innovate, reduce fees, and offer more user-centric products to stay competitive.

For example, many users are frustrated by hidden fees and high account maintenance costs from their current banks. Open banking allows fintech startups to offer more transparent and low-fee options, which could prompt larger banks to do the same. As more third-party providers enter the market, consumers can expect a broader selection of better-priced financial products.

This increased competition has the potential to lower costs for users. 

Enhanced Security and Data Protection

When it comes to personal finances, security is paramount. One concern often raised about open banking is the potential for data breaches or unauthorized access to sensitive information. However, open banking is built with robust security protocols designed to protect consumers.

Currently, many Americans give fintech apps access to their financial data through screen scraping, where the app uses a consumer’s login credentials to access the data. This process is inherently risky as it requires users to share sensitive information with third-party providers, potentially exposing their accounts to fraud. Open banking replaces this with API-based access, which offers far greater security by eliminating the need to share passwords.

With open banking, consumers maintain full control over which data they share and with whom. Regulations mandate that third-party providers must obtain explicit consent from users to access their financial information, and users can revoke this access at any time. This gives users more confidence in sharing their data securely.

Additionally, banks and fintech companies involved in open banking must comply with rigorous security and privacy standards. For example, all data sharing must be encrypted, and providers must be registered with regulatory bodies to ensure they adhere to best practices. Consumer Financial Protection Bureau (CFPB) rules regulate data access and protection within the open banking framework, enhancing trust and security for users.

Faster, More Efficient Services

Another major benefit of open banking is the speed and efficiency of financial services it enables. With direct access to financial data, fintech apps can process transactions, verify identities, and approve loans much faster than traditional banks. 

For example, consider the often tedious process of applying for a mortgage. Typically, this involves providing banks with a mountain of financial documentation, which then needs to be manually verified. Open banking could simplify this by allowing lenders to instantly access a potential borrower’s financial data, cutting down the approval process from weeks to days.

This kind of seamless integration is particularly important as more consumers demand real-time banking services. 

Open banking enables exactly that, helping users avoid delays and streamline their financial lives.

The Path Forward for Open Banking in America

While the US. is still in the early stages of fully adopting open banking, there is clear momentum building. The Consumer Financial Protection Bureau (CFPB)’s new rules will govern consumer financial data rights,  with open banking likely to become more widespread rapidly, offering consumers all the benefits of a more competitive, personalized, and secure financial ecosystem.

The adoption of open banking in America represents a massive shift toward consumer empowerment. From increased control over personal finances to better access to tailored services, reduced fees, enhanced security, and faster transactions, open banking holds the potential to revolutionize the way Americans manage their money. While the regulatory framework continues to evolve, the benefits of open banking for US consumers are undeniable, making it a promising development for the future of financial services.

Find out how Qorbis will use open banking to deliver seamless and efficient banking for consumers and businesses - talk to us today.

A modular approach to delivering a full range of business and financial services means scalability, continuous deployment, and resilient service architecture. The result is the flexibility to meet evolving market needs swiftly and cost-effectively.

In the ever-evolving fintech landscape, the ability to swiftly and cost-efficiently adapt to changing customer demands is paramount. After all, this is one of the driving forces behind why fintech even exists. 

Traditional banking systems, hampered by legacy infrastructure, have struggled to keep pace with the rapid evolution of business customer expectations. In contrast, APIs (Application Programming Interfaces) and microservices have become the cornerstones of fintechs, driving innovation, maintaining agility, and allowing them to respond to market needs with remarkable speed and efficiency.  

In 2021, there were 795 million successful API calls performed utilizing banking APIs. In 2023 – 1.13 billion.  

Open Banking

While banks are catching up, actively expanding their API accessibility to enable seamless integration with third-party services – fintechs are still at an advantage. By offering a unified digital platform, businesses can gather valuable insights into customer behavior and preferences which can inform personalized service offerings and targeted marketing campaigns – and a whole lot more.  

The Flexibility of APIs in Fintech 

APIs are powerful tools that enable different software applications to communicate seamlessly. In the fintech sector, APIs provide the flexibility needed to integrate various services, platforms, and third-party applications, creating a more interconnected and efficient ecosystem. 

• Rapid Integration and Deployment. APIs enable fintechs to integrate with third-party services quickly, allowing them to launch new features and services without a complete infrastructure overhaul. This rapid deployment is crucial in meeting business customer demands promptly. For instance, integrating a new payment method, enhancing security measures or adding a new service can be achieved swiftly through API connections, ensuring customers have access to the latest functionalities. 

• Enhanced Customer Experience. By utilizing APIs, fintech companies can offer a comprehensive range of services within a single platform. This integration leads to a seamless and enriched customer experience. For example, a fintech app can connect with accountancy software, investment platforms, and payment gateways, providing customers with a one-stop solution for all their financial needs. Such a holistic approach not only improves user experience but also fosters customer loyalty. 

• Cost Efficiency. APIs enable fintechs to leverage existing services and infrastructure rather than building new solutions from scratch. This modular development approach reduces costs and shortens development cycles, allowing fintechs to allocate resources more efficiently, focus on innovation and customer satisfaction, and pass these cost-savings onto their clients.  

