UK Fintech News Roundup: The Latest Stories 08/03
Every Wednesday we delve into the latest fintech updates from across the UK. This week brings updates from SmartSave Bank, Nationwide, OCR Labs Global, Allica Bank and more.
Allica Bank implements “Confirmation of payee”
Fintech in the UK Allica Bank has implemented a solution from a Confirmation of Payee (CoP) provider SurePay to protect consumers against fraud and misdirected online payments
The CoP aims to stop consumers from sending payments to the wrong account through fraud or human error. Allica bank has implemented the solution, which verifies the recipient’s name and account details before payments, to become a leader in the CoP field among challenger banks.
David-Jan JanseCEO of SurePay, said: “We are extremely proud that Allica Bank has chosen our payee verification solution. This is a strong endorsement of the innovative technology and superior service that SurePay offers. We look forward to working closely with Allica Bank to provide its customers with the highest level of protection against payment fraud.”
Fintech leaders to discuss the industry with Parliament
Key figures from the fintech industry will address Parliament on March 20 to discuss the future of the industry with MPs. The event, The future of Fintechwas organized by the “think tank” Parliament Street and led by the former Minister of Industry Dean Russell MP.
The panel includes Fraser Stewartfounder of platform for life planning Lifeguard; Khalid Talukderco-founder of the FX company DKK Partners; Jay Patelhead of product management at regtech specialist Encompass Corporationas well as other fintech leaders.
Fraser Stewart said: “The fintech industry is set to play a critical role in enabling businesses, banks and also consumers to access the data they need for decision-making. It’s exciting to be part of a debate that brings together many suppliers and specialists to discuss the future of our industry.”
SmartSave reaches £1 billion
SmartSave Bankthe subsidiary savings brand of UK digital bank Chetwood Financialreached a new milestone – having received more than £1 billion in deposits.
The bank offers fixed-term, fixed-interest savings accounts, all of which are protected by Compensation Scheme for financial services. Customers can deposit between £10,000 and £85,000 to start earning interest as soon as the money is transferred to their savings account.
Andy MielczarekCEO and founder of SmartSave, said: “In the midst of the cost of living crisis, people have been looking for ways to make their money work harder. In many cases, this has meant searching for savings products with the best prices. We are proud that SmartSave has established itself as the market leader in that regard.”
Nationwide becomes cloud-native
Nationwide Construction Association have chosen Accenture and Form 3 to transform its digital payment infrastructure.
It plans to adopt a cloud-based platform to improve customer experience with safer and faster transactions.
Nationwide took the move in response to the continued growth of digital payments and to adapt operations to meet regulatory changes such as ISO 20022.
Otto Benz, payments director at Nationwide Building Society, said: “We have seen massive growth in cashless payments in the UK, with Nationwide processing around 450 million retail transactions each year. We needed a solution that would evolve with our business, facilitate an increasing payment volume, as well as meet the expectations of our customers. This project, in collaboration with Form3 and Accenture, is a big step in simplifying and strengthening our payment processing.”
Only Asset Finance works with Lendscape
In several partnership news, business lending provider Simply Asset Finance have chosen Landscape to support its business growth, geographic expansion and further improve the customer experience.
Lendscape Asset Finance, its new contract management system, is designed to manage all leases and loans on a single, easy-to-use platform. Simply Asset Finance plans to use the system to support its own ambitions.
Ylva OertengrenCEO of Simply Asset Finance, said: “Our goal is to build a scalable, high-quality platform through collaboration with the best and most forward-thinking technology providers. Lendscape is a perfect fit for our model, and the new contract management solution will provide us with the foundation for the next phase of our strategic building, as well as supporting our future growth plans.”
OCR Labs Global achieves DIATF certification
Digital ID verification company OCR Labs Global has received official certification from Great Britain Digital Identity & Attributes Trust Framework (DIATF).
Achieving the certification enables OCR to accelerate digital right to work for employers, employment agencies and human resources (HR) companies, as well as digital right to hire and DBS checks for letting agencies and large landlords.
Terry Brennerhead of legal, risk and compliance for OCR Labs Global, commented: “We can now fully support Right to Work and DBS identity services and offer fast digital services to all employers in the UK, as well as market leading employment agencies such as Reed Screening. UK has a diverse population and all residents must be able to obtain and use digital IDs safely and securely.
“Our Zero Bias AI technology removes barriers that lead to exclusion, so that everyone has access to digital ID systems in society, such as recruitment and the right to work, the right to rent.”
