Archive News

Ikea parent company Ingka Group has invested in Swedish climate data platform Doconomy, via its Ingka Investments arm. Doconomy, founded in 2018, provides a platform which allows consumers and businesses to measure their C02 output.
Posted: 18/01/2022
The government has published plans to strengthen the rules on cryptoasset advertisements and protect consumers from misleading claims. The government said it plans to introduce legislation to address misleading cryptoasset promotions.
Posted: 18/01/2022
The Payments Systems Regulator (PSR) has charged five payments companies including Mastercard fines totalling £33 million for cartel behaviour in the prepaid cards market. After concluding its investigation into two cartels in the prepaid cards market, the UK payments regulator found that five parties including Mastercard, allpay, Advances Payment Solutions (APS), Prepaid Financial Services (PFS) and Sulion had broken competition law by agreeing not to compete or poach each other’s customers in prepaid markets in Great Britain.
Posted: 18/01/2022
European firms wishing to remain in the temporary permissions regime
(TPR) need to meet the FCA’s standards to continue operating in the UK, the regulator has said.The TPR regime was designed to ensure that European firms operating in the UK via a passport when the Brexit transition period ended could continue operating temporarily while they seek full authorisation in the UK.
Posted: 18/01/2022
JP Morgan has predicted its technology spending will hit $12 billion in 2022, according to sources reported by The Financial Times. The US banking giant said this figure will come as part of an 8 per cent increase in this year’s overall expenses to around $77 billion.
Posted: 17/01/2022
Checkout technology firm Bolt has hit a $11 billion valuation, according to sources reported by TechCrunch. The valuation came as part of a Series E funding round worth $335 million.
Posted: 17/01/2022
The FCA issued fines totalling £568 million in 2021 amid a surge in financial crime and non-compliance during the pandemic. In a review of its activities in 2021, the regulator said that it had “continued to act to protect and enhance the integrity of the UK financial system” with a series of decisions including a £264 million fine issued to NatWest, which was the regulator’s first criminal prosecution under anti-money laundering legislation.
Posted: 17/01/2022
Amazon is postponing plans to stop accepting Visa credit cards for UK payments, which had been due to take effect this week. The e-commerce giant had previously informed customers that they would not be able to pay with Visa credit cards from 19 January owing to “high fees Visa charges for processing credit card transactions.”
Posted: 17/01/2022
Antonio Horta-Osorio has resigned from the role of chairman of Credit Suisse after breaking Covid quarantine rules. Horta-Osorio joined the Swiss banking giant nine months ago following a 10-year tenure as chief executive of Lloyds Banking Group.
Posted: 17/01/2022
Embedded finance platform Railsbank has launched a new white label Buy Now Pay Later (BNPL) credit service for retailers. The solution enables retail companies to develop their own branded BNPL option that is customisable.
Posted: 14/1/2022
The Payments Systems Regulator (PSR) has said that it has not seen any evidence that the costs of operating payments services have increased for card issuers to warrant recent hikes to fees.
Posted: 14/1/2022
Israel-based compliance technology firm Shield has raised $15 million in a Series A funding round. Shield, which is used by compliance teams at financial services firms, said it will use the funding to expand its US presence with a New York City office, and to establish itself in markets such as Europe, the Middle East, Africa, and Asia Pacific.
Posted: 14/01/2022
Visa is partnering with blockchain tech company ConsenSys to bridge new Central Bank Digital Currency (CBDC) networks with the existing financial ecosystem.
Posted: 14/1/2022
London-based FinTech Zilch has expanded its partnership with Mastercard to bring its Buy Now, Pay Later (BNPL) digital card to Europe. The news comes after Zilch hit a $2 billion valuation after raising $110 million in a Series C funding round in November.
Posted: 13/01/20222
Today marks the fourth year anniversary of the launch of PSD2, which made Open Banking a regulatory requirement in the UK. According to the Open Banking Implementation Entity (OBIE) there are now 4.5 million regular users of Open Banking, of which 3.9 million are consumers and 600,000 small businesses.
Posted: 13/1/2022
The Bank for International Settlements (BIS), Swiss National Bank (SNB), and SIX Swiss Exchange have announced the successful test of wholesale Central Bank Digital Currency (CBDC) in the back-office systems and processes of five commercial banks.
Posted: 13/1/2022
A House of Lords committee has concluded there is no convincing case for introducing a UK Central Bank Digital Currency. The Lords Economic Affairs Committee said a CBDC would have far-reaching consequences for households, businesses, and the monetary system and could also pose significant risks for banks.
Posted: 13/01/2022
Checkout.com has raised $1 billion at a valuation of $40 billion in a Series D funding round. This investment makes Checkout.com one of Europe’s most valuable FinTechs, exceeding the $33 billion valuation that Revolut achieved as part of a $800 million funding round in July 2021.
Posted: 13/01/2022
UK FinTech Revolut has announced that it is now using its Lithuania-based European banking licence across 10 European markets. The company is now operating as a bank in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain, and Sweden.
Posted: 12/1/2022
Digital insurance provider Marshmallow is partnering with the AA to provide customers who add breakdown cover to the policy to receive a range of roadside and vehicle-related issues. The InsurTech’s tie-up with the AA will offer customers the option to add Marshmallow Assist to their policy, which will include the AA’s Roadside Assistance, Home Start and National Recovery services.
Posted: 12/01/2022
Tandem Bank has announced that it will acquire consumer lender Oplo. Tandem said that the move was part of plans to make it a “fairer, greener” digital bank.
Posted: 12/1/2022
The London Stock Exchange Group (LSEG) has led a $7.5 million Series A funding round for corporate debt quote system BondCliQ. The New York-based firm operates a consolidated quote system for the corporate bond market.
Posted: 12/01/2022
Banks in the UK are exposing customers to fraud risk through flaws in their online banking security systems, a new Which? investigation has found.
Posted: 12/1/2022
International insurer Tokio Marine Kiln (TMK) has partnered with Accenture to help transform its finance and HR functions in the UK and Singapore by digitising and consolidating several of its systems.
Posted: 11/1/2022
Allica Bank has joined the APPG for Challenger Banks and Building Societies as an associate member. The APPG is a cross-party group of MPs and peers that aims to inform parliament about challenger banks and building societies , the issues and challenges facing them, and to promote competition and diversity within the banking sector.
Posted: 11/1/2022
London-based FinTech Twig, which merges payments with resale, has announced a $35 million Series A funding round. The company said that its service enables the instant and sustainable monetisation of items.
Posted: 11/1/2022
The Prudential Regulation Authority (PRA) is looking into ways to access more data from BigTech cloud providers, according to sources reported by The Financial Times. The data would cover the operational resilience of their solutions according to the newspaper’s sources.
Posted: 11/01/2022
Atom Bank has reported a 500 per cent increase in applications for open roles following its announcement of a four-day week. The bank said that the introduction of a shorter working week has been a success with “no negative impact on customer service or operations”.
Posted: 10/1/2022
UK challenger bank Starling has announced that it has stopped all paid advertising on Facebook and Instagram.
Posted: 10/1/2022
A cross-party group of MPs and Lords in the UK Parliament have formed a new group focused on the UK’s cryptocurrency and digital assets sector. The Westminster All-Party Parliamentary Group (APPG) is backed by digital asset trade association CryptoUK, who said the group will act as a forum for parliamentarians, policymakers, and the UK crypto sector to discuss policy and regulation of the industry.
Posted: 10/01/2022
The total value of transactions made over prepaid cards will exceed $4.1 trillion globally in 2026, according to research by analyst house Juniper Research. This is an increase of 75 per cent from $2.3 trillion in 2021 according to Juniper.
Posted: 10/01/2022
The value of global financial institution enforcement penalties reduced by 49 per cent in 2021, finds data from Fenergo. Last year, fines to firms and their employees totalled $5.4 billion for non-compliance with Anti-Money Laundering and data privacy regulations, according to the research.
Posted: 7/1/2022
Digital P2P payments company MoneyGram International has taken a minority stake in Coinme, the largest licensed cryptocurrency cash exchange in the United States. The move, which closes out Coinme's Series A financing round, means that MoneyGram has a 4 per cent ownership of the crypto exchange.
Posted: 7/1/2022
Virgin Money has announced a new FinTech partnership with Expend, adding an expense management service to its new business banking proposition. The London-based platform, launched in 2015, aims to simplify the expense management experience for businesses.
Posted: 7/1/2022
Starling Bank is set to embark on a new phase that will see the challenger bank offer its Software-as-a-Service proposition to banks around the world. In a blog, the bank’s chief executive said the service will offer partners the benefit of using Starling’s advanced technology as their own.
Posted: 07/01/2022
Britain recorded its best ever 12 months for FinTech investment in 2021, exceeding $11.6 billion (£9.7 billion). The figures, published by Innovate Finance, represent a 217 per cent hike compared to the previous year.
Posted: 6/1/2022
Cryptocurrency-based crime hit a new all-time high in 2021, according to a report by blockchain data platform Chainalysis. Cryptocurrency addresses linked to illicit activity received $14 billion over the course of 2021, up from $7.8 billion in 2020.
Posted: 06/01/2022
Sygnum, which describes itself as the world’s first digital asset bank, has raised $90 million in a Series B funding round. The Swiss bank is now valued at $800 million on a post-money basis.
Posted: 6/1/2021
Bitcoin could take market share away from gold, Goldman Sachs analysts have claimed. The research note to clients estimated that Bitcoin’s overall market capitalisation as being close to $700 billion at today’s prices.
Posted: 06/01/2022
UK Finance has warned that retailers with an online presence will risk customer purchases being declined if they do not meet the 14 March deadline to support Strong Customer Authentication (SCA).
Posted: 6/1/2022
Monument has appointed Ian Rand, former CEO of Barclays Business Banking, as chief executive officer (CEO).The move, which is subject to regulatory approval, will also see Monument co-founder and current CEO Mintoo Bhandari transition to the strategic role of global head of corporate development.
Posted: 06/01/2022
Digital commerce and payments company CellPoint Digital has announced a $25 million funding round led by Toscafund and its private equity arm Penta Capital. The move follows a series of investments by the companies into CellPoint Digital following their initial investment in 2019 and brings their total investment to over $56 million.
Posted: 5/1/2022
UK-headquartered mobile payments platform Judopay is partnering with Mastercard to offer its SCA compliant ‘click to pay’ solution to customers. Mastercard’s Click to Pay is designed for consumers paying online via apps and mobile devices.
Posted: 5/1/2022
Nationwide’s payment systems experienced an outage yesterday. The issues impacted payments both leaving and arriving in customer accounts.
Posted: 05/01/2022
High Street lender Lloyds Bank reportedly has plans to buy a minority stake in British FinTech Bink.
Posted: 5/1/2022
The UK’s central bank has announced that it is publishing a new pop-economics book titled ‘Can’t we just print more money?’.
Posted: 4/1/2022
Mastercard-powered digital money transfer platform Zen.com has introduced the conversion of fiat money into digital assets. The company, which is licensed under Lithuania’s central bank, is also launching transfer of fiat currencies into any digital wallet servicing BTC, ETH or USD-T (ERC-20).
Posted: 4/1/2022
53 FinTechs have signed a letter challenging a recent claim by Starling’s Anne Boden that Open Banking has “not been a success”.
Posted: 4/1/2021
Chinese tech giant Tencent has taken a minority stake in Monzo as part of a top-up to the bank’s latest funding round. Tencent is one of China’s most valuable firms, with a current market capitalisation of over $500 billion and interests in social media, telecoms, e-commerce, and gaming.
Posted: 04/01/2022
Investment platform Acorns’ co-founder Walter Cruttenden has raised $20 million for an embedded finance platform, Ant Money. The Series A financing was led by Franklin Templeton's Franklin Venture Partners, Walter Cruttenden, RX3 Ventures, SteelBridge Laboratories, and Steelpoint Capital Partners.
Posted: 23/12/2021
SWIFT will work alongside Clearstream, Northern Trust, SETL, and others next year to explore how it can support interoperability in the development of the tokenised asset market. The organisation said that relative to cryptocurrencies and stablecoins, the current market capitalisation of tokenised assets is small but "momentum for these digital assets is expected to accelerate rapidly in the coming years”.
Posted: 23/12/2021
With the end of 2021 in sight, we crunched the numbers to bring you a round-up of FStech’s most popular stories of the year.
Posted: 23/12/2021
There are just a few days left of 2021, a year once again marked by the disruption of the pandemic along with some seismic shifts in the UK’s financial technology landscape. From digital currencies and embedded finance to leaps forward in alternative payments, AI and ESG, 2021 has been a busy year for innovation and further digital transformation of the sector.
Posted: 23/12/2021
LiveFlow, the new FinTech designed to automate finances and consolidates accounts in real time, has raised $3.5 million in a seed round led by Moonfire ventures.
Posted: 22/12/2021
Mastercard has announced that it will acquire McDonald’s personalisation platform and decision engine company Dynamic Yield. Dynamic Yield provides individualised product recommendations, offers, and content based on a number of factors, including past purchases, page views, time of day, current store traffic, and trending products.
Posted: 22/12/2021
One in five large organisations will use digital currencies for payments, stored value, or collateral by 2024, according to analyst house Gartner. Gartner’s report predicted this wider adoption of digital currencies will be partly driven by the “healthy” environment of service providers and solutions available to large enterprises that have already identified a specific use case for digital currencies.
Posted: 22/12/2021
The Prudential Regulation Authority (PRA) issued Metro Bank a £5,376,000 penalty for failing in its regulatory reporting and governance and controls. The UK financial watchdog said that the bank failed to act with due skill, care, and diligence in relation to the reporting of its capital position.
Posted: 22/12/2021
JPMorgan Chase has partnered with Siemens to create a blockchain-based system for its payments, according to sources reported by The Financial Times. The infrastructure is being used for automated payments processing between the German group’s internal accounts according to the sources.
