Archive News

The Coronavirus crisis has accelerated an existing trend for digital transformation within financial services, with those companies further ahead with these changes appearing to be faring better in the market. While incumbent institutions may have the benefits of scale and customer base, digitally native challengers have been recently reaping the rewards of being able to push out new products and services in response to customer demand.
Posted: 27/11/2020
The current downturn is having a devastating and potentially fatal impact on SMEs. Higher regulatory burden and a perception that SMEs are more resource intensive seem to be at the heart of this issue which presents a huge problem for legitimate firms, disrupting their business continuity and growth.
Posted: 27/11/2020
Facebook’s Libra stablecoin cryptocurrency is set to launch as early as January, according to the Financial Times, who cited three unidentified people involved in the launch. Since the project’s announcement in 2019, it has sparked regulatory and political backlash from governments and central banks, and as a result the official launch of the stablecoin will represent an even more scaled back version of the project’s wider ambitions for payments, which were already watered down earlier this year.
Posted: 27/11/2020
Trusted payment service provider Paynetics is one of the first European FinTechs to join the Mastercard Accelerate programme to support its growth plans. The regulated e-money institution will now get better access to Mastercard’s proprietary technology, cyber security services, expert support in identifying and reaching new business verticals and the chance to collaborate with Mastercard in the development of new products and services.
Posted: 27/11/2020
The FCA has announced the launch of a new data collection platform, RegData. The regulator said that RegData, which will replace Gabriel as the FCA’s data collection platform is informed by user feedback, is faster, easier to use and built with flexible technology, making it possible to fix issues quicker and to make ongoing improvements to user experience.
Posted: 27/11/2020
The Central Bank of Iceland (CBI) has gone live with a new real-time gross settlement system (RTGS) and instant payment platform from infrastructure provider SIA. CBI says it can now rely on a more strategic and modern infrastructure for its high and low-value payment systems, also enabling closer cooperation with other central banks.
Posted: 27/11/2020
Saving and investing app Moneybox has appointed Karen Kerrigan as its first chief operating officer, effective from 30 November. Moneybox says it has grown to a community of 500,000 customers since its launch in 2016, holding over £1 billion in assets and employing a team of 170 people. Kerrigan has been brought in to help support this growth, said the firm.
Posted: 26/11/2020
Worldline and Nets have become shareholders of the European Payments Initiative (EPI) Interim Company, the first non-banks to join the effort that seeks to take on the likes of Mastercard and Visa. In July 2020, a group of 16 major European banks from five countries - Belgium, France, Germany, the Netherlands and Spain - paved the way for the future launch of the European Payments Initiative, by announcing the creation of the EPI Interim Company in Brussels.
Posted: 26/11/2020
Banking systems provider Pannovate is working with Pay by Dodo to provide an ethical digital banking platform for the East African country of Mauritius, through the United Nations and the Central Bank of Mauritius. The project has been driven by the regional office for Eastern Africa of the United Nations Office on Drugs and Crime (UNODC) and the Mauritius government.
Posted: 26/11/2020
The Libra Association, which manages Facebook’s digital currency project, has appointed Saumya Bhavsar as general counsel of Libra Networks. Libra Networks, a wholly owned subsidiary of the Libra Association, which was established to oversee the rollout of Facebook’s Libra stablecoin digital currency and payments system and the Novi digital wallet system.
Posted: 26/11/2020
Banks partnering with FinTech companies to offer a wider range of services is likely to become a significant trend in future, according Microsoft’s financial services industry manager. “There will be an integration process, with the bank sitting in the middle and instead of trying to push old product, it will help bring customer data from third parties to make better decisions,” said Marcus Martinez, financial services industry manager, EMEA, Microsoft UK, speaking at the virtual Branch Transformation conference.
Posted: 25/11/2020
Customers are now expecting their digital services and products to improve, meaning banks have no choice but to 'get it right', according to HSBC Kinetic’s head of risk. A drive towards digital banking services triggered by the pandemic has exposed more customers to ways in which the digital economy works, said Vinita Ramtri, head of risk at HSBC Kinetic UK, at the Branch Transformation conference.
Posted: 25/11/2020
New technologies, evolving customer behaviour and market dynamics have challenged banks’ central role in the payments ecosystem over the last decade, according to a study from the Euro Banking Association (EBA) and McKinsey & Company. The white paper on the future role of banks in payments, also shows that that payments and account services continue to be at the core of banks’ value proposition, despite a mounting challenge from payments disruptors offering a range of merchant and consumer services.
Posted: 25/11/2020
One in ten FinTech firms have said 'simply survival' is their key business goal for the next year, as the industry continues to the reel from the impact of the Coronavirus crisis.Research from FinTech Connect, the UK trade show among 144 FinTech professionals also showed that 40 per cent of firms had “accelerated” their digital transformation model in response to COVID-19.
Posted: 25/11/2020
Three times as many SMEs have been “satisfied” than “dissatisfied” with the COVID-19 support available from their bank or building society, according to YouGov research commissioned by the Current Account Switch Service (CASS). Overall, four-in-ten SMEs (38 per cent) were satisfied with the support they received from their business current account provider since the pandemic began.
Posted: 24/11/2020
The Coalition for a Digital Economy (Coadec) has advised that the UK government and regulators take a new approach to Open Finance. Coadec has published a report that calls for regulators to “end their overly-standardised” process and instead take an “Australia-style, market-led” approach to Open Finance.
Posted: 24/11/2020
Cynergy Bank is partnering with Google Cloud and Wipro to deliver a new ‘human and digital’ banking model. The new model aims to transform banking for customers who “value a seamless blend of a face-to-face relationship that is enabled by the latest digital technology.”
Posted: 24/11/2020
Video technology has been a vital component in Nationwide’s reorganisation efforts during the pandemic, according to the building society’s director of change and continuous improvement.The UK’s largest building society was already piloting video tech before COVID-19, but found it had to move from a small pilot of only 10 financial planning managers and scale it out across the company so customers could continue to interact with mortgage consultants and financial managers remotely.
Posted: 24/11/2020
NatWest is trialling an Open Banking app to help to help renters living in a house share split bills and build their credit files. The Housemate app, which is currently in a pilot phase, is set to be rolled out more widely in 2021.
Posted: 24/11/2020
Financial services firms accelerated their digital transformation plans in a "matter of weeks" in a bid to keep customers online during the pandemic, according to new research. Adobe commissioned research from YouGov among 1,100 senior decision-makers at across UK industries including financial services across the UK about their COVID-19 response, and also research among 2,000 UK consumers to reflect on how effectively firms adapted to the challenges of this year.
Posted: 24/11/2020
Visa and Conferma Pay, a provider of virtual payments technology, have announced a strategic partnership to launch Visa Commercial Pay - a suite of streamlined B2B payment solutions. Virtual commercial cards have never been more necessary, say the partners. With remote workers currently turning to personal cards to pay for corporate expenses, buyers and suppliers need more efficient ways to pay and get paid, and businesses need immediate visibility into their company spend to improve cash flow and mitigate risk efficiently.
Posted: 23/11/2020
10x Future Technologies, the FinTech led by former Barclays CEO Antony Jenkins, has poached senior industry figures to support the company's expansion. The firm has appointed Dr Leda Glyptis, a founding CEO of 11:FS Foundry as chief client officer, while Mark Holt, former chief technology officer (CTO) of Trainline joins as chief product and engineering officer.
Posted: 23/11/2020
Growing money transfer startup TransferGo has received £4 million in financing from the UK branch of Silicon Valley Bank (SVB). The new pre-Series C funding will enable TransferGo to further develop and expand its real-time payments platform for consumers, SMEs and enterprise clients, the partners said. The company is already a specialist in helping migrants globally that want to send money home “quickly, securely and affordably”.
Posted: 23/11/2020
Nearly half (48 per cent) of the UK’s microbusinesses have said they would have ceased trading as a result of the pandemic without adopting digital technology, according to a new report from Lloyds Bank. A study of 2000 UK businesses with fewer than 10 employees for Lloyds Bank and Be the Business 2020 found that with another lockdown ongoing in England, and restrictions across many nations, many small businesses are facing continued struggles, but it is clear that technology is helping businesses navigate the crisis.
Posted: 23/11/2020
Starling Bank is set to become the first digital banking challenger to break-even, with the bank expecting to be profitable on a monthly basis going forward, according to its latest results. The app-based bank has today published a trading update for the three months ended 31 October, which shows it has nearly 1.8 million accounts, around £4 billion in deposits and around £1.5 billion of customer lending.
