Archive News

Lloyds Bank has said it will partner with more FinTech providers in 2021 as part of a new digital transformation strategy. With the bank’s online customer base growing by 6.1 per cent to 17.4 million last year, its digital platform has become even more important over the past 12 months.
Posted: 26/2/2021
HSBC UK is launching a customer education programme HSBC@Home, aimed at helping customers in making the transition to mobile and online banking.HSBC@Home has been designed to educate and upskill customers on a range of topics from digital tools and services to fraud and financial fitness. The sessions are delivered through live virtual webinars and are hosted by specially trained branch colleagues.
Posted: 26/02/2021
Santander has announced plans to be net zero by 2050 after setting its first decarbonisation targets. The bank said by 2030, it will have aligned its power generation portfolio with the goals set out in the Paris Climate Agreement.
Posted: 26/2/2021
FStech is launching The Future of FinTech 2021 digital conference on 17th June, covering the biggest trends in financial services technology. The second edition of the Future of FinTech follows a successful inaugural conference in 2020, which was held remotely as the financial services industry began to absorb the shockwaves of the global pandemic.
Posted: 26/02/2021
The path of UK FinTech is at crossroads of “opportunity and risk,” with competition from overseas and Brexit fallout threatening its leading position in the market, a government-commissioned review has found. The independent review, led by former Worldpay boss Ron Kalifa, said that countries such as Singapore, Australia, and Canada are trying to “emulate the UK’s success” by investing heavily in capital, skills, and direct support for FinTechs.
Posted: 26/2/2021
BBVA is partnering with Google Cloud to support its new banking security strategy.The Spanish bank said the deal would make it the first in Europe to deploy Chronicle, Google’s Cloud security analytics platform that allows teams to store and analyse all their security data in one place to detect and investigate threats at scale.
Posted: 26/02/2021
Global FinTech investment fell significantly in 2020 but rose again in the latter half of the year according to research by KPMG. The professional services firm, in its latest Pulse of FinTech report, said global investment in mergers and acquisitions (M&A), private equity (PE) and venture capital (VC) totalled $105 billion across 2861 deals in 2020, a $60 billion fall from $165 billion in 2019.
Posted: 26/02/2021
NatWest has launched an upgrade to its Open Banking payments service Payit that will allow businesses to send payments directly to customers without needing their bank details. The move aims to replace the use of cheques and bank transfers when sending money to customers, allowing for instant payments to be made when issuing refunds or customer service payments, as well as for specific uses such as compensation payments and emergency cash requirements.
Posted: 25/02/2021
Nuapay has announced the expansion of its Open Banking platform to Italy and Germany. The rollout will connect 308 banks in Italy, and 435 in Germany, to the company’s Open Banking platform.
Posted: 25/2/2021
Technology giant Microsoft has announced the launch of its new cloud platform for the financial services market. Microsoft Cloud for Financial Services integrates existing and new capabilities in Microsoft 365, Azure, Dynamics 365, and Microsoft Power Platform.
Posted: 25/2/2021
FinTech lender Blue is partnering with credit reference provider Credit Kudos with the aim of increasing acceptances by leveraging Open Banking insights. Blue, which provides motor finance solutions for more than 150,000 customers, said it will leverage Credit Kudos’ transaction data and insights via an API integration with Blue’s underwriting system, which will enable the company to better assess an applicant’s creditworthiness and affordability.
Posted: 25/12/2021
Bank of England (BoE) governor Andrew Bailey has warned that the UK should “resist firmly” any attempts made by the EU to transfer euro derivative clearing from Britain to elsewhere in Europe. At a Commons Treasury committee meeting on Wednesday, Bailey said that the London Stock Exchange’s LCH clearing house currently manages an “eye watering” €83.5 trillion.
Posted: 25/2/2021
Monument, a digital banking startup for the mass affluent, has paved the way for its launch this summer by raising over £28 million in a series A funding round. The investment was led by a combination of new and existing experienced investors and takes the company’s total funding to more than £40 million.
Posted: 25/02/2021
Atom bank has said it intends to raise £40 million from its existing shareholders over the next year, and to pursue an initial public offering (IPO) during the financial year 2022/23. The Durham-based lender claimed its revenues are growing strongly and that it is on course to become profitable from its mortgage and business lending within a year.
Posted: 25/02/2021
24 per cent of Brits believe meeting sustainability goals should be a priority for senior managers in financial organisations, with this number rising to 42 per cent for 18-to-34-year-olds, according to YouGov research. The YouGov findings are based on 2,000 British participants and cover payments, investment, ethics in banking and marketing, and the effect of COVID-19 on financial institutions.
Posted: 24/2/2021
Nationwide is launching a start-up incubator programme which aims to help companies tackle poverty in response to the negative impact of the pandemic on many British households. The building society is also investing £2.5 million in the Fair By Design (FBD) Fund, a venture fund managed by Ascension Ventures providing capital to help grow businesses that make markets fairer.
Posted: 24/2/2021
Lloyds Banking Group saw pre-tax profits drop by 72 per cent to £1.2 billion in 2020, largely due to an impairment charge of £4.2 billion. The charge included £3.8 billion in the first half of the year and a management overlay of £400 million applied in the second half as a result of ongoing uncertainties surrounding the pandemic.
Posted: 24/2/2021
Buy Now Pay Later (BNPL) firm Clearpay, is partnering with Stripe, the payments infrastructure giant to offer Stripe merchants flexible payments options. The partnership intends to allow both new and existing Stripe merchants to easily offer Clearpay - giving their shoppers the opportunity to receive their items immediately and pay in four instalments, without the need to take out a traditional loan or pay upfront fees or interest.
Posted: 24/02/2021
A Bank of England (BOE) survey has said that 35 per cent of banks reported a negative impact on machine learning (ML) model performance as a result of the pandemic. The BOE attributed this to the pandemic creating a downturn that could not have been expected based on historical economic predictors.
Posted: 24/02/2021
Mastercard’s Open Banking Connect service is now enabled for credit card holders of the Lloyds Banking Group brands, including the Halifax, Bank of Scotland and Lloyds Bank itself. The new functionality means cardholders can pay their credit card bills via their mobile app and draw on funds directly from a current account of their choice.
Posted: 23/2/2021
The Financial Conduct Authority (FCA) has published final guidance “clarifying its expectations” of firms on the fair treatment of vulnerable customers. The guidance aims to drive improvements in the way firms treat vulnerable consumers so that they are “consistently able to achieve outcomes that are as good as everybody else”.
Posted: 23/2/2021
HSBC saw pre-tax profits plunge by more than a third to $8.8 billion last year, according to its latest financial results. The British bank said that the loss could be attributed to higher expected credit losses, other credit impairment charges, and a lower revenue, which was partly offset by a fall in operating expenses.
Posted: 23/2/2021
Banking software provider Alkami Technology has announced it has selected Goldman Sachs to lead preparations for its planned initial public offering (IPO), which may value it at $3 billion. The pandemic has made the need for digital banking platforms clear, however the complexity of developing these can lead smaller institutions to third party providers.
Posted: 23/02/2021
Embedded financial services provider HUBUC has launched payment cards underpinned by dynamic CVV technology from IDEMIA for more secure online shopping. Under the joint project HUBUC can offer clients secure payment cards based on IDEMIA’s MOTION CODE technology.
Posted: 22/2/2021
TransferWise is rebranding itself to “Wise”, to reflect the expansion of its service offerings beyond simple payment transfers between people. Originally launched in 2011 as a money transfer service, the company has expanded to build a cross-border payments network helping to make international banking “cheaper and faster” for 10 million personal and business customers.
Posted: 22/2/2021
UK Finance, which represents over 250 financial institutions, has urged the government to deliver an “ambitious” post-Brexit strategy to boost UK exports of financial services. In a new report, the organisation set out proposals which build on the UK’s position as a top net exporter of financial services to “place the financial services industry at the heart of the UK's post-Covid-19 economic recovery”
Posted: 22/2/2021
The European Commission will allow the continued free flow of personal data from the EU and wider European Economic Area.The decision means that there will be no barrier for industries transferring banking data between Britain and the rest of Europe.
Posted: 22/2/2021
In the next five years gig workers could take up to 15 to 20 per cent of the work of a typical financial institution (FI), according to PwC. A new report by the professional services firm found that 52 per cent of financial institutions say they expect to have more gig-based employees in the next three to five years.
Posted: 22/2/2021
Rishi Sunak has announced plans to introduce new fast-track visas for FinTech employees in the next budget on 3 March. The new visas will represent one part of a collection of moves intended to boost the UK’s FinTech sector and attract international talent.
Posted: 22/02/2021
NatWest saw an operating loss of £351 million in 2020 after being hit hard by the coronavirus pandemic. The bank experienced a £753 million attributable loss, which it said reflects an impairment charge of £3.2 billion, with a significant proportion of this relating to potential future loan losses.
Posted: 19/2/2021
Bitcoin is an “economic side show” and a “poor hedge” against a decline in equity prices, JP Morgan analysts have claimed in a memo, which may or not put off some from investing in the “digital gold”. Current Bitcoin prices are well above JP Morgan’s estimates of “fair value” as the mainstream adoption of Bitcoin increases its correlation with cyclical assets. This reduces the benefits of diversifying into Bitcoin, the investment bank said in its memo.
Posted: 19/2/2021
Banking systems provider SIX is to offer more contactless ATMs in Switzerland to alleviate concerns about infections during the pandemic. SIX says the number of ATMs that offer contactless cash withdrawals increased by 26 per cent globally in 2019, with the pandemic further accelerating this trend.
Posted: 19/2/2021
Card issuer Marqeta has announced its expansion into the consumer credit card market. The new platform will give companies access to a real-time credit system of record that can adjust account parameters, including rewards, APR, and credit lines.
Posted: 19/1/2021
London-based cryptocurrency wallet provider Blockchain.com has landed $120 million in funding, as bitcoin surged past $50,000 earlier this week. Investors in the round included Google Ventures, Moore Strategic Ventures, Kyle Bass, Access Industries, Rovida Advisors, Lightspeed Venture Partners, Lakestar, and Eldridge.
Posted: 18/02/2021
Monzo has announced it is partnering with TrueLayer to develop an Open Banking-powered gambling block. The gambling block is a completely optional tool that blocks card payments to gambling firms.
Posted: 18/2/2021
Hiscox is using a custom-built 3D simulation to help tackle the skills gap in risk management and insurance. The ‘underwriter simulator,’ developed by simulation training provider Attensi, helps underwriters to learn the key demands of their role by challenging them to “compete in a number of realistic, gamified scenarios.”
Posted: 18/2/2021
Revolut Business has announced the launch of QR codes to enable customers to make socially distanced payments. The move follows the FinTech’s introduction of its remote payment solution last year.
Posted: 18/2/2021
Sweden’s central bank Riksbank has announced that it will extend the pilot of its e-krona digital currency until February 2022. Riksbank, in partnership with Accenture, is conducting a test project to develop a proposal for a technical solution for an e-krona that can work as “a complement to cash.”
Posted: 17/2/2021
The European Commission has chosen payment and transaction business Worldline to lead its ‘TruBlo’ blockchain project. TruBlo (Trusted Blockchain) aims to design innovative projects based on blockchain tech to help ensure the exchange of reliable content.
Posted: 17/2/2021
Goldman Sachs has announced Marcus Invest, a digital platform which the firm said allocates and automatically rebalances user’s wealth across portfolios based on the models developed by its investment-strategy committee. Marcus Invest will integrate with Marcus’s existing consumer-banking app and website, and the firm said users can open an account with $1000, marking the first time the firm has targeted small investors.
Posted: 17/02/2021
Barclays is taking action against the abuse of intellectual property rights by patent assertion entities (PAE), more commonly know as ‘patent trolls,” by joining LOT Network and Open Invention Network (OIN.)
Posted: 17/2/2021
London is continuing to lose ground as the world’s leading financial centre, but the UK remains the world’s favourite regulatory regime, according to research by Duff & Phelps which surveyed 250 global financial sector professionals. The company’s Global Regulatory Outlook (GRO) report found only 31 per cent of those surveyed perceive London to be the foremost global financial centre, down from 34 per cent last year and a fall of 22 per cent since 2018.
Posted: 16/02/2021
Payment service provider Mollie is expanding into the UK market to support British merchants that want to sell in the EU. UK companies will be able to incorporate a variety of EU payment methods into their e-commerce websites.
Posted: 16/2/2021
Cash management firm Loomis, has joined forces with Swiss FinTech Sonect to introduce a new service allowing consumers to collect cash directly from shops. The ‘Cash in Shop’ service will launch in Burslem, Stoke-on-Trent, in March and forms part of the Community Cash Access Pilot scheme that is testing innovations to help ensure the UK public retain free access to cash. The service will then be rolled out across the UK.
Posted: 16/02/2021
Digital bank Atom is partnering with Open Finance platform Plaid to roll out Open Banking services to its customers. The app-based bank will begin the rollout by offering small business owners a streamlined loan application journey and speedier decisions.
Posted: 16/02/2021
Social media is having an increasing influence on UK investors according to research by behavioural finance company Oxford Risk, which surveyed 1,008 adults across the UK in mid-December.

The research said 7 per cent of those surveyed use Facebook as a source of information for their investment decisions, while 6 per cent look to Twitter and 5 per cent look to LinkedIn.
Posted: 15/02/2021
Heightened interest in bitcoin saw its value hit almost $50,000 on Monday, while other digital currencies slipped. The recent growth has likely been driven by a shift in attitudes by both investors and the public towards digital currencies.
Posted: 15/2/2021
Investment in digital technology will see a £232 billion boost to the UK economy by 2040, representing a 6.9 per cent increase in GDP, according to research. The new study by Virgin Media Business and the Centre for Economics and Business Research (CEBR), which explores how more digital ways of working can support the UK’s economic recovery from Covid-19, also found that investment in tech could boost the economy by £74 billion in 2025.
Posted: 15/2/2021
PensionBee has announced that it could give its customers the opportunity to become shareholders as part of plans to float on the London Stock Exchange. The digital pensions platform, founded in 2014, said that if it does decide to proceed with the IPO, the move would provide the opportunity for its customers to share in the next phase of its growth.
Posted: 15/02/2021
Online payments company PayPal could facilitate the distribution of central bank digital currencies (CBDCs), according to the company's chief executive. Dan Shulman described how PayPal’s digital wallets could be used to distribute the digital currencies at the company’s recent investor day, coindesk reported.
Posted: 15/2/2021
Mode is set to launch an Open Banking driven payments solution which enables online payments by scanning a QR code. The LSE-listed FinTech group said that the solution, which allows e-commerce merchants to offer instant payments, will be available in the second quarter of 2021.
Posted: 15/02/2021
Amsterdam has taken over London as the top share trading centre in Europe. The Dutch city saw its post-Brexit average daily trading increase from €2.6 billion to €9.2 billion in January.
Posted: 12/2/2021
Ikea's parent company has moved directly into financial services with its investment vehicle taking a 49 per cent stake in Sweden's Ikano Bank, with an option to “acquire the remaining shares at a later date”. Ikea's Ingka Group, which operates 378 Ikea stores and its e-commerce platform in 31 countries, said the purchase was a “decisive step” into financial services and a “core part” of its journey to help make Ikea “more affordable, accessible and sustainable”.
Posted: 12/2/2021
Kraken Digital Asset Exchange, one of the world’s largest cryptocurrency exchanges, has launched Kraken Ventures, an independent investment fund targeting early-stage crypto firms and other FinTechs. Fund portfolio companies will receive investments in the range of $250,000 to $3 million.
Posted: 12/2/2021
Bitcoin value shot up on Friday as BNY Mellon revealed plans for the formation of a new digital assets unit. The announcement saw the cryptocurrency jump to a record high of $48,481 and was last up 6.9 per cent at $47,932.
Posted: 12/2/2021
Monzo has announced Carol Nelson will take on the role of chief executive of its burgeoning US division, replacing TS Anil. Nelson’s experience includes ten years as chief executive of Cascade Bank and five years as a senior vice president at Bank of America.
Posted: 12/02/2021
Northmill Bank, a Swedish challenger bank which received its banking licence in September 2019, has raised £22m (SEK250m) in its latest funding round. The bank, which is currently only available in Sweden, plans to use the investment to launch in ten European countries by 2023.
