XU Biweekly - Issue 49 - 25 February 2023

10 years of Ignition: Transforming how professional services do business with clients

IN 2013, IGNITION CO-FOUNDERS GUY PEARSON AND DANE THOMAS SET OUT ON A VISION TO TRANSFORM THE WAY PEOPLE IN PROFESSIONAL SERVICES AND THEIR CLIENTS DO BUSINESS TOGETHER. THAT VISION WAS BORN OUT OF GUY'S OWN PERSONAL EXPERIENCE RUNNING A SUCCESSFUL ACCOUNTING FIRM AND STRONG BELIEF THERE WAS A MUCH BETTER WAY TO RUN HIS BUSINESS.

Fast forward to 2023, over 6,000 accounting and professional services businesses around the world use Ignition to operate more ef-

ficiently, improve cash flow and grow revenue. Ignition has helped its customers do business with over 1 million clients, and processed approximately US$2.7 billion in client payments. We sat down with Guy and Dane to ask them about their journey, from the initial idea that sparked Ignition, to today, 10 years later.

Q: Tell us how it all started…

WEEL LAUNCHES NEW PAYMENTS TOOL IN RESPONSE TO HIGH RATES OF EMPLOYEE ‘SPENDING ANXIETY’

WEEL ADDS MOBILE REIMBURSEMENTS TO THEIR PLATFORM TO HELP EASE THE BURDEN OF COMPANY COSTS FOR SMALL SPENDERS

Leading Australian spend management platform, Weel, have debuted their newest expenses product — a mobile app reimburse-

Guy: Ignition (then Practice Ignition) was born out of first-hand pain. It was 2009, I was running an accounting practice, called Keep reading ments tool.

Earlier in 2022, Weel had uncovered that almost 60% of employees under the age of 24 put off making important company purchases due to anxiety around the expense management process. Further, across all age groups over a third of employees felt dissatisfied with Keep reading

NEW TO FATHOM: CUSTOM TITLES FOR FINANCIAL STATEMENTS & MORE CALENDAR YTD REPORTING OPTIONS

Custom financial statement titles

Are you reporting for a non-profit or not-for-profit company and need to rename the Profit & Loss?

Do you want to include the company name at the top of the Cash Flow Statement?

Would you like to specify the date for the Balance Sheet?

We've added several new capabilities to financial statements, enabling you to create custom titles. These capabilities include:

• Hiding the default financial statement title

• Typing in your own financial statement title

• Including the division, company, or consolidated group name with place...

Keep reading

WELL, BY NOW YOU WILL HAVE SEEN WHAT’S NEW IN CALXA. THE FIRST STEP IN OUR DASHBOARD OVERHAUL WITH THE INTRODUCTION OF THE NEW PRE-SET DASHBOARDS IS NOW LIVE. THERE IS MORE TO COME IN THE NEXT MONTH SO LET’S HAVE A WALK THROUGH THE 3 STAGES OF THE RELEASE.

Stage 1: Pre-set Dashboards

In February we expanded our dashboard capability by adding some preset dashboards for Cash Management, Financial Position and Profitability. We’ve designed each of them to give you the key numbers in that area, to help you better run your business.

NEW XERO CONNECTED APPS!

TaxFitness

AU - TaxFitness has over 100 tax planning strategies for accountants!

Evolve beyond the spreadsheet and create professional, automated tax planning reports for your clients, giving yourself a competitive edge.

XU BIWEEKLY - No. 49

Newsdesk:

If you have any news or updates that you would like us to consider for inclusion in the next edition of the XU Biweekly, please email us at: newsdesk@xumagazine.com

CEO: David Hassall

Managing Editor: Wesley Cornell Director of Strategic

Partnerships: Alex Newson

Design & Communications

Manager: Bethany Fulks

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WorkGuru Release Notes

FOR DETAILED INSTRUCTIONS ON HOW TO USE THE FEATURES OF WORKGURU, PLEASE SEE OUR LIST OF SUPPORT ARTICLES

Features

Clients

• Hover over the Client account balance to see when the last synced payement to Xero was

Reports

• Relevant reports only displaying dates and not including odd time formatting

Stock

• Updated redirecting from

Cash Management Dashboard

SYNC

stock related pages to be more relevant

Production Jobs

• We've added extra validation to ensure users cannot editing already completed Production Jobs

Kiosk

• ToDo's, Stock Sales, and Tasks lists now included on Kiosk

Purchase Orders/ Timesheets Search

• More efficient searches on Purchases Orders and Timesheets now provides faster results

Find out more

The Cash Management dashboard shows you your bank balance for the past 6 months and the forecast for the next 6. The KPIs included are:

• Working Capital Ratio, because it can be an early indicator of cashflow problems

• Total Debt to Income Ratio, which compares your total liabilities to your annual income

• Debtor Days and Creditor Days to track how well you are managing incoming and outgoing payments

• Net Profit Margin to show how profitable your business is

Financial Position Dashboard

The Financial Position dashboard shows what’s happening on your Balance Sheet, where you are at a point in time. For non-accountants these charts can be easier to grasp than a report with numbers.

