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Yahoo
an hour ago
- Yahoo
Neon Bloom, Inc. Announces Successful Launch of AI-Driven Backend Software
Advance Executive Sales Implements AI-Driven Expanded Payment Platform with Plans to Expand Fintech Reach RENO, Nev., July 25, 2025 (GLOBE NEWSWIRE) -- Neon Bloom, Inc. (OTC: NBCO), announced today that all of its payment processing platforms, developed and driven by its wholly owned subsidiary, Advance Executive Sales, are now back online following the successful integration of a new innovative AI-driven backend software package. According to the company, the new platform is now using multi-factor authentication and advanced artificial intelligence technology to reduce fraud, increase capacity, and effectively manage vendor redundancy and charge-backs, which the company believes will increase its customer base and expand into other areas of the fintech industry. In a statement today, Greg Bauer, Chief Executive Officer of Neon Bloom, praised Moody Hashem, Chief Executive Officer of WinGen, for his role in this transition, saying, 'Moody guided our team in leveraging AI to expand our capabilities. The integration of this technology, a new artificial intelligence-driven backend software, represents a significant leap forward for us; it will give us the ability to improve our service delivery, to reduce fraud and chargebacks, and overall streamline operations and allow us to tap into new vertical markets that were previously challenging.' Commenting on the platform upgrade and redesign, Fred Luke, Secretary and Director of Neon Bloom, said, 'This long three-month-long development period to implement these upgrades, the multi-factor authentication, and integration of AI into all of our platforms, was a real struggle and caused us to reduce our payment activity. But now, with all the development and integration behind us, we should be able to not only return to our historical year-over-year growth rate but improve on it with significantly increased revenue and reduced costs. By 4th quarter, the coming quarters will be strong as well.' About Neon Bloom:Neon Bloom Inc. is a diversified enterprise group currently developing new AI-driven technologies, technologically improved financial services, and other emerging businesses with high growth potential and other cross-industry segment synergistic qualities. The Company's primary focus within the financial services industry is the financial transaction processing sector – excluding central bank-related transactions - including reserve and liquidity, check, or other financial instrument clearinghouse services. Through its wholly owned subsidiary, Advanced Executive Sales (AES), the Company is a rapidly growing provider of e-commerce and point-of-sale transaction software solutions for various industries. The Company shifted its primary focus to the financial services sector in 2024, where it expects to grow revenue and net asset value through organic growth and additional acquisitions utilizing shares of its common stock, non-convertible promissory performance-based notes, and cash as available. Advanced Executive Sales LLC:AES is a rapidly growing, leading provider of e-commerce and point-of-sale transaction solutions, enabling secure interactions between merchants and customers for various industries. With its payment processing platform, it is a certified partner with WinGen LLC and ongoing development group YNLO Ultratech, and we have over 130 e-commerce sites currently under contract. Looking forward, AES plans to continue to expand into new verticals by acquiring other financial service-related companies with payment processing technology that will complement what AES presently utilizes. CONTACT: Shareholder RelationsEMAIL: admin@ 1 888-411-5350 Forward-Looking Statements: This press release includes "forward-looking statements" that involve risks and uncertainties. These statements are all other than statements of historical facts that address activities, events, or developments that we expect or anticipate will or may occur in the future, including the future. Capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of our business and operations, plans, references to future success, intentions as to future matters, and other such matters are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by us considering our experience and our perception of historical trends, current conditions, expected future developments, and other factors that we believe are appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to several risks, uncertainties, and other factors, many of which are beyond our control. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, activity levels, performance, or achievements. Moreover, we do not assume responsibility for the accuracy and completeness of such forward-looking statements. We are under no duty to update any of the forward-looking statements after the date of this release to confirm such statements to actual in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Groups seek Trump aid on open banking
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Dive Brief: Financial technology firms and merchants asked President Donald Trump to intervene with the Consumer Financial Protection Bureau to support their position in a court battle with large banks over the fate of a U.S. open banking rule. Ten trade associations sent Trump a letter Wednesday appealing directly to his America-focused agenda in keeping the U.S. a global leader in financial services. The fintechs want Trump to direct the bureau 'to ask the court to affirm that consumers, not big banks, control their financial data and have the right to access and share it with companies of their choice at no cost.' The letter came the week before the CFPB has a court deadline of July 29 to respond to a filing by the Financial Technology Association, which has intervened in the litigation to defend the open banking rule. Dive Insight: Under Acting Director Russell Vought, the CFPB has adopted the banks' position that the rule is unlawful and has asked a federal judge overseeing bank groups' lawsuit in Kentucky to grant summary judgment against the rule. The fintechs' letter to Trump landed the same month that the largest U.S. bank, JPMorgan Chase, rolled out new access fees for aggregator firms that request customer financial data. Those charges are set to begin in September for some firms. The letter was sent five days after Trump signed the Genius Act into law Friday, offering a regulatory framework for stablecoins, amidst a backdrop of potential higher fees for financial transactions. On Monday, Trump's social media company announced a $2 billion purchase of digital currencies. In their letter, the fintech associations argue that the large banks are 'exploiting regulatory uncertainty' at a time when the open banking rule is mired in litigation. 