Archive News

Successful organisational resilience relies heavily on the four sights: insight, foresight, oversight and hindsight. Unfortunately, anticipating and preparing for sudden disruptions is not an exact science – despite our best efforts, we can’t always accurately predict everything that will happen or be needed in the future.
Posted: 18/09/20
NatWest, Lloyds and Nationwide are among a group of UK financial institutions to join the Partnership for Carbon Accounting Financials (PCAF). The UK division of PCAF, an industry-led partnership to standardise carbon accounting for the financial sector, will include the international business of Federated Hermes, Triodos Bank UK, NatWest Group, Lloyds Banking Group, CDC Group, Investec, Ecology Building Society and Nationwide Building Society.
Posted: 18/09/20
Legal & General Investment Management (LGIM) has unveiled two new tech-driven initiatives to boost pension scheme member engagement. To better link pensions to retirement outcomes and help members visualise the stages of their future, LGIM has switched on its enhanced multi-channel wellbeing hub ‘Go&Live’, that will be available to defined contribution scheme members in the UK.
Posted: 18/09/20
The Libra Association, which manages Facebook’s digital currency project, has appointed a former chief executive at HSBC to lead Libra Networks. The independent member organisation, which was set up to oversee the rollout of Libra stablecoin, said James Emmett would take up the role on 1 October.
Posted: 17/09/20
TSB has upgraded its property risk assessments and sped-up the application process by using intelligent location-based data provided by Landmark Valuation Services. Using its Valuation Risk Model (VRM), new applications are automatically assessed to determine whether risk factors such as flooding, subsidence or nearby energy infrastructure such as pylons, may have an impact on the property’s valuation.
Posted: 17/09/20
A new life organisation and legacy planning platform has launched today, following more than £600,000 investment from savings and investments business Prudential and global platform-as-a-service firm FNZ. Legado is available either as a direct-to-consumer product, or can be co-branded by enterprises and professional advisers, helping them with General Data Protection Regulation (GDPR) compliance.
Posted: 17/09/20
ClearBank is set to launch multi-currency bank accounts via Application Programming Interfaces (API) in partnership with JPMorgan. The cloud-based clearing bank will launch the accounts in the fourth quarter, with more than 30 being made available, giving customers the option to move funds between accounts with real-time foreign exchange pricing based on interbank rates.
Posted: 17/09/20
Allica Bank is launching a £100 million funding round to help it meet the demand for new financing it is experiencing from British businesses. The business bank, which received full UK banking authorisation in late 2019, has had over £1 billion of enquiries during the pandemic.
Posted: 17/09/20
SWIFT has announced that over the next two years it will re-tool cross-border infrastructure as part of a new strategy to enable the world’s financial institutions to deliver instant end-to-end transactions. The industry cooperative will expand beyond financial messaging to provide comprehensive transaction management services.
Posted: 17/09/20
Delta Capita has appointed Sarah Carver as its new head of digital to focus on driving the client digital proposition. The managed services, consulting and FinTech solutions provider outlined ambitious growth plans for its digital offering, with the new recruit taking responsibility for developing new market propositions.
Posted: 16/09/20
Nearly three quarters (71 per cent) of financial executives are prioritising compliance when it comes to investment in Open Banking technologies. A YouGov study of 290 financial executives across 12 European countries for Open Banking platform Tink found that when it came to investment strategy around financial data sharing, 41 per cent were prioritising digital identity services.
Posted: 16/09/20
UK banks achieved a £52 million reduction in card fraud losses last year, marking the largest drop among 18 European countries, according to the updated European Fraud Map from FICO. Analysis of data released by Euromonitor International and UK Finance found that the UK achieved the largest single reduction in card fraud at eight per cent, thanks to investment in anti-fraud activities and solutions by UK banks.
Posted: 16/09/20
Impersonation scams have nearly doubled in the first half of 2020, at a cost of £58 million, as criminals seek to exploit the uncertainty of the COVID-19 pandemic. UK Finance found that almost 15,000 impersonation scam cases were reported by its members in the first six months of this year - an increase of 84 per cent on the same period in 2019.
Posted: 16/09/20
Yapily has launched a strategic partnership with Ozone API with the aim of supporting financial institutions in speeding up their adoption of Open Banking. Under the terms of the partnership, Yapily and Ozone API will provide banks with the infrastructure to play on both sides of the Open Banking ecosystem, with the companies stating that they hope to create an ecosystem which enables financial services firms to monetise Open Banking, differentiate themselves from bigger players and stave off competition from challenger banks.
Posted: 16/09/20
A new report has revealed the extent and importance of ‘stealth’ funding rounds within the UK tech industry – claiming that around 69 per cent of all equity deals are kept quiet. Financial data platform Beauhurst uses proprietary technology to monitor the forms submitted to Companies House when issuing new shares, with its teams then verifying whether new investments have in fact been made.
Posted: 16/09/20
BNP Paribas Securities Services has announced a new partnership with Digital Asset to design real-time trade and settlement apps using smart contracts. The new apps will provide market participants in Asia Pacific with real-time access to the Australian Securities Exchange (ASX) and Hong Kong Exchange (HKEX)’s anticipated distributed ledger-based trading and settlement platforms.
Posted: 16/09/20
Venture capital group Team8 has launched Team8 Fintech, a practice focused on founding and scaling startups in the sector. It will be led by former Leumi Group chief executive Rakefet Russak-Aminoach, Payoneer founder Yuval Tal, and eToro founder Ronen Assia.
Posted: 16/09/20
ThingCo has been selected by the UK’s Department for International Trade (DIT) as one of ten UK InsurTechs to attend the 2020 Virtual InsurTech Mission. The mission to San Francisco will take place this week, letting ThingCo share its expertise in deploying AI-driven voice in real-time through its telematics device, with US regulators, venture capitalists and other industry players.
Posted: 15/09/2020
Durham County Council’s Finance Durham Fund has invested £750,000 in FinTech firm Growth Capital Ventures. The fund said the investment, through Finance Durham and managed by Maven Capital Partners, will be used to support GCV’s growth as it looks to expand its three main business units - G-Labs, G-Ventures and Quva - and move to larger offices within County Durham.
Posted: 15/09/20
Cyber security has become the largest threat to FinTech adoption, according to a new report. A survey of more than 700 senior financial services decision makers in the UK, US and Europe by law firm Goodwin found that nearly half (47 per cent) ranked cyber security as the greatest challenge to the uptake of FinTech solutions
Posted: 15/09/20
The Payment Systems Regulator’s (PSR) interim report on the supply of card acquiring services has shown that merchants could make savings by shopping around and either switching or negotiating with their current provider – but many small and medium ones do not. Card-acquiring services enable retailers to accept card payments. The cost to a merchant of these services are reflected in the prices we all pay for goods and services.
Posted: 15/09/20
Tesco Bank has introduced a ‘Pay by Bank’ facility enabled by Mastercard’s Open Banking Connect service. It allows mobile and online credit card customers to make payments directly from their current account via electronic payment services.
Posted: 15/04/20
Klarna has raised $650 million in an equity funding round, at a post money valuation of $10.65 billion. This ranks the buy now, pay later specialist as the highest-valued private FinTech in Europe and now the fourth highest worldwide.
Posted: 15/09/20
Aldermore has partnered with DPR to adopt its lending distribution hub. The hub securely transfers product and customer data through Application Programming Interfaces (APIs) to let third-party intermediary distribution providers - such as product sourcing and customer relationship management systems - integrate into Aldermore’s mortgage application process.
Posted: 15/09/20
Funding Xchange has completed a $10 million Series A funding round with the closure of a second tranche of financing. The funding technology platform has seen a surge in demand from the drive towards digital transformation accelerated by the Coronavirus pandemic.
Posted: 14/09/20
The Financial Conduct Authority (FCA) has set out its expectations for the steps firms should take when considering closing branches or ATMs, or converting a free-to-use ATM to pay-to-use. In its finalised guidance, the regulator made clear that banks, building societies and credit unions are now expected to keep it informed of any plans for closures or conversions in good time before any final decision is made.
Posted: 14/09/20
The Association for Financial Markets in Europe (AFME) is calling on the European Union to help unlock the potential of new technologies for European capital markets. In a paper published today, the industry body outlined the regulatory framework needed to support banks as they adopt new technologies such as crypto assets, artificial intelligence and cloud computing, harnessing the value from data and address the challenges of cyber security and operational resilience.
Posted: 14/09/20
Tech Nation has launched the FinTech Pledge with support from the Treasury and the Fintech Delivery Panel, to foster enhanced collaboration between banks and FinTech firms. The pledge is aimed at setting standards for the establishment of efficient and transparent commercial partnerships between banks and FinTechs.
Posted: 14/09/20
Nesta is launching the £2.8 million Rapid Recovery Challenge to find and support tools and solutions that improve access to jobs and money for people across the UK. In partnership with the Money and Pensions Service and the JPMorgan Chase Foundation, the 12-month challenge will focus on supporting workers hit hardest by the economic shock of COVID-19.
Posted: 14/09/20
The European Central Bank (ECB) is reportedly close to making a call on the need for a central bank digital currency (CBDC) for the Eurozone. In comments made by Francois Villeroy de Galhau at a virtual panel discussion hosted by the Bundesbank, and reported by Bloomberg news, the governor of the Bank of France said that the ECB’s governing council would discuss the benefits and challenges of a potential CBDC following the publication of analysis from the Eurosystem task force in the coming weeks.
Posted: 11/09/20
Mastercard and Prepaid Financial Services (PFS) have partnered with the Government of Jersey to develop the world’s first card-based stimulus scheme. The scheme, which launches today, will offer eligible citizens in Jersey their own £100 Spend Local Card that they can use in businesses across the island until 31 October.
Posted: 11/09/20
Banco Santander has launched Mouro Capital, an autonomously managed venture capital fund focused on FinTech and adjacent financial services firms. The new brand succeeds Santander Innoventures and will have $400 million in allocated funds after the bank doubled its current commitment.
Posted: 11/09/20
Google Cloud has appointed Derek White as vice president for global financial services. A 20-year financial services technology veteran, he joins from the position of chief digital officer at US Bank, where he was chief digital officer.
Posted: 10/09/20
A new report has suggested that the regulatory technology (RegTech) sector is a “huge opportunity” to strengthen trade ties between the UK and Australia. Commissioned by the New South Wales Government and the Australian Trade and Investment Commission, the research by RegTech Associates revealed that Australian RegTech products have the second highest foreign presence in the UK, with a 9.1 per cent market share, beaten only by those from the US.
Posted: 10/09/20
Nearly three quarters (73 per cent) of businesses are more likely to select a bank that could perform all relevant regulatory checks digitally, according to new research. A Censuswide survey of 200 decision-makers in large and medium-sized UK companies for RegTech software provider Encompass Corporation found that 57 per cent of businesses are still with a bank that requires some paper-based documentation for onboarding processes.
Posted: 10/09/20
Microsoft and Refinitiv have formed a new strategic partnership, using the Azure cloud to create new products and services, as well as expanding its use of Microsoft 365 and Teams. Refinitiv provides over 40,000 financial institutions in 190 countries with data and analysis tools.
Posted: 10/09/20
Metro Bank has launched a new online journey for its small to medium-sized enterprise (SME) business account customers. It claims new users will be able to open a business account on their mobile or online in just 15 minutes from application, through to identification checks and approval.
Posted: 07/09/20
Blink Parametric is working with Lloyd’s of London to design its first proposition for commercial insurance lines. The CPP Group-owned InsurTech firm recently revealed its selection on to the fifth cohort of the Lloyd’s Lab innovation accelerator programme. The 10-week programme, which started on 7 September, will let Blink focus specifically on new insurance products and markets.
Posted: 09/09/20
Square and Mastercard are partnering with the Falkland Islands Government to help small businesses in the territory implement card and digital payments. The project will help retailers and small business move from a cash-only system to more streamlined digital transactions.
Posted: 09/09/2020
UK FinTech group Mode Global is set to launch an Initial Public Offering (IPO), seeking to raise around £7.5 million. The move, which is subject to approval by the Financial Conduct Authority, forms part of the company’s plans to raise its profile and provide capital for growth, including funding new digital banking services.
Posted: 09/09/20
Thunes has raised $60 million in Series B funding, in a round led by Helios Investment Partners. Additional investors included Checkout.com, GGV Capital and Future Shape.
Posted: 09/09/20
Bank branch staff have worked with the police to stop £19.3 million worth of fraud in the first half of 2020 through the Banking Protocol, according to the latest figures from UK Finance. The Banking Protocol is a UK-wide scheme that enables bank branch staff to alert their local police force when they suspect a customer is being scammed.
Posted: 09/09/20
Chip has raised a total of £10.7 million from the crowd and the government-backed Future Fund, as part of its Series A round. The amount, raised in under 48 hours from 6,420 investors, makes it the largest convertible round in UK crowdfunding history, as well as the largest crowdfunded Future Fund participation.
Posted: 14/09/20
The Coronavirus has accelerated the need for mobile and self-service banking, with traditional branches seeing a fall in customer traffic, meaning their customer acquisition has also significantly declined. Though it may be tempting to conclude that this will lead to bank branches becoming obsolete, that is not the case. Instead, the development of new technologies - such as artificial intelligence (AI) and 5G - will empower bank outlets by allowing them to become intelligent, being assigned new functions and different objectives.
Posted: 08/09/20
Despite concerns around Brexit and COVID-19, the majority of FinTech firms plan to expand internationally in the next 18 months, citing diversifying revenue streams, access to talent and strategic hubs as key drivers. Global expansion specialists Newfound interviewed 50 FinTech executives, finding that with the transition period deadline at the end of this year, many were apprehensive about leaving the European Union - with half stating they would be sceptical to set up a base in the UK because of Brexit.
Posted: 08/09/20
The Emerging Payments Association (EPA) has appointed Ben Agnew as its new chief executive. His most recent role was managing director of independent media business Datacenter Dynamics. There he led the EMEA and North America businesses, overseeing a change programme across digital, process and operations.
Posted: 08/09/20
Dutch payment service provider Mollie has closed a €90 million Series B funding round, taking the total amount raised by the company to €115 million. The investment was led by TCV and will go towards accelerating the firm's international expansion, as well as growing product and engineering teams.
Posted: 08/09/20
Ziglu has received its Financial Conduct Authority licence and is now offering peer-to-peer (P2P) payments for crypto and fiat currencies. Launched in June by Mark Hipperson, co-founder and former chief technology officer of Starling Bank, has now been granted authorisation to operate as an Electronic Money Institution (EMI).
Posted: 07/09/20
Cornerstone Brands has appointed Julian Wheatland as its new chief executive, and following the completion of the acquisition of FXPress Payment Services, the company will change its name to Cornerstone FS. Wheatland was most recently, as chief operating officer, chief financial officer, and ultimately chief executive, of SCL Group/Cambridge Analytica, where he led global operations and built out the US operations.
Posted: 07/09/20
MarketFinance has secured an additional £50 million from Israeli asset manager Viola Credit to lend to UK small and medium-sized enterprises (SMEs) under the Coronavirus Business Interruption Loan Scheme (CBILS). The CBILS initiative will conclude at the end of September, with pre-submitted applications this month being valid until the end of November.
Posted: 07/09/20
Starling Bank has become the latest digital challenger bank to make changes to its account charges. Following Monzo's move earlier this week to implement a three per cent charge for ATM withdrawals amounting to over £250 per month and a £5 fee for replacing lost cards, Starling is also adding a £5 fee for replacing lost cards, along with a monthly £2 charge for new children's cards and the Connected card for vulnerable users.
Posted: 04/09/20
Tandem Bank is closing down its credit card offering and focus instead on savings and loans, in the latest instance of challenger banks paring back their offerings during the pandemic. The digital challenger said that the impact of COVID-19 on customer spending habits, and a strategic decision to upgrade core banking technology, were behind the decision to withdraw.
Posted: 04/09/20
Lloyds Bank customers have been targeted by an email phishing scam, with hundreds of people reporting receiving the fake communication. It begins with the recipient receiving an email purporting to be from Lloyds, warning them that their bank account has been compromised.
Posted: 04/09/20
HM Revenue & Customs has put out a £3 million tender for a provider to build an Open Banking-led payment initiation and account information service. The latest update from the Open Banking Implementation Entity (OBIE) reveals that it is working with HMRC to find potential suppliers for a two to three-year project which will develop services based on Open Banking principles that “enable our customers to pay us by bank transfer using a secure, simple and efficient process”.
Posted: 04/09/2020
As mobile devices increase in popularity, individuals are embracing digital transformation more rapidly than most enterprises. People are changing their habits, looking for new ways handling financial transactions, such as investing in stocks and managing portfolios.
Posted: 04/09/20
Caspian Insurance has become the first adviser firm to access UnderwriteMe's Protection Platform via Application Programming Interface (API) and integrate it into its own customer relationship management (CRM) software. The Manchester-based life insurance intermediary has used the platform since 2018, but the API integration allows advisers to provide a more concise service.