• Working Capital Ratio, showing the relationship between your short...

Keep reading

WITH G-ACCON’S CONSOLIDATED REPORTS, XERO AND QUICKBOOKS USERS CAN EASILY COMBINE DATA FROM MULTIPLE SOURCES TO CREATE INSIGHTFUL OVERVIEWS OF YOUR BUSINESS’ PERFORMANCE.

But that is not all! G-Accon is revolutionizing the way international business reporting is done with its groundbreaking live currency exchange rates for consolidated reports. Streamlining complex op-

erations, customers now have an invaluable tool at their disposal to easily manipulate multiple currencies – redefining global finance as we know it!

Say goodbye to the tedious process of manual currency conversion

Prior to now, Xero and QuickBooks users had two options for creating a unified multi-currency report: laboriously tracking...

Keep reading

CA & US - Sync by theFitnessStack converts existing spreadsheets into a centralised hub to monitor and organise all your financial data. Connect on your own terms and create any combination of reporting you can imagine.

TAHUA

GLOBAL - Reduce double handling, reconciliation, reporting and transparency to help impact your grants mission with Tahua's grants/contracts management platform. Integrates with Xero to reduce double handling.

RISE PEOPLE

CA - Manage HR, benefits, payroll, and more with Canada’s first and only all-in-one people management platform that helps companies and their people thrive. Effortlessly map journal entry items and sync your payroll data.

EMPLOYMENT HERO PRODUCT UPDATE

FOLLOW OUR JANUARY 2023 PRODUCT UPDATE AS WE SHARE ALL OF THE LATEST AND GREATEST FEATURES WE’VE RELEASED OVER THE LAST MONTH.

2023 is in full swing, which means one thing – we’re back and ready to share some exciting new features with you! When we say that this year is going to be our biggest yet, we mean it. With that being said, let’s get straight to it – there’s lots to cover.

The highly requested 360 degree reviews feature is here!

JANUARY 2023

We’re so excited to announce that 360 degree reviews are now available to Employment Hero Platinum HR customers. 360 degree reviews compile feedback from a range

of different people in the business – including direct reports and colleagues –giving employees a more rounded view of their...

Find out more

Wolters Kluwer 2022 Full-Year Report

WOLTERS KLUWER, A GLOBAL LEADER IN PROFESSIONAL INFORMATION, SOFTWARE SOLUTIONS AND SERVICES, TODAY RELEASES ITS FULL-YEAR 2022 RESULTS.

Highlights

• Revenues EUR5,453 million, up 5% in constant currencies and up 6% organically.

• Recurring revenues (80% of total revenues) up 7% organically; non-recurring up 3% organically.

• Digital & services revenues (93% of total revenues) up 7% organically.

• Expert solutions revenues (56% of total revenues) up 9% organically.

• Adjusted operating profit EUR1,424 million, up 7% in constant currencies.

• Adjusted operating margin 26.1%, up 80 basis points.

• Margin benefitted from operational gearing and favorable currency mix.

• Diluted adjusted EPS EUR4.14, up 8% in constant currencies.

• Adjusted free cash flow EUR1,220 million, up 7% in constant currencies.

• Net-debt-to-EBITDA of 1.3x; return on invested capital (ROIC) improved to 15.5%.

• Proposed 2022 total dividend EUR1.81 per share, an increase of 15%

• Share buybacks:

• Completed 2022 share buyback of EUR1 billion.

• Announcing 2023 share buyback of up to EUR1 billion, of which EUR100 million....

AIDER: WHAT CASH FLOW MANAGEMENT TOOLS AND STRATEGIES CAN BE USED TO MANAGE CASH FLOW PROBLEMS?

WHAT CASH FLOW MANAGEMENT

TOOLS AND STRATEGIES CAN BE USED TO MANAGE CASH FLOW PROBLEMS?

What tools do you currently use to manage cash flow? Let’s see if it’s time to update your cash flow management system…

Are you an accountant or bookkeeper? Do you consistently come across clients who are struggling with cash flow management prob-

lems?

When it comes to cash flow management, forecasting your clients’ cash flow can be an invaluable step to not only helping your clients improve their respective businesses, but also scaling yours.

You already know how to analyse, manage and forecast your clients’ cash flow, but you’ve landed here because you’re searching for fresh and innovative ways to do so.

In a world that is constant-

What are the real opportunities for decentralisation in 5 years?