Posted: 12/02/2021
Solidatus, a data lineage and metadata management company, has raised £14 million in a Series A funding round led by AlbionVC. The deal was led by Emil Gigov and Jay Wilson for AlbionVC, and included two of Solidatus’ global enterprise clients, HSBC Ventures and Citi. As part of the commitment, Jay Wilson will join Solidatus’ Board of Directors.
Posted: 11/02/2021
European B2B payments FinTech Libeo has raised €20 million in Series A funding, less than a year after receiving €4 million in seed funding. The company has built a payments and invoicing platform for SME companies and their suppliers, which is designed to make invoicing “less painful and fraud-free”.
Posted: 11/2/2021
The Payment Systems Regulator (PSR) is now consulting with the financial services industry to strengthen protection for everyone using payment systems across two areas. The first relates to protection against APP scams and the other is consumer protection in interbank (bank-to-bank) payments.
Posted: 11/2/2021
Fair, the multilingual neobank that aims to address racial inequality in financial services, has raised $40 million funding. The US-based membership platform, which is is available in English, Spanish, and Arabic, includes free account-to-account international money transfers, and interest-free loans.
Posted: 11/2/2021
Mastercard is to offer support for selected cryptocurrencies on its payments network in 2021, joining Tesla, Square Inc, Paypal and asset manager BlackRock in recently backing the adoption of digital assets. Mastercard currently offers customers cards that allow transactions using their cryptocurrencies, but without going through its main payments network.
Posted: 11/02/2021
E-commerce company Shopify is expanding its ‘Shop Pay’ payment service to Facebook and Instagram. The service will be available to all Shopify merchants selling on the social media platforms.
Posted: 10/2/2021
Banking tech provider Nymbus has announced a $53 million financing round led by Insight partners. The company will use the funds to expand access to its GROW model which creates new digital revenue streams for banks and credit unions.
Posted: 10/2/2021
People now trust robots and AI more than themselves to manage their finances, according to global research. The commissioned research from Oracle surveyed 9,000 consumers and business leaders across 14 countries, and found that the pandemic had increased “financial anxiety, sadness and fear” and had changed “who and what we trust to manage our finances”.
Posted: 10/2/2021
Buy now, pay later (BNPL) company Klarna has announced the launch of its first digital consumer bank accounts, which will be available to customers in Germany. The company said that the offering will first be made available to a limited number of Klarna’s “most loyal” customers so that it can collect feedback, before rolling out the banking service across all Klarna users in the region over the next few months.
Posted: 10/2/2021
Equifax has bought London-based transaction data analytics company AccountScore to improve its Open Banking and insights capabilities. The credit reference agency will combine traditional credit bureau information with bank transaction data facilitated by AccountScore.
Posted: 9/2/2021
Challenger bank Monzo has gone to investors for the third time during the pandemic to help it scale up faster, this time aiming to collect £50 million, including from a new investor. Monzo topped up last June and last December, and the latest funding will bring its pandemic funding total to over £170 million.
Posted: 9/2/2021
TransferGo has deployed Thought Machine's cloud native core banking platform Vault to help develop new products and improve customer experience. The cross-border payments provider says Vault will host payment services that are “highly scalable, flexible, secure and fast in the cloud” and allow it to build products “rapidly” and release future card and account capabilities “without delay”.
Posted: 9/2/2021
Electric vehicle manufacturer Tesla has announced an investment of $1.5 billion in bitcoin, driving the cryptocurrency's price up by 17 per cent to $44,220. The company said that it expects to begin accepting bitcoin as a form of payment for its products “in the near future,” subject to law, and “initially on a limited basis.”
Posted: 9/2/2021
Financial data company Refinitiv and Freedom Seal Global are partnering up to harness risk intelligence data on human trafficking to eradicate modern slavery in the supply chain. The collaboration was announced as the European Commission pushes for new regulation on corporate governance that includes human rights and environmental due diligence requirements.
Posted: 8/2/2021
The pandemic has accelerated the adoption of online and mobile banking by the over 65s, according to data from Smart Money People. The financial services review website said social distancing measures, reduced branch opening hours, and lockdowns have impacted customers’ preferred channels and remote banking.
Posted: 08/02/2021
Mambu has integrated Signicat's identity services with its SaaS banking platform, to allow European financial services firms efficiently onboard customers digitally, conduct web-based identity authentication and use legally-binding electronic signatures.
Posted: 8/2/2021
Nearly two-thirds (63 per cent) of data scientists at financial services firms say their organisation is not currently able to combine data and analytics in a single environment, according to research, potentially slowing key decision-making. Cloud data services firm Alveo commissioned research among 100 data scientists at financial services firms across the UK, the US and Asia.
Posted: 8/2/2021
Visa’s announcement that it will support bitcoin trading is welcome, but it’s too “volatile” to be used for payments, Gartner’s VP analyst Avivah Litan has said. Litan claimed that stablecoin is the better option for credit card providers.
Posted: 8/2/2021
Barclays has announced a partnership with FinTech start-up Flux, in move that will allow the bank's 24 million customers to automatically receive digital receipts to their mobile app. Currently eligible businesses include H&M, Schuh, Just Eat and Papa Johns.
Posted: 05/02/2021
The UK Payment Systems Regulator (PSR) is now consulting the industry, after setting out ways to reduce risks in the successful overhaul of the country's interbank payment systems and meet growing demand for digital payments. The UK’s New Payments Architecture (NPA) is the payment industry’s proposed way of organising the clearing and settlement of most interbank payments (payments that are made from one bank account to another) in the future - including those that currently use Bacs and Faster Payments.
Posted: 5/2/2021
The World Economic Forum (WEF) has revealed key industry concerns surrounding the regulation and implementation of digital currencies. The issues were highlighted by the WEF during its Davos Agenda appearance last week.
Posted: 5/2/2021
Cashplus, one of the UK's oldest FinTechs after being founded in 2005, has finally become a fully-fledged bank after gaining a banking licence. Without a banking licence before, Cashplus had to rely on expensive funding from other financial institutions to be able to lend.
Posted: 5/2/2021
The Financial Conduct Authority (FCA) was hit by 258,711 malicious and unsolicited emails in the final three months of 2020, averaging 80,000 email attacks per month. The figures, revealed by a Freedom of Information (FOI) request submitted by Griffin Law, found that from October to December of last year, 99 per cent of blocked emails to the financial regulator were defined as spam.
Posted: 5/2/2021
Goldman Sachs has joined OS-Climate’s cross-industry climate coalition, which aims to shift global investment toward zero-carbon emissions by using open data. The coalition, which is hosted by the Linux Foundation, wants to develop comprehensive data sets and evaluation tools for climate risk management and climate-aligned finance and investing.
Posted: 4/2/2021
Revolut has confirmed a move towards permanent flexible working for its 2,000 employees, supported by a "Rev Lab" strategy to repurpose all its offices into collaborative spaces, which will have around 70 per cent of space devoted to collaboration and teamwork. The FinTech said this move will enable the vast majority of its workforce to choose when and how often they work from the office.
Posted: 04/02/2021
Digital money platform Uphold has revealed plans to launch cryptocurrency cards across Europe following its purchase of Optimus Cards UK. The rollout of the company’s multi-asset, crypto-enabled debit card, which will be on the Optimus platform in Europe, will take place from April this year.
Posted: 4/2/2021
Almost 85 per cent of SMEs are “frustrated” with their business banking experience, while three-quarters say banks “must do more” to offer a better digital experience, according to research. Card issuing platform Marqeta commissioned research among 400 SMEs (employing 10 to 250) and found that digital banking services had been vital for SMEs during the past year.
Posted: 4/2/2021
NatWest has switched from issuing Visa debit cards to Mastercard, joining Santander UK, HSBC First Direct, and Monzo in series of recent developments that could threaten Visa's lead in the UK debit card market. The agreement, which covers all NatWest Group brands including Royal Bank of Scotland, Ulster Bank and Coutts, affects 16 million consumer and business customer cards.
Posted: 04/02/2021
Mobile payments company SumUp has acquired the Lithuanian banking system provider Paysolut for an undisclosed amount. SumUp services three million customers in 32 global markets and has worked with Paysolut for two years.
Posted: 03/02/2021
Spanish bank BBVA is to plough another $150 million into FinTech investment fund Propel Venture Partners (PVP), bringing its total funding to $400 million since 2016.Propel has supported the likes of Coinbase, DocuSign, Hippo, Guideline and Neon.
Posted: 3/2/2021
Leading financial institutions including Aviva Investors have partnered with causal AI technology platform causaLens for automated insights into trading strategies.The deep-tech scale up announced that it is providing its causal AI platform to asset managers and financial services providers including Aviva Investors, 2IQ, TIAA, CLS Group and a number of hedge funds to better enable them to leverage financial data.
Posted: 03/02/2021
Visa has launched VisaNet +AI, a suite of AI-powered services for banks, merchants and consumers, which seeks to address challenges such as managing unpredictable account balances and daily settlements. VisaNet +AI comprises multiple services, including Visa Smarter Posting, Visa Smarter Settlement Forecast, and Visa Smarter Stand-In Processing (Smarter STIP), a feature announced in August last year.
Posted: 03/02/2021
Banco Santander pre-tax profits declined by 35 per cent in the final quarter of 2020. The bank saw profits of €27.7 billion in the same period, representing a loss of €8.7 billion.
Posted: 3/2/2021
Connected payments provider Checkout.com has hired Ott Kaukver as chief technology officer and Nick Worswick as chief revenue officer (CRO) after recently tripling its valuation to $15 billion following a $450 million Series C funding round.
Posted: 3/2/2021
NatWest has launched a grant finder service in conjunction with Swoop, which will allow UK businesses to search for grants to help them deal with the ongoing impacts of COVID-19. The bank wants to provide SMEs with greater access to third party funding which is not in the form of debt, and via this new service aims to connect entrepreneurs with grants from national schemes, local authorities, growth hubs, local enterprise partnerships (LEPs) and privately funded schemes.
Posted: 3/2/2021
HMRC has awarded its £3 million Open Banking contract to Ecospend, a FinTech which will support the tax authority with automating parts of its payments process and improving ease of use for UK taxpayers. Announcing the contract, which was awarded after a competitive tender process, Ecospend said their Open Banking technology would help HMRC’s bank transfer journey integrate with its online services, whilst reducing costs for HMRC itself.
Posted: 03/02/2021
Swiss PayTech provider BPC has joined Visa’s FinTech Fast Track Program to support new companies in the EMEA and APAC regions.The programme makes it quicker and easier for FinTechs to leverage Visa’s global payments network to introduce new payment technologies and services.
Posted: 2/2/2021
LV= General Insurance (LV= GI) has launched a new broker portal with integrated CRM to better support around 3,500 insurance brokers. LV= brought in IT services and consulting firm BearingPoint to help it migrate from legacy broker platforms to the new broker portal.
Posted: 2/2/2021
Global FinTech InvestCloud has completed a recapitalisation that now values the business at $1 billion. Under the terms of the agreement, investor Motive Partners will also contribute two portfolio businesses, Finantix and Tegra118, into InvestCloud, creating a global Software-as-a-Service ("SaaS") wealth solutions platform.
Posted: 2/2/2021
TSB saw pre-tax losses of £204.6 million last year, compared to £46 million profit in 2019. According to the UK retail and commercial bank, its financial performance was significantly impacted by the coronavirus pandemic.
Posted: 2/2/2021
The government has agreed to permit the regulation of bring buy now, pay later (BNPL) services following the publication of an FCA review on the unsecured credit market. Christopher Woolard, chair of the review, said that the legal change was urgently needed to give the FCA a “proper handle” on BNPL at a digital press conference on Tuesday.
Posted: 2/2/2021
E-commerce and mobile payments business HIPS Payment Group is partnering with financial infrastructure company Banking Circle. The partnership will enable Hips to offer settlement with domestic payment rails.
Posted: 1/2/2021
UK financial services businesses are gaining 22 days a year from employees working longer hours while remote, according to new research from Atlas Cloud. The research said the sector's employees are saving an average of 90 minutes per day, spending 40 minutes extra on work and 50 minutes on leisure time.
Posted: 01/02/2021
Leading European financial institutions have established a new coalition to strengthen the public cloud ecosystem across Europe’s financial industry. The primary aim of the European Cloud User Coalition (ECUC) is to develop a joint position on common challenges and solutions with cloud services providers.
Posted: 1/2/2021
Stablecoins and digital asset classes have generated more than $1.2 trillion in transactional volume since 2017, according to a new report which highlights the growth of the blockchain across financial services and a host of other industries. The global blockchain trends survey compiled by Invesco and Cambridge Judge Business School’s Centre for Alternative Finance has tracked rapid growth across the blockchain industry in the past 18 months, with distributed ledger technologies opening up new opportunities for investors.
Posted: 01/02/2021
Monzo Bank customers can now connect their bank accounts to Experian Boost, giving them the ability to increase their Experian credit score for free. Experian Boost helps consumers improve their credit scores using transactional information like total current account incomings and outgoings, as well as regular payments to digital streaming providers, savings accounts and council tax, for instance.
Posted: 1/2/2021
Fidelity is reportedly in discussion with Starling Bank about taking a £100 million stake in the digital banking challenger. Sky News, who first reported the move, said the US-based fund management company is in advanced negotiations to lead £200 million fundraising for the challenger bank.
Posted: 1/2/2021
The European Central Bank (ECB) is to stress test 38 euro area banks as part of the 2021 EU-wide stress test coordinated by the European Banking Authority (EBA). The banks selected represent around 70 per cent of total euro area banking assets.
Posted: 1/2/2021
The Financial Conduct Authority (FCA) has updated the industry on repossessions on mortgages and consumer credit goods during the pandemic. In November 2020, the FCA published guidance which meant firms should not have enforced repossessions before 31 January 2021.
Posted: 29/1/2021
The Financial Conduct Authority is now consulting industry and other bodies about raising the contactless card payment limit to £100, amid the ongoing pandemic and a continuing surge in the number of contactless payments being made. The move would more than double the limit from the current £45, which was raised from £30 less than a year ago.
Posted: 29/1/2021
63 per cent of UK consumers use a free FinTech app or platform, yet a further 63 per cent are unsure if the platform they use sells their personal data, according to research by ESET. This number is 13 per cent higher than the global average, according to ESET's survey of over 10,000 consumers across the UK, US, Australia, Japan and Brazil.
Posted: 29/01/2021
Nubank has attracted $400 million in a new round of investments, which will support the company’s international growth. The funding makes it one of top five most valuable FinTechs in Latin America.
Posted: 29/1/2021
Buy now, pay later business Scalapay has raised €40 million ($48 million) in funding. The money will be used to rollout the company’s service across Europe, further develop its technology, and also begin plans to expand to the US.
Posted: 29/1/2021
Dutch financial organisation ING has launched online shopping platform DealWise in Germany. New features include the latest shopping deals and personalised offers based on customer behaviour.
Posted: 28/1/2021
ClearBank, the cloud-based clearing platform, is helping challenger bank Dozens upgrade its current account offering. Dozens provides its customers with a current account, saving tools and investments all in one app.
Posted: 28/1/2021
Starling Bank has linked its sole trader and self-employed accounts to the PensionBee offering so customers can set up a pension directly from their bank accounts. PensionBee has been added to Starling's Business Marketplace where customers can link to third-party products and services.
Posted: 28/1/2021
If digital currencies are needed, central banks should be the ones to issue them, the Bank for International Settlements (BIS) said on Wednesday. In a speech at the Hoover Institution policy seminar, BIS general manager Agustín Carstens warned of “serious governance concerns” around private entities issuing cryptocurrencies like Bitcoin and Stablecoin.
Posted: 28/1/2021
JP Morgan is set to launch a new digital bank in the UK, challenging the dominance of established high street lenders. The venture will operate under its consumer brand, Chase, one of the largest consumer banks in the US.
Posted: 28/01/2021
Online money transfer service TransferWise has announced a global partnership with Visa. The partnership will facilitate the expansion of TransferWise’s multi-currency debit cards across Asia Pacific, Europe, Latin America and the Caribbean, the Middle East, U.K. and U.S.