Posted: 04/09/20
The governor of the Bank of England has called for regulation of stablecoins to help facilitate their innovation as a system of payment. Speaking at a virtual event at the Brookings Institution yesterday, Andrew Bailey pointed out that “as regulators it is not in our interest to stop innovation”, before detailing the recent shift away from cash as the UK’s primary payment method.
Posted: 04/09/20
In the banking industry, the stable running of IT systems is imperative. This is what drove the industry to begin IT construction relatively early and what continues to drive it to make significant investments each and every year. However, the IT architecture of the banking
industry - particularly the core system - has stood still for decades.
Posted: 03/09/20
Most European insurers expect demand for digital products and services to increase significantly in response to the global COVID-19 pandemic. A survey of 290 decision-makers at European insurance companies by Infosys for research and advisory firm Information Services Group (ISG), found that 86 per cent of insurance executives expect customer behaviour to change significantly due to the crisis - with more than 95 per cent agreeing that their customers want more digital products and services.
Posted: 03/08/20
Visa is partnering with Norwegian digital wallet provider Vipps to extend mobile payments across Europe. The partnership will enable Visa clients and partners to use the Vipps platform to create their own digital wallets and offer customers new ways to pay and be paid.
Posted: 03/08/2020
First direct has appointed Chris Pitt as the company’s new chief executive. He will move from first direct’s parent group HSBC UK, where he is currently head of marketing, to take the reins on 1 October.
Posted: 03/08/20
OakNorth has appointed Raj Cherabuddi as vice president of engineering. He has over 25 years’ experience working for Intel, Sun Microsystems, McDATA and Teradata, as well as successfully starting, scaling and selling two tech companies - Sanera Systems and Kickfire.
Posted: 03/09/20
RTGS Global has launched stage one of its operational rollout. The cross-border liquidity network has collaborated with Microsoft to develop a new system which enables banks to gain complete visibility of liquidity between their counterparties.
Posted: 03/09/20
Monzo has made changes to ATM and replacement card fees, passing the costs back to customers. From 31 October, the digital challenger bank is introducing a three per cent fee for withdrawals of more than £250 cash in 30 days in the UK and European Economic Area, while a £5 fee is coming in for card replacements in the UK - except if a customer is the victim of fraud, the card is stolen, or if it expires.
Posted: 02/09/20
Investor communications platform Proxymity has launched shareholder disclosure solution Proximity ID, with Citi Bank among the first institutions to sign up. The London-based company has rolled the feature out in all EU markets ahead of the implementation date of the EU’s Revised Shareholder Rights’ Directive (SRD II).
Posted: 02/08/20
UK price comparison site Know Your Money is set to be acquired by NerdWallet, a US-based website and app that provides financial guidance to more than 160 million consumers every year. Through the acquisition, the combined company aims to become the most comprehensive financial comparison website in the UK.
Posted: 02/09/20
FinTech Wales is marking its one-year anniversary by launching the search for its first chief executive. Founded in July 2019, the not-for-profit organisation acts as a global voice for Welsh-based financial services technology firms.
Posted: 02/09/20
A perfect storm of technological, economic and societal forces is accelerating the insurance industry’s investment in digital and data science to drive better product structuring, price differentiation, claims management, customer engagement and risk profiling. This is according to a new report from consultancy firm Capco, which identified three factors that threaten the status quo within the historic industry.
Posted: 01/09/20
IDnow has agreed to acquire Wirecard Communication Services, retaining the Leipzig location and preserving the majority of its 150 employees. With Wirecard Communication Services, IDnow will focus on providing identity services and continue to build additional capacity for growth.
Posted: 01/09/20
PayPal has announced Pay in 4, a short-term instalment payment offering. Launching initially in the US, it is aimed at helping merchants drive conversion, revenue and customer loyalty without taking on additional risk or paying any additional fees, while letting consumers make a purchase worth between $30 and $600 and pay over four, interest-free instalments, over a six-week period.
Posted: 01/09/20
New Gartner analysis has revealed a mismatch between commercial and IT departments within financial services firms in terms of their response to the Coronavirus crisis. The report stated that chief information officers tasked with driving digital business strategy in financial services must align with business leader priorities to ensure a coordinated response and recovery, suggesting automation technology could help sustain and improve remote working.
Posted: 28/08/20
Banking Competition Remedies (BCR) has published updates from the various recipients of its grant money, with many warning that promised product and services have been delayed due to the COVID crisis.
Posted: 28/08/20
Nationwide has implemented a cloud-native Speed Layer to provide accurate, real-time data.The building society is using the technology to provide a foundation for the development of future products and services.
Posted: 28/08/20
Money management app sync has partnered with ComplyAdvantage to help improve regulatory compliance. The UK-based FinTech uses Open Banking to let users link existing bank accounts and cards in one dashboard.
Posted: 28/08/20
Credit card provider Vanquis Bank has launched NatWest’s Open Banking solution Payit within its mobile app. The Provident Financial subsidiary is rolling out Payit technology to let its customers make instant payments to their account without the need to use a debit card.
Posted: 27/08/20
Payments infrastructure company Finix has raised additional funding, bringing its total to date to $96 million. This latest financing is an extension of its $45 million Series B round announced in March. Lightspeed Venture Partners led the extension, with participation from American Express Ventures.
Posted: 27/08/20
UBS and GitLab have signed a multi-year contract for strategic collaboration. As members of the Fintech Open Source Foundation (FINOS), the global bank and DevOps lifecycle tool are aiming to address common industry challenges and drive innovation.
Posted: 27/08/20
Visa has announced a new capability that uses real-time artificial intelligence (AI) to help financial institutions manage transaction authorisations when service disruptions occur. Using deep learning to analyse past transactions, Smarter Stand-in Processing (Smarter STIP) generates informed decisions to approve or decline transactions on behalf of issuers in the event that their systems go offline.
Posted: 26/08/20
R8 is rebranding as Mode to bring together the group’s separate businesses under one common identity. The UK-based FinTech firm has also announced the appointment of ex-Alipay executive Rita Liu to its leadership team.
Posted: 26/08/20
InsurTech INSTANDA has partnered with management consultancy Capco to accelerate the digital transformation in the insurance industry. INSTANDA, which provides a customer and policy management platform, will provide Capco with its proprietary cloud-based digital insurance software to support client transformation needs.
Posted: 26/08/20
Ant Group has revealed plans for an Initial Public Offering (IPO) potentially worth a record $30 billion. The Chinese financial technology group, which includes Alibaba and Alipay in its ecosystem, will place the shares in Hong Kong and Shanghai.
Posted: 26/08/20
Blockchain software firm ConsenSys has acquired Quorum, the Ethereum blockchain developed by JPMorgan. The pair have a long history of collaboration, after leading the creation of the Enterprise Ethereum Alliance, helping bring Hyperledger Besu to the Linux Foundation and working together on industry applications built on Quorum, such as komgo and Covantis.
Posted: 25/08/20
Small business platform Xero is set to acquire Waddle, an Australian cloud-based lending platform that helps small businesses access capital through invoice financing. The transaction, for an initial payment of AUD31 million and potential consideration of AUD80 million, comes after Xero launched a strategy to grow the small business platform and to address critical small business financial needs. Waddle’s cloud lending platform, combined with small businesses’ invoice data, will enable the delivery of tailored invoice financing solutions.
Posted: 25/05/20
The Co-operative Bank has announced proposals to reduce around 350 roles, including the closure of 18 branches. Aside from the specific branches affected, the reduction is expected to focus on middle management positions and head office roles.
Posted: 25/08/20
More than half of financial services firms are moving resources towards cyber security technology in the wake of COVID-19, according to new research. A survey of 1,077 IT business and security decision-makers from the UK and eight other countries, for IT automation and security company Infoblox, found that attempted cyber attacks had risen by 41 per cent as cyber criminals sought to exploit Coronavirus-related disruption.
Posted: 25/08/2020
Payments made through Open Banking surged by 832 per cent during the Coronavirus lockdown. Data analysis by TrueLayer, a provider of Application Programming Interfaces (APIs), revealed that the use of payment initiation soared between March and July in the UK, as consumers switched to digital payments for goods and services.
Posted: 25/08/20
The Bank of International Settlements (BIS) has published a paper considering the rise of central bank digital currencies (CBDCs) and the impact of the Coronavirus crisis on their development. Economists and analysts Raphael Auer, Giulio Cornelli and Jon Frost drew up a database of research and development work,assessed the policy stance based on a database of more than 16,000 central bank speeches, and provided a taxonomy of technical designs from all relevant policy and analytical publications published by central banks worldwide.
Posted: 25/08/20
JCB and Viva Wallet have collaborated for an expanded European roll-out, enabling payment between Viva Wallet's European merchants and JCB's 140 million card members through both face-to-face and e-commerce transactions. The roll-out will be extended with an additional six European nations, over and above the 17 countries which have already been enabled, from next month.
Posted: 25/08/20
JPMorgan is preparing to launch a digital bank under the Chase brand in the first quarter of 2021. Sky News reported that the US banking giant is looking to take advantage of the shift away from branch-based banking in the UK accelerated by the Coronavirus.
Posted: 25/08/20
Tandem Bank has acquired Allium Lending Group as part of a £60 million fundraising deal. For the past six years, Allium has been helping customers make their homes more energy efficient and environmentally friendly, by financing solutions from home insulation, energy efficient boilers and double glazing, to solar panels, heat pumps and home charging stations.
Posted: 24/08/20
The Financial Conduct Authority (FCA) is investigating more than 150 Coronavirus-related scams. The data, obtained by the Parliament Street think tank’s cyber research team under the Freedom of Information Act, reveals the extent to which financial services organisations have been targeted by financial criminals during the pandemic.
Posted: 24/08/2020
Zopa is launching its first fixed term savings account, with rates of up to 1.3 per cent interest over a one to five-year period. The account is the first product launch after the FinTech secured its full banking licence and launched banking services in June. Zopa had previously offered peer-to-peer lending services globally, since launching in 2005.
Posted: 24/08/2020
UK FinTech firm Paysend has announced a collaboration with Chinese tech giant Alipay, to provide users with cross-border money transfers. Ant Group mobile payments business currently serves about 1.3 billion users around the world, together with its local e-wallet partners, while Paysend services over two million customers in over 45 countries.
Posted: 24/08/20
More than a third (36 per cent) of financial services companies have found that technology was their company’s biggest pain point during the shift to working from at the height of the Coronavirus lockdown. A survey of 600 IT leaders in the UK, US, Canada, Germany and France by Vanson Bourne for Xerox found that more than three quarters (76 per cent) of financial services respondents were not fully prepared, from a technology perspective, for the sudden transition to remote work.
Posted: 21/08/20
Railsbank has confirmed its intent to acquire the UK arm of German payments processor Wirecard. Sifted reported that the London-based banking platform will now acquire the remaining assets of Wirecard Card Services (WCS), along with its clients and some employees.
Posted: 21/08/20
Fewer than one in four payments are now being made in cash - at around half of pre-COVID levels - as businesses and consumers alike look for contact-free ways to pay. This is according to research from Square, taking data from thousands of transactions across hundreds of small and medium sized businesses across the UK that used its point of sale and payments technology, between January to July.
Posted: 20/08/20
Mobile commerce startup Button has partnered money management assistant Plum for a new rewards and cashback program. Button’s technology lets users discover offers tailored to their preferences, as well as shop and save with a range of high street brands.
Posted: 20/08/20
Mastercard and Transferwise are expanding their partnership, enabling the issuance of cards in any market where Mastercard is accepted and TransferWise is licensed. The agreement marks the expansion of a relationship begun in 2018, when cross-border transfer firm TransferWise issued its first debit card in Europe. Since then, it has issued over one million Mastercards globally.
Posted: 20/08/20
Nationwide has launched Apple Business Chat, giving its members an additional way to securely connect with Nationwide via Apple’s Messages app.The new digital experience, powered by global conversational solutions provider LivePerson, combines of AI automation with the human interaction of Nationwide employees.
Posted: 20/08/2020
American Express has entered into an agreement to acquire cashflow management FinTech firm Kabbage. The transaction forms part of the global card company's strategy of being an essential partner to small businesses through a range of payment, cashflow and financial management tools.
Posted: 18/08/20
Vida, a specialist mortgage lender, has signed a technology partnership with Zoot, a data management firm, to develop an end-to-end mortgage platform built specifically for intermediaries.Under the terms of the deal, which is a significant part of Vida’s £5 million technology investment strategy, it will work with Zoot to build a digitally-focused mortgage journey.
Posted: 19/08/20
NatWest has launched a new service allowing vulnerable customers to request how they want to be served online or in branch. The ‘Banking my way’ service will help customers who need additional support, such as requesting a translator, being spoken to more clearly, or requesting a quiet space when accessing services in branch.
Posted: 19/08/20
Citi has agreed a strategic investment in metadata management firm Solidatus. Under the terms of the deal, the London-based startup, which launched in 2017, will provide its platform internally at a global enterprise level.
Posted: 19/08/20
A survey of UK FinTech founders has revealed concerns around government support for the industry during the COVID crisis. Over the last month, the Digital Finance Forum launched its second annual summer survey, receiving answers from over 100 founders – of whom 43 per cent were primarily lending companies, with a further 34 per cent listing digital banking/payment as their main activity.
Posted: 19/08/20
Form3 has completed a strategic equity investment round worth $33 million. Following its Series B funding round in November 2018, the cloud-native payment technology provider has trebled in size.
Posted: 18/08/20
HCL Technologies has collaborated with R3 to launch BUILDINGBLOCK, a blockchain platform created to streamline business property insurance for multinational companies. The platform enables insurance companies to craft a master policy document by enabling real-time data flow in a cryptographically secure and immutable manner.
Posted: 18/08/20
Bridge, an e-payment technology startup, has raised £2.5 million as the e-commerce sector continues to expand. The company acts as an integration layer to reduce complexity for merchants and their customers.
Posted: 18/08/2020
The board of Banking Competition Remedies (BCR) has announced the results of the £20 million Capability and Innovation Fund Pool E grant process. It has given grants of £5 million to Funding Xchange and Onfido, with grants of £2.5 million going to Codat, ezbob, Fractal Labs and Previse.
Posted: 18/08/20
Robinhood has announced the completion of a $200 million Series G funding round at an $11.2 billion, from D1 Capital Partners. This follows a $280 million Series F raise in May, when the firm was valued at $8.3 billion.
Posted: 18/08/20
The latest official banking consumer satisfaction survey from the Competition and Markets Authority (CMA) has revealed that digital challenger banks Monzo, Starling and First Direct are consistently ranked far above their traditional banking peers. The research, carried out between July 2019 and June 2020 by Ipsos MORI, with around 1,000 customers from each bank (19,141 people in total), showed that when asked how likely they would be to recommend their personal current account provider to friends and family, Monzo came top with 86 per cent.
Posted: 17/08/20
NatWest has appointed Georgina Bulkeley as the new chief operating officer of its personal banking division. Moving from the role of strategy and innovation director, which she has held since 2018, Bulkeley will take up the newly-created role in September as part of the operating model shake-up launched by Alison Rose, who took over as chief executive of the group in November 2019.
Posted: 17/08/2020
Viva Wallet is looking to raise €500 million to support its digital banking operations, eight months after securing a banking licence through a merger with Praxia Bank. Reuters reported that the Greek payments FinTech has hired ​Jefferies to advise on the fundraising, which will offer stakes in a new legal entity that will take on all Viva Wallet’s banking loans. Both firms declined to comment.
Posted: 17/08/20
The volume of business-to-business (B2B) payments facilitated by non-banks will exceed 53 billion in 2022, from a COVID-related low of 38 billion in 2020 – representing 42 per cent growth. The market analysis by Juniper Research forecasted that these vendors will account for 12.6 per cent of B2B payments by volume in 2022.
Posted: 17/08/20
Jan Marsalek, former chief operating officer of Wirecard, was added to Interpol’s most wanted list this morning, as the multi-billion euro accounting scandal involving the German payments processor intensifies. The 40-year-old Austrian national is regarded as a central figure in the alleged accounting scandal.
Posted: 14/08/20
Pollinate and Mastercard have agreed a strategic commercial partnership to develop technology a data insights for banks serving small and medium-sized enterprises (SMEs).
The closer working partnership will enable Pollinate to extend its merchant acquiring software to banks providing digital services and support to SMEs through the COVID-19 crisis.
Posted: 14/08/2020
The European Banking Authority (EBA) has launched a RegTech industry survey, inviting all relevant stakeholders - such as financial institutions and third-party technology providers - to share their views and experience. The aim of the survey is to better understand the ongoing activity in this area, raise awareness within the regulatory and supervisory community, and inform any relevant future policy discussion.
Posted: 14/08/20
Finnish FinTech firm Holvi is pulling out of the UK after six months due to “challenging” conditions created by COVID-19 and Brexit uncertainty. The BBVA-owned company, which offers business banking services for small businesses and sole traders, said UK accounts will expire on 31 October, with customers advised to transfer balances to an alternative account by that date.