Posted: 21/12/2021
The number of third party providers offering account information and payment initiation services in Europe has grown by 300 per cent since 2019, according to a new report published by PwC Italy and payments consortium CBI. The consulting and professional services firm and CBI, an Italian consortium company comprising around 400 payment service providers as shareholders, have jointly published the first edition of their joint global Open Banking report, which finds that the number of third party providers offering these services in Europe now stands at around 500.
Posted: 21/12/2021
Visa has announced it has completed the acquisition of Currencycloud in a deal that values the FX and cross-border payments company at $963 million (£700M). The payments giant first announced its intention to acquire Currencycloud in July 2021.
Posted: 21/12/2021
The US Securities and Exchange Commission (SEC) has announced charges against the broker-dealer subsidiary of JP Morgan Chase for what it describes as “widespread and longstanding” failures to maintain and preserve written communications.
Posted: 21/12/2021
Marieke Flament has been appointed chief executive of the NEAR Foundation. The NEAR blockchain is a permissionless, proof-of-stake carbon-neutral blockchain designed to be super-fast, secure, and scalable.
Posted: 20/12/2021
More than a quarter – 26.9 per cent – of UK insurance customers say they will only use digital services in future, according to new research from SAS. The study also found that 15 per cent of customers, around 8 million people, started using a digital service or mobile app for the first time due to the pandemic.
Posted: 20/12/2021
Payment technology firm Bottomline is set to be acquired for around $2.6 billion by private equity firm Thoma Bravo. The US-based company provides domestic and international payments, cash management, automated workflows for payment processing and bill review, fraud detection, behavioural analytics, and regulatory compliance products to businesses.
Posted: 20/12/2021
The Prudential Regulation Authority (PRA) has fined Standard Chartered £46.5 million for failings in regulatory reporting governance in relation to a tailored liquidity expectation from the regulator.
Posted: 20/12/2021
Amazon has partnered with Barclays to enable customers to pay in instalments in the UK. Instalments by Barclays will enable to split the cost of purchases of £100 or more on the e-commerce giant’s UK website.
Posted: 20/12/2021
Funding Options, a marketplace for business finance, has partnered with money transfer business Wise to further expand its offering for SMEs.
Posted: 17/12/2021
UK payments platform Checkout.com has appointed ex-Meta executive Meron Colbeci as its chief product officer. Colbeci, who joined the company previously known as Facebook in 2018, had been head of consumer product management at Novi, the BigTech giant’s cryptocurrency wallet service.
Posted: 17/12/2021
The Financial Conduct Authority (FCA) has fined HSBC £63.9 million for failings in its anti-money laundering processes. The regulator said that the bank used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime.
Posted: 17/12/2021
HSBC and IBM have designed and tested what they describe as an advanced token and digital wallet settlement capability which facilitates direct transactions between two central bank digital currencies (CBDCs.)
Posted: 17/12/2021
Nationwide has moved its member website to Microsoft Azure. The UK building society said that it wanted to use more cloud technology so it can continue to lay the foundations for future innovation.
Posted: 16/12/21
Allianz has announced an agreement with InsurTech firm Cytora for AI-based digital risk processing solutions. The partnership comes as part of Allianz’s plans to build a scalable and data-driven commercial insurance business model.
Posted: 16/12/2021
Irish bank AIB has signed a €65m agreement with IBM to accelerate its hybrid cloud digital transformation strategy. Under the terms of the three-year agreement, IBM will work with the Dublin-based bank to roll out its next generation IBM z15 compute platform.
Posted: 16/12/2021
The Bank of England has announced that UK banks funding the wholesale cash infrastructure have made commitments to ensure an “effective, resilient, and sustainable” cash infrastructure which will support continued retail access to cash.
Posted: 16/12/2021
Bitcoin could “practically drop to zero”, according to Sir John Cunliffe, the Bank of England’s deputy governor for financial stability. The executive told the BBC’s Today program that the central bank needs to “roll our sleeves up and get on with it, so that by the time this becomes a much bigger issue, we’ve actually got the regulatory framework to contain the risks”.
Posted: 15/12/2021
The Advertising Standards Authority (ASA) has banned seven adverts promoting cryptocurrencies.
Posted: 15/12/2021
Fines related to anti-money laundering (AML) failures hit $2.2 billion globally in 2020 according to research from consulting firm Kroll. The total value of fines for 2020 was five times that of 2019, but the number of AML fines given out to regulated institutions remained the same at 45.
Posted: 15/12/2021
NatWest Group is partnering with SurePay to introduce Confirmation of Payee (CoP) for HM Revenue and Customs (HMRC). The rollout will use a direct access Application Programming Interface (API), to allow HMRC to dynamically check high volumes of outbound payee details to help prevent fraudulent and misdirected payments.
Posted: 15/12/2021
An agreement has been reached between banks in the UK to provide shared services to ensure continued access to cash. New services will include shared banking hubs and ATMs which can be used by anybody, not just the customers of one particular bank or building society.
Posted: 15/12/2021
JP Morgan is reportedly planning on hiring hundreds of staff in the new year for its UK digital bank, Chase. Sanoke Viswanathan, head of JP Morgan’s international consumer business, told Reuters in an interview that the bank wanted to take staff numbers over 1,000 in order to support products in savings, consumer lending, and investment.
Posted: 14/12/2021
The Committee on Payments and Market Infrastructures (CPMI) has invited managers of service level agreements (SLAs) and payment schemes who are interested in enhancing cross-border payments to nominate senior representatives to a new task force.
Posted: 14/12/2021
NatWest has been fined £264.8 million following convictions for three offences of failing to comply with money laundering regulations, the Financial Conduct Authority (FCA) revealed on Monday. NatWest pleaded guilty at Westminster Magistrates Court on 7 October.
Posted: 14/12/2021
96 per cent of European brand will offer embedded payments within the next five years, according to new research from OpenPayd. A survey of 150 senior executives from B2C and B2B marketplaces in Europe ranging from e-commerce and manufacturing to technology services found that nearly all respondents were planning to implement embedded finance or were seriously thinking about doing so.
Posted: 14/12/2021
OakNorth has agreed to acquire intelligent cashflow business Fluidly. “This is an exciting moment for us, we have always said that we will be opportunistic in evaluating acquisitions which have a strong strategic fit with our mission,” said Rishi Khosla, co-founder and group chief executive, OakNorth.
Posted: 13/12/2021
HSBC and Wells Fargo have agreed to use a blockchain-based solution for the netting and settlement of matched foreign exchange (FX) transactions. The Payment-vs-Payment (PvP) settlement netting solution platform runs on Baton Systems’ blockchain-inspired proprietary CORE distributed ledger technology and is governed by the Baton rulebook.
Posted: 13/12/2021
New research from Klarna has revealed that women spend less and repay sooner when using Buy Now, Pay Later (BNPL) services. The BNPL company said that it is often claimed that women are at greater risk from getting into debt with the flexible payment option.
Posted: 13/12/2021
Which? has called for an “immediate” pause on bank branch closures to protect access to cash. It said that new analysis raises concerns that banks may be rushing to close branches before solutions to protecting access to cash can take effect.
Posted: 13/12/2021
SWIFT has launched its new In-flow Translation service and confirmed that it now offers a full ISO 20022 customer testing environment for cross-border payments. In-flow Translation will enable financial institutions to migrate to ISO 20022, even if their counterparts have not yet adopted the standard.
Posted: 10/12/2021
Open Banking Limited is seeking to appoint a new chief executive to lead the executive team at the Open Banking Implementation Entity (OBIE.) The organisation said that the role requires the new CEO to lead and manage the day-to-day running of the OBIE.
Posted: 10/12/2021
Mortgage lenders have announced a moratorium on possessions over the Christmas period, according to UK Finance. The moratorium will run from 13 December until 4 January 2022.
Posted: 10/12/2021
Nearly nine in ten lenders - 87 per cent - plan to adopt Open Banking within the next two years, according to a report from Credit Kudos. The credit reference agency found that by 2023 seven in ten lenders are expected to be using Open Banking overall.
Posted: 10/12/2021
FinTech scale-up Pleo has raised an extra $200 million in an extended Series C funding round, valuing the company at $4.7 billion.
Posted: 9/12/2021
Klarna is set to launch its own browser extension. The Buy Now, Pay Later (BNPL) provider said the extension enables consumers to shop using Klarna on their desktop at all online stores, even if the retailer is not a Klarna partner.
Posted: 09/12/2021
Monzo has hit a $4.5 billion valuation in its latest funding round, according to a report from The Financial Times (FT). The valuation is well over double the $1.6 billion it achieved in its Series G funding round in February 2021, which was a fall from its peak valuation of $2.5 billion.
Posted: 09/12/2021
Citi Bank has announced the market expansion of its automated FX conversion tool across 14 additional European countries. The bank’s Cross-Currency Sweeps solution aims to help treasurers and finance teams to manage cash positions across multiple accounts, countries, and currencies.
Posted: 9/12/2021
Visa is working alongside partners to roll out a pilot for a platform designed to help consumers better manage their bills. The new solution, backed by digital billing specialist Revive Management and Crisis, is based on the company’s request to pay technology.
Posted: 8/12/2021
The US has overtaken the European Union as the leading destination for financial services exports from the UK, new research has found. According to the latest annual report from TheCityUK, the industry-led body representing UK-based financial and related professional services, the US accounted for 34.2 per cent of sector exports last year.
Posted: 8/12/2021
Blockchain anti-money laundering (AML) company TRM Labs has raised $60 million in a Series B funding round. The round was led by Tiger Global with participation from American Express’ Amex Ventures, Visa, Citi Ventures, DRW Venture Capital, Jump Capital, Marshall Wace, Block (formerly Square), and PayPal Ventures.
Posted: 08/12/2021
The Bank of International Settlements (BIS) called for a “macroprudential” regulatory approach to non-bank financial intermediaries (NBFIs), warning that these firms can can amplify market stress and undermine financial stability.
Posted: 8/12/2021
After 16 years of peer-to-peer (P2P) investments, Zopa is closing its retail investing business. The British FinTech revealed it would sell all of its retail investor portfolios at full value.
Posted: 7/12/2021
London Stock Exchange Group (LSEG) has agreed to acquire financial technology provider Quantile Group. Quantile, founded in 2015, provides trade compression and risk rebalancing services to banks, hedge funds, and other financial institutions trading Over-the-Counter (OTC) derivatives.
Posted: 07/12/2021
Eurobank, one of Greece’s four largest banks, is selling 80 per cent of its merchant acquiring business to Worldline for €256 million.
Posted: 7/12/2021
Enfuce, a European Card-as-a-Service (CaaS) platform for card issuing and processing, has raised €45 million in a Series C investment round. The round was led by London-based investment firm Vitruvian Partners, who have also invested in Marqeta and TransferWise.
Posted: 07/12/2021
The Financial Conduct Authority (FCA) has appointed Stephen Braviner Roman as general counsel and as a member of its executive committee following an open competition. Roman is expected to join the FCA in February next year.
Posted: 06/12/2021
The central banks of the G7 have agreed to "work proactively" to broaden diversity and ensure inclusion is an integral part of their culture. Last week, Bank of England governor Andrew Bailey held a virtual meeting with G7 central bank governors which included a discussion on progressing diversity and inclusion in their banks and the wider financial systems.
Posted: 6/12/2021
The chief executive of PayPal has revealed that volumes on its Buy Now, Pay Later (BNPL) platform were 400 per cent higher on Black Friday in comparison to last year.
Posted: 6/12/2021
Crypto exchange Bitmart lost $150 million worth of assets on Sunday in what it described as a large-scale security breach. The company revealed that the hack was related to one if its ETH hot wallets and one of its BSC hot wallets.
Posted: 6/12/2021
The FCA has launched a consultation on improving its appointed representatives regime and tackling harm from this model. An appointed representative (AR) is a firm or person who carries on a regulated activity on behalf, and under the responsibility of, a firm authorised by the FCA (the principal).
Posted: 03/12/2021
Retail investment platform Interactive Investor is set to be acquired by investment manager abrdn for £1.5 billion. abrdn is an Edinburgh-based investment and wealth manager, with £532 billion of assets under management globally.
Posted: 03/12/2021
Britain’s central bank has taken deposits from participating UK-based Islamic banks for the first time after opening its Alternative Liquidity Facility (ALF). The facility was first launched last year in a speech by Andrew Hauser, executive director for markets at the Bank of England.
Posted: 3/12/2021
Virgin Money has announced changes to its property portfolio to support its flexible working plans. The move follows the bank’s launch of its ‘A Life More Virgin’ employment package.
Posted: 3/12/2021
Over a third - 36 per cent- of Buy Now, Pay Later (BNPL) users don’t fully understand the consequences of missing repayments, according to research released by Barclays. More than a quarter - 27 per cent - of UK adults have used BNPL, according to the study.
Posted: 03/12/2021
The European Commission has fined Barclays, HSBC, RBS, and UBS €261 million after an investigation uncovered collusion in the trading of foreign currencies. All four banks decided to settle the case.
Posted: 3/12/2021
CUBE has launched a new platform which uses artificial intelligence to deliver regulatory compliance.The London-based RegTech company said the new solution, which is the third generation of its RegPlatform product, provides financial institutions with regulatory intelligence capabilities and a source of regulatory data.
Posted: 02/12/2021
Funding Circle has launched a new embedded finance solution which enables third party firms to offer loans of up to £500,000 for small businesses. The API solution is powered by the company’s machine learning and instant decision technology.
Posted: 2/12/2021
The card numbers of millions of consumers are being sold on the darknet for an average of $10.60, according to research by NordVPN. The darknet is an overlay network within the internet that can only be accessed with specific software such as the Tor browser, with transactions generally being made via cryptocurrency.