Posted: 27/1/2021
Open Banking payments platform Token has secured $15 million in Series B funding to support its direct account-to-account payments growth among large merchants and banking-as-a-service platforms. The new funding came from SBI Investment and Sony Innovation Fund by IGV, as well as from existing investors Octopus Ventures, EQT Ventures and the venture arm of BNP Paribas, Opera Tech Ventures.
Posted: 27/1/2021
Digital bank Zopa is now offering app users the chance to compare energy offers. The feature comes as result of Zopa partnering with Decision Tech, part of the MoneySuperMarket Group.
Posted: 27/01/2021
Former EU finance commissioner Jonathan Hill has said it’s unlikely Brussels will give UK financial services companies the “highly prized” access to European markets that they hope for, The Financial Times (FT) reported on Tuesday. Hill said that Brussels is targeting London’s position as a global centre for financial services, according to the newspaper.
Posted: 27/1/2021
The Association of British Insurers (ABI) has defended including ransomware payments in first-party cyber-insurance policies. It highlighted that although firms face financial ruin without cover, insurance is not a replacement for taking every step to prevent the spread of ransomware.
Posted: 27/01/2021
The use of ATMs declined by 30 per cent in 2020, with £81 billion withdrawn in total compared to £116 billion the previous year. According to data from LINK, when the UK entered its first national lockdown in April, cash withdrawals fell on average by 60 per cent.
Posted: 27/1/2021
FinTech Scotland and FinTech Wales have proposed increased research and innovation (R&I) to accelerate FinTech development across the UK and support national, regional and job growth. The report, Research and Innovation for UK FinTech, provides recommendations to increase the pace of R&I.
Posted: 27/01/2021
Marqeta is partnering with London-based credit card provider Tymit. The global card issuer’s open API platform will underpin Tymit’s processing function, which will enable instantly issued virtual cards, as well as bespoke spending limits.
Posted: 26/1/2021
Existing cryptocurrencies do not have a structure that is likely to work as a payment alternative over the long term, said Bank of England (BoE) Governor Andrew Bailey. At an online forum hosted by the World Economic Forum, he said:“Have we landed on what I would call the design, governance and arrangements for what I might call a lasting digital currency? No, I don’t think we’re there yet, honestly. I don’t think cryptocurrencies as originally formulated are it.”
Posted: 26/1/2021
Luminor Bank is migrating its IT infrastructure to the IBM Cloud for Financial Services platform, as part of a five-year agreement which will see IBM Services help Luminor meet security and regulatory compliance requirements.The Estonia-headquartered bank says the move will “deliver better outcomes” across business processes, enable “faster” application deployments and “bring agility” to operations.
Posted: 26/1/2021
Open Banking platform TrueLayer has launched PayDirect, a new payments method enabling firms to create onboarding and payments processes. The new service seeks to deliver a higher-converting, lower-fraud payments approach when compared to card and bank transfer.
Posted: 26/01/2021
64 per cent of UK consumers are willing to share data on their health and other lifestyle habits to reduce their insurance premium, according to research by Accenture. This represents a 6 per cent increase compared to 2019 figures, when only 48 per cent of Brits said they were willing to share this type of data with insurers.
Posted: 26/1/2021
UK FinTech Bud has signed a deal with Farpoint Labs, creators of the Winston personal finance app, to help the platform’s users save for a first home. Bud will connect users’ bank accounts with credit reference agencies, sharing rent payment data via Open Banking.
Posted: 25/1/2021
Peer-to-peer lending platform JustUs has announced its ongoing second round of Crowdcube funding reached its £1.3 million target after three days. The company previously raised £1.2 million after securing £600,000 through crowdfunding from private investors, which was then matched in convertible loan notes from the British Business Bank through its future fund initiative.
Posted: 25/1/2021
Mastercard is increasing the interchange fees that can be charged by banks on e-commerce merchants by five times, when UK shoppers buy from merchants in the European Economic Area (EEA) following Brexit. The increase in fees on merchants may result in higher prices for shoppers if the fees increase is passed onto them. After Brexit, online UK buyers are already subject to new import duties when they buy direct from European merchants and those costs are not absorbed by the merchants themselves.
Posted: 25/1/2021
UK InsurTech start-up Nayms has received £1.5 million in an investment lead by XBTO. The InsurTech uses smart contracts to collateralise cryptocurrency risk with matching crypto-assets, with the aim of bringing insurance with no FX-risk to a space that is 96 per cent uninsured.
Posted: 25/1/2021
Fundraising platform TapSimple has raised £900,000 in an investment round to support charitable fundraising activity in an increasingly cashless society.The funding round brings its total funding to date to £2m.
Posted: 25/01/2021
The European Central Bank (ECB) is to launch a climate change centre early this year. The centre will help bring together work on climate issues in different parts of the bank.
Posted: 25/1/2021
Plaid has introduced a FinTech programme to support early-stage entrepreneurs who are Black, Indigenous, and People of Colour (BIPOC) in launching their businesses. Minority-owned companies are often denied access to some of the most basic resources necessary to set up and grow a successful business.
Posted: 22/1/2021
TransferWise has reportedly chosen Goldman Sachs and Morgan Stanley to lead its initial public offering (IPO.)The move, first revealed by Sky News, is expected to take place in London later this year.
Posted: 22/1/2021
Almost 90 per cent of UK card transactions made in-store were contactless last year, according to data from Barclaycard. With the total value of contactless growing by 7 per cent compared to the previous year, it looks like the pandemic has cemented this type of transaction as the UK’s preferred payment method.
Posted: 22/1/2021
Monzo founder Tom Blomfield is leaving the digital bank at the end of the month, partly due to mental health reasons. In an interview with TechCrunch, Blomfield said that he had stopped enjoying his role at the challenger bank around two years ago and that the pandemic had “exacerbated pressures placed on his own mental well-being.”
Posted: 21/1/2021
Over half (51 per cent) of consumers say they would change banks for the ability to use a biometric payment card. With biometric cards, consumers authenticate themselves with their fingerprint on the card when they make a contactless payment.
Posted: 21/1/2021
Investment management firm BlackRock has granted two of its funds the ability to invest in Bitcoin futures. Prospectus documents filed with the US Securities and Exchange Commission yesterday show that the BlackRock Global Allocation Fund and BlackRock Funds V are now looking at Bitcoin opportunities.
Posted: 21/1/2021
For the first time, ONS will publish credit and debit card transaction data from the Bank of England. The data will reveal more detailed information on how the UK has been spending money over the past year.
Posted: 21/1/2021
A third of UK businesses expect employees to pay for business purchases leading to “greater financial stress” and a “loss of company trust”, according to research among over 3,000 business professionals across Europe. The UK falls behind European businesses in expenses, as 32 per cent of UK employees are expected to pay for business purchases with their own money, against just 7 per cent in Germany and 10 per cent in Spain.
Posted: 20/1/2021
The UK has once again been named the top destination for capital in Europe, hitting $4.1 billion (£2.9 billion) total investment across 408 deals, according to 2020 figures from Innovate Finance. Although globally the UK came second to only the US in total capital raised, investment in British FinTech dropped 9 per cent, perhaps an expected outcome given the impact of the coronavirus pandemic.
Posted: 20/1/2021
Santander UK has appointed Rakshit Kapoor as chief data officer in the UK and head of data transformation for Europe. He has over 20 years’ experience in senior data roles, having recently been group chief data officer at HSBC, where he took charge of the development and implementation of the bank’s group-wide data and analytics strategy.
Posted: 20/1/2021
Capital One has been given a $390 million penalty by the US Financial Crimes Enforcement Unit (FinCEN) over violations of the Bank Secrecy Act (BSA)The bank holding business admitted to wilfully failing to implement and maintain an effective anti-money laundering programme.
Posted: 20/1/2021
HSBC UK is set to close 82 branches across the UK as a result of the consumer shift to digital and online banking. The UK division of the global banking group said that the closures, which are scheduled to take place throughout 2021, will reduce the total number of branches to 511.
Posted: 19/01/2021
The government of Gibraltar is aiming to strengthen its bespoke Distributed Ledger Technology (DLT) regulatory framework, while becoming a standard-setter for other countries.It has brought together an international working group responsible for defining the appropriate market standards for exchanges operating in the digital asset space.
Posted: 19/01/2021
Investment management firm BlackRock has taken a minority investment in Clarity AI, a sustainability analytics and data science platform. BlackRock will integrate Clarity AI’s capabilities with its own Aladdin offering, an end-to-end operating system for investment professionals.
Posted: 19/1/2021
€272 million (£245.3 million) worth of fines have been dished out by regulators under Europe’s tough data protection laws, according to research by DLA Piper. According to the law firm’s annual fines and data breach report, Italy has had to pay €69.3 million (£62.4 million) in fines since General Data Protection Regulation (GDPR) was established in 2018, topping the rankings for Europe.
Posted: 19/1/2021
The government has voted down a bill to regulate Buy Now, Pay Later (BNPL) companies like Klarna and Clearpay. Labour MP for Walthamstow Stella Creasy, who describes BNPL as the “next Wonga,” originally put forward the motion to amend the financial services bill.
Posted: 18/1/2021
London FinTech Perenna has completed its latest funding round, raising £7.3 million ($10 million) as part of its plan to obtain a banking licence and bring its fixed-for-life mortgages to the UK housing market this summer. The latest investment in Perenna has been raised from a group of investors including former Deutsche Bank structured product syndicate head Kevin Flaherty, Capdesk founder Casper Arboll and Star Capital managing partner Tony Mallin, among others.
Posted: 18/1/2021
General Motors (GM), The Goldman Sachs Group, and Mastercard will work together to deliver co-branded credit cards. Goldman Sachs will be the issuing bank for GM’s credit card programmes as of September.
Posted: 18/1/2021
Blockchain hackers stole nearly $3.78 billion in 122 attacks in 2020, but the number of attacks actually fell for the first time in five years. Last year's attacks accounted for almost a third (33 per cent) of the all-time number of successful hacks aimed at the fledgling technology, according to the numbers collected by Slowmist Hacked, which aggregates information about disclosed attacks aimed at blockchain projects, apps and tokens.
Posted: 18/1/2021
Konsentus has bought Open Banking Europe (OBE) from PRETA. OBE is an initiative which aims to bring leaders in the Open Banking market together to transform regulatory requirements into operational reality.
Posted: 18/1/2021
In its ninth year, Accenture’s FinTech Innovation Lab London has welcomed a new cohort of 20 FinTechs, with a number offering solutions to tackle societal and sustainability challenges. During a three-month accelerator programme - which runs from 11 January to 31 March - the FinTechs will be partnered with senior executives from over 40 of the top UK financial institutions, industry leader mentors and Accenture’s own subject-matter experts.
Posted: 15/1/2021
The Cambridge Building Society has migrated to DPR's cloud-hosted mortgages and savings software platform using the Microsoft Azure cloud, to improve its operational efficiency. The enhanced infrastructure was delivered to The Cambridge in just four months, while meeting strong compliance and governance demands with “rigorous testing”.
Posted: 15/1/2021
Directors and compliance officers at enterprises, banks, insurance firms and FinTechs say they are faced with increased criminal activity, with 74 per cent of them filing more suspicious activity reports (SARs) in 2020 than the previous year, according to global research. Cyber security and third party risk management were the biggest compliance-related challenges, with over half of the respondents (54 per cent) ranking cyber security as a top pain point, according to the research from risks platform ComplyAdvantage.
Posted: 15/1/2021
Global FinTech Rapyd has announced £200 million ($300 million) in Series D funding. The London-headquartered business said the money will be spent on doubling the engineering and product teams, as well as expanding the self-service element of the company’s platform.
Posted: 15/1/2021
Goldman Sachs has chosen card issuing platform Marqeta to help deliver its new digital chequing accounts, which will launch this year. Marcus by Goldman Sachs is a digital chequing product that will utilise Marqeta’s APIs and webhooks.
Posted: 14/1/2021
After a year of financial uncertainty, more than a quarter (28 per cent) of UK consumers want to improve their financial know-how in 2021, according to research from Santander. The commissioned research among 2,000 UK adults follows the launch of Santander’s My Money Manager functionality within its mobile banking app, to help customers “get on the front foot” with their finances, said the bank.
Posted: 14/1/2021
Customer subscription management tool Minna Technologies has raised €15.5 million (£14m) in a Series B funding round to expand its Open Banking technology to banks across the world. Founded in Gothenburg, Sweden in 2016, Minna enables customers to manage subscription services via their bank’s app.
Posted: 14/1/2021
The purpose of budgeting apps is to reduce spending, but they can actually have the opposite impact, research has shown. Traditional budgeting apps can increase spending by almost a third (26 per cent to 33 per cent), according to research by Think Forward Initiative and Eller College of Management, University of Arizona.
Posted: 14/1/2021
The European Central Bank (ECB) has concluded its public consultation on the potential for a digital euro currency after record numbers of submissions. The ECB said it would now analyse in detail responses from the 8,221 citizens, firms and industry associations who have completed an online questionnaire since the consultation launched in October last year.
Posted: 14/01/2021
Despite a significant shift to online, 66 per cent of the UK population do not trust that they are safe to conduct all their banking needs online. Since January 2015, UK banks and building societies have closed around 3,770 branches, according to SmartSearch.
Posted: 13/1/2021
Digital asset management platform Carne Group has received a $100 million investment. The money will be spent on expanding the Group’s proprietary Compliance Oversight Risk & Reporting (CORR) technology and will see investor Vitruvian Partners take a minority stake in the businesses.
Posted: 13/1/2021
Over a quarter of Brits say they have at least one bank account with a digital-only bank.
Posted: 13/1/2021
Visa and Plaid have today announced the termination of their merger agreement after the US Department of Justice filed a suit to block the partnership. The department filed a civil antitrust lawsuit in November, alleging that Visa is a “monopolist in online debit” and that the partnership with the FinTech would have enabled the business to eliminate a competitive threat to its online debit business “before Plaid had a chance to succeed.”
Posted: 13/1/2021
Walmart has announced it will establish a new FinTech start-up which will offer modern and affordable financial solutions. The new company will be part of a strategic partnership with FinTech investment firm Ribbit Capital.
Posted: 12/1/2021
Revolut has launched Confirmation of Payee as part of Pay UK’s anti-fraud initiative.
The feature, which will be available for its three million UK retail customers, will give users more confidence that their payments are reaching the correct recipient.
Posted: 12/1/2021
UK-headquartered payments platform Checkout.com has closed a $450 million Series C funding round, tripling its market valuation to $15 billion. The investment, said Checkout.com, makes it the fourth largest FinTech globally and EMEA’s most valuable venture-backed business.
Posted: 12/01/2021
London-based FinTech Curve has secured £70 million ($95 million) funding from international investors. Curve, which combines multiple cards and accounts into one smart card and app, said that it will use the investment to expand further into international markets.
Posted: 12/1/2021
Orange Ventures has become a separate legal entity from its Orange parent and entered into the top ten corporate venture capital funds in Europe through increased funding. Orange has been given an increased allocation of €350 million, “empowering” it to be more “agile and competitive” in seeking out and supporting start-up talent worldwide, said Orange.
Posted: 11/1/2020
Almost two-thirds (62 per cent) of UK citizens say they are in “better control” of their money now than before COVID, according to research. Global software consultancy ThoughtWorks commissioned research among over 2,000 UK adults about how technology had changed their banking habits during the pandemic.
Posted: 11/1/2020
While talent attraction remains a significant priority in the FinTech and payment industry, it’s unlikely salaries will increase significantly for the time being, according to new research by Headcount. The FinTech & Payments survey said that even though demand remains high, salaries may have “peaked.”
Posted: 11/1/2020
Revolut has submitted its application for a UK banking licence to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The FinTech challenger, which is currently valued at $5.5 billion, said the move marked the next important step in its plans to “create a financial super app.”
Posted: 11/02/2021
Payment processing business Stripe has banned all donations to the Trump campaign in response to violence that took place in Capitol Hill last week. Last Wednesday pro-trump rioters stormed the Capitol building in Washington, resulting in the deaths of at least five people.