Posted: 13/08/20
FinTech funding continued to slide downward in the last few months, resulting in the worst second quarter figures since 2018, with $6.34 billion raised. This is according to the latest analysis by Forrester, which showed that most of the money went toward digital banks, lenders and payment providers, continuing the trend of venture capital firms pouring money into well-established sectors.
Posted: 13/08/20
NatWest is set to cut at least 500 roles across branches and its premier banking premium service. As part of its COVID 19 recovery plan, the bank is inviting applications for voluntary redundancy for up to 550 members of staff in the retail banking division. There will be no compulsory redundancies as part of the programme.
Posted: 13/08/20
Barclaycard has launched a new service which uses data analytics to provide procurement departments with the most comprehensive picture of their supply chain. Barclaycard Payment Intelligence (BPI) combines hundreds of accounts payable data points with internal and third-party data, helping to speed up the process and cut costs as a result.
Posted: 13/08/20
American Express has partnered with Yapily to help deliver its Pay with Bank Transfer payment initiation service across Europe. The agreement will enable American Express to reach new markets with its Open Banking payment product, increasing the benefits, support and innovation offered to its merchant customers.
Posted: 13/08/20
Facebook has launched a new payments unit run by its cryptocurrency head David Marcus. Facebook Financial will run all the social media company's payments projects, including the roll-out of Facebook Pay across its various apps in the coming months.
Posted: 13/08/20
Habito has raised £35 million in a Series C funding round and convertible loan extension. The digital mortgage company was supported by Augmentum Fintech, SBI Group and mojo.capital, with participation from existing investors including Ribbit Capital, Atomico and Mosaic Ventures.
Posted: 12/08/20
Virgin Money has launched a new tool designed to simplify the home purchase process and help first time buyers on to the property ladder. The app is available in the App Store and Google Play to download and follows a four-week beta trail with Virgin Money customers.
Posted: 12/08/20
Revolut has reported losses for last year rising to £106.5 million, up from £33 million in 2018. The digital challenger bank's annual report for the year to 31 December 2019 showed a 180 per cent increase in revenue to £162.7 million, from £58 million the year before.
Posted: 12/08/20
While most financial organisations worldwide (89 per cent) are moving to the cloud, a significant amount (68 per cent) already reckon that cloud migration has greatly or moderately changed their business for the better. Unisys surveyed 155 senior IT and business leaders within financial services in 13 countries around the world - including the UK, Germany, Belgium and the Netherlands - finding uncertainty across the financial services industry in relation to the pace of technological innovation.
Posted: 12/08/20
Standard Chartered Bank and Microsoft have announced a three-year strategic partnership to accelerate the bank’s digital transformation through a cloud-first strategy. Leveraging Azure as a preferred cloud platform, the companies will also co-innovate in Open Banking and real-time payments.
Posted: 12/08/20
FintechOS has hired Remco Jorna as its new chief technology officer (CTO). The banking and financial services technology provider said Remco, who has experience in IT strategy and enterprise architecture in both banking and insurance, will build the enterprise architecture practice together with head of solution architecture Andra Sonea.
Posted: 11/08/20
Younger generations are leading the adoption of alternative payment methods (APMs) such as e-wallets and bank transfers, with 42 per cent of Millennials and 35 per cent of Generation Z consumers having used these. A survey of 1,000 consumers in the UK and 1,000 in the US by Arlington Research for payments platform PPRO found that security of their data and money is the most important aspect when choosing a payment method, with 81 per cent of all respondents citing this as a priority.
Posted: 11/08/20
TSB will axe dedicated cashier roles in its branches, with 929 staff facing the prospect of retraining, changing roles or taking voluntary redundancy. In a memo sent to staff the bank said that cashiers roles would be phased out early in 2021.
Posted: 11/08/20
The UK’s trade in digitally deliverable services is projected to climb to $104 billion by 2025, with finance, information and communication technologies (ICT) and business to business (B2B) sectors set to contribute 78 per cent of total growth. A report compiled by Western Union and Oxford Economics forecast that the value of international, cross-border trade in services will rise from $6.1 trillion in 2019 to $8 trillion by 2025 – a 31 per cent increase in overall value.
Posted: 11/08/20
Cloud banking technology firm Thought Machine has joined the Banking Industry Architecture Network (BIAN), the non-profit organisation that provides a common framework for banking. Founded in 2014 by former Google engineer Paul Taylor, Thought Machine’s BIAN membership will focus it on ensuring its Vault product is compatible with BIAN standards.
Posted: 10/08/20
The results of Strong Customer Authentication (SCA) testing have shown that the increased security measures have been putting customers off completing transactions. Dean Jordaan, director of e-commerce and payments at Microsoft UK, shared the results of the latest round of research his team has been conducting in Europe since September 2019.
Posted: 10/08/20
New research has revealed that the first half of 2020 has seen Anti-Money Laundering (AML) fine values globally totalling $706 million - compared to 2019’s full-year-total of $444 million. Duff & Phelps' seventh annual Global Enforcement Review did, however, show that global totals of AML fines in 2019 and the first half of 2020 were down on the two previous years - and still below the yearly average of fine levels for the four-year period from 2015 to 2018.
Posted: 10/08/20
Capital One has agreed to a $80 million fine from US regulators over last year's hack which exposed the personal information of more than 100 million customers and applicants. The Office of the Comptroller of the Currency (OCC) calculated the fine based on a "failure to establish effective risk assessment processes prior to migrating significant information technology operations to the public cloud environment and the bank's failure to correct the deficiencies in a timely manner".
Posted: 07/08/20
Goldman Sachs has promoted Mathew McDermott to become its new global head of digital assets, as part of a push towards legitimising blockchain within banking. He replaces Justin Schmidt, a former crypto trader who ran the bank's digital assets team since 2018, according to reporting by CNBC.
Posted: 07/08/20
Starling Bank has given a trading update, revealing that it generated £6.7 million during the month of July, which represents an annualised revenue run rate of circa £80 million. This revenue was split between £3.9 million of net interest income and £2.8 million of gross fees and commissions income.
Posted: 07/08/20
Nearly a third (32 per cent) of consumers have turned to digital wallets to send international remittances and money transfers during the COVID-19 pandemic. A Sapio study of 8,000 consumers across the UK, US, Canada, Germany, Austria, Bulgaria and Italy, for Paysafe, found that more than a quarter (28 per cent) had sent money to family or friends once or twice during the first month of lockdown, as global restrictions on movement prevented them from making the payments in person.
Posted: 06/08/2020
FinTech funding increased 17 per cent to $9.3 billion in the second quarter, compared to the first. The latest CB Insights analysis showed that the amount of deals also rose to 141 in June, from 127 in April.
Posted: 06/08/20
Amazon Web Services (AWS) is to collaborate with Global Payments for a cloud-based issuer processing platform. The multi-year collaboration agreement will see the companies will work together to broaden Global Payment’s worldwide customer base and transform its core issuing platform to deliver secure solutions for the payment industry at scale.
Posted: 06/08/2020
Worldline has announced the third edition of its e-Payments Challenge, to take place in a fully virtual format for the first time on 17 and 18 September. The European payment and transaction services firm's annual forum brings together FinTechs, banks, merchants and its own technology experts.
Posted: 06/08/20
Currencycloud has rolled out Currencycloud Spark with Starling Bank, TranSwap and Remitr. The multi-currency wallet enables businesses - and their customers - to receive, store funds and make payments in more than 30 different currencies, almost anywhere in the world.
Posted: 06/08/20
Kompany has announced today new investment of almost €6 million, the RegTech firm's largest single investment round to date. It will use the new funding to accelerate growth and expand new product lines, artificial intelligence-driven shareholder analysis tool UBO discovery and blockchain-based audit-trail solution KYC onchain.
Posted: 06/08/20
Following an in-depth investigation, the Competition and Markets Authority (CMA) has provisionally blocked the merger of FNZ and GBST. Retail investment platform FNZ purchased its rival GBST in November 2019 for around £150 million, resulting in scrutiny from the regulator due to their significant presence in the UK market.
Posted: 05/08/20
Standard Chartered has partnered with US startup Truera to tackle unjust bias in artificial intelligence (AI) decision making. The bank will use Truera’s platform to improve model quality and increase trust by analysing models and helping to identify and eliminate unjust biases in decision-making processes.
Posted: 05/08/20
The Coronavirus lockdown has accelerated the shift to digital banking apps, with more than half (54 per cent) of the UK population now using money management apps on a regular basis. An Opinium survey of 2,000 individuals for Nesta’s Open Up 2020 challenge found that increasing adoption has meant that more than a third (36 per cent) now feel more comfortable using banking and money management apps since lockdown and almost a quarter (23 per cent) trust online banking more now than before lockdown.
Posted: 05/08/20
Mastercard has launched a new business intelligence platform for European banks. Market Trends is an online tool which will provide a comprehensive view of payments insights, competitive intelligence and industry trends for financial institutions.
Posted: 05/08/20
Oxbury, the UK’s new specialist bank for farming and food, has released details of the new digital banking service underpinning its flagship product. Oxbury Farm Credit gives farmers a revolving credit account, letting them to spread the cost of their raw material purchases to suit their cashflow.
Posted: 05/08/20
Transaction Network Services (TNS) has appointed payments industry veteran John Tait to the newly created position of global managing director for its FinTech payments business. Based in Australia, he will take responsibility for TNS’ payments teams across the Americas, Europe and Asia Pacific regions, which now serve customers in over 60 countries.
Posted: 04/08/20
Mastercard is extending a partnership with business banking FinTech ANNA Money to support the roll-out of value-added services. ANNA combines a mobile business account, Mastercard debit card and virtual assistant rolled into one app, aimed at startups, freelancers and small businesses.
Posted: 04/08/20
NatWest has announced access to Apple Pay for its business and commercial credit card customers. The bank, and subsidiaries including Royal Bank of Scotland and Ulster Bank, have integrated Apple Pay across a range of Mastercard credit and charge cards.
Posted: 04/08/20
Direct Line Group has reached an agreement to acquire InsurTech startup Brolly. The transaction is conditional and is expected to close during the third quarter. The terms of the acquisition were not disclosed.
Posted: 03/08/20
Wagestream has become the first income streaming FinTech to partner with Visa. The tie-up will enable workers across Europe to access earned wages before payday through the integration of real-time push payments platform Visa Direct.
Posted: 03/08/20
Metro Bank has agreed to acquire RateSetter for initial consideration of £2.5 million, with £500,000 payable 12 months after completion subject to the satisfaction of certain criteria and a further £9 million payable on the third anniversary of the transaction. The acquisition does not include RateSetter Australia, which is being retained by shareholders.
Posted: 03/08/20
Business lending FinTech iwoca has called on the UK's biggest banks to help ensure small businesses are accessing finance as quickly as possible through the Coronavirus Business Interruption Loan Scheme (CBILS). This comes as the firm announced a new fundraising round of £100 million, which will be used to scale its CBILS offering and fund new customers through the scheme for the first time.
Posted: 03/08/20
Metro Bank has awarded Wipro a multi-year contract to deliver and transform testing and environment management services. The bank's chief information officer Cheryl McCuaig explained that it wanted to improve the quality, velocity and efficiency of IT delivery.
Posted: 31/07/20
Digital wealth manager MoneyFarm has partnered Open Banking platform Fabrick to enable new services for customers in the UK and Italy. Announcing the tie up, the companies said the Coronavirus crisis had “drastically affected the banking habits and needs of consumers”, with many turning to digital and app-based services.
Posted: 31/07/20
Savings and investments app Moneybox has completed a £7 million crowdfunding round in just two days. A total of 16,738 investors participated in the round, making it one of the most successful to have been launched on CrowdCube.
Posted: 31/07/20
The Coronavirus has cast 'significant doubt' on Monzo's future, according to its annual report, which revealed a £113.8 million loss for the year - up from £47.2 million during the same period in 2019. Only a moderate increase in revenues to £67.2 million - up from 19.7 million last year - came as operating expenses rose from £33.4 million in 2019 to £70.4 million during the most recent 12 months.
Posted: 31/07/20
Following the COVID-19-induced slowdown in global InsurTech investment during the first quarter, $1.56 billion was raised by InsurTech firms in the second quarter of this year. The total, up 71 per cent over the first quarter, was driven in part by later-stage investments, including four ‘mega rounds’ in excess of $100 million, according to the new Quarterly InsurTech Briefing from Willis Towers Watson.
Posted: 31/07/20
More than 180,000 fewer account switches occurred in the second quarter of this year as a result of the COVID-19 pandemic, new data from the Current Account Switch Service (CASS) has revealed. The figures show that 98,192 switches took place in the three months to July, down 182,328 on the first quarter of 2020.
Posted: 30/07/20
Nutmeg has partnered TrueLayer to offer Open Banking payments. The tie up, which is the first instance of a digital wealth manager using Open Banking Application Programming Interfaces (APIs), will enable customers to choose Faster Payments directly from their bank or building society.
Posted: 30/07/20
Goldman Sachs is to collaborate with Publicis Sapient for the rollout of a new banking platform. As part of the multi-year collaboration, the digital business transformation hub of Publicis Groupe is partnering with Goldman Sachs US to support the roll out of a cloud-native transaction banking platform.
Posted: 30/07/20
Remitly has announced an additional $85 million in financing, as the global demand for digital remittances continues to surge during the COVID-19 pandemic. Returning investor Prosus’s PayU led the round at a $1.5 billion valuation, joined by returning partners DN Capital, Generation Investment Management, Owl Rock Capital, Princeville, Stripes, Threshold Ventures and Top Tier.
Posted: 30/07/20
Investment platform eToro has acquired e-money business Marq Millions, rebranding it eToro Money and making it the issuer for a forthcoming debit card. Co-founder and chief executive of eToro Yoni Assia said: “The launch of a debit card is a natural next step for eToro as we broaden the range of services that we provide to our users.
Posted: 30/07/20
The Payment Systems Regulator (PSR) is calling on payments firms to contribute to the development of its future strategy. The regulator is asking for help to define clear outcomes for the payment sector before a formal consultation takes place at the end of this year.
Posted: 29/07/20
The Central Bank of Ireland has reprimanded and fined the Bank of Ireland for five breaches of the MiFID regulations committed by its former subsidiary Bank of Ireland Private Banking. The central bank determined the appropriate fine to be €2.37 million, which has been reduced by 30 per cent to €1.6 million for early payment.
Posted: 29/07/20
Spanish bank BBVA is collaborating with Fujitsu on a proof of concept of its quantum-inspired optimisation solution. The collaboration comes after BBVA launched a number of studies to determine how quantum technologies could represent an advantage over traditional tools in different financial use cases.
Posted: 29/07/2020
Curve has partnered with digital identity verification firm Onfido to enable biometric onboarding. The deal will see the card consolidation platform use Onfido’s identity document and facial biometric technology to speed up and unify the digital identity and Know Your Customer (KYC) processes.
Posted: 29/07/20
InsurTech firm Zego has partnered with e-scooter company Ginger to provider insurance cover for the UK’s first e-scooter trial. The trial in the Tees Valley, comes after the government announced it would legalise rental e-scooters on UK roads during 12-month period to test their suitability as a mode of transport.
Posted: 29/07/2020
Thought Machine has raised an additional $42 million in funding for its Series B round, due to close in early August. Eurazeo Growth led this extension, with British Patient Capital and SEB also coming in as new investors.
Posted: 29/07/20
TransferWise has completed secondary share sales amounting to $319 million at a new valuation of $5 billion. This amounts to an uplift of 43 per cent since May 2019, with the latest funding round allowing shareholders and employees to sell some of their holdings to other new and existing investors.
Posted: 29/07/20
Mastercard and Microsoft have announced a collaboration to shape the future of digital commerce, drive startup innovation and enable financial inclusion. The partnership will accelerate Mastercard Labs’ cloud native research and development activities, enabled by Azure cloud and artificial intelligence systems to advance Mastercard’s mission to de-risk and commercialise emerging technologies and platforms for digital commerce.
Posted: 28/07/20
European payments platform Paysafe has acquired US-based payment technology company Openbucks for an undisclosed sum. Openbucks, which was founded in 2011, allows online merchants to accept retail gift cards as an alternative form of payment to credit cards, something that is particularly popular amongst online gaming and e-sports operators.
Posted: 28/07/20
ComplyAdvantage, a financial crime detection solutions firm, has secured $50 million in its latest funding round. The Series C round, led by Ontario Teachers’ Pension Plan Board, brings the total investment in the company to $88 million. Existing investors Index Ventures and Balderton Capital also participated in the round.
Posted: 28/07/2020
While the Coronavirus has meant that the number of deals and total capital raised by UK FinTechs in the first half of this year was clearly down compared to the same period in 2019, investment in the first half of 2020 was actually up on the previous six months. This is according to the latest analysis from Innovate Finance, which suggested that the scale of the economic impact of the pandemic is now becoming clearer.
