The new partnership extends payment services for consumers and merchants
UnionPay International (UPI) has announced its alliance with Kiwibank, ensuring that as of 1st August 2023, Kiwibank eligible merchants can now accept UnionPay cards for in-person payments. In addition to offering EMV-compliant security chip payment, Kiwibank will also provide UnionPay mobile QuickPass to its customers.
The partnership expands UnionPay card acceptance across various sectors in New Zealand including food and drinks, accommodation, transportation, entertainment, shopping, and more.
The collaboration underscores UPI and Kiwibank’s dedication to broadening payment options and delivering a comprehensive, seamless customer experience. As a result, UnionPay card acceptance in New Zealand has soared to 95%, and contactless terminal acceptance rates have reached 75%.
According to Statista Market Insights, the value of digital payment transactions in New Zealand is expected to rise from 6 billion in 2017 to 22 billion by 2027. Notably, mobile POS payments are projected to see an increase from just under 1 billion to 4 billion during the same period.
“Our partnership with Kiwibank is a significant step in our global outreach,” said Carlos Li, Country Manager of UnionPay International New Zealand Branch. “We’re expanding payment options for merchants and enhancing New Zealand’s ties to global payment systems, introducing unparalleled payment experiences for local consumers. This collaboration will enrich the payments landscape in New Zealand, offering businesses and consumers more choices in the payment experience.”
“The partnership with UnionPay International expands the acceptance opportunities for Kiwibank’s merchants who will now be able to accept UnionPay cards when presented for payment,” said Joanna Greaves, General Manager of Kiwibank Business Banking.
Today, UPI’s global presence is extensive, with its acceptance network covering 181 countries and regions. Beyond mainland China, UnionPay has marked its presence at more than 63 million merchants and 1.76 million ATMs. The company has issued over 200 million cards in 78 countries and regions outside of mainland China.
Furthermore, UnionPay’s mobile services, including QuickPass and QR code payment, are now accepted in 99 countries and regions, with over 16 million merchants outside mainland China. The company has also gained traction in the digital domain, with over 170 e-wallets across 30 countries accepting UnionPay cards and 22 million online merchants from 200 countries and regions outside mainland China integrating UnionPay as a payment method.
About UnionPay International
UnionPay International focuses on the international business of UnionPay, a global payment network that serves the world’s largest cardholder base.
About Kiwibank
Kiwibank is a purpose-led organisation that has modern, Kiwi values at heart and keeps Kiwi money where it belongs – right here in New Zealand. As a Kiwi bank, with more than a million customers, our trusted experts are focused on supporting Kiwi with their home ownership aspirations and backing local business ambitions, so together we can thrive here in Aotearoa and on the world stage. Kiwibank is the #1 bank in Kantar’s 2023 Corporate Reputation Index and the only bank in the top 20. To find out more about Kiwibank visit www.kiwibank.co.nz
KaarTech , a global Digital Transformation Consulting company, is excited to announce its latest strategic move in the world of digital transformation. The company has broadened its’ capabilities and geography by successfully acquiring Dunn Solutions Group Inc. , a leading Customer Experience Solutions Consultancy headquartered in Chicago, Illinois.
Founded in 2006, KaarTech has solidified its position as a key player within the SAP ecosystem. With a proven track record of delivering digital transformation success across various sectors, including Discrete Manufacturing, Process Manufacturing, and Consumer Packaged Goods, KaarTech has carved a niche for itself. The company has also developed proprietary intellectual property, KEBS for Professional Services and KTern.AI for SAP Digital Transformation , reinforcing its reputation as a formidable force in the Digital Transformation Arena.
Founded in 1988, Dunn Solutions is headquartered outside of Chicago and has offices both in Minneapolis and Bengaluru. The company has carved its niche as a Digital Commerce and Business Transformation Consultancy. Their core mission revolves around delivering unmatched velocity and transformative solutions to their clients.
This strategic acquisition facilitated by Eiliant Advisors, a Bangalore based Investment Banking Firm, marks a watershed moment for KaarTech as it combines its extensive SAP domain expertise, especially in SAP S/4HANA, with Dunn Solutions’ prowess in Digital Customer Experience.
Speaking about the acquisition, Mr. Maran Nagarajan, CEO of KaarTech, says, “We are excited to join forces with Dunn Solutions to accelerate our vision of redefining Digital Transformation. This partnership brings together the best of both worlds – our SAP expertise and Dunn Solutions’ prowess in Customer Experience – to create a transformative force that will deliver exceptional value to our clients.”
This union not only broadens the horizontal scope of KaarTech’s services but also strengthens its commitment to providing cutting-edge digital solutions that drive business growth and competitiveness. With this partnership, KaarTech solidifies its position as a true leader in the Digital Transformation Arena.
Mr. Bill Dunn, CEO of Dunn Solutions, says “KaarTech has earned a reputation as a key driver of SAP innovation across a number of verticals over the years globally, and we are excited to join them as we look to leverage the assets and experience of Dunn Solutions to continue building on KaarTech’s success in the Digital Transformation Space.”
Prestigious InsurTech100 List for 2023 Recognizes the Austrian AI Pioneer’s Contribution to Transforming Insurance Processes
Cortical.io today announced that they have been named to FinTech Global’s Sixth Edition of its prestigious InsurTech100 list for 2023. The ranking celebrates the groundbreaking tech companies that are developing solutions to the insurance industry’s most daunting challenges.
