Top fintech stories this week – 16 December 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
UK
Lending start-up Taplend launches in UK
Fintech start-up Taplend has launched in the UK offering a combination of peer-to-peer (P2P) and payday lending. Viktor Ihnatiuk, CEO and co-founder of Taplend, says: “This was a very long, hard and interesting year. We made three iterations of the product, tried to enter the US market twice and failed. We didn’t give up, switched […]
AWS data centre launch implies all is not well following Brexit
Amazon Web Services (AWS) has announced a new availability zone in London which indicates all is not well in the UK following Brexit, reports Jamie Davies at Telecoms.com. The new data centre creates the 16th availability zone worldwide for the public cloud leader, and is the first available in the UK. To date, customers in the […]
World’s first commercial real estate stock exchange signs for Cinnober’s tech
UK-based International Property Securities Exchange (IPSX) is waiting for approval from the Financial Conduct Authority (FCA) and has signed for new trading tech from Cinnober. IPSX describes itself as “the world’s first regulated stock exchange dedicated to trading of commercial property securities”. It needs a recognised investment exchange (RIE) licence from FCA to be able […]
Innovate Finance launches new fintech start-up competition, Pitch360
Innovate Finance, a UK-based fintech membership association, has unveiled its first ever start-up competition, Pitch360. Open to applicants from around the world, Pitch360 offers a 360-second (six minute) pitch of a new business and product in front of a live audience of influencers, investors and media professionals as well as access to Innovate Finance’s member […]
Metro Bank moves IT infrastructure to Rackspace cloud
UK-based challenger bank Metro Bank has moved its IT infrastructure to a Rackspace managed cloud solution. Rackspace says this has reduced the bank’s close-of-business processing time by 50% and report production time by two-thirds.
Wyelands Bank in ownership, brand and core banking software overhaul
Wyelands Bank (formerly Tungsten Bank) is relaunching in 2017 with a new core banking system.
Cater Allen Private Bank “continues to work constructively” with Temenos
Cater Allen, a London-based private bank and a subsidiary of Santander, has completed “the discovery phase” of the project with Temenos to overhaul its core banking software.
Coventry Building Society in technology overhaul, looks for new core banking system
UK-based Coventry Building Society is believed to have embarked on a tech modernisation project and is looking for a new core system.
London Mutual Credit Union live with new core banking and debit card systems
India-based core banking tech provider TCS Financial Solutions has gained its third live site among the UK credit unions for its Bancs core banking system, London Mutual Credit Union.
Private & Commercial Finance Group receives banking licence
Private & Commercial Finance Group (PCFG) has received its banking licence from the UK regulators. It is now authorised with restrictions as a bank and enters into a mobilisation period of up to 12 months.
P2P lender Folk2Folk gains full FCA authorisation
A UK-based peer-to-peer (P2P) lending platform, Folk2Folk, has received full authorisation from Financial Conduct Authority (FCA).
Metro Bank joins Faster Payments Scheme
UK-based Metro Bank says it has become the first high street bank to join the Faster Payments Scheme (FPS) since its launch.
LandlordInvest now fully authorised by FCA
LandlordInvest, a peer-to-peer (P2P) lending platform for buy-to-let and bridging loans, has gained full authorisation from the UK regulator, Financial Conduct Authority (FCA).
Top fintech stories this week – 2 December 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Repay your way with Mastercard and Verifone instalment app
Mastercard has teamed with Verifone to roll out a new instalment pay application at retailers across the UK. Called Mastercard Instalments, it is designed for shopping online or in-store, and cardholders can choose their instalment option upon checking out. For example, when purchasing a new TV or flight, customers could repay it in fixed instalments. […]
UK Royal Mint goes for blockchain gold
The UK’s Royal Mint will issue Royal Mint Gold (RMG) in mid-2017, a blockchain based digital record of ownership for gold stored at its bullion vault storage facility. CME Group, a derivatives marketplace, will develop, implement and operate the product’s digital trading platform which will see gold traded on an exchange using blockchain. The Royal […]
Virgin Money extends card processing agreement with TSYS
Virgin Money has signed a long-term deal with TSYS for debit card processing in the UK. The bank is already using the payments vendor’s TS2 solution for its credit card operations.
RBS fails Bank of England stress test
Royal Bank of Scotland (RBS) has failed a Bank of England (BoE) stress test on how it would cope with another financial crisis. Two other banks – Barclays and Standard Chartered – also failed on some measures but do not have to submit revised capital raising plans. The tests were put in place by BoE […]
New strategy to make UK payments fit for 21st century
Payments Strategy Forum, the first industry-wide initiative of its kind in the UK, has unveiled a new strategy for the country’s payments industry. The Forum was created by the UK’s Payment Systems Regulator (PSR) in March 2015 and is tasked with planning the future of the payments sector. Last year, the current UK payment systems […]
New UK challenger bank Masthaven opens digital doors
New UK retail challenger bank, Masthaven, has launched – offering savings and lending products. As Banking Technology reported in April, Masthaven got its UK banking licence and implemented a new core system. A domestic vendor, DPR Consulting, is providing its front-to-back office retail banking platform. The software itself is a new development, with Masthaven being […]
Barclays launches online investing service
Barclays has unveiled a new online direct investing service to let its customers view their investments, savings and current accounts in one place through a single log-in. The bank says it has introduced a new fee structure, which is “free from hidden charges”. There is one fee and one transaction charge – and common charges […]
UK’s Financial Conduct Authority calls for regulatory sandbox applicants
The UK’s Financial Conduct Authority (FCA) is calling for the second group of applicants to its regulatory sandbox. As Banking Technology reported last year, the sandbox allows businesses to test out new products and services without “incurring the normal regulatory consequences”. The move is part of the FCA’s Project Innovate, which aims to boost competition […]
British Business Bank pledges £400m to UK fintechs and other businesses
The UK Chancellor Philip Hammond has announced a plan to invest £400 million of venture capital funds into the British Business Bank, a government vehicle to lend money to British businesses. The idea is to support the home-grown business sector – including fintech firms – and to prevent them from being snapped up by international companies.
