New Currency in Financial Services
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Established 1995
Sunday 21 April 2019


Businesses need more value from IA adoption: KPMG

The vast majority of organisations are struggling to secure value from their Intelligent Automation (IA) activities, with more than a third (38 per cent) of companies confirming investments of more than £7.7 million. A survey of nearly 600 business leaders across 13 countries - including 42 vice president, director and C-Suite executives in the UK - conducted by KPMG International and HFS Research, found that only around a fifth (22 per cent) of companies have scaled up or industrialised IA technology.

Imandra completes $5m seed round

Imandra has completed a $5 million seed investment round, led by AlbionVC, IQ Capital and LiveOak Venture Partners. The capital will be used towards further growth in financial services and applications of its artificial intelligence (AI) technology for autonomous vehicles, robotics and machine learning. It will also support Imandra’s expansion in both the US and the UK, with significant hiring of AI, engineering and product talent in Austin, London and Edinburgh.

US gov blockchain spending accelerates

US federal government blockchain spending will grow from $10.7 million in 2017 to $123.5 million in 2022 – an overall compound annual growth rate of 63.1 per cent. This is according to analysis from market intelligence firm IDC, which also predicted state and local government blockchain spending to grow from $4.4 million in 2017 to $48.2 million in 2022.

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UK InsurTech Cytora raises £25m

InsurTech startup Cytora, which uses artificial intelligence (AI) to power its commercial insurance underwriting platform, has raised £25 million in a Series B funding round. The investment was led by EQT Ventures, with participation from existing investors Cambridge Innovation Capital and Parkwalk, along with unnamed angel investors.

EU third-party provider association established

A group of FinTech firms have set up the European Third-Party Provider Association (ETPPA), a new entity that strengthens Third Party Providers’ (TPP) interests around the second Payment Services Directive (PSD2). The ETPPA formalises the existing Future of European Fintech (FoEF) coalition into an official non-profit TPP trade association.

FCA lays out tech priorities

The Financial Conduct Authority (FCA) has published its Business Plan for 2019/20, outlining key priorities for the coming year, including a focus on enhancing the use of technology and data. The UK’s regulator also set out its research agenda for the next 12 months, which included artificial intelligence (AI), quantum computing, distributed ledger technology (DLT) and regulatory technology (RegTech).

Cyber attack could close more than half of SMBs

More than half of small and medium-sized businesses (SMBs) say a data breach or cyber security incident would put their business at risk of closure. A Censuswide survey of 501 IT decisions-makers, commissioned by IT security firm Webroot, also found that more than three quarters of SMBs (78 per cent) believe that their business could be jeopardised by a lack of cyber security knowledge on the part of their employees.

Mark Evans of FStech talks to Gerard Gibney of OpenText about the need for digital transformation in UK financial services
FStech talks to Tony Reid of Hitachi Vantara about the compliance issues facing financial institutions and FinTech firms

Payments Awards 2019 open for entries

Now in their 7th year, the 2019 Payments Awards are open for entries, with an expanded selection of categories to choose from. Celebrating the companies which have demonstrated excellence and innovation in the payments space, this year the awards will be welcoming entries in four new categories: Anti-Fraud Solution of the Year; Security Innovation of the Year; Best Cross-Border Payments Solution; and Blockchain or Cryptocurrency Initiative of the Year.

Majority of customers bank on phone or wearables

Nearly three quarters (71 per cent) of all banking interactions are now digital, with a majority of customers carrying these out on a smartphone, tablet or wearable device, according to FIS. The FinTech provider, which recently purchased Worldpay in a $43 billion merger deal, commissioned a survey of 1,000 banking customers regarding their expectations of digital banking and payments.

Facebook to close P2P payments service

Facebook has confirmed that it is closing down its peer-to-peer (P2P) payments service on Messenger. The social media giant informed users that the payments service, which launched in the UK in November 2017, two years after it was first rolled out in the US, was being discontinued.

Mark Evans of FStech talks to Gerard Gibney of OpenText about the need for digital transformation in UK financial services

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Data & regulation
MarkLogic’s Chris Atkinson discusses how data affects your ability to comply with regulation with FStech