Posted: 20/11/2020
To provide increased support for its FinTech ecosystem Visa has unveiled new components of its Fast Track programme. As part of the offering there is a Partner Toolkit to help FinTechs “accelerate growth” and better serve their customers.
Posted: 20/11/2020
Google Pay has announced that next year it will launch Plex, a new mobile-first bank account which will be integrated into the app. From 2021, 11 US banks and credit unions, including minority-owned depository banks, will start offering Plex accounts on Google Pay.
Posted: 20/11/2020
Challenger bank Atom has joined forces with Codat to simplify its business lending process. The partnership will see Codat provide its universal API for small business financial data, which will enable Atom to directly integrate with business customers' accounting platforms, removing the need for manual submissions.
Posted: 20/11/2020
Financial services leaders are aiming to become leaders in automation to ensure customer loyalty during and after the pandemic. CRM giant Salesforce questioned 2,800 global leaders in insurance, retail banking and wealth management across Australia, Brazil, Canada, France, Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, the Nordics, Spain and the UK, for its Trends in Financial Services report.
Posted: 19/11/2020
Nationwide has joined forces with global compliance provider Accuity to start accepting cross-border transactions via Visa Direct. Customers can send Visa Direct payments to Nationwide accounts in real-time, “creating a frictionless user experience”, said the partners.
Posted: 19/11/2020
ClearBank, the cloud-based clearing bank, has been selected by cryptocurrency exchange and custodian Gemini as its UK banking services provider. Through a single API integration, ClearBank will provide Gemini with secure infrastructure including dedicated account numbers and sort codes, as well as direct access to payment rails, such as Faster Payments and CHAPS.
Posted: 19/11/2020
Uber has entered a partnership with Marqeta to streamline payment experiences for its apps. The global modern card issuing platform will assist Uber in providing one central payment experience across multiple modes of transit and help the ridesharing and delivery service create new efficiencies in its Eats product.
Posted: 19/11/2020
NatWest has integrated with global small business platform Xero to make funding more accessible for small and medium sized (SME) businesses. Under the terms of the integration, users will be able to access a NatWest lending service directly from the Xero platform.
Posted: 19/11/2020
Every employee in financial services is able to access nearly 11 million files, according to the 2021 Financial Data Risk Report from data security firm Varonis, leaving a huge data leak landscape for the industry to contend with. The new report delves into the state of data security across on-premise, cloud and hybrid environments in the banking, insurance and investment sectors.
Posted: 18/11/2020
UK digital wealth manager Nutmeg has partnered with JP Morgan Asset Management (JPMAM) to launch a range of five risk-rated portfolios that meet ESG requirements.The new Smart Alpha portfolio range offers customers access to JPMAM’s market insights and research expertise and bring active security selection to the Nutmeg investment range.
Posted: 18/11/2020
Visa has partnered with Codat as part of the launch of its European FinTech Partner Connect programme.The new initiative, which was announced earlier this month, will provide financial institutions and merchants in Europe with new digital payments experiences.
Posted: 18/11/2020
Banco Santander has bought the merchant technology assets of Wirecard as part of an expansion of Getnet, its merchant payment business.The 500 Wirecard employees currently managing the tech part of the business are to join Santander and will remain in their locations as part of its global merchant services team.
Posted: 18/11/2020
Money management app Plum has entered the Republic of Ireland market to help customers tailor their spending and saving. More than half (51 per cent) of people in Ireland saved money regularly in the last 12 months, but 47 per cent felt they weren’t saving as much as they would like to.
Posted: 18/11/2020
A record proportion of UK debit card payments in August were contactless, according to industry body UK Finance, accounting for 62 per cent of all debit card transactions. The total number of contactless credit and debit card transactions rose by 7 per cent compared to July, as lockdown restrictions continued to ease and consumers took advantage of the higher £45 contactless spending limit.
Posted: 17/11/2020
HSBC UK has launched a campaign to spread awareness about the risks of Black Friday scams on consumers. According to the global banking group, the dangers of falling victim to a purchase scam on Black Friday is growing year-on-year.
Posted: 17/11/2020
Revolut has expanded its Open Banking service to users in Germany. As a result of the rollout, German customers can now view all of their finances in one place from their smartphones.
Posted: 17/11/2020
Mastercard's proposed $1bn acquisition of Finicity has been approved by the US Department of Justice after a review. The addition of Finicity’s data analytics technology and teams is aimed at strengthening Mastercard's Open Banking platform.
Posted: 17/11/2020
Despite the global insurance sector investing nearly $28 billion on customer experience, less than half of consumers (49 per cent) feel their insurance provider will be responsive to their basic needs, according to research. EIS, a digital platform provider for insurers, commissioned research among almost 1,100 consumers who own insurance policies in the US, the UK, France and Germany to gauge customer experience expectations.
Posted: 17/11/2020
Santander UK has announced that Paul Horlock will become chief payments officer in the new year. Horlock, who is currently chief executive of payments industry body Pay.UK, will be responsible for creating a single UK payments team in his new role. He will also work alongside the European region as part of One Santander.
Posted: 17/11/2020
BNP Paribas Asset Management (BNPP AM) has launched an Investment Insights Service for Amazon Alexa-enabled devices. The service, developed by the asset management subsidiary of the banking group, delivers intuitive interaction with Alexa enabled devices to access voice-activated market commentary and thought leadership. It aims to improve and automate the investment process and client communications.
Posted: 16/11/2020
PwC has spun out its proprietary financial data capture technology business to create new company LIKEZERO. The professional services giant has spun the company out as part of a management buy-out backed by Souter Investments, a private equity focussed family investment office and Manfield Partners Limited.
Posted: 16/11/2020
Banking-as-a-Service provider Griffin has raised £6.5 million in a funding round led by EQT Ventures. The new round follows the London company's previous £3 million seed round announced earlier this year.
Posted: 16/11/2020
Revolut Business users in the UK will be able to accept card payments online directly into their account from today. The digital challenger said that the move would mean its Business account users can access their funds quickly and comes as the European payments platform market heats up, with banking FinTechs looking to compete with the likes of PayPal and Klarna.
Posted: 16/11/2020
The 2020 Payments Awards took place yesterday evening, in a virtual ceremony for the first time due to COVID social distancing restrictions. Among the winners, HSBC bagged the award for best use of biometrics, Coinbase picked up the best contactless payments project, while Pannovate won the best online payments solution for the consumer market.
Posted: 13/11/2020
Consulting firm Centelli is implementing robotic process automation (RPA) at Hampshire Trust Bank (HTB) to speed data processing and achieve faster decision making on customer transactions. According to Grand View Research, the global RPA market size across all industries was valued at $1.4 billion in 2019, and is projected to achieve a compound annual growth rate (CAGR) of 40.6 per cent from 2020 to 2027.
Posted: 13/11/2020
Citi has made a strategic investment in Dextcloud, a UK API low code application platform (LCAP) startup.Citi’s support is a continuation of the firm’s strategic investments in low code technology providers that support its digitisation of manual-intensive tasks across the firm.
Posted: 13/11/2020
Standard Chartered Bank has struck a five-year strategic global agreement with Amazon Web Services (AWS) to run its banking systems and customer facing applications in the cloud. Standard Chartered said it was collaborating with AWS to drive its digital transformation and deliver new personalised banking services in the bank’s 60 markets worldwide.
Posted: 13/11/2020
Massive changes are required within the financial sector as digital transformation proceeds. As a global leading ICT company, Huawei has introduced the contactless digital Loan One Box solution, hoping to meet the needs amid the changes. It is also an important initiative in driving financial inclusiveness, which is of paramount importance in such difficult times. The COVID-19 pandemic has changed all walks of life. People are looking for numerous ways to keep themselves away from potential health hazards while maintaining their lifestyles with minimal disruption.
Posted: 12/11/2020
Banks admit they are trailing in digital maturity, according to a report from financial technology provider Infosys Finacle and industry association Efma. More than 750 banks and financial services companies from across the world contributed to the Innovation in Retail Banking report.
Posted: 12/11/2020
Tribe Payments has launched Open Banking APIs in partnership with Open Banking Europe. The move makes Tribe Payments the first issuer-processor to allow its banking and FinTech clients to access the data sharing of Open Banking without developing their own Application Programming Interfaces (APIs).