Posted: 11/12/2020
The Financial Conduct Authority (FCA) has issued a warning to consumers over firms advertising high returns based on cryptoassets, highlighting the risks that they should be prepared to “lose all their money.” The regulator has issued the alert after a surge in the value of cryptocurrencies in recent weeks, with Bitcoin hitting record highs of $41,000 over the weekend before falling sharply this morning (Monday).
Posted: 11/01/2021
Starling Bank’s Anne Boden has said she is “disappointed” by the government’s decision to omit online fraud from the Online Harms Bill. The chief executive and founder of the challenger bank said that she hoped it was “not too late” to change the bill to include online fraud.
Posted: 8/1/2021
TaxBit, which offers cryptocurrency tax automation software to crypto users, exchanges and merchants, has announced new investments from PayPal Ventures, Coinbase Ventures and existing investor Winklevoss Capital. The solution automates all aspects of cryptocurrency tax compliance for consumers, businesses and exchanges.
Posted: 8/1/2021
Financial services platform Social Finance (SoFi) is going public through a deal with Social Capital Hedosophia Holdings, which is listed on the New York Stock Exchange as a special purpose acquisition company (SPAC). The SoFi consumer-focused financial technology business will come to the public market with an equity value of $8.65 billion.
Posted: 8/1/2021
The government could change visa rules to support fast growing companies post-Brexit, The Financial Times reported on Friday. The Independent FinTech Strategic Review, launched last year by chancellor Rishi Sunak, will recommend special visas for skilled workers, as well as changes to the UK's listing rules, the newspaper said.
Posted: 8/1/2021
Agricultural neobank Oxbury will open next Monday (11 January) after being in stealth mode since 2018, and having just raised £15m in a funding round. Cloud-based Oxbury bills itself as the first agricultural bank to open in nearly 100 years.
Posted: 07/01/2021
Orange Bank has acquired Anytime, a French neobank dedicated to independent professionals, small businesses and associations. Orange Bank launched three years ago to initially offer mobile banking services to the general public, and it is now looking to scale up its business services to SMEs and SoHos, which Anytime will support.
Posted: 07/01/2021
NatWest has issued an urgent scam warning following the implementation of national COVID-19 restrictions, with vaccination scams emerging as a top threat. According to the retail bank, a phone call, email, or text message is sent in an attempt to steal personal and financial details.
Posted: 07/01/2021
DBS has launched an in-house digital training academy to keep its 5,000-strong tech workforce updated with the latest skills. The academy will cover three technology areas, including site reliability engineering, data processing and analytics, and application security.
Posted: 07/01/2021
4000 financial services companies are at risk of failure as a result of the pandemic, with the payments and e-money sector having the lowest proportion of profitable firms. These are predominantly small and medium sized firms and approximately 30 per cent have the potential to cause harm in failure, an FCA financial resilience survey has found.
Posted: 07/01/2021
Financially vulnerable consumers would benefit from more information and support to overcome negative associations with switching their bank accounts, according to research commissioned by the Current Account Switch Service (CASS). A study of 1,000 banking customers by Frontier Economics revealed the effect the Coronavirus pandemic on attitudes to bank accounts among those in CASS priority groups (financially vulnerable people, 18-24s and SMEs).
Posted: 6/01/2021
InsurTech company ThingCo has secured a further £3 million in investment from BHL (UK) holdings. The deal, which was completed on 31 December, comes after the company rolled out Theo, its solar powered, AI and Voice enabled, self-fit telematics device, through a growing number of broker partnerships and expanded its distribution centre in Newcastle.
Posted: 6/01/2021
Younger customers are most likely to stop using financial firms that suffer data breaches, according to research among over 2,000 UK adults. Cyber security services firm Predatech has released its British Cyber Security Survey 2021, which found that 68 per cent of customers aged 18-24 were “likely” to stop using a financial firm if it suffered a breach.
Posted: 6/01/2021
Mastercard has extended its partnership with Point of Sale software provider phos as part of efforts to grow coverage of contactless card transactions. The renewed collaboration will see phos, a FinTech which provides software-only Point of Sale (SoftPoS) solutions, and Mastercard extend coverage to support Tap on Phone, a Mastercard solution that turns phones into payment acceptance devices.
Posted: 6/01/2021
HSBC has signed a multi-year partnership with RegTech provider Silent Eight to bolster its financial crime operations. Under the terms of the agreement, Silent Eight will support HBSC’s compliance function with AI-based technology that will help to improve manual processes and existing statistical models to decrease risk while creating efficiencies.
Posted: 6/01/2021
Insurance group has Admiral has announced it will sell Penguin Portals, which runs Confused.com, along with its 50 per cent share of Comparison Holdings, to Zoopla-owner ZPG (RVU) for £508 million. Penguin Portals includes a number of other comparison websites, including Rastreator.com and LeLynx.fr, as well as the Group’s technology operation Admiral Technologies.
Posted: 05/01/2021
US banking regulator the Office of the Comptroller of the Currency (OCC) has approved the use of stablecoins for banking transactions, paving the way for more widespread uses of digital currencies. The OCC published a letter clarifying that national banks and federal savings associations now have authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions.
Posted: 5/01/2021
The billionaire owner of Chinese FinTech company Ant Group and co-founder of Alibaba has not been seen in public for several months. According to Reuters, Jack Ma has not been seen since October, when he criticised China’s regulatory system at a forum in Shanghai.
Posted: 05/01/2021
The Investing and Saving Alliance (TISA) has launched a blockchain-based data sharing platform for the European asset management market. The platform, called ‘TISA Universal Reporting Network’ (TURN), is designed to ease regulatory reporting requirements of MiFID II, alongside the collection and dissemination of European MiFID II Template (EMT) regulatory data.
Posted: 5/01/2021
The Bank for International Settlements (BIS) has announced it will develop an open-source code to help build a data monitoring tool for central banks. The tool is part of the organisation’s “Rio” project – Spanish for “River” – because it uses data-streaming tech, which was originally developed by social media platforms to analyse and respond to user traffic.
Posted: 04/01/2021
Bitcoin is consolidating its high worth after trading at $33,365 in Asia this morning, after reaching a record high of $34,800 on Sunday. The value of the cryptocurrency has gone up around 800 per cent since mid-March 2020, and hit the $20,000 mark in mid-December 2020.
Posted: 04/01/2021
The Financial Conduct Authority (FCA) has set out changes to the UK’s regulatory environment following the end of the Brexit transition period. The regulator released new guidance on changes for the UK’s financial services industry after the Brexit transition period came to a close on 31 December 2020, meaning EU law no longer applies in the UK.
Posted: 4/01/2021
There are just a few days left of 2020, a year marked by unprecedented disruption and seismic shifts in technology. From the growth of digital and app-based banking services to the evolution of Open Banking and cloud adoption as the pandemic forced a pivot to remote working, 2020 was the year that separated the digital leaders from the laggards. So, while this year has taught us to expect the unexpected, it’s now time to take out our crystal ball and look at what 2021 might have in store for the world of financial technology.
Posted: 22/12/2020
Crypto payments platform Wirex has become a principal member of Visa in Europe after completing Visa’s FinTech Fast Track Programme. Principal membership will allow Wirex to issue Visa cards itself, offer new products and apply for additional licences. The company already had principal membership with Mastercard.
Posted: 22/12/2020
With the end of 2020 in sight, we crunched the numbers to bring you a round-up of FStech’s most popular stories of the year.
Posted: 22/12/2020
Banks in the UK are increasingly shifting to digital platforms to gain a competitive advantage over FinTechs, according to new research. A study of 26 banking providers by Information Services Group (ISG), analysed capabilities across four key areas: core banking platform implementation for retail, core banking platform implementation corporate, payment ecosystem services and Know-Your-Customer/Anti-Money Laundering services.
Posted: 22/12/2020
The Financial Conduct Authority (FCA) has published a new rule and guidance promoting better climate-related financial disclosures for UK premium listed commercial companies.
Under the new policy, regulated companies will be required to include a statement in their annual financial report which sets out whether their disclosures are consistent with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD), and to explain if they have not done so.
Posted: 22/12/2020
The purchase represents more than 13,000 customers who, following the transfer, will continue to be served by Metro Bank. The purchased portfolio is made up of owner-occupied residential mortgages with a weighted average current loan to a value of 60 per cent.
Posted: 21/12/2020
Tradefeedr has raised $3 million in early-stage financing to develop and grow its trading analytics workflows offering. Over the past year, Tradefeedr has signed up 14 liquidity providers and a number of clients to use its platform, including Goldman Sachs, UBS, XTX Markets and Insight Asset Management.
Posted: 21/12/2020
PagoFX, a cross border money transfer FinTech owned by Santander, has launched its services in Spain, where its parent company is headquartered. PagoFX is a part of PagoNxt, a new autonomous business created by Banco Santander to bring together the company’s disruptive payments businesses to compete with global digital payments platforms.
Posted: 21/12/2020
There has been a significant rise in consumer confidence in the financial services sector since the start of 2020, with High Street banks and building societies leading the charge, according to new research. A survey of 1,102 respondents for the Toluna Financial Services Sentiment Indicator found that the COVID-19 pandemic has driven up trust in financial institutions, with 55 per cent of people surveyed saying they had confidence in banks/building societies, an increase of 9 per cent compared to the 46 per cent who said the same in December 2019.
Posted: 21/12/2020
IBM Security's Trusteer mobile security research team has discovered a major mobile banking fraud operation that managed to “steal millions of dollars” from financial institutions in Europe and the US “within a matter of days”. The attacks have now been intercepted and halted, said the researchers.
Posted: 18/12/2020
Data from Open Banking firm Nuapay reveals that consumers are “frustrated” with the user experience when making card payments online. In a study of over 2,000 UK consumers commissioned by Nuapay, it was found that 52 per cent of payers choose their payment method based on convenience and ease-of-use, yet 30 per cent reported their biggest concern about shopping online is the time it takes to input card details and process payments.
Posted: 18/12/2020
Cryptocurrency trading platform FalconX has sealed an investment from American Express Ventures. American Express Ventures joined existing investors Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners and Avon Ventures, adding to the $17 million in funding FalconX announced in May 2020.
Posted: 18/12/2020
Robinhood has been fined $65 million by the US Securities and Exchange Commission (SEC) for “misleading customers about revenue sources.” Multiple misleading statements and omissions about its largest revenue source were made by the US-based FinTech business between 2015 and late 2018.
Posted: 18/12/2020
Mobile financial services platform Lydia has raised an additional $86 million in Series B funding led by global venture capital firm Accel.The total Series B round now sits at $131m, making it the largest round ever raised by a French FinTech.
Posted: 17/12/2020
Lloyd’s of London has outlined plans to accelerate its transition into a more sustainable insurance marketplace. The insurance and reinsurance marketplace has published a report which builds on its existing ESG work with a “comprehensive market-wide strategy that aligns with the United Nations’ Sustainable Development Goals and supports the principles set out in the Paris Agreement.”
Posted: 17/12/2020
As Brexit trade talks between the UK and the EU come to a head, only just over half of UK firms say they are prepared for Britain leaving the European Union on 1 January 2021 - whether there is a deal or not - according to research. After questioning 400 UK firms, company spending management FinTech Soldo found that only 52 per cent of them consider themselves “completely” or “very prepared” for Brexit.
Posted: 
Business spending solution Pleo has added Google Pay functionality for its 13,000-plus European and UK customers. Pleo’s users will benefit from Google’s contactless payment method for business purchases, the encryption of important payment information that is then stored on secure servers and virtual account numbers to protect sensitive user data and card details.
Posted: 17/12/2020
Financial institutions will fail to survive without digital transformation, according to 84 per cent of industry leader in banking and insurance. A survey of 68 financial services leaders by FintechOS found that a quarter believe failure to digitally transform will result in less revenue streams, while a further 37 per cent think it would lead to less relevant products and services going to market.
Posted: 17/12/2020
Recurring payments FinTech GoCardless has raised $95m in its Series F funding led by BainCapital Ventures, in a round that values the company at $970 million. The company said that the round means it is closing in on coveted ‘unicorn’ status (tech companies valued at more than $1 billion) and pledged to use the funding to fuel its continued investment in Open Banking and enable the company to continue with its stated aim to “challenge the dominance of credit cards in instant payments.”
Posted: 17/12/2020
The Financial Conduct Authority (FCA) has established a temporary registration regime to allow existing cryptoasset firms, who have applied to be registered with the FCA, to continue trading beyond 10 January 2021. The regulator is advising customers of cryptoasset firms which should have applied to the FCA, but have not done so, to withdraw their cryptoassets or money before 10 January 2021, as those who have not registered will be required to cease trading.
Posted: 16/12/2020
HSBC has become the first production member of Contour’s global trade finance network, which was launched earlier this year. The UK bank worked with Contour before its inception as a project in the RS consortium and has continued to work with the business throughout the process of its establishment.
Posted: 16/12/2020
Data compliance and security provider eXate has finalised a £2.3 million seed funding round led by Outward VC, with additional backing from ING Ventures and Triple Point Ventures, to accelerate the growth of its DataSecOps platform. The company, which was founded in 2018, says it is “democratising data privacy” for organisations by providing a “simple” embedded platform that automates the technical enforcement of data policies - solving the large-scale challenges created by evolving and complex global data privacy regulations.
Posted: 16/12/2020
Cloud payments technology provider Form3 has secured a partnership with Mastercard, which will also invest in the company. Form3 and Mastercard say they will together help banks and financial institutions around the world connect with domestic and international payment platforms “more seamlessly, reliably and securely”.
Posted: 16/12/2020
Revolut is launching a new premium service and revamping existing plans with the addition of purchase protection and new features.The challenger bank said Revolut Plus, which is priced at £2.99 a month, will protect customers’ purchases from theft, damage and no-returns policies.
Posted: 16/12/2020
New technologies will enhance front, middle and back office functions, but will not replace client advisors and front-line staff, according to a new report. The research from Avaloq comprises a series of interviews with financial institutions, as well as research from investors and end-clients.
Posted: 15/12/2020
Starling Bank has added the SumUp contactless card reader to its growing marketplace for business customers. The reader accepts debit, credit and contactless payments, alongside new remote payment options, including payment links, invoices, and online store.
Posted: 15/12/2020
Admiral Financial Services (AFSL) has chosen challenger credit reference agency Credit Kudos to provide Open Banking Data to help with income verification. The business, which is part of FTSE 100 company Admiral Group, will use the data to support customers across its personal loan products.
Posted: 15/12/2020
Societe Generale has announced the acquisition of Reezocar, a French platform specialising in the online sale of used cars. The move comes two years after the acquisition of a stake by CGI Finance, a subsidiary of Societe Generale and what the bank describes as “number one among independent car dealers.”
Posted: 15/12/2020
Barclaycard Payments has launched an online platform to power digital business payments via virtual cards. The first phase of the Barclaycard Precisionpay Go will offer companies an online platform which allows them to issue virtual cards, powered by Visa, to employees for business payments online.
Posted: 15/12/2020
The Financial Conduct Authority (FCA) has fined Barclays Bank £26 million for failures in the treatment of consumer credit customers experiencing financial difficulties. The FCA said that between April 2014 and December 2018, some retail and small business customers who had been offered consumer credit were treated poorly when they fell into arrears.
Posted: 15/12/2020
A group of former senior JP Morgan executives have launched a new wealth management platform with the help of a $4 million investment round. The Vestrata proprietary technology platform aims to deliver a suite of discretionary, advisory, alternatives and ESG investment solutions that will help wealth managers “drive improved client engagement, control risk and reduce costs”.
Posted: 15/12/2020
Pockit has formed a new partnership with TransferWise to improve its international money transfer services for customers. The FinTech focusses on customers who are excluded and underserved by High street banks, and the new deal will allow Pockit’s 500,000-plus customers to access TransferWise’s global payment platforms from their Pockit accounts.
Posted: 14/12/2020
Data released by Open Banking network Yapily, has revealed how Open Banking connectivity has become a top priority for banks in the UK as we head into 2021.The data was compiled and monitored throughout the year by Yapily’s Application Programming Interface (API) platform.
Posted: 14/12/2020
The pandemic has fuelled the banking sector's drive towards offering wider-scale banking as-a-service (BaaS), according to research undertaken among bankers by cloud service and data centre firm Equinix. “Business leaders have been talking about disruptive technology for many years, but few could have imagined the catalyst for disruption that 2020 had in store for them when the pandemic hit,” said Equinix.
