Retail technology

Retail Technology Innovation Hub goes live

2c7169a2-d13a-49ce-bd34-96a1f41f49f4

I’m proud to announce the launch of a retail technology news and information website, Retail Technology Innovation Hub.

I set this up as I believe there is a gap in the market for a source of independent retail technology news, analysis and research, written by people with a genuine passion for this fast moving sector. The site will go beyond the press releases and marketing hype, talk to retailers, tech suppliers, trade associations, analysts and consultants and tackle all the industry topics that matter.

For the past few months, the team at Retail Technology Innovation Hub have been quietly working on the website, adding content, getting feedback from a select group of users and growing our unique monthly visitors and social media presence. We’re now ready to officially launch.

Retail Technology Innovation Hub will cover multi-channel retail technology news from around the world. We will also publish a wide range of features, Q&As, opinion pieces, white papers and case studies.

Check it out here.

 

Banking technology · FinTech · Mobile payments · Open Banking PSD2 · Payments

The FinTech news/views that caught my eye this week

Shameless plug time. By me. Open Banking/PSD2: the impact on CFOs

1*rHm8UqCbW7bzVYle7H2JqQ

The infamous Brexit Bus is now being used to promote a FinTech startup

Glance appoints Spiros Margaris to advisory board

Russian prosecutor’s office summons Burger King for issuing cryptocurrency

HSBC to launch Beta app to allow customers to see accounts from other banks on one screen

Consortium of Japanese banks to launch new digital currency

Koho closes $8 million investment from Portag3 Ventures 

Sainsbury’s trials checkout-free shopping through smartphone app

Tesco launches Pay+ with new Clubcard offer

New UK payment system operator names Paul Horlock chief exec

Onfido raises $30m more for its AI-based identity verification technology

About me: Freelance journalist specialising in FinTech, banking technology and retail technology. Former Editor of FStech, Retail Systems and IBS Journal. Further info here.

FinTech

The FinTech news/views that caught my eye this week

Ex-Barclays CEO Jenkins bags $46m for his FinTech startup

10e9fdc

Jamie Dimon faces market abuse report after his comments about Bitcoin

TransferWise founders to rake in millions from first share sales

Digital challenger CivilisedBank score funding; names Philip Acton CEO

iZettle lands €30m to fund AI research from European Investment Bank

GoCardless raises millions more cash from raises millions more cash from VC investors Accel, Balderton, Notion, Passion Capital

Google debuts Tez, a mobile payments app for India

Research calls out big banks as tech laggards

Commonwealth Bank parks its Apple Pay push, turns to Garmin Pay instead

British supermarket offers payments by fingerprint in worldwide first

Bank branches aren’t dead, just evolving

About me: Freelance journalist specialising in FinTech, banking technology and retail technology. Former Editor of FStech, Retail Systems and IBS Journal. Further info here.

FinTech · Open Banking PSD2

Open Banking/PSD2 Q&A: Rishi Khosla, CEO and co-founder, OakNorth Bank

Tell us about OakNorth and your take on and approach to Open Banking/PSD2. 

Rishi Khosla

Rishi Khosla: Launched in September 2015, OakNorth is a UK bank that provides fast, flexible and accessible debt finance (£500,000 to £20 million) to fast-growth businesses and established property developers. Our loan book stands at c.£700 million with clients including Brasserie Blanc, Leon, Z Hotels, Galliard Homes, Frogmore, The Collective and Pocket Living. In order to help fund our lending, we offer a range of deposit savings products – fixed bond accounts from 12-60 months, as well as easy access and notice accounts – to individuals and businesses.

Generally, Open Banking/PSD2 is a good thing – it will inject some much-needed competition into the UK banking sector and create a more level playing field for payment service providers and third party payment service providers. While we are not a payments provider, we (and our customers) still stand to benefit from being given access to customers’ banking information as we will be able to further improve our credit decision processes and onboard new borrowers in even less time.

Will it be a tipping point for UK challenger banks? Should established banks be worried?

Rishi Khosla: It definitely has the potential to be – the financial sector creates more customer data than several other industries combined, but yet there is very little diversity in product offerings and it tends to perform worse than other sectors when it comes to customer service, trust and customer-focused innovation. PSD2 could dramatically change this and significantly improve the financial experiences of both individuals and businesses.

Established banks should definitely be worried, but I think the threat comes less from new Fintechs and app-based banks, and more from the large non-bank corporations such as Facebook and Amazon which are already operating in this space.