Posted: 28/07/20
A new cross-sector consortium of businesses and universities is set to provide the key to the challenge of data access for regulated industries, through an artificial intelligence-powered platform. The AIR Platform is a privacy preserving, data access and data collaboration tool that will deliver a "generational breakthrough" for how the private and public sectors operate and interact with each other locally and globally, according to Philip Treleaven, director UK Centre for Financial Computing at University College London (UCL).
Posted: 28/07/20
Allica Bank has announced the appointment of Richard Davies as its new chief executive. He will be responsible for leading the challenger business bank as it scales, delivering the funding, technology and expertise required.
Posted: 27/07/20
Mastercard has enrolled in the Pay.UK framework for its Request to Pay solution in the UK. Request to Pay will provide more options and flexibility to settle bills between businesses and individuals, whether for mortgage repayments, utility and telecoms bills, or council tax payments.
Posted: 27/07/20
Revolut has topped up its pre-Coronavirus Series D funding round with an $80 million extension, to make a total of $580 million at the same valuation. The latest investment comes from San Francisco-based private equity firm TSG Consumer Partners and will be used to accelerate the roll-out of banking operations across Europe, including full bank accounts and lending services, as well as to speed up production of new product lines, including a new subscription management tool and a rewards programme for customers.
Posted: 27/07/20
NatWest is partnering Synalogik for automated compliance and intelligence checks.The software platform, a member of the bank's entrepreneur accelerator programme, was as formed in 2018 and joined the Entrepreneur and Fintech Accelerators the following year.
Posted: 24/07/20
The Ministry of Justice (MoJ) has awarded its payment facilitation and collection contract to allpay. The Herefordshire-based payment solutions provider will drive the MoJ’s channel shift towards direct debits, which it expects to realise significant cost savings.
Posted: 24/07/20
Digital lender Selina Finance has completed a £42 million Series A fundraise, including £12 million in equity and £30 million in debt lines, ahead of launching a consumer product later this year. The equity funding, raised from Picus Capital, Global Founders Capital and others, will enable the business to accelerate its growth plans and investment in technology.
Posted: 23/07/20
The World Federation of Exchanges (WFE), a global industry group for exchanges and central counterparty clearing houses (CCPs) has called for a response to the growth of stablecoins by developing a common taxonomy that would also cover cryptoassets. The industry body said the taxonomy - a means of classifying a group of assets through common characteristics - would create consistent and common regulatory classifications before the stablecoin ecosystem fragments further; rather than trying to fix differences after the fact.
Posted: 23/07/20
Growth Street's board has taken the decision to wind-down the business, after the 'unprecedented impact' of the Coronavirus proved too much. The marketplace lender initiated a resolution event with the aim of ceasing business activities and winding down operations.
Posted: 23/07/20
Hippo Enterprises closed $150 million in Series E funding, valuing its business at $1.5 billion post-financing. The InsurTech brought in FinTLV, Ribbit Capital, Dragoneer and Innovius Capital as new investors, alongside participation from existing investors.
Posted: 22/07/20
Chip has begun the roll-out of Interest Accounts, with an easy access rate of 0.90 per cent Annual Equivalent Rate (AER). The first savings account to be available via the new platform is eligible for the Financial Services Compensation Scheme (FSCS), with more rates and accounts available soon, including notice accounts.
Posted: 21/07/20
IBM has announced that BNP Paribas is to join several other global banks as part of its growing cloud services ecosystem. As part of the tie-up, BNP Paribas will utilise a dedicated cloud, developed and managed by IBM. The French bank could onboard additional banking partners to the ecosystem across Europe in the future, according to IBM.
Posted: 22/07/2020
Scalable Capital has raised an additional €50 million in a Series D financing round. The money will be used to further accelerate growth in its wealth management, brokerage and its business-to-business units.
Posted: 22/07/20
Phoenix Life, part of the Phoenix Group, has selected Oracle Financial Services Analytical Applications (OFSAA) to drive better operational efficiency and data governance. The Oracle technology will also be key in helping the savings and retirement business efficiently meet the new International Financial Reporting Standard (IFRS 17) taking effect from January 2023.
Posted: 22/07/20
Robinhood has abandoned its UK launch as it deals with operational problems caused by a lockdown trading surge in its core US market.
Posted: 21/07/20
Banque de France has announced its chosen candidates for the integration of a Central Bank Digital Currency (CBDC) for interbank settlements. The Paris-based central bank issued a call for applications for experiments in interbank settlements and has chosen eight organisations to begin developing the technology and infrastructure to support the project.
Posted: 21/07/20
New research has revealed that 64 per cent of UK adults have been reliant on technology to manage their finances since March, up from the 42 per cent before the lockdown. Checking accounts (88 per cent), transferring money (80 per cent), withdrawing funds out of an investment (35 per cent) and searching for new financial products (27 per cent) have been the most common uses of FinTech, according to the survey of 2,001 UK adults carried out on behalf of operating system provider Yobota.
Posted: 21/07/20
Consumers of financial products and cryptoassets are set to get better protections against misleading and inadequate promotions under proposals published by the government. Misleading advertising or a lack of suitable information can expose potential investors to a level of risk they are not prepared for.
Posted: 21/07/20
Microsoft has signed a cloud agreement with Finastra targeted at helping financial firms benefit from digital transformation. Under the terms of the multi-year deal, Finastra customers - including banks, credit unions and other financial providers - will be able to use Microsoft’s Azure cloud services, Power Platform and Microsoft 365 to analyse data, leverage artificial intelligence and store more information online.
Posted: 20/07/20
The Treasury has relaunched a review into the UK’s financial technology industry in a bid to support further growth in the sector. As previously announced in the Budget, the FinTech strategic review will be led by Ron Kalifa, a former chief executive of Worldpay, establishing priority areas for industry, policymakers and regulators to explore in order to support the ongoing success of the sector.
Posted: 20/07/20
Virgin Money has launched a trial of a new app designed to help first time buyers navigate the home purchase process. The challenger bank is launching the four-week Beta trial of the Home Buying Coach app in collaboration with data insights platform Life Moments.
Posted: 20/07/20
Mastercard is expanding its cryptocurrency program with the addition of Wirex as the first native cryptocurrency platform to be granted a principal membership licence. The expansion of the Accelerate program will make it easier for companies operating in the crypto space to bring secure, compliant payments to market.
Posted: 20/07/20
Tide has sealed a multi-year strategic partnership with Mastercard to enhance its business banking services and become a principle issuer, meaning it will now settle funds directly with the payments giant. The two companies will also work together to deliver card functionality and innovative payments features onto the Tide platform.
Posted: 20/07/20
Starling Bank has introduced self-employed pensions solution Penfold to its Marketplace. Penfold has been designed for freelancers, self-employed people and limited company directors, whose incomes can sometimes fluctuate widely from one month to the next, via an online portal.
Posted: 20/07/20
Digital Reasoning and Google Cloud have signed a strategic partnership aimed at bringing financial services solutions to the cloud. The AI solutions firm has partnered Google’s cloud service to help banks and financial institutions leverage the scale, reliability and performance of the cloud.
Posted: 17/07/2020
Monzo has relaunched its premium Monzo Plus service, which will charge customers £5 for features including account aggregation and savings pots. The challenger bank has relaunched Monzo Plus after it pulled an earlier attempt to charge £13 for a range of premium account services in September last year following negative customer feedback.
Posted: 17/07/2020
Savings and investing app Moneybox has secured £30 million in funding. The FinTech said the Series C funding round takes the total amount of investment to date to £51.3 million.
Posted: 17/07/2020
NatWest has appointed Solange Chamberlain as Chief Operating Officer for its Commercial Banking arm. Chamberlain, who joined the bank in December 2019 from Lloyds Banking Group, will lead commercial banking’s strategy, capital management portfolio, performance and capability, division as well as lead its ongoing change and transformation programmes.
Posted: 16/07/2020
The Financial Conduct Authority and the City of London Corporation are piloting a digital sandbox to support firms to develop solutions to the challenges created by the COVID-19 pandemic. Under the terms of the partnership, the organisations will develop and launch a digital testing environment to provide firms with access to high-quality data sets for the testing and validation of innovative technology solutions.
Posted: 16/07/2020
The Financial Conduct Authority (FCA) has published draft guidance on access to cash and ATMs when considering branch closures or making an ATM pay-to-use as the shift to digital financial services risks leaving vulnerable customers behind.The draft guidance for banks, building societies and credit unions is aimed at ensuring firms treat their customers fairly when closing a branch or ATM, including considering what alternatives they can provide their customers.
Posted: 16/07/2020
Visa has launched a US trial of its buy now pay later installments solutions. A pilot project with global payments issuer TSYS will allow financial institutions to offer installment plans to their cardholders, marking the first case of an issuer technology partner integrating Visa’s pay by installment option for cardholders at checkout.
Posted: 15/07/2020
HSBC has reached a long term strategic cloud agreement with Amazon Web Services (AWS) to drive digital transformation and deliver new and personalised banking services. Under the terms of the multi-year, global agreement, HSBC will make AWS’ cloud technology available across the bank’s lines of business, starting with customer-facing applications and application modernization in its global wealth & personal banking business.
Posted: 15/07/2020
BAE Systems Applied Intelligence and Acuminor have launched a trial of technology aimed at helping banks to identify transactional behaviour linked to human trafficking and money laundering.The collaboration has seen the technology firms team up to run the trial for a major Nordic bank, with proof of concept trials running to simulate suspicious activity and test the efficiency of the banks’ financial crime detection systems.
Posted: 14/07/2020
The UK’s FinTech start-ups have lost an average of £1.5 billion in funding so far this year as the Coronavirus takes its toll on investors, according to a new report from KPMG. The professional service firm has conducted a study of the UK’s FinTech startup industry based on a sample of 100 FinTech companies across a range of verticals, of which 54 are providing financial services to consumers or businesses and 46 are providing technology or processing services to other financial institutions.
Posted: 14/07/2020
Lloyds Bank is to add a subscription management service to its mobile banking app.
The new feature, which is due to be launched as part of an update in the coming months, will enable customers to view, manage or amend subscription services from their mobile.
Posted: 13/07/2020
Enterprise businesses could face losses of up to £1 million a year due to failed payments as small and medium size businesses also face significant failure rates, according to new research. Analysis by recurring payments firm GoCardless of payment data from over 55,000 customers and 900 external businesses found that medium sized or mid-market businesses face losses of £200,000 a year due to failed payments, while small businesses stand to lose £6,000 on an annual basis.
Posted: 13/07/2020
NatWest is releasing a digital planning tool to help customers with end of life planning.The bank said the free ‘NatWest Plan Ahead’ service would be the first service in the UK offering customers the chance to simplify and consolidate their end of life planning.
Posted: 13/07/2020
Nationwide has seen soaring use of video calls during lockdown, with 2.5 million calls made in June as it continues to roll out a digital transformation strategy. The building society became an early adopter of Microsoft Teams’ collaboration software in 2019, as part of efforts to transform the workplace and create more flexibility for staff.
Posted: 10/07/20
Cross-industry financial services body Investing and Savings Alliance (TISA) has commenced the industry-wide rollout of TISAtech, a digital marketplace that brings together financial institutions and FinTechs for greater collaboration and innovation. TISAtech will enable financial institutions to more quickly and easily identify and connect with potential partners via a searchable database of more than 3,600 categorised FinTechs.
Posted: 10/07/20
Railsbank has launched operations in the US, appointing Dov Marmor as chief operating officer for North America. It will offer the complete platform, including Banking-as-a-Service (BaaS) and Credit Cards-as-a-Service (CCaaS) to FinTechs across the pond.
Posted: 10/07/20
Nicolas Weng Kan, the former chief executive of Google Compare and Confused.com, has today been appointed as the chief executive of Yolt. In this role, he will be responsible for managing both the smart money app and Open Banking arm Yolt Technology Services (YTS).
Posted: 10/07/20
In light of the impact of COVID-19 on firms’ business models, the Financial Conduct Authority (FCA) has issued finalised guidance to strengthen payment firms’ prudential risk management and arrangements for safeguarding customers’ funds. This follows the consultation paper published on 22 May, which closed on 12 June.
Posted: 09/07/20
UK workers are being targeted by a new SMS phishing scam designed to trick victims into handing over details of their HSBC bank account. The scheme, uncovered by litigation specialists Griffin Law, begins with a text message purporting to be from HSBC, telling the target that ‘a new payment has been made’ through the HSBC app on their phone.
Posted: 09/07/20
The chancellor’s Summer Statement has been called a “missed opportunity” to support the UK’s tech sector through the Coronavirus recession. Rishi Sunak signalled the country’s move to phase two of the economic recovery, with a specific focus on protecting employment and boosting job creation, while phase three will concentrate on rebuilding the economy more comprehensively and is likely to come during the full autumn budget statement.
Posted: 09/07/20
TransferGo has announced the appointment of Edgardo Savoy as its new chief technology officer. Based in London, he will be responsible for leading TransferGo’s team of more than 60 engineers and driving the company’s technology roadmap, with a focus on customer experience.
Posted: 08/07/20
American Express, Discover, Mastercard and Visa are beginning technical preparations to roll out the Click to Pay online checkout to countries including the UK. Click to Pay, based on the EMV Secure Remote industry standard, aims to make the online checkout simple and secure for consumers across websites, mobile apps and connected devices by replacing the entry of personal account numbers and information at checkout.
Posted: 08/07/20
A total of 60 per cent of financial services organisations believe that public cloud platforms will be strategically important for them in the next two to five years, as the pace of digital transformation accelerates in the industry. A survey of 488 financial services firms by application services company F5 found that the number of firms strategically considering public cloud platforms was up sharply from 49 per cent in 2019, as 84 per cent of firms continue to execute their digital transformation plans.
Posted: 08/07/20
Wagestream has completed a £20 million Series B funding round. Early-stage venture capital specialist Northzone led the round, with participation from QED Investors, Latitude Ventures and Balderton Capital. This latest investment - which takes the total raised to £65 million - will be used to consolidate the company’s market share in the UK and fund its international expansion.
Posted: 08/07/20
Newcastle Building Society has launched a new mobile savings app. Users can check balance and transaction information, while secure cloud and biometric technology ensures cyber safety. The app is available for both Android and Apple devices.
Posted: 07/07/20
BNP Paribas Securities Services has automated processing of key asset servicing documentation with Natural Language Generation (NLG), machine learning and intelligent document processing technologies. The securities division of the French banking giant has called the automation drive a “major milestone” in the bank’s digital transformation programme.
Posted: 07/07/20
Almost three-quarters of smaller UK FinTech companies have a cash runway of half-a-year, while 77 per cent are worried about their next funding round, according to new research from Innovate Finance. The survey of 126 FinTech startups - of whom 61 per cent had fewer than 25 employees - found that the vast majority of respondents haven't received funding since the start of the Coronavirus lockdown. Of those that have, the majority came from angel investment.
Posted: 07/07/20
Deutsche Bank and Google Cloud have agreed to form a strategic partnership, delivering not only cloud services to the bank, but also enabling co-innovation to create new technology-based financial products. Both parties have signed a letter of intent and plan to sign a multi-year contract within the next few months.
Posted: 07/07/20
A new digital bank, Monument, has announced it is in the latter stages of its application for a banking licence. It plans to launch the bank of choice for mass affluent clients in the UK who have a net worth of between £250,000 and £5 million.
Posted: 06/07/20
Lloyds Banking Group chief executive António Horta-Osório will step down next June after a 10-year tenure. The UK's largest banking group also unveiled Robin Budenberg as its new chairman, replacing Lord Blackwell from next year.
Posted: 06/07/20
Starling Bank has launched a new digital banking toolkit and a US dollar account to allow business banking customers to spend directly in pounds and dollars with a single debit card.
Posted: 06/07/20
Tech Nation's Insurtech Board and Insurtech UK have joined forces to make a statement urging that all insurance leaders remain committed to supporting innovation and InsurTech. The notice explained that the impacts of COVID-19 on the insurance industry are "immediately pressing" and come with unclear longer-term repercussions.
Posted: 06/07/20
The Co-operative Bank is launching a free fraud awareness webinar to help small businesses protect themselves from fraud. The information session will feature members of its fraud and cyber security team, as well as experts from Greater Manchester Police and the Federation of Small Business.
Posted: 03/07/20
TransferWise has secured retail investment permissions for customers in the UK. The Financial Conduct Authority (FCA) has granted multiple permissions to carry out regulated investment activities, including the ability to arrange and bring about deals in investments.
Posted: 02/07/20
The Investing and Saving Alliance (TISA) has appointed Atos to build a digital utility for the asset management industry, called the TISA Universal Reporting Network (TURN). TURN is being created to ease regulatory reporting requirements for MiFID II regulations. It will be available across Europe based on blockchain technology and is due to launch in the last quarter of this year.