Posted: 12/11/2020
InsurTech INSTANDA has launched an online integration marketplace, which will open up more than 200 platforms providing technology solutions for insurers.The company, which has build and an end to end digital platform for the insurance industry, said the marketplace will enable insurers to pick and choose pre-integrated technology solutions.
Posted: 12/11/2020
Barclaycard Germany has signed a deal with Amazon to offer financing for purchases made through Amazon.de above €100. Amazon customers can choose to pay for their purchases in instalments during the checkout process. By setting up the credit line provided through Barclaycard Germany, once in place, customers can set up instalment payments on their future purchases without needing to go through further “know your customer” ID checks.
Posted: 12/11/2020
Google Cloud and digital banking solutions firm Avaloq have sealed a new strategic partnership to help financial services organisations with their digital transformation, using the cloud and the Avaloq Banking Suite and other platforms. Customers will obtain the benefits of high levels of security and performance, along with improved scalability, said the partners. With Google Cloud’s expanding global presence, as well as Avaloq’s Sensitive Data Segregation services, they say they will enable customers to store their data “close to home”, helping banks adhere to local data residency requirements.
Posted: 11/11/2020
Tymit, the mobile-enabled instalment credit card, is speeding the way its customers can make payments by partnering with FinTech Modulr, the payments-as-a-service API platform.
Modulr and its payments platform became one of the few non-banks to gain direct access to the Bank of England last year to deliver Bacs and Faster Payments services.
Posted: 11/11/20
Travel marketplace Skyscanner has partnered with InsurTech Cover Genius to offer a new travel insurance package that addresses potential pandemic woes. The package will initially be available to travellers as part of a phased roll-out in Europe, before becoming available in up to 50 countries worldwide. It includes a combination of medical, trip cancellation and airline insolvency cover, covering disruption and sickness caused by COVID-19.
Posted: 11/11/2020
Visa has launched FinTech Partner Connect, a new initiative that will provide financial institutions and merchants in Europe with new digital payments experiences. The rollout of the programme across Europe will make the capabilities of Visa’s FinTech partners available to the company’s clients.
Posted: 11/11/2020
Hargreaves Lansdown, the savings and investment platform, has partnered Currencies Direct for foreign exchange and international payment services for its 1.3 million clients.
Posted: 10/11/2020
The Open Banking Implementation Entity (OBIE) has launched a consultation on variable recurring payments rules. The organisation, which was established in 2016 by the Competition and Markets Authority (CMA) to implement the infrastructure and Application Programming Interfaces (APIs) necessary for the roll out of Open Banking.
Posted: 10/11/2020
Analyst Forrester has reported on the global funding trends in FinTech and InsurTech startups, and it's not getting any easier for these industries. On the FinTech side, during the third quarter funding “remained tepid”, said Forrester, and went disproportionately to a few sub-categories. It said about 52 per cent of Q3 funding was invested in just 10 companies.
Posted: 9/11/2020
Scottish cryptocurrency platform Zumo has made four hires into key roles as it expands its team following a £1.6 million fundraise. The Edinburgh-based company, which launches its cryptocurrency wallet and payments platform in 2018, has made the four hires as part of a seven-person expansion, taking total staff numbers to 24, with recruiting still open for another five roles.
Posted: 09/11/2020
Goldman Sachs is extending its partnership with AccessFintech with the launch of a derivatives cash payments affirmation service. AccessFintech, which provides financial operating data workflow and collaboration models is working with the investment giant to develop the cross-industry service.
Posted: 09/11/2020
Zurich UK has set out to future-proof its 3,000-strong workforce, with a job analysis study to make sure it can fill the job roles of the future. This research showed that 270 jobs could go unfilled in the next five years if the workforce is not re-skilled.
Posted: 06/11/20
Mintos, the alternative investment platform for investing in loans in Europe, is launching its first crowdfunding campaign. The round is set to commence in the second part of November and will be done through Crowdcube. Mintos said the campaign was part of a larger fundraising round planned with venture capital firms, and sought to “give back to the community” by offering a limited amount of shares in the company.
Posted: 06/11/2020
In a final report, the Competition and Markets Authority (CMA) has ordered FNZ to sell GBST after finding their completed £220 million merger could lead to a “reduction in the quality of service and higher prices”. The CMA came to its provisional decision in August and has now confirmed it.
Posted: 06/11/20
Two innovations to help companies tackle financial crime are the latest results to come out of the Information Commissioner's Office (ICO) regulatory sandbox. Onfido has worked in the ICO sandbox to identify and mitigate bias present in the biometric identity verification technology it designed to enable its clients to prove their customers are who they claim to be.
Posted: 05/11/2020
A group of 10 Spanish companies are working together to develop a self-managed digital identity model for customers using blockchain technology. The Dalion project includes Banco Santander, Bankia, BME, CaixaBank, Inetum, Liberbank, Línea Directa Aseguradora, Mapfre, Naturgy and Repsol, along with the Alastria blockchain consortium.
Posted: 05/11/20
Lloyds Banking Group plans to cut a further 1,070 jobs, despite recently reporting better than expected profits. A statement explained that the job losses were part of restructuring plans meant to simplify the business, noting that it is also creating around 340 roles – although there is no guarantee that they will be filled by staff affected by the cuts.
Posted: 05/11/20
Insurance broker Policywise has selected InsurTech ThingCo to support a mass market telematics solution. Policywise will be offering customers ThingCo’s solar powered, artificial intelligence, voice-enabled Theo device.
Posted: 04/11/20
Clarity AI announced has closed a $15 million funding round led by Deutsche Börse and co-investor Mundi Ventures. The investment will drive the company’s sustainable expansion plans, including scaling-up investment in proprietary technology and artificial intelligence capabilities, as well as integrating with the financial services platforms.
Posted: 05/11/20
Intervention from the Chinese government has blocked what was shaping up to be the largest Initial Public Offering (IPO) in history. Ant Group was due to launch the £34.4 billion IPO on the Shanghai and Hong Kong stock exchanges tomorrow, but Chinese authorities summoned key executives to a meeting in which they were told the group's online lending business would face much more scrutiny.
Posted: 04/11/20
Payment processing firm Nuapay has found that UK consumers are still worried about using their payment cards when shopping online, with 12 per cent of them having had a payment made from their debit or credit card without their permission in the last six months alone. Of the 2,000-plus consumers questioned during the commissioned research, 58 per cent said security - including ensuring the transaction and payment information aren’t compromised - is their biggest concern when making a payment online.
Posted: 04/11/20
The Coronavirus crisis has changed the banking industry, fast-tracking the development of digital channels, according to Deloitte. The consultancy firm’s fourth Digital Banking Maturity 2020 report - which claims to be largest global benchmarking of digital retail banking channels - found that 60 per cent of banks have closed or shortened opening hours of branches – but many have also implemented new digital features.
Posted: 04/11/20
The Financial Conduct Authority (FCA) has announced changes to limit the risk of disruption to Open Banking services after Brexit. The changes will permit UK-based third-party providers (TPPs) to use an alternative to eIDAS certificates to access customer account information from account providers, or initiate payments, once the UK leaves the EU on 31 December.
Posted: 03/11/20
NatWest’s digital business banking account Mettle is launching Apple Pay for its customers. Announcing the move, Mettle said the integration would enable a safer, more secure and private way to pay for its business banking customer.
Posted: 03/11/2020
TSB is partnering Wealthify to make the digital investment firm’s savings platform directly available to its five million banking customers.The challenger bank said it had struck the partnership in response to changing consumer behaviour during the COVID-19 pandemic, with two in five (40 per cent) of people prioritising managing their money more during lockdown.
Posted: 03/11/2020
Estonia-headquartered LHV Group is applying for a new banking licence in the UK, to separate its LHV Pank business activities in Estonia from those it already has in the UK.The new bank will be established as a 100 per cent subsidiary of the group and will be headquartered in London, with “substantial growth” targeted for the coming years, said LHV.
Posted: 03/11/2020
Almost two thirds (63 per cent) of potential customers have abandoned their applications for financial services due to a lengthy and complicated onboarding process, according to new research. A survey of 4000 banking and financial services customers in the UK and Belgium, Germany, Sweden, Norway, Finland and the Netherlands for digital identity company Signicat found that financial services firms have seen the worst abandonment rates during the COVID-19 pandemic since the annual survey started in 2016.
Posted: 03/11/2020
Ziglu, the FCA-authorised electronic money institution (EMI), has appointed James Sullivan as its chief legal officer. He joins Ziglu, a crypto trading challenger, from Monzo where he was head of legal and acting company secretary. At Ziglu Sullivan's responsibilities will include growing the team and supporting and protecting the business as it continues its product growth and international expansion.