Facebook Payments is operative in the US so an obvious next move for the business would be to launch this service across Europe once PSD2 is live. Amazon Pay was rolled out across Europe last year, allowing users to pay for non-Amazon purchases including government services, insurance and travel, using their Amazon login on thousands of third-party websites. This resulted in nearly doubled volumes.

Meanwhile, Amazon’s Lending division has issued loans totalling over $1.5 billion, enabling SMEs to grow sales by an estimated $4 billion. This is not an insignificant number – it is a genuine bite out of the big banks’ market share.

These multinationals have already proven their ability to innovate in this sector and bring new products and services to market in a fraction of the time that it takes incumbent banks, and in similar timeframes as younger, nimbler Fintechs. What’s more is that customers trust them much more than large banks, and tend to have had better experiences with them.

Why should customers care?

Rishi Khosla: PSD2 would enable consumer platforms that are used on an almost daily basis, such as Facebook, to become their own payments processor and connect to the bank accounts of its two billion users directly through APIs.

This would be hugely helpful for a service like Facebook Marketplace for example where, following permission from the user, Facebook could securely access users’ bank accounts and collect their payments. This would not only create cost savings for the users through automation efficiency and the stripping out of third parties, but it would also eliminate the need for complicated check-out processes, enabling frequent users to make one-click payments.

PSD2 is also likely to ensure the continued progress of Europe’s Fintech innovation boom and bring customers more user-friendly services through digital integration. This is likely to not only improve the payment experience but also the overall service.

From business’ perspective, Nesta recently released the names of the 20 successful entrants to its Open Up Challenge. Launched in February this year, the Challenge is intended to inspire the creation of apps and tools for SMEs. Along with cash awards, Nesta encouraged Fintechs to enter the competition by offering access to a huge dataset of anonymised SME banking transactions.

This gave them a chance to experiment with Open Banking-style datasets in advance of the system’s launch; one of the recipients is using the data to build a product that allows businesses to sign up to its services directly from their business bank account – a process that currently requires approval from the bank; another is using it to make “an online due diligence passport” for businesses looking to prove their financial credentials faster and more efficiently.

From the point of view of a challenger bank, what are the key challenges/issues that need to be tackled in order to make this a success?

Rishi Khosla: Security is the number one priority for us so it will be essential for third party payment providers to detail how they plan to securely handle customers’ bank credentials. As a regulated bank, there are number of compliance and risk standards that we have to adhere to which many unregulated entities do not. We will need to go through a series of authentication processes with the authorised account user in order to confirm that they are who they say they are. We are currently awaiting specific guidance from The Regulatory Technical Standards on this.

Could Brexit throw a spanner in the works? With the UK looking to leave the EU in 2019, could this potentially make PSD2 less effective, bearing in mind that the whole regulation centres around opening up banking systems in Europe?

Rishi Khosla: I doubt that Brexit will prevent PSD2 from happening – firstly, it’s important to remember that the regulation applies to the European Economic Area (E.E.A) not just the EU. While we know we’re leaving the EU, it is very likely that we will have some form of EEA relationship with Europe so we need to be prepared for this. Related to this is the fact that if the UK wants to continue interacting with the European payments and finance industry, it’s going to have to be PSD2 compliant whether it’s part of the EU or not. Finally, if the UK wants to have any chance of maintaining its position as a global Fintech hub, it needs to keep pace with innovation.

What could happen is that the benefits of PSD2 could be reduced as fewer companies choose to launch in the UK, forgo plans to expand UK operations, or in some cases leave altogether. The UK would have been the HQ country of choice for many of Europe’s emerging Fintechs, but the added complications caused by Brexit could see the likes of Frankfurt, Berlin, Copenhagen, etc. reaping the rewards of that decision.

What will be the state of play a year from now? Will Open Banking/PSD2 be an instant success or do these things take time?

Rishi Khosla: We can already see that Fintechs and other non-banks are emerging and gaining market share from large incumbents but I doubt that there’ll have been a huge market shift one year from now. What’s much more likely to happen is that as more non-banks and companies without a banking licence enter the sector, more consumers and corporates will begin switching to them as overall trust in their ability to manage their banking data will increase. This is a process that is likely to take shape over the next few years and I imagine by 2020/21, things will look very different.

About me: Freelance journalist specialising in FinTech, banking technology and retail technology. Former Editor of FStech, Retail Systems and IBS Journal. Further info here.