• Open Banking and Innovation. Open banking initiatives, driven by regulatory changes, rely heavily on APIs to provide third-party developers access to financial institutions' data. This openness drives efficiencies, with a broader range of choices and personalized financial solutions on offer. 

Microservices: The Embodiment of Flexibility and Efficiency 

Microservices architecture represents the epitome of flexibility and efficiency in fintech. This architectural style structures applications as a collection of small, independent services, each responsible for a specific function. These services communicate with each other through APIs, ensuring seamless interaction and integration. 

• Scalability and Flexibility. Microservices allow fintech companies to scale individual components independently, providing unmatched flexibility. For instance, during peak transaction periods, the payment processing service can be scaled up without impacting other parts of the system. This scalability ensures fintech applications handle varying loads efficiently while maintaining optimal performance. 

• Continuous Deployment and Innovation. Microservices facilitate continuous integration and continuous deployment (CI/CD), allowing new updates and features to be rolled out frequently. This iterative approach ensures that feedback from businesses is quickly incorporated. It and improvements are continually made, keeping the product relevant and competitive. The ability to deploy changes incrementally reduces downtime and enhances the overall user experience. 

• Resilience and Reliability. A microservices architecture is inherently resilient, as the failure of one service does not compromise the entire system. This reliability is critical for fintech applications, where uptime and consistent service availability are paramount. Services can be designed with redundancy and failover mechanisms, ensuring uninterrupted service and robust performance. 

• Development Efficiency. Microservices promote a decentralized development process, enabling different teams to work on various services simultaneously. This parallel development accelerates the overall timeline and allows specialized teams to focus on their areas of expertise. The result is enhanced productivity and faster time-to-market for new features and services. 

As business customer demands evolve – in part driven by advances in the consumer space - the fintech industry must remain agile and responsive. APIs and microservices provide the technological foundation needed to achieve this agility. By enabling seamless integration, rapid innovation, and cost-efficient development, these technologies are transforming how fintechs operate and compete. 

Find out how Qorbis’s microservice architecture and use of APIs empower our clients.

First we unbundled. Now, we’re rebundling. The latest evolution of banking is here and fintechs are ensuring it’s a better solution for businesses and consumers.

When fintech unbundled the banking industry in the 2010’s it signaled the start of change the likes of which the industry had arguably never seen. Rather than rely on the entrenched relationships they had with traditional incumbents, customers suddenly had a choice. A choice of products and ultimately, better value.

Like any major change in an industry, however, it became apparent that there were shortfalls in what this new way of banking could deliver. Unbundling meant customer service was disjointed and opportunities for brand loyalty for almost non-existent. 

It was time for the next phase of fintech. A new phase that built on lessons learned from unbundling that delivered its benefits, overcame the downsides and more. 

Enter: rebundling. 

The Problem With Unbundling

In the past, success as a fintech meant being a master of a single solution. A solution to a financial challenge that was better and cheaper than the solutions offered by a bank.

“Unbundling: the shift from department stores to boutiques.”

International Banker

By unbundling traditional bank services, fintechs could specialize in singular areas: savings or mobile payments, for instance. It was the very opposite of the jack-of-all-trades approach that banks had been operating under. Retail analogies abounded:

“For decades, the bank has been a ‘supermarket’ for our financial needs. The bank pays once to acquire you as a customer but can cross-sell multiple products over the course of your relationship. The hub of it all was the ‘free’ current account – one of the great customer acquisition tools of all time. Of the above services, the bank can give you one to three for ‘free’ and seek to make revenue from doing the other jobs. Because you spend a lot of time engaging with your bank, when you need something else related, they are the natural starting point.”

Deloitte

Unbundling allowed users to rethink this natural starting point. A proliferation of ‘compare’ websites helped, offering an easy way to look outside the traditional bank box and at fintech-driven options. While this had benefits for customers – and the fintechs taking advantage of the changes – it also had significant downsides. 

Huge competition meant the market was dispersed. The result was poor value proposition and an often disjointed customer experience. The convenience of a one-stop-shop was lost as was the opportunity for brands to develop a deep understanding of their customers and offer products and services accordingly. 

Banks and fintechs were at war. Collaboration was a dirty word. 

Now, thanks to an evolved and highly competitive market, fintechs are rebundling it all back up again and cooperation is back on the menu. This isn’t a movement back towards the original banking model, though. It’s a complete rethinking. 

The Next Phase: Rebundling

Unbundling may have had some downsides but overall it meant a realisation that change was possible. That better banking was possible, and that fintechs were the most likely vehicle for driving this change. 

“[Fintechs] have grown from a sideshow to the elephant in the room for banks. By engaging customers in their daily lives to solve specific financial needs with a distinctive experience while delivering back useful customer insights with advanced analytics, these digital companies have gained customers by the millions and a rapt audience of investors attracted to their compelling growth story.” 

S&P Global Research

And true to their entrepreneurial roots, fintechs are now leading the rebundling of the industry.

Instead of challenging singular verticals, fintechs have rebundled and are focussed on offering products and services that offer value as well as a seamless user experience and the benefits of brand loyalty. 

Shopping for a whole product suite (and more – we’ll delve into that later) in supermarket-style was originally popular for a reason. Convenience and one source of trust are powerful aspects of the decision-making process. There’s a strong case for this style of banking – but we now know that this doesn’t have to be in the form of a traditional bank. Evolved fintechs can offer all of this while still offering the type of innovation and value that drove the unbundling phase in the first place.

