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Auriemma Group Uncovers Whether Stored Value Accounts are a Replacement to Traditional Banking

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The rapid evolution of FinTech solutions continues to reshape consumer perceptions of banking, with stored value accounts (SVAs) emerging as a potential competitor to traditional banking accounts and cards. Auriemma Group’s latest issue of The Payments Reports uncovers positive sentiments around SVAs, underscoring their role in the financial ecosystem and raising questions about their long-term viability as a banking alternative.

NEW YORK, Nov. 26, 2024 /PRNewswire-PRWeb/ — The rapid evolution of FinTech solutions continues to reshape consumer perceptions of banking, with stored value accounts (SVAs) emerging as a potential competitor to traditional banking accounts and cards. Auriemma Group’s latest issue of The Payments Reports uncovers positive sentiments around SVAs, underscoring their role in the financial ecosystem and raising questions about their long-term viability as a banking alternative.

While stored value accounts offer benefits like lower fees and faster transactions, traditional banks deliver stability, security, and trust—advantages that consumers continue to value.

SVAs offered by providers like PayPal and Venmo allow consumers to preload or receive funds and use them for a variety of transactions. Auriemma’s research shows that 61% of debit cardholders view SVAs as at least complementary to traditional banking, while 31% believe these accounts could replace at least some banking functions. Notably, 8% feel SVAs could entirely replace traditional banking services.

“Stored value accounts represent an important evolution in financial tools, but the collapse of Synapse underscores the risks of fintech intermediaries not covered by the FDIC,” says Jonathan O’Connor, Senior Manager of Research at Auriemma Group. “While stored value accounts offer benefits like lower fees and faster transactions, traditional banks deliver stability, security, and trust—advantages that consumers continue to value.”

What Can Traditional Banks Do?

SVAs are causing a modest stir among cardholders. Less than three-in-ten say they would be likely to use the option if offered by a FinTech provider. However, as SVAs grow in popularity, traditional banks can differentiate themselves by doubling down on their strengths and addressing evolving consumer needs. Auriemma’s research highlights several strategies banks can use to endear themselves to current and potential customers:

Building Trust: Traditional banks should emphasize their strong track record of security—including FDIC backing—and fraud prevention. Providing clear, transparent policies and educating customers about safeguards can build trust that SVAs may not yet fully inspire.
 Enhanced Digital Experiences: Streamlining mobile and online banking interfaces can help banks compete with the tech-first approach of FinTechs. User-friendly apps with integrated budgeting tools, instant payments, and easy account management could make a significant difference.
 Personalized Financial Products: Banks can leverage their broad customer data to offer tailored financial products, such as personalized savings plans or rewards programs that align with individual spending habits.
 Bundled Offerings: By packaging SVAs with more traditional banking services—like high-yield savings accounts, credit cards, and loans—banks can create holistic financial solutions that FinTechs may struggle to match.

Opportunities for Growth

Most of those who have used a SVA with a FinTech provider say they would likely use more of that provider’s products, if available. This highlights the possibility of expansion SVAs create for those who use them. While largely benefiting FinTechs hoping to expand into other financial services, SVAs could also be a gateway for traditional banks hoping to deepen their relationship with new and existing customers.

“Traditional banks have the advantage of deep customer relationships, established financial stability, and the trust that comes with rigorous regulatory oversight. By leaning into these strengths and innovating alongside FinTechs, banks can remain central to their customers’ financial lives,” says O’Connor.
“Our research shows that the future of banking will likely blend the reliability of traditional institutions with the agility and accessibility of modern FinTech solutions, creating a dynamic ecosystem that meets a diverse set of consumer needs.”

Media Contact

Jonathan O’Connor, Auriemma Group, 1-646-437-6116, jonathan.oconnor@acg.net, www.auriemma.group

View original content:https://www.prweb.com/releases/auriemma-group-uncovers-whether-stored-value-accounts-are-a-replacement-to-traditional-banking-302316988.html

SOURCE Auriemma Group

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5G in maritime environments: VTT and partners push the boundaries of connectivity at sea

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ESPOO, Finland, Nov. 27, 2024 /PRNewswire/ — In an EU-funded project, VTT Technical Research Centre of Finland and partners have successfully demonstrated an innovative solution to improve the coverage and capacity of high-speed, low-latency 5G services beyond coastal areas. This is a groundbreaking step toward comprehensive maritime connectivity, enhancing communication, safety and passenger experience at sea.

5G technology has transformed communication on land, providing high-speed data transfer and minimal latency. However, delivering these benefits at sea has remained challenging, and connectivity has traditionally been limited to urban coastal regions. To address this challenge, VTT, in collaboration with partners in the 5G-ROUTES project, successfully trialed a so-called multi-hop 5G solution near Turku, Finland, extending 5G coverage up to 10 kilometers offshore.