Posted: 14/12/2020
Adviser and broker finnCap Group and FinTech World Wide Generation (WWG) are providing a digital sustainability monitoring and measurement app, to help firms measure and improve their social, economic and environmental impact. The Company Tracker is an app on a global multi-stakeholder platform called G17Eco, which allows companies to monitor and measure their sustainability risks and opportunities, with the aim of enhancing their credentials with investors who are increasingly demanding companies prove their impact on society, the economy and the environment.
Posted: 14/12/2020
Lloyds Bank is launching a pilot of Satago Financial Solutions’ software platform for customers seeking single invoice finance solutions. The pilot will run for up to six months, and if successful, is expected to lead to a five-year commercial agreement for the company's technology platform.
Posted: 14/12/2020
European Open Banking platform Tink has closed its second major funding round this year, this time raising an €85 million investment following the €90 million raised in January. The latest round was co-led by new investor Eurazeo Growth and existing investor Dawn Capital.
Posted: 11/12/2020
The Bank of England has said that processing payments between the EU and the UK, including Single Euro Payments Area (SEPA) payments, will require additional information after the Brexit transition period. Additional information could include things like payers’ addresses.
Posted: 11/12/2020
Private equity investment firm Thoma Bravo has announced a strategic partnership in Venafi, a leading provider of machine identify management. The investment will value the company at $1.15 billion.
Posted: 11/12/2020
The Financial Conduct Authority has appointed Sheldon Mills as its new executive director for consumers and competition.The new executive director for consumers and competition post was created last month, when it was announced that the FCA’s two existing supervision divisions would be brought together and merged with the policy and competition functions.
Posted: 11/12/2020
YouGov and TrueLayer have identified five key trends currently impacting digital wealth management in their latest research. The joint study surveyed more than 1800 current users of online wealth management services and 1400 consumers who are considering investing.
Posted: 11/12/2020
Tradeteq is collaborating with Microsoft to automate the process of distributing trade finance assets through a new cloud infrastructure to make the process more scalable and efficient.
The collaboration enables the build-out of a market infrastructure which allows financial institutions to efficiently run trade finance distribution workflow processes while complying efficiently with data residency requirements.
Posted: 11/12/2020
The government has launched a programme to help international financial institutions in priority markets access British FinTechs.The Leading Edge Programme, delivered by the Department for International Trade (DIT), will first connect with banks in Singapore, Australia and the US.
Posted: 11/12/2020
Starling Bank has partnered with PayPal to add iZettle to its business marketplace. The mobile payments service will give Starling’s business customers in-depth transaction information including on sales, fees, tips, taxes and incoming deposits.
Posted: 10/12/2020
IT industry body Tech Nation has announced that Atom bank, Co-operative Bank, Nationwide Building Society, TSB and Virgin Money have put their names to the Fintech Pledge, which sets standards for the establishment of “efficient and transparent commercial partnerships” between financial institutions and FinTech firms. The Pledge was launched this September and was originally supported by Barclays, HSBC, Lloyds Banking Group, NatWest Group and Santander.
Posted: 10/12/2020
Nutmeg has launched widgets on its iOS app which will give customers control over how they organise their homescreen. There will be two widgets available, an investment performance widget to see time-weighted return and a blog widget to read the wealth manager’s latest blogs.
Posted: 10/12/2020
Money expert Martin Lewis has urged the government to regulate ‘buy now, pay later’ companies. At a virtual House of Commons Select Committee meeting, Lewis said that these schemes were “absolutely the fastest growing form of credit in the country.”
Posted: 10/12/2020
TransferWise is set to create 750 jobs in offices around the world over the next six months. A total of 175 new roles will be based in London, where the online money transfer business is headquartered.
Posted: 10/12/2020
The new savings and gaming app EverUp has chosen the payments as-a-service FinTech Modulr to power its payments infrastructure, including access to Faster Payments.The partnership means that EverUp says it will be able to offer its customers the “UK’s first digitally native, prize-linked money savings app”, when it launches in January next year.
Posted: 10/12/2020
Financial services operating system OpenFin has secured a strategic investment from SC Ventures, the FinTech investment arm of Standard Chartered. The unconfirmed capital investment amount will be used to “accelerate” new product development and brings OpenFin’s total funding to date to $50 million, with the likes of Bain Capital Ventures, Barclays, HSBC and JP Morgan having already invested in the company.
Posted: 10/12/2020
Regulators issued more than $10 billion in Anti-Money Laundering (AML) fines to financial institutions in 2020, up 26 per cent on 2019, according to research from Fenergo.The report reveals that 198 fines were issued to global financial institutions in 2020, for non-compliance with Anti-Money Laundering (AML), Know your Customer (KYC), data privacy and MiFID (Markets in Financial Instruments Directive) regulations in 2020.
Posted: 10/12/2020
Tesco Bank and MoneyGram have launched a new simplified pricing structure for international money transfers. The new scheme, exclusively available to Tesco stores, will enable customers to transfer money overseas from over 900 Tesco stores to over 200 countries.
Posted: 9/12/2020
Core banking platform provider Modularbank has completed a €4 million late seeding round led by Karma Ventures and BlackFin Capital Partners to enable UK and wider European expansion.There was additional support in the round from Plug and Play Ventures, Siena Capital and angel investor Ott Kaukver, who is the ex-CTO of Twilio and Skype.
Posted: 9/12/2020
Standard Chartered is partnering with Northern Trust to launch a cryptocurrency custodian service in the UK. The agreement between SC Ventures and asset servicing firm Northern Trust will launch Zodia Custody, an institutional-grade custody solution, as consumer adoption of crypto currency and digital assets rises.
Posted: 9/12/2020
Moneyhub has added Citibank to its Open Banking integration platform.Citibank’s tie up with Moneyhub, an Open Finance data, intelligence and payments platform is the banking group’s first Third Party Provider (TPP) integration.
Posted: 9/12/2020
Revolut has launched a new tool to help customers control their finances called Pockets. The feature enables customers to set aside money into different pots to ensure they have enough for regular payments such as rent, bills and subscriptions.
Posted: 9/12/2020
European neobroker BUX has announced an extension to its partnership with Yapily to France and Austria. French and Austrian BUX Zero users, along with German users who already have access, will now be able to fund their accounts in near real-time and build investment portfolios via the app.
Posted: 8/12/2020
Revolut has for the first time collaborated with an e-commerce platform, PrestaShop, to give sellers and their customers access to seamless online payments. The challenger bank, which has more than 13 million customers worldwide, will enable PrestaShop merchants to accept debit and credit card payments into a dedicated merchant account, get funds faster with next day settlement, access the most competitive foreign exchange rates, accept payments in 14 currencies straight into their account and access low rates and free transaction volume allowances.
Posted: 8/12/2020
Kid's pocket money app gohenry has completed a $40 million financing round led by US growth-equity firm Edison Partners with additional investment from Gaia Capital Partners, Citi Ventures and Muse Capital. gohenry has built a community of more than 1.2 million parents and children, with the company doubling its customer base annually over the past six years and being profitable since March 2020.
Posted: 8/12/2020
Societe Generale is to merge with its Crédit du Nord subsidiary, shutting 600 branches by 2025 in the process. The multinational investment bank said it intends to retain the same territorial footprint while reducing the number of branches, which the group said is possible because of the high geographic proximity of the two brands’ branches in many towns and cities.
Posted: 8/12/2020
Modulr, the payments as-a-service FinTech, has announced the alpha launch of its Payments Dashboard and also the roll-out of its accountancy industry Pathfinder programme. The Payments Dashboard is designed to deliver greater control, visibility and access to payments capabilities for accountants through accounting and payroll platform connections, multi-step approvals, granular access control and workflow management.
Posted: 7/12/2020
London Stock Exchange Group has appointed Financial Conduct Authority director Julia Hoggett as chief executive of the London Stock Exchange. She will start her new position in the new year and will report to Murray Roos, group director for capital markets at LSEG.
Posted: 7/12/2020
InsurTech Luko has raised €50 million in a Series B funding round led by EQT Ventures to help scale up the Paris-headquartered business. Existing investors Accel, Founders Fund, Speedinvest and Orange Ventures also participated in the round, alongside angels with insurance and technology backgrounds, including Assaf Wand, chief executive and co-founder of US unicorn Hippo Insurance.
Posted: 7/12/2020
Deutsche Bank and Google Cloud have finalised a strategic, multi-year partnership to accelerate the bank’s transition to the cloud and co-innovate new products and services.The collaboration on cloud-based services is the first partnership of its kind for the financial services industry, Deutsche Bank said in a statement. The companies are already exploring potential new lending products, a retail bank interface and enhancements to the Autobahn platform.
Posted: 7/12/2020
Mastercard and TransferGo are launching a partnership to enable international money transfers across 20 European countries.The collaboration will mean that customers can transfer funds from any payment card or bank account directly to a Mastercard debit or credit card.
Posted: 7/12/2020
British firms are losing control of their expenses during the pandemic and a virtual working environment, according to research from pay and spend automation platform Soldo. Over 72 per cent of British finance directors questioned told Soldo their teams are “unprepared to cope in a complete or partial virtual working environment”.
Posted: 4/12/2020
New research shows that millennials prefer Bitcoin to gold as a safe-haven asset. A global survey by deVere Group found that 67 per cent of 700+ millennial clients said they think Bitcoin competes better against gold as a safe-haven asset.
Posted: 4/12/2020
The Public Accounts Committee (PAC) has urged the Bank of England to investigate a “missing” £50 billion in sterling notes. The cross-party group of MPs said that while demand for sterling notes has increased, the Bank of England does not have a convincing reason for the growth.
Posted: 4/12/2020
Stripe, the financial services technology provider, has launched Stripe Treasury to give its platform users APIs to enable their customers to easily send, receive and store funds.Stripe Treasury is designed to streamline access to new financial services by merchants. It is a “leap forward” for Stripe’s platform partners, said the vendor, who can now “greatly extend” the level of support they provide to their users.
Posted: 4/12/2020
Amount, a technology provider for financial institutions, has secured an $81 million Series C investment led by Goldman Sachs Growth.This funding follows the company's Series B round earlier this year, and brings the total amount raised in 2020 to $140 million. Existing investors including August Capital, Invus Opportunities and Hanaco Ventures also participated in the round.
Posted: 3/12/2020
The vast majority (94 per cent) of bank executives say that payments have become a “technology arms race,” but 84 per cent of them say their legacy infrastructure is restricting them and making it “almost impossible”to innovate, according to research. Card issuing platform Marqeta commissioned research among 200 European banking executives at traditional and challenger banks in the UK, France, Germany, Italy and Spain, about the challenges they are facing when trying to respond to the greater need for payments innovation in the wake of the COVID-19 pandemic.
Posted: 3/12/2020
Starling Bank has added leading digital wealth manager Nutmeg to its marketplace to connect customer banking to investment accounts and pensions. The digital bank’s fast-growing marketplace uses APIs to connect customers to other financial services and apps.
Posted: 3/12/2020
There must be tighter integration of cross-sector data and wider participation to achieve successful Open Banking ecosystems, according to leaders across financial business.
Posted: 3/12/2020
Banks are not leading in the shift towards alternative payments and more cashless societies, according to experts in the FinTech sector. Speaking at FinTech Connect, senior players in the field discussed how alternative payments are becoming increasingly popular across the world, with each region championing a different technology or method.
Posted: 3/12/2020
A total of 422 individuals have been arrested and more than 4,031 money mules identified worldwide as part of a Europol-led crackdown on money laundering. Law enforcement authorities from 26 countries and Europol said the action, which was carried out between September and November 2020, was achieved with the support of the European Banking Federation (EBF), FinTech FinCrime Exchange, INTERPOL and Western Union.
Posted: 3/11/2020
NatWest is introducing a ‘virtual queue’ option across its branch network through a new partnership with software developer, Qudini. The system is currently being trialled across 178 branches and set to be rolled out wider in 2021.
Posted: 3/12/2020
Ziglu, the cryptocurrency app launched by Starling Bank co-founder and former CTO Mark Hipperson, has successfully closed its Seedrs crowdfunding campaign today, having raised over £6 million from over 1,250 investors. Ziglu said it aimed to raise £1 million when the crowdfunding was launched on 21 September, but it hit this target within three hours of the campaign opening. The average investment amount was £4,800.
Posted: 2/12/2020
The Bank of England has appointed Appvia to support the development of its new cloud environment. The two-year contract will see Appvia support development and project teams within the Bank in testing and deploying code in cloud environments to ensure the central bank’s cloud infrastructure is 'fit for purpose'.
Posted: 2/12/2020
A “lack of internal alignment” risks holding banks back from realising their Open Banking potential, according to YouGov research commissioned by Open Banking platform Tink.The survey covering 300 financial executives from 12 European countries, revealed notable differences in how the Open Banking opportunity is perceived throughout financial institutions, and diverging views on capabilities and skills across different parts of the business.
Posted: 2/11/2020
Revolut has launched a new app feature that will enable three million customers to access their salary a day early each month. The feature has been made possible by payment partner Modulr, one of the few non-banks to have direct access to the Bank of England, including for Bacs and the Faster Payments network.
Posted: 2/12/2020
Lloyds Banking Group has launched the world’s first go-live of SWIFT’s gpi Instant Connection, which enables consumers and businesses to track cross-border payments around the world. SWIFT, which offers interbank services for financial institutions, said that the gpi, which aims to set a new standard in global payments, will allow for sending and receiving of funds quickly and securely across the world with full transparency over where a payment is at any given moment in the transaction.
Posted: 2/12/2020
Just Eat has brought together its financial technology, operational and payment optimisation functions into a single FinTech department.
Posted: 1/12/2020
Facebook's Libra Association has announced that it will be changing its name to The Diem Association to represent “a new day for the project.” The association, which is responsible for overseeing the rollout of Facebook's Libra digital currency and payments systems, also said that it has recruited key executives to help achieve regulatory approval and progress toward launch of the project, which is reportedly due early next year, albeit in scaled back form.
Posted: 1/12/2020
Digital payments startup Pomelo Pay has secured £2.1 million in a seed funding round led by Force Over Mass. The funding will enable the hardware-free digital payment service provider to grow its offering and continue to help businesses to take digital payments “easily and immediately”, said Pomelo Pay.
Posted: 1/12/2020
Santander’s money transfer app PagoFX has made its first expansion outside of the UK to Belgium. The service, was first launched in the UK in April, will now enable Belgian residents with a debit card issued by any Belgian bank or financial entity to quickly send money abroad via their smartphones.
Posted: 1/12/2020
2020 has seen a marked decline in business optimism in the UK, with COVID-19 and Brexit creating concerns over international trade and supply chains, according to HSBC. Research by the banking group, which surveyed more than 10,000 business across 39 markets with 1,000 of those in the UK, focussed on business attitudes towards international trade in relation to external concerns.
Posted: 1/12/2020
Revolut has today launched its services an online web app, allowing customers to access their accounts from a browser on desktop or laptops. The app-based challenger bank said that the move would provide more than 13 million customers in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, Japan and the United States with an overview of their account, transaction data and cards in addition to the smartphone app.
Posted: 1/12/2020
The use of flexible payment services like ‘Buy Now, Pay later’ on Black Friday have more than doubled this year. Research by payment service provider Mollie found ‘Buy now, pay later’ services jumped from 1 per cent of all payments, to 2.5 per cent.
Posted: 30/11/2020
MPs have called for the government and the Competition and Markets Authority (CMA) to re-examine the break-up and demerger of major banks to drive competition. A report by the All-Party Parliamentary Group (APPG) on Challenger Banks and Building Societies
Posted: 30/11/2020
Primer, a payment consolidation and checkout API technology provider, has raised £14 million Series A funding in a round led by Accel. Existing investors Balderton, SpeedInvest and Seedcamp participated in the funding round and were also joined by RTP Global.
Posted: 30/11/2020
Alternative investment platform Mintos has received a record €7.2 million in an international crowdfunding campaign on Crowdcube. The campaign attracted more than 7000 investors from 90 countries, which according to the Crowdcube platform is the largest amount ever raised in continental Europe.