The benefits don’t just lie with customers though. 

Being a single source for multiple points of products and services means new, evolved fintechs can build a wealth of customer data. Data that they and the brands they partner with can use to gain insight into the financial behavior of their customers and make decisions accordingly. 

A rebundled future

The most competitive fintechs in the future will be those that offer the elements of a bank – loans, savings accounts etc. – as well as additional and complementary products and services. We’re entering a time in which users might sign up for a credit card through the same brand that might shop for energy deals, secure insurance or receive bespoke offers. 

Traditional banking is still on the rebundling journey, thanks to cooperation with startups as they optimize internal processes and customer journeys, launch joint products, and create an ecosystem of financial services around the bank. 

A study by Cornerstone Advisors found that nearly two-thirds of banks and credit unions had partnered with at least one fintech in the past three years. Of those who hadn’t, 37% planned to partner with a fintech in the next year.

Many agree though that the horse already has bolted. That the incumbents have been too slow to change and that the gap is now too wide for them to close. That naturally agile fintechs will outpace banking in this new phase of rebundling, a position that will be emphasized as digital-native generations like Gen Z reach decision-making age.  

One thing is for sure: it’s good news for customers. 

“The overriding driver in all of this innovation is how the experience can be improved (securely) for the customer.”

The Payments Association

Want to find out how rebundling allows Qorbis to deliver better banking? Contact us today.

The average consumer has long discarded their check book in favor of the convenience of digital payments. Shockingly, though, business-to-business (B2B) transactions have only recently started digitizing.

A surge in the uptake of digital payment methods is fueled by various factors – advances in technology and digital payment platforms and an increased need for security measures as well as improved convenience for businesses on both sides of the transaction.

Here we explore the most significant benefits that digital B2B payments deliver.

Streamlined Efficiency

One of the main drivers behind the adoption of digital payments in the B2B space is the remarkable efficiency it offers. In the US alone, $3 trillion is estimated to be tied up in a business’s outstanding accounts receivable (AR). The average business has 24% of its monthly revenue held up in AR, payment terms, or trade credit.

This lag represents more than just money in limbo. Traditional payment methods, such as paper checks and wire transfers, can be cumbersome, time-consuming, and prone to errors. Conversely, digital payment platforms allow for seamless, real-time transactions that enable businesses to streamline their financial operations while also reducing the risk of errors. Digital payments, such as P2P and mobile payments, streamline the accounts receivable process, too, because transactions include encoded information that helps accounting teams easily track where the money is coming from and which invoice it is going to.

Cost Savings

Switching to digital payment methods can result in substantial cost savings for businesses. Traditional payment methods often incur additional expenses, including printing and mailing costs for checks, transaction fees, and manual processing charges. Digital payments eliminate many of these expenses, offering a cost-effective alternative. In fact, a check costs at least four times more to process than a digital transaction, while some platforms offer no-cost digital payment processing, instead opting for a transaction-as-a-service model. 

Enhanced Security

Cybersecurity is becoming increasingly important in an era of heightened scams and hacking. Historically, security concerns have been a major barrier to the widespread adoption of digital payments in the B2B space, but advancements in encryption technologies and robust security measures have significantly bolstered the safety of digital transactions. Stringent regulations have also helped to earn the trust of businesses – 83% of respondents to a McKinsey survey about payments in the B2B sector globally cited enhanced security features as a critical factor in their decision to adopt digital payment methods.

Global Mobility

Expense reporting and reconciliation are often tedious and laborious tasks for both employees and finance teams - a fact amplified when team members are working abroad and still using paper pay-and-claim methods..

Digital spend management solutions like Qorbis allow finance teams to monitor and track all spending in real-time, assign and adjust individual spending limits, transfer funds, and more – all from one cloud-based platform.

With real-time spend data, every expense is logged immediately and traced back to the individual purchaser – making it easy to know what is being spent, by whom, and why - no matter the time zone, location, or currency.

Integration with Business Systems

Digital payment platforms are increasingly offering seamless integration with a wide array of business systems and accounting software. This integration enables automated reconciliation of transactions, simplifying the accounting and bookkeeping processes for businesses and boosting departmental efficiency.

“Integrated AR solutions can deliver immediate B2B payment wins by accelerating order-to-cash processes, leveraging automation in support of high-level invoice reconciliation accuracy, centralizing AR management processes to ensure faster payments, and promoting enterprise resource planning (ERP) integration that turns rich AR data into actionable insights.”

Reads a report by PYMNTS.

The growing trend of digital payments in the B2B space is more than just a passing fad; it represents a fundamental shift in how businesses interact financially. From streamlined efficiency and cost savings to enhanced security and global reach, the adoption of digital payment methods offers an array of benefits that traditional payment methods simply cannot match. As businesses continue to embrace the digital revolution, those who leverage these innovative payment solutions are better positioned to thrive in an increasingly competitive and interconnected global marketplace.

Qorbis helps businesses take advantage of advances in digital payment technologies. Speak to us about our streamlined, integrated options, today. 

“Qorbis minimizes any points of friction - changeovers are streamlined and disbursement happens without delay.”