Posted: 02/12/2021
US private investment platform Republic has agreed to by UK-headquartered company Seedrs. Seedrs, a leading online private investment platform in Europe, will be valued at around $100 million – equivalent to roughly £75 million – following the acquisition.
Posted: 2/12/2021
The UK’s financial watchdog has today confirmed new rule changes to “boost growth and innovation on UK stock markets”. The Financial Conduct Authority (FCA) said the move would ensure the UK’s public markets remain a “trusted and attractive” place to list successful companies.
Posted: 2/12/2021
Embedded finance will be worth $3.5 trillion to the global retail sector, according to new research from cloud banking platform Mambu. The study also revealed that the retail sector could account for 49 per cent of the embedded finance market within the next ten years.
Posted: 1/12/2021
Goldman Sachs has launched a new suite of cloud-based data and analytics solutions for financial institutions in partnership with Amazon Web Services (AWS). The solution – called Goldman Sachs Financial Cloud for Data - was unveiled at AWS re:Invent, the cloud giant’s annual event in Las Vegas.
Posted: 01/12/2021
The Financial Conduct Authority (FCA) has proposed changes to the fees financial services firms pay to cover the cost of regulation. The minimum fee, which has remained largely unchanged over the past 10 years, would increase from £1,151 to £2,200.
Posted: 1/12/2021
TSB has announced that it will close 70 branches in the new year. The move is in response to declining branch use and increasing numbers of customers switching to online banking.
Posted: 1/12/2021
Nearly half of European financial executives – 47 per cent – say their Open Banking budgets have risen this year, according to research by Tink. The Open Banking platform’s study is based on 308 senior decision makers at financial institutions across 12 European countries.
Posted: 30/11/2021
Wise has announced plans to hire over 1,000 people globally in 2022. The London-based FinTech, which currently has 3,000 worldwide employees, said that it is hiring across all teams, from product marketing to engineering and customer support.
Posted: 30/11/2021
A new clearing bank, The Bank of London, has launched today with a funding round giving it a $1.1 billion valuation.The new bank will be the sixth principal clearing bank in the UK, and the second new clearing bank in over 250 years.
Posted: 30/11/2021
The Financial Conduct Authority (FCA) has revealed that customers will no longer need to reauthenticate with their account servicing payment service provider every three months as part of Strong Customer Authentication (SCA) rules.
Posted: 30/11/2021
AJ Bell is set to launch a new, app-only investment platform for retail investors. The Manchester-based brokerage said the new platform, named Dodl by AJ Bell, will have an annual charge of 0.15 per cent and no commission for buying or selling investments.
Posted: 29/11/2021
Revolut’s banking app faced major issues during Black Friday last week, with some customers unable to sign in, make card payments and transfers, or top up their cards.
Posted: 29/11/2021
London-based cloud banking infrastructure provider Thought Machine has raised $200 million in a Series C funding round at a valuation of over $1 billion. Thought Machine was founded in 2014 by former Google engineer Paul Taylor, who headed up the BigTech’s thought-to-speech division, and now has offices in New York and Singapore.
Posted: 29/11/2021
The UK’s financial watchdog has announced it is reforming its decision-making process to make “faster and more effective decisions” for consumers, markets, and firms. Under the reforms, more decisions will be taken by the Financial Conduct Authority’s (FCA) senior managers rather than by the Regulatory Decisions Committee (RDC).
Posted: 29/11/2021
The performance of UK venture capital (VC) funds has increased sharply over the last 12 months, according to research by the government-backed British Business Bank. The Bank said VC returns were driven by higher company valuations combined with strong exit activity in 2020 and 2021.
Posted: 26/11/2021
Users of Monzo’s new BNPL product “Flex”, will be able to pay via Apple Pay or Google Pay using a virtual card. Monzo’s feature will allow users to pay anywhere that accepts contactless and to use the card details to shop online.
Posted: 26/11/2021
ING is collaborating with Amazon to offer cashback on purchases made via ING’s shopping platform DealWise. As part of the offer, the Dutch Banking group is giving its 2.9 million current account holders 5 per cent cashback on qualified Amazon purchases via DealWise until the end of 2021.
Posted: 26/11/2021
Credit card application fraud is set to peak over the Black Friday and Christmas shopping period, according to a report from financial data firm Experian. The company said criminals are looking to take advantage of an increase in genuine applications to attempt to access credit with stolen or illegally obtained personal details.
Posted: 26/11/2021
Younger people want online banking to form a range of services rather than replace human interaction completely, according to new research from Cynergy Bank.
Posted: 25/11/2021
SME-focused challenger bank Allica Bank has announced a £110 million Series B funding round. The round was led by Atalaya Capital Management, who joined existing lead investor Warwick Capital Partners.
Posted: 25/11/2021
The Indian government could potentially “prohibit all private cryptocurrencies” in a newly proposed bill, according to a parliamentary bulletin from November 23. The Cryptocurrency and Regulation of Official Digital Currency Bill would be aimed at forming “a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India”.
Posted: 25/11/2021
Revolut has announced the acquisition of ePOS software provider Nobly POS. The move is part of the challenger bank’s plan to expand services to the hospitality sector.
Posted: 25/11/2021
Deutsche Bank is launching SWIFT’s new beneficiary account validation service for cross-border payments.The bank, which is the first to roll out SWIFT’S new account pre-validation service worldwide, says that the BAV will enable clients to verify payee account details before an international payment instruction is sent.
Posted: 25/11/2021
BNP Paribas is partnering with SIA, a payments services and infrastructure company,to support the launch of co-branded cards with commercial partners in France and other European countries. Hospitality and hotel firm Accor will be the first corporate to benefit from the agreement to launch a new payment card in France, with a progressive roll-out in Europe.
Posted: 24/11/2021
Business banking FinTech Tide will allow non-account holding SMEs to connect to its Open Banking platform.The move will mean that SMEs with accounts held at other institutions will be able to use the full range of finance and admin products available on Tide’s platform without opening a Tide business account.
Posted: 24/11/2021
Equity crowdfunding platform Crowdcube has raised £10 million ($13.5 million) in its latest funding round. The UK-based investment platform said the round would enable Crowdcube to accelerate its launch into Europe, capitalising on the recent regulation that provides uniform rules across Europe for capital raising and retail investment services.
Posted: 24/11/2021
Wealth management company St James’s Place (SPJ) has become what it describes as the first financial services provider to roll out Virtual Reality (VR) tech for training across the business.
Posted: 24/11/2021
Societe Generale is to accelerate its digital transformation strategy and harness the potential of data and AI, CEO Frederic Oudea has said. In an online address Oudea said the 150-year-old bank is looking to transition to a ‘data-driven’ model in order to adapt to an increasingly demanding environment and to better serve its customers.
Posted: 24/11/2021
Payments giant Stripe has launched its Stripe Terminal in the UK, Ireland, France, Germany and the Netherlands to enable in-person payments. The Irish-American company, which has built a rapidly expanding business in the online payments space, is launch of the point of sale device to enable retailers to adapt to the return to ‘in-person’ shopping.
Posted: 24/11/2021
Mastercard, Marqeta, and Paycast are teaming up to launch a digital card designed for marketplace sellers. Paycast, which launched in 2020, enables marketplaces to hold funds in escrow between buyers and sellers until the conditions of sale have been verified.
Posted: 24/11/2021
The European Central Bank’s (ECB) Governing Council has approved a new oversight framework for electronic payments following a public consultation. The central bank said the framework is designed to make the current and future payments ecosystem “safer and more efficient,” and is part of its statutory task to promote the smooth operation of payment systems.
Posted: 23/11/2021
Atom Bank has become what it describes as the largest company in Britain to introduce a four-day working week. All of its 430 employees will benefit from the reduced hours, with no reduction in salary, said the app-based bank.
Posted: 23/11/2021
Citigroup is planning to create 100 new roles focused on digital assets including blockchain and cryptocurrencies. In a memo to staff which was shared with the media, the bank said the team would be led by its head of blockchain and digital assets at its global markets operation, Puneet Singhvi.
Posted: 23/11/2021
Cryptocurrency payments start-up Moonpay has raised $555 million at a valuation of $3.4 billion. MoonPay was founded in 2019 by Ivan Soto-Wright and Victor Faramond.
Posted: 22/11/2021
CUBE has won a new contract to supply FinTech Revolut with regulatory technology. The new deal will focus on horizon scanning and managing regulatory change at a global scale.
Under its terms, Revolut will have unrestricted access to CUBE’s regulatory intelligence platform.
Posted: 22/11/2021
The Financial Conduct Authority (FCA) has confirmed it is recognising the updated FX Global Code. The code, which has been maintained and updated by the Global Foreign Exchange Committee, sets principles of good practice standards for the global foreign exchange (FX) market.
Posted: 22/11/2021
Visa has said it anticipates its card fee dispute with Amazon will be resolved, and that UK consumers will not be impacted, according to sources reported by Reuters. Vasant Prabhu, chief financial officer at the card giant, told the news organisation: We’ve resolved these things in the past and I believe we'll resolve them in the future.
Posted: 22/11/2021
UK Finance, which represents nearly 300 British financial services firms, has set out new recommendations for the future strategy of Open Banking payments. The trade association said that there are now over 2.5 million Open Banking payments a month compared to just 320,000 in the whole of 2018.
Posted: 22/11/2021
Crypto exchange Gemini has raised $400 million at a valuation of $7.1 billion.The New York based company was founded in 2015 by Cameron and Tyler Winklevoss, as a platform which allowed users to trade, buy, and store cryptocurrencies.
Posted: 19/11/2021
Digital bank Chase has announced it is offering customers 3 per cent cashback on Amazon.co.uk spend until the end of the year. The Chase current account already offers customers 1 per cent cashback on all eligible debit card spend for 12 months.
Posted: 19/11/2021
Private equity firm Carlyle has reportedly backed out of talks with Metro Bank over a proposed takeover. According the Financial Times, the New-York based company first approached the bank about a possible buyout earlier this month.
Posted: 19/11/2021
US banks will now have to report significant cybersecurity incidents to the government within 36 hours, according to sources reported by Bloomberg. The news comes as banks in the UK are also facing scrutiny from regulators regarding the quality of their cyber defences.
Posted: 19/11/2021
The Payment Systems Regulator (PSR) has announced its latest plans to fight fraud and protect victims of Authorised Push Payment (APP) scams. According to UK Finance, which represents nearly 300 UK financial services firms, the latest figures show that in the first half of the year £355 million was lost to APP scams.
Posted: 18/11/2021
Blockchain technology firm ConsenSys has raised $200 million in a funding round backed by HSBC, bringing its valuation to $3.2 billion. This is not the first time this year that ConsenSys has attracted large scale investments from traditional players within financial services.
Posted: 18/11/2021
The number of cryptocurrency investors in the UK has jumped 57 per cent since 2018, according to research from market research firm GWI Zeitgeist. The firm surveyed UK internet users aged between 16-64 about their attitudes towards crypto.
Posted: 18/11/2021
UK FinTech Hi has appointed ex-American express (Amex) product vice president Charlie Craven as its new chief product officer. In his new role, Craven will be responsible for leading strategy and execution for Hi’s growing suite of products across mobile, web, and card technology.
Posted: 18/11/2021
The UK financial watchdog has proposed banning debt packager firms from being paid to refer customers on to other firms. Debt packagers are regulated providers of debt advice, who refer customers on to other providers of debt solutions. They rely on income from referral fees paid by these other firms.
Posted: 17/11/2021
Ideas from social media influence 56 per cent of 18-34 year olds who invest, according to new research. The study, commissioned by Hargreaves Lansdown, surveyed 2,000 people in September.
Posted: 17/11/2021
Gen Z and millennials are now as likely to have a banking app as a social media app on their phones, new research from Mastercard has found. According to the study, which was based on a survey of just over 2,000 adults, 80 per of Gen Z have a banking app, while 76 per cent have a social media app on their phone.
Posted: 17/11/2021
The European Payments Initiative (EPI), a European Commission-backed initiative to create a pan-European payments network that can rival Visa and Mastercard, has appealed for public funding. The EPI said its private backers were not prepared to provide all the cash it needed according to sources reported by Reuters.
Posted: 17/11/2021
Amazon has announced that next year it will no longer accept Visa credit cards as a form of payment on its e-commerce platform in the UK. The online giant said that the move was due to Visa’s “high costs.”
Posted: 17/11/2021
Justt, an Israeli business using technology to fight false chargebacks , has raised $70 million in funding. The funding was raised across three tranches, including a Series B round led by Oak HC/FT and two previously unannounced rounds led by Zeev Ventures and F2 Venture Capital, respectively.
Posted: 16/11/2021
The Basel Committee on Banking Supervision (BCBS) has announced the launch of a public consultation on proposals for the effective management and supervision of climate-related financial risks.
Posted: 16/11/2021
Coinbase co-founder Fred Ehrsam has raised $2.5 billion this month for a new cryptocurrency-focused venture capital (VC) firm called Paradigm One. Ehrsam was joined by former Sequoia Capital partner Matt Huang, according to sources reported by The Financial Times.
Posted: 16/11/2021
The Competition and Markets Authority (CMA) has pushing back the introduction of variable recurring payments (VRPs) as the mechanism for implementing sweeping by six months.
Posted: 16/11/2021
Two men have been sentenced at Inner London Crown Court to a combined total of 12 years and seven months in prison for conspiring together to commit over £900,000 of fraud.
Posted: 15/11/2021
Starling Bank has reportedly bought a mortgage book worth £1 billion. According to the Mail on Sunday, which first reported the news, it is understood that the challenger bank has bought the home loans portfolio from Kensington Mortgages.
Posted: 15/11/2021
The first bitcoin update in four years, dubbed Taproot, went live on Sunday. The update was first confirmed in June of this year, when over 90 per cent of bitcoin miners signalled their support.