Open Banking PSD2

Open Banking/PSD2 Q&A: Lav Odorovic, CEO and co-founder, Penta

Tell us about yourself and your take on and approach to Open Banking/PSD2.

Penta_Black_BG

Lav Odorovic: We started Penta because we hated our banks. In our last few ventures, we spent so much time doing boring banking tasks that stole our time away from our businesses, our customers and our personal lives. We manually did hours of tedious accounting tasks, we lost a ridiculous amount of money on FX. Getting quick access to working capital was very difficult and we were lucky if the online banking worked!

We didn’t want to put up with this anymore, because we knew that there must be a better solution. After speaking to our peers and doing some research we realised we weren’t alone in this observation. Over 2.5 million high-tech companies across Europe suffer from these outdated business banking processes.

Our founding team at Penta decided to build a bank account that we’ve always wanted to have. A bank account for small businesses that integrates all the best financial services and business apps into one bank account, from instant loans, to automated accounting and low-cost international transfers and more, helping people save time and money.

It’s such a great time and environment to be in this business because of PSD2. The directive has largely contributed to the evolution of Fintech which has in turn helped thousands of people and businesses across Europe. Innovative models from banks like SolarisBank, and Fintechs like Railsbank, are good examples of this. The likes of SolarisBank are offering Banking as a Service (BaaS) products that ultimately empower “finance pioneers [like Penta] to innovate the future of finance.”

And without SolarisBank or Railsbank, models like ours would not have been possible. Furthermore, the “a tech company with a banking licence” approach that many financial institutions are starting to adopt is where the future is. And even challenger banks like Penta are opening up their APIs as well, so that we can empower developers to further innovate for businesses and consumers with the wealth of data that we can provide.

This enables us and our developer community to offer our customers great products that can help them scale quicker, acquire more customers and save a lot more money than was previously possible before the idea of PSD2 came about.

Who will be the big winners and losers in Germany?

Lav Odorovic: PSD2 will offer a plethora of both data and services to independent developers and banks to take advantage of. The impact of developers getting access to data and APIs can be seen in the history of the Apple App Store which produced businesses like Uber and SnapChat.

But what banks will do with this data is the question. It goes without saying that the notion of PSD2 alone has redefined what Fintech innovation is. Today, the image and UX of banking is moving closer to an Instagram or an Uber. Push notifications. Constant updates. Beautiful designs. Power over your experience.

The winners in Germany are going to be the ones that embrace the inevitable future of API banking, partnering with one another and allowing others to focus on what they’re best at.

What does that mean? When Apple started in the late 1970s, their goal was to make the computer personal. So they teamed up with startups like Microsoft to build them applications, like Microsoft Word, that made the computer personal. Apple wanted to focus on hardware and the operating system while they partnered with companies like Microsoft to offer their customers the software they needed to take full advantage of the Apple personal computer.

Apple realised early on that it would focus on what it was best at while allowing others to do what they’re best at. They knew that partnering with others to offer great products within their operating system was the future. As a result, Microsoft and others were also inspired to innovate (and compete) with this vision in mind.

30 years later, the iPhone came out in 2007 and the Apple App Store followed in 2008. Apple allowed developers to decide where the future of the mobile phone would go. Ultimately inspiring over one million developers to build apps for iPhone customers. And empowering businesses like Uber, Deliveroo, SnapChat to completely redefine economies, laws and innovation.

The same is true for the future of banking. Today’s flexible Fintech core banking systems will be equivalent to the iPhone in 2007. Opening APIs that allow developers to build apps that help improve bank customers’ financial lives will be equivalent to the Apple App Store.

The winners will be those that recognise the benefits of enabling the developer and innovation community to get creative. Those that recognise this and put a massive focus on this will win. Others will slowly suffer the fate of BlackBerry.

How will customers benefit from this initiative?

Lav Odorovic: Today, the greatest minds in Fintech and banking are working together to build great products. But with PSD2, this mission is being proliferated, faster than ever before, because the responsibility of financial innovation is being pushed all the way down the chain, from the conventional banker in a suit, to independent tech people in flip-flops.

The beauty of Fintech is that money is part of everyone’s life. Everyone can relate to spending money and problems with banking. With PSD2, banking data via APIs will be (and are slowly) open to everyone to take advantage of and innovate with.

Just a few years ago, if you wanted to build an innovative financial product you’d have to be a banker. Today, anyone can change banking. And that’s the biggest advantage. Because non-bankers look at the world differently. They fundamentally think differently than bankers. Because they are different.