Posted: 03/07/20
BNY Mellon has announced a strategic collaboration with risk and payments solution provider Early Warning Services, to help deliver real-time account validation services to clients. A statement explained this could offer the flexibility to tailor a solution to meet clients’ individual needs, whether through BNY Mellon directly, or through one of its private label bank relationships.
Posted: 03/07/20
Analysis from consultancy firm Kearney has predicted a rise in mergers and acquisitions (M&A) over the next few years as banks seek to reduce costs in the short-term, re-focus the core business for the long-term, and transform operating models. Now in its 11th year, Kearney’s European Retail Banking Radar tracks 92 retail banks in 22 European markets - comprised of 50 banks in Western Europe and 42 banks in Eastern Europe.
Posted: 03/07/20
A group of 16 major European banks from Belgium, France, Germany, the Netherlands and Spain have paved the way for the future launch of the European Payments Initiative (EPI). The ambition of EPI is to create a unified pan-European payment solution, leveraging instant payments and credit transfers, offering a card for consumers and merchants, as well as a digital wallet.
Posted: 02/07/20
Santander Group has appointed three leading technologists to lead its €20 billion digital transformation and technology strategy. The Spanish banking giant has made the senior hires as it builds out its digital capabilities and the Santander Global Platform. The move comes weeks after the bank announced plans to hire 3,000 staff in IT roles worldwide in the coming year.
Posted: 02/07/20
Mastercard has announced partnerships with three FinTech firms to extend its secure Open Banking system. The card issuing and payments giant said the agreements struck with business payments provider Modulr, digital banking platform Aion and e-money firm DiPocket, to use Microsoft Open Banking Protect, will help the organisations safeguard customer accounts from compromised or unauthorised third-party providers (TPPs).
Posted: 02/07/20
Banking Competition Remedies (BCR), the independent body established to implement the £775 million RBS State Aid Alternative Remedies Package, has announced the resignation of Godfrey Cromwell as executive chair. Cromwell will leave at the end of September, to be replaced in August with current BCR non-executive director Richard Anderson as non-executive chair.
Posted: 02/07/20
A third of financial organisations discovered sensitive or regulated customer data outside of designated secure locations in the past 12 months, according to new research finding that financial services firms are prone to a range of insufficient cyber security controls that make them vulnerable to escalating cyber threats. Netwrix surveyed 102 financial organisations, revealing that 40 per cent of respondents admitted that in the last year, while their IT teams granted direct access to sensitive data based solely on a user’s request.
Posted: 02/07/20
INSTANDA has signed its first European partnership following a $19.5 million Series A funding round in March. The customer and policy management platform for insurers is partnering with Softelligence, a technology and consulting company which has offices in Romania and London.
Posted: 01/07/2020
Wellbeing benefits startup pirkx is launching its services in Australia, following successful seed funding rounds and launch in the UK market. It is making the move with support from the Department for International Trade and Austrade through the FinTech Bridge programme.
Posted: 01/07/20
New research has found that older age groups have doubled their holdings of Bitcoin every month since February, signalling growing adoption of cryptocurrency during the COVID-19 lockdown. Data compiled by in-house analysts at Mode Banking, a Bitcoin banking app, found that Boomers (those aged between 56 and 76 years old) and Generation X (41-55 years old) have turned to the digital asset classes for returns as interest rates remained at historic lows during the partial shutdown of the UK economy to battle the spread of Coronavirus.
Posted: 01/07/2020
The Payments Systems Regulator (PSR) has given an update on the implementation of its new fraud-prevention tool, Confirmation of Payee (CoP), which gives people the additional protection of checking the name of who they want to pay against the account number they are paying. This has been adopted by members of the UK’s six largest banking groups - Lloyds, HSBC, Barclays, NatWest, Nationwide and Santander - marking a milestone in reducing Authorised Push Payment (APP) scams.
Posted: 1/07/2020
Biometrics firm iProov is to provide Dutch challenger bank Knab with facial authentication technology. The partnership with Knab is the first major deployment of iProov’s Strong Customer Authentication (SCA) and customer onboarding by a bank in Europe, is set to be rolled out to provide biometric banking experiences to its nearly 500,000 customers.
Posted: 1/07/20
Shaparency has launched its board and shareholder management platform, helping businesses digitise governance and shareholder relations. The London-based startup, established in response to the business conditions resulting from COVID-19, aims to use its platform to increase the efficiency and effectiveness of board and shareholder operations.
Posted: 01/07/20
A new UK survey of 2,000 consumers and 500 banks has revealed that many customers feel let down by their banks’ lack of online services and support since lockdown, with 58 per cent unable to access the help or online banking facilities they need from home. The most common complaint since lockdown by a third of customers was not being able to get through online when needed, with 30 per cent criticising their bank for failing to respond to their query in real time.
Posted: 01/07/20
The Bank of England has been selected to host a centre of the Bank of International Settlements' Innovation Hub. This UK centre will support the global central banking and finance community through the development of digital public goods - addressing issues of critical importance for the global financial system.
Posted: 30/06/20
An estimated 2.6 million UK consumers have bought cryptoassets at some point, according to the Financial Conduct Authority (FCA). The number marks a 1.1 million increase since the FCA completed a face-to-face survey on the same topic last year. Of the 1.9 million that still hold their cryptoassets - such as Bitcoin, Ripple or Ether - half have more than £260.
Posted: 30/06/20
Enterprise connectivity platform Yapily has partnered with digital wealth manager Moneyfarm to provide its UK and Italian customers with a frictionless deposit process between their investment portfolios and bank accounts. By integrating Yapily’s Open Banking Application Programming Interfaces (API), Moneyfarm customers will be able to securely deposit into or withdraw funds directly from their investment portfolios.
Posted: 30/06/20
The chancellor is expanding the £500 million Future Fund for UK startups hit by the Coronavirus to ensure firms which shifted their headquarters abroad can still access the scheme. It will now benefit companies that are seen as British in all but name, having moved their parent company to seek investment in the US or take advantage of accelerator programmes like Y Combinator.
Posted: 30/06/20
As the shockwaves of the Wirecard accounting scandal continue to reverberate, dozens of FinTechs which rely on its card issuing and payment services have been forced to suspend customer accounts, leading to uncertainty for millions of individuals and small businesses across the UK. FStech contacted a number of the more than 70 companies who have reportedly been affected to assess the impact of Wirecard’s collapse on UK FinTech.
Posted: 30/06/2020
Bud has launched an Open Banking payment Application Programming Interface (API) designed to provide an alternative to card payments and bank transfers. The new product allows users to initiate payments directly from their bank account to the recipients - providing a faster and cheaper alternative to existing payment channels without the necessity to share card details with third parties.
Posted: 30/06/20
The Financial Conduct Authority (FCA) has issued guidance to the industry on managing climate change-related financial risks.The Climate Financial Risk Forum (CFRF) has published the first specific industry-by-industry advice to help firms address climate-related risk, providing practical recommendations to firms of all sizes and across industry sectors on disclosure of climate-related financial risks, effective risk management, scenario analysis and opportunities for innovation in the interest of consumers.
Posted: 29/06/20
Allica Bank has partnered with Microsoft Azure to help it better serve its small and medium-sized business customers in the UK. Sean Sitton, head of technology at Allica Bank, said that Microsoft Azure gives the scalability and flexibility to meet our business objectives as the bank grows.
Posted: 29/06/20
IHS Markit has selected Amazon Web Services (AWS) as its preferred cloud infrastructure provider and is moving the majority of its data processing infrastructure, corporate platforms and end user applications out of its data centres to AWS to accelerate innovation and improve resiliency. Under the new agreement, the company will migrate hundreds of additional applications over the next three years.
Posted: 29/06/20
Scotland’s FinTech cluster was given a boost today with the announcement of £22.5 million in innovation funding for the Global Open Finance Centre of Excellence (GOFCoE) to be established in Edinburgh and the central region. UK Research and Innovation, the government research funding agency, confirmed the area as one of seven proposals being funded by the Strength in Places Fund aimed at supporting innovation and economic growth.
Posted: 26/06/20
Since the Coronavirus lockdown came into place in March, nearly half (47 per cent) of UK consumers now expect to be able to do all their banking via an app. This is according to a survey of 2,000 UK consumers by IT services firm NTT DATA UK, which found that results varied by age, with 35 to 44 year-olds being the most likely, while respondents aged 55 and over were the least likely to demand app-only banking in the future.
Posted: 26/06/20
The Financial Conduct Authority (FCA) has issued a public censure to Redcentric for committing market abuse between 9 November 2015 and 7 November 2016. The IT service provider issued unaudited interim results and audited final year results which materially misstated its net debt position and overstated its true asset position in circumstances where it knew, or ought to have known that the information was false and misleading.
Posted: 26/06/20
Nearly three quarters (72 per cent) of accountants believe their clients do not understand how Open Banking works or its potential benefits. Research conducted by cloud accounting software FreeAgent found that 70 per cent of UK accountants believe that artificial intelligence (AI) will free up time for them to work with their clients, and the same amount are optimistic that AI will provide new opportunities rather than leading to job losses.
Posted: 25/06/2020
The Financial Conduct Authority (FCA) has ceased the regulate activities of Wirecard, meaning customer money can no longer be accessed. Yesterday, Wirecard filed for insolvency, following revelations around a €1.9 billion black hole in its accounts last week.
Posted: 25/06/20
Revolut has added American Express to its Open Banking feature. The tie-up means that Revolut users can connect their AmEx accounts to their app, allowing them to see all of their balances and transactions alongside other accounts in one place.
Posted: 25/06/2020
Refinitiv has launched a new tech solution for the wealth management industry, claiming to empower firms with faster time to market for digital properties, while providing investors with a seamless digital experience - including account information, workflow tools, analytics and insights related to their holdings. Refinitiv Digital Investor gives a unified digital experience to help engage investors through a more personalised service, whilst also lowering the total cost of ownership.
Posted: 25/06/20
Mastercard has entered into an agreement to acquire Finicity for $825 million, with existing shareholders given the potential to earn up to an additional $160 million if performance targets are met. The addition of Finicity’s data analytics technology and teams is aimed at strengthening Mastercard's Open Banking platform.
Posted: 25/06/20
NatWest has launched a new online payment service, Payit by NatWest, which allows customers to make instant online payments to participating retailers, without the use of a debit or credit card. Payit uses the Open Banking infrastructure to let customers of UK banks pay for products and services offered by retailers who use the service, which is targeted at mid to large corporate companies.
Posted: 25/06/20
Nationwide is launching video financial advice ‘on the go’. The building society’s new service will be available via personal and handheld devices - including laptop, PC or tablet - enabling customers to speak to an adviser for protection and investment advice in the same way that they would attend a branch-based appointment.
Posted: 24/06/20
The Brazilian Central Bank has suspended WhatsApp payments, citing competition concerns, just over a week after the messaging app's payment service launched in the country. In statement, the central bank said the decision had been taken to allow it to evaluate potential risks to the country’s payment infrastructure and to establish whether WhatsApp complies with domestic regulation, according to Bloomberg News.
Posted: 24/06/20
Aviva has selected Fenergo to replace its Know Your Customer (KYC), Anti-Money Laundering (AML) and customer due diligence systems and services. The Irish RegTech firm will work initially with Aviva Investors and later with Aviva UK Insurance, to rapidly onboard all legal entities associated with investors and clients across all jurisdictions.
Posted: 24/06/20
Peer-to-Peer (P2P) lender Zopa is set to branch out into digital banking after it secured a full UK banking licence. The company, which launched its P2P business in 2005, will launch a fixed term saving account, followed by an innovative credit card later in the year.
Posted: 24/06/2020
TSB has seen a surge in demand from customers using its mobile app and online banking following the outbreak of COVID-19. Since lockdown started on 23 March, the bank's own data shows that the average number of customers registering for the mobile app has nearly trebled - from just over 1,270 to almost 3,480 every day - reaching over 4,000 on some days. Enrolments for internet banking have risen by 137 per cent over the same period.
Posted: 24/06/20
Samsung has announced a new partnership between Samsung Pay, Curve and Mastercard to launch the Samsung Pay Card. Due for launch in the UK later this year, the digital payment solution will offer Samsung customers greater flexibility and control when managing their finances by offering a single view of spend, along with a simple and secure way to pay.
Posted: 24/06/20
Nine out of 10 IT leaders in financial services believe their firm will need to invest in digital projects over the next two years, just to survive in a rapidly changing market. This is according to a survey conducted by low code specialist Mendix among 350 IT leaders in the UK financial services industry, which found that these changes require juggling between customer-focused initiatives, improving productivity and operational efficiency (76 per cent); harnessing data (90 per cent); and solving compliance challenges (71 per cent).
Posted: 24/06/20
Accountants must upgrade their skills in financial forecasting and accounting specific software if they are to be of value in the future, according to a new study. A survey of 1,000 accounting and finance professionals in the UK by accounting automation software specialist Caseware, found that while the majority 56 per cent of accountants said they are currently carrying out tasks manually that could be automated, only 43 per cent believe this will continue beyond 2020.
Posted: 23/06/20
The UK has set out how it intends to approach a range of regulatory reforms which are being implemented at the international and European level. Specifically, there were announcements today on how the government intends to legislate for updated prudential rules to reflect international Basel standards and a new regime for investment firms, publishing a consultation on the transposition of the Bank Recovery and Resolution Directive II (BRRDII), alongside a review to improve the prudential rules for insurers.
Posted: 23/06/20
The former chief executive of Wirecard has been arrested in Germany on suspicion of falsifying company revenue, after auditors uncovered a €1.9 billion black hole in the company accounts. Markus Braun, who stood down as chief executive of the German payments processor on Friday, turned himself in on Monday evening and will attend a hearing today (Tuesday), according to Reuters, which added that Munich prosecutors confirmed that a judge will decide whether he will remain in custody.
Posted: 23/06/20
Financial services firms have had to radically change the way how they work due to the COVID-19 pandemic. The series of global lockdowns have forced most global organisations to disperse staff into remote working and embrace new forms of digital communication and data sharing, both internally and with customers.
Posted: 23/06/20
The European Commission has opened an in-depth investigation into the $27 billion acquisition of Refinitiv by the London Stock Exchange Group (LSEG). It will investigate concerns that the deal could result in reduced competition in trading and clearing of various financial instruments and in financial data products.
Posted: 23/06/2020
Visa has now issued more than one billion tokens worldwide through Visa Token Service (VTS), marking a milestone in its proprietary offering to help accelerate e-commerce innovation and make payments more secure. VTS replaces a cardholder’s 16-digit account number with a secure token that protects the underlying card number from fraudsters.
Posted: 23/06/20
The Financial Conduct Authority (FCA) has reminded businesses which carry out cryptoasset activity in the UK that they have to be registered to comply with new regulations. To ensure that applications are processed on time, it requires firms to submit completed applications for registration by 30 June.
Posted: 22/06/20
The Treasury has announced the appointment of Nikhil Rathi as the new permanent chief executive of the Financial Conduct Authority (FCA). He is currently the chief executive of London Stock Exchange, having been the director of the Financial Services Group at the Treasury from September 2009 to April 2014.
Posted: 22/06/20
The pensions dashboard is entering the next stage of the process to build the technology which will enable individuals to view all their pensions in one place online. The Pensions Dashboard Programme (PDP), set up by the Money and Pensions Service (MaPS), has responsibility for designing and implementing the ecosystem which will make pensions dashboards work.
Posted: 22/06/20
Once the worst of the Coronavirus pandemic is over and the lockdown lifts, 45 per cent of people with savings accounts will be more likely to manage them online using digital services such as apps than they were before the crisis. This is according to a survey commissioned by Investec and carried out by Consumer Intelligence during May among 1,034 UK adults.
Posted: 22/06/20
HSBC has launched a new investor reporting portal which will allow European debt issuers and investors to access data on their securities and portfolio holdings in real-time and over mobile devices. The HSBC Investor Reporting portal is being introduced for securitisations and will allow clients of the bank’s Issuer Services business to view information directly themselves and share it with regulators and the other parties involved in transactions.
Posted: 22/06/20
Checkout.com has closed a $150 million Series B funding round, tripling the value of its international payments business to $5.5 billion. The funding was led by Coatue, along with participation from existing investors Insight Partners, DST Global, Blossom Capital and Singapore’s sovereign wealth fund GIC.
Posted: 22/06/20
Andrew Tyrie has resigned from the chairman of Competition and Markets Authority (CMA), hinting at his dissatisfaction with the limits of the regulator to combat market dominance of digital giants such as Facebook and Google. Lord Tyrie, a former Conservative MP and chairman of the Treasury Select Committee from 2010 to 2017, said that he was standing down from the UK’s competition watchdog three years before his term was due to finish in order to make the case “more forcefully” for a crackdown on market abuse by multi-national companies in favour of consumer rights.
Posted: 19/06/20
Wirecard chief executive Markus Braun has resigned, as the company warned that €1.9 billion is missing from its accounts. The German payments giant saw its shares fall by over 60 per cent yesterday when it was told by EY that there were indications a trustee to accounts held at two Asian banks had attempted “to deceive the auditor” and may have provided “spurious cash balances”.