'These large, incumbent banks are taking aggressive action to unwind the recent progress achieved under your Administration by moving to charge exorbitant fees for access to fintech and crypto apps,' the letter said. 'These actions risk debanking Americans from the financial services of the future, all to protect big banks' competitive advantage.' The banks' efforts to protect market share undermines Trump's agenda, according to the letter, and 'risks the future of fintech, digital assets, and America's financial innovation and global leadership.' The letter also reminds Trump that the bureau's open banking rule was begun during his first term in office. The CFPB adopted the rule in October under the Biden administration. It is set to take effect for the largest banks in mid-2026, with compliance deadlines for other banks layered through 2030. Financial institutions with less than $850 million in assets are exempt from the rule. The Bank Policy Institute, the Kentucky Bankers Association and Forcht Bank sued last year to block the rule, arguing that the agency had exceeded its authority, and challenged several aspects of the open banking rule. Phil Goldfeder, CEO of the American Fintech Council, one of the groups that signed the letter, said Wednesday that U.S. open banking faces 'a pivotal moment.' 'We're asking the administration to reaffirm its commitment to American consumers who should have the ability to control their own financial data,' Goldfeder said in an email. 'This is a moment where the administration can and should lead.' So far, no other banks have followed JPMorgan's lead on data fees, but PNC Financial Services Group is 'in discussions on it,' PNC Chief Executive Bill Demchak said July 16 on the bank's quarterly earnings call. 'I applaud what JP did — I think they're exactly right,' Demchak said. 'I think there's a big cost to keeping this data secure and producing it in a form that's readable for our clients. So we're thinking about it.' On Tuesday, Donald Trump Jr., offered support on his X account to a comment by venture investor Tyler Winklevoss highlighting a news article about the JPMorgan access fees. 'JPMorgan and the banksters are trying to kill fintech and crypto companies,' Winklevoss wrote. The letter to Trump was signed by the Financial Technology Association; the American Fintech Council; the Blockchain Association; the Chamber of Progress; Crypto Council for Innovation; The Digital Chamber; the Financial Data and Technology Association; the National Association of Convenience Stores; the National Restaurant Association; and the National Retail Federation. Recommended Reading Open banking to survive Trump, fintechs say
Forbes
5 hours ago
- Forbes
Five Lessons From Scaling A Fintech Platform In A Regulated Industry
Kevin Meyer , Founding Engineer at Pure (YC W23), a fintech platform for precious metals. Dual degrees in CS & Economics. getty In fintech, speed is often treated as the ultimate currency. But in regulated sectors like physical asset trading, speed without trust is meaningless, or worse, dangerous. Startups entering these markets often underestimate the complexity of compliance, auditability and institutional expectations. Moving fast is easy. Moving fast safely is where the real challenge begins. Over the past year, I've helped build a trading platform for physical precious metals—a niche where compliance isn't optional and infrastructure must be bulletproof. The platform has since processed over $200 million in transactions and serves more than 3,500 businesses, ranging from individual traders to institutional clients. Along the way, we've learned what it takes to move quickly without breaking the trust that's critical in regulated environments. Here are five lessons that may serve other engineers, founders and product leaders building in similarly high-stakes spaces. Startups often treat compliance like a tax—something to pay later. In regulated industries, that strategy fails. Compliance must be designed into the product architecture from the start. For us, that meant implementing real-time identity verification through a KYC/KYB integration using Footprint. It also meant building a fully automated ledger system from the beginning, so that every transaction was auditable, compliant and reconciled, without manual intervention. Those early investments saved us hundreds of hours in operations and eliminated regulatory blind spots as we scaled. Takeaway: If compliance is blocking your roadmap, it's already too late. Build it in; don't bolt it on. 2. Speed is worthless without stability. Shipping fast is meaningless if your platform can't handle real-world complexity. Too many teams confuse velocity with fragility, pushing features quickly, then burning time fixing avoidable outages. We invested heavily in core infrastructure, cutting query times by 60% and tripling system throughput. These improvements enabled us to scale transaction volume from $7 million to $22 million per month in just five months, without sacrificing uptime or responsiveness. Takeaway: Move fast, but only on systems engineered to hold the weight. 3. Transparency beats hand-holding. In high-value markets, users don't want to call an account rep to ask about fees. They want clarity upfront. So we built a tier-based pricing engine with live updates, letting customers see real-time rates based on their account level. That reduced friction in onboarding and built confidence among institutional users. Transparency isn't just a UX detail—it's a trust multiplier. Takeaway: In regulated environments, clarity is more valuable than persuasion. 4. Developer speed starts with good architecture. Compliance demands don't have to kill agility, if you get the architecture right. Applying large-scale engineering practices (inspired in part by my time at Google) helped us move quickly without skipping testing, observability or documentation. We cut development time by 30% while increasing platform reliability, not through heroism, but through systems thinking. Takeaway: Fast teams aren't reckless. They just operate on better rails. 5. Compliance can be a competitive edge. Treating compliance as a feature, not a burden, became one of our greatest advantages. It helped us win institutional clients, pass diligence with ease and maintain a high-trust posture as we scaled past 3,500 organizations and $200 million in volume. Many platforms avoid regulated markets because they seem slow. But with the right mindset, those same constraints can become defensible moats. Takeaway: In fintech, trust compounds, and trust starts with infrastructure. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