And that’s the biggest gift the PSD2 directive gives to Europe. It enables a new generation of businesses to decide what the future of financial services will look like. It gives power to non-bankers to decide the future of banking instead of the High Street.

So, how will customers benefit? When the Apple Store came out in 2008, Apple had no idea where it was going. But it gave developers the ability to be creative. The result? SnapChat, Twitter and Uber and the beginning of mobile banking.

What will the future of PSD2 hold? We have no idea. And that’s the beauty of PSD2 because it allows teams and developers to be the pioneers in financial innovation just as the App Store enabled people to build multi-billion dollar businesses that make our lives so much more easier today. However, we know banking products will be commoditised; providing more options, less friction at lower costs.

Will Open Banking/PSD2 be the driver for a new era of banking?

Lav Odorovic: Before 2007, there were a few mobile phone makers and a few telecom providers who decided on the operating system of mobile phones and the future of the mobile phone. Then the iPhone came out, and one year later the Apple App Store appeared, where the power of innovation of the mobile phone and its “use-case” shifted from being decided by a few companies to being decided by millions of developers who were incentivised to build great products.

Just as the innovation of mobile phone operating systems and the use-cases (apps) shifted from a few big telco players to millions of developers worldwide, financial service innovation will shift from legacy banks to millions of developers across the world as well.

The developer community will be able to leverage the existing infrastructure and data via PSD2 in order to help spread ideas and the message that “there’s a better way to bank” to more Europeans at an increased rate, including those that are unbanked and un-bankable.

Banks will have to offer great, cost efficient solutions that will compete for customers across Europe since their lock-in effect will fade away.

What is the current state of play in Germany, ahead of the January 2018 deadline?

Lav Odorovic: From a Fintech challenger bank perspective, we’re all at the early stages of opening our APIs to allow developers to build great products for our customers as well as integrating existing players.

Non-bank players have been leveraging infrastructure and data for several years now from players like Figo to aggregate accounts and categorise transactions.

The problem is, the majority of these services act as substitutes to what PSD2 will do as the data is pooled by screen scraping. PSD2 will allow other Fintech players and developers to take advantage of this data with a clean API.

In Germany, banks came out of the recent financial crisis in a slightly better position than those in some other countries. This unfortunately gives them an unjustified sense of comfort and lowers their efforts to modernise. For many of the senior managers in their late 50s it is very hard to understand the scope and the speed of changes coming from Fintech.

API banking is coming, slowly but inevitably. Traditional banks require radical changes. To quote the Financial Services Club’s Chris Skinner, 87% of senior managers think their core banking systems are not up to the challenge. Modernising core banking systems is a major risk not many are ready to undertake. This will further prove to be a limiting factor in the years and possibly even decades to come.

Does the banks vs. Fintechs dispute over PSD2 threaten to derail the EU’s progress towards Open Banking?

Lav Odorovic: PSD2 is as much of a philosophy and mission statement as it is a directive. On the one hand, it “forces” some players to open their APIs in order to increase competition and innovation while in parallel it inspires others to innovate in line with their own will.

Banks like SolarisBank and Fintechs like RailsBank are in the latter category; they are inspired by the philosophy and mission of PSD2 because they know that’s the future. They know that banking is broken and they want to be the enablers of a whole new generation of businesses that’ll fix it and help millions of people.

And so they’re doing exactly that, with or without PSD2. And with or without PSD2 they will be there and open their APIs (or help others open their APIs) so that they can help proliferate this inevitable innovation.

In short, we see no dispute. PSD2 clearly works in the favour of FinTechs and a few modern banks. Everyone else will just passively see their market shares eroding.

The philosophy of PSD2 will happen under the PSD2 name or in the notion of the movement. It’s up to the legacy banks to realise that this is the future and not just a directive.

About me: Freelance journalist specialising in FinTech, banking technology and retail technology. Former Editor of FStech, Retail Systems and IBS Journal. Further info here.

Uncategorized

The FinTech news/views that caught my eye this week

FinTech startup Prodigy Finance lands $240m funding led by Index Ventures to expand post-graduate loans

n26-details-screen

Twitter backer IVP in talks to buy stake in £1bn TransferWise

N26 now has 500,000 customers for its bank of the future

UK banks abandon High Street: Ten branches shut every week

Dubai-based FinTech NOW Money raises $700,000 from US-based VCs

Starling: The app-only bank disrupting the industry with its gender balance

Monzo CEO on why challenger banks are now getting to the business end of a game of poker

Ezetap raises $16 million in funding round led by JS Capital

Oh, this is getting silly now. Barclaycard trials self-service ice cream van

About me: Freelance journalist specialising in FinTech, banking technology and retail technology. Former Editor of FStech, Retail Systems and IBS Journal. Further info here.