Tom Witton, Head of Sales and Co-Founder of Qorbis.

WILMINGTON, DELAWARE, UNITED STATES, 06/26/24 – Qorbis, an industry leader in financial technology solutions, is proud to announce the launch of its spend management platform designed specifically to overcome the financial challenges faced by the yacht charter industry. 

The Qorbis platform delivers unparalleled time and cost savings through high levels of spend control, the rapid movement of funds and competitive foreign exchange (FX) rates, all while offering the unique ability to brand Visa debit cards with a business's own branding.

Developed in consultation with industry specialists, the Qorbis platform allows each charter’s finances to be siloed, with the ability to instantly transfer funds and reconcile expenses against APAs with unlimited sub-accounts and bespoke reporting.

“The yachting industry, known for its luxurious experiences and elite clientele, demands precision and efficiency in financial management,” says Tom Witton, Head of Sales and Co-Founder of Qorbis. “Qorbis minimizes any points of friction - changeovers are streamlined and disbursement happens without delay.”

Qorbis gives charter management complete real-time visibility and control over operational bank accounts and unlimited segregated sub-accounts and Visa debit cards via the platform's dashboard. Each yacht under management is allocated a dedicated bank account, with three APA cards per vessel. 

Card spend limits and categories can be set and adjusted instantly, with real-time visibility of transactions and funds instantly sent and recalled between accounts. Integration with popular accounting software via APIs facilitates direct reporting and the creation of bespoke end-of-charter statements. 

“The Qorbis solution delivers efficient purchasing, minimized expense fraud, and seamless reporting at a more cost-effective price-point than competitor offerings,” adds Tom. “We know how important it is that changeover days and crew rotations run smoothly, which is why we’ve designed our platform with this in mind.”

Cards and the platform's dashboard can also be branded entirely as the business's own, boosting brand visibility and engagement and delivering actionable spend data. 

"Our goal is to empower yacht charter businesses with the tools they need to control costs, save time, and enhance their brand image,” says Stephen Williams, CEO, Qorbis. “The Qorbis  platform is designed to meet the unique financial challenges of the industry, providing a comprehensive solution that drives efficiency and profitability."

Key Features and Benefits include:

• Enhanced Spend Control. Gain comprehensive oversight of all financial transactions with advanced tracking and reporting capabilities, ensuring every dollar is accounted for and spent wisely.
• Competitive FX Rates. Benefit from highly competitive foreign exchange rates, minimizing currency conversion costs and providing significant savings for international transactions.
• Custom-Branded Spending Cards. Elevate your brand presence with the ability to personalize all spending cards with your yacht charter company's logo and design. This feature not only reinforces brand identity but also offers a sophisticated touch to the client experience.
• Time Efficiency. Automate routine financial tasks and reduce administrative burdens with an intuitive interface and seamless integration with existing financial systems. This allows staff to focus on delivering exceptional services rather than managing expenses.

With Qorbis's spend management platform, yacht charter companies can now navigate the complexities of financial management with ease, while making time and cost savings.

FOR MEDIA ENQUIRIES:

Brooke Dallow

[email protected]

FOR SALES ENQUIRIES

Tom Witton

[email protected]

This partnership addresses some of the biggest challenges in touring, putting artists in control of spending, payments and T&E and saving them time and money.

"Qorbis understands the unique needs of the music industry. Its technology empowers artists and their crews, allowing them to easily manage spending on the road, and to save money on T&E.”

Andy Vargas

WILMINGTON, DELAWARE, UNITED STATES, June 11, 2024 -- Qorbis, a leader in innovative fintech solutions, is excited to announce a deal to provide banking, lifestyle, and spend management solutions to Andy Vargas, lead singer of Santana, his company Vargas Entertainment Inc, and Malaspalabras Records (MPR), a company founded by Vargas and acclaimed comedian George Lopez. The deal will see Andy and his MRP artists using the Qorbis platform for their spending, foreign exchange, and touring expenses, overcoming some of the biggest challenges facing the music touring industry.

Managing budgets and crew expenses on the road at any hour of the day or night, the tedious process of spend management, and limited visibility of spending versus budgets – life on the road can be tough. Qorbis solutions are designed to remove these pain-points, so that artists can focus on what really matters – the music and the tour.

Andy and MRP have a long-standing reputation for protecting and elevating artists and Qorbis is proud to deliver solutions that support this.
Andy Vargas, musician, and CEO says: “Qorbis understands the unique needs of the music industry. Its technology empowers artists and their crews, allowing them to easily manage spending on the road, and to save money on T&E, whether that's hotels, car hire, or even an after-party bill."

Qorbis solutions are designed to streamline the business of touring, with seamless digital banking, 24/7 real-time visibility and control, smart money management tools, and exclusive benefits with preferred rates on travel, hotels, and more via the QStyle lifestyle concierge. International mobility is managed simply and cost-effectively, with segregated, multi-currency accounts and a foreign exchange rate set at 0.5% on all transactions.

Tom Witton Head of Sales of Qorbis says: “We’re excited to be supporting musicians of Andy’s caliber as well as all the hugely talented MPR artists. Qorbis cards, money management tools, and the QStyle lifestyle concierge are the ultimate combination of support that Andy and the music industry need to facilitate their busy schedule of recording and touring both domestically and internationally."

