TSB ‘up and running’ following five-day outages
TSB’s CEO stated on Twitter this morning that the TSB mobile banking app and website were up and running again, following five days of technical problems which saw customers being locked out of their accounts, vanishing payments and mortgages, and some users being able to see others’ details. Despite the statement, many customers remain unable to access the bank’s services, receiving the message: “We’ve restricted the number of customers who can log in at once to ensure a good service once you’re in. So please bear with us and keep trying.”
Five institutions join European startup programme
Areal Bank, BNP Paribas, Deutsche Bank, DZ Bank and Nets Group have become the first five corporate partners to join the FinTech Europe Innovation Platform, established by Plug and Play and TechQuartier. The partnership, known as FinTech Europe, is based in Frankfurt and will be home to disruptive and innovative startups who will be piloting their solutions alongside leading financial institutions. The goal of Fintech Europe is to have 10-15 banks and financial service providers as partners in Frankfurt.
Four in 10 UK firms suffer cyber attack in last year
Over 40 per cent of businesses experienced a cyber security breach or attack in the last 12 months, according to a new report from the Department for Digital, Culture, Media and Sport. The Cyber Security Breaches Survey 2018 was carried out among 1,519 UK businesses, with 50 in-depth follow-up interviews, finding that three quarters of businesses have made cyber security a high priority for their senior management.
GDPR preparedness mixed with a month to go
With only a month to go until the General Data Protection Regulation (GDPR) comes into force across the UK, experts have warned that many companies still have work to do. Under the GDPR, all companies that collect and process data from European Union citizens face fines of up to €20 million, or 4 per cent of global revenues; whichever is greater.
Danish FinTech trials finger vein payments
Digital payments specialist Nets has started testing finger vein payments with students and visitors at Copenhagen Business School (CBS). The FinTech firm said that scanning the structure of veins in customers’ fingers makes for faster and safer payments.
Collaborate to beat cyber crime: report
Britain’s financial firms must work in collaboration with law enforcement and government agencies in order to tackle the threat of cyber crime, according to UK Finance and KPMG. A new report argued that the threat of cyber crime cannot be mitigated just by spending more money, but rather by increased collaboration to render cyber criminals’ markets, tools and systems ineffective.
Yolt integrates Open Banking with RBS
Yolt has completed Open Banking integration with the RBS Group, becoming the first mobile app to do so with one of the big nine UK banks. Last month, the ING-owned app stated it was onboarding up to 100 users per day from RBS, Natwest and Ulster Bank under the new regulations.
Saxo Bank invests in Microsoft’s cloud
Saxo Bank is aiming to run its entire technology stack on the Microsoft Cloud, as part of a new partnership. As part of Saxo’s ‘banking-as-a-service model, which allows other banks and brokers to leverage its technology and global capital markets access, the decision was made to use the Microsoft Cloud to ensure scalability, flexibility and security in digital infrastructure.
Blockchain ‘as transformative as the internet’
Research from Intrinsic Insights has found that 87 per cent of technology professionals believe blockchain will be as transformative for business as the internet has been. Commissioned by BTL Group, the study asked 279 IT professionals in the UK and US about the impact of blockchain. It found the main benefits of the technology are greater data security and protection against cyber threats.
Swedbank invests €3m in Meniga
Swedbank is strengthening its partnership with software firm Meniga by making a €3 million equity investment, as part of a latest strategic financing round. The companies started working together last year to improve Swedbank’s digital customer experience through a personal finance activity feed and data aggregation platform.
Two thirds of online banks have critical vulnerabilities
Two thirds of online banking systems still contain at least one critical vulnerability, according to Positive Technologies’ Financial Application Vulnerabilities report. Drawn from audits performed by the company, the data showed that each e-banking system analysed in 2017 contained, on average, seven vulnerabilities – up from six in 2016.