Posted: 15/11/2021
The deputy governor of financial stability at the Bank of England has warned that the risks crypto assets could pose to the economy are fast approaching.
Posted: 15/11/2021
Revolut is looking to hire a cryptocurrency expert to help build its own cryptocurrency exchange, according to a LinkedIn job advert. The recently closed advert specified a candidate that had the experience to lead “a technical team to architect and build Revolut Crypto exchange.”.
Posted: 15/11/2021
Seven-in-ten IT executives in the banking sector – 72 per cent – report that incorporating cloud into their organisation’s products and services will help them achieve their business priorities. The research, commissioned by banking software provider Temenos, also found just under half of these execs – 47 per cent – believe cloud adoption will do so “to a great extent”.
Posted: 12/11/2021
FinTech funding continued to rise in the third quarter of the year, reaching a total of $27.6 billion across 1,039 closed deals, according to new research from Forrester.
Posted: 12/11/2021
Women working mainly from home could be left behind now that people are returning to the office, a member of the Bank of England’s Monetary Policy Committee has warned.
Posted: 12/11/2021
HSBC, Starling Bank, and NatWest, were among those to scoop up awards at last night’s Payments Awards ceremony in Central London. After a challenging 18 months, guests were finally able to meet in person for a glitzy gala dinner at the Marriott Grosvenor Square.
Posted: 12/11/2021
Barclays and payment tech provider Form3 have announced the addition of a SEPA Credit Transfer (SCT) service to their combined directly connected access solution.
Posted: 11/11/2021
Recognise Bank, a subsidiary of City of London Group and the UK’s latest SME bank, has chosen ClearBank to become its clearing bank.
Posted: 11/11/2021
Registrations have opened for RegTech Live 2022, FStech’s conference dedicated to regulatory technology, compliance, data and risk management in financial services.The fourth annual RegTech Live conference will take place on 23rd February at the London Hilton Tower Bridge.
Posted: 11/11/2021
Mastercard has announced further expansion of its Buy Now, Pay Later (BNPL) offering, with a number of new companies signing up to the programme. In the US, American Airlines, CSI, Fiserv, and TSYS, a global payments company, have all signed up to the programme.
Posted: 11/11/2021
London-based Buy Now, Pay Later (BNPL) firm Zilch has hit a $2 billion valuation after raising $110 million in a Series C funding round. The round was led by Ventura Capital and Gauss Ventures, while existing investor Goldman Sachs also participated.
Posted: 11/11/2021
Regulatory hurdles, alongside data and technology discrepancies, are hindering the roll out of Open Banking, the chief executive of ConnectPay has said.
Posted: 10/11/2021
The Financial Conduct Authority (FCA) has chosen data and AI company Aiimi Insight Engine to deliver its new enterprise search and discovery solution. The Milton Keynes-based business has won a three-year £1.3 million contract with the UK financial regulator following an extensive evaluation process and an eight-week Alpha testing phase.
Posted: 10/11/2021
Banks could boost their revenue by 4 per cent annually by embracing the strategies of digital-only banks and new entrants to financial services, according to research from consultancy Accenture. This could result in more than half a trillion dollars in additional revenue for banks by 2025.
Posted: 10/11/2021
The Bank of England and HM Treasury have announced they will launch a new consultation to explore the potential for a UK Central Bank Digital Currency (CBDC.) The CBDC, which would exist alongside cash and bank deposits, would act as a new form of digital money and be issued by the UK central bank.
Posted: 10/11/2021
The vast majority - 91 per cent - of chief financial officers (CFOs) feel under pressure because of changes in their job roles over the past three years, according to research from cloud software provider Xledger. Almost all - 99 per cent - of CFOs said that their job has changed significantly in the past few years according to the research, and 91 per cent said that they are feeling pressure due to this evolution.
Posted: 10/11/2021
The Basel Committee is to revisit its proposals on cryptocurrencies following backlash from trade associations. The Basel Committee on Banking Supervision (BCBS) is the primary global standard setter for the prudential regulation of banks.
Posted: 9/11/2021
Global payments giant Visa has announced a new package of sustainability-focused benefits for account users, designed to encourage cardholders to engage in sustainable consumption behaviours.
Posted: 9/11/2021
Education technology platform Female Invest has secured a £3.3 million investment. The organisation aims to empower women by boosting their understanding of personal finance and investing.
Posted: 9/11/2021
The UK’s central bank has published a consultation paper and draft statement of policy on its approach to tiering non-UK central counterparties (CCPs) based on the level of systemic risk they could pose to financial stability.
Posted: 9/11/2021
Standard Chartered Bank has co-opted the help of Starling Bank to build a new digital platform that will help savers in the UK invest in green and sustainability projects. SC Ventures, StanChart’s innovation arm, said that the Shoal digital platform will launch in 2022 and will offer exclusively green and sustainable projects.
Posted: 09/11/2021
Buy Now, Pay Later (BNPL) firm Klarna has launched in Ireland. Klarna said Irish consumers will now be able to split their purchases into three equal interest-free payments when they shop online - which it dubs ‘Pay in 3’ - through both the Klarna app and directly via integrated partner retailers.
Posted: 09/11/2021
Meta, previously known as Facebook, is set to rebrand its FinTech division from F2 to Novi. All the BigTech firm’s FinTech products, including WhatsApp P2P payments and Instagram e-commerce, will now be categorised under the same name as Facebook's digital wallet, Novi.
Posted: 08/11/2021
Daimler has partnered with Visa to develop native in-car payments. From Spring 2022, Visa’s authentication technology will enable Mercedes-Benz customers in Europe to pay for goods and services by using their fingerprint in the car.
Posted: 8/11/2021
Mariano Belinky, previously chief executive of Banco Santander’s asset management division, has joined FinTech focused private equity firm Motive Partners. Belinky will be based in London and will help the New York-based private equity firm buy and invest in FinTech firms.
Posted: 08/11/2021
88 per cent of UK users find that FinTech apps and services have helped them in some way, new research from Open Finance data network Plaid has found. According to the study, which surveyed 4,000 in the US and UK, two-thirds of respondents say technology has helped them feel more comfortable talking about financial topics.
Posted: 8/11/2021
UK Finance, which represents nearly 300 British financial services firms, has released a new report which explores the current state of sustainable banking in the UK and outlines the steps being taken to put in place a comprehensive regulatory framework to underpin ‘the greening of the economy.’
Posted: 8/11/2021
Virgin Money has announced that it will develop a digital wallet that will feature Buy Now, Pay Later (BNPL) capabilities. The banking and financial services brand is partnering with Global Payment to create the wallet, which will also include merchant services and embedded regards via Virgin Red loyalty scheme.
Posted: 5/11/2021
The first global benchmark of gender diversity in FinTech has revealed systemic underrepresentation of women. The research from think tank findexable, found that only 1.5 per cent of the 1,000 best funded private FinTech firms around the world are founded solely by women and receive just 1 per cent of total FinTech venture funding.
Posted: 5/11/2021
Innovate Finance has criticised what it describes as a lack of action from the government on creating a cohesive strategy for the FinTech industry following recommendations from the Kalifa review.
Posted: 5/11/2021
Google is set to make a $1 billion equity investment in the world's largest financial derivatives exchange, CME Group. The Chicago-based firm is also separately set to migrate to Google Cloud as part of a 10-year strategic partnership which the firms claimed would transform how global derivatives markets operate.
Posted: 05/11/2021
The Bank for International Settlements (BIS) has announced three new senior appointments to the BIS Innovation Hub.
Posted: 4/11/2021
British insurance start-up Nimbla has secured £5.1 million investment from Silicon Valley venture fund Fin VC, with participation from Barclays Bank.
Posted: 4/11/2021
Atom Bank has announced a new partnership with Landbay, a marketplace lending platform for buy-to-let mortgages. The partnership will see the Durham-based FinTech fund up to £500 million of Landbay’s residential buy-to-let mortgages, giving Atom access to the estimated £280 billion buy-to-let market.
Posted: 4/11/2021
A full-scale multiple central bank digital currency (mCBDC) network could save global corporates nearly $100 billion annually, according to a report by JP Morgan. The proposed network would facilitate 24/7 real-time, cross-border payments, and foreign exchange (FX) payment-versus-payment (PvP) settlements.
Posted: 04/11/2021
The Financial Conduct Authority (FCA) has published a discussion paper which aims to help investors make better ESG investment decisions. The paper, which was published to coincide with Wednesday's COP26 Finance Day, invites views on potential criteria to classify and label investment products so that consumers can better navigate their sustainability characteristics.
Posted: 4/11/2021
Rishi Sunak has proposed new rules that would force UK financial institutions and listed companies to publish their net zero transition plans, including details about how they will decarbonise.
Posted: 3/11/2021
The Payment Systems Regulator (PSR) has concluded that the supply of card-acquiring services does not work well for small and medium-sized (SME) merchants and large merchants with annual card turnover up to £50 million. In the financial report into its card-acquiring market review, the regulator found that merchants with annual card turnover between £15,000 and £50 million served by the five largest acquirers got little or no pass-through of the Interchange Fee Regulation (IFR) savings.
Posted: 03/11/2021
Goldman Sachs has revealed plans to build an open platform for tokenised assets. The bank will use technology from Digital Asset to develop its end-to-end tokenised asset infrastructure, which will help support the digital life cycle across multiple asset classes on both permissioned and public blockchains.
Posted: 3/11/2021
Zopa Bank has appointed Monzo’s director of credit Graham Robinson as its new chief risk officer (CRO). The appointment is the latest in a line of senior hires made by the banking challenger as it looks to extend its growth following a $300 million funding round led by Softbank as it prepares for an Initial Public Offering (IPO).
Posted: 03/11/2021
Starling bank chief executive Anne Boden has said an initial public offering (IPO) is “a year or two off,” according to sources reported by CNBC. The sources said the IPO is likely to take place in London according to Boden, who said “I think that would be the default option, unless we’re persuaded otherwise.”
Posted: 03/11/2021
E-money services provider Paynetics and B2B payments platform Verto have both partnered with ClearBank this week. Paynetics has partnered with the clearing bank, the first to be introduced in the UK in more than 250 years, to deliver real-time payment and additional banking services to customers.
Posted: 2/11/2021
Private and commercial bank Arbuthnot Latham & Co. is allowing its clients to use Apple Pay. The bank, established in 1833, said the payment option was a “safer and more secure” way to pay, as it helped clients avoid having to hand over their payment card to someone else, and avoided them having to touch physical buttons or exchange cash.
Posted: 2/11/2021
Klarna has signed an agreement to buy PriceRunner, which will enable the company to incorporate new features in the form of product reviews, product discovery, and price comparisons.
Posted: 2/11/2021
Digital technologies are being used by wealth managers to mitigate the challenges of the pandemic and data security, and to improve client servicing and customer engagement, according to research. Mobile-focused digital transformation firm Mobiquity commissioned research among 100 wealth managers in the UK, and found that over three-quarters (79 per cent) said digital technologies had improved customer engagement strategy, and their experiences with clients (81 per cent).
Posted: 2/11/2021
HSBC has signed a multi-year deal with software delivery company CloudBees as part of its digital transformation plans. The new partnership will help the bank establish a unified end-to-end system of record for deploying software into production.
Posted: 2/11/2021
Singapore bank DBS has launched LiveBetter, a platform that helps customers live more sustainable lives. They can access eco-friendly tips, donate to local green causes, as well as invest in sustainability-themed funds.
Posted: 1/11/2021
The governor of the Bank of England has signed the Armed Forces Covenant. The covenant aims to help members of the armed forces community gain the same access to government and commercial services as other citizens.
Posted: 1/11/2021
Mastercard has announced an acceleration of its net zero timeline by a decade, from 2050 to 2040.It is also scaling its sustainability solutions to customers across Europe and Latin America, by including Banco de Costa Rica, ekko, Gránit Bank and Sberbank in its strategies, who have all adopted the Mastercard Carbon Calculator.
Posted: 01/11/2021
Barclays has announced that Jes Staley, the bank’s chief executive and director, will be stepping down following a probe by UK financial watchdogs into his links to Jeffery Epstein.
Posted: 1/11/2021
The Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), and the Pensions Regulator, have published reports setting out how climate change impacts each organisation’s responsibilities and the actions they are taking, along with the industry, in response.
Posted: 29/10/2021
The European Banking Federation (EBF) and digital systems provider Reply have entered into a partnership to share knowledge, best practices and lessons learned on the use of cloud computing in the banking sector across Europe. The EBF unites 32 national banking associations in Europe that together represent around 3,500 banks.
Posted: 29/10/2021
The world’s second largest cryptocurrency Ether reached a record high on Friday. According to a report from Reuters, the digital asset increased by 2.6 per cent to $4,400 this week, an all-time high for the cryptocurrency.
Posted: 29/10/2021
The European Investment Bank (EIB) has announced that it will end all loans to oil and gas companies. The EU lender said that while the group’s projects and operations are aligned with the goals of the Paris Agreement, there is still a question about whether the bank can support a green project with a corporation that continues to invest in high carbon activities.
Posted: 29/10/2021
Tesco Bank is partnering with digital bank Zopa to offer online car financing to UK drivers.
The two banks say they can offer hire purchase finance online in as “little as three minutes”.
Posted: 29/10/2021
NatWest has launched a new online tax calculator, which will allow UK businesses to identify and calculate additional tax incentives that may be available following this week's Budget. The launch follows the announcement of “super-deduction” in the chancellor's budget, which allows companies to claim up to a 130 per cent deduction against profits for any new plant and equipment purchased between 1 April 2021 and 31 March 2023.
Posted: 28/10/2021
Visa has invested in Deserve, a FinTech company that specialises in transforming credit cards into mobile-centric software, to help drive the adoption of cryptocurrency-powered cards.