The Qorbis all-in-one corporate card, payment, and spend management platform features real-time visibility plus advanced reporting, accounting, T&E, and business services integrations. Delivering significant savings in time and money, the platform is designed to scale as an artist grows, with brand enhancement opportunities also available via Qorbis’s embedded finance solutions.

Adds Andy: “The Qorbis platform has the potential to revolutionize music touring and payments to artists. Giving artists and their crews unprecedented efficiency and control over their finances and giving them access to rates that will keep touring costs down giving new artists a chance to succeed.”

ABOUT QORBIS
Qorbis helps businesses across the US take control of spending and provides discounted benefits via our embedded products. Qorbis’s platform is user-friendly, secure, and scalable and embeds customized financial and concierge solutions into a business's own product and services, creating new revenue streams, and enhancing its brand, to help save time and money. Through partnerships with best-in-class providers of banking and technology, our model allows any size business to offer a range of branded and licensed services to their customers, including corporate cards, accounts, P2P payments, and QStyle, a global travel and lifestyle concierge. Qorbis is a financial technology company with banking services provided by Evolve Bank & Trust, Member FDIC. The Qorbis Visa^® Debit Cards are issued by Evolve Bank & Trust pursuant to a license from Visa U.S.A. Inc. www.qorbis.com

ABOUT MALASPALABRAS RECORDS
Acclaimed comedian George Lopez and the lead singer of Santana, Andy Vargas, have been at the forefront of new ideas surrounding artists' rights, promotion, and brand development. When Lopez sought Vargas’ assistance in managing the music arm of his brand, they knew it was time to introduce an entirely new label concept. In collaboration with distribution powerhouse Steve Stoute’s United Masters and A&R lead Cesar Sanchez, they've launched Malaspalabras Records (MPR), which is now entering its "release phase". MPR defines artists' brands and their attitudes, thereby strengthening their vision and empowering them to unleash the spirit of music.

Through MPR, artists have collaborated with industry experts to develop and execute the business aspects of their careers while maintaining ownership of their masters. The label boasts successful releases from a roster of talented artists, including Chris Perez, Alexis Grullon of MDO, Andy Vargas of Santana, Krystal Ortega, Heber, and Baby Lorez, positioning MPR as a vanguard in the music industry.

The support of MPR enables artists to focus on their art while simultaneously enhancing their branding, PR, and digital marketing efforts. Advancing their innovative edge, MPR is excited to welcome Phillip Coleman, known artistically as Godcloud, as the Chief Technology Officer (CTO) for their Web3 division. Coleman, a pioneering Web3 artist and musician, brings a wealth of expertise that is set to propel MPR into the future by harnessing blockchain technology and NFTs to revolutionize the way artists interact with the digital realm.

Strengthening their marketing and creative management, MPR is thrilled to introduce Adrian Cisneros and Chris Morris to the family. Cisneros's fresh marketing strategies and Morris's keen A&R insights are anticipated to provide unparalleled support for our artists, boosting their promotional and creative opportunities to new heights.

Stay tuned and follow us for our latest drops on Instagram, YouTube, and TikTok at @malaspalabrasrecords.

FOR MORE INFO:

Brooke Dallow
[email protected]

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In the world of filmmaking, budgeting is more than just numbers. It’s an art – and a high-risk one at that. There’s a hero in the midst though – a new breed of digital platforms designed to deliver the ultimate in spending control and financial efficiency... 

Ask anyone in the business and they’ll tell you that mastering the art of film financing is akin to winning a coveted Best Picture Oscar. A steep increase in average production costs and a persistent decline in traditional income sources from cinematic distribution only compound what was already a challenging budgeting balance act.  

Costs and Budgets: On a Razor's Edge

Film production is a complex endeavor that involves coordinating various resources, from talent and equipment to post-production facilities. Each of these elements incurs costs, and without careful management, expenses can spiral out of control, jeopardizing the entire project. This is before considering these elements will often occur in different locations across the globe, adding the challenge of cross-border payments and foreign exchange rates to the mix.  

In this post, we look at the most important considerations in managing film production costs, the biggest challenges, and the best practices that digital solutions like those offered by Qorbis enable.   

The Importance of Spend Management 

Spend management encompasses the processes and strategies employed by companies to control and optimize their spending. In the film industry, where budgets can soar into the millions, effective spend management is essential for several reasons: 

• Budget Adherence: Film projects typically operate on tight budgets and strict timelines. Effective spend management ensures that expenditures stay within budgetary constraints, preventing cost overruns that can derail the project. 
• Resource Optimization: By efficiently allocating resources, from crew members to equipment, companies can maximize productivity and minimize waste. This includes negotiating favorable deals with vendors and leveraging economies of scale. 
• Risk Mitigation: Uncontrolled spending can introduce significant financial risks to a film project. By implementing robust spend management practices, companies can identify and mitigate risks before they escalate. 
• Transparency and Accountability: Clear financial oversight fosters transparency and accountability within the production team. Stakeholders can track spending, identify areas of inefficiency, and make informed decisions to optimize resource allocation. Transparency also extends to expenses, which are increasingly a source of frustration for financiers due to fraudulent claims. 
• FX Mitigation: The global nature of the industry means that fluctuations in exchange rates can significantly affect the cost of production, making it imperative for companies to manage currency risk effectively to stay on budget. 

