iAccount Services (HK) Limited of Liri Holdings Group, a financial company that offers international money platform solutions, announced that it is embarking on a major upgrade to its payments and cash management modules. As part of this upgrade, iAccount collaborated with Kyriba, the global leader in cloud treasury solutions, delivering Software-as-a-Service (SaaS) treasury technology to corporate CFOs, Treasurers, and Financial Professionals.
Leveraging the functionality, scalability, and robust performance characteristics of Kyriba will enable iAccount to enhance its delivery of international wire transfer and settlement solutions with less complicated procedures and minimal costs to corporates and individuals expanding into international markets.
iAccount specializes in money transfers, currency diversification, and remittances. It has shown to be a favoured choice on top of having low, flexible rates. iAccount operates in more than 200 countries and in 25 currencies.
“We are growing our company around the world, and accepting payments in multiple currencies. To ensure the best security and scalability, we selected Kyriba to enable our cash management team with a best-in-class solution so we can conduct business planning transactions at a faster rate and offer further competitive advantages to our customers,” said Steven Liu, Treasury Manager of iAccount.
More than 1,500 global organisations use Kyriba to deliver global cash visibility, improve financial controls, and increase productivity across their cash and liquidity, payments, supply chain finance, and risk management operations. Kyriba is headquartered in New York, with offices in San Diego, Paris, London, Tokyo, Singapore, Dubai, Hong Kong, Shanghai, and Rio de Janeiro.
“We are pleased to have iAccount select Kyriba for its liquidity management as our expansion continues in Asia,” said Jean-Luc Robert, Chairman and CEO of Kyriba. “We are serving the demand from multinationals and regional corporates who are embracing the shift from spreadsheets to more secure platforms and investing in cloud-based treasury technology, particularly for payments and cash management.”
Utilising a fully virtualised cloud solution, iAccount will enjoy the benefits of 100 % SaaS. Kyriba delivers a total business continuity solution and is audited to the SOC 2 Type 2 standard to ensure that their clients are in conformity with their own data security policies and external regulations.
Liri Holdings VP Samuel Appadoo said, “FinTech is the future of the banking and financial industry. We, as a money infrastructure provider, are supporting the most convenient and cost-effective path to transfer money globally for commercial enterprises and corporate organizations.”
For this selfsame reason, Liri Holdings has always been innovating and extending its reach. It is a financial technology company offering e-wallet solutions, money transfer services, prepaid debit cards, merchant account services, business consultancy, and offshore incorporation globally. It holds offices in Hong Kong, Shanghai, Taiwan, South Korea, Philippines, Singapore, Ireland, United Kingdom, New Zealand, and the UAE. Designs to put up new offices in Africa and the Pacific region to live up to the demands of their worldwide clientele are being undertaken.
The company began with 10 founding members from Japan and Europe. Aspiring to build cross-border business simpler and less expensive, they embarked on building up a money platform brand which is i-Account.
“After careful listening to our clients’ demands and total understanding of their requisites, we tailor-made a resolution for each client. It has been a Liri Holding’s recipe for success,” says Appadoo.
The company’s mission is to extend services with more convenience and a lot cheaper than that of a traditional bank.
Liri Holdings has three main pillars: a money platform which is a secured e-wallet/remittance solution known as i-Account where individual or corporate clients can receive funds and make remittance transactions within a secured web-based solution or through a mobile app; a prepaid debit card called i-Card in which funds or payment of salaries can be transferred instantly from the client’s wallet to the card and can be used to withdraw from ATMs worldwide, point-of-sale and online payments; and a payment gateway to allow clients to process credit card transactions for their online stores – the i--Payments based in the UK and IAC Payment Services Provider which is based in Dubai, UAE. They too furnish a white label solution which incorporates all the above.
Carrying such a commercial initiative is a worthwhile challenge because it comprises of so many facets of engineering, management, finance, and compliance altogether.