Posted: 19/06/20
Leading technology, finance and non-profit companies have joined forces to announce the launch of PayID, a universal payment identification solution to simplify the process of sending and receiving money globally – across any payment network and any currency. GoPay, Ripple, Blockchain.com, BitPay, Brave, Flutterwave, Mercy Corps and others have collaborated on the development of PayID through the Open Payments Coalition, a multinational alliance of industry leaders.
Posted: 18/06/20
More than half (58 per cent) of financial decision makers view financial loss due to payment fraud as an inevitable part of running their business, according to new research. An annual Ipsos MORI survey of 800 of financial decision makers from across the UK, for payments provider Bottomline Technologies, found that firms are being hard hit by rising levels of payments fraud, with 81 per cent unable to recover more than half of their losses caused by fraud - a figure which rises to 88 per cent for small businesses alone.
Posted: 18/06/20
New research has revealed that half of mobile banking applications are vulnerable to fraud and theft of funds, with the server side accounting for more than half of all detected vulnerabilities. Experts at Positive Technologies tested the market, finding that client sides were especially vulnerable to unauthorised access to user data, as 43 per cent of applications store important data on the phone in cleartext.
Posted: 18/06/20
The Community Access to Cash Pilot (CACP) initiative has announced eight locations across the UK that will be participating in trials to help address challenges of improving cash access and acceptance. Following applications from across the UK, the successful communities will be working with the banking industry to identify sustainable solutions to keeping cash viable for individuals and businesses.
Posted: 18/06/20
A future model for how the UK’s world-leading Open Banking functions can progress once the current implementation phase ends early next year has been set out today in a new report by UK Finance and Accenture. The banking industry has invested an estimated £1.5 billion in infrastructure since the launch of Open Banking in 2016 by nine of the largest banks, known as the CMA9, and Payments UK, which is now part of UK Finance.
Posted: 18/06/20
The Financial Conduct Authority (FCA) has fined Commerzbank London £37.8 million over failures to put Anti-Money Laundering (AML) systems and controls in place. The regulator said the penalty levied on the German bank’s London branch related to failures to take action on AML and controls between October 2012 and September 2017.
Posted: 17/06/20
Wealth and financial advisory firm deVere is launching app-based onboarding and verification amid growing demand for FinTech solutions in the industry. Ident Me is an app which provides an alternative to traditional customer onboarding, along with a notary service function.
Posted: 17/06/20
Mastercard is launching a global payments tokenisation service for Amazon customers.The payments giant is rolling out the service, which makes a secure digital record of stored card credentials to Amazon customers in 12 countries, including the UK, US, France, Italy, Spain, Netherlands, Turkey, Mexico and United Arab Emirates.
Posted: 17/06/20
Village Capital has announced the 11 early-stage FinTech startups selected to take part in Finance Forward Europe. This investment-readiness program is a part of a multi-year global coalition led by founding partners MetLife Foundation and PayPal to support entrepreneurs on four continents which are building tech-enabled solutions to challenges around financial health.
Posted: 17/06/20
PagoFX, the international money transfer FinTech backed by Santander, has been extended to sole traders and is introducing a new web service. The move is aimed at opening up the service to the UK’s 3.5 million sole traders, with eight new currencies added from the Middle East and Central and Eastern Europe, including Israel, Turkey, Romania and Croatia. It has also extended its no-fee programme for two months.
Posted: 17/06/20
FinTech Wales has started working on a 10-year roadmap for the sector, after securing £250,000 in seed funding from Cardiff Capital Region. FinTech Wales is seeking the help of more than 150 companies from across the nation who play a role in the Welsh FinTech environment to help plot the roadmap. It will define the next decade of technology and skills development needs to secure, grow, and innovate.
Posted: 17/06/20
Revolut has launched Open Banking connections for its more than one million users in Ireland. The new feature allows retail customers to connect their AIB, Permanent TSB, Ulster Bank and Bank of Ireland accounts to Revolut, making it possible to see all their balances and transactions in one single app.
Posted: 17/06/20
A group of more than 20 of Europe’s leading FinTechs have launched the European FinTech Association (EFA), a not-for-profit, Brussels-based organisation aimed at enabling a common market for financial services. The founding member organisations - which range from payments to lending, banking, robo-advice, identity verification, investment and financial software-as-a-service - will engage proactively with European stakeholders to help inform the digital financial services agenda.
Posted: 16/06/20
Monzo has closed a £60 million funding round at a £1.25 billion valuation — a 40 per cent valuation drop from its previous fundraise. The digital challenger bank confirmed the speculated fall in valuation, amid redundancies and growth challenges during the Coronavirus crisis.
Posted: 16/06/20
The Payment Systems Regulator (PSR) has published revised powers and procedures guidance (PPG), as well as a revised version of its interchange fee regulation (IFR) guidance. The original PPG was published in 2015 when the PSR was first operational.
Posted: 16/06/20
More than three quarters of UK customers would be happy for their bank to capture biometric data to protect their financial accounts, according to new research. A global survey of over 5,000 banking customers in 10 countries by analytics software provider FICO found that attitudes to digital account security including biometrics are changing, with more than one in five Brits having between two to five passwords they re-use across all of their accounts.
Posted: 16/05/2020
With the cryptoasset and blockchain markets growing rapidly, new research has revealed that 88 per cent of senior insurance executives see this market as attractive for insurers over the next five years. Cryptoasset insurance company Evertas commissioned Pureprofile to interview 50 senior insurance executives - 25 based in the UK and 25 in the Americas - during April, finding that 90 per cent expect the level of investment from insurers in their cryptoasset underwriting teams and propositions to increase between now and 2025 - with 26 per cent anticipating a ‘dramatic rise’.
Posted: 16/06/20
WhatsApp has finally rolled-out in-app digital payments, starting with users in Brazil. People will now be able to send money securely or make a purchase from a local business without leaving their chat.
Posted: 15/06/20
NFU Mutual will be including personal cyber cover as standard for new bespoke home insurance customers. The move is aimed at strengthening the company's position in the high net worth market, with NFU Mutual Bespoke offering a tailored approach to home insurance designed for those properties that have high-value contents such as fine art, jewellery and collections.
Posted: 15/06/20
Mastercard has partnered with Lanistar ahead of the launch of its new banking alternative product this winter. The payments giant will enable the FinTech to issue its debit card product to customers in the UK, under Transact Payments. Lanistar will make use of Open Banking to streamline customers’ money safely and securely.
Posted: 15/06/20
Metro Bank has confirmed that it is in talks to acquire peer-to-peer (P2P) lender RateSetter. Responding to speculation over the weekend, the challenger bank stated that it has entered in to a period of exclusivity with RateSetter parent company Retail Money Market, "but discussions regarding the potential acquisition are at an early stage".
Posted: 15/06/20
Mark Hipperson, the co-founder of Starling Bank, has launched cryptocurrency platform Ziglu following a seed funding round of £5.25 million. The app lets customers to quickly and competitively exchange fiat currency for cryptocurrencies - including Bitcoin, Ether, Litecoin and Bitcoin Cash - and monitor their balances in read time.
Posted: 15/06/20
Starling Bank has added three new integrations to its Marketplace - workplace messaging platform Slack, energy switching service Bionic and health insurance provider Equipsme. The Marketplace offers 26 complementary services that the challenger bank's 177,000 small business customers can link to their banking app.
Posted: 15/06/20
NatWest is developing behavioural biometrics technology which it claims could replace banking passwords. Next year, an additional form of authentication will be required for some transactions when Strong Customer Authentication (SCA) comes into force, however the bank's new technology - which has been customised in partnership with Visa for the purpose of increased transaction security - could replace passwords and helps to make payments more secure.
Posted: 15/06/20
More than half of financial services professionals (56 per cent) admit to neglecting safe data practices when working from home, according to new data. A global survey of over 300 professionals in accountancy, banking and finance conducted by regulatory technology firm Tessian found that 61 per cent said they felt they could ‘get away with’ more risky behaviour around data protections when working remotely, highlighting the increased risk of a breach during the COVID-19 lockdown.
Posted: 12/06/20
Biometric authentication technology provider iProov has partnered with RegTech specialists NorthRow. The move is aimed at expanding iProov's partner network and extending its services into the property, professional services and FinTech sectors.
Posted: 12/06/20
Curve Credit is to launch a waiting list for customers wishing to use Curve’s card consolidation platform to split transactions into instalments. Curve Credit, the credit subsidiary of Curve, a FinTech platform which consolidates multiple cards and accounts into one smart card and app, is opening the waiting list for the new product before a planned launch later this year.
Posted: 12/06/20
Codat has raised $10 million in venture funding from Index Ventures, the backer of Adyen, Plaid and Robinhood. The firm’s partner Jan Hammer and venture partner Stephane Kurgan join the board. The London-based Application Programming Interface (API) provider will use the investment to expand into the US and grow to 100 staff by the end of the year. Codat has over 50 clients globally, including iZettle, Experian and two of the top four UK banks.
Posted: 12/06/20
New neobank Muniy has partnered with RegTech firm HooYu to power Know Your Customer compliance as it launches in the UK. HooYu was selected to deliver ID document validation, facial biometric checks and sanctions screening.
Posted: 12/06/20
Banco Santander will hire 3,000 IT professionals worldwide this year to support its commercial, technological and digital transformation. As part of the bank’s strategy to leverage its global scale and grow its customer base and revenues, Santander confirmed at its Investor Day in 2019 plans to invest over €20 billion in its digital transformation and technology from 2019 to 2022.
Posted: 11/06/20
More than 60 per cent of UK finance teams are unable to access real-time data to help them do their work, according to new research. A survey of more than 100 finance executives across the UK, carried out by business expenses firm Soldo in partnership with Financial Director, found that a third of teams were spending more than one week per month manually tracking their spending data.
Posted: 11/06/20
The Libra Association has appointed Sterling Daines, a managing director and global head of financial crime compliance at Credit Suisse, as its new chief compliance officer. The Geneva-based independent body of payments, technology and financial firms tasked with independent oversight of Facebook’s Libra digital currency project, hired Daines following months of debate amongst governments, policy makers and central banks over the potential impact of a global digital currency.
Posted: 11/06/20
APEXX Global has closed an $8 million Series A funding round to drive the next stage of the company’s growth, taking the total investment raised from investors across Europe to $12 million. The funds were raised from new and existing investors in the UK and Scandinavia. Forward Partners, MMC and Alliance Ventures all increased their investments after participating in the earlier seed round.
Posted: 11/06/20
Wirecard is collaborating with Stocard to launch a new mobile payment feature in the Stocard app. UK-based Stocard users can now pay with their app via a virtual Wirecard-issued Mastercard card, an option that will be rolled out across Europe later this year. Wirecard is also providing the acquiring service behind the wallet, allowing users to load funds by adding their bank cards to the app.
Posted: 11/06/20
UK consumers have gone an average of 44 days without using cash, according to Nationwide research, which shows the Coronavirus lockdown is accelerating the shift to contactless payments. A Censuswide survey of more than 2,000 Nationwide members between 23 March and 31 May found that 78.5 million contactless payments were made, up 44 per cent during the period to a total value of nearly £957 million, including a fifth that said they have not used coins or notes at all for two months.
Posted: 10/06/20
FinTech startup pirkx has announced the addition of a former chief executive and a Google executive to its top team, following a £1 million seed funding raise. The company, which provides a package of benefits and savings solutions for gig economy and small business workers, has hired former Google UK and Ireland managing director Dan Cobley as chairman.
Posted: 10/06/2020
Lemonade has filed for an Initial Public Offering (IPO) on the New York Stock Exchange, with the aim of raising at least $100 million. The US InsurTech launched in 2015, building a fully-licensed home insurance product, but through an app.
Posted: 10/06/20
Wahed, a digital Islamic investment platform, has closed a $25 million investment round led by Saudi Aramco Entrepreneurship Ventures, the venture capital investment arm of Saudi Aramco. The round included participation from existing investors BECO and CueBall Capital, as well as Dubai Cultiv8 and Rasameel. The funds will be used to fuel the company’s global expansion, namely in developing a subsidiary in Saudi Arabia.
Posted: 09/06/20
Goldman Sachs is closing Marcus to new customers in the UK after deposits reached close to regulatory limits during the Coronavirus lockdown. The digital challenger savings bank has attracted about £21 billion from more than 500,000 savers since its launch in 2018.
Posted: 10/06/20
A group of 87 UK startups and small businesses - in sectors spanning FinTech, hospitality and retail - have written to the Treasury demanding an alternative to the Future Fund, which it says risks excluding early-stage firms as they will be unable to secure matched funding from angel investors. As previously raised when the fund was launched last month, investors providing matched funding under the Future Fund cannot claim Enterprise Investment Scheme (EIS) relief on their investment.
Posted: 09/06/20
More than three quarters (77 per cent) of banking executives believing that unlocking value from artificial intelligence (AI) will be the differentiator between winning and losing during and after the Coronavirus crisis. A global survey of 305 banking executives by the Economist Intelligence Unit (EIU) on behalf of Temenos, found that two thirds said new technologies such as AI and cloud will have the most profound impact on the global banking sector over the next five years.
Posted: 9/06/2020
Trade Ledger has announced several new leadership appointments, as well as the formation of advisory board. Having increased its customer base by a third this year already, the business lending-as-a-service platform expects to significantly increase its headcount this year as it drives further growth in Europe and Asia.
Posted: 09/06/20
The Open Banking Implementation Entity (OBIE), the body set up by the Competition and Markets Authority (CMA) to deliver Open Banking in the UK, has launched an app store to help individuals and companies find the right Open Banking-enabled financial products. Some of the categories within the app store include budgeting, accountancy and tax, payments, borrowing, debt advice and financial safeguarding. It currently contains more than 45 listings, with new products added every week.
Posted: 08/06/20
Europol has launched the European Financial and Economic Crime Centre (EFECC) to enhance the operational support provided to the EU member states and EU bodies around financial crime and promote the systematic use of financial investigations. The EFECC will be staffed with 65 international experts and analysts.
Posted: 08/06/20
Wealthify's co-founder and chief executive Richard Theo, along with chairman Richard Avery-Wright, are leaving the business. A statement from the Cardiff-based FinTech explained that Andrew Russell has been appointed as its new chief executive, as it becomes 100 per cent owned by Aviva.
Posted: 05/06/20
Wealth Wizards has launched an automated ‘algorithmic’ abridged advice service for defined benefit (DB) pension transfers, following abridged advice from the regulator that it will be a permitted service for triaging clients seeking advice. The Financial Conduct Authority (FCA) today set out a package of measures designed to address weaknesses across the DB transfer market, including steps to reduce conflicts of interest by banning contingent charging, as well as help for advisers which want to provide good quality advice to their customers.
Posted: 05/06/20
Revolut has made more than 50 redundancies in its customer care teams in Portugal and Poland. Wired reported that employees were told to either quit or be fired by the digital challenger bank.
Posted: 05/06/20
NICE Actimize has entered a definitive agreement to acquire Guardian Analytics, a cloud-based financial crime risk management solution provider. A statement explained that the combination of NICE Actimize and Guardian Analytics’ fraud and anti-money laundering capabilities will help firms of all sizes to protect their assets and customers.
Posted: 05/06/20
Stenn has secured participation from Barclays, Coface, and Crayhill Capital Management in the latest funding round for its core trade financing programme Stenn Assets Funding, which is now worth $500 million. The new investors join existing financing providers Natixis - also the arranger of the programme - NN Investment Partners and M&G.
Posted: 04/06/20
Wealth management, insurance and banking technology provider Finantix has appointed Christine Ciriani as its chief executive. She will assume the role and responsibilities alongside that of her existing position as chief commercial officer, to which she was appointed in October 2019.
Posted: 04/06/20
New research has revealed that while 68 per cent of UK businesses found the Coronavirus lockdown transition to remote working easy, 32 per cent found it difficult or very difficult. The pandemic has caused a fundamental shift for businesses: travel restrictions and mandated social distancing have meant - in a short space of time - huge swathes of the UK economy have restructured to completely different ways of working.
Posted: 04/06/20
Card and contactless payments continued to increase in 2019, with card payments accounting for over half (51 per cent) of all payments for the first time, according to UK Finance. The latest UK Payment Markets revealed that debit cards were the most used payment method in the UK, with 17 billion payments, of which seven billion were contactless.
Posted: 03/06/20
Banco Santander has signed an agreement to employ ThetaRay’s Anti-Money Laundering (AML) solution for correspondent banking. The system will analyse SWIFT traffic, risk indicators and Know Your Customer (KYC) data to detect anomalies indicating money laundering schemes in correspondent banking transactions.
Posted: 03/06/20
Revolut has unveiled a redesign of its money management app. The release of the 7.0 app will enable the digital challenger bank's 12 million customers to access all their finances from a single, more streamlined application.