Posted: 03/11/2020
The UK is more willing than ever to go digital with their payments, as traditional methods begin to get left behind, according to new research. Samsung Pay commissioned a national survey into 2,000 Brits’ relationships with their finances and payment solutions, showing that almost half (46 per cent) of them claimed they are more willing to pay digitally following the original lockdown period.
Posted: 02/11/20
Global payments firm Sokin has sealed a new partnership with Mastercard as it prepares for the roll-out of its UK and European fixed-price subscription service. The partnership is founded on Sokin delivering its instant payment services with Mastercard’s digital banking solutions and card services.
Posted: 02/11/20
Mode Group has consolidated its position by completing a buy-out of the 45 per cent minority interest in its payment subsidiary JGOO from Pure NZ Gateway. As part of its Mode for Business offering, JGOO operates a payment processing, marketing and advertising business for UK merchants aiming to access overseas markets such as China.
Posted: 02/11/20
The Investing and Saving Alliance (TISA) has been awarded a £340,000 grant from Innovate UK to help accelerate the development of its Digital ID scheme, which will create a single, reusable, secure online identification for individuals. Specifically, the grant will be used to develop and test consumer proofs of concept and the proposed technical approach.
Posted: 02/11/20
Synechron has unveiled a new accelerator programme which consists of five real-world solutions that meet growing demands and pain points of the institutional investment management industry. This is the eighth such initiative that the consultancy firm has launched in the last five years, with this one aimed at solving current challenges including shrinking margins, the need to create operational efficiencies, addressing risk management issues and meeting the growing demand for personalised investment services.
Posted: 30/10/20
Mastercard has launched Cyber Secure, an artificial intelligence-powered suite of tools that allows banks to assess cyber risk across their ecosystem and prevent potential breaches. This is aimed at helping banks identify and prioritise threats and vulnerabilities throughout their cyber environment.
Posted: 30/10/20
Moorwand has been selected by deVere Group to provide issuing services and BIN sponsorship for Vault, its multi-currency Mastercard, across 14 different European markets. The mobile app and card is designed to meet the financial needs of international investors and expatriates.
Posted: 29/10/20
As the global banking industry goes increasingly digital, the shift to mobile is helping bring millions of people into financial services for the first time. Particularly in emerging economies, those that were previously ‘unbanked’ are getting access to accounts which are a significant driver to social mobility and business growth.
Posted: 30/10/20
JPMorgan has made a strategic investment in payment and consultancy provider Icon Solutions. The company specialises in mission critical transaction banking solutions and has also built IPF, a cloud native payments platform that combines open source technology with light-weight integration.
Posted: 29/10/20
The priority of FinTech regulation and the pace of regulatory innovation have increased rapidly amid the global pandemic, according to new research from the World Bank and the Cambridge Centre for Alternative Finance (CCAF) at Cambridge Judge Business School. Supported by the UK Foreign, Commonwealth and Development Office (FCDO), the study gathered responses from 118 central banks and other financial regulatory authorities in 114 jurisdictions worldwide, highlighting that the majority of respondent regulators have either accelerated existing regulatory innovation initiatives or introduced new initiatives.
Posted: 29/10/20
Starling Bank had the largest net account switching gain in the second quarter of 2020, followed by fellow digital challenger Monzo. Nationwide, NatWest and Triodos Bank rounded out the top five, as reported by the Current Account Switch Service, although participant data is collected three months in arrears.
Posted: 29/10/20
Barclays is launching a 12-week virtual accelerator programme designed to help early-stage tech businesses, founded by one or more Black entrepreneurs, in order to boost diversity in entrepreneurship. The accelerator, in partnership with social enterprise organisation Foundervine, includes a series of masterclasses focused on a number of core business skills, including product development, sales strategy, operations and leadership.
Posted: 29/10/20
Wipro has signed a definitive agreement to acquire Encore Theme Technologies, a specialist cloud and software-as-a-service (SaaS) provider. The Chennai, India-based firm has focused exclusively on implementing trade finance solutions, developed by Finastra, to financial institutions across the Middle East, Africa, India and Asia Pacific.
Posted: 28/10/20
Societe Generale’s digital capital markets platform Forge has selected ConsenSys to provide technology and services as part of its ongoing Central Bank Digital Currency (CBDC) pilot activities. As part of this partnership, Societe Generale Forge will continue to build upon its recent achievements, such as the issuance of a €100 million covered bond on blockchain in 2019, and the issuance of a €40 million bond that was settled with a CBDC in 2020, via a joint project with the Banque de France.
Posted: 28/10/20
With an increasing number of banking customers coming to rely on apps, apps from leading UK retail banks are posing significant technical and customer service problems for consumers, going by the app reviews they leave after installing them. A study of over 50,000 UK banking app reviews for digital services provider Mobiquity covered customers of banks including Barclays, Metro Bank, RBS, Revolut, Lloyds and HSBC UK.
Posted: 28/10/20
The Pensions Dashboard Programme (PDP) is entering the next stage of the process to build the technology which will enable individuals to view their pensions via their chosen dashboard. Set up by the Money and Pensions Service (MaPS), it has responsibility for designing and implementing the ecosystem which will make the system work.
Posted: 28/10/20
New research has suggested that UK businesses are caught between the need to reduce operational costs in harsh economic conditions, while continuing to meet rising customer expectations. Commissioned by Modulr and carried out by research agency LoudHouse and thinktank TechPros, the study spoke to 200 payments decision-makers in employment and payroll services, traditional and digital banking and lending across the UK.
Posted: 27/10/20
UBS has launched UBS Next, a $200 million portfolio targeting investments in the FinTech and broader tech ecosystem. The bank stated that it is driving both internal initiatives, as well as existing strategic partnerships and external collaborations with technology companies, startups, regulators, peer banks, academia and industry thought leaders.
Posted: 27/10/20
Ant Group is set to raise up to $34.4 billion in what will be the largest stock market debut to date. The dual listing in both Shanghai and Hong Kong, would value Ant at around $312 billion, with options for a 15 per cent overallotment of shares.
Posted: 27/10/20
Nearly three quarters (72 per cent) of chief financial officers (CFOs) and vice presidents of finance consider cloud-based applications as a top priority following the ‘wake-up call’ of the pandemic. A survey of more than 1,000 finance leaders worldwide by consulting firm Protiviti found that many had realised the importance of investing in digital capabilities following the start of the COVID-19 outbreak.
Posted: 26/10/20
Only three per cent of traditional bank executives think their company has taken the necessary measures to protect their businesses against digital disruption, while 71 per cent were doubtful around their ability to respond to digital disruption. This is according to a survey carried out by Arizent on behalf of FICO, which found that just four per cent were extremely confident that they could offer the level of personalised, data-driven services consumers receive elsewhere.
Posted: 26/10/20
PrimaryBid has closed a $50 million Series B funding round, with investment from the London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures and ABN AMRO Ventures. The money will be used to expand the team and technology platform as the company deepens its links with key intermediaries and expands into international markets.
Posted: 26/10/20
Bitstamp has appointed Julian Sawyer as its new chief executive. He becomes only the cryptocurrency exchange’s second CEO, as co-founder and former boss Nejc Kodrič moves into a new role as a board member.
Posted: 23/10/20
New research has revealed that 86 per cent of financial institutions are implementing or assessing services built on a decentralised framework. BCG Platinion - part of Boston Consulting Group - and Crypto.com commissioned interviews with 411 decision-makers with familiarity over decentralised finance, finding that 31 per cent are planning enterprise-wide blockchain rollout or have deployed use cases.
Posted: 23/10/20
The COVID-19 pandemic has not proven as destructive to banking as it has to retail or travel – at least not yet. This is according to the latest predictions from Forrester, which stated that the crisis has put the deficiencies of many banks in stark relief, and the fallout will continue into 2021.
Posted: 23/10/20
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have fined Goldman Sachs International (GSI) £96.6 million for risk management failures connected to 1Malaysia Development Berhad (1MDB) and its role in three fund raising transactions for 1MDB. The FCA and PRA fines are part of a $2.9 billion, globally coordinated resolution reached with The Goldman Sachs Group (GSG) and its subsidiaries.
Posted: 22/10/20
Which? is calling for the government to legislate to protect people from losing money to bank transfer fraud, a crime that has cost consumers £200 million in the first half of 2020 alone. In its response to the Treasury’s review of the payments landscape, the consumer organisation outlined how changes to legislation could allow regulators to require all banks to follow a statutory code offering strong protections for scam victims.
