UK challenger Monument names Fiona Pollard as new chair
Pollard replaces Niall Booker, who indicated his intention to step down from the position last year.
UK
Pay.UK reveals big jump in number of current account switches in the UK over last 12 months
Pay.UK’s Current Account Switch Service has seen a 50% increase in switches compared to last year.
Robinhood reignites plans for UK expansion with chief exec hire
According to an FCA filing, Jordan Sinclair has been appointed as UK chief executive for Robinhood.
Trintech snaps up Fiserv’s financial reconciliation business
Trintech hopes the deal will “act as a springboard for innovation” for its accounting automation platform.
GAT Investment Bank taps Currencycloud for new app launch
The app will leverage Currencycloud’s multi-currency virtual accounts for cross-border payment services.
NatWest chief exec Alison Rose steps down with immediate effect
The group’s board of directors says Rose has “agreed by mutual consent to step down”.
UBS to pay $388m in fines relating to Credit Suisse’s doomed dealings with Archegos
The US Federal Reserve has fined Credit Suisse $269 million, with the UK’s PRA issuing a further $119 million fine.
Wealthtech GBST strengthens cloud portfolio with Advice Intelligence acquisition
The deal follows GBST’s acquisition of WealthConnect, the Salesforce-based CRM solution, in May.
Q&A: Andrew McKibben, Bank of America – resilience, automation tech & connected banking
Discussing the changing relationship between fintechs and banks amid an increasingly interconnected tech landscape.
JP Morgan CEO confirms German expansion for Chase digital bank
The confirmation comes two years after the digital bank launched in the UK.
UK challenger Atom Bank records first ever annual operating profit
The bank has seen its customer count jump from around 123,000 during FY22 to 224,000 at present.
Fintechs call on UK government to put an end to hidden fees in cross-border payments
15 fintechs including Wise, Monzo, Revolut and Klarna have penned an open letter to UK chancellor Jeremy Hunt.
FCA to permanently launch Digital Sandbox next month
The Digital Sandbox has previously only been available to developers via pilots and TechSprints.
HSBC appoints two new senior execs to its Global Payments unit
Martijn Stoker joins HSBC from JP Morgan, and Melissa Tuozzolo from Bank of America.
PSR delivers update on progress of New Payments Architecture
The PSR’s future direction on the NPA was outlined in its annual plan and budget for 2023/24.
Q&A: David Morris, CCO of Yorkshire Building Society – automation, digitalisation & service
David Morris discusses automation, its impact on customer service and the changing nature of branch-based banking.
UK’s Clockwise Credit Union launches self-built core banking solution
Clockwise’s IT manager says the launch is a “culmination of a huge amount of work over the past six years”.
Virgin Money to shutter 39 bank branches across the UK
The closures, which will take effect in October, will leave Virgin Money with 91 bank branches in the UK.
Salve Financial Hub signs for Finastra Essence to reduce payment delays
The San Marino-based fintech will deploy Finastra’s SaaS solution for high-value corporate payment processing.
Rapyd names Shlomit Wagman as global chief regulation and compliance officer
Wagman joins Rapyd from the Israel Money Laundering and Terror Financing Prohibition Authority (IMPA).
UK climate fintech Sylvera secures $57m Series B funding
The latest investment follows Sylvera’s $32 million Series A round held in January 2022.
Swiss SME lender TP24 secures £345m debt funding from Barclays, M&G
The funding will be used to lend to SMEs in the UK, Australia and Netherlands.
Starling Bank taps Napier for transaction screening solution
Starling Bank will utilise Napier’s anti-money laundering (AML) and counter-terrorism financing (CTF) technology.
Lloyds Banking Group customers can now lease a car via mobile app
Lloyds claims it is the first UK bank to launch such an offering, now available to 11 million customers.
Santander reportedly looks to boost investment banking operations with new hires
Reuters reports Santander is making at least 50 new hires in a push to become a major investment banking player.
Standard Chartered exits several markets in Africa through sale of subsidiaries to Access Bank
Access Bank will acquire Standard Chartered’s subsidiaries in Angola, Cameroon, The Gambia and Sierra Leone.
UK’s National Audit Office launches FCA review
The review will examine how the FCA is working to overcome new challenges and take advantage of opportunities.
Apple rolls out Tap to Pay in the UK with Revolut and NatWest
Tap to Pay allows businesses to accept in-person, contactless payments on an iPhone, without need for hardware.
Global fintech investment falls over H1 2023 amid economic turbulence but sector remains resilient
According to Innovate Finance data, $27.3bn was injected into the industry globally during H1 2023 through 1,714 deals.
AI-driven financial services must also champion fraud prevention, FCA warns
Cybersecurity must develop in tandem with AI, the regulator’s chief executive said this week.
German fintech Moss taps GoCardless to power its UK push
The London-based bank payment company becomes the UK direct debit provider to Moss’ UK expansion.
Monzo reportedly eyeing merger with Nordic neobank Lunar
According to Bloomberg, the potential deal would form part of a European expansion push for Monzo.
UK fintech Suits Me looks to revive face-to-face banking with new digital service
The service’s arrival is a response to the failings of chatbots.
The Bank of London formally submits application for EU banking licence
The firm is setting up a new base in Luxembourg and will invest €200m in the country and across the wider EU.
Fiinu to scale back operations amid continued efforts to source fresh funding
Fiinu’s cost reduction plans include staff redundancies.
Unregistered crypto ATM operators continue to feel the wrath of the FCA
Investigations have been carried out at sites in East London, Leeds, Exeter, Sheffield and Nottingham.
Ten UK credit unions tap Engage for Faster Payments Service
The community banking platform’s FPS offering is projected to benefit 100,000 credit union members.
Legal & General extends cloud migration agreement with Kyndryl
The new seven-year agreement is to last until 31 March 2030.
GoCardless names Franck Cohen as first chairman of the board
GoCardless CEO says the appointment brings them the the ability to make “fast and effective decisions”.
Silverbird announces Stu Bailey as new CPO
Bailey’s appointment will seek to assist Silverbird in “liberating cross-border trade” for SMEs.