By James Bergin

WE’RE THRILLED TO BE LAUNCHING FUTURE FOCUS, A SERIES DEDICATED TO REMOVING THE MYSTERY, HYPE — AND MAYBE EVEN FEAR — FROM SOME OF THOSE FUTURISTIC TECHNOLOGIES YOU’VE ALWAYS WONDERED ABOUT, BUT NEVER KNEW HOW, OR WHO, TO ASK. OUR AIM IS TO HELP YOU GET YOUR HEAD AROUND THEM NOW SO THAT THE IMPLICATIONS AND PATH TO ADOPTION LATER BECOMES CLEARER.

Let’s take a look at blockchain and distributed ledger technologies and applications — an area we are getting asked about often. There has been a lot of discussion about these technologies over the past couple of years, and there’s little doubt that the sheer investment of talent and capital globally in this space will likely result in meaningful innovation in the future.

But first, what is blockchain echnology?

ly changing, we understand just how challenging it can be to remain ahead of your competitors with fresh ideas – we know, we’ve been there. That’s why we created this article to help you reflect on what tools you currently use to manage cash flow, and help you take a leap forward with using the latest cash flow tools.

In fact, that's why we created an advisory software with a cash flow...

Keep reading

Ignition appoints Drew Woodcock as Global Vice President of Sales to accelerate growth in North America

WOODCOCK BRINGS EXTENSIVE EXPERIENCE IN BUILDING, OPTIMIZING AND LEADING HIGH PERFORMING SALES TEAMS ACROSS VERTICAL SAAS BUSINESSES IN THE US

Ignition, the world’s first client engagement and commerce platform for the professional services industry, has appointed Drew Woodcock as Global Vice President of Sales, based in Austin, TX.

With more than a decade of vertical SaaS experience, Drew joins the company's executive leadership team and will report to Guy Pearson, CEO and Co-founder at

Ignition. In his role, Drew will lead Ignition’s global sales team to develop and accelerate sales processes and strategic partnerships that position Ignition for strong revenue growth, especially in North America as Ignition's fastest growing market.

“We are thrilled to wel-

come Drew to our team to further accelerate our presence in North America,” said Guy Pearson, CEO and Co-founder at Ignition. “Drew’s appointment is a critical step in further operationalising our sales function and reaching customers...

Find out more

Blockchain technology was first proposed as a research project back in 1991. Still, it wasn’t until almost two decades later, with the launch of Bitcoin in 2009, that it had its first real-world public application.

At its most basic, a blockchain is a distributed database or ledger which records and tracks transactions in a peer-to-peer network, removing the need for a central trusted source. This is different to how traditional databases work, where...

Keep reading

Chaser is launching a countdown to get $5 billion paid for businesses in 2023

AS ONE OF THE MARKET-LEADING ACCOUNTS RECEIVABLE SOFTWARE PLATFORMS, CHASER WAS FOUNDED WITH THE AIM OF MAKING SURE THAT BUSINESSES AROUND THE WORLD COULD GET INVOICES PAID FASTER, WITHOUT NEEDING TO PILE EXTRA RESOURCES INTO CHASING MONEY THEY HAD ALREADY EARNED. You can find out more about all of these features in our Support Centre.

That's why Chaser is launching our push to get $5 billion paid for businesses in 2023.

Why is this so important?

It would be somewhat of an understatement to say

that the last few years have been difficult for businesses of all scales. Global lockdowns, economic crashes, and entire industries grinding to a halt have put extraordinary stress on companies... Read more

You can now enrol in STP Phase 2 – it’s crunch time to complete your transition

THE MOMENT IS HERE; THE FINAL STEP OF XERO’S SINGLE TOUCH PAYROLL PHASE 2 ROLL OUT IS NOW AVAILABLE TO ALL CUSTOMERS. ONCE YOUR PAYROLL DATA IS UPDATED AND YOU’VE MARKED EACH STEP AS COMPLETE IN THE STP2 PORTAL, YOU’LL BE ABLE TO ENROL IN PHASE 2 REPORTING – STEP FOUR OF THE TRANSITION. THIS WILL SEE YOUR BUSINESS SHARE MORE INFORMATION WITH THE ATO AND OTHER GOVERNMENT AGENCIES WHENEVER YOU PROCESS A PAY RUN.

With just over a month until Xero’s reporting deferral comes to an end on 31 March 2023, it’s crunch time for Xero Payroll users to transition to STP Phase 2 and begin mandatory reporting.

We strongly recommend you make your transition today with just a few steps.

Read on for an overview of everything you need to know (and do) to make the move, and remember, your advisor is always there should you need further guidance.

Tell me, what happens if I don’t transition

in time?

In order to meet your reporting obligations, if you don’t transition by the 31 March deadline, your ability to file STP may be affected until you’ve completed the STP 2 setup. If you’re unsure about your transition status or what actions you need to take, speak to your advisor. Failure to comply with these transition requirements may result in scrutiny and potential penalties from the ATO.