Start-ups assemble for Startupbootcamp FinTech London demo day
Startupbootcamp FinTech London will host its Demo Day on 1 December for the third year with ten firms lined up for action. The ten companies taking the stage will showcase their fintech, ranging from SME banking, regtech, chatbots, artificial intelligence (AI) and blockchain. Francisco Lorca, MD of Startupbootcamp FinTech London, says the variety of the […]
Barclays UK launches first contactless cash service
Barclays is launching the UK’s “first” contactless mobile cash service. Customers can withdraw up to £100 in-branch, with a tap of their Android smartphone or contactless debit card. Ashok Vaswani, CEO of Barclays UK, says its customers “now expect to be able to use their smartphone to make their everyday purchases” and “we want taking […]
LSE to acquire financial data provider Mergent
London Stock Exchange (LSE) is to acquire 100% of the issued share capital of business and financial data provider Mergent. The Mergent business will form part of LSE’s information services division, which includes FTSE Russell, a provider of indexes, and real-time and reference data products. Mark Makepeace, group director of information services and CEO of […]
HSBC gives the finger to UK account access
HSBC business customers in the UK can now use Touch ID fingerprint technology to access their account and balance information through the HSBCnet mobile app. The feature uses a recognised fingerprint instead of passwords. It is now available for UK businesses using the app, before the service is expanded to include business internet banking mobile […]
Metro Bank launches new online platform with Backbase
Metro Bank has launched a new online banking platform for its commercial banking customers. It is based on the Backbase Onmichannel Banking Platform.
NatWest trials BioCatch behavioural biometrics tech
UK-based high street bank NatWest (part of the RBS group) has trialled the BioCatch behavioural biometrics technology for business customers and is planning to pilot the solution for retail clients next year.
UK’s Financial Conduct Authority kicks some asset management
The UK’s Financial Conduct Authority (FCA) says there is weak price competition in a number of areas of the asset management industry. The FCA launched the market study in November 2015 to assess whether competition is working effectively. The UK’s asset management industry is the second largest in the world, managing almost £7 trillion of […]
Payments International: PSD2 the perennial puzzle
The Payment Services Directive (PSD2) still leaves some in the payments industry confused as to where the risks and opportunities lie. This was one of the opinions from Payments International in London – a four-day conference of panel debates, polls and Q&A – that runs 15-18 November. At yesterday’s (16 November) sessions, Banking Technology’s first […]
Lender firm Zopa to launch new digital bank
The “world’s first” peer-to-peer lender Zopa plans to launch a new digital-only bank in the UK. The application for a banking licence will be made to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The firm says the regulatory application process should take about 15-24 months. Jaidev Janardana, CEO of Zopa, says […]
Payments International: show guts to let go of current revenues
Banks need to show courage and radically change their traditional mindsets about payments if they are to deal with start-ups threatening to snatch a share of the spoils. This was one of the messages from Payments International in London – a four-day conference of panel debates, Q&A and presentations – that runs 15-18 November. It’s […]
ClauseMatch and JWG develop new reg reporting solution at TechSprint
ClauseMatch and JWG have teamed up at the recent TechSprint event organised by the Financial Conduct Authority (FCA) to develop a new regulatory reporting solution.
FNZ to build new BPO centre for Kleinwort Benson, SG Hambros and Société Générale’s private banking business
FNZ, an investment management software specialist, is working on a major technology revamp at the UK-based private bank and wealth manager Kleinwort Benson, Banking Technology understands.
Metro Bank, SETL and Deloitte explore blockchain for consumer payments
SETL, Deloitte and Metro Bank say they have completed “a series of firsts”. SETL provided a contactless smartcard for digitised payments (based on blockchain), Deloitte applied its Smart Identity blockchain ID system, and Metro Bank hosted a connected client account.
More branches and jobs to go at Lloyds Banking Group
UK-based Lloyds Banking Group is getting rid of further 49 branches and 665 jobs. The bank will offer services via mobile vans to the communities affected by the branch closures.
Fintech start-ups in Europe to get up to €1.6bn in funding from EIF
The European Commission (EC) has pledged up to €400 million to the European Investment Fund’s (EIF) new fund-of-funds – for the money to be spent on start-ups in Europe, including in the fintech space. The EC will also look for three times more investment from institutional investors to make up to €1.6 billion available.
Tesco Bank resumes full service, refunds £2.5m to 9,000 customers
Tesco Bank has refunded £2.5 million to 9,000 customers who had money stolen from their accounts by fraudsters over the weekend. It has also resumed “normal services” following the temporary suspension of online transactions from current accounts .