Uncategorized

The FinTech news/views that caught my eye this week

By me…Interview: Carlos Abarca, Chief Information Officer, TSB

TSB Q&A

Monitise share price jumps after Fiserv increases takeover offer to £75m

Harrods Bank sold to digital challenger Tandem

People’s Bank of China has FinTech on its mind

#FinTech expert @sammaule to join British digital banking startup

Metro Bank promotes digital head to Chief Information Officer

Drivers avoid pay-by-phone parking bays, prefer cash, says AA

Contactless transactions take UK debit and credit card use to record high

Railsbank raises $1.2m led by Firestartr

TSB lambasts competition watchdog for failing to fix “broken” banking market

About me: Freelance journalist specialising in FinTech, banking technology and retail technology. Former Editor of FStech, Retail Systems and IBS Journal. Further info here.

FinTech

Interview: Carlos Abarca, Chief Information Officer, TSB

Carlos Abarca, Chief Information Officer, TSB tells Scott Thompson about the bank’s migration to the new Proteo4UK IT platform, the launch of its new mobile app and straddling the digital and physical banking divide

TSB Q&A

Your new mobile app is the first new service built by the Proteo IT platform. Could you tell us about the decision to build the platform following the Sabadell acquisition and benefits that are coming from it?

Carlos Abarca: We are building a bank for the 21st century, with digital at its heart. As part of that, we are migrating to our new Proteo4UK IT platform, which will not only liberate TSB from our current legacy systems but also make us more agile. This will accelerate our ability to make banking better for all UK consumers and provide opportunities for us to become more innovative in responding to our customers’ evolving banking requirements.

Put simply, we will be a digital business that just happens to be a bank. The decision to develop the Proteo4UK platform for TSB was simple. The Sabadell Group’s Proteo platform is more modern and digital friendly than our current legacy systems and provides a unique opportunity for us.

Customers have already had their first opportunity to experience the new platform through the launch of TSB’s new mobile app earlier this year. We collaborated with customers, design agencies and TSB Partners to design the app, and we’ve been making regular tweaks to it since launch, which demonstrates our ability to react quickly and effectively to our customers’ feedback.

The new platform will also reduce TSB’s costs considerably; with the contractual increase of more than £100 million in outsourcing fees that we’re paying to Lloyds Banking Group this year being reversed in future years.

Separating large, complex banking systems is no easy task. What have been the key challenges and issues and how were they overcome?

CA: Migrating IT systems is always a challenge and preparation is the key to success, together with people.

We have the experts in our corner; we know what we’re doing and we have the right people for the job. For example, we’ve had more than 200 TSB Partners working on migration since 2016 and around 800 software engineers working on building the new banking platform. We’re using 70,000 different test cases to make sure everything works as it should. Building and testing our new banking platform will take around two million hours of effort – that’s equivalent to 1,200 years for one person.

We’re making great progress so far; we’ve built Proteo4UK, kicked off training, opened our first account, installed our first new ATMs, processed our first Faster Payment and started to roll-out new IT equipment to our branches and offices.

What would be your advice to other banks looking to go down this route?

CA: Digital is not just about technology. It’s more about having the right culture and mindset, such as being agile and collaborative. For example, we collaborated with customers, agencies and TSB Partners on the development of our mobile app to make it better.

Furthermore, having a strong central team and making use of the best subject matter experts around you is really important. You also need high planning capabilities, to prepare a phased approach for migration so that you can prove that each new stage is fit for purpose before you cut the rope.

Going back to the mobile app, what are the key features and what has been the customer reaction thus far?

CA: Customer feedback about the first version of our mobile app has been really useful for us. Our mentality is one of constant improvement, with customers’ feedback at its heart. What this means is that we’ve been making regular tweaks to our app and the updates have been based on what our customers tell us they like or would like us to do better. In the digital era, being able to listen to customers’ feedback and using it to design future versions, adapting and improving quickly, is the only way to satisfy our customers’ needs.

In terms of the key features, the new app is much improved on its predecessor and has a more user-friendly interface. Day-to-day banking is simplified with fingerprint login for enhanced ID security, the inclusion of the available balance checker, a currency converter for holiday money, a tool that enables you to book mortgage appointments, and improvement to make it easier to manage standing orders and direct debits.