Posted: 30/11/2020
ABN Amro will cut around 2800 jobs as part of its aim to achieve €700 million in cost savings by 2024. The 15 per cent reduction in staff will take place “mostly from 2022 onwards.”
Posted: 30/11/2020
Lloyds Banking Group has revealed that HSBC executive Charlie Nunn is to succeed Antonio Horta-Osorio as group chief executive in 2021.The banking group said Nunn, 49, who is currently head of wealth and personal banking at HSBC, will take up the reins from Horta-Osorio, who is stepping down at an unconfirmed date next year after ten years at the helm of the UK’s largest lender.
Posted: 30/11/2020
The Coronavirus crisis has accelerated an existing trend for digital transformation within financial services, with those companies further ahead with these changes appearing to be faring better in the market. While incumbent institutions may have the benefits of scale and customer base, digitally native challengers have been recently reaping the rewards of being able to push out new products and services in response to customer demand.
Posted: 27/11/2020
The current downturn is having a devastating and potentially fatal impact on SMEs. Higher regulatory burden and a perception that SMEs are more resource intensive seem to be at the heart of this issue which presents a huge problem for legitimate firms, disrupting their business continuity and growth.
Posted: 27/11/2020
Facebook’s Libra stablecoin cryptocurrency is set to launch as early as January, according to the Financial Times, who cited three unidentified people involved in the launch. Since the project’s announcement in 2019, it has sparked regulatory and political backlash from governments and central banks, and as a result the official launch of the stablecoin will represent an even more scaled back version of the project’s wider ambitions for payments, which were already watered down earlier this year.
Posted: 27/11/2020
Trusted payment service provider Paynetics is one of the first European FinTechs to join the Mastercard Accelerate programme to support its growth plans. The regulated e-money institution will now get better access to Mastercard’s proprietary technology, cyber security services, expert support in identifying and reaching new business verticals and the chance to collaborate with Mastercard in the development of new products and services.
Posted: 27/11/2020
The FCA has announced the launch of a new data collection platform, RegData. The regulator said that RegData, which will replace Gabriel as the FCA’s data collection platform is informed by user feedback, is faster, easier to use and built with flexible technology, making it possible to fix issues quicker and to make ongoing improvements to user experience.
Posted: 27/11/2020
The Central Bank of Iceland (CBI) has gone live with a new real-time gross settlement system (RTGS) and instant payment platform from infrastructure provider SIA. CBI says it can now rely on a more strategic and modern infrastructure for its high and low-value payment systems, also enabling closer cooperation with other central banks.
Posted: 27/11/2020
Saving and investing app Moneybox has appointed Karen Kerrigan as its first chief operating officer, effective from 30 November. Moneybox says it has grown to a community of 500,000 customers since its launch in 2016, holding over £1 billion in assets and employing a team of 170 people. Kerrigan has been brought in to help support this growth, said the firm.
Posted: 26/11/2020
Worldline and Nets have become shareholders of the European Payments Initiative (EPI) Interim Company, the first non-banks to join the effort that seeks to take on the likes of Mastercard and Visa. In July 2020, a group of 16 major European banks from five countries - Belgium, France, Germany, the Netherlands and Spain - paved the way for the future launch of the European Payments Initiative, by announcing the creation of the EPI Interim Company in Brussels.
Posted: 26/11/2020
Banking systems provider Pannovate is working with Pay by Dodo to provide an ethical digital banking platform for the East African country of Mauritius, through the United Nations and the Central Bank of Mauritius. The project has been driven by the regional office for Eastern Africa of the United Nations Office on Drugs and Crime (UNODC) and the Mauritius government.
Posted: 26/11/2020
The Libra Association, which manages Facebook’s digital currency project, has appointed Saumya Bhavsar as general counsel of Libra Networks. Libra Networks, a wholly owned subsidiary of the Libra Association, which was established to oversee the rollout of Facebook’s Libra stablecoin digital currency and payments system and the Novi digital wallet system.
Posted: 26/11/2020
Banks partnering with FinTech companies to offer a wider range of services is likely to become a significant trend in future, according Microsoft’s financial services industry manager. “There will be an integration process, with the bank sitting in the middle and instead of trying to push old product, it will help bring customer data from third parties to make better decisions,” said Marcus Martinez, financial services industry manager, EMEA, Microsoft UK, speaking at the virtual Branch Transformation conference.
Posted: 25/11/2020
Customers are now expecting their digital services and products to improve, meaning banks have no choice but to 'get it right', according to HSBC Kinetic’s head of risk. A drive towards digital banking services triggered by the pandemic has exposed more customers to ways in which the digital economy works, said Vinita Ramtri, head of risk at HSBC Kinetic UK, at the Branch Transformation conference.
Posted: 25/11/2020
New technologies, evolving customer behaviour and market dynamics have challenged banks’ central role in the payments ecosystem over the last decade, according to a study from the Euro Banking Association (EBA) and McKinsey & Company. The white paper on the future role of banks in payments, also shows that that payments and account services continue to be at the core of banks’ value proposition, despite a mounting challenge from payments disruptors offering a range of merchant and consumer services.
Posted: 25/11/2020
One in ten FinTech firms have said 'simply survival' is their key business goal for the next year, as the industry continues to the reel from the impact of the Coronavirus crisis.Research from FinTech Connect, the UK trade show among 144 FinTech professionals also showed that 40 per cent of firms had “accelerated” their digital transformation model in response to COVID-19.
Posted: 25/11/2020
Three times as many SMEs have been “satisfied” than “dissatisfied” with the COVID-19 support available from their bank or building society, according to YouGov research commissioned by the Current Account Switch Service (CASS). Overall, four-in-ten SMEs (38 per cent) were satisfied with the support they received from their business current account provider since the pandemic began.
Posted: 24/11/2020
The Coalition for a Digital Economy (Coadec) has advised that the UK government and regulators take a new approach to Open Finance. Coadec has published a report that calls for regulators to “end their overly-standardised” process and instead take an “Australia-style, market-led” approach to Open Finance.
Posted: 24/11/2020
Cynergy Bank is partnering with Google Cloud and Wipro to deliver a new ‘human and digital’ banking model. The new model aims to transform banking for customers who “value a seamless blend of a face-to-face relationship that is enabled by the latest digital technology.”
Posted: 24/11/2020
Video technology has been a vital component in Nationwide’s reorganisation efforts during the pandemic, according to the building society’s director of change and continuous improvement.The UK’s largest building society was already piloting video tech before COVID-19, but found it had to move from a small pilot of only 10 financial planning managers and scale it out across the company so customers could continue to interact with mortgage consultants and financial managers remotely.
Posted: 24/11/2020
NatWest is trialling an Open Banking app to help to help renters living in a house share split bills and build their credit files. The Housemate app, which is currently in a pilot phase, is set to be rolled out more widely in 2021.
Posted: 24/11/2020
Financial services firms accelerated their digital transformation plans in a "matter of weeks" in a bid to keep customers online during the pandemic, according to new research. Adobe commissioned research from YouGov among 1,100 senior decision-makers at across UK industries including financial services across the UK about their COVID-19 response, and also research among 2,000 UK consumers to reflect on how effectively firms adapted to the challenges of this year.
Posted: 24/11/2020
Visa and Conferma Pay, a provider of virtual payments technology, have announced a strategic partnership to launch Visa Commercial Pay - a suite of streamlined B2B payment solutions. Virtual commercial cards have never been more necessary, say the partners. With remote workers currently turning to personal cards to pay for corporate expenses, buyers and suppliers need more efficient ways to pay and get paid, and businesses need immediate visibility into their company spend to improve cash flow and mitigate risk efficiently.
Posted: 23/11/2020
10x Future Technologies, the FinTech led by former Barclays CEO Antony Jenkins, has poached senior industry figures to support the company's expansion. The firm has appointed Dr Leda Glyptis, a founding CEO of 11:FS Foundry as chief client officer, while Mark Holt, former chief technology officer (CTO) of Trainline joins as chief product and engineering officer.
Posted: 23/11/2020
Growing money transfer startup TransferGo has received £4 million in financing from the UK branch of Silicon Valley Bank (SVB). The new pre-Series C funding will enable TransferGo to further develop and expand its real-time payments platform for consumers, SMEs and enterprise clients, the partners said. The company is already a specialist in helping migrants globally that want to send money home “quickly, securely and affordably”.
Posted: 23/11/2020
Nearly half (48 per cent) of the UK’s microbusinesses have said they would have ceased trading as a result of the pandemic without adopting digital technology, according to a new report from Lloyds Bank. A study of 2000 UK businesses with fewer than 10 employees for Lloyds Bank and Be the Business 2020 found that with another lockdown ongoing in England, and restrictions across many nations, many small businesses are facing continued struggles, but it is clear that technology is helping businesses navigate the crisis.
Posted: 23/11/2020
Starling Bank is set to become the first digital banking challenger to break-even, with the bank expecting to be profitable on a monthly basis going forward, according to its latest results. The app-based bank has today published a trading update for the three months ended 31 October, which shows it has nearly 1.8 million accounts, around £4 billion in deposits and around £1.5 billion of customer lending.
Posted: 20/11/2020
To provide increased support for its FinTech ecosystem Visa has unveiled new components of its Fast Track programme. As part of the offering there is a Partner Toolkit to help FinTechs “accelerate growth” and better serve their customers.
Posted: 20/11/2020
Google Pay has announced that next year it will launch Plex, a new mobile-first bank account which will be integrated into the app. From 2021, 11 US banks and credit unions, including minority-owned depository banks, will start offering Plex accounts on Google Pay.
Posted: 20/11/2020
Challenger bank Atom has joined forces with Codat to simplify its business lending process. The partnership will see Codat provide its universal API for small business financial data, which will enable Atom to directly integrate with business customers' accounting platforms, removing the need for manual submissions.
Posted: 20/11/2020
Financial services leaders are aiming to become leaders in automation to ensure customer loyalty during and after the pandemic. CRM giant Salesforce questioned 2,800 global leaders in insurance, retail banking and wealth management across Australia, Brazil, Canada, France, Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, the Nordics, Spain and the UK, for its Trends in Financial Services report.
Posted: 19/11/2020
Nationwide has joined forces with global compliance provider Accuity to start accepting cross-border transactions via Visa Direct. Customers can send Visa Direct payments to Nationwide accounts in real-time, “creating a frictionless user experience”, said the partners.
Posted: 19/11/2020
ClearBank, the cloud-based clearing bank, has been selected by cryptocurrency exchange and custodian Gemini as its UK banking services provider. Through a single API integration, ClearBank will provide Gemini with secure infrastructure including dedicated account numbers and sort codes, as well as direct access to payment rails, such as Faster Payments and CHAPS.
Posted: 19/11/2020
Uber has entered a partnership with Marqeta to streamline payment experiences for its apps. The global modern card issuing platform will assist Uber in providing one central payment experience across multiple modes of transit and help the ridesharing and delivery service create new efficiencies in its Eats product.
Posted: 19/11/2020
NatWest has integrated with global small business platform Xero to make funding more accessible for small and medium sized (SME) businesses. Under the terms of the integration, users will be able to access a NatWest lending service directly from the Xero platform.
Posted: 19/11/2020
Every employee in financial services is able to access nearly 11 million files, according to the 2021 Financial Data Risk Report from data security firm Varonis, leaving a huge data leak landscape for the industry to contend with. The new report delves into the state of data security across on-premise, cloud and hybrid environments in the banking, insurance and investment sectors.
Posted: 18/11/2020
UK digital wealth manager Nutmeg has partnered with JP Morgan Asset Management (JPMAM) to launch a range of five risk-rated portfolios that meet ESG requirements.The new Smart Alpha portfolio range offers customers access to JPMAM’s market insights and research expertise and bring active security selection to the Nutmeg investment range.
Posted: 18/11/2020
Visa has partnered with Codat as part of the launch of its European FinTech Partner Connect programme.The new initiative, which was announced earlier this month, will provide financial institutions and merchants in Europe with new digital payments experiences.
Posted: 18/11/2020
Banco Santander has bought the merchant technology assets of Wirecard as part of an expansion of Getnet, its merchant payment business.The 500 Wirecard employees currently managing the tech part of the business are to join Santander and will remain in their locations as part of its global merchant services team.
Posted: 18/11/2020
Money management app Plum has entered the Republic of Ireland market to help customers tailor their spending and saving. More than half (51 per cent) of people in Ireland saved money regularly in the last 12 months, but 47 per cent felt they weren’t saving as much as they would like to.
Posted: 18/11/2020
A record proportion of UK debit card payments in August were contactless, according to industry body UK Finance, accounting for 62 per cent of all debit card transactions. The total number of contactless credit and debit card transactions rose by 7 per cent compared to July, as lockdown restrictions continued to ease and consumers took advantage of the higher £45 contactless spending limit.
Posted: 17/11/2020
HSBC UK has launched a campaign to spread awareness about the risks of Black Friday scams on consumers. According to the global banking group, the dangers of falling victim to a purchase scam on Black Friday is growing year-on-year.
Posted: 17/11/2020
Revolut has expanded its Open Banking service to users in Germany. As a result of the rollout, German customers can now view all of their finances in one place from their smartphones.
Posted: 17/11/2020
Mastercard's proposed $1bn acquisition of Finicity has been approved by the US Department of Justice after a review. The addition of Finicity’s data analytics technology and teams is aimed at strengthening Mastercard's Open Banking platform.
Posted: 17/11/2020
Despite the global insurance sector investing nearly $28 billion on customer experience, less than half of consumers (49 per cent) feel their insurance provider will be responsive to their basic needs, according to research. EIS, a digital platform provider for insurers, commissioned research among almost 1,100 consumers who own insurance policies in the US, the UK, France and Germany to gauge customer experience expectations.
Posted: 17/11/2020
Santander UK has announced that Paul Horlock will become chief payments officer in the new year. Horlock, who is currently chief executive of payments industry body Pay.UK, will be responsible for creating a single UK payments team in his new role. He will also work alongside the European region as part of One Santander.
Posted: 17/11/2020
BNP Paribas Asset Management (BNPP AM) has launched an Investment Insights Service for Amazon Alexa-enabled devices. The service, developed by the asset management subsidiary of the banking group, delivers intuitive interaction with Alexa enabled devices to access voice-activated market commentary and thought leadership. It aims to improve and automate the investment process and client communications.
Posted: 16/11/2020
PwC has spun out its proprietary financial data capture technology business to create new company LIKEZERO. The professional services giant has spun the company out as part of a management buy-out backed by Souter Investments, a private equity focussed family investment office and Manfield Partners Limited.
Posted: 16/11/2020
Banking-as-a-Service provider Griffin has raised £6.5 million in a funding round led by EQT Ventures. The new round follows the London company's previous £3 million seed round announced earlier this year.
Posted: 16/11/2020
Revolut Business users in the UK will be able to accept card payments online directly into their account from today. The digital challenger said that the move would mean its Business account users can access their funds quickly and comes as the European payments platform market heats up, with banking FinTechs looking to compete with the likes of PayPal and Klarna.
Posted: 16/11/2020
The 2020 Payments Awards took place yesterday evening, in a virtual ceremony for the first time due to COVID social distancing restrictions. Among the winners, HSBC bagged the award for best use of biometrics, Coinbase picked up the best contactless payments project, while Pannovate won the best online payments solution for the consumer market.
Posted: 13/11/2020
Consulting firm Centelli is implementing robotic process automation (RPA) at Hampshire Trust Bank (HTB) to speed data processing and achieve faster decision making on customer transactions. According to Grand View Research, the global RPA market size across all industries was valued at $1.4 billion in 2019, and is projected to achieve a compound annual growth rate (CAGR) of 40.6 per cent from 2020 to 2027.
Posted: 13/11/2020
Citi has made a strategic investment in Dextcloud, a UK API low code application platform (LCAP) startup.Citi’s support is a continuation of the firm’s strategic investments in low code technology providers that support its digitisation of manual-intensive tasks across the firm.
Posted: 13/11/2020
Standard Chartered Bank has struck a five-year strategic global agreement with Amazon Web Services (AWS) to run its banking systems and customer facing applications in the cloud. Standard Chartered said it was collaborating with AWS to drive its digital transformation and deliver new personalised banking services in the bank’s 60 markets worldwide.