Posted: 28/10/2021
PayPal has launched the Zettle Terminal, its Point of Sale (POS) device, in the UK. The mobile point of sale (mPOS) solution is aimed at offering increased mobility for small businesses with its hand-held device.
Posted: 28/10/2021
UK Finance, which represents around 300 UK financial services firms, described the plans outlined in the chancellor’s latest budget as a ‘compelling vision’ for a stronger British economy.
Posted: 28/10/2021
Atom, the app-based bank, has launched fixed rate secured loans for businesses. The products complement Atom’s existing variable rate secured business loans and its partnership with Funding Circle to support unsecured lending to SMEs.
Posted: 27/10/2021
The Payment Systems Regulator (PSR) is consulting on a proposed new Specific Direction which will ensure LINK continues to maintain broad geographic coverage of the Free-To-Use (FTU) ATM network in the UK to support access to cash. In a statement, the PSR said the new Direction will replace Specific Direction 8 (SD8) which expires in January 2022.
Posted: 27/10/2021
Socios.com has brought in Checkout.com to manage, process and support its complex payment needs around the world. It comes after Socios.com has signed up some of the world’s largest sporting franchises to its blockchain-powered platform for engaging with fans.
Posted: 27/10/2021
TSB has opened its new technology centre in Edinburgh, Scotland, following the recruitment of 100 staff. The technology centre has been created as part of a £120 million investment to transform the bank’s digital channels.
Posted: 27/10/2021
Banco Santander reported €2.2 billion in profits during the third quarter of the year, partly boosted by the UK mortgage boom and write-backs from Covid-19 provisions. During the first nine months of 2021, UK underlying profits increased fivefold to €1.15 billion.
Posted: 27/10/2021
J.P. Morgan's Securities Services has gone live on its digital proxy voting platform in Belgium, to be followed by France. Additional markets planned to go live before the 2022 proxy seasons include Australia and New Zealand, with others set to follow next year.
Posted: 26/10/2021
Amsterdam-based digital challenger bank bunq has partnered with Currencycloud to deliver a “truly international bank account”.bunq's accounts will now give users the ability to manage, receive and pay funds in different currencies.
Posted: 26/10/2021
E-commerce retailers using Stripe as a payment processing method can now incorporate Klarna’s Buy Now, Pay Later (BNPL) at checkout. According to Klarna, which now has more than 18 million monthly users, the first results of retailers using Stripe show that the integration of its payment method led to an average 27 per cent boost to sales.
Posted: 26/10/2021
A significant number (44 per cent) of ACCA UK accountants and finance professionals say their organisations have no set targets to be net zero compliant by 2050. ACCA questioned 3,000 finance personnel globally ahead of next week's COP26 environmental summit in Glasgow, with 609 respondents from the UK.
Posted: 26/10/2021
Mastercard is partnering Bakkt with the aim of making it easier for merchants, banks and FinTechs in the US to offer cryptocurrency solutions. The partnership with Bakkt, a digital asset platform, comes as Mastercard steps up its range of crypto-as-a-service ecosystem, which enables banks and merchants to integrate digital assets into their product offerings.
Posted: 26/10/2021
Buy Now, Pay Later (BNPL) firm Klarna has acquired online trip planner Inspirock. The travel firm, founded in 2012, said 25 million travellers use it to explore potential destinations and plan their itineraries.
Posted: 25/10/2021
The Financial Conduct Authority (FCA) has finalised the rules for a new type of fund designed to invest efficiently in long-term assets. The UK watchdog will be taking forward proposals for the open-ended investment fund, designed to help support investment in assets like infrastructure and private equity.
Posted: 25/10/2021
Mastercard has announced the launch of a new supply chain finance capability. The offering is part of its Track Business Payment Service, which is designed to increase access to working capital and accelerate automation when businesses pay and get paid.
Posted: 25/10/2021
Pre-tax profits at HSBC increased from $2.3 billion to $5.4 billion in the third quarter of the year.
In its latest financial results, the bank said that the 74 per cent hike in profits was driven by a release of expected credit losses and other credit impairment charges, as well as a higher share of profit from associates.
Posted: 25/10/2021
More than 80 per cent of UK consumers agreed that credit checks on financial history should be carried out before a customer can access Buy Now Pay Later (BNPL) products. A survey of 2,000 UK consumers from BNPL provider Laybuy found that when asked which financial products they identify as a credit product, BNPL was more consistently identified (73 per cent) as a credit product than other more traditional forms of credit such as overdrafts (70 per cent) or mortgages (69 per cent).
Posted: 25/10/2021
Revolut has acquired the team from Wanted, a New York-based talent sourcing marketplace founded by Balazs Alexa, Guillaume Breux, Mario Eguiluz, Jean Meyer and Eva Peris in 2019. The London-headquartered FinTech said that the acquisition will strengthen its product development resources.
Posted: 22/10/2021
The Payment Systems Regulator (PSR) has published a document outlining the next steps for wider implementation of Confirmation of Payee (CoP.) The fraud prevention tool is designed to reduce both accidently misdirected payments and APP fraud in bank transfers by checking the name on the recipient’s account matches the details a payer has given to their bank.
Posted: 22/10/2021
Barclays has reported record year-to-date pre-tax profits, increasing by 64 per cent to £6.9 billion. The more than doubling of profits was largely driven by the strong performance of the bank's investment banking arm.
Posted: 22/10/2021
Goldman Sachs is partnering with American Express to offer cloud-based cash management services. American Express is currently the dominant player in the multi-billion US cash management space, helping 60 per cent of Fortune Global 500 businesses store and transfer cash according to its own statistics.
Posted: 21/10/2021
The Financial Conduct Authority (FCA) has called for duties on internet companies in the Online Safety Bill should be extended to paid-for advertising and user-generated content. The UK financial watchdog asked for the legislative change to “address concerns beyond its remit.”
Posted: 21/10/2021
A second round of guides to help financial institutions manage climate-related risks have been published by the Climate Financial Risk Forum (CFRF.) The guides, which build on those published in June last year, focus on risk management, scenario analysis, disclosure, innovation, and climate data and metrics.
Posted: 21/10/21
HM Treasury has today launched its long-awaited consultation on the regulation of Buy Now, Pay Later (BNPL) payments. In February, the government announced plans to regulate pay later services after the Woolard Review highlighted the potential risk of “consumer detriment.”
Posted: 21/10/2021
Lloyds Banking Group has confirmed the closure of 48 branches across England and Wales. The bank will shut 41 Lloyds Bank branches and seven Halifax branches.
Posted: 21/10/2021
The city of London is the world’s greenest finance hub, according to an index from London-based consultancy Z/Yen Group. Different financial capitals were assessed based on a range of factors including their renewable energy infrastructure, relevant talent pools, the strength of their green finance sector, in addition to government policy and taxation.
Posted: 20/10/2021
Small companies account for roughly 50 per cent of UK business-driven emissions, the same proportion as larger businesses, according to research from the British Business Bank.
Posted: 20/10/2021
International investment bank Credit Suisse has been hit with several large penalties from global regulators, including the UK’s Financial Conduct Authority (FCA), over the issuing of corrupt loans worth $1.3 billion.
Posted: 20/10/2021
Facebook has partnered with Coinbase to help with logistics for Novi, its new digital wallet for cryptocurrencies. The wallet, which is currently being piloted in the US and Guatemala, allows users to send ‘SDP’, a stablecoin tied to the US dollar created by tech firm Paxos.
Posted: 20/10/2021
HSBC has announced the upcoming launch of its new Banking as a Service (BaaS) offering, designed to enable customers to create and provide business banking services through their own platforms.
Posted: 20/10/2021
The Bank of England has today launched its first public supervisory stress test of UK central counterparties (CCPs.) The exercise will take place later this year and will continue into 2022 with the clearing services of all UK CCPs, including ICE Clear Europe Limited, LCH Limited, and LME Clear Limited.
Posted: 19/10/2021
Citi Group has appointed Naveed Anwar as Treasury and Trade Solutions (TTS) Global Head of Digital. Anwar is moving to Citi from Capital One, where he built and oversaw the API, file and data platforms as well as managing the strategic partnerships and integrations organisation for Capital One.
Posted: 19/10/2021
UK online lending firm Zopa has raised $300 million in its latest funding round, giving it a ‘unicorn’ valuation of $1 billion according to sources reported by CNBC. The round was led by Japanese conglomerate SoftBank’s Vision Fund 2, which has also made large investments in Revolut and Klarna this year.
Posted: 19/10/2021
N26 has announced a record-breaking $900 million in Series E funding. The FinTech described the move, which makes the Berlin-based bank the highest valued FinTech in Germany, as the largest financing round to date for a digital bank in Europe.
Posted: 19/10/2021
Barclaycard Payments has extended its partnership with SAP’s Commerce platform to widen payment acceptance capabilities.The payments giant has extended its existing partnership with the business software firm by integrating its Smartpay gateway into SAP’s Upscale Commerce platform.
Posted: 19/10/2021
Reaching net zero will require $5 trillion to be invested every year for 30 years, according to a new Bank of America (BofA) report.The total number, $150 trillion, is three times the total US Covid-19 stimulus bill for this decade, and the yearly investment required is higher than the total US tax intake.
Posted: 18/10/2021
Scam victims in the UK face a hit to their well-being that can be calculated at £9.3 billion every year, new research from Which? has found. According to the consumer company, it conducted a study amid concerns that the full impact of all scams on victims has been “seriously underestimated.”
Posted: 18/10/2021
Buy Now, Pay Later (BNPL) FinTech Klarna has launched a new feature which enables consumers in the UK to pay in full, as well as a number of changes designed to give customers more “clarity and control” over how they pay.
Posted: 18/10/2021
The Global Open Finance Challenge, which brings NatWest together with banks around the world to promote innovation in the global financial ecosystem, launches today as a virtual event.The challenge, an initiative announced by NatWest Group, CIBC, Itaú Unibanco, and National Australia Bank in August, is aimed at building a stronger, more progressive global banking and financial industry.
Posted: 18/10/2021
NatWest is to launch new environmentally-friendly debit and credit cards.They will be made of 86 per cent recycled material, with the move expected to save over 50 tonnes of PVC plastic.
Posted: 15/10/2021
Former Bank of England Governor Mark Carney has emphasised the financial sector's crucial role in the transition to a low carbon and eventually a net zero economy. In the closing keynote of Sibos 2021, Carney also injected a note of cautious optimism on the question of how quickly progress can be made in reducing carbon emissions.
Posted: 15/10/2021
The national roll-out of the new £100 spending limit for contactless card payments begins today. The UK chancellor announced the new limit from £45 this March, in response to wider contactless use among consumers and the pandemic, which saw less use of cash in shops and restaurants, for instance.
Posted: 15/10/2021
Charles Randell is to step down as chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) in Spring 2022. Randell took up the appointment as chair of the FCA and PSR boards in April 2018. The term of his appointment was 5 years.
Posted: 15/10/2021
Representatives from the G7 economies have said that any central bank digital currency (CBDC) must "support and do no harm". The G7 highlighted that though the introduction of CBDCs offers ‘significant benefits’ they also said they raise “considerable public policy and regulatory issues".
Posted: 14/10/2021
Crypto technologies “offer a prospect of radical improvements in financial services”, but could pose financial stability risks in their current form, according to the Bank of England's deputy governor for financial stability. Speaking at Sibos 2021, Sir Jon Cunliffe said: “Although crypto finance operates in novel ways, well-designed standards and regulation could and should enable risks to be managed in the crypto world as they are managed in the world of traditional finance.”
Posted: 14/10/2021
Credit reference agency Credit Kudos has launched Signal, an “explainable” Open Banking credit score to help lenders “serve more customers and reduce defaults”.The scoring system enables lenders to move beyond the limitations of traditional credit data, allowing them to accurately score all applicants, not just those with credit history.
Posted: 14/10/2021
The experience of the past two years has proved the strength and the economic value of banks – and they can retain that role even in the face of unprecedented commercial, technological and environmental disruption during the next decade, according to Societe Generale's CEO. Speaking during an In Conversation session at Sibos 2021, Frederic Oudea, whose 13 years in post make him one of the most experienced CEOs in the sector, outlined key trends that will reshape in the infrastructure of the financial sector during the next few years.
Posted: 14/10/2021
An independent group has launched The Digital Pound Foundation, which will push for the implementation of a digital pound and digital money ecosystem.The forum, which is backed by association members such as Accenture and Ripple, was incorporated on 22 June this year and is chaired by industry veteran Jeremy Wilson, a former vice chairman at Barclays.
Posted: 14/10/2021
The financial sector risks damage to itself and its customers if it doesn't do enough to protect the planet, according to a report from EY, Microsoft and Earth Knowledge. As a core part of global economies, banks, investment firms and insurers have a “great responsibility” to ensure they support activities that are “nature positive” and which protect the air, land, water and animals, says the report.
Posted: 14/10/2021
The Financial Conduct Authority (FCA) has issued new guidance to companies operating a remote or hybrid working model.The guidance acknowledges that many regulated firms have changed the location of their central operations or increased remote working away from them as a result of the pandemic, and that many plan to carry on with a hybrid way of serving their customers.
Posted: 13/10/2021
Standard Chartered and FinTech Atome Financial have struck a $500 million 10-year financial services deal for merchants and consumers across Asia. Atome Financial is a business unit under Advance Intelligence Group, which recently closed a $400 million-plus Series D financing round led by SoftBank Vision Fund 2 and Warburg Pincus, valuing the company at more than $2 billion.
Posted: 13/10/2021
NatWest has pledged £100 billion of climate and sustainable funding and financing by the end of 2025 and has announced plans to launch an SME green loan.The move comes as the banking group released a new report which found that SMEs could create up to 130,000 new jobs, produce around 30,000 new businesses and result in an estimated £160 billion opportunity for the UK economy.