Challenges in Film Production Spend Management 

Managing spend in the film industry comes with its own unique set of challenges: 

• Complexity of Expenses: Film production involves diverse and often unpredictable expenses, including salaries, equipment rentals, location fees, special effects, and post-production costs. Managing these varied expenses at all hours and across borders requires a digital solution that is accessible anytime, anywhere. 
• Dynamic Nature of Projects: Film projects evolve rapidly, with changes in script, shooting locations, and creative requirements. Adapting spending plans to accommodate these changes while maintaining budgetary discipline is a constant challenge. 
• Vendor Relationships: The film industry relies heavily on relationships with vendors and service providers. Negotiating favorable terms and ensuring timely payments while maintaining these relationships is critical for long-term success. 
• Data Management: With multiple stakeholders and numerous financial transactions involved, data management is crucial. Accurate and up-to-date financial data enables informed decision-making and effective cost control. 

Best Practices in Spend Management 

To overcome these challenges and maximize efficiency, film production companies can adopt several best practices: 

Qorbis understands the unique challenges faced by the film and television production industry. We’ve designed our specialized spend management solutions to meet these needs and deliver time and cost savings so that you can get your project completed on time and on budget.  

Get in touch with us today to discover how Qorbis delivers total control of every dollar spent from a single platform. 

Make managing your team's spending needs a breeze, with our checklist of the must-have features of your business’s corporate card platform.

Looking for the most effective method of controlling company costs? A flexible spend management solution with corporate cards should be your go-to. Instantly issuing cards and managing your company's spending in real-time is just the start though. Ultimately, you should be looking for a solution that offers convenience, control, and perks, all tailored to meet the unique needs of your organization. The end goal? To save time - and money.

SMBs Spend 120 Working Days Per Year on Admin Tasks and Bookkeeping

Accountancy Age

Imagine the time that could be saved by using an efficient card and spend management platform! With a plethora of options available in the market, here’s a guide to choosing the right solution for your business.

Flexible Spending Controls.

One of the key features to seek in a corporate card is the ability to set spending controls. Look for cards that allow you to establish individual spending limits for employees, track expenses in real time, and customize spending categories. This level of control helps prevent overspending, ensures compliance with company policies, and streamlines the expense management process.

Integration with Expense Management Systems.

Seamless integration with expense management systems is essential for efficient tracking, reporting, and reconciliation of corporate expenses. Opt for cards that offer compatibility with popular accounting software or provide dedicated expense management platforms. This integration minimizes manual data entry, enhances accuracy, and saves valuable time for finance teams.

Robust Security Features.

Protecting sensitive financial information and preventing fraudulent transactions are paramount concerns for businesses. Look for corporate cards equipped with advanced security features such as EMV chip technology, tokenization, and real-time fraud monitoring. Additionally, cards that offer liability protection and immediate card replacement in case of loss or theft provide added peace of mind for businesses. FDIC membership and the insurance that is offered on accounts are non-negotiable when choosing a card provider.

Rewards and Benefits Program.

Many corporate cards offer rewards and benefits tailored to business needs, such as travel rewards, and discounts on business services. Evaluate the rewards structure and determine whether it aligns with your company's spending patterns and priorities – beware of complex rewards programs that require your business to build points before they can be redeemed. Not only do they complicate business spending, but they add another layer of admin that most businesses can do without. Additionally, consider added perks like discounted car hire, airport lounge access, and concierge services, which can add value for frequent business travelers.

Global Acceptance and Currency Options.

For businesses with international operations or frequent travel – and in 2024, that’s most of us - it's crucial to choose a corporate card with global acceptance and support for multiple currencies. Ensure that the card is widely accepted by merchants worldwide, for example, Visa or Mastercard, and offers competitive foreign transaction fees to avoid additional costs associated with currency conversion. This may require reading the fine print, as many providers offer low FX rates that are capped at a certain transaction value - negating most of the savings.

Dedicated Customer Support.

Responsive and knowledgeable customer support is essential, especially when dealing with financial matters. Select a card issuer known for excellent customer service, with dedicated support channels for corporate cardholders – ideally, 24/7 and with multi-lingual options. This ensures timely assistance for inquiries, account management, and resolution of any issues that may arise.

Transparent Fee Structure.

Before finalizing a corporate card, carefully review the fee structure to understand all associated costs. Look for cards with transparent fee disclosures, and no hidden charges. Pay attention to fees for late payments, foreign transactions, and additional cardholders to assess the overall cost-effectiveness of the card. The ability to issue unlimited cards is a plus point for businesses as they grow and expand their workforce.

Customizable Reporting and Analytics.

Data is everything. Access to comprehensive reporting tools and analytics empowers businesses to gain insights into spending patterns, identify cost-saving opportunities, and make informed financial decisions. Seek corporate cards that offer customizable reporting dashboards, expense categorization options, and downloadable transaction data for in-depth analysis.

Selecting the right corporate card requires a thorough evaluation of features, benefits, and costs to meet the unique needs of your business. Ultimately, the best option is one that optimizes expense management, enhances financial control, and drives business success.