But can’t I just...

Keep reading

XERO IS HEADING TO ACCOUNTEX AUSTRALIA 2023 – JOIN US THERE!

HAVE YOU HEARD THE NEWS? ACCOUNTEX – THE LEADING ACCOUNTING AND FINANCE EVENT IN THE UK AND EUROPE – IS HEADING DOWN UNDER NEXT MONTH FOR THE FIRST TIME EVER.

Between 15 to 16 March, advisors from across the country will descend on Sydney’s International Convention Centre (ICC) for two days of learning, collaboration and connection. And Xero will be right amongst the action!

We’re super excited to be a part of the inaugural Accountex Australia event. You’ll find us in the exhibitor hall under the big blue stand, and on stage where we’ll discuss industry trends, challenges and opportunities (more on this below). But above all, we’re most looking forward to catching up with our partner community in person. Keen to join us there? Read on to learn more about what you can expect from this worldclass event – you won’t

want to miss it.

Benchmark

your

practice and uncover growth opportunities

Xero recently launched its new State of the industry report, offering a unique snapshot of Australia’s advisory world. In a special Accountex keynote, I’ll be presenting some key takeaways from the research, covering topics like digitalisation, the future of work and the skills shortage.

I’ll also be joined on stage by some special guests – Xero partners Sarah Lawrance of Hot Toast and Zac Hayes of the Business and Wealth Collective. Together, we’ll unpack the report findings and share stories and tips to help you build a stronger, more adaptable practice that moves with the times.

Catch this session on Wednesday 15 March at 12:40pm AEDT in the...

Keep reading

BGL IS PROUD TO ANNOUNCE ITS BGL MASTERCLASS WILL RETURN AS A LIVE AND IN-PERSON EVENT IN MARCH 2023.

"We are excited to hit the road and catch up with our clients in Adelaide, Brisbane, Hobart, Perth and Sydney," said Ron Lesh, BGL's Managing Director. "The BGL Masterclass is a must-attend event for BGL CAS 360, Simple Fund 360 and Simple Invest 360 clients wanting to learn how to unlock the full potential of their software and boost their productivity".

Presented by BGL product experts Warren Renden,

Head of CAS 360, Jeevan Tohki, Head of Simple Fund 360 and Andrew Paszko, Simple Invest 360 Product Manager, the BGL Masterclass will cover topics including; new and key features and their benefits, best practice workflow and processes, essential BGL Suite integrations and time-saving tips, tricks, and shortcuts. Plus, attendees will get a sneak peek at BGL's product roadmaps.

For more information and to secure tickets, please visit www.bglcorp.com/bglmasterclass.

Find

By Sean Woods

THE WORLD OF ACCOUNTING IS PIVOTING WITH INCREASING GOVERNMENT REQUIREMENTS AND EVOLVING CLIENT NEEDS. IF YOU DON’T MANAGE CHANGE IN THE COMING YEARS, CHANGE COULD MANAGE YOU—LEADING TO A CAREER FOREVER ON THE TREADMILL. TAKE CONTROL NOW AND ENSURE THE COMING YEARS ARE EVERYTHING YOU WANT THEM TO BE.

The pandemic showed how accountants are the true superheroes of the business world.

Yes, there was significant extra work. But a door was opened. As accountants performed tasks like helping clients prepare reporting to access government assistance, clients were educated about a closer relationship with an advisor they could trust.

Similarly, Making Tax Digital in the UK has indicated that client relationships can evolve as accountants focus more on additional service offerings, such as periodic financial check-ups, and less on basic compliance now that the government de-

mands technology do much of that work.

All of this is becoming the norm, rather than the exception.

In the very near future, more and more taxes will be digitalised—everything from income tax to corporation tax. Simultaneously, governments worldwide are increasing business regulation.

that’s right for everybody. But it’s wise to jump off the treadmill for just a few minutes and plan your route. The focus should be less about the specific and unique challenges. Instead, look at the ways you can navigate through the challenges in a way that will create a future perfect for you. Scaling up, scaling down, specialising or more rad-

Scaling up

As the philosopher Alan Watts said, the only way to make sense out of change is to plunge into it, move with it, and join the dance.

For accountants, this means scaling their practice to exploit challenges in the coming years.

But while basic growth is simple—do more of what

decade, resulting in an inevitable fight to the bottom when it comes to pricing and profit. Nowadays a high street accountant competes with online services.

Providing more of the same is unlikely to be effective. Instead, fresh service offerings and increasing your practice’s understanding of client needs must be central to any plans to scale.

clients being able to cope with the increased demands of at least quarterly reports for each trade and landlord income, plus discrete end of period statements (EOPS). And that’s before we discuss the requirements for digital record keeping and digital linking.