Posted: 13/10/2021
AI technologies could replace or enhance every piece of banking software in use today, according to financial technology veteran and icon Thomas Siebel. The former founder of Siebel Systems, now CEO of AI technology firm C3.ai told delegates at Sibos 2021 that “AI represents an entire replacement market for everything we’ve done in enterprise banking software in the last three decades”.
Posted: 13/10/2021
R3 has acquired the technology and team of the financial asset tokenisation specialist Ivno, boosting its capabilities in the Corda environment and strengthening its digital assets and currency business.Ivno’s smart contract and tokenisation platform is designed for regulated financial services firms. It enables users to rapidly tokenise assets such as gold, cash, collateral and artwork, providing an easier way to increase liquidity and support the speedier and low-cost transfer of assets.
Posted: 12/10/2021
The development of financial services based on private networks has the potential to enable creation of a parallel banking system, completely independent from the official banking system, according to the CEO of the Institutional Clients Group at Citi.In an address to Sibos 2021, Paco Ybarra said the development of crypto-based financial products and services delivered via private networks “could lead to a completely new financial system … a completely new financial architecture with banks not involved."
Posted: 12/10/2021
HSBC has launched a platform that enables clients to access post-trade services and solutions from HSBC and other third party service providers.HSBC MarketSpace,allows clients to choose and connect seamlessly to their preferred service providers, with the ability to select products and services best suited to their needs.
Posted: 12/10/2021
It will take more than new technical standards to enable truly efficient, frictionless cross-border payments, Visa Europe CEO Charlotte Hogg has told delegates at Sibos 2021. Speaking during a panel discussion, Hogg acknowledged progress made in the market during recent years, which she suggested has been driven in part by changing customer expectations of digital services and in part by the changes in online behaviour caused by the pandemic lockdowns.
Posted: 12/10/2021
The financial services industry must improve collaboration with third party suppliers to improve cyber security practices and technology at the build stage, according to speakers at Sibos 2021, which began online yesterday. Tim McNulty, group chief security officer at Barclays said the presence of threats such as the SolarWinds cyber attack made it “obvious” that the sector should “adopt a more collective approach” in sharing security knowledge and expertise with suppliers to improve security and resilience.
Posted: 12/10/2021
Crypto risk management firm Elliptic has raised $60 million in Series C funding to help increase its business with financial markets.The financing round was led by Evolution Equity Partners alongside the SoftBank Vision Fund 2, with existing investors also contributing.
Posted: 11/10/2021
More UK financial institutions are targeting acquisitions and partnerships with FinTech firms to boost their market position, a report from Lloyds Bank has found. According to industry body Tech Nation, UK FinTech firms received $4.6 billion of venture capital investment in 2020, making the UK the top FinTech market in Europe and the second top globally.
Posted: 11/10/2021
As SIBOS 2021 opens today, SWIFT has announced it has joined forces with EBA CLEARING and The Clearing House (TCH) and 11 global banks to design a cross-border payments initiative that aims to be as seamless as the fastest domestic payments options.
The three private-sector, member-owned companies have completed a proof of concept as part of a new initiative, Immediate Cross-Border Payments (IXB), that demonstrates the ability to synchronize settlement in one instant payment system with settlement in the other and convert real-time messages between both systems.
Posted: 11/10/2021
The newly appointed chair of the Open Banking Implementation Entity (OBIE), Charlotte Crosswell has pledged to “acknowledge and learn from past mistakes” after an independent investigation found that leadership failures at the body allowed a “culture of bullying and intimidation to prevail.” Crosswell’s appointment comes after Imran Gulamhuseinwala resigned as OBIE trustee and chair last week following the investigation commissioned by the CMA (Competition and Markets Authority).
Posted: 11/10/2021
Cryptocurrency exchange Binance is considering setting up a headquarters in Ireland, according to sources reported by Reuters. The firm has set up three separate subsidiaries in Ireland this year according to the Irish Independent: Binance (APAC) Holdings, Binance (Services) Holdings, and Binance Technologies.
Posted: 08/10/2021
28 per cent of UK adults do not trust High Street banks, according to research which surveyed 2000 Brits. This number rises to 38 per cent for 25-34 year olds.
Posted: 8/10/2021
JPMorgan Chase has today officially announced the launch of its new digital bank in the UK under the Chase brand. The bank’s opening was first reported in September.
Posted: 8/10/2021
Technological innovation can foster greater efficiency, financial stability, and inclusion, but it can also do the opposite, the head of the BIS Innovation Hub has warned.
Posted: 8/10/2021
Nearly twice as many UK financial services firms consider environmental sustainability and tackling climate change to be a top strategic priority compared to last year, according to a report from Lloyds Banking Group.
Posted: 7/10/2021
NatWest has entered a guilty plea at Westminister Magistrates’ Court to criminal charges brought by the Financial Conduct Authority (FCA) under the Money Laundering Regulations 2007 (MLR 2007.)
Posted: 7/10/2021
Money transfer firm MoneyGram has partnered with the Stellar Development Foundation to enable pay-outs in local currencies for its users using stablecoins. MoneyGram will use US payments firm Circle's USDC stablecoin to settle payments and convert them to user’s local currencies.
Posted: 07/10/2021
Visa is introducing behavioural biometrics and device fingerprinting across its European network of financial institutions, payment service providers, and merchants. The financial services corporation has chosen Callsign as its biometric digital and device intelligence identity provider.
Posted: 7/10/2021
NatWest has acquired children’s banking FinTech RoosterMoney. Launched in 2016, the London-based firm provides an app which aims to help children learn about money in a safe environment.
Posted: 06/10/2021
London-based B2B payments start-up Crezco has raised £3 million in its latest funding round. The company, founded in 2020 by chief executive Ralph Rogge and chief technology officer Igor Pikovsky, provides a free payment API to businesses which uses open banking rails.
Posted: 06/10/2021
FinTech lender Sonovate has surpassed £2 billion in total funding as of September 2021. Sonovate, which offers embedded finance and technology services to businesses that engage contract and freelance workers, said that it provided half of the funding to companies in the past two years.
Posted: 6/10/2021
Tech Nation has announced that 30 companies have been accepted into Fintech 4.0 – the fourth iteration of the organisation’s growth programme for FinTech entrepreneurs to scale their start-ups.
Posted: 6/10/2021
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published preliminary guidance for public consultation which suggests stablecoins should observe international standards for payment, clearing, and settlement systems.
Posted: 6/10/2021
NatWest Group has announced the launch of private bank Coutts in Scotland. The wealth manager and private bank will open a network of offices in Edinburgh, Glasgow and Aberdeen, led by Alisdair Dewer, formerly relationship director at Royal Bank of Scotland.
Posted: 06/10/2021
Cloud-based clearing bank ClearBank has announced the launch of a new multi-currency solution aimed at reducing friction for financial institutions and FinTechs who offer cross-border payments and FX capabilities.
Posted: 5/10/2021
Experian has launched a data partnership with Handelsbanken to reduce the number of high-carbon emission cars within their current lending portfolio.By combining data sets from both organisations, including information on CO2 emissions, Experian’s data analytics will provide a deeper understanding of what percentage of vehicles within Handelsbanken’s asset finance portfolio are considered high or low in carbon emissions.
Posted: 05/10/2021
Monzo has decided to withdraw its application for a US banking license according to sources reported by the Financial Times, a year and a half after its initial application.

The move follows discussions with regulators at the US Office of the Comptroller of the Currency according to the sources, which informed Monzo that their application was unlikely to be successful.
Posted: 05/20/2021
Microsoft has announced that its cloud offering for the financial sector will be available from next month.
Posted: 5/10/2021
Starling hired a Vikki Williams as its new customer experience officer. Williams will be responsible for leading operations and improving customer experience at the digital bank.
Posted: 4/10/2021
Financial services were targeted the most among reported cloud ransomware incidents in the second quarter of the year, according to McAfee Enterprise’s latest Advanced Threat Search Report.
Posted: 4/10/2021
A Bank of England (BoE) backed-project set to test the IT resilience of the UK’s financial services (FS) sector has now been opened to FS firms of all sizes, according to sources reported by the Financial Times. The initiative will be run by Bristol-based cybersecurity firm Immersive Labs and will be overseen by the Cross Market Operational Resilience Group according to the sources, an industry body co-chaired by the BoE and industry group UK Finance.
Posted: 04/10/2021
Google has reportedly cancelled the launch of its digital checking account Plex. According to reports in the Wall Street Journal, the tech giant is pulling the plug on Plex in order to focus more on “delivering digital enablement for banks and other financial services providers rather than us serving as the provider of these services".
Posted: 04/10/2021
American Express has launched a new digital expense management tool for businesses. The app is available for UK Business Gold and Platinum cardmembers.
Posted: 1/10/2021
Barclaycard Payments has launched a new Foreign Exchange (FX) solution for corporate customers in collaboration with Barclays Corporate & Investment Bank.
Posted: 1/10/2021
Climate change poses material risk to the insurance sector, according to a new report.The research, from the International Association of Insurance Supervisors (IAIS), is the first global quantitative study of how insurance sector investments are exposed to climate change, with data covering 75 per cent of the global insurance sector.
Posted: 01/10/2021
The Bank of England has joined six other central banks to issue a set of reports on the potential design and implementation of retail central bank digital currency (CBDCs).The new reports build on the work of an initial report published in 2020 outlining key principles, with the latest looking at the policy options and practical implementation issues for CBDCs.
Posted: 01/10/2021
New York-based robotic financial advisor Betterment has hit a $1.3 billion valuation after raising $160 million in its latest funding round. The firm, founded in 2008, provides automated goal-based investing to US consumers as well cash management services.
Posted: 30/09/2021
Vulnerabilities in Apple Pay and Visa could enable hackers to bypass an iPhone’s Apple Pay lock screen and make unauthorised contactless payments, according to new research.
Posted: 30/9/2021
Core banking plartform provider Modularbank has announced it is re-branding to Tuum.The company said that the launch of its new corporate brand identity would better reflect its company values and market offering.
Posted: 30/09/2021
Following its launch earlier this month, JPMorgan’s Chase has announced its partnership with UK-based banking technology business 10x Banking.
Posted: 30/9/2021
HSBC has announced the launch of its new scenario risk tool on Google Cloud. The HSBC Risk Advisory tool aims to help manage credit risk more efficiently across its trading portfolio.
Posted: 30/9/2021
Coinbase customers will now be able to receive their paycheck directly into their Coinbase account, either in cash or cryptocurrencies like bitcoin. The cryptocurrency exchange, currently the world’s largest by trading volume, reported revenues of $1.14 billion for its 2020 financial year.
Posted: 29/09/2021
Amazon Business has partnered with InsurTech Superscript to deliver tailored insurance for micro and small businesses, as well as sole-traders, via the company’s membership scheme. Business Prime is a membership programme designed specifically for businesses available only on Amazon Business in the UK.
Posted: 29/9/2021
The Female Innovators Lab by Barclays and Anthemis is expanding to Britain and the rest of Europe. The Lab is a US-based venture fund and studio which aims to invest in women entrepreneurs across the financial services industry.
Posted: 29/9/2021
Citi has launched an integrated Environmental, Social and Corporate Governance (ESG) and multi-currency notional pooling capability offering in Luxembourg.The banking group said the move will allow clients to harness multi-currency notional pooling, automated ESG investments options and wider liquidity management capabilities, including target balancing, multi-bank target balancing, cross-currency sweeps and virtual accounts to meet their Treasury objectives.
Posted: 29/09/2021
Starling has announced plans to expand across Europe during the first half of next year. Subject to regulatory approval, the UK digital bank hopes to make its Banking as a Service (BaaS) solution available in the European Union, including France, Germany, The Netherlands, and Spain.
Posted: 29/9/2021
Mastercard is launching a Buy Now, Pay Later (BNPL) programme for banks, lenders, FinTechs, and wallets across the UK, US, and Australia. Mastercard Instalments will enable financial services providers to offer BNPL at online and in-store merchants.
Posted: 28/9/2021
Human trafficking is now one of the most pressing concerns for compliance professionals across the world, according to the latest anti-money laundering study from BAE Systems. The research surveyed 452 financial professionals working in risk management and compliance within the banking and insurance sector across the UK, USA, France, Germany, Australia, and Singapore.
Posted: 28/9/2021
Revolut reportedly has plans to launch its own crypto token. According to sources at CoinDesk, the FinTech is working on an exchange token similar to Binance’s BNB, rather than a stablecoin.
Posted: 28/9/2021
Santander has discontinued international money transfer service PagoFX 15 months after its initial launch. The High Street bank said the move was part of efforts to refocus PagoFX’s parent division, PagoNxt, on business-to-business payments.
Posted: 28/09/2021
Payments company Worldline has announced the launch of a new account-to-account payment offering which will allow online businesses to launch their own custom-branded payment method.
Posted: 27/9/2021
Global real-time payments company ACI Worldwide has announced that the patent for its incremental learning technology – which it describes as an “industry-first” approach to machine learning – has received full approval.
Posted: 27/9/2021
Twitter is expanding its tipping feature to everyone and including more payment options – including cryptocurrencies. The social media platform said that people already drop links to their payment profiles in their bios and Tweets and that ‘Tips’ makes this easier to do.
Posted: 27/9/2021
The People’s Bank of China (PBOC) has announced all activities related to non-government digital assets are illegal, in a further crack down on cryptocurrencies. The news comes after the nation first banned domestic financial institutions from providing or facilitating cryptocurrency transactions in May this year, though Chinese nationals could still buy from foreign exchanges.