Qorbis cards deliver all this and more, with low FX rates on any transaction value. Talk to us about how we have your team covered, whenever or wherever they spend.

Want to unlock a new level of fan engagement and drive continuous revenue growth? Plugging powerful financial features straight into their ecosystem is a winning solution for forward-thinking sports teams.

The collective gasp of millions of people at a close call. The unification of a triumphant win - or a devastating loss. There’s nothing quite like the emotional connection between sports teams and their fans. It’s a love affair deeply entrenched into America’s national culture - and with it comes serious brand power. 

The average NBA team has 17.65 million fans on social media, with the LA Lakers boasting a whopping 60.3 million followers. Major League Baseball is just that, with an estimated 171 million fans following every pitch, home fun, and foul ball annually. 

While traditionally, sports brands relied on fan attendance to drive their profits, digital transformation has meant that sports is now delivered to and consumed by a much wider audience, both on and off the field (or pitch!). This offers brands the chance to unlock new ways to engage and monetize their fan base. 

Sports and finance might be the most obvious pairings, but in the new age of digital fan engagement, it pays off. There’s no need to go it alone though - embedded finance delivered by a fintech partner is fast becoming the go-to solution for teams looking not only to create a next-level experience for their fans but to increase engagement, create new revenue streams, and generate a wealth of actional user data. 

“Embedded finance solutions like those offered by Qorbis enhance brand loyalty through promotional power, delivering simple, smart, and secure financial services alongside bespoke reward and loyalty programs."

“This is a game-changer, redefining the relationship between sport and finance, providing major brands with the tools they need to transform cost centers into revenue streams and deepen engagement with their fan bases.”

Stephen Williams, CEO of Qorbis, a leader in the integration of embedded finance solutions.

Embedded finance: The flywheel effect 

Imagine the insights gained from knowing your fans’ shopping habits, from spend frequency to category. Embedded finance powered by a Banking as a Service (BaaS) model enables just that, with benefits to both brands and end-users. 

By engaging a partner with an API-based, cloud-native platform and licensed financial services,  brands can build the banking services they want, brand it as their own, and roll it out securely and seamlessly to users both internally and externally. The result is staff and fans using team-branded digital banking and financial products with all the compliance of a traditional bank but with far more convenience and appeal to today’s digitally-savvy users. 

The financial products not only generate revenue in and of themselves, but as a result, fans spend more on the brand’s products and services than they had before obtaining the financial product. It’s the ultimate brand flywheel effect, and in a climate where the battle for customer attention has never been more hotly contested, it’s fast becoming a cornerstone of success. Brands know that loyalty counts - and sports brands, with their hoards of committed, win-or-lose fans, are better positioned than most to make this loyalty count in their favor. 

“Brand identity is a major facet of sports such as the NBA or MBA because of the trust fans place in teams. Platforms like Qorbis empower the sports industry to extend the brand experience beyond the field or the court into fans' everyday lives,” says WIlliams. “Doing so has significant commercial benefits but also creates a huge wealth of user data that can be leveraged to better inform decision-making and more.”

Brand Loyalty: the ultimate goalscorer

Brands are about 70% more likely to sell to a previous customer than a new one, and existing customers usually spend more. So whether a fan is purchasing game day tickets, an access pass to watch the game online, or a hat emblazoned with their favorite team’s logo, the chances are they’ll also buy something else from their beloved team, too. Including financial products. 

More than half of 25-34-year-olds believe using financial products from their favorite brands is more convenient than banking with a traditional retail bank.

52% of 25-34 year olds feel brands offer financial products better tailored to their specific needs when compared to traditional institutions.

In further good news for brands looking to monetize their fan bases, among consumers who already get a financial product from a non-financial brand, a third said the product caused them to spend more money with the brand, three in 10 said they now choose the brand over its competitors more often, and a little more than a quarter feel more loyal to the brand. 

It’s clear that fans are open to a financial product delivered to them seamlessly by their favorite baseball team, for example, in much the same way that Uber seamlessly charges their ride to the game. This is good news for fans as well as brands - here’s why.

Convenience

By integrating financial services directly into a user's preferred platform or application - a team app, for instance, the customer experience is streamlined, with financial services there as and when they’re needed. This eliminates the need for customers to visit multiple platforms or applications to access financial services. Customers want the ease of accessing and managing their finances within their existing ecosystem - essentially: less friction, more loyalty.

Personalization 

Embedded finance solutions leverage customer data and insights from the platform to offer personalized financial products and services. By understanding user behavior, preferences, and financial needs, these solutions can provide tailored recommendations, customized offers, and relevant financial solutions This personalization creates a deeper connection between fans and their preferred teams, increases engagement, and fosters loyalty.

Enhanced Value Proposition

Brands that integrate financial services into their ecosystem provide an expanded value proposition to users, giving fans a 360-degree experience. By integrating financial services, they can offer additional benefits such as competitive FX rates or exclusive deals and discounts. These value-added benefits increase customer satisfaction and loyalty, as customers perceive the platform as a comprehensive solution that meets multiple needs and offers bonus perks.

Boosted Engagement and Interactions

Embedded finance solutions enable brands to engage customers more actively in their financial activities. Through features like real-time notifications, financial management tools, or budgeting assistance, customers are encouraged to be more involved in their financial decisions. The increased engagement and positive interactions create a sense of ownership and loyalty towards the platform.