Clients that scribble down income and expenses as they occur, then hand this over to their accountant each January along with a bag full of receipts, are in for a huge shock.

But some accountancy practices are seizing the chance to manage this change and in doing so, they illustrate perfectly the mindset needed for practices looking to scale.

Client accounting services

You need to choose how you and your practice will fit into this new world.

The issues are the same as they ever have been: ensuring you’re relevant to clients, pricing services optimally, remaining profitable, and so forth, all while being guided by your values.

There isn’t a single path

ical options—all must be explored, and a destination selected.

And that’s perhaps the most important point. All journeys start with a single step. But less often mentioned is that all successful journeys start by choosing the best destination for you.

you’re already doing—accountancy practices have opportunities to instead evolve what they do, driven by aforementioned increasing government requirements and changing client demands.

After all, basic accounting services have become commoditised over the last

For example, Making Tax Digital for Income Tax Self Assessment (MTD ITSA) arrives in the 2024/25 tax year, with the expectation that many businesses will signup to the pilot programme ahead of time as of the 2023/24 tax year.

There remains industry-wide incredulity about

MTD ITSA’s quarterly reporting requirement in particular means some business owners and managers will need to have much more contact with their accounting.

Because of the obvious reluctance of those clients to do so, some accountancy...

Find out more

GAME-CHANGING ADD-ON FOR THOSE WHO MAKE THE WORLD A BETTER PLACE

Clay Sandoz, the founder and owner of Wellstead Solutions described his experience with G-Accon and proved that this add-on is a game-changing tool for any business.

By Andrey Kustarnikov, G-Accon

IF YOU ARE A BUSINESS OWNER, G-ACCON CAN IMPROVE THE WAY YOU MANAGE YOUR COMPANY.

Our app excels in integrating Google Sheets with various cloud accounting platforms. With G-Accon, you can automatically export, import, email, and refresh your data and reports. You can pull data from apps like Xero, Quickbooks, and Freshbooks; make needed changes; and send the data back to your accounting software. You can also use a variety of pre-existing flexible templates to make 50+ reports including things like Account Transactions, Purchase Orders, Profit and Loss, Income Statement, Balance Sheet, and more.

From how we’ve described it, G-Accon might sound like the perfect glue that can hold your business’ data together. However, it can be more difficult to actually visualize how G-Accon would be used in your day-today operations. That is why we’ve started this new interview series!

We firmly believe that there is a whole story behind each individual client and business. In this series, we aim to explore these stories and show how G-Accon is used today by real, thriving companies. This will allow you to reflect on your own business and think about how you could use G-Accon to streamline your operations. For this

Help trade clients down tools and dig into

particular magazine issue, we had the distinct pleasure of talking to Clay Sandoz, the founder and owner of Wellstead Solutions.

Wellstead Solutions is the product of Clay looking at the market, seeing a gap, and filling it himself. Wellstead Solutions is essentially a consultant company for people who want to create their own non-profit foundations. Clay saw people and businesses in the market who wanted to make the world a better place but lacked the logistical support. This is where Clay stepped in with his skillset. Now, he helps these new nonprofits with logistics by creating structure and establishing processes so that the businesses can focus less on operations and more on doing good.

“G-Accon has been crucial in allowing me to reduce my time doing something a computer can do, greatly reducing error (no copy/paste or manual entry) - all of which has allowed me to scale my business”.

Behind the scenes, mid-sized nonprofits require full-service financial operations, including donation processing, bookkeeping, accounts payable, expense reimbursements, payroll, and more. One of the biggest factors that has to be handled is processing all things donation related. This means processing physical checks, overseeing online...

Find out more

5 reports for financial growth

By Alan Hyland, simPRO Software

UNDERSTANDING THE OVERALL HEALTH AND FINANCIAL STATUS OF ANY BUSINESS CAN BE DIFFICULT WITHOUT THE RIGHT INSIGHTS AND REPORTS. FOR YOUR TRADE CLIENTS, DAY-TODAY TASKS INVOLVED IN RUNNING SERVICE, PROJECT AND MAINTENANCE WORK OFTEN KEEP THEM BUSY, SO THEY RARELY HAVE TIME TO LOOK AT DATA. BUT BY NOT PAYING ATTENTION TO DATA WITHIN THEIR BUSINESS, THEY ARE MISSING AN OPPORTUNITY FOR GROWTH.

Consistently dedicating time to review and manage business data enables your trade clients to identify workflow blockages, eradicate outdated information, pinpoint discrepancies in revenue and much more. As their expert advisor you can be the driving force behind this change, encouraging them to run these reports as part of their regular data analysis processes.

Whether you have clients already using simPRO, or you’re new to the software, we’ve put together the top five reports that are available in simPRO to help your trade clients take their business to the next level.