And as I mentioned earlier, we’re making regular tweaks so, for example, customers will soon be able to request overdrafts or eSavings at just one click.

The mobile app will in future integrate with third party apps and services from FinTech startups, with the aim for it to become truly integrated with customers’ digital lifestyle. Could you tell us more about this?

CA: We’re working hard on this, but I can’t tell you much at the moment. However, what I can say is that we will collaborate with our shareholder Sabadell Group, with the FinTech environment, and with some well known partners such as Samsung.  Stay tuned to your screens.

Many of your challenger rivals are digital-only ventures, but you promote great face-to-face service combined with state-of-the-art digital banking. Is this the best model going forward or will branches eventually die out, as many industry observers are predicting?

CA: Digital brings enormous benefits to banking, but there are also times when only face-to-face will do. That’s why TSB is part way through a multi-million pound investment programme in branch and digital banking services, helping customers get the best of both worlds; great face-to-face service combined with digital banking. The way people bank is changing fast and our investment programme is about getting the balance right.

In just two years, we have completed over 150 branch refits and refurbishments and nearly 40 branches have received six-figure upgrades. In addition, at the end of last year we opened brand new flagship branches in Aberdeen and Birmingham.

This balanced approach offering customers the choice of face-to-face or digital is working well. TSB was named Britain’s most recommended High Street bank in 2016 (benchmark study, covering all major banks, conducted by BDRC Continental; sample 15,000 UK consumers, November 2016) and recognised as the best High Street bank for service by Which?

What can we expect to see next from the Proteo platform?

CA: We’re completely focused on migrating to our new IT system at the moment. Lots of milestones have already been completed, with many more to come. Some things that are happening are more visible to customers, such as the mobile app and from now on through to the end of the year, we’ll update the mobile app at least a couple more times. Other milestones are about making sure everything runs smoothly in the background.

Another thing coming up is the introduction of a new Mortgage Sales and Originations (MSO) system, which will provide us with market-leading sales and originations functionality, enabling us to provide a differentiated level of service. The software will be ready to roll-out to our mortgage intermediary team later this summer, followed by a phased roll-out to our direct channels. This will allow our service to brokers – and subsequently to our own customers – to be so much faster.

About me: Freelance journalist specialising in FinTech, banking technology and retail technology. Former Editor of FStech, Retail Systems and IBS Journal. Further info here.

Uncategorized

The FinTech news/views that caught my eye this week

Kicking things off with a shameless plug…By me. FinTech Week London 2017: PSD2 and regulation update panel

1*gJLs4l-z6sTRHh-odYcG0A

German FinTech factory Finleap, the platform behind solarisBank, raises EUR39 million

Visa has elevated own interests above those of Americans in its cashless challenge, says ATMIA

Monzo begins slow roll-out of its current account

BNY Mellon appoints tech-focused Charles Scharf as its CEO

Uh, it turns out the new £10 note has a pretty big problem

Apple Pay lands at Starling Bank

Finally! Credit and debit card surcharges to be banned

Fund Recs pulls out of European FinTech Awards due to all-male panels

Barclays bPay, a £20 contactless pay wristband, given away for free in latest sign bank’s wearable has flopped

London Stock Exchange Group collaborating with IBM to develop securities data blockchain solution for European SMEs

TSB to roll-out iris scanning tech

About me: Freelance journalist specialising in FinTech, banking technology and retail technology. Former Editor of FStech, Retail Systems and IBS Journal. Further info here.

Uncategorized

The FinTech news/views that caught my eye this week

ANZ/Westpac blockchain trial for bank guarantees

DEVa2N2XUAQiOXz.jpg-large

Worldpay boss blames Brexit for sale to rival

China Rapid Finance exceeds 20m cumulative loan milestone

Bank of England publishes summaries of the third round of POCs completed by its FinTech Accelerator

Only 14% Brits would switch to a new digital bank. 7 out of 10 plan to stay with their current bank or wouldn’t consider moving to a digital player

UK FinTech Revolut raises $66 million, adds Bitcoin

Cash no longer king as contactless payments soar in UK stores

Santander buys stakes in three startups as Botin pushes into FinTech

Cash is dying. But what are we losing along with it?

Almost no big retailers support Bitcoin, and it’s not hard to guess why

About me: Freelance journalist specialising in FinTech, banking technology and retail technology. Former Editor of FStech, Retail Systems and IBS Journal. Further info here.