Posted: 22/10/20
Ant Group, the parent company of Chinese digital payments giant Alipay, is launching a digital copyright services platform powered by blockchain and artificial intelligence technology. The platform will use AntChain, the company’s proprietary blockchain technology, to simplify the process of verifying and protecting copyright on original creations
and solutions.
Posted: 22/10/20
Scalable Capital has notified its customers of a data breach earlier this week. A message sent to users explained that personal data was breached by unlawful access on Monday – with all “necessary security measures” taken and relevant supervisory authorities informed.
Posted: 22/10/20
Family money app gohenry has released a new teen account and card for customers aged 13 to 18. The account builds on the existing app, becoming an option when users move into the age bracket.
Posted: 22/10/20
Silverflow has secured a €2.6 million seed funding round, led by Crane Venture Partners, with participation from INKEF Capital and angel investors Pay.On, First Data, Booking.com and Adyen. With this round, the payment technology company has now raised €3 million in total funding.
Posted: 22/10/20
PayPal has announced the launch of a new service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account. The US payments giant also signalled its plans to significantly increase cryptocurrency's utility by making it available as a funding source for purchases at its 26 million merchants worldwide.
Posted: 21/10/20
More than half (55 per cent) of professionals from the finance, technology and consultancy sectors believe that COVID-19 has encouraged them to prioritise digital transformation initiatives.  A survey of 139 such professionals by the Banking Industry Architecture Network (BIAN), the non-profit organisation that promotes and provides a common framework for the banking industry, also found that one in five believe that the pandemic will be the primary driver for change over the next several years. 
Posted: 21/10/20
Mode has allocated up to 10 per cent of its cash reserves to purchase Bitcoin and adopt it as a treasury reserve asset. The move is part of the FinTech group's long-term goal to protect investors' assets from currency debasement. With UK interest rates at a record low of 0.1 per cent, Mode is also seeking to diversify away from low-interest money market instruments in order to maximise the value of returns from its recent fundraising.
Posted: 21/10/20
Atom Bank has chosen SurePay to help it prevent fraud and misdirected online payments. The Netherlands-based FinTech is already responsible for checking over 95 per cent of all Dutch payments, and now its Confirmation of Payee solution checks 25 per cent of all online payments in the UK.
Posted: 21/10/20
Modulr has secured an electronic money institution (EMI) licence from the Central Bank of Ireland for its Dublin-based entity, Modulr Europe. It now plans to provide services to customers across the European Union, following growth in the UK over the last four years.
Posted: 20/10/20
Visa has processed 500 million additional touch-free payments since contactless limits were increased in response to the COVID-19 pandemic. Data released by the payments giant shows that consumers have made more than half a billion transactions, where previously they would have needed to use a PIN pad, after more than 29 European countries upped the transaction limit for contactless payments.
Posted: 20/10/20
Yolt has today launched a new evolution of its app, with new features designed to help users save. The app now comes with a contactless card, which serves as a new daily spending account, helping users to save on every purchase with round ups and cashback on selected retailers.
Posted: 20/10/20
Google Cloud has previewed an artificial intelligence-powered tool to help speed up the mortgage application process. Lending DocAI aims to provide industry-leading data accuracy for documents relevant to lending, processing borrowers’ income and asset documents to speed-up loan applications - a notoriously slow and complex process.
Posted: 20/10/20
The London Institute of Banking and Finance (LIBF) is launching a new banking qualification - the Certificate in Retail and Digital Banking (CertRDB) - to help banks fill the digital skills gap and help those working in the industry ‘future proof’ their career in the sector. Rob Thompson, head of banking Services at the LIBF, said: “In these changing times, banks need staff who can quickly move to a digital environment and keep up with fast-moving regulatory and economic demands.
Posted: 19/10/20
Virtual Lease Services (VLS) has rebranded to Banking Works, following a two-year transformation programme that has seen an investment in people, new technology platforms and data science. As the lending market continues to deal with an unprecedented demand to originate and restructure financial agreements, Banking Works has deployed a suite of technologies for its clients that facilitate rapid data processing, decisioning and robotic process automation.
Posted: 19/10/20
Mastercard and Monese have announced a new multi-year strategic partnership, with Monese becoming a principal Mastercard issuer. With its multi-currency accounts now available in 31 countries, the digital bank's new partnership with Mastercard provides its customers access to the global acceptance network, allowing them to spend at the millions of locations worldwide at which Mastercard is accepted.
Posted: 19/10/20
Silent Eight has completed a new round of early-stage funding, bringing its total capital raised to $15 million. The investment was led by OTB Ventures and Wavemaker Partners, supported by Koh Boon Hwee, chairman of Altara Ventures, and SC Ventures, the ventures arm of Standard Chartered Bank.
Posted: 19/10/20
Global Processing Services (GPS) has secured a strategic investment from Visa. Backed by UK growth private equity firm Dunedin, this strategic investment will accelerate GPS’ global expansion, following recent launches with digital banks in Europe, including Revolut and Starling Bank.
Posted: 19/10/20
Leaders of the G7 group of nations have opposed the launch of Facebook’s Libra stablecoin until it is properly regulated. A statement prepared for a meeting of finance ministers and central bankers of the United States, Canada, Japan, Germany, France, Italy and the UK, said that digital payment services had to be appropriately supervised and regulated so that they would not undermine financial stability, consumer protection, privacy, taxation or cyber security.
Posted: 16/10/20
Business banking platform Tide has partnered recurring payments specialist GoCardless to launch a service that will allow Tide members to collect invoice payments by Direct Debit. The late payment of invoices is a serious issue for small businesses, with recent research by Tide revealing that more than 60 per cent of small businesses regularly have invoices paid late, with almost 16 per cent of those paid over four weeks late.
Posted: 16/10/20
Investors are continuing to fund London-based FinTechs, despite the pandemic, according to latest data from London & Partners and Dealroom. The capital's FinTech sector attracted $3.6 billion in venture capital investment between January and September, putting London in second place globally, behind San Francisco with $5.1 billion and ahead of New York’s $2.2 billion.
Posted: 16/10/20
Wirex raised £1 million in just 90 minutes and on to a total of £3.7 million in its maiden crowdfunding campaign. Nearly 7,000 investors from 94 countries supported the startup's mission to democratise access to cryptocurrency.
Posted: 16/10/20
Finastra has opened registration for its annual hackathon, with Hack to the Future 2020 being entirely virtual due to the COVID crisis. Prizes up for grabs include cash, platform certification fees waived, internship and coaching opportunities and the possibility to onboard projects into Finastra’s FusionStore app marketplace.
Posted: 15/10/20
People in the UK will be able to get cashback from shops without needing to buy anything under new proposals to protect the UK’s cash system announced today. The Treasury has set out new plans which would also give the Financial Conduct Authority (FCA) overall responsibility for the UK’s retail cash system to protect consumers and small businesses.
Posted: 15/10/20
Investment platform Trading 212 has implemented TrueLayer's Open Banking technology to deliver an improved investment experience. The partnership begins with Application Programming Interfaces (APIs) delivering the identification and verification of a user’s primary bank and connecting it to the Trading 212 app.
Posted: 15/10/20
Bravura Solutions has announced the acquisition of Delta Financial Systems for £23 million. The Australian-based investment platform technology provider purchased the UK-based pensions administration software firm to help broaden its product suite.
Posted: 13/10/20
RegulAItion has appointed the Open Data Institute (ODI) as partner in the development of its AIR Platform. The partnership will see the ODI implementing an extensive research, testing and data ethics programme as the platform deepens its privacy-by-design approach.
Posted: 14/10/20
A new report into enterprise Internet of Things (IoT) has revealed that financial services firms are at risk of being hacked via the personal devices employees connect to business networks. Palo Alto Networks interviewed 138 IT decision-makers in the financial services industry, finding that a variety of non-corporate, personal IoT devices are connecting to financial institution networks and surprising IT and cybersecurity managers across the sector.
Posted: 14/10/20
The Coronavirus crisis has caused the largest and quickest digital transformation the financial services industry has ever seen. As self-isolation measures were implemented across the world this spring, IT departments had to rapidly enable the majority of staff to work from home, while making sure systems could cope with unprecedented spikes in online banking and mobile app usage by customers.
Posted: 14/10/20
HSBC has launched new voice-driven technology as part of efforts to automate the customer journey. As part of the upgrade, telephone banking customers will be directed to a new voice response menu, enabling callers to state their intent verbally and be directed to the correct team automatically.