New Revenue Opportunities

By using a platform provider to embed financial products and services into their brand’s ecosystem - such as charge cards bearing their logo - teams can create branded digital revenue streams by sharing income from fan purchases. This in turn drives the flywheel, creating value for fans via the customer data generated, allowing for a more tailored and personalized experience, and a higher average spend, providing further commercial opportunities for brands. 

Actionable Data Insights

For brands, the prize goes beyond winning or retaining customers — BaaS-driven embedded finance brings a mountain of usable data to drive future products and services that build sustained growth and allow for more predictable decision-making.

“Having financial functions integrated with [brand ecosystems] enables new functionality, leveraging the persistent connection to move beyond transactions to relationships. These relationships are data-rich, which leads to smarter cross-sell, pre-qualification, and risk reduction. The monetization opportunities are not only large but actually meaningfully larger than the original opportunity.”

Matt Harris of Bain Capital Ventures

Fintech: Enabling a Complete Brand Experience

Embedded finance can bring sports brands to life and unlock a range of commercial opportunities. From cross-selling to new revenue streams, targeted upselling increased brand loyalty, and merchandise sales, your fan base can be effectively monetized to the benefit of both said fans and their team.  

Partnering with a platform provider allows brands to choose the right tools in which to best meet their goals - whether that’s frictionless payment methods, innovative loyalty programs, or transactional insights that give visibility of the entire fan journey.

Create the ultimate fan experience and create new revenue channels by adding Qorbis’s powerful financial solutions and more straight into your team’s ecosystem. Talk to us today.

Regulatory and compliance measures in digital banking have become increasingly important as technology continues to transform the finance and banking industry. With the rise of online banking, mobile payments, and financial technology (fintech) innovations, regulatory bodies are faced with a crucial task: to adapt and develop frameworks to address the unique challenges and risks associated with digital financial services.

This framework serves as the foundation for maintaining a secure and transparent financial system, protecting businesses and consumers, and preventing illicit activities.  

Regulations such as the Sarbanes-Oxley Act, Dodd-Frank Act, and Bank Secrecy Act are in place to prevent fraud, money laundering, and illegal activities. Governments and regulatory bodies put these in place to ensure fair and ethical practices, protect the interests of consumers, and maintain the stability and integrity of the financial system.  

This article explores the main pillars of regulatory and compliance measures in American banking and finance, with a focus on the evolving fintech and digital banking sectors. 

Cybersecurity and Data Protection 

Digital banking brings with it a heightened need for robust cybersecurity measures and data protection. Regulatory agencies, such as the Federal Financial Institutions Examination Council (FFIEC) and the Office of the Comptroller of the Currency (OCC), have established guidelines and requirements for financial institutions. First and foremost this is to safeguard customer data and protect against cyber threats. Compliance measures, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), provide additional frameworks for ensuring the privacy and security of customer information. 

Digital Identity Verification and Authentication 

As digital banking expands, the challenge of verifying the identity of customers and ensuring secure authentication becomes crucial. Regulatory bodies are working on establishing standards and guidelines for digital identity verification processes, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These measures aim to prevent identity theft, fraud, and money laundering by implementing robust identity verification procedures and multi-factor authentication protocols. 

Regulatory Sandboxes and Innovation 

To foster innovation in the digital banking space while maintaining regulatory oversight, some jurisdictions have introduced regulatory sandboxes. These sandboxes allow fintech companies and startups to test new products and services in a controlled environment, while regulatory authorities monitor their operations. This approach encourages innovation, facilitates collaboration between regulators and industry players, and helps strike a balance between innovation and compliance. 

Consumer Protection and Dispute Resolution 

In the digital banking realm, consumer protection is of paramount importance. Regulatory bodies, such as the Consumer Financial Protection Bureau (CFPB), enforce regulations that ensure fair practices, transparency, and effective dispute-resolution mechanisms. These measures help protect consumers from fraudulent activities, unauthorized transactions, and unfair practices in digital financial services. 

Cross-Border Regulations 

With the global nature of digital banking services, cross-border regulatory cooperation is vital. Regulatory bodies across different jurisdictions collaborate to establish frameworks that facilitate international transactions, mitigate risks associated with money laundering and terrorist financing, and promote regulatory harmonization. Initiatives such as the Financial Action Task Force (FATF) and the Basel Committee on Banking Supervision work towards aligning international standards and promoting consistency in regulatory approaches. 

The financial industry is extremely highly regulated in the USA and globally. As digital banking continues to reshape the finance and banking industry, regulatory and compliance measures must keep pace with technological advancements. By addressing cybersecurity risks, enhancing data protection, establishing identity verification protocols, fostering innovation through regulatory sandboxes, ensuring consumer protection, and facilitating cross-border cooperation, regulators play a crucial role in creating a secure and trustworthy digital banking environment. Striking the right balance between innovation and compliance is key to unlocking the full potential of digital banking while safeguarding the interests of consumers and maintaining the stability of the financial system. 

Qorbis and its partners adhere to the highest standards of regulatory and compliance measures so you can be confident your money is in safe hands. Talk to us about how the FDIC protects your Qorbis account, today.