HSBC is expanding its existing bank feed services with the launch of a new online tool that enables SMEs to establish a data feed from their bank account to their accounting software. Its customers can now connect their bank accounts to their choice of accounting package – namely Xero, Sage and Intuit. Nadya Hijazi, global […]
UK-based challenger bank Starling is asking its investors for another £40 million in funding as it looks to grow its business overseas, according to Sky News. Sky News says it understands that Starling, which got its banking licence last year, has appointed Quayle Munro, an advisory firm, to oversee the fundraising. As reported by Banking […]
Cardtronics’ $460-million purchase of rival ATM provider DirectCash Payments (DCP) has finally been approved by the UK’s Competition and Markets Authority (CMA). Back in May 2017, Cardtronics had to offer undertakings due to competition concerns, and initially didn’t. The CMA said at the time: “As Cardtronics has not offered these undertakings, the CMA will now […]
Reading the UK news you might think fintech innovation only comes from limelight-hogging London, but that isn’t the case. There are obviously other rival global centres of innovation like Berlin or Stockholm, but many other regional UK fintech hubs exist too. The Fintech outside London report looks at UK fintech firms working outside of the so-called […]
10X Future Technologies, the start-up founded by ex-Barclays CEO Antony Jenkins last year, will announce this week that it has raised more than £30 million in funding from Ping An Insurance and management consulting firm Oliver Wyman, according to Sky News. The deal will speed up 10X’s expansion, and is good news for Jenkins’ ambitions. […]
Wealth management firm SEI is partnering with London-based blockchain company Coinfirm as they plan to tap into the UK’s asset transfer market. Coinfirm and the SEI Wealth Platform will use digital ledger technology (DLT) – and as with 99.9% of comments on any blockchain project, SEI says its solution will reduce costs and risks. Brett […]
Berlin-based deposit marketplace Raisin has acquired UK-based fintech specialist PBF Solutions to offer end-to-end deposit raising for UK banks and other providers. The acquisition is the first in Raisin’s history. If you’re not sick of Brexit yet, then Raisin states that “despite current market volatility and Brexit discussions, Raisin remains committed to the UK and […]
EXCLUSIVE: Russia’s second largest banking group, VTB, is looking to launch a retail banking business in the UK, Banking Technology understands. The bank has applied for a UK banking licence, to enable it to take retail deposits.
UK challenger bank Atom has partnered with user-generated content platform Reevoo to improve customer engagement and offer better purchase decisions. Using Reevoo’s platform, Atom says it collects reviews for its fixed saver account and mortgage products. These reviews are then displayed on Atom’s website, and have been included in various customer communications including newsletters and […]
The Bunker, a UK-based data storage and managed services provider, has launched a new sandbox service for start-ups seeking to develop applications for the financial services market and cope with regulations. It’s got some backing for its plans as innovation network Barclays Rise “will also play a supportive role in helping to identify early stage […]
NatWest says it is to become the first UK bank to offer a paperless mortgage – as customers can now apply for a completely digital mortgage and share and verify documents online. The new proposition means customers don’t need to send signed paperwork or personal and private information through the post. Lloyd Cochrane, director of […]
EXCLUSIVE: Santander’s corporate banking business in the UK is embarking on a core banking software overhaul, Banking Technology understands.
This morning I was having breakfast with a colleague. I paid the bill, and he sent me his share of the bill using our Monzo app. Before we’d walked out of the café, the money was in my account. Simple!
EXCLUSIVE: Finastra, which emerged earlier this year from the combination of two banking tech vendors, D+H Corporation and Misys, has made a number of job cuts across its operations.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
According to a study by the International Data Corporation (IDC), investment in cloud computing is expected to grow at over six times the rate of IT spending by 2020. Job meta-search engine Joblift has analyse the state of the UK’s cloud computing job market and found that, in line with the rise in investment, cloud computing vacancies have risen by over 7% on average monthly.
London-based accelerator Startupbootcamp InsurTech is on the search for the next wave of insurance-inspired start-ups to “take the industry by storm”. Startupbootcamp InsurTech says the process of searching for and purchasing something on Amazon or booking peer-reviewed accommodations in a different country at the touch of a finger, condition people to “expect this fluidity and […]
The Payment Systems Regulator (PSR) and Bank of England (BoE) have revealed that the UK will be getting the New Payment Systems Operator (NPSO) by the end of 2017. The duo says that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to deliver what was asked and so with the NPSO […]
We have a double delight as Sage and Lloyds, and Xero and Santander are making accounting simpler for UK SMEs. Sage, a cloud accounting, payroll and payments solutions software provider, says Lloyds Bank is the latest in a line of banks to go live with its Bank Feeds service. The service helps businesses by enabling […]
QAWorks, a UK-based technical software testing company, has been taken over by DevOps specialist ECS Digital.