Posted: 14/10/20
Mojo Mortgages, Moneybox, Plum and Wagestream have been crowned winners of the Open Up 2020 Challenge after a 15-month long competition. Run by Nesta Challenges, in partnership with the Open Banking Implementation Entity (OBIE), the £1.5 million competition was designed to inspire innovative Open Banking-enabled solutions to help people across the UK better manage their money.
Posted: 14/10/20
Cover Genius has raised £8.3 million in funding to fuel its expansion. The insurance distribution platform provides protection for customers of some of the world’s largest online companies, including eBay, Booking Holdings and National Express.
Posted: 13/10/20
COVID-19 has had a significant impact on almost all (96 per cent) European banks, with over three quarters (78 per cent) planning to change their future banking strategy to adapt to changes in consumer behaviour, such as the accelerated adoption of digital banking services and cashless payments. Marqeta commissioned Coleman Parkes to interview 200 heads of digital transformation, chief technology officers, heads of innovation and chief innovation officers at traditional and challenger banks in the UK, France, Germany, Italy and Spain.
Posted: 13/10/20
New analysis by PwC has suggested that blockchain technology could boost the UK’s gross domestic product (GDP) by £57 billion over the next decade. The professional services firm’s economists assessed how the technology is currently being used and gauged its potential to create value across every industry, from healthcare, government and public services to manufacturing, finance, logistics and retail.
Posted: 13/10/20
The Bank of England (BoE) and the Financial Conduct Authority (FCA) have launched a new initiative to assess the opportunities and risks posed by artificial intelligence (AI). The Artificial Intelligence Public Private Forum is aimed at facilitating dialogue between the public and private sectors to better understand the use and impact of AI in financial services, to help further the BoE's objective of promoting the safe adoption of such technology.
Posted: 12/10/20
A new report has revealed the lack of adoption of Open Banking into commercial lending, despite many acknowledging its benefits for customers. The results come at a time when small business demand for financial support has grown considerably due to the continuing economic difficulties brought on by the COVID-19 pandemic.
Posted: 12/10/20
A team of financial services experts led by two former Barclays executives has unveiled their plans to launch Pennyworth, a new digital bank to serve the needs of young professionals and middle managers. Founded by Jeremy Takle and Ben Harvey, formerly managing director and head of product at Barclays’ US digital consumer bank, began the pre-application process to become an authorised UK bank in March.
Posted: 12/10/20
Messaging app Telegram has integrated with ECOMMPAY to let users to make in-app purchases via Telegram Bots. With the global chatbot marketing growing rapidly, ECOMMPAY-powered payments will provide businesses with access to a new sales channel, enabling them to unlock more revenue, improve audience engagement and build stronger brand loyalty.
Posted: 12/10/20
Deutsche Bank will launch an enhanced securities settlement service that proactively identifies in-flight security transactions at risk of settlement delay, in early 2021. The service is powered by the Elastic Stack's machine learning and anomaly detection, which will enable the bank's clients to avoid hefty financial penalties under the upcoming implementation of the new Central Securities Depositories Regulation (CSDR) next year.
Posted: 09/10/20
Marqeta and Mastercard have announced an extended global partnership to expand into new geographies, open access to new products and launch additional card programs together. As part of this partnership, Mastercard has also made a financial investment in Marqeta.
Posted: 08/10/20
Paynetics UK has agreed to acquire certain assets of Wirecard UK & Ireland. The UK division of the Bulgarian e-money institution will provide its new customers with "a seamless transition" and strategic product roadmap for the future development of these programmes, which had faced the prospect of termination.
Posted: 09/10/20
Ripple has launched Line of Credit, a new beta service on RippleNet that allows customers using On-Demand Liquidity (ODL) to source capital on demand and initiate cross-border payments at scale using the digital asset XRP.
Posted: 09/10/20
Legal & General (L&G) has partnered with NTT DATA to help build its data science capabilities. L&G stated that it will leverage its data to improve the delivery of products and services encompassing investment management, pensions, annuities and life assurance it offers to its 13 million customers every day.
Posted: 09/10/20
The 21st annual FStech Awards are now open for entries, with a deadline of 7 January to get your company in the running. On 5 May 2021 at the London Marriott Hotel Grosvenor Square we will be celebrating excellence and innovation within the UK and European financial services tech sector.
Posted: 08/10/20
Monument, a new UK digital-first bank, has received an authorisation with restriction banking licence from the Prudential Regulation Authority and the Financial Conduct Authority. The startup achieved this milestone in just over 18 months, which is believed to be one of the fastest rates of progress for any new bank.
Posted: 08/10/20
More than a quarter (27 per cent) of all payments made in the UK are already contactless, as small businesses adapt to the rise in e-commerce transactions during COVID-19. A survey by YouGov and Tyl by NatWest of 1,056 senior decision-makers in UK small and medium-sized enterprises (SMEs) found that businesses have been quick to adapt their payment systems in response to the pandemic.
Posted: 08/10/20
Virgin Money is shedding 400 jobs as part of cost-cutting plans following its merger with Clydesdale and Yorkshire Bank Group (CYBG). The cuts break down to 50 jobs lost at the former Yorkshire Bank headquarters in Leeds, 200 at the Clydesdale’s former head office in Glasgow, and 150 at Virgin Money’s office in Gosforth.
Posted: 08/10/20
UK Finance has announced David Postings as its new chief executive. The industry body for the UK’s financial services industry said that he was appointed with the unanimous support of the board and will take up the role on 1 January 2021.
Posted: 07/10/20
Despite the shift to cloud-based systems, 90 per cent of companies expect that mainframes will remain a platform for growth and long-term applications. A survey of 1,000 IT professionals by software company BMC also found that contrary to predictions of a phasing out of mainframe systems, 68 per cent expect MIPS, the mainframe’s measure of computing performance, to grow in the coming years.
Posted: 07/10/20
OakNorth Bank has partnered with ComplyAdvantage for tech to allow seamless onboarding for new customers, along with Anti-Money Laundering (AML) compliance. ComplyAdvantage uses machine learning and natural language processing to help regulated organisations manage their risk obligations and prevent financial crime.
Posted: 07/10/20
The leaders of two of the largest companies in the world have stressed the importance of tech transformation to survive the COVID-19 crisis. Speaking virtually during the second day of this year’s Sibos conference, BNY Mellon chief executive Todd Gibbons said the most fundamental change he’s implemented in the last six months has been improving disaster recovery plans.
Posted: 06/10/20
Molo has raised a further £266 million in debt and equity funding through a Series A round. The investment was led by global financial services firm Macquarie Group and Patron Capital, with equity funding from Yabeo and existing shareholders Andenes Investments and GPS Ventures.
Posted: 05/10/20
More than eight in 10 UK banks are concerned that money laundering is currently happening in their customers’ transactions. A combined study of two pieces of research, covering 452 professionals working in compliance or risk management across the financial services sector and more than 6,000 consumers in six markets, for BAE Systems’ Applied Intelligence business, found that banks are struggling to keep up with the 22 crimes defined by the sixth Anti-Money Laundering Directive.
Posted: 06/10/20
NatWest has deployed a fraud, scams and cyber crime hub from Featurespace. The banking group is using Featurespace’s Enterprise Financial Crime prevention software for enterprise-wide transaction monitoring and payments fraud detection – including threats posed by Authorised Push Payments (APP) and scams.
Posted: 6/10/2020
The Financial Conduct Authority (FCA) has published final rules banning the sale of derivatives and exchange traded notes (ETNs) that reference certain types of cryptoassets to retail consumers. The regulator considers these products to be ill-suited for retail consumers due to the harm they pose.
Posted: 06/10/20
Revolut has launched a smart subscriptions feature in its banking app. The digital challenger said this will enable users to track all subscriptions, Direct Debits and recurring payments in one place.
Posted: 06/10/20
Payment firms are being pushed rapidly into transformation, even as they handle larger transaction volumes, face increased competition and heightened risk factors amplified by COVID-19. This is according to Capgemini's annual World Payments Report, which also raised the possibility of the pandemic causing the end of cash transactions. It predicted that a compound annual growth rate (CAGR) of 12 per cent is expected for global non-cash transactions for 2019-2023.
Posted: 06/10/20
FinTech Scotland has begun looking for a new chief executive, as from November Stephen Ingledew will become executive chair, after leading the body since its initial formation in January 2018. David Ferguson, the current non-executive chair, will step down from the role which he has held for over two years - although he will continue to actively support FinTech Scotland's move into its next phase.