Our approach to intelligent document processing paves the way for insurers to explore a wealth of new opportunities, differentiating them from competitors in the digital transformation journey.
Over the last couple of years, insurance firms have faced an uphill battle to rapidly digitize their services and meet the evolving customer demands, nurturing a competitive landscape of Insurtech companies. This meant this year’s battle to earn a spot amongst the 100 InsurTech visionaries was intense. A select group of analysts and seasoned industry specialists sifted through a list of over 1,900 contenders presented by FinTech Global. The chosen few were acknowledged for their inventive technological applications either to solve a major industry challenge or to bolster efficiency throughout the insurance value chain.
“FinTech Global acknowledges for the second consecutive time Cortical.io’s role in revolutionizing document-centric processes within the insurance sector,” said Rainer Kegel, CEO of Cortical.io. “It’s incredibly gratifying to be recognized for our efforts in addressing a significant industry challenge, namely reducing the need for human intervention in the document review process. Our approach to intelligent document processing paves the way for insurers to explore a wealth of new opportunities, differentiating them from competitors in the digital transformation journey.”
Quoting group benefits is probably one of the most challenging insurance processes as it requires the analysis of many documents of variable types and structures. Cortical.io’s intelligent document processing solution extracts, interprets and classifies complex information found in terms and provisions and is for example able to detect the best plan matching a competitor’s policy. “Large insurance carriers employ hundreds of people to manually review policies before submitting a quote for group benefits,” said Kegel. “Our solutions help them prepare more accurate quotes faster, and consequently close more deals.”
Cortical.io’s Intelligent Document Processing (IDP) solutions leverage a unique approach to natural language understanding called Semantic Folding to reach unmatched levels of accuracy with unstructured text. Cortical.io’s solutions automatically search, extract and classify complex information from various documents such as insurance policies and emails with attachment, helping insurance companies eliminate quoting errors, improve customer response times and reduce labor intensive processes.
FinTech Global director Richard Sachar said, “The widespread availability of generative AI capabilities has opened the doors for even greater innovation within insurance. We’re entering a new wave of digitalization and insurance firms need to be prepared. The InsurTech100 will help top-level insurance executives in discerning the tech pioneers revolutionizing key areas like underwriting, pricing, distribution, and data analytics.”
About Cortical.io
Cortical.io delivers highly efficient AI-based solutions that help enterprises unlock the value of unstructured text by leveraging a game-changing approach to Natural Language Understanding (NLU). Cortical.io SemanticPro is an intelligent document processing solution that accurately extracts, analyzes and classifies information based on meaning and builds the basis for document workflow automation. With more than 10 years expertise in implementing NLU solutions in the enterprise, Cortical.io has demonstrated its ability to solve the challenges of language ambiguity and variability across many use cases and verticals for Fortune 500 companies.
Cortical.io has offices in the U.S. (New York and San Francisco) and Europe (Vienna).
Converting to sustainable energy can be a costly and confusing process for consumers. Mona Lee is moving the clean energy industry forward with its innovative and customer-centric approach, allowing homeowners to install solar panels and storage for 40-50% lower costs than what the competition offers.
Mona Lee, a Boston-based startup founded by former Tesla employee Walid Halty, has announced the successful closure of a $3.25 million seed funding round. The round included investments from prominent players in the technology and consumer sectors, such as Ludlow Ventures, Shrug VC, Palm Tree Crew (founded by Norwegian DJ Kygo), Coalition Operators, Plug and Play Ventures, and The Pags Group, owned by Boston Celtics’ owner Steve Pagliuca.
“Residential clean energy is a massive opportunity and we are excited to be redefining the buying and installation experience for eager consumers,” said CEO and Cofounder Walid Halty.
Mona Lee is on a mission to make solar, storage and EV charging installation for homes affordable and hassle-free. Since its launch, the company has experienced remarkable growth, installing in over 7 states with over 150 new customers per month and an average cost-per-order of $28,000.
The potential for growth in the home solar and storage industry is staggering, with an estimated $250 billion opportunity over the next six years alone. With 142 million homes in the U.S. and only 2 million having switched to solar in the past two decades, Mona Lee aims to tap into the remaining 140 million homes expected to adopt solar power alone by 2029.
The passage of the Inflation Reduction Act has fueled consumer interest in clean energy in recent years and Mona Lee has met the moment. The company’s unique selling proposition lies in its AI-powered buying experience. Mona Lee’s technology demystifies the process of designing and purchasing a complete solar panel and storage system for homes, while cutting costs for consumers by 40-50%.
Mona Lee’s CEO, Walid Halty, shared his excitement about the company’s recent funding success, stating, “This funding round is a testament to the need for Mona Lee’s innovative approach in the home solar and storage industry. We are committed to making solar and storage installation a no-brainer for all homeowners, and this investment will allow us to further accelerate our growth and expand our reach.”
With its innovative technology and commitment to bringing affordable and seamless solar and storage installation to homes across the country, Mona Lee is poised to redefine the clean energy experience for consumers.
About Mona Lee
Mona Lee is a Boston-based startup co-founded by Walid Halty, an ex-Tesla employee. The company is focused on making solar installation affordable and hassle-free for homeowners. With its AI-powered design and buying experience, Mona Lee aims to simplify the process of purchasing and installing a complete solar panel system–enabling every home to fulfill its own energy needs, while contributing to a more sustainable future.