1. Price Discrepancies Report

This report helps monitor materials and supplier costs, and helps identify when your clients may need to switch suppliers to get a better price for them and their customers.

Trades clients can review individual items on supplier invoices, such as price discrepancies, applied credits and updated pricing.

2. Stock Value Report

Stocktake is a time-consuming task for many businesses. Controlling the amount, location and type of inventory is a huge job in itself, then add to it the need to regularly account for the value of materials and you’ve got a big (and frequent!) headache for the business.

The Stock Value Report helps track the value of inventory throughout the year. It displays an overview of the value of stock across all of your storage devices - including separate warehouses, work vehicles, and site locations.

Trade clients can also use the extended Report View to see the quantity and value of stock items according to

part number.

3. Job WIP Report

Not every job progresses in a straight line from start to finish, especially right now, where there are frequent fluctuations in material costs. It’s important to be able to stay on top of job progress at every stage, as timeline disruptions cut into cash flow, especially if your trade clients don’t regularly invoice.

That is where the Job WIP Report can help. It shows trades clients which jobs are partially or not yet invoiced, which helps identify issues early on so they can manage cash flow and other jobs accordingly.

4. Profit / Loss Report

Profit and loss analysis helps trades businesses assess their performance by reviewing the profit/loss status of invoiced jobs. By evaluating profit and loss per job, you can help your trades clients understand:

• Which jobs are most profitable

• What common factor causes a loss on similar... Keep reading

Stripe launches Enhanced Issuer Network to help businesses reduce fraud and boost authorization rates

STRIPE, A FINANCIAL INFRASTRUCTURE PLATFORM FOR BUSINESSES, TODAY ANNOUNCED THE LAUNCH OF ENHANCED ISSUER NETWORK, A SET OF PARTNERSHIPS WITH MAJOR US CARD ISSUERS. STRIPE PROVIDES SECURE ACCESS TO TRANSACTION FRAUD SCORES FROM STRIPE RADAR, ITS FRAUD PREVENTION SOLUTION, THROUGH AN ENCRYPTED PATHWAY WITH ISSUERS INCLUDING CAPITAL ONE AND DISCOVER. ENHANCED ISSUER NETWORK HELPS ISSUERS DECREASE FRAUD, REDUCES CHECKOUT FRUSTRATION FOR CONSUMERS, AND INCREASES PAYMENT AUTHORIZATION RATES FOR BUSINESSES..

• Enhanced Issuer Network features partnerships with major US issuers including Capital One and Discover.

• Partners use Stripe Radar scores to reduce fraud and false declines, recovering millions of dollars in revenue for businesses.

• On average, businesses see an 8% reduction in fraud and a 1–2% authorization rate uplift.

How Radar enhances issuers’ fraud models

Every year, Stripe processes hundreds of billions of dollars for millions of businesses around the world. Using proprietary machine learning techniques trained on this transaction data, Radar assigns each transaction a score from 0–99 based on the risk that it’s fraudulent: 0 being the lowest risk and 99 the highest.

Industry research reveals that false declines—legitimate transactions declined as suspected fraud—cost US companies more than $11 billion in lost revenue in

2021. They also frustrate customers: 33% won’t shop somewhere they’ve had a purchase inaccurately declined.

Issuers’ fraud models are based on a subset of transaction information. By contrast, Radar’s algorithms train on data from millions of global businesses and every layer of the financial stack, from checkout flow data to bank information. Even if a card is new to a specific business, there’s a 91% chance it’s been seen before on Stripe. When Radar fraud scores are used in tandem with the information issuers already have, issuers can increase the accuracy of their own authorization processes and confidently approve more legitimate transactions.

Enhanced Issuer Network enables issuers to incorporate Radar fraud scores into their own authorization tools. Capital One does this with its Enhanced Decisioning Data API.

“We’re thrilled to be a launch partner for Stripe’s Enhanced Issuer Network. With Capital One’s Enhanced Decisioning Data API, we can securely receive fraud scores from Stripe Radar that improve accuracy during the transaction authorization process,” said Sarah Strauss, head of customer services and strategy at Capital One. “In particular, this makes legitimate transactions more likely to be approved. The partnership has already resulted in hundreds of millions of dollars in recovered revenue for businesses.”

How Enhanced Issuer Network leads to higher authorization rates and reduces fraud

Businesses running on Stripe benefit from Enhanced Issuer Network with no... Keep reading

PayPal Ventures Invests in Aspire’s $100 Million Series C Funding Round

ASPIRE, THE FINANCE OS FOR BUSINESSES, ANNOUNCED TODAY THAT IT HAS CLOSED AN OVERSUBSCRIBED SERIES C ROUND. THE ROUND SAW LIGHTSPEED AND SEQUOIA CAPITAL SEA, PAYPAL VENTURES, LGT CAPITAL PARTNERS AND EXISTING BACKERS PICUS CAPITAL AND MASS MUTUAL VENTURES INVESTING US$100M.