Posted: 06/10/20
Incumbent banks need to do things faster and better if they are to stand a chance against big tech, according to JPMorgan chief executive and chairman Jamie Dimon. The opening keynote interview at this year’s Sibos conference, he admitted that some traditional players will “go the way of the dinosaur”, adding that banks have always been “good at creating pain points” while FinTech firms have excelled at solving them.
Posted: 05/10/20
Crowdcube and Seedrs today have agreed terms for a merger, in a move that will combine two of the UK’s largest crowdfunding platforms. The deal will accelerate the companies’ plans to create the world’s largest private equity marketplace and aims to further democratise investment in startup and scaleup companies across the UK.
Posted: 05/10/20
Starling Bank has launched online banking for personal and joint bank account customers. The digital challenger said the new online portal will allow customers to manage their money from their desktop or laptop, as well as their smartphone.
Posted: 05/09/20
Zopa has appointed mobile technology expert Andrew Hawkins as its new chief technology officer (CTO). The founder and chief executive of mobile technology agency Umee joins Zopa with over 20 years’ experience across technology and product leadership, having also founded startups and worked for tech giants including Microsoft.
Posted: 05/10/20
The Financial Conduct Authority (FCA) has opened application windows for two sandbox services that support innovative firms tackling challenges caused by COVID-19. Application windows for the seventh cohort of its regulatory sandbox and the pilot of a new digital sandbox initiative have opened today, with an emphasis on supporting products and solutions that will assist consumers and firms affected by the pandemic.
Posted: 05/10/20
Monese will adopt Thought Machine’s cloud native core banking platform, Vault. The European digital challenger bank will migrate its existing customer base onto Thought Machine’s cloud-native platform.
Posted: 05/10/20
Allica Bank has hired a trio of senior FinTech figures to help drive its growth. Conrad Ford, the founder and former chief executive of Funding Options will become the business challenger bank's new chief product officer.
Posted: 05/10/20
Draper Esprit has raised £110 million in a new share issuance. The listed UK venture capital fund - specialising in high growth digital technology businesses across Europe - secured funding commitments at a placing price of 555 pence per share by way of the conditional placing of 19,819,820 new ordinary shares.
Posted: 05/10/20
Insurwave has completed a £5 million fundraise to drive continued growth. The fundraise, led by existing shareholders, will be invested in expanding the platform’s features to help bring InsurTech innovation to commercial lines insurance.
Posted: 02/10/20
A clear majority (90 per cent) of FinTech leaders are expecting COVID-19 to trigger a spike in mergers and acquisitions (M&A) as cash-crunched startups seek financial stability. A survey of more than 60 FinTech experts globally - including AXA, City Bank, Currencycloud, Klarna, Ripple and 11:FS - by Money 20/20 and FleishmanHillard found the pandemic could present a clear acquisition opportunity for strategic acquirers.
Posted: 02/09/20
The European Central Bank (ECB) has published a report on the possible issuance of a digital euro, prepared by the Eurosystem High-Level Task Force on central bank digital currency (CBDC) and approved by its governing council. A digital euro would be an electronic form of central bank money accessible to all citizens and firms to make their daily payments in a fast, easy and secure way.
Posted: 02/10/20
Distribution Finance Capital has received its banking license from the Prudential Regulation Authority. The niche lender provides working capital solutions to dealers and manufacturers across the UK, and intends to launch its range of personal savings products with and online account opening process, supported by UK-based savings experts.
Posted: 02/10/20
The primary role of a traditional bank, providing financing and capital, is set to be fundamentally challenged in a post COVID-19 world by non-banks. A new report from PwC has predicted that alternative providers of capital are set to become an even more important part of the global financial system.
Posted: 02/10/20
ING has announced that it is combining all innovation activities into one dedicated business area called ING Neo, which will report directly to chief executive Steven van Rijswijk. ING’s chief innovation officer for wholesale banking, Annerie Vreugdenhil, will take on the new role of head of ING Neo on 1 January 2021.
Posted: 01/10/20
A majority (51 per cent) of the UK’s insurers are frustrated by outdated legacy systems and over half think they are missing out on business growth opportunities as a result of mediocre IT systems. A survey of 500 senior leaders in the UK’s insurance and reinsurance markets for INSTANDA, a policy platform InsurTech, found that the most have only middling levels of confidence in the capability of their existing IT systems, with 45 per cent reporting that their systems were only ‘quite able’ to meet customer expectations.
Posted: 01/10/2020
BT has announced a seven-year contract with financial market infrastructure provider TP ICAP. The contract will provide its 700-strong broker team in London with a secure platform and set of applications featuring remote working capabilities, strengthening its execution services across voice trading venues.
Posted: 01/10/20
A new report has predicted that embedded finance - where FinTech becomes embedded non-financial specific products and services - will dominate the industry by 2030. Tribe Payments interviewed 125 FinTech executives, with contributions from 15 industry leaders - including 11:FS, Bain Capital, Currencycloud, eToro, iwoca, Moneyfarm, N26, Onfido, Plaid, Thought Machine, Wirex and Zego - finding that embedded finance will change market structures and business models.
Posted: 01/10/20
SWIFT has announced plans for a new service to help banks improve the experience for small and medium-sized enterprises (SMEs) and consumers who send low-value payments across borders. It is working with more than 20 banks to develop the service, which builds on SWIFT gpi and the high-speed rails that are already powering high-value payments.
Posted: 01/10/20
ID-Pal has raised €1 million in a funding round led by Act Venture Capital and several private investors. The Dublin-based identity verification startup said the money will help its expansion within Ireland and internationally.
Posted: 30/09/20
TSB has today announced it will close 164 branches, with the loss of around 900 jobs. The bank said that it anticipates the vast majority will be colleagues who come forward for voluntary redundancy, adding that the changes are part of its three-year turnaround strategy announced in November 2019.
Posted: 30/09/20
Divided opinion on the perceived risk of cryptocurrency - including the links between cryptocurrency and illicit activity - were among the key findings of a new global survey. The Royal United Services Institute for Defence and Security Studies (RUSI) and the Association of Certified Anti-Money Laundering Specialists (ACAMS) commissioned YouGov to survey 566 professionals across the financial and cryptocurrency industries, including cryptocurrency exchanges, financial regulators and financial intelligence units.
Posted: 30/09/20
More than eight in ten (81 per cent) financial institutions are preparing to invest in new technologies to facilitate working from home over the long term, according to a new report from Lloyds Bank. Almost all (89 per cent) of the financial institutions surveyed were planning to maintain flexible working patterns for employees after the pandemic has been controlled.
Posted: 30/09/20
Ofgem has issued a statement of objections to PayPoint alleging that it has breached competition law. It argued that the company held a dominant position in the market for over-the-counter payment services for prepayment energy customers for at least the period running from April 2009 to October 2018 – meaning it had a special responsibility not to act in a way that would impair its rivals’ ability to compete.
Posted: 30/09/20
JPMorgan is collaborating with documentation technology firm H4 to digitise its global custody processes. As part of the tie-up, H4’s platform will be used to help transform the client contract onboarding experience, reuse of data contained in documents and build a digital library.
Posted: 30/09/20
American Express has partnered with Amazon to launch a new credit card for small businesses in the UK. The cards give an enhanced check-out experience on Amazon Business UK, with the option to earn reward points or select a deferred payment term for each transaction.
Posted: 30/09/20
The COVID-19 pandemic is having a profound effect on global commerce, undermining the financial well-being of businesses and workers. Although no sector of the global economy has been spared, the impact has been particularly acute for the gig economy and its workers; the freelancers who find job opportunities via digital platforms.
Posted: 29/09/20
Crypto trading platform Bitpanda has raised $52 million in a Series A funding round led by Peter Thiel’s Valar Ventures. The money will be used to drive expansion and position the Vienna-based company as a leader in transforming Europe’s financial industry. The platform currently has more than 1.3 million users trading digital assets and precious metals.
Posted: 29/09/20
Mastercard is partnering with ACI Worldwide to roll out a range of real-time digital payment solutions globally. The partnership will initially involve a collaboration on central infrastructure, payments localisation and access solutions to central banks, scheme operators, financial institutions, payment service providers, and other organisations launching real-time payments initiatives.