“This was a groundbreaking multi-hop test of 5G networks in a maritime environment. The project aims to solve the coverage and capacity challenges for data transmission at sea, to allow the creation of new solutions for the passengers and the whole maritime industry,” says Anne Lönnqvist, Research Manager from VTT.

VTT led this demonstration with Vediafi, Cumucore and Airbus, with support from Ericsson, Nokia, Digita, DNA, Telia and Goodmill Systems.

“These maritime tests were an excellent opportunity to develop new 5G applications and services for the sea cluster. It was great to see that the technology is ready-the next step is to find a commercial implementation model. The recognition and reporting of satellite positioning disturbances and interference were successfully piloted using the 5G test network. The new multi-hop solution also offered a 5G coverage extension for logistics use,” states Lasse Nykänen, Project Director at Vediafi.

Multi-hop setup proved as a critical breakthrough for vessel connectivity

Reliable, high-capacity 5G can greatly enhance vessel operations, increase automation and enrich the onboard passenger experience. The 5G-ROUTES team has combined multiple communication technologies-public 5G networks, ship-to-ship private 5G and satellite communications-into a cohesive system that seamlessly connects vessels even as they move farther from the coastline.

The demonstrated system enables mid-frequency, high-bandwidth 5G connectivity through a multi-hop setup between vessels. The setup utilizes public 5G NSA networks for coastal connectivity, private 5G SA networks for vessel-based communication and satellite connections as a backup for high availability.

“The higher bandwidth allows for more versatile types of data services. However, the solution is still in a proof-of-concept phase. The main constraints lie in national regulation, the density and pattern of vessel traffic and access to the public 5G network in areas where the capacity may be limited,” says Kati Kõrbe, 5G-ROUTES project manager from Ericsson Estonia.

New commercial opportunities for the marine industry

The system was rigorously tested on two vessels in the TurkuStockholm maritime corridor, with one vessel closer to the coast acting as a hub, providing connectivity to the second vessel located further offshore. This configuration enabled continuous data transfer and reliable internet access for various applications, from real-time video transmission between vessels to VR collaboration tools and multiplayer gaming.

“This solution represents a significant advancement in maritime connectivity by ensuring redundancy in communication even when satellite coverage is unavailable,” says Mika Skarp, Senior Business Development Manager at Cumucore. 

“The multi-hop 5G approach lifts the reliability and bandwidth of maritime networks to a whole new level worldwide. The vessels near the shore gain enhanced data capacity and resilience, ensuring robust connectivity. Cumucore’s scalable and flexible 5G solution offers maritime clients a cost-effective way to improve operational efficiency and enhance passenger experience. This will unlock new commercial opportunities at sea,” Skarp says.

The 5G-ROUTES project, funded by the EU’s Horizon 2020 program, aims to demonstrate innovative 5G applications for cross-border mobility in road and maritime sectors. The results open exciting possibilities for the European marine industry, particularly in cross-border corridors such as LatviaEstoniaFinland. Beyond practical communication improvements, the findings offer invaluable insights into multi-hop 5G connectivity dynamics and public-private network interactions in a maritime setting.

Media materials: https://vtt.contenthub.fi/ui/shares/w18171798/00W7NZjJcL/en/ Photo credits: Andrea Gentili

Additional information
Johan Scholliers
Principal Scientist, VTT
Johan.Scholliers@vtt.fi, +358 20 7223 642

Further information on VTT:
Pepita Wakkola
Manager, Communications
+358 50 360 7242, pepita.wakkola@vtt.fi
www.vtt.fi

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/vtt-info/r/5g-in-maritime-environments–vtt-and-partners-push-the-boundaries-of-connectivity-at-sea,c4071748

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View original content:https://www.prnewswire.com/news-releases/5g-in-maritime-environments-vtt-and-partners-push-the-boundaries-of-connectivity-at-sea-302317189.html

SOURCE VTT Info

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Taiwan’s Products for Modern Households Focus on Customization, Health, and Wellbeing

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TAIPEI, Nov. 27, 2024 /PRNewswire/ — Taiwan’s household products industry is focusing on solutions that are adaptable to diverse lifestyles while promoting health and wellbeing. As the focus on mental health and the environment grows, Taiwan External Trade Development Council (TAITRA) is highlighting several innovative solutions that enhance sleep and maintain clean household environments with customizable experiences.

For assistance finding and collaborating with Taiwan’s leading innovators, please visit: https://en.innovation.taitra.org.tw/suppliers?cat=homeware

Or email: IndustryMarketingTeam@taitra.org.tw

Mattresses customizable to modern sleepers

As the world increasingly prioritizes mental health, sleep quality, which is crucial to managing stress and promoting wellbeing, has also come into focus. According to the Sleep Foundation, 46% of people with below-average sleep consider their mental health as ‘poor’. The right mattress can make all the difference, particularly a mattress specially suited to a sleeper. PANBOR, the largest mattress manufacturer in Taiwan, offers the perfect solution. Its TENLiS Mattress Series with premium materials and advanced ergonomics is designed around the wellbeing of the modern sleeper and can be individually adjusted.