Posted: 13/11/2020
Massive changes are required within the financial sector as digital transformation proceeds. As a global leading ICT company, Huawei has introduced the contactless digital Loan One Box solution, hoping to meet the needs amid the changes. It is also an important initiative in driving financial inclusiveness, which is of paramount importance in such difficult times. The COVID-19 pandemic has changed all walks of life. People are looking for numerous ways to keep themselves away from potential health hazards while maintaining their lifestyles with minimal disruption.
Posted: 12/11/2020
Banks admit they are trailing in digital maturity, according to a report from financial technology provider Infosys Finacle and industry association Efma. More than 750 banks and financial services companies from across the world contributed to the Innovation in Retail Banking report.
Posted: 12/11/2020
Tribe Payments has launched Open Banking APIs in partnership with Open Banking Europe. The move makes Tribe Payments the first issuer-processor to allow its banking and FinTech clients to access the data sharing of Open Banking without developing their own Application Programming Interfaces (APIs).
Posted: 12/11/2020
InsurTech INSTANDA has launched an online integration marketplace, which will open up more than 200 platforms providing technology solutions for insurers.The company, which has build and an end to end digital platform for the insurance industry, said the marketplace will enable insurers to pick and choose pre-integrated technology solutions.
Posted: 12/11/2020
Barclaycard Germany has signed a deal with Amazon to offer financing for purchases made through Amazon.de above €100. Amazon customers can choose to pay for their purchases in instalments during the checkout process. By setting up the credit line provided through Barclaycard Germany, once in place, customers can set up instalment payments on their future purchases without needing to go through further “know your customer” ID checks.
Posted: 12/11/2020
Google Cloud and digital banking solutions firm Avaloq have sealed a new strategic partnership to help financial services organisations with their digital transformation, using the cloud and the Avaloq Banking Suite and other platforms. Customers will obtain the benefits of high levels of security and performance, along with improved scalability, said the partners. With Google Cloud’s expanding global presence, as well as Avaloq’s Sensitive Data Segregation services, they say they will enable customers to store their data “close to home”, helping banks adhere to local data residency requirements.
Posted: 11/11/2020
Tymit, the mobile-enabled instalment credit card, is speeding the way its customers can make payments by partnering with FinTech Modulr, the payments-as-a-service API platform.
Modulr and its payments platform became one of the few non-banks to gain direct access to the Bank of England last year to deliver Bacs and Faster Payments services.
Posted: 11/11/20
Travel marketplace Skyscanner has partnered with InsurTech Cover Genius to offer a new travel insurance package that addresses potential pandemic woes. The package will initially be available to travellers as part of a phased roll-out in Europe, before becoming available in up to 50 countries worldwide. It includes a combination of medical, trip cancellation and airline insolvency cover, covering disruption and sickness caused by COVID-19.
Posted: 11/11/2020
Visa has launched FinTech Partner Connect, a new initiative that will provide financial institutions and merchants in Europe with new digital payments experiences. The rollout of the programme across Europe will make the capabilities of Visa’s FinTech partners available to the company’s clients.
Posted: 11/11/2020
Hargreaves Lansdown, the savings and investment platform, has partnered Currencies Direct for foreign exchange and international payment services for its 1.3 million clients.
Posted: 10/11/2020
The Open Banking Implementation Entity (OBIE) has launched a consultation on variable recurring payments rules. The organisation, which was established in 2016 by the Competition and Markets Authority (CMA) to implement the infrastructure and Application Programming Interfaces (APIs) necessary for the roll out of Open Banking.
Posted: 10/11/2020
Analyst Forrester has reported on the global funding trends in FinTech and InsurTech startups, and it's not getting any easier for these industries. On the FinTech side, during the third quarter funding “remained tepid”, said Forrester, and went disproportionately to a few sub-categories. It said about 52 per cent of Q3 funding was invested in just 10 companies.
Posted: 9/11/2020
Scottish cryptocurrency platform Zumo has made four hires into key roles as it expands its team following a £1.6 million fundraise. The Edinburgh-based company, which launches its cryptocurrency wallet and payments platform in 2018, has made the four hires as part of a seven-person expansion, taking total staff numbers to 24, with recruiting still open for another five roles.
Posted: 09/11/2020
Goldman Sachs is extending its partnership with AccessFintech with the launch of a derivatives cash payments affirmation service. AccessFintech, which provides financial operating data workflow and collaboration models is working with the investment giant to develop the cross-industry service.
Posted: 09/11/2020
Zurich UK has set out to future-proof its 3,000-strong workforce, with a job analysis study to make sure it can fill the job roles of the future. This research showed that 270 jobs could go unfilled in the next five years if the workforce is not re-skilled.
Posted: 06/11/20
Mintos, the alternative investment platform for investing in loans in Europe, is launching its first crowdfunding campaign. The round is set to commence in the second part of November and will be done through Crowdcube. Mintos said the campaign was part of a larger fundraising round planned with venture capital firms, and sought to “give back to the community” by offering a limited amount of shares in the company.
Posted: 06/11/2020
In a final report, the Competition and Markets Authority (CMA) has ordered FNZ to sell GBST after finding their completed £220 million merger could lead to a “reduction in the quality of service and higher prices”. The CMA came to its provisional decision in August and has now confirmed it.
Posted: 06/11/20
Two innovations to help companies tackle financial crime are the latest results to come out of the Information Commissioner's Office (ICO) regulatory sandbox. Onfido has worked in the ICO sandbox to identify and mitigate bias present in the biometric identity verification technology it designed to enable its clients to prove their customers are who they claim to be.
Posted: 05/11/2020
A group of 10 Spanish companies are working together to develop a self-managed digital identity model for customers using blockchain technology. The Dalion project includes Banco Santander, Bankia, BME, CaixaBank, Inetum, Liberbank, Línea Directa Aseguradora, Mapfre, Naturgy and Repsol, along with the Alastria blockchain consortium.
Posted: 05/11/20
Lloyds Banking Group plans to cut a further 1,070 jobs, despite recently reporting better than expected profits. A statement explained that the job losses were part of restructuring plans meant to simplify the business, noting that it is also creating around 340 roles – although there is no guarantee that they will be filled by staff affected by the cuts.
Posted: 05/11/20
Insurance broker Policywise has selected InsurTech ThingCo to support a mass market telematics solution. Policywise will be offering customers ThingCo’s solar powered, artificial intelligence, voice-enabled Theo device.
Posted: 04/11/20
Clarity AI announced has closed a $15 million funding round led by Deutsche Börse and co-investor Mundi Ventures. The investment will drive the company’s sustainable expansion plans, including scaling-up investment in proprietary technology and artificial intelligence capabilities, as well as integrating with the financial services platforms.
Posted: 05/11/20
Intervention from the Chinese government has blocked what was shaping up to be the largest Initial Public Offering (IPO) in history. Ant Group was due to launch the £34.4 billion IPO on the Shanghai and Hong Kong stock exchanges tomorrow, but Chinese authorities summoned key executives to a meeting in which they were told the group's online lending business would face much more scrutiny.
Posted: 04/11/20
Payment processing firm Nuapay has found that UK consumers are still worried about using their payment cards when shopping online, with 12 per cent of them having had a payment made from their debit or credit card without their permission in the last six months alone. Of the 2,000-plus consumers questioned during the commissioned research, 58 per cent said security - including ensuring the transaction and payment information aren’t compromised - is their biggest concern when making a payment online.
Posted: 04/11/20
The Coronavirus crisis has changed the banking industry, fast-tracking the development of digital channels, according to Deloitte. The consultancy firm’s fourth Digital Banking Maturity 2020 report - which claims to be largest global benchmarking of digital retail banking channels - found that 60 per cent of banks have closed or shortened opening hours of branches – but many have also implemented new digital features.
Posted: 04/11/20
The Financial Conduct Authority (FCA) has announced changes to limit the risk of disruption to Open Banking services after Brexit. The changes will permit UK-based third-party providers (TPPs) to use an alternative to eIDAS certificates to access customer account information from account providers, or initiate payments, once the UK leaves the EU on 31 December.
Posted: 03/11/20
NatWest’s digital business banking account Mettle is launching Apple Pay for its customers. Announcing the move, Mettle said the integration would enable a safer, more secure and private way to pay for its business banking customer.
Posted: 03/11/2020
TSB is partnering Wealthify to make the digital investment firm’s savings platform directly available to its five million banking customers.The challenger bank said it had struck the partnership in response to changing consumer behaviour during the COVID-19 pandemic, with two in five (40 per cent) of people prioritising managing their money more during lockdown.
Posted: 03/11/2020
Estonia-headquartered LHV Group is applying for a new banking licence in the UK, to separate its LHV Pank business activities in Estonia from those it already has in the UK.The new bank will be established as a 100 per cent subsidiary of the group and will be headquartered in London, with “substantial growth” targeted for the coming years, said LHV.
Posted: 03/11/2020
Almost two thirds (63 per cent) of potential customers have abandoned their applications for financial services due to a lengthy and complicated onboarding process, according to new research. A survey of 4000 banking and financial services customers in the UK and Belgium, Germany, Sweden, Norway, Finland and the Netherlands for digital identity company Signicat found that financial services firms have seen the worst abandonment rates during the COVID-19 pandemic since the annual survey started in 2016.
Posted: 03/11/2020
Ziglu, the FCA-authorised electronic money institution (EMI), has appointed James Sullivan as its chief legal officer. He joins Ziglu, a crypto trading challenger, from Monzo where he was head of legal and acting company secretary. At Ziglu Sullivan's responsibilities will include growing the team and supporting and protecting the business as it continues its product growth and international expansion.
Posted: 03/11/2020
The UK is more willing than ever to go digital with their payments, as traditional methods begin to get left behind, according to new research. Samsung Pay commissioned a national survey into 2,000 Brits’ relationships with their finances and payment solutions, showing that almost half (46 per cent) of them claimed they are more willing to pay digitally following the original lockdown period.
Posted: 02/11/20
Global payments firm Sokin has sealed a new partnership with Mastercard as it prepares for the roll-out of its UK and European fixed-price subscription service. The partnership is founded on Sokin delivering its instant payment services with Mastercard’s digital banking solutions and card services.
Posted: 02/11/20
Mode Group has consolidated its position by completing a buy-out of the 45 per cent minority interest in its payment subsidiary JGOO from Pure NZ Gateway. As part of its Mode for Business offering, JGOO operates a payment processing, marketing and advertising business for UK merchants aiming to access overseas markets such as China.
Posted: 02/11/20
The Investing and Saving Alliance (TISA) has been awarded a £340,000 grant from Innovate UK to help accelerate the development of its Digital ID scheme, which will create a single, reusable, secure online identification for individuals. Specifically, the grant will be used to develop and test consumer proofs of concept and the proposed technical approach.
Posted: 02/11/20
Synechron has unveiled a new accelerator programme which consists of five real-world solutions that meet growing demands and pain points of the institutional investment management industry. This is the eighth such initiative that the consultancy firm has launched in the last five years, with this one aimed at solving current challenges including shrinking margins, the need to create operational efficiencies, addressing risk management issues and meeting the growing demand for personalised investment services.
Posted: 30/10/20
Mastercard has launched Cyber Secure, an artificial intelligence-powered suite of tools that allows banks to assess cyber risk across their ecosystem and prevent potential breaches. This is aimed at helping banks identify and prioritise threats and vulnerabilities throughout their cyber environment.
Posted: 30/10/20
Moorwand has been selected by deVere Group to provide issuing services and BIN sponsorship for Vault, its multi-currency Mastercard, across 14 different European markets. The mobile app and card is designed to meet the financial needs of international investors and expatriates.
Posted: 29/10/20
As the global banking industry goes increasingly digital, the shift to mobile is helping bring millions of people into financial services for the first time. Particularly in emerging economies, those that were previously ‘unbanked’ are getting access to accounts which are a significant driver to social mobility and business growth.
Posted: 30/10/20
JPMorgan has made a strategic investment in payment and consultancy provider Icon Solutions. The company specialises in mission critical transaction banking solutions and has also built IPF, a cloud native payments platform that combines open source technology with light-weight integration.
Posted: 29/10/20
The priority of FinTech regulation and the pace of regulatory innovation have increased rapidly amid the global pandemic, according to new research from the World Bank and the Cambridge Centre for Alternative Finance (CCAF) at Cambridge Judge Business School. Supported by the UK Foreign, Commonwealth and Development Office (FCDO), the study gathered responses from 118 central banks and other financial regulatory authorities in 114 jurisdictions worldwide, highlighting that the majority of respondent regulators have either accelerated existing regulatory innovation initiatives or introduced new initiatives.
Posted: 29/10/20
Starling Bank had the largest net account switching gain in the second quarter of 2020, followed by fellow digital challenger Monzo. Nationwide, NatWest and Triodos Bank rounded out the top five, as reported by the Current Account Switch Service, although participant data is collected three months in arrears.
Posted: 29/10/20
Barclays is launching a 12-week virtual accelerator programme designed to help early-stage tech businesses, founded by one or more Black entrepreneurs, in order to boost diversity in entrepreneurship. The accelerator, in partnership with social enterprise organisation Foundervine, includes a series of masterclasses focused on a number of core business skills, including product development, sales strategy, operations and leadership.
Posted: 29/10/20
Wipro has signed a definitive agreement to acquire Encore Theme Technologies, a specialist cloud and software-as-a-service (SaaS) provider. The Chennai, India-based firm has focused exclusively on implementing trade finance solutions, developed by Finastra, to financial institutions across the Middle East, Africa, India and Asia Pacific.
Posted: 28/10/20
Societe Generale’s digital capital markets platform Forge has selected ConsenSys to provide technology and services as part of its ongoing Central Bank Digital Currency (CBDC) pilot activities. As part of this partnership, Societe Generale Forge will continue to build upon its recent achievements, such as the issuance of a €100 million covered bond on blockchain in 2019, and the issuance of a €40 million bond that was settled with a CBDC in 2020, via a joint project with the Banque de France.
Posted: 28/10/20
With an increasing number of banking customers coming to rely on apps, apps from leading UK retail banks are posing significant technical and customer service problems for consumers, going by the app reviews they leave after installing them. A study of over 50,000 UK banking app reviews for digital services provider Mobiquity covered customers of banks including Barclays, Metro Bank, RBS, Revolut, Lloyds and HSBC UK.
Posted: 28/10/20
The Pensions Dashboard Programme (PDP) is entering the next stage of the process to build the technology which will enable individuals to view their pensions via their chosen dashboard. Set up by the Money and Pensions Service (MaPS), it has responsibility for designing and implementing the ecosystem which will make the system work.
Posted: 28/10/20
New research has suggested that UK businesses are caught between the need to reduce operational costs in harsh economic conditions, while continuing to meet rising customer expectations. Commissioned by Modulr and carried out by research agency LoudHouse and thinktank TechPros, the study spoke to 200 payments decision-makers in employment and payroll services, traditional and digital banking and lending across the UK.
Posted: 27/10/20
UBS has launched UBS Next, a $200 million portfolio targeting investments in the FinTech and broader tech ecosystem. The bank stated that it is driving both internal initiatives, as well as existing strategic partnerships and external collaborations with technology companies, startups, regulators, peer banks, academia and industry thought leaders.
Posted: 27/10/20
Ant Group is set to raise up to $34.4 billion in what will be the largest stock market debut to date. The dual listing in both Shanghai and Hong Kong, would value Ant at around $312 billion, with options for a 15 per cent overallotment of shares.
Posted: 27/10/20
Nearly three quarters (72 per cent) of chief financial officers (CFOs) and vice presidents of finance consider cloud-based applications as a top priority following the ‘wake-up call’ of the pandemic. A survey of more than 1,000 finance leaders worldwide by consulting firm Protiviti found that many had realised the importance of investing in digital capabilities following the start of the COVID-19 outbreak.
Posted: 26/10/20
Only three per cent of traditional bank executives think their company has taken the necessary measures to protect their businesses against digital disruption, while 71 per cent were doubtful around their ability to respond to digital disruption. This is according to a survey carried out by Arizent on behalf of FICO, which found that just four per cent were extremely confident that they could offer the level of personalised, data-driven services consumers receive elsewhere.