Posted: 29/09/20
Schroders Investment Management has selected SteelEye for compliance technology and data analytics. It began deploying SteelEye solutions in July to provide clients with full visibility of their entire MiFID II transaction reporting workflow, including automated tools to manage any over or under-reporting, as well as data validation errors.
Posted: 29/09/20
Payments platform Airwallex has raised an additional $40 million from existing investors, bringing the total for its series D funding round to a total of $200 million. The extra funding, which builds on $160 million of Series D fundraising round announced in April 2020, brings total equity funding raised to date to over $400 million.
Posted: 28/09/20
RegTech firm Acin has raised $12 million in Series A funding to expand services aimed at digitising operational and non-financial risk in banking. The funding was led by European SaaS investor Notion Capital and supported by Fitch Ventures, the investment arm of the US-based Fitch Group, a global leader in credit ratings and research.
Posted: 28/09/2020
Demand for Open Banking enabled products has more than doubled in the last six months as more than two million users turned to digital financial services during the pandemic. Data from the Open Banking Implementation Entity (OBIE) shows an increase in uptake of products that give users more personalised financial services, with Application Programming Interfaces (APIs) enabling secure data sharing between accounts and third parties as well as aggregating information from multiple accounts in one place.
Posted: 28/09/2020
Banks’ crime fighting efforts drove down losses to unauthorised fraud by eight per cent to £374.3 million in the first half of this year. Analysis of fraud losses by UK Finance found that the banking and finance industry prevented £853 million of attempted unauthorised fraud over the same period, up four per cent on the previous year, as firms continue to invest in advanced security systems to detect and block fraudulent activity.
Posted: 25/09/20
Robinhood has topped up its latest funding round with an additional $460 million investment. The latest capital injection came from both new and existing investors, including Andreessen Horowitz, Sequoia Capital, DST Global, Ribbit Capital, 9Yards Capital and D1 Capital Partners.
Posted: 25/06/20
The Financial Conduct Authority (FCA) has begun criminal proceedings against three former employees of Redcentric: former chief executive Fraser Fisher, former chief financial officer Timothy Coleman and former finance director Estelle Croft. They have each been charged with two counts of making a false or misleading statement, contrary to Section 89 of the Financial Services Act 2012.
Posted: 24/09/20
The European Commission (EC) has today adopted a new Digital Finance Package, along with legislative proposals on cryptoassets and digital resilience. The move is aimed at boosting Europe's competitiveness and innovation in the financial sector, while giving consumers more choice and ensuring their data protection.
Posted: 24/09/20
The Financial Conduct Authority (FCA) has launched a consultation on its approach to the authorisation and supervision of international firms operating in the UK. The consultation, which comes as the financial services industry prepares for Brexit, is relevant to European Economic Area (EEA) firms that intend to seek authorisation in the UK in the future, including those entering the Temporary Permissions Regime (TPR), as well as firms from non-EEA countries that have applied or intend to apply for authorisation in the UK, or are already authorised in the UK.
Posted: 24/09/20
TCS Group is in talks to sell its online bank Tinkoff to Yandex for $5.48 billion. Oleg Tinkov, founder of TCS, suggested last year that Russia's answer to Google combine with his digital challenger bank, with Reuters now reporting that an agreement in principle has been reached on a transaction that would consist of cash and share consideration worth approximately $27.64 per Tinkoff share.
Posted: 24/09/20
Thought Machine has appointed Andy Maguire as chair, effective immediately. The former group chief operating officer at HSBC was responsible for the bank’s IT, business operations, change support, procurement and real estate services.
Posted: 24/09/20
TescoBank is partnering with MoneyGram to launch an international online money transfer platform. This will allow the peer-to-peer payments firm and the supermarket chain's customers to set up their transactions online and then pay by cash or card at Tesco stores.
Posted: 23/09/20
Tech Nation has announced the 31 companies selected for its FinTech cohort 3.0, as new data reveals the UK is leading Europe, with FinTech investment of $2.5 billion in 2020. For the third iteration of its FinTech scaleup programme, the growth platform has chosen companies from across the sector, operating in areas such as: insurance, RegTech, Open Banking and digital ID.
Posted: 23/09/2020
Mouro Capital, the $400 million successor fund of Santander InnoVentures, has led a $26 million financing round in Uncapped. All Iron Ventures, along with existing investors Global Founders Capital, Seedcamp and White Star Capital also participated.
Posted: 23/09/20
Banking Competition Remedies (BCR) has announced the firms sharing the £80 million pot from its Capability and Innovation Fund (CIF) Pool E. Virgin Money gets a grant of £35 million, ClearBank has been given £25 million, while Ebury Partners and MarketFinance get £10 million each.
Posted: 23/09/20
New research has warned that once governmental support programmes wind down, European FinTech startups are in for a bumpy ride. Finch Capital’s annual State of European FinTech report accepted that this COVID-19 capital has offset the decline in institutional funding, but added that it was a one-off initiative.
Posted: 23/09/20
One in five European adults used digital payments for the first time during lockdown, according to a new report from Forrester, which predicted that changes to behaviour will have long-term consequences for banks, networks, payment processors and retailers.
The market research firm found that trends in digital and contactless payments and the shift to online services are likely to last, with nearly half of the European online adults surveyed planning to use cash less often.
Posted: 22/09/20
CloudMargin has closed its largest funding round to date, making $15 million in a Series B capital raise. The primary investors were Deutsche Börse and current clients Deutsche Bank and Citi.
Posted: 22/09/20
Wirex has announced its first crowdfunding drive, aiming to raise £1 million. The Crowdcube campaign plans to use new funding to scale up the company.
Posted: 22/09/20
The Investing and Saving Alliance’s (TISA) new digital utility business for the asset management industry will cut data and analytics costs by between 80 to 90 per cent per annum from year one. This claim comes as asset management firms are having to significantly reduce costs because of COVID-19’s impact on global markets and the uncertainty around a ‘second wave’ of lockdown.
Posted: 22/09/20
COVID-19 is “bringing the future forward” and ushering in a new model for financial regulation and use of technology and data, according to the interim chief executive of the Financial Conduct Authority (FCA). In his final speech before stepping down before Nikhil Rathi takes up the reins, Christopher Woolard said the pandemic has sped up some of the longer term trends such as digital transformation that are “shaking up” the world of work, society and the financial system that underpins them.
Posted: 22/09/20
Companies spent the equivalent of around $15 billion extra a week on technology to enable secure home working during COVID-19, with global IT leaders spending more than their annual budget rise in just three months. That is the lead finding of this year’s Harvey Nash and KPMG CIO research, the largest technology leadership survey in the world, with 4,200 respondents from organisations with a combined technology spend of over $250 billion.
Posted: 22/09/20
An investigation into financial services Suspicious Activity Reports (SARs) has revealed the extent to which major banks continue to enable money laundering and corruption by continuing to process criminal transactions. The first in a series of reports from BuzzFeed News and the International Consortium of Investigative Journalists (ICIJ) looked into the US Financial Crimes Enforcement Network (FinCEN), a part of the Treasury Department that deals with financial crimes and collects the millions of SARs produced by financial services firms when they find something suspicious.
Posted: 21/09/20
Legal & General has seen a 72 per cent increase in customers using digital channels during the pandemic, with more than one million more customers going online to access financial services. Usage data compiled by the insurance, investments and financial services group found that visits to its website were up 40 per cent compared to the previous year, at 4.6 million visits.
Posted: 21/09/20
TrueLayer has secured an additional $25 million in a Series C funding round. The Open Banking and payment initiation platform, founded in 2016, was one of the first UK companies to be authorised and registered as a payment institution by the Financial Conduct Authority (FCA) to provide account information and payment initiation services under Open Banking - and currently accounts for more than half of all Open Banking traffic in the UK.
Posted: 21/09/20
Ziglu has opened a crowdfunding campaign, looking to raise £1 million to expand its technology and product development teams, accelerate growth and continue to build a global challenger. There has been significant interest from investors, as during the pre-registration phase and private launch, the cryptocurrency platform has already raised £300,000.
Posted: 21/09/20
Kindred Capital has closed its second seed fund at £81 million. Through its Equitable Venture strategy, the firm gives seed-stage entrepreneurs co-ownership in the fund that invested in their businesses.
Posted: 21/09/20
Tink's European expansion continues with the acquisition of UK-based OpenWrks' aggregation platform. The move strengthens the Swedish Open Banking tech provider's connectivity coverage and solidifies its position in the UK. It is also part of a strategic partnership, where OpenWrks will power its applications across Europe through the Tink platform.
Posted: 21/09/20
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
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.