PANBOR has over 30 years of experience researching and innovating mattress designs with extensive R&D capabilities and customization. The company has a significant production volume — 12,000 mattresses per month — and the company is certified according to ISO9001 international standards for quality assurance and ISO14001 standards for environmental management systems.

Clean indoor environments for every household

As diverse as households worldwide are, clean indoor environments and drinking water are uniform needs. Smart home devices and technologies are increasingly used for this purpose, including digitally monitoring water and the air quality. As a one-stop shop for smart capabilities and the most advanced technologies in water and air purification, Fluxtek has pioneered nanotechnology in filter systems, and its filters are fully customizable to any modern household. Fluxtek’s dedicated R&D team is constantly improving efficiency of water and air filters and improving energy efficiency, and it has over 40 international patents and certifications.

To facilitate air flow while preserving an indoor environment, Hiss specializes in tool-less, easy-to-install door and window screens that are customizable to all different types of openings. Its screens are made of eco-friendly mesh material and can be tailored to any space as an alternative for permanent metal screens.

A key partner worldwide

Across its industries, Taiwan’s business community has several advantages to offer:  

Technological capabilities: Robust R&D and patented, proprietary technologiesTrustworthy and reliable: Highly sensitive to and diligent about protecting partner intellectual propertyCustomer-centric: Flexibility and customization for specific needsCompatible with friendshoring efforts: With operations and networks worldwide for business continuity

Helping international buyers access the best of Taiwan 

When searching for a supplier or partner overseas, companies often struggle with finding a suitable company that is trustworthy and reliable, and then communication can pose additional challenges. To accelerate this process and foster impactful synergies, TAITRA serves as a resource and facilitates collaborating with the island’s most unique, forward-looking startups and enterprises.  

The organization solves the pain points of international buyers with the following services: 

Consultations on needs and matching services: https://en.innovation.taitra.org.tw/contact-usExtensive list of companies available online for free: https://en.innovation.taitra.org.tw/suppliers?cat=homewarePre-vetting and screening companies as reliable and trustworthyFacilitating communication and ensuring successful contact is made 

To ensure buyers collaborate with high-integrity businesses, TAITRA has established real-time, borderless services through a comprehensive trade network of over 60 overseas offices in more than 40 countries worldwide, and the organization holds cooperation agreements with over 500 international trade-related sister organizations. 

Photo – https://mma.prnewswire.com/media/2568244/Taiwan_s_household_products_industry_boasts_extensive_OEMODM_experience__offering_highly_customizabl.jpg

View original content:https://www.prnewswire.co.uk/news-releases/taiwans-products-for-modern-households-focus-on-customization-health-and-wellbeing-302317196.html

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China’s first new type of precise phase-controlled fast vacuum circuit breaker for cutting was successfully put into operation

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SHIZUISHAN, China, Nov. 27, 2024 /PRNewswire/ — Recently, the No. 5 capacitor 31322 circuit breaker of Taole 220 kV substation in the Shizuishan area was successfully closed, marking the successful operation of China’s first new type of precise phase-controlled fast vacuum circuit breaker for cutting.

As the only 220 kV substation in Taole Town and the surrounding area, Taole 220 kV substation undertakes important power transmission and distribution tasks. In recent years, with the rapid development of the regional economy and the continuous improvement of residents’ living standards, the demand for electricity has increased sharply, increasing the load of the substation. In particular, the significant increase in the cutting frequency of capacitors puts forward higher requirements for the performance of circuit breakers.

In order to ensure the smooth operation of the equipment, the relevant person in charge from the State Grid Shizuishan Power Supply Company oversaw the entire process on site, controlled all the details of the maintenance work, and comprehensively improved the quality of maintenance according to regulatory standards, as well as guided by experience and technology. In response to the need for the use of cranes and other equipment for construction, the company carefully arranged and deployed, organized relevant personnel to conduct on-site surveys many times, planned the crane driving route and determined the crane load-bearing landing points, and explained to all personnel regarding the on-site construction danger points, nearby charged objects, and pre-control measures prior to the start of construction. At the same time, the operation team strictly implements the work requirements and formulates standardized construction processes. The operators perform their respective duties and strictly abide by safety operation procedures, and conscientiously implement various safety measures to ensure the smooth progress of the transformation.

In the next step, State Grid Shizuishan Power Supply Company will seriously carry out the monitoring and evaluation of the status of new equipment, improve the quality and effectiveness of scientific and technological innovation practice, continuously promote technological innovation to improve core competitiveness, and make every effort to promote the high-quality development of the power grid.

View original content:https://www.prnewswire.com/apac/news-releases/chinas-first-new-type-of-precise-phase-controlled-fast-vacuum-circuit-breaker-for-cutting-was-successfully-put-into-operation-302317199.html

SOURCE State grid Shizuishan power supply Company

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