New Currency in Financial Services
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Established 1995
Monday 27 May 2019

LATEST NEWS

Three quarters struggling with GDPR compliance

Three quarters of organisations could be struggling with General Data Protection Regulation (GDPR) compliance, a year on from its introduction. Crown Records Management commissioned Sapio Research to interview 103 senior managers, IT and data professionals in companies with over 250 employees in March, finding that only 23 per cent consider their compliance capabilities around GDPR to be very good.

HSBC launches data labs in London and Toronto

HSBC has launched two new data innovation labs in London and Toronto, as part of its plans to expand its investment in artificial intelligence (AI) and machine learning (ML) across its global markets.The research lab in London is expected to employ 100 staff specialised in AI, along with technologists, co-op students and interns, while the Toronto lab will employ 50 members of staff.

TSB appoints COO and customer banking director

TSB has announced the appointment of a new chief operating officer (COO) and customer banking director as the challenger bank seeks to reset its direction in the wake of a series of major IT failures. The board shakeup comes after Debbie Crosbie took up the reins as chief executive following the departure of Paul Pester, who stood down in September last year after a botched IT migration in April that repeatedly left thousands of customers without access to online banking services.

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Open Banking outages criticised

Small businesses are losing out because UK banks are failing to prioritise fixing Open Banking outages, with 62 per cent of banks recording a fall in Open Banking availability to customers over the last quarter. Peer-to-peer business lender Growth Street reviewed publicly-available data which the Open Banking Implementation Entity published on its API downtime monitoring tool.

Robots ‘unlikely to replace humans in banking’

Robots and automated technologies are unlikely to replace human interaction in the digital banking relationships of the future, according to Wells Fargo’s ATM and branch IT chief. Speaking at the RBR self-service banking Europe conference in London, Michael Graham explained that despite the rapid spread of digital and automated banking services across their core market, customers would continue to expect human interaction.

Marqeta completes $260m Series E

Marqeta has completed a $260 million Series E fundraise, led by Coatue Management, valuing the business at nearly $2 billion. The card issuing platform will use the money to accelerate its expansion plans, both domestically and in key global markets.

Revolut launches pooled savings feature

Revolut has launched a joint savings facility to enable users to club together with family and friends through in-app pots.The challenger bank’s Group Vaults function marks an evolution of its Vaults feature, which has been used to create one million savings pots with more than £75 million in value, since the product launched in April last year.

Assessing the cloud migration landscape
FStech editor Peter Walker sits down with Rackspace solutions director Rhys Sharp to discuss cloud adoption challenges - skills shortages, cultural barriers, legacy systems - and the solutions that the company offers, as well as trends within cloud migration and regulatory attitudes towards the industry.
DIGITAL SHOCKWAVES
Mark Evans of FStech talks to Gerard Gibney of OpenText about the need for digital transformation in UK financial services

Transferwise reaches $3.2bn valuation

Transferwise has raised a further $292 million, valuing the company a $3.5 billion and making it one of Europe’s most valuable FinTechs.The digital crossborder payments provider announced the secondary funding round led by growth capital investors Lead Edge Capital, Lone Pine Capital and Vitruvian Partners, in addition to support from funds managed by BlackRock, as well as existing investors Andreessen Horowitz and Baillie Gifford, which expanded their holdings.

Nuvei buys SafeCharge for £699m

Canadian payments firm Nuvei is set to buy British payments technology provider SafeCharge for £699 million in an all-cash deal. Under the terms of the deal, SafeCharge shareholders will receive $5.55 in cash per share and a 25 per cent premium on the business value at last close.

Which? warns £674 a minute lost to APP scams

New research from Which? has showed that £674 a minute is lost to bank transfer scams, with the consumer champion calling for all banks to reassure customers they will be better protected against fraudsters by signing up to the new voluntary industry code, which comes into effect next week. The Payments Systems Regulator recently announced it is consulting further on Confirmation of Payee, delaying its introduction until March 2020, nine months later than its original deadline of July 2019, which Which? argued would result in an additional £109 million being lost to scams.

FStech editor Peter Walker sits down with Rackspace solutions director Rhys Sharp to discuss cloud adoption challenges - skills shortages, cultural barriers, legacy systems - and the solutions that the company offers, as well as trends within cloud migration and regulatory attitudes towards the industry.

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FStech talks to Tony Reid of Hitachi Vantara about the compliance issues facing financial institutions and FinTech firms

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