Posted: 27/09/2021
Singapore-based DeFi-as-a-Service (Daas) platform Cobo has raised $40 million in a Series B funding round. Decentralised finance (DeFi) is a blockchain-based form of finance that does not rely on traditional intermediaries such as brokerages, exchanges, or banks, and instead utilises smart contracts on blockchains, the most common being cryptocurrency Ethereum.
Posted: 24/09/2021
Mastercard has announced the launch of Strive UK, an initiative which aims to help 650,000 micro and small companies “thrive” in the digital economy by giving access to free guidance, tools, and one-to-one mentoring over the next three-years.
Posted: 24/9/2021
Lloyds Bank, Halifax, and Bank of Scotland customers will take control of their own contactless card limits next month. The move comes as the contactless limit for card transactions rises from £45 to £100 on 15 October.
Posted: 24/9/2021
PayPal has announced the launch of its new personalised app. New features and services include the UK-based PayPal Generosity Network – a platform where users can create, share, and promote fundraisers – and two-way messaging for peer-to-peer transactions.
Posted: 23/9/2021
The European Central Bank (ECB) has warned that euro area banks could be significantly impacted under a scenario where climate change is not addressed. This comes as the bank publishes the results of its climate stress test, which reveals that financial institutions “clearly benefit" from adopting green policies early on to foster the transition to a net-zero carbon economy.
Posted: 23/9/2021
JP Morgan Chase, the retail banking unit of the US banking giant, is set to transfer its core banking system to a cloud-native solution from UK FinTech Thought Machine. The London-based FinTech was founded in 2014 by former Google engineer Paul Taylor, who headed up the BigTech’s thought-to-speech division, and now has offices in New York and Singapore.
Posted: 23/09/2021
Barclays has announced that Antony Stephen, the current head of Amazon Payments Europe, will become the new chief executive for its partner finance business. Barclays Partner Finance (BPF) works with retailers, offering point-of-sale finance and Buy Now, Pay Later (BNPL) lending.
Posted: 23/9/2021
The 22nd annual FStech Awards are now open for entries, with a deadline of 19 November 2021 to get your company in the running.The black tie gala ceremony will take place on 17th March 2022 at the London Marriott Hotel Grosvenor Square, and will honour the brightest and best of the industry.
Posted: 22/09/2021
The global transaction value of digital bill payment and presentment will exceed $2 trillion by the end of this year, according to a new study. This has increased from $1.9 trillion from 2020.
Posted: 22/9/2021
The level of e-waste generated by bitcoin mining is comparable to the small IT equipment waste produced by a country like the Netherlands, according to new research. As of May 2021, bitcoin’s annual e-waste production adds up to 30,700 tonnes.
Posted: 22/9/2021
Customers who report a better than expected compliance onboarding experience are much more likely to remain loyal, according to research from RegTech firm PassFort. The research surveyed a sample of 500 UK financial services consumers between July and August 2021 who had acquired a new financial product in the past year, from a mix of high street banks, challenger banks, mobile and digital banks, and building societies.
Posted: 22/09/2021
Debit and credit card transactions made up more than four in every five pounds spent in 2021, according to the British Retail Consortium’s (BRC) latest annual Payments Survey. This represents 81 per cent of transactions, up from 78 per cent in 2019.
Posted: 22/9/2021
UK Finance has called for government-coordinated action as it reports a 30 per cent increase in fraud losses during the first half of the year. In total, from January to June, £753.9 million was stolen through fraud.
Posted: 22/9/2021
Six organisations have called on the Basel Committee to rethink its proposed punitive measures for cryptocurrencies.
Posted: 22/9/2021
Open Banking company TrueLayer has closed a $130 million fundraising round. The investment boosts the business’ valuation to more than $1 billion.
Posted: 21/9/2021
Consumer trading app Robinhood is testing new features which will enable users to deposit and withdraw cryptocurrencies, according to sources reported by Bloomberg. Users will be able to sign up to a waiting list to access the new features according to the sources.
Robinhood users can currently trade and buy cryptocurrencies such as Bitcoin or Ethereum on the app, but these cannot be used for withdrawals or deposits.
Posted: 21/09/2021
New research has found that over one in three financial executives expect their institutions to take more than a decade to complete their Open Banking objectives. According to a study from European Open Banking platform Tink, which surveyed 308 executives across 12 countries, a further 40 per cent predict it will take around five to 10 years to finalise their Open Banking plans.
Posted: 21/9/2021
Global technology company Wise, formerly TransferWise, has introduced a new multi-currency investment feature for UK customers.
Posted: 21/9/2021
US authorities are investigating Binance for insider trading and market manipulation, according to sources reported by Bloomberg. The investigation involves the Commodity Futures Trading Commission (CFTC), which is reportedly reaching out to witnesses.
Posted: 20/09/2021
The majority of UK consumers have used credit cards to ‘make ends meet’ during the pandemic, according to new research from card issuing platform Marqeta. The study, which surveyed 1,000 Brits, showed that nearly three-in-five – 59 per cent – have relied on credit during the coronavirus crisis.
Posted: 20/9/2021
London-based FinTech Revolut has announced that it is paying for a new US office in cryptocurrency. As part its wider US expansion, the company is opening a new site for 300 employees in Dallas, all paid for in Bitcoin.
Posted: 20/9/2021
The Dedicated Card and Payment Crime Unit (DCPCU) has prevented £85 million being stolen by fraudsters in the first half of the year. The specialist police unit is funded by the banking and finance industry and is made up of officers from the City of London Police, Metropolitan Police Service, and employees at financial trade association UK Finance.
Posted: 20/9/2021
Curve app customers are being allowed to go back in time and convert past payments from up to a year ago into instalment loans. After receiving FCA approval earlier this month, Curve has launched Curve Flex to “simplify and unify credit”, it says.
Posted: 17/09/2021
Curve app customers are being allowed to go back in time and convert past payments from up to a year ago into instalment loans. After receiving FCA approval earlier this month, Curve has launched Curve Flex to “simplify and unify credit”, it says.
Posted: 17/09/2021
Financial services industry and media businesses are bearing the brunt of increased automated bot network attacks, according to research.LexisNexis Risk Solutions research covering the first half of 2021, reveals that bot attack volumes grew 41 per cent year-over-year, with human-initiated attacks falling 29 per cent.
Posted: 17/09/2021
African payments firm Flutterwave is partnering with Currencycloud to accelerate the launch of its payment network in Europe and the US.Currencycloud will allow Flutterwave merchants quick access to send and receive money transfers at a “significant scale”, said the partners, including allowing merchants to receive payments through channels other than debit cards.
Posted: 17/09/2021
JPMorgan is gearing up to launch Chase, its digital banking operation in the UK next week, according to reports.Chase, a venture which has been in the pipeline for months, is the first overseas retail bank from JPMorgan, and will pit the US investment giant against the UK’s High Street banks and digital banking challengers such as Revolut, Monzo and Starling.
Posted: 17/09/2021
Wells Fargo is set to adopt a multi-cloud strategy and partner with Google and Microsoft for public cloud services. The Wall Street firm said it will combine third-party data centres with cloud services from Microsoft Azure and Amazon AWS, as part of wider digital transformation plans.
Posted: 17/09/2021
Financial services app Revolut is partnering with Watershed to step up its global sustainability efforts around carbon emissions. After confirming its carbon footprint data using Watershed's reporting systems, Revolut’s goal is to develop a programme to manage its emissions “down to the minimum achievable”, in line with the Paris Agreement targets.
Posted: 16/09/2021
Almost two-thirds (61 per cent) of UK children now manage their pocket money with an app, according to research. Personal finance site finder.com commissioned research among 1,000 children aged between ten and 15 to gauge finance app take-up amongst kids.
Posted: 16/09/2021
Fewer FinTechs were founded in the UK in the last two years than in 2015 to 2018, according to new research from Claurus Investments. Claurus surveyed over 1100 FinTech companies founded in the UK since 2009 that had received at least one funding round by 2020.
Posted: 16/09/2021
Open Banking infrastructure provider Yapily has directly expanded into France, opening an office and appointing a French team.Yapily said its goal is to generate more business among French banks and the country’s flourishing FinTech sector with its platform.
Posted: 16/09/2021
Open Banking platform TrueLayer has launched Payouts, an instant payments solution to tackle the issues of slow withdrawals and refunds. TrueLayer said the feature has been designed to cut down the amount of time needed to issue payments, which currently take up to five days with card or Bacs, a delay which can be exacerbated by the need to verify new user’s payment details and identity before issuing a payout, stopping customers mid-flow and making the process even slower.
Posted: 16/09/2021
Goldman Sachs is set to buy US-based speciality lender GreenSky for $2.2 billion. GreenSky was founded in Atlanta, Georgia in 2006, listed publicly in 2018, and provides consumer loans to around 4 million customers.
Posted: 16/09/2021
IBM has struck a new agreement with Caixabank as part of the technology giant’s plans to launch its first IBM Cloud Multizone Region (MZR) in Spain. The decision to onboard IBM’s MZR comes as Caixabank looks to boost its digital capabilities, and follows a 50 year technology partnership with IBM.
Posted: 16/09/2021
To ease customer bill payments, BNY Mellon and Citi have collaborated with telecoms firm Verizon to send request-for-payment messages to consumers who bank with Citi. When using BNY Mellon's new Real-Time E-Bills and Payments functionality, Verizon customers with Citibank accounts can pay their bills immediately at any time, enjoying greater control over their finances and helping to avoid overdraft fees.
Posted: 15/09/2021
UK trading app start-up Lightyear has raised an additional $8.5 million of funding and has begun onboarding customers to its app. The firm - founded by ex-Wise executives Martin Sokk and Mihkel Aamer – offers customer multi-currency accounts with access to global markets.
Posted: 15/09/2021
BigTech companies including Google, Facebook, Amazon and Microsoft, have pledged to support Take Five to Stop Fraud, UK Finance’s anti-fraud campaign.Other companies to join the campaign include social media firms Instagram, Twitter and TikTok.
Posted: 15/09/2021
The FCA has set out a new strategy aimed at tackling investment harm and cracking down on rising levels of scams. The regulator said the consumer investments market accounts for £1.6 trillion held or invested by consumers through the services of over 6,000 wealth managers, advisors and investment platforms.
Posted: 15/09/2021
It's back to the 90s at BBVA, which has adopted hot-desking as its return-to-office model. This month, the bank adopted a 60-40 office/remote working model for its staff, and when they plan to be in the office they have to book a modified desk space.
Posted: 14/09/2021
PassFort, the SaaS RegTech provider, has raised $16.2 million in Series A funding. The London-headquartered firm's platform automates financial crime and compliance processes, and the new cash will be used to drive the company's global growth plans among regulated businesses.
Posted: 14/09/2021
Over 40 per cent of UK adults would make use of Open Banking to apply for credit if it improved their chances of getting an offer, gave them access to better rates or made the application “faster and hassle free”. Digital bank Zopa commissioned research among 2,000 UK adults, and found that despite the above, 80 per cent of consumers have never knowingly used Open Banking.
Posted: 14/09/2021
Almost two-thirds of Brits would now rather pay for things through their phone or smartwatch rather than their physical card – double the figure last year – according to research.Samsung Pay commissioned research among 2,000 UK adults last month and found that mobile wallet payments were clearly taking off.
Posted: 14/09/2021
BigTech providers of cloud services to UK banks may now have to undergo resilience testing to ensure they meet minimum standards according to a senior Bank of England (BOE) official. Victoria Saporta, executive director for prudential supervision at the BoE, called maintaining the continuity of the cloud services banks rely on "a big topic both within the UK and internationally".
Posted: 14/09/2021
Chinese regulators are reportedly considering a break up of Ant Group's Alipay operation.
According to a report in the Financial Times, regulators want to separate Ant Group's Alipay payments app function – which has over 1 billion users – from its lending operation.
Posted: 13/09/2021
Binance US has appointed former Ant Group and Uber executive Brian Shroder to the role of president. Shroder replaces Brian Brooks who resigned in August after just four months in the role, citing “differences over strategic direction”.
Posted: 13/09/2021
Ex-Ripple executives have unveiled a global retail micropayments network for Web 3.0, described as the next development of the internet.The pingNpay network aims to connect developers and smart contracts with high frequency, low value payments (below $20 per transaction) to “unlock new digital services for consumers”.
Posted: 13/09/2021
UK Finance has joined warnings over impersonation scams after cases of fraudulent calls, text and emails more than doubled in the first half of 2021.New figures from the industry body showed that the number of impersonation scam cases hit 33, 115 in the first 6 months of the year, resulting in criminals stealing £129.4 million through this type of fraud alone over this time.
Posted: 13/09/2021
Monzo is set to enter the Buy Now, Pay Later (BNPL) market, according to sources reported by the Evening Standard. The official announcement could potentially come within the next week according to the sources.
Posted: 13/09/2021
After twelve years in the position, Samir Desai is to step down as chief executive of peer-to-peer lending marketplace Funding Circle. Lisa Jacobs, who is currently managing director of the company, will take over from 1 January 2022. She first joined Funding Circle as chief strategy officer in 2012.
Posted: 10/9/2021
UK Buy Now, Pay Later (BNPL) firm DivideBuy has secured a £300 million investment to accelerate its growth. 500 retailers, including Cloud Nine and Simba Sleep, are already using the company’s technology.
Posted: 10/9/2021
PayPal is introducing an additional service fee for international business transactions between the UK and Europe. From 10 November, businesses operating in the UK and the European Economic Area (EEA) will be charged a 1.29 per cent fee for payments issued between the two regions.
Posted: 10/9/2021
Mastercard has agreed to buy blockchain anti-money laundering (AML) start-up CipherTrace for an undisclosed amount. The California-based start-up, founded in 2015, provides tools to help businesses and regulators spot illegal cryptocurrency transactions.
Posted: 10/09/2021
UK drivers considering a switch to electric vehicles (EVs) can find out how much they could save and the car model best suited to them with a new app developed by EV8 Technologies and backed by NatWest Group.