Posted: 03/06/20
Banks and insurance firms are planning to increase their artificial intelligence-related investment into technology by 2025, according to research from The Economist Intelligence Unit. The report, commissioned by AI-analytics and search firm ThoughtSpot, surveyed 200 business executives and c-suite leaders at investment banks, retail banks and insurance companies in North America, Europe and Asia Pacific.
Posted: 03/06/2020
UK Finance has announced the appointments of Anne Boden, chief executive at Starling Bank; Ruth Leas, chief executive at Investec Bank; Beatriz Martin Jimenez, UK chief executive at UBS; Steve Hughes, chief executive at Coventry Building Society; and Anne Marie Verstraeten, UK country head at BNP Paribas, to its board.
Posted: 03/06/20
IBM has entered into an agreement with Aegon in the Netherlands for the servicing and administration of its individual life policies - a move designed to digitally enhance the service for around 800,000 customers. IBM Services will manage Aegon’s run-off life insurance until the last life insurance policy in the portfolio expires in 2066.
Posted: 03/06/20
Mobile wallet payments are set to double due to the COVID-19 outbreak, hitting a total value of $1.47 trillion this year. According to Statista data gathered by BuyShare, mobile wallet transactions are growing by 38.7 per cent year-on-year, with the convenience, security and hygiene of cashless transactions rising for both in-store and online payments.
Posted: 02/06/2020
TrueLayer has been appointed to the government’s Crown Commercial Service’s (CCS) payment acceptance framework for payments initiation. The agreement means the company’s Application Programming Interfaces (APIs) can provide public sector organisations with its Payment Initiation Service (PIS).
Posted: 2/06/2020
Mastercard has launched Fintech Express in Europe, a programme designed to facilitate emerging FinTechs' launch and expansion. A statement explained that it is designed for FinTechs looking to add payment solutions to their suite of products, tech-savvy startups looking at serving a new segment, as well as established players with ambitions to innovate through partnerships.
Posted: 02/06/20
HSBC has launched the artificial intelligence-powered US Equity Index (AiPEX) family, developed by EquBot and and IBM Watson to turn big data into investment insight. The indexes use AI to ingest and learn from the vast amounts of publicly available and continuously generated data points.
Posted: 26/05/20
Rapyd has launched a new 'full-stack' payment solution in the UK, allowing businesses to access every major local payment method through one connection. In partnership with partners including Visa, Mastercard, Payzone and ClearBank, the solution facilitates payments locally and across borders through one Application Programming Interface (API), reconciliation process and contract.
Posted: 02/06/20
The COVID-19 pandemic will rapidly accelerate the digital transformation of financial services, according to EY. A survey of over 200 senior managers from across 162 financial services firms found that 87 per cent believed that working from home due to the pandemic will result in firms’ tech transformation developing far faster than they had ever previously predicted.
Posted: 01/06/2020
If it is not possible to complete all the actions online to open a new bank account, only 45 per cent of people will carry out the necessary offline actions as soon as possible - while 24 per cent would try another provider and eight per cent would give up opening the account altogether. This is according to new research from FICO, which surveyed 4,500 globally at the start of this year, finding that 17 per cent would eventually complete the application with the extra steps required – but the question is whether that would actually ever happen.
Posted: 01/06/20
London has taken over over as the world’s leading FinTech hub, recording 500 per cent growth in the past three years, according to new data. A report from recruitment firm Robert Walters, with market analysis from Vacancy Soft, found that the UK has seen explosive growth in the past three years, compared to 170 per cent in the US and 133 per cent for Europe. In the first quarter of this year, London FinTechs generated almost as much investment ($114 million) as they did for the entirety of 2017 ($148 million).
Posted: 01/6/2020
Four in 10 UK businesses are planning to change their banking provider due to poor digital support during the COVID-19 outbreak, according to new research. The Censuswide survey of 200 leaders at small and medium-sized enterprises (SMEs) on behalf of Encompass Corporation, also found that 42 per cent of businesses had waited over two weeks for a business loan application from their current banking provider to support them through the Coronavirus outbreak; with 41 per cent looking to switch as a result.
Posted: 01/06/2020
Following the recent merger of Microgen and Touchstone, the company has announced its new name for the combined business; TrustQuay. The corporate services market technology provider now serves more than 450 clients and 15,000 users in over 30 jurisdictions, with nine offices worldwide and an established physical presence in Australia, Guernsey, Jersey, Luxembourg, Singapore and the United Kingdom.
Posted: 01/06/20
Challenger bank bunq has launched a public beta testing programme giving users control over the design of its mobile app. The new look simplifies the experience with only one button on each page and four main tabs, as well as options to create local charities and invite other members to support them.
Posted: 29/05/20
Coinbase has announced that users in the UK, France, Spain and the Netherlands will now be able to earn five per cent 'interest' on their cryptocurrency holdings. Following a successful rollout in the US - where customers have earned over $2 million in Tezos staking rewards - the scheme will now let European customers actively participate in its Tezos network.
Posted: 29/05/20
Starling Bank has raised £40 million from existing investors.The challenger bank has raised £363 million since it was founded with the aim of launching app-based current account services in 2014.
Posted: 29/05/2020
Card issuing platform Marqeta has raised an additional $150 million in new capital from an unnamed institutional investor, valuing the company at $4.3 billion. This latest investment follows its $260 million equity financing in May 2019, which was led by Coatue and included participation from Vitruvian Partners. Marqeta is also backed by Visa, Goldman Sachs, 83North, Granite Ventures and ICONIQ Capital.
Posted: 29/05/20
Samsung has unveiled Samsung Money by SoFi, a mobile cash management account and accompanying Mastercard debit card. The partnership with payments FinTech SoFi integrates with Samsung Pay, has no account fees and rewards users for saving - earning higher interest relative to the US national average of transactional accounts.
Posted: 28/05/20
New data from Revolut has revealed how the trading of cryptocurrency on its app has moved in line with consumer confidence related to the economic effects of the Coronavirus. The proprietary data was gathered from the three million Revolut customers in the UK who have used its cryptocurrency trading service, which allows users to buy and sell Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), Ethereum (ETH) and Litecoin (LTC).
Posted: 28/05/20
Meniga has closed an €8.5 million funding round led by Groupe BPCE, the second-largest banking group in France. The money will be used to increase the FinTech's research and development activities into its Open Banking products, as well as for strengthening its sales and service teams to meet growing demand.
Posted: 28/05/2020
A new report from the World Federation of Exchanges (WFE) has highlighted the increased cyber security pressure on market infrastructure during the COVID-19 pandemic. Among the key cyber challenges identified by the global industry group for exchanges and central counterparty clearing house (CCPs) were mass remote-working arrangements, remote collaboration tools - such as video and audio-conferencing applications - and third-party risk.
Posted: 28/05/2020
TSB Bank has joined forces with Adobe, as part of its 2022 strategic plan, to support personal and business banking customers by making customer service forms available online. The roll-out of Adobe Sign means TSB has been able to accelerate its vision of enabling more customers to be serviced through the bank’s digital channels, negating the need for in-branch visits and reducing customer calls to contact centres during the COVID-19 pandemic.
Posted: 28/05/20
New data from Mastercard has revealed that 66 per cent of all transactions across the UK are now contactless, with 45 per cent admitting their use of cash has decreased throughout the COVID-19 pandemic, and 22 per cent stating they no longer use cash at all. The research also showed that 83 per cent agreed that contactless payments are a cleaner way to pay, with 43 per cent using contactless more often since the pandemic began, while nine per cent have started to use contactless for the first time.
Posted: 28/05/20
New research has revealed that the median Open Banking investment budget for European financial institutions is typically between €50 million and €100 million, with spend exceeding €100 million for nearly half (45 per cent). Open Banking platform Tink teamed up with market research firm YouGov to survey 290 financial executives from 12 European countries between 28 January and 3 March, finding that 63 per cent think budgets have grown since last year, with annual spending rising by between 20 and 29 per cent - while only 10 per cent of institutions have slowed their investments in Open Banking.
Posted: 27/05/20
Facebook has rebranded its Calibra digital wallet - which will be used to store Libra digital currency - to Novi. The social media giant said that the name for financial subsidiary Novi Financial had been inspired by the Latin words 'novus' for 'new' and 'via' for 'way'.
Posted: 27/05/2020
Blockchain Technology Partners (BTP) has appointed Paul Forrest as its inaugural non-executive chairman, who also participated in the startup's latest angel funding round, led by Aberdeen Asset Management co-founder and Revolut chairman Martin Gilbert. Forrest has over 25 years experience as a strategy consultant, advising businesses including Ford Motor Company, Wal-Mart, Virgin Galactic and AkzoNobel.
Posted: 27/05/20
Visa has facilitated the first request to pay message sent and received using Pay.UK’s standards, ahead of the anticipated commercial launch of request to pay later this year. Request to pay is a new, flexible way to settle transactions between businesses, organisations and individuals. The messaging service is designed to complement existing payment infrastructure and will sit alongside other UK billing and payment methods when launched, to provide consumers and businesses additional choice and flexibility.
Posted: 27/05/20
JPMorgan Asset Management has partnered with global funds network Calastone to introduce new levels of automation to money market funds via its Morgan Money trading platform. It will initially use Calastone to enhance the entire settlements process, becoming the first in the market to offer automated settlements to its users.
Posted: 27/05/20
Analysis from Kearney has predicted that a quarter of bank branches will close across Europe in the next three years as new customer habits around digital banking - forced by the pandemic - become permanent. This is a sharp increase in the ongoing trend of bank branch closures across Europe, which saw 35 per cent branch closures in the last 10 years.
Posted: 27/05/20
New technology roles in banks have increased by 46 per cent in the last three years – making traditional banks the most prominent recruiter for tech professionals. To date, a third of overall job vacancies within banks are now tech related - up from less than a quarter (23 per cent) just three years ago - according to a new report from global recruiter Robert Walters and market analysis firm Vacancy Soft.
Posted: 26/05/20
Open Banking provider Yolt has announced that its technology services arm has extended its API connections across Europe with 80 per cent of Italian, French and Spanish banks now integrated. Yolt Technology Services offers secure Application Programming Interfaces for financial institutions and tech businesses, reaching an average of 18 million API calls each week.
Posted: 26/05/20
Equifax is partnering with HooYu for digital customer onboarding and Know Your Customer (KYC) technology. The data insights and credit rating agency said the strategic partnership would enable it to expand its range of identity and fraud tools.
Posted: 26/05/20
New research has revealed that 86 per cent of global banks are looking to use open Application Programming Interfaces (APIs) in the next 12 months. Finasta surveyed 774 financial institutions and banks across the UK, US, Singapore, France, Germany, Hong Kong and UAE, finding that 30 per cent believe Open Banking is already making a tangible impact in delivering improved overall customer experience.
Posted: 26/05/20
The Financial Conduct Authority (FCA) has launched a consultation on additional guidance for payments firms to strengthen the way in which they look after customers’ money. The regulator explained that the sector is developing rapidly, with an increasing number of firms are entering the market.
Posted: 22/05/20
By Miles, a pay-by-mile car insurance provider, has raised £15 million in Series B funding, led by CommerzVentures. The London-based startup, which aims to provide flexible cover to low mileage drivers - classified as those who drive less than 7,000 miles a year - using a plug-in device called a miles tracker.
Posted: 22/05/2020
Enterprise interest in emerging technologies such as Edge services and artificial intelligence (AI) is accelerating as they look at ways to further optimise operational effectiveness and speed up decision making. This is according to a survey of more than 150 companies undertaken by Omdia on behalf of London Tech Week, which found that while those technologies are hot topics, blockchain has slipped off the c-suite radar, with only 35 per cent of respondents considering it critical (22 per cent) or very important (13 per cent) to their digital initiatives.
Posted: 22/05/20
UK small and medium-sized enterprises are moving to accept contactless payments at an increasingly rapid rate as a result of the Coronavirus crisis, according to NatWest. In the two months since the start of UK lockdown, 70 per cent of businesses registering for the bank’s Tyl by NatWest payment service are new to card payments, suggesting that the trend away from businesses accepting cash and coin payments has accelerated as a result of the crisis.
Posted: 22/05/20
InsurTech platform INSTANDA has appointed Steven Haasz, a former AXA chief operating officer, as partnerships and accounts director to lead the business’ European expansion.
The platform, which offers customer and policy management services to the insurance industry, hired Haasz following a recent $19.5 million Series A funding round.
Posted: 21/05/2020
PwC has selected Credit Kudos, a challenger credit bureau, to help it build its new digital banking ecosystem. The professional services giant has selected Credit Kudos as a key FinTech partner as it builds a sandbox platform for testing its digital banking ecosystem, which aims to demonstrate the ease of shifting a legacy bank model to a partnership banking model.
Posted: 21/05/2020
Almost three quarters (73 per cent) of UK businesses expect COVID-19 to bring about a new wave of workplace and industry automation, with financial services firms leading the way. A study of 500 UK business leaders, commissioned by Internet of Things (IoT) provider Pod Group, found that many respondents expect automation technology to replace a considerable proportion of their labour force over the next 10 years, with the financial services sector the most advanced in levels of automation.
Posted: 21/05/2020
Banking Competition Remedies (BCR), the independent body established to implement the £775 million Royal Bank of Scotland (RBS) State Aid Alternative Remedies Package (ARP), has confirmed the grant sizes for the Capability and Innovation Fund (CIF) Pool E as well as the process and timeline for applications. Under Pool E, BCR will be offering £100 million of grant funds to eligible bodies over two application periods. BCR held a consultation this month to gather views of the size of grants, with 238 organisations contacted directly and over 100 responding.
Posted: 21/05/20
Monzo co-founder Tom Blomfield is moving from being chief executive to the newly created role of president. US chief executive TS Anil will become the chief executive across both the UK and US.
Posted: 21/05/20
Revolut Business has announced a new integration with small business cloud-based accounting software Clear Books. Revolut Business customers in the UK can now view transaction records, track whether invoices are paid or outstanding, record bills and expenses, and automatically create financial reports.
Posted: 21/05/20
Financial services organisations are leading the way when it comes to empowering frontline employees with data, according to a survey from Harvard Business Review Analytic Services and AI analytics firm ThoughtSpot. A study of 484 businesses executives across Europe, North America and Asia Pacific found that organisations are more likely to be successful when frontline workers are both equipped with the right technology to analyse data and empowered with the right training.
Posted: 20/05/2020
Freetrade has raised more than £7 million from more than 8,000 people in a Crowdcube fundraise - the largest equity crowdfunding campaign to be completed in the UK this year. The funds will be used to accelerate the stock trading app's growth, which has increased in the past year to 150,000 customers. In 2019 the startup raised $15 million, including a Series A with venture capital firm Draper Esprit.
Posted: 20/05/20
Money Dashboard has appointed ex-PayPal EMEA chief executive Renier Lemmens as its new chairman. Lemmens is currently a venture partner focusing on FinTech with DN Capital, and has previously served as board member of Revolut, as well as being chief operating officer of Barclays International Retail and Commercial Banking.
Posted: 20/05/20
New research from the Loan Market Association (LMA) has revealed that two thirds of loan market participants see FinTech as an opportunity rather than a threat. Although, over three quarters of those members surveyed admitted that they did not know as much as they needed to about FinTech in the context of their businesses, suggesting a knowledge gap still needing to be filled.
Posted: 20/05/20
Pay.UK has joined forces with key players in the UK’s retail payments industry to establish a task force to help the government co-ordinate payments amid the COVID-19 crisis. The body responsible for operating interbank payments services has collaborated with technology partner Vocalink, trade body UK Finance and a cross section of UK banks to act as a knowledge resource for central government.
Posted: 19/05/2020
Silicon Valley Bank (SVB) has appointed Patrick Flynn as chief operating officer for the UK and EMEA. The company, which offers commercial and international banking services, said that Flynn will be based in London and will be responsible for managing the bank’s operations, client service, technology and vendor management.
Posted: 19/05/2020
PayPal is rolling out payment by QR codes in the UK and across 27 markets globally. The payments system, which uses a consumer’s smartphone to scan the QR code before directing them to their PayPal account, is intended as a contact-free way for businesses to receive payment safely during the COVID-19 outbreak.
Posted: 19/05/2020
The total number of consumers sharing their data via Open Banking will double from 18 million 2019 to 40 million in 2021, according to Juniper Research. The market analysis found that the ongoing Coronavirus pandemic is increasing the need for consumers to aggregate accounts and gain insight into their financial health; boosting momentum in Open Banking adoption.
Posted: 19/05/20
Softbank Group's Vision Fund lost $17.7 billion last fiscal year, after writing down the value of investments like WeWork and Uber. “The situation is exceedingly difficult,” stated founder Masayoshi Son in an earnings briefing yesterday. “Our unicorns have fallen into this sudden Coronavirus ravine... but some of them will use this crisis to grow wings.”
Posted: 19/05/20
The government’s Future Fund will open for applications from 20 May, but not all the UK’s tech startups are happy with the terms of the investment. Announced by the chancellor on 20 April, the fund is aimed at supporting innovative UK companies that fall outside existing Coronavirus financial support schemes.