Aspire, founded in 2018, offers businesses a unified suite of financial services including international payments, corporate cards, payable and receivable management, accessible via a single, user-friendly account. We have quickly gained popularity in Southeast Asia, and recently tripled our annualized total payment volumes to US$12BL from over 15,000 businesses across

the region.

“We are excited to partner with world-class investors to bring finance back to the driving seat of new age businesses in Southeast Asia,” said Andrea Baronchelli, Aspire Co-founder and CEO.

“From delivering real-time financial data, to fast and transparent cross-border payments, to empowering business teams with worldclass spend management capabilities to move fast and move right - we look forward to empowering every modern business, big or small, with the right financial tools to realize their full potential.”

Aspire plans to use the funding to enhance its product offering further and expand its regional presence, while increasing its team to continue to innovate in the space.

“Aspire has emerged as a leader in the B2B fintech space in Southeast Asia,

with a complete end-to-end product for managing business finance, a strong track record of growth, and solid fundamentals,” said Bejul Somaia, Partner at Lightspeed. "We are excited to partner with this world-class team to support their vision for the future of financial services in the region”

With the fresh round of funding, Aspire is well-positioned to continue its growth trajectory and cement its position as a leading B2B fintech in the rapidly-growing Southeast Asian economy. In 2023 the company plans to add more talent across the region and help further, build the SEAsia tech ecosystem while maintaining a solid business model with best-in-class unit economics...

Tandem Bank partners with Mortgage Advice Bureau

Tandem Bank has joined the lender panel of Mortgage Advice Bureau (MAB).

MAB ADVISERS WILL NOW BE ABLE TO ACCESS TANDEM’S FIRST CHARGE RESIDENTIAL REMORTGAGE AND PURCHASE PRODUCTS.

Ben Thompson, Deputy Chief Executive of Mortgage Advice Bureau commented:

“We are delighted to be able to give our advisers access to Tandem Bank and their new residential mortgage range and to work with them to help develop their proposition further so that we can meet the aspirations of even more borrowers in

PAYPAL REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS P

AYPAL HOLDINGS, INC. (NASDAQ: PYPL) TODAY ANNOUNCED ITS FOURTH QUARTER AND FULL YEAR 2022 RESULTS FOR THE PERIOD ENDED DECEMBER 31, 2022.

The earnings release and related materials discussing

these results can be found on its investor relations website at https://investor.pypl. com/financials/quarterly-results/default.aspx.

PayPal Holdings, Inc. will host a conference call to discuss these results at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) today. A

live webcast of the conference call will be available at https://investor.pypl.com.

In addition, an archive of the webcast will be accessible for 90 days through the same link.

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the future.

“With the economic challenges having increased significantly for mortgage borrowers and consumers due to a variety of factors, including the Covid 19 pandemic and current cost of living crisis, the need for more mortgage lenders who can consider and underwrite a wide variety of borrower circumstances, and say, ‘Yes’ to those underserved borrowers has never been greater.”

Ben added, “Tandem brings real expertise and appetite in enabling an increased range of customers to both buy a home and/or refinance existing arrange-

ments whilst doing so in a broker centric manner.”

Roger Morris, Director of Sales and Distribution at Tandem said:

“Tandem Bank is delighted to become part of MAB’s lender panel. We’re looking forward to working with such a diverse and visionary business. Not only does the new relationship give Tandem an opportunity to work with highly motivated and trained brokers in the market, but also a chance to learn more about the challenges facing the intermediary market and...

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Seamless, simple and accurate. AutoEntry’s automated

leaves time-consuming data entry behind. Start saving time and money today with our amazing deal*.

Stripe launches Tap to Pay on Android

SAN FRANCISCO—STRIPE, A FINANCIAL INFRASTRUCTURE PLATFORM FOR BUSINESSES, TODAY ANNOUNCED SUPPORT FOR TAP TO PAY ON ANDROID, ENABLING BUSINESSES IN SIX COUNTRIES TO ACCEPT CONTACTLESS IN-PERSON PAYMENTS USING A COMPATIBLE PHONE OR TABLET.

Tap to Pay on Android helps businesses build and customize in-person checkouts without the need for traditional pointof-sale hardware. Squire, a barbershop business management platform, recently adopted Tap to Pay on Android with Stripe to make it easier for barbershops to accept in-person payments.

"We're constantly working to improve the current payment experience and make it as seamless as possible," said Aram Muradyan, head of product at Squire. "Thanks to the Stripe Terminal SDK, our mobile teams were able to implement Tap to Pay on Android phones in just two weeks with minimal resources.”

Shoppers expect a unified commerce experience

A recent Stripe survey found that 65%

of businesses plan to prioritize a unified in-person and online checkout experience this year, while an industry report reported that 64% of shoppers prefer brands with an online and in-store presence.