Posted: 26/10/20
PrimaryBid has closed a $50 million Series B funding round, with investment from the London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures and ABN AMRO Ventures. The money will be used to expand the team and technology platform as the company deepens its links with key intermediaries and expands into international markets.
Posted: 26/10/20
Bitstamp has appointed Julian Sawyer as its new chief executive. He becomes only the cryptocurrency exchange’s second CEO, as co-founder and former boss Nejc Kodrič moves into a new role as a board member.
Posted: 23/10/20
New research has revealed that 86 per cent of financial institutions are implementing or assessing services built on a decentralised framework. BCG Platinion - part of Boston Consulting Group - and Crypto.com commissioned interviews with 411 decision-makers with familiarity over decentralised finance, finding that 31 per cent are planning enterprise-wide blockchain rollout or have deployed use cases.
Posted: 23/10/20
The COVID-19 pandemic has not proven as destructive to banking as it has to retail or travel – at least not yet. This is according to the latest predictions from Forrester, which stated that the crisis has put the deficiencies of many banks in stark relief, and the fallout will continue into 2021.
Posted: 23/10/20
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have fined Goldman Sachs International (GSI) £96.6 million for risk management failures connected to 1Malaysia Development Berhad (1MDB) and its role in three fund raising transactions for 1MDB. The FCA and PRA fines are part of a $2.9 billion, globally coordinated resolution reached with The Goldman Sachs Group (GSG) and its subsidiaries.
Posted: 22/10/20
Which? is calling for the government to legislate to protect people from losing money to bank transfer fraud, a crime that has cost consumers £200 million in the first half of 2020 alone. In its response to the Treasury’s review of the payments landscape, the consumer organisation outlined how changes to legislation could allow regulators to require all banks to follow a statutory code offering strong protections for scam victims.
Posted: 22/10/20
Ant Group, the parent company of Chinese digital payments giant Alipay, is launching a digital copyright services platform powered by blockchain and artificial intelligence technology. The platform will use AntChain, the company’s proprietary blockchain technology, to simplify the process of verifying and protecting copyright on original creations
and solutions.
Posted: 22/10/20
Scalable Capital has notified its customers of a data breach earlier this week. A message sent to users explained that personal data was breached by unlawful access on Monday – with all “necessary security measures” taken and relevant supervisory authorities informed.
Posted: 22/10/20
Family money app gohenry has released a new teen account and card for customers aged 13 to 18. The account builds on the existing app, becoming an option when users move into the age bracket.
Posted: 22/10/20
Silverflow has secured a €2.6 million seed funding round, led by Crane Venture Partners, with participation from INKEF Capital and angel investors Pay.On, First Data, Booking.com and Adyen. With this round, the payment technology company has now raised €3 million in total funding.
Posted: 22/10/20
PayPal has announced the launch of a new service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account. The US payments giant also signalled its plans to significantly increase cryptocurrency's utility by making it available as a funding source for purchases at its 26 million merchants worldwide.
Posted: 21/10/20
More than half (55 per cent) of professionals from the finance, technology and consultancy sectors believe that COVID-19 has encouraged them to prioritise digital transformation initiatives.  A survey of 139 such professionals by the Banking Industry Architecture Network (BIAN), the non-profit organisation that promotes and provides a common framework for the banking industry, also found that one in five believe that the pandemic will be the primary driver for change over the next several years. 
Posted: 21/10/20
Mode has allocated up to 10 per cent of its cash reserves to purchase Bitcoin and adopt it as a treasury reserve asset. The move is part of the FinTech group's long-term goal to protect investors' assets from currency debasement. With UK interest rates at a record low of 0.1 per cent, Mode is also seeking to diversify away from low-interest money market instruments in order to maximise the value of returns from its recent fundraising.
Posted: 21/10/20
Atom Bank has chosen SurePay to help it prevent fraud and misdirected online payments. The Netherlands-based FinTech is already responsible for checking over 95 per cent of all Dutch payments, and now its Confirmation of Payee solution checks 25 per cent of all online payments in the UK.
Posted: 21/10/20
Modulr has secured an electronic money institution (EMI) licence from the Central Bank of Ireland for its Dublin-based entity, Modulr Europe. It now plans to provide services to customers across the European Union, following growth in the UK over the last four years.
Posted: 20/10/20
Visa has processed 500 million additional touch-free payments since contactless limits were increased in response to the COVID-19 pandemic. Data released by the payments giant shows that consumers have made more than half a billion transactions, where previously they would have needed to use a PIN pad, after more than 29 European countries upped the transaction limit for contactless payments.
Posted: 20/10/20
Yolt has today launched a new evolution of its app, with new features designed to help users save. The app now comes with a contactless card, which serves as a new daily spending account, helping users to save on every purchase with round ups and cashback on selected retailers.
Posted: 20/10/20
Google Cloud has previewed an artificial intelligence-powered tool to help speed up the mortgage application process. Lending DocAI aims to provide industry-leading data accuracy for documents relevant to lending, processing borrowers’ income and asset documents to speed-up loan applications - a notoriously slow and complex process.
Posted: 20/10/20
The London Institute of Banking and Finance (LIBF) is launching a new banking qualification - the Certificate in Retail and Digital Banking (CertRDB) - to help banks fill the digital skills gap and help those working in the industry ‘future proof’ their career in the sector. Rob Thompson, head of banking Services at the LIBF, said: “In these changing times, banks need staff who can quickly move to a digital environment and keep up with fast-moving regulatory and economic demands.
Posted: 19/10/20
Virtual Lease Services (VLS) has rebranded to Banking Works, following a two-year transformation programme that has seen an investment in people, new technology platforms and data science. As the lending market continues to deal with an unprecedented demand to originate and restructure financial agreements, Banking Works has deployed a suite of technologies for its clients that facilitate rapid data processing, decisioning and robotic process automation.
Posted: 19/10/20
Mastercard and Monese have announced a new multi-year strategic partnership, with Monese becoming a principal Mastercard issuer. With its multi-currency accounts now available in 31 countries, the digital bank's new partnership with Mastercard provides its customers access to the global acceptance network, allowing them to spend at the millions of locations worldwide at which Mastercard is accepted.
Posted: 19/10/20
Silent Eight has completed a new round of early-stage funding, bringing its total capital raised to $15 million. The investment was led by OTB Ventures and Wavemaker Partners, supported by Koh Boon Hwee, chairman of Altara Ventures, and SC Ventures, the ventures arm of Standard Chartered Bank.
Posted: 19/10/20
Global Processing Services (GPS) has secured a strategic investment from Visa. Backed by UK growth private equity firm Dunedin, this strategic investment will accelerate GPS’ global expansion, following recent launches with digital banks in Europe, including Revolut and Starling Bank.
Posted: 19/10/20
Leaders of the G7 group of nations have opposed the launch of Facebook’s Libra stablecoin until it is properly regulated. A statement prepared for a meeting of finance ministers and central bankers of the United States, Canada, Japan, Germany, France, Italy and the UK, said that digital payment services had to be appropriately supervised and regulated so that they would not undermine financial stability, consumer protection, privacy, taxation or cyber security.
Posted: 16/10/20
Business banking platform Tide has partnered recurring payments specialist GoCardless to launch a service that will allow Tide members to collect invoice payments by Direct Debit. The late payment of invoices is a serious issue for small businesses, with recent research by Tide revealing that more than 60 per cent of small businesses regularly have invoices paid late, with almost 16 per cent of those paid over four weeks late.
Posted: 16/10/20
Investors are continuing to fund London-based FinTechs, despite the pandemic, according to latest data from London & Partners and Dealroom. The capital's FinTech sector attracted $3.6 billion in venture capital investment between January and September, putting London in second place globally, behind San Francisco with $5.1 billion and ahead of New York’s $2.2 billion.
Posted: 16/10/20
Wirex raised £1 million in just 90 minutes and on to a total of £3.7 million in its maiden crowdfunding campaign. Nearly 7,000 investors from 94 countries supported the startup's mission to democratise access to cryptocurrency.
Posted: 16/10/20
Finastra has opened registration for its annual hackathon, with Hack to the Future 2020 being entirely virtual due to the COVID crisis. Prizes up for grabs include cash, platform certification fees waived, internship and coaching opportunities and the possibility to onboard projects into Finastra’s FusionStore app marketplace.
Posted: 15/10/20
People in the UK will be able to get cashback from shops without needing to buy anything under new proposals to protect the UK’s cash system announced today. The Treasury has set out new plans which would also give the Financial Conduct Authority (FCA) overall responsibility for the UK’s retail cash system to protect consumers and small businesses.
Posted: 15/10/20
Investment platform Trading 212 has implemented TrueLayer's Open Banking technology to deliver an improved investment experience. The partnership begins with Application Programming Interfaces (APIs) delivering the identification and verification of a user’s primary bank and connecting it to the Trading 212 app.
Posted: 15/10/20
Bravura Solutions has announced the acquisition of Delta Financial Systems for £23 million. The Australian-based investment platform technology provider purchased the UK-based pensions administration software firm to help broaden its product suite.
Posted: 13/10/20
RegulAItion has appointed the Open Data Institute (ODI) as partner in the development of its AIR Platform. The partnership will see the ODI implementing an extensive research, testing and data ethics programme as the platform deepens its privacy-by-design approach.
Posted: 14/10/20
A new report into enterprise Internet of Things (IoT) has revealed that financial services firms are at risk of being hacked via the personal devices employees connect to business networks. Palo Alto Networks interviewed 138 IT decision-makers in the financial services industry, finding that a variety of non-corporate, personal IoT devices are connecting to financial institution networks and surprising IT and cybersecurity managers across the sector.
Posted: 14/10/20
The Coronavirus crisis has caused the largest and quickest digital transformation the financial services industry has ever seen. As self-isolation measures were implemented across the world this spring, IT departments had to rapidly enable the majority of staff to work from home, while making sure systems could cope with unprecedented spikes in online banking and mobile app usage by customers.
Posted: 14/10/20
HSBC has launched new voice-driven technology as part of efforts to automate the customer journey. As part of the upgrade, telephone banking customers will be directed to a new voice response menu, enabling callers to state their intent verbally and be directed to the correct team automatically.
Posted: 14/10/20
Mojo Mortgages, Moneybox, Plum and Wagestream have been crowned winners of the Open Up 2020 Challenge after a 15-month long competition. Run by Nesta Challenges, in partnership with the Open Banking Implementation Entity (OBIE), the £1.5 million competition was designed to inspire innovative Open Banking-enabled solutions to help people across the UK better manage their money.
Posted: 14/10/20
Cover Genius has raised £8.3 million in funding to fuel its expansion. The insurance distribution platform provides protection for customers of some of the world’s largest online companies, including eBay, Booking Holdings and National Express.
Posted: 13/10/20
COVID-19 has had a significant impact on almost all (96 per cent) European banks, with over three quarters (78 per cent) planning to change their future banking strategy to adapt to changes in consumer behaviour, such as the accelerated adoption of digital banking services and cashless payments. Marqeta commissioned Coleman Parkes to interview 200 heads of digital transformation, chief technology officers, heads of innovation and chief innovation officers at traditional and challenger banks in the UK, France, Germany, Italy and Spain.
Posted: 13/10/20
New analysis by PwC has suggested that blockchain technology could boost the UK’s gross domestic product (GDP) by £57 billion over the next decade. The professional services firm’s economists assessed how the technology is currently being used and gauged its potential to create value across every industry, from healthcare, government and public services to manufacturing, finance, logistics and retail.
Posted: 13/10/20
The Bank of England (BoE) and the Financial Conduct Authority (FCA) have launched a new initiative to assess the opportunities and risks posed by artificial intelligence (AI). The Artificial Intelligence Public Private Forum is aimed at facilitating dialogue between the public and private sectors to better understand the use and impact of AI in financial services, to help further the BoE's objective of promoting the safe adoption of such technology.
Posted: 12/10/20
A new report has revealed the lack of adoption of Open Banking into commercial lending, despite many acknowledging its benefits for customers. The results come at a time when small business demand for financial support has grown considerably due to the continuing economic difficulties brought on by the COVID-19 pandemic.
Posted: 12/10/20
A team of financial services experts led by two former Barclays executives has unveiled their plans to launch Pennyworth, a new digital bank to serve the needs of young professionals and middle managers. Founded by Jeremy Takle and Ben Harvey, formerly managing director and head of product at Barclays’ US digital consumer bank, began the pre-application process to become an authorised UK bank in March.
Posted: 12/10/20
Messaging app Telegram has integrated with ECOMMPAY to let users to make in-app purchases via Telegram Bots. With the global chatbot marketing growing rapidly, ECOMMPAY-powered payments will provide businesses with access to a new sales channel, enabling them to unlock more revenue, improve audience engagement and build stronger brand loyalty.
Posted: 12/10/20
Deutsche Bank will launch an enhanced securities settlement service that proactively identifies in-flight security transactions at risk of settlement delay, in early 2021. The service is powered by the Elastic Stack's machine learning and anomaly detection, which will enable the bank's clients to avoid hefty financial penalties under the upcoming implementation of the new Central Securities Depositories Regulation (CSDR) next year.
Posted: 09/10/20
Marqeta and Mastercard have announced an extended global partnership to expand into new geographies, open access to new products and launch additional card programs together. As part of this partnership, Mastercard has also made a financial investment in Marqeta.
Posted: 08/10/20
Paynetics UK has agreed to acquire certain assets of Wirecard UK & Ireland. The UK division of the Bulgarian e-money institution will provide its new customers with "a seamless transition" and strategic product roadmap for the future development of these programmes, which had faced the prospect of termination.
Posted: 09/10/20
Ripple has launched Line of Credit, a new beta service on RippleNet that allows customers using On-Demand Liquidity (ODL) to source capital on demand and initiate cross-border payments at scale using the digital asset XRP.
Posted: 09/10/20
Legal & General (L&G) has partnered with NTT DATA to help build its data science capabilities. L&G stated that it will leverage its data to improve the delivery of products and services encompassing investment management, pensions, annuities and life assurance it offers to its 13 million customers every day.
Posted: 09/10/20
The 21st annual FStech Awards are now open for entries, with a deadline of 7 January to get your company in the running. On 5 May 2021 at the London Marriott Hotel Grosvenor Square we will be celebrating excellence and innovation within the UK and European financial services tech sector.
Posted: 08/10/20
Monument, a new UK digital-first bank, has received an authorisation with restriction banking licence from the Prudential Regulation Authority and the Financial Conduct Authority. The startup achieved this milestone in just over 18 months, which is believed to be one of the fastest rates of progress for any new bank.
Posted: 08/10/20
More than a quarter (27 per cent) of all payments made in the UK are already contactless, as small businesses adapt to the rise in e-commerce transactions during COVID-19. A survey by YouGov and Tyl by NatWest of 1,056 senior decision-makers in UK small and medium-sized enterprises (SMEs) found that businesses have been quick to adapt their payment systems in response to the pandemic.
Posted: 08/10/20
Virgin Money is shedding 400 jobs as part of cost-cutting plans following its merger with Clydesdale and Yorkshire Bank Group (CYBG). The cuts break down to 50 jobs lost at the former Yorkshire Bank headquarters in Leeds, 200 at the Clydesdale’s former head office in Glasgow, and 150 at Virgin Money’s office in Gosforth.
Posted: 08/10/20
UK Finance has announced David Postings as its new chief executive. The industry body for the UK’s financial services industry said that he was appointed with the unanimous support of the board and will take up the role on 1 January 2021.
Posted: 07/10/20
Despite the shift to cloud-based systems, 90 per cent of companies expect that mainframes will remain a platform for growth and long-term applications. A survey of 1,000 IT professionals by software company BMC also found that contrary to predictions of a phasing out of mainframe systems, 68 per cent expect MIPS, the mainframe’s measure of computing performance, to grow in the coming years.
Posted: 07/10/20
OakNorth Bank has partnered with ComplyAdvantage for tech to allow seamless onboarding for new customers, along with Anti-Money Laundering (AML) compliance. ComplyAdvantage uses machine learning and natural language processing to help regulated organisations manage their risk obligations and prevent financial crime.
Posted: 07/10/20
The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.