Millennials most likely to embrace Open Banking
Millennials are the generation most likely to embrace new technologies such as Open Banking but they also hanker after the human touch when it comes to managing their finances, according to new research. A survey of 1,000 adults conducted by Altus, a UK-based financial services consultancy, suggested that over half (53 per cent) of 25-34 year olds would be happy to allow a web-based service to review and manage their personal finances, compared to 35-44 year olds (51 per cent), 45-54 year olds (47 per cent) and the over 55s (38 per cent).
Bugs in MPoS devices could expose customers
Security flaws in a number of market-leading mobile point of sale (MPoS) devices could leave customers open to fraudulent charging and vulnerable payment methods, according to researchers. Leigh-Anne Galloway and Tim Yunusov, researchers from security firm Positive Technologies, looked at seven MPoS devices popular in the US and Europe, including devices sold by Square, iZettle, PayPal and SumUp.
UK startup secures £140 million funding
Capital On Tap has secured £90 million in debt funding from M&G Investments and Triple Point Investment Management, along with a £50 million debt line from Citibank and Pollen Street Capital. The startup is not publicly disclosing its valuation, but it has now raised over £30 million of equity and £200 million of debt to date.
BoE calls for RTGS FinTech interest
The Bank of England (BoE) is looking to explore the demand for introducing synchronised settlement to the renewed Real-Time Gross Settlement (RTGS) service. It has issued a call for interest from FinTech firms to help investigate the potential and understand the design implications for organisations which would interface with the system.
Moneyhub secures FCA payments authorisation
Moneyhub has secured Payment Initiation Services Provider authorisation from the Financial Conduct Authority, a step further from its current Account Information Services Provider status. The financial management platform has also launched an application programming interface (API) gateway, which it described as a ‘one stop shop’ of personalised, permission-based, financial data sources, giving development teams access to data streams to help build innovative customer solutions.
Norwegian banks get ahead of PSD2 curve
Norwegian banks Sbanken, Sparebanken Vest, and Sparebanken Sogn og Fjordane have joined forces to let customers view accounts from across all three in either’s online banking platform. The initiative is set to be rolled out well in advance of next autumn’s mandated introduction of the second Payment Services Directive (PSD2), giving the banks a head start in the FinTech-led account aggregation space.
World Bank to create the first blockchain bond
The World Bank has chosen Commonwealth Bank (CBA) to be the sole arranger of the first global bond to be created, allocated, transferred and managed using blockchain technology. The Australian dollar denominated ‘bond-i’, or Blockchain Offered New Debt Instrument, has been developed with input from the investor community, including Northern Trust, QBE and the Treasury Corporation of Victoria.
Companies ‘vulnerable to fax machine hacks’
Millions of fax machines could be vulnerable to malicious hackers using booby-trapped image data to gain access to internal networks, security researchers have found.
Yaniv Balmas and Eyal Itkin, security researchers at CheckPoint, a US software company, found that the owners of more than 300 million active fax numbers could be leaving themselves open to so-called ‘faxploitation’ attacks.
INTL FCStone automates trades with Paxos
INTL FCStone’s London-based Precious Metals Division has started using Paxos’ technology to automate trade confirmations, reduce errors and secure instantaneous reconciliation. The startup’s service will confirm all of the trades INTL FCStone executes on a daily basis, eliminating thousands of manual tasks every day, while improving operational precision.
Partnerships drive InsurTech growth
A combination of incumbent insurers wanting to update their propositions, and startups realising they require help scaling up, means the InsurTech space is ripe for partnership. This is according to the Association of British Insurers’ assistant director and head of strategy, data and analytics Matt Cullen, who suggested that the market is finally getting closer to making technology pay.
Serious security flaws found in trading platforms
Serious security vulnerabilities have been discovered in several leading mobile, desktop and web stock trading applications by IOActive. Alejandro Hernandez, senior security consultant at the cyber security firm, tested 16 desktop applications, 30 websites and 34 mobile applications, finding “major vulnerabilities” that can allow malicious actors to gain access to a user’s personal banking information, steal money and gain insights into net worth and investment strategies.