With fast integrations and no additional hardware required, Tap to Pay helps businesses add or expand in-person payments with minimal cost and effort, giving businesses across the globe that run on...

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How You Can Donate to Support Survivors of the Earthquakes in Turkey and Syria

TWO EARTHQUAKES HAVE CAUSED WIDESPREAD DESTRUCTION IN TURKEY AND SYRIA, LEAVING A RISING DEATH TOLL WITH COUNTLESS OTHERS IMPACTED. THOUSANDS OF PEOPLE, INCLUDING MANY REFUGEES, ARE IN NEED OF SHELTER, FOOD, AND WATER.

PayPal has launched a disaster relief campaign through PayPal Giving Fund to aid charities who are responding to the devastation and providing essential services to survivors and search and rescue teams. Through the PayPal Community Impact program, the company will also match eligible PayPal employee contributions.

PRESIDENT AND CEO DAN SCHULMAN ANNOUNCES INTENTION TO RETIRE

FROM PAYPAL AT YEAR-END Board to Initiate Search for Successor

PAYPAL HOLDINGS, INC. (NASDAQ: PYPL) TODAY ANNOUNCED THAT PRESIDENT AND CEO DAN SCHULMAN HAS INFORMED THE BOARD OF DIRECTORS OF HIS INTENTION TO RETIRE FROM PAYPAL ON DECEMBER 31, 2023, AND THAT HE WILL WORK WITH THE BOARD ON A SMOOTH LEADERSHIP TRANSITION. SCHULMAN WILL CONTINUE TO SERVE ON THE BOARD OF DIRECTORS. THE BOARD WILL RETAIN A SEARCH FIRM TO HELP FIND SCHULMAN'S SUCCESSOR.

"I'm proud of what we have accomplished at PayPal and of the incredibly talent-

ed and committed people I work with every day," said Schulman. "Together, we have reimagined financial services and e-commerce, and worked to improve the financial health of our customers. PayPal makes a difference every day for its customers and communities and the Company is positioned for a great future. It has been a huge privilege to have the opportunity to lead this great company for the past 8 1/2 years. However, I'm at a point in my life where I want to devote more time to my passions outside the workplace. I remain 100 percent committed to working closely with the Board and my eventual successor

for a smooth transition and to ensure we keep our positive momentum on track."

John Donahoe, Chairman of the PayPal Board, stated, "Dan has made an extraordinarily positive and lasting impact on PayPal and our people. His decision to retire marks the end of a remarkable run that has seen impressive accomplishments in establishing PayPal as one of the world's most trusted brands and as the leader in democratizing the management and movement of money. He has delivered for our shareholders and other stakeholders. On behalf of the entire Board, I want to...

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As communities navigate this disaster and how to support survivors, the need for assistance will be great. We are concerned about all of those affected and hope you will consider making a donation.

Donate here: https:// www.paypal.com/fundraiser/119959003519161414

Find out more

Starling Bank launches new 1-Year Fixed Saver for business customers offering 2.5%

STARLING BANK IS ROLLING OUT ITS FIRST SAVINGS PRODUCT FOR SMALL BUSINESSES OFFERING A COMPETITIVE FIXED INTEREST RATE OF 2.5% OVER ONE YEAR ON BALANCES OF £2,000 OR MORE.

The new 1-Year Business Fixed Saver is built seamlessly into the app. Account holders can transfer funds immediately in-app or using Starling Online Banking from their primary business account to a dedicated savings space. Funds deposited in the Business Fixed Saver will not be accessible for one year. Interest accrued will be paid at the end of the full 12 months, and customers will be able to see the final value at maturity.

Businesses will be able to open multiple Fixed Savers to make the most of their savings.

Anne Boden, Chief Executive of Starling Bank, said: “We launched our first savings product for personal customers just over a month ago, now it’s time to reward our business account holders with guaranteed returns, especially in this period of economic uncertainty.”

Starling’s 1-Year Business Fixed Saver for small and medium-sized enterprises (SMEs) is available from today.

Notes to Editors:

*2.5% AER/Gross p.a. fixed for 12 months. Minimum deposit of £2,000; maximum of £1 million. Interest calculated daily and paid after 12 months on maturity. Available for Starling Bank

business current account customers only. A 1-Year Business Fixed Saver can be opened immediately on setting up and funding an account.

The fixed term starts on the day the money is deposited. Customers have the right to close the Business Fixed Saver within 14 days from the date of initial opening. Top-ups of individual 1-Year Business Fixed Savers are not possible.

**Subject to availability. 1-Year Business Fixed Saver is a limited edition product, subject to an initial cap.

Deposits in Starling Bank Limited are protected by the Financial Services Compensation Scheme. Limit of Read more