The UK’s Financial Conduct Authority is warning consumers about the risks of initial coin offerings (ICOs). ICOs have proved very popular in the worlds of blockchain and cryptocurrency, which many funding stories flowing on a regular basis. However, last month, BBVA reckoned the fever for ICOs in blockchain must be cooled as the industry is […]
UK-based challenger bank Starling has gone live with its Marketplace, a new ecosystem of financial products accessible through its app. As reported in June, Starling said it would launch Marketplace at some point. This idea was first discussed back in April, when its developer portal went live. Now the marketplace is alive and kicking and […]
Pension, insurance and investment management firm Aegon has embarked on a large technology project with a number of specialist tech providers – to move the acquired Cofunds business from the International Financial Data Services (IFDS) platform.
With the July 2017 publication of its MiFID II Policy Statement, the Financial Conduct Authority (FCA) has signaled the final countdown to the most sweeping changes of governance, protection and transparency for a generation.
Payfont, an Edinburgh-based paytech company, has gone bust. Business advisory firm Johnston Carmichael has been appointed as administrator.
Tech City UK is looking for start-ups for a competition to find the best products and services from the fintech sector that promote financial inclusion. As part of the UK Government’s Digital Strategy, the Department for Digital, Culture, Media and Sport (DCMS) has asked it to hunt for the best across the country. The competition […]
With every technological breakthrough there needs to be updates to the rules, and the UK general public think the government needs to pull the finger out when it comes to artificial intelligence (AI), reports Telecoms.com (Banking Technology’s sister publication). That rules need to be changed in relation to everyday life is a given, but it would […]
EXCLUSIVE: UK-based Saffron Building Society is modernising its technology with DPR Consulting, Banking Technology understands. On the way out is the legacy MSS core processing solution, supplied by Sopra Banking Software.
EXCLUSIVE: Redwood Bank, a new SME-focused bank in the UK, has opted for a cloud-based banking platform. The front-to-back office solution is supplied by a local fintech firm, DPR Consulting, Banking Technology understands. It is hosted in a private cloud.
Core banking software provider Fern Software has opened its Abacus HUB Cloud platform to third parties in the UK and Ireland.
EXCLUSIVE: UK-based Association of British Credit Unions (Abcul) has suspended its plans to migrate its member credit unions onto its new tech platform, Banking Technology understands.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Open Banking, the implementation entity set up by the UK’s Competition and Markets Authority (CMA), has chosen Ping Identity to provide the identity and access management (IAM) technology to underpin its UK framework. Ping’s IAM solution suite, the Ping Identity Platform, will provide the hub for Open Banking, where all UK banks and financial services […]
UK payments system Bacs is asking for public feedback on how to improve the nation’s Direct Debit product. Bacs says usage is at an “all-time high” and lavishes praise on it. What a surprise. However, its 2016 consultation identified where it might be able to make improvements and “any changes will need to be carefully […]
Redwood Bank, a new UK-based SME challenger, has launched four months after securing its banking licence. The bank is now offering secured SME mortgages for business owners, as well as for “experienced” commercial and residential property investors. It has also launched a business deposit account. As reported in April, Redwood entered its mobilisation phase and […]
A recent report from the Department for Digital, Culture, Media & Sport claims 10% of the UK’s 350 largest firms do not have a response plan in place for a cybersecurity incident, reports Telecoms.com (Banking Technology‘s sister publication). These clearly aren’t all fintech companies, but considering the rhetoric which is constantly flowing around, bigging up […]
Barclays says it’s the first UK high street bank that lets mobile banking customers make a payment by asking Siri. The payment, which relies on TouchID for authentication, can be completed without opening the Barclays mobile banking app, reports Banking Technology‘s sister publication Paybefore. The Siri integration enables payments to existing payees or mobile contacts. […]
A distinctly cheerless round-up as we highlight some key moments regarding fintech layoffs. Features Simple and Royal Bank of Scotland (RBS). US-based digital banking service Simple has fired 33 staff members (about 10% of its workforce), including several executives, according to The Oregonian. Simple’s CMO, chief people officer, VP of operations, and VP of engineering […]
Blockchain vacancies in the UK increase by 25% with Britain posting three times as many jobs as Germany – and more findings in this infographic.
HSBC is introducing a new improved software platform for brokers and also confirms Personal Touch Financial Services as its next intermediary partner. The new software, provided by Capita, replaces the current system and provides a single platform which “drives greater automation, making it easier for brokers to transact, upload documents, and track details of mortgage […]