Posted: 9/9/2021
VibePay has announced it is the “first” company in Europe to offer account-to-account voice activated payments in Europe. Customers of the Open Banking payments provider can now pay or request payment from others with their voice directly via Siri from one UK bank account to another.
Posted: 9/9/2021
The FCA has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are no longer being used by financial services firms. Incorrect or outdated permissions on the Financial Services (FS) Register can mislead consumers about the level of protection offered by a firm or give credibility to a firm’s unregulated activities.
Posted: 09/09/2021
Société Générale Factoring, the bank’s subsidiary dedicated to factoring, has announced the launch of its client-facing web portal. The investment bank has aligned a new API framework from secured-lending platform vendor Lendscape with its “open factoring” scheme.
Posted: 9/9/2021
HSBC, Société Générale, Deutsche Bank and a host of FinTechs were among those to scoop up awards at last night’s FStech awards ceremony. Now in its 21st year, the awards, which celebrate the brightest and best of the financial services technology sector, were celebrated with a glitzy gala dinner at the Marriott in London’s Grosvenor Square.
Posted: 09/09/2021
Car insurance InsurTech Marshmallow has hit a valuation of $1.25 billion after raising $83 million in a Series B funding round. Marshmallow claim they are the second black-founded FinTech in the UK to reach “unicorn” status with a valuation of over $1 billion.
Posted: 9/9/2021
On the first official day that Bitcoin became legal tender in El Salvador, the value of the cryptocurrency dropped as protests and technical glitches were sparked by the launch of the digital asset.
Posted: 8/9/2021
Digital wallets will make up £11 billion worth of online spending by 2026, as new payment methods see surge in popularity post-pandemic, according to new research.
Posted: 8/9/2021
MNT-Halan has raised more than $120 million in funding from global and regional investors. The Egypt-based FinTech said it would spend the money on driving further innovation in its technology, product development, scaling to tens of millions of customers, and expanding to cross-border.
Posted: 8/9/2021
Branch staff at banks, building societies, and Post Offices worked with the police to stop £32 million worth of fraud through the Banking Protocol rapid scam response in the first half of the year.
Posted: 8/9/2021
Yolt is to close its consumer-facing money management app to focus on the growth of its Open Banking technology platform, Yolt Technology Services (YTS). Dutch banking giant ING launched Yolt in the UK in 2017 as one of the first widely Open Banking apps aimed at “helping users to actively manage their personal finances with a one-stop overview of their accounts with the majority of UK banks and other features.”
Posted: 08/09/2021
Mergers and acquisitions of UK firms by foreign companies were worth £27.7 billion between April and June this year, reaching the highest point since the end of 2018, according to new figures from the Office for National Statistics (ONS). The data showed that the value of M&A activity by foreign companies more than doubled compared to £8.3 billion in the first quarter as the economy begins its post-pandemic recovery.
Posted: 08/09/2021
Experian has partnered with FinTech Open Banking Reporting to support lenders in providing business services to lenders and SMEs during the post-pandemic recovery. OBR’s OpenRep solution leverages advanced analytics and robotic automation to connect the SME’s accounting software and banking transactions with commercial credit and macro-economic data to deliver real time monitoring, proactive alerts, and actionable insights to both the lender and the SME.
Posted: 08/09/2021
Revolut has revealed plans to offer Buy Now, Pay Later (BNPL) services to its 16 million customers. The financial technology business, which is currently worth $33 billion, is the latest in a long list of companies joining the fast-growing market.
Posted: 8/9/2021
El Salvador has adopted Bitcoin as legal tender, making it the first country in the world to do so. Businesses will be legally obligated to accept the currency for all goods and services, and it will also be used for taxes.
Posted: 07/09/2021
Mastercard has entered an agreement to buy European Open Banking business Aiia. Aiia’s platform enables companies and financial institutions to integrate financial data and account-to-account payments into their services for millions of European citizens.
Posted: 7/9/2021
Payments platform Paysafe has announced the launch of its new e-commerce affiliate marketplace. The company said that global e-commerce merchants can now utilise the affiliate marketing channel to boost customer acquisition and create new revenue-driving relationships.
Posted: 7/9/2021
While 20 of Europe’s 25 largest banks have committed to net-zero emissions by 250, none of them have matched these long-term pledges with comprehensive plans to avert climate change, new research has found.
Posted: 7/9/2021
CUBE has partnered with Sionic to help accelerate regulatory compliance. The RegTech company aims to combine its AI-powered regulatory data inventory with the consulting firm’s expertise in global financial compliance.
Posted: 6/9/2021
Leading banks in Europe are storing €20 billion, or 14 per cent of their total profits, in tax havens each year. According to a new report from the EU Tax Observatory, the percentage of profits has remained the same since 2014, despite the introduction of mandatory information disclosure.
Posted: 6/9/2021
Confirmation of Payee (CoP) firm Surepay has raised €12.2 million in its latest funding round.
The Utrecht-based start-up, founded in 2016, provides an account checking service to financial institutions. SurePay claims to work with over 150 companies and banks in the Netherlands and mainland Europe, and in February 2020 said it was set to expand into Britain.
Posted: 06/09/2021
The UK financial watchdog has warned that social media influencers are regularly paid by scammers to advertise speculative crypto coins, some of which do not even exist. At the Cambridge International Symposium on Economic Crime, Financial Conduct Authority (FCA) chairman Charles Randell reiterated concerns about fraudulent content on social media.
Posted: 6/9/2021
Almost half (48 per cent) of consumers have some level of confusion about Open Banking, while just 14 per cent of consumers claim to ‘completely understand’ it, according to new research. The studies of 1,002 UK consumers and 500 business leaders conducted by ECOMMPAY and Censuswide also found that one in ten business leaders still don’t understand how Open Banking could help their business.
Posted: 6/09/2021
BBVA’s Swiss subsidiary, which specialises in private banking, is launching a digital investment account that focuses on tech-driven clients. The new account will be accessible only through an initial deposit of $10,000.
Posted: 3/9/2021
Funding Circle, the platform for small business loans, has launched a new Buy Now, Pay Later (BNPL) service. FlexiPay, which enables SMEs to spread UK invoices and supplier payments over three months, is the first payment product offered by the company.
Posted: 3/9/2021
The British public are sitting on £50 million worth of loose change, according to figures from UK Finance. The trade association, which represents 300 companies across the UK financial services industry, has urged people to donate spare change to charity.
Posted: 3/9/2021
One in eight – 12 per cent – of consumers between 18 and 34 have been chased by debt collectors after using Buy Now, Pay Later (BNPL) services. This number falls to one in ten – 10 per cent – for the general consumer population according to research by Citizens Advice.
Posted: 03/09/2021
SWIFT has today announced the appointment of John Hunter as the new chief executive of the UK and Americas region. Hunter was most recently managing director at JPMorgan Chase, leading its global clearing business.
Posted: 2/9/2021
The Bank of England has appointed Huw Pill as the new chief economist and executive director for monetary analysis. Pill, who joins the bank from Harvard Business School, will also become a member of the Monetary Policy Committee.
Posted: 2/9/2021
The chancellor has appointed John Flint as the first permanent chief executive of the UK Infrastructure Bank (UKIB.) Flint will be tasked with leading the UKIB to accelerate investment into “ambitious” infrastructure projects that cut emissions and help “level up” the UK.
Posted: 2/9/2021
The Bank for International Settlements (BIS) Innovation Hub is to test Central Bank Digital Currencies (CBDCs) with the central banks of Australia, Malaysia, Singapore, and South Africa.
Posted: 2/9/2021
Currencycloud has announced the appointment of Mark Ledsham as the firm’s new chief operations officer (COO) and Neil Drennan as its new chief technology officer (CTO.)
Posted: 1/9/2021
UK-based neobank Zopa has launched a broadband comparison and switching service on its app. The new option will be offered alongside the company’s existing energy switching service.
Posted: 1/9/2021
Laybuy has announced the launch of its Buy Now, Pay Later (BNPL) app, which will give UK consumers access to flexible payments across hundreds of brands, including Amazon, eBay, ASOS, and Nike.
Posted: 1/9/2021
A collector paid over $300,000 in cryptocurrency Ethereum for a Non-Fungible Token (NFT) from a fraudster claiming to be UK artist Banksy. An NFT is a unit of data stored on a digital ledger - or a blockchain - that certifies the uniqueness of a digital asset.
Posted: 01/09/2021
The London Stock Exchange Group (LSEG) has announced the launch of a sustainable finance innovation unit in Singapore. The unit, backed by the Monetary Authority of Singapore (MAS), is part of the group’s new LSEG Labs network and will be focussed on creating sustainable finance capabilities to accelerate advanced technology across the country’s FinTech market.
Posted: 1/9/2021
67 per cent of people in the UK would find it easier to view all of their financial information in one place, according to new research.
Posted: 31/8/2021
Embedded finance platform Railsbank has teamed up with personal finance company Status. Money to launch a cashback credit card that automatically invests rewards in cryptocurrency.
Posted: 31/8/2021
Klarna has expanded its Buy Now, Pay Later (BNPL) service to consumers across the US, UK, France, Spain, Italy, and Australia. The Swedish FinTech’s payment option will now be available to all merchants selling internationally via Global-e’s cross-border e-commerce platform.
Posted: 31/8/2021
Sainsbury’s is reportedly in advanced talks to offload its banking division to US-based private equity firm Centerbridge Partners. The move, first reported by Sky News, comes almost a year after the supermarket retailer launched an auction for the banking arm.
Posted: 31/8/2021
PayPal is considering implementing consumer stock trading capabilities, according to sources reported by CNBC. The move comes after the California-based firm hired Rich Hagen to serve as chief executive of unreported new division “Invest at PayPal”.
Posted: 31/08/2021
Investment analytics platform Aumni has raised $50 million in a Series B funding round led by JP Morgan. The Salt Lake City, Utah based firm, which launched its flagship product in 2018, provides data infrastructure for private capital markets.
Posted: 27/08/2021
The new £100 spending limit for contactless card payments will launch on 15 October, UK Finance has announced. The decision to raise the contactless limit from £45 to £100 was made by HM Treasury and the Financial Conduct Authority.
Posted: 27/8/2021
Linktree, the tool that enables users to share multiple website links on social media, has partnered with PayPal to expand its payments service. Launched in March, Commerce Links enables users to take payments directly on their Linktree.
Posted: 27/8/2021
Revolut has revealed plans to file an application for an Australian banking licence. The UK digital banking platform is also reportedly in talks with Australia’s regulator to be allowed to take customer deposits.
Posted: 27/8/2021
Moneybarn, the UK lender of specialist car, van, and motorbike finance, has chosen Credit Kudos as its Open Banking partner. The organisation will use the challenger credit reference agency’s income verification, affordability insights, and report sharing, to help better inform its lending decisions.
Posted: 26/8/2021
Atom Bank has reported an underlying operating loss of £36 million in the year ended March 2021, down from £46 million in the previous year. The UK digital bank also recorded a statutory loss before tax of £62 million, down from £66 million in 2020.
Posted: 26/8/2021
Klarna has reported record losses in the first half of the year, as the company continues its international expansion. In its interim report for January to June 2021, the Buy Now, Pay Later (BNPL) giant revealed an operating loss of £147 million.
Posted: 26/8/2021
The Financial Conduct Authority (FCA) has said it is “not capable” of supervising cryptocurrency firm Binance. The watchdog said that the firm failed to provide adequate information on its business operations, corporate structure, and how retail consumers used its products.
Posted: 26/08/2021
Bank of America has revealed it has patented 227 solutions during the first half of 2021. The number, which includes artificial intelligence (AI), machine learning (ML), information security, data analytics, and mobile banking and payments solutions, represents a 23 per cent year-on-year rise for the bank.
Posted: 25/08/2021
Engagement banking tech provider Backbase has won a contract with eToro to improve its digital onboarding and back-end compliance infrastructure.
Posted: 25/8/2021
SME lender Bank North, previously B-North, has been granted a banking licence. Bank North will open the doors to its first 'lending pod' in Manchester later in the year, before it rolls out across the UK.
Posted: 25/8/2021
New research from Experian has found that bank account fraud has reached its highest level for more than three years. The credit reporting company said that its analysis of data from the National Fraud Prevention Service uncovered an “alarming surge” in fraudulent activity.
Posted: 25/8/2021
NatWest Group has launched a new app called ‘Housemate’ which allows house sharers to split bills. The bank said the platform could also help them build their history with credit reporting company Experian.
Posted: 24/8/2021
Brokerage infrastructure provider DriveWealth has raised $450 million in a Series D funding round at a valuation of $2.85 billion. The firm, founded in 2012, partners with financial technology companies to create trading platforms that would compete with those provided by eToro or Robinhood.
Posted: 24/08/2021
Selecta Group has chosen payments provider and FinTech company Fiserv to roll out cashless payments across Europe. Selecta is a Swiss self-service retailer offering coffee and convenience food solutions for the workplace and public spaces.
Posted: 24/8/2021
Visa has purchased an NFT (non- fungible token), dubbed a “CryptoPunk,” for $150,000 in cryptocurrency Ethereum. An NFT is a unit of data stored on a digital ledger – or a blockchain - that certifies the uniqueness of a digital asset.
Posted: 24/08/2021
IBM is set to launch a new chip, named Telum, which it said includes ‘AI inferencing acceleration’ that could help stop fraud. The tech giant said that complex fraud detection often cannot be completed in real-time due to latency.
Posted: 23/08/2021
Almost 50 per cent of transactions will be contactless by the end of next year, according to new research. A study commissioned by VoucherCodes.co.uk and carried out by the Centre for Retail Research, found that the use of contactless transactions will make up 47 per cent of all UK payments between 2021-2022.
Posted: 23/8/2021
New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

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.