Posted: 18/05/20
The Depository Trust & Clearing Corporation (DTCC) has unveiled plans to explore the benefits of digitalisation in the public and private markets - specifically whether new technologies can strengthen post-trade processes and reduce risks and costs. The market infrastructure body has outlined its proposals in two case studies that advance its efforts to evaluate new ways to enhance post-trade processes through the potential use of distributed ledger technology (DLT), asset digitalisation and other emerging technologies.
Posted: 18/05/20
Digital wealth platform Smarterly has made £7 million in a Series A round led by family office Major Oak, alongside existing angel and crowdfunding investors. Some of the investment was used to complete the recent acquisition of Salvus, with the rest used to further develop the product proposition and drive market growth.
Posted: 18/05/20
Santander Asset Management has implemented a new BlackRock operating system for European investment managers. The deployment of Aladdin has been completed to schedule and is due to be rolled out in 10 Latin American markets where Santander Asset Management has operations. It has already been rolled out in Spain, Brazil, Portugal and Argentina.
Posted: 18/05/2020
As COVID-19 has destabilised private capital markets, the first quarter of 2020 was one of the worst in the last few years for venture capital-backed FinTech, according to CB Insights’ latest sector report. The economic shocks stemming from the outbreak of the Coronavirus have decreased investor appetite, with activity dropping to $6.1 billion across 404 deals – the worst first quarter since 2016 for FinTech deals and the worst first quarter for funding since 2017.
Posted: 18/05/20
Manchester-based small business bank B-North has chosen Leeds-based RegTech firm TruNarrative to provide customer onboarding and compliance capabilities. TruNarrative’s platform will be added to B-North’s selected technology stack providers, which already includes core banking from Mambu and loan originations workflow from nCino.
Posted: 18/05/20
Cyber underwriting InsurTech startup Envelop Risk has raised $6 million in a Series A funding round led by Alpha Intelligence Capital. The London-based firm delivers underwriting and risk solutions focused on the global cyber reinsurance market.
Posted: 15/05/2020
The Coronavirus crisis will serve as a catalyst for transformation initiatives, driving adoption of operating models that are more automated, increasingly data driven and supported by technologies such as cloud, machine learning and distributed ledger. This is according to a new report from consultancy Capco exploring the future of capital markets, which pointed out that despite some benefits from short-term market volatility and trading volume spikes, specific risk management and operational risk challenges will become evident and there will also be challenges to economic returns across the industry.
Posted: 15/05/20
ABHH Group is investing over $21 million and acquiring a majority stake in ANNA at an implied valuation of $110 million. The mobile business current account and financial admin assistant will continue to operate as a standalone brand, maintaining operational independence, its headquarters in London and customer service team in Cardiff.
Posted: 15/05/20
New research has revealed that 80 per cent of consumers think payments technology is now key to their purchasing decisions. A OnePoll survey of 2,000 UK consumers for FinTech startup Modularbank found that just 22 per cent of respondents did not require anything more in the payments process from online merchants when it came to choosing which retailers, telecoms and utilities companies to use.
Posted: 14/05/202
Investing app Freetrade has raised £4.5 million from more than 5,000 people in just four hours. Working with Crowdcube, the FinTech startup exceeded £1 million in less than five minutes and raised £3 million from existing shareholders before opening the campaign to customers.
Posted: 14/05/20
A third of UK FinTechs have lost vital funding due to equity management problems, according to new research from techUK and blockchain tech firm Qadre. The report was based on interviews with 59 UK FinTech founders, finding that 67 per cent believe equity management is a distraction and that time spent on managing capitalisation tables is better spent on more important tasks.
Posted: 14/05/20
Nearly half (48 per cent) of the UK’s financial services organisations are currently deploying Robotic Process Automation (RPA) to assist with core functions, according to new research.
A survey of 400 senior directors at organisations in the UK, France and Germany by digital intelligence company ABBYY found that a third of all companies had already rolled out RPA solutions, while a further 30 per cent were planning to implement the technology in the next year.
Posted: 13/05/2020
Which? has announced that it will defend the UK’s collective action regime in a key Supreme Court hearing taking place today. The landmark Merricks vs Mastercard collective action is set to reach a crucial moment this week, as the Supreme Court hears Mastercard’s appeal against a ruling that may allow the £14 billion collective action against the card issuer to proceed to the next stage of litigation.
Posted: 13/05/20
Featurespace has raised £30 million in a funding round led by Merian Chrysalis Investment Company, alongside existing investors. The funding will be used to support the RegTech firm's continued growth.
Posted: 13/05/20
Modulr has secured £18.9m in growth capital to further develop its platform and expand into new products and markets. The funding round was led by growth capital firm Highland Europe, with participation from existing investors including Frog Capital and Blenheim Chalcot.
Posted: 13/05/20
Sustainable investment app Clim8 has raised £1.35 million as part of a pre-launch crowdfunding campaign. Last month, the company announced it had raised £502,920 from 288 investors in its pre-launch fundraise on the CrowdCube platform.
Posted: 12/05/2020
Aviva is launching an online cyber security portal for customers experiencing fraud attempts, as cyber criminals increasingly seek to exploit the COVID-19 crisis. The insurance giant said its online service would offer customers guidance about preventative steps and action they can take to protect themselves at a time when financial services providers are seeing a “dramatic” rise in attempted scams.
Posted: 12/05/2020
Open Finance platform Moneyhub has further bolstered its senior team in response to increasing appetite among enterprises for Open Finance solutions. Despite the current uncertainty in the market due to the Coronavirus lockdown, Moneyhub has seen demand for its white label financial management platform and data Application Programming Interfaces (APIs) rise.
Posted: 12/05/20
Payments startup Primer has raised £3.2 million in a seed round led by Balderton Capital, with participation from TransferWise co-founder Taavet Hinrikus. The UK-based FinTech was only founded in January and not yet launched, but had already raised £600,000 in pre-seed investment from Seedcamp, Speedinvest and Kima.
Posted: 12/05/20
Nationwide has launched a virtual assistant to help customers with COVID-19 mortgage holiday queries. The building society has trained the software, called Arti, to support its frontline customer services staff in generating automated and interactive responses to some of the most questions about mortgage holidays.
Posted: 11/05/2020
Capco has appointed Alla Gancz, a former digital transformation lead at Infosys, as head of digital for the UK.The financial technology and management consultancy said Gancz would be instrumental in expanding the company’s practice in digital transformation programmes and enterprise-wide strategic engagements in the financial services sector.
Posted: 11/05/2020
Lombard Odier Investment Managers has launched a new FinTech strategy, investing in companies leading technological and digital transformation of the financial services sector. The portfolio aims to capture themes such as digitalisation, consumer brands and healthy living, from established companies with a global reputation to future disruptors.
Posted: 11/05/20
Fiserv has appointed Frank Bisignano as its new chief executive, succeeding Jeffery Yabuki, who is stepping down after 15 years at the company. Bisignano joined Fiserv as president and chief operating officer, following the payment firm's $22 billion takeover of First Data last year.
Posted: 11/05/20
TheCityUK and PA Consulting have released a report calling for a consolidation of the regulation that affects UK FinTech firms in order to ease the burden during the Coronavirus crisis. The research found that while firms welcomed the UK’s progressive approach to sector regulation, FinTech leaders said that regulatory hurdles remain a barrier and difficult to understand.
Posted: 07/05/20
The COVID-19 pandemic and resulting recession will mean that in order to survive, banks across Europe need to digitise systems and processes, as well as reducing costs by over £30 billion. Now in its 11th year, Kearney’s European Retail Banking Radar tracks 92 retail banks in 22 European markets, this year finding that the sector is bracing itself for a prolonged and intense downturn.
Posted: 07/05/20
The Libra Association has appointed HSBC chief legal officer Stuart Levey as its first chief executive. Prior to joining HSBC, he served as the first under secretary of the Treasury for terrorism and financial intelligence during the Bush and Obama administrations, helping to set US and international policy to combat illicit finance.
Posted: 07/05/20
Countingup has raised £4 million in a bridge round of financing led by ING Ventures, with co-investment from Triple Point, CVentures and BiG Start Ventures. In the two years since the London-based startup launched, it now has more than 20,000 customers and has processed almost £1 billion in transactions.
Posted: 07/05/20
Banked has secured £2.35 million in seed funding to launch its new payment platform. The investment was led by Force Over Mass, with with participation from previous investors Backed and Acrew Capital, bringing total fundraising to £5.35 million.
Posted: 06/05/20
The European Central Bank (ECB) has warned that the global use of stablecoins as an alternative to traditional currency poses several serious challenges and risks. A paper by ECB advisers and economists Mitsutoshi Adachi, Matteo Cominetta, Christoph Kaufmann and Anton van der Kraaij explained that stablecoins could help to address unmet consumer demand for payment services that are fast, cheap and easy to use and can operate across borders.
Posted: 06/05/20
N26 has announced an extension of its Series D funding round to $570 million, with more than $100 million coming from all the company’s major investors. To date, the Berlin-based digital bank has raised close to $800 million, keeping its valuation at $3.5 billion.
Posted: 05/05/20
Proxymity, the digital investor communications platform developed within Citi’s Institutional Clients Group, has raised $20.5 million in a strategic round of investment and will form its own entity via an industry-led consortium. The consortium brings together custodians and issuer agents, ensuring instant access to the world’s investors and companies. BNY Mellon, Citi, Clearstream, Computershare, Deutsche Bank, HSBC, J.P.Morgan and State Street comprise the Proxymity consortium.
Posted: 05/05/20
Robinhood has raised $280 million in a Series F funding round, valuing the trading app at $8.3 billion valuation. The round was led by existing investor Sequoia Capital, with participation from existing and new investors, including NEA, Ribbit Capital, 9Yards Capital and Unusual Ventures.
Posted: 05/05/20
The government’s Bounce Back Loan Scheme (BBLS) launched today, allowing small businesses in the UK to apply for loans of up to £50,000 - but doubt has been cast on banks' ability to cope with demand. The initiative consists of six-year loans of between £2,000 and £50,000 which are fee, interest and repayment-free for a year.
Posted: 04/05/20
Research has revealed that 54 per cent of UK consumers have used new forms of payments since the COVID-19 outbreak began, while 84 per cent globally are now thinking differently about how they make payments. This is according to a survey conducted by Paysafe among 8,000 consumers across the world.
Posted: 04/05/20
Revolut has launched a bank in Lithuania, as part of plans to operationalise its European banking license. The digital challenger bank intends to passport its Lithuanian banking license to other central and eastern European countries later in the year, with Lithuania acting as a hub for the region.
Posted: 04/05/20
Flagstone, developer of the UK’s largest cash deposit marketplace, has raised £12 million in venture capital, in a round led by OMERS Ventures and supported by existing investors including Kindred Capital and Moneysupermarket Group. The London-based FinTech was founded in 2013 and has grown its UK cash deposit platform to one that transmitted more than £5 billion in deposits since 2015.
Posted: 01/05/20
RBS is to close its standalone digital banking app Bó as part of a cost-saving drive.
The digital retail banking venture, which launched in November last year, was seen as RBS’ attempt to take on the growth of challenger banks Monzo, Revolut and Starling.
Posted: 01/05/2020
The UK’s tech sector suffered its its worst performance since the global financial crisis during the opening quarter of 2020, according to KPMG’s tech monitor survey. The quarterly analysis of business activity in the technology sector found the steepest decline in business activity since 2009, as the COVID-19 pandemic led to a sharp drop in non-essential spending and escalating uncertainty about the economic outlook.
Posted: 01/05/2020
Venture capital firm Andreessen Horowitz has raised $515 million for its second fund focused on crypto networks and businesses. This tops the $450 million target Andreessen Horowitz set for it and follows a similar $300 million fund created in 2018.
Posted: 01/05/20
In the final quarter of 2019, Monzo became the participant that had the largest net switching gain for the first time. The latest quarterly update from the Current Account Switching Service (CASS) revealed that Monzo was followed by Nationwide, Lloyds, Starling Bank and NatWest.
Posted: 30/04/20
Temenos has announced a joint effort with Microsoft giving access to its Financial Crime Mitigation (FCM) software, in an attempt to help banks fight the surge in financial crime during the Coronavirus crisis. The artificial intelligence-powered solution is based on Microsoft’s Azure cloud platform and can be deployed within weeks. The two companies are opening up access to banks for a 14-day trial, available until 30 June.
Posted: 30/04/20
TransFICC, a provider of low-latency connectivity and workflow services for fixed income and derivatives markets, has closed its Series A investment round worth £5.75 million. The funding was led by AlbionVC, alongside new strategic investments from ING Ventures and HSBC, and existing shareholders Citi, Illuminate Financial, Commerzbank Group's Main Incubator, and The FinLab.
Posted: 30/04/20
The Saudi G20 Presidency and the Bank for International Settlements (BIS) Innovation Hub have launched the G20 TechSprint Initiative to highlight the potential for new technologies to resolve regulatory compliance (RegTech) and supervision (SupTech) challenges. A range of operational problems have been published, with firms invited to develop innovative technological solutions to them. The problem statements identify challenges in regulatory reporting, analytics, monitoring and supervision - developed from submissions received from Financial Stability Board (FSB) member jurisdictions.
Posted: 30/04/20
The Financial Conduct Authority (FCA) has confirmed that due to the exceptional circumstances of the COVID-19 crisis, it is "giving the industry an additional six months to implement Strong Customer Authentication (SCA) for e-commerce". The new timeline of 14 September 2021 replaces the 14 March 2021 date. The regulator stressed that firms are required to take all necessary steps to comply with the revised detailed phased implementation plan and critical path to avoid the risk of enforcement action.
Posted: 29/04/20
Snoop has closed its latest funding round, raising £3.2 million ahead of a planned Series A later this year. Lloyd Dorfman led this round, with existing investors Havisham Group and Salesforce Ventures also participating.
Posted: 29/04/20
Cash withdrawals have fallen by 60 per cent during lockdown, as customers switch to digital banking services, according to data from LINK, the UK’s largest cash machine network.The research, carried out online with YouGov, revealed that reluctance to handle banknotes and coins due to infection risk will lead to a 44 per cent rise in contactless payments and online transactions in the next six months.
Posted: 29/04/2020
The Emerging Payments Association (EPA) has issued a "rallying cry" to the payments industry - from issuers to regulators, retailers and third-party providers - to help unlock the significant opportunity that Open Banking offers. The association's new report argued that following the impact of the COVID-19 crisis, there has never been a more important time for economies to have strong digital economies with data and payments available via secure Application Programming Interfaces (APIs).
Posted: 29/04/20
FIS has announced that FIS Ventures, its new corporate venture investment division, has launched an effort to invest $150 million in promising FinTech startups over the next three years. It will invest globally in early to growth-stage companies with a focus on emerging technologies, such as artificial intelligence and machine learning, digital enablement and automation, data and analytics, security and privacy, distributed ledger technology and financial inclusion.
Posted: 28/04/20
Northern Trust has named Alison Pain as its chief technology officer (CTO) for the Europe, Middle East, Africa (EMEA) region. From her London base, Pain will focus on providing leadership and guidance to the planning, organisation, direction and control of the enterprise technology business unit across the EMEA region.
Posted: 28/04/20
Deutsche Bank has renewed its contract with cloud banking provider Avaloq in Europe and Asia until the end of 2028. The contract covers Deutsche Bank’s wealth management businesses in the UK, Switzerland, Luxembourg, Saudi Arabia, Singapore and Hong Kong.
Posted: 28/04/20
Wirecard has claimed that a forensic audit of its earnings by KPMG found no evidence of balance sheet manipulation or wrongdoings. The German payments group commissioned an independent investigation of its accounts following allegations made by a series of articles in the Financial Times, accusing it of inflating the sales and profits of businesses in Dubai and Ireland, as well as suspicious accounting practices in its Singapore office and the probity of recent acquisitions.
Posted: 28/04/20
NatWest Group has today announced that Jen Tippin is to join the bank in the new role of chief transformation officer and will chair the bank’s transformation and cost committee. Tippin joins from Lloyds Banking Group, where she has occupied a number of senior executive roles including, most recently, group director for people and productivity since 2017.
Posted: 27/04/20
The Investment Association (IA) has launched a cyber threat intelligence platform to help investment managers protect their firms. The Threat Intelligence Alert Network (TITAN), will provide a real-time dashboard bringing together alerts from law enforcement, government agencies and other relevant authorities, on cyber hazards and risks within the investment management community.
Posted: 27/04/2020
Between 14 March and 14 April, around 12 per cent of the adult population in the UK - some six million people - downloaded their bank’s app for the first time. This is according to a survey of 1,000 UK adults, commissioned by FinTech firm Nucoro, which led to an estimate that between those dates, around 200,000 people downloaded their bank’s app for the first time every day. Some 21 per cent of those aged 35 to 44 did this, as did just over five per cent of people aged 55 or more.
Posted: 27/04/20
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.