That’s why Liri Holdings invests wisely in their IT infrastructure. Ensuring the systems are up-to-date is critical, since they deal with client data with extreme confidentiality. The company leaves no stone unturned to have their security system in tip-top shape -- depending on their standard encryption SSL technology and a cutting-edge firewall system to prevent unauthorized access. Ensuring as well that client information is safeguarded from data theft, prevention of unauthorized access through an international standard server. Maintaining anti-phishing strategy based on VeriSign EV SSL, and compliance on Strict User Authentication Procedures.
Since all their services are duly licensed, there is also the fact that they are liable not only to their clients, but also to their regulators in Hong Kong, UAE, Philippines, UK, New Zealand, Singapore, among others -- the reason why Liri Holdings is exceedingly cautious in their choice of IT infrastructure and software for their IT park.
While the customer base for Liri Holdings mainly consists of banks, corporate organizations and payment service providers, they focus more on B2B and proudly put themselves as a money infrastructure for corporate and financial establishments, which is their competitive edge.
In general, it is understood that inter-bank transfer is established on a SWIFT transaction, but apart from this, there are many other money transfer methods existing independently. It is necessary to incorporate all these methods together for the customer’s convenience and welfare. Additionally, small companies and a heap of people are not satisfied with existing bank services. There is a timely need to provide an alternative banking and financial solution to such clients.
“At Liri Holdings, we trust that open innovation and collaboration will enable and empower FinTech startups and corporations to not only address changing customer needs, but to do so at a faster rate with a more meaningful impact,” Appadoo stressed.
Shanghai will play host for the China Offshore Financial Summit to be held on November 4-5th, 2015, which is such a great honor for Liri Holdings Limited to be invited and be part. Onshore and offshore financial, compliance experts as well as government officials will flock to the center of Lujiazui Financial Center in Pudong to share their valuable insights and experience.
Day Two of the summit will have Chinese advanced financial intermediaries, professional associations, international trust companies, bankers, lawyers and company service providers to comprehensively discuss investment, trading and wealth management and so on.
Liri Holdings Limited will introduce four of our services - i-Account Service, Prepaid Card Service, Online Merchant Service and Forex Broker Package, which all aim to provide the perfect financial solution to corporations who need them.
Through this summit, we hope to meet more counterparts and clients, create more business opportunities, master more real time information and corporation needs, and to constantly develop and improve our products and service.
China Offshore Summit official website: http://shanghai.chinaoffshoresummit.com.hk
i-Account is an innovative remittance service designed for customers who find existing remittance services inconvenient and overseas banking complicated.Group CEO George Ito.Read more
i-Account is an innovative remittance service designed for customers who find existing remittance services inconvenient and overseas banking complicated.
The founders of Liri Holdings had the opportunity to remit funds to foreign countries 10 years ago, and in that process, they devoted much effort interacting with banks to define compliant cross-border processes.
Since the traditional banks’ online specifications were established in accordance to a particular country’s language and requirement, local banking has also become difficult for foreigners. The delays within the remittance process, the high remittance fee, transaction charges, and the uncertainty in exchange rates has increasingly resulted in make customers dissatisfaction.
Furthermore, discrepancies in online banking systems due to cut-off windows - or fixed hours of operation - combined with the lack of ability to get a real time FX rate (out of bank opening hours) meant that the exchange rates were irregular and markedly imbalanced.
In that case, even if financial analysts foresee that it would require a big sum of money and would need to undergo a complicated process for international businesses to thrive using an international remittance service, they have to resolve the issue right away. From then on, i-Account established the concept of becoming a “bank alternative” and portraying as a “single international account.” i-Account became a trailblazer in the fintech industry seven years ago. In fact, i-Account has been doing fintech before the word fintech was even born. The customers’ need for a better online banking experience led to i-Account’s establishment.
Currently, i-Account is able to advance many partnerships with financial institutions around the world. And as a money platform, it is continuing its efforts to cut borders for remittances and settlements.