Six ways financial services will adapt to BigTech in the UK market
BigTech companies excel at giving customers what they want.
Europe
British Business Bank extends CBILS deadline
Firms have two months to consider the cases, making the final approval on 30 November.
Bankia becomes Avaloq’s first Spanish banking client
The Spanish firm has picked an on-premises deployment of Avaloq tech.
Former UK chancellor Sajid Javid returns to JP Morgan
His role at the bank will be “strictly ring-fenced” from his political position.
FXPress agrees acquisition of Avila House
The deal enables FXPress customers access to multi-currency IBAN accounts.
Samsung launches Curve-powered payments service
Samsung Pay Card allows users to pay with their hardware across multiple accounts.
Form3 gains investment from major UK banks
Payments firm raises $33 million and welcomes Lloyds and Nationwide as shareholders.
European Commission approves Mastercard’s €2.85bn Nets deal
Third party firm to receive an exclusive licence for Nets tech to lower anticompetition fears.
N26 loses chief product officer Georgina Smallwood
Smallwood departs N26 to join a Berlin scooter firm.
Landlords’ banking platform Hammock raises €1.1m in seed funding
The system claims to save landlords “significant time”.
Making the most of business data and this summer’s mix-tape
Businesses that make the leap from operational to analytical are ones that understand the value of data.
EU warns City of longer wait for market access post-Brexit
The delay is because of the bloc’s own regulations which are also in flux.
BaFin employees increasingly traded Wirecard shares
2.4% of all reported private financial transactions by its staff were transactions with Wirecard in H1.
EBA looks into adoption of regtech across EU
The banking questionnaire covers initiatives that could support the uptake of regtech solutions.
Bank of Lithuania calls for parity in EU digitalisation
Lithuanian central bank wants a more unified approach to innovation in the EU.
Commerzbank closes 200 branches
Commerzbank’s group profit fell by a fifth to €220 million in the second quarter.
What every employer needs to know about employees returning to the workplace
Advice on the measures employers should take when re-opening their workplace amid COVID-19.
Mastercard signs debit card deal with First Direct
First Direct becomes fourth UK bank to offer Mastercard debit cards.
Nationwide Building Society deploys Mortgage Brain’s Lendex
The system allows advisors to submit a mortgage application through the back office.
NatWest creates new COO role for its personal bank division
The appointment comes as the bank makes around 550 employees redundant.
Bond issuance is ballooning
But the process of issuing bonds is unbelievably slow and largely manual.
Mortgage fintech Habito lands £35m Series C, becomes B Corp
The round attracted new investors Augmentum Fintech, SBI Group and mojo.capital.
UK challenger bank Chetwood quietly lands another £10m
“If it wasn’t for COVID-19, we’d be well on our way to turning a profit.”
Payments fintech Vitesse raises £6.6m in Series A funding
Vitesse brings total raised to £7.3 million with fresh injection.
OakNorth’s UK bank has approved £600m in loans since March
Some £220 million of the £600 million came from government schemes.
ABN Amro to slash size of investment bank after losses
A €703 million impairment charge is behind the bank’s losses.
Holvi becomes next UK casualty, exits just six months after launch
The Finnish start-up says its departure is down to both COVID-19 and Brexit.
Oracle wins Flexcube deal in Germany
Paymentworld and Heartland Bank pick up Oracle’s flagship system.
N26 founders get injunction against employees’ works council
A German union is still trying to push on with the meetings.
UK pensions firm Options teams with US Halal fintech Wahed Invest
Options UK thinks there is a noticeable gap in the Islamic pension market.
Metro Bank goes live on Sensibill after successful pilot
The launch is part of a wider technology drive on the bank’s mobile app.
VTB and Rostelecom to develop “first” universal geoplatform in Russia
The geoplatform is already available in 50 major cities in Russia.
Revolut’s losses treble to £104.7m after year of rapid growth
Revolut’s revenue was up to £162.7 million in 2019.
Women need to be empowered not preferred, says Modularbank CEO
“They looked at me, as if to say: ‘what is this girl doing here?'” says Vene.
Standard Chartered signs multi-year cloud deal with Microsoft
The bank is shifting a series of systems to the cloud by 2025.
Streamlining manual processes amid COVID-19
Find out how to digitise manual documentation processes with Foxit Software.
Containers and PCI DSS: 10 requirements financial services must follow
These requirements can present a challenge to financial services now leveraging containers.
Swansea Building Society deploys Mutual Vision’s Online Banking
Welsh firm brings Mutual Vision’s client base up to 23 in the UK.
UK fintech VibePay launches business accounts
The fintech – which launched last October – has also integrated with a host of new banks.
Banks with IT-savvy board are hit less by cyberattacks and downtime
IT outsourcing expenditure increased by 10% in 2018 compared to 2017.
