Richard Gill

Interesting read on Starlings SaaS and how it is helping new banks launch.

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🗣 Simon Eacott, head of payments at NatWest, reveals what the bank is doing to address fraud and what more needs to be done industry-wide. He also offers his thoughts on recent draft legislation issued by the UK government aimed at tackling APP fraud. Read more at the 🔗 Stephanie Melrose #openbanking #fraudprevention #fraud #datasharing #openfinance #payments #financialdata https://lnkd.in/e2DTVxTm

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This milestone is a mixed signal for me. While it highlights Monzo's potential and growth opportunities, the decade-long journey to break even and higher provisions for bad loans suggest caution. Many investors typically seek break-even points within three years, raising questions about the sustainability of the current fintech model https://lnkd.in/dTCjbFz6

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SME Lender iwoca Secures £270m From Citi and Barclays, Taking Total Investment in the Business Past £1bn Christoph Rieche, iwoca CEO and co-founder said: “This investment will enable us to keep up with the high demand from small businesses for our Flexi-Loan product. Business owners choose us over high-street banks because we make faster lending decisions, typically within 24 hours, and our loan terms are much more flexible. Both of these features are crucial for small business owners, and are only possible due to the technology we have developed over the last decade. With more than 130,000 small business loans processed, we have ample data to build market-leading risk models. This data-driven approach also allows us to lend to businesses that are outside the restrictions imposed by the high-street banks, especially when they don’t have multiple years of trading.” https://lnkd.in/ezXdnC8V #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Starling Bank announces a breakthrough year with a 55% increase in annual pre-tax profit, reaching £301.1M for the year ending March 2023! Revenues climbed 51% to £682.2M, fueled by a 53% increase in our loan book and a 4% rise in customer deposits, now totaling £11B. Our innovative software platform, Engine, is empowering banks worldwide. Despite consistent profitability, we're strategically pacing our IPO plans. 🏦 Discover how we're shaping the future of banking. Read the full story at https://lnkd.in/eQcdpb8x #StarlingBank #Fintech #Growth #BankingInnovation #EngineByStarling

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The National Payments Vision for FinTech ⭐ We have submitted our input to HM Treasury as part of its work on developing a National Payments Vision (NPV), which is due to be published by the summer. We outline why the NPV needs to set out an ambitious agenda to help deliver the next generation of payment experiences for merchants and consumers, building on the successful innovation and competition that FinTech has helped bring about. The UK should be the world leader in digital wallet payments, with a digital payments ecosystem that supports and enables a diversity of payment methods and providers, underpinned by competition where the consumer has choice and control and can easily use different payment systems, methods and providers with ease and with confidence in an equivalent level of consumer protection. This trusted, competitive, digital, interoperable ecosystem can enable: - Improved productivity for UK merchants and businesses - Better outcomes for customers and citizens  - Increased  growth and inward investment for the UK payments industry  - Greater strategic autonomy and resilience for the UK economy and society   Our paper examines FinTech’s role in the payments landscape, how the government can implement, deliver and review the NPV’s progress, and key aims that the NPV should include to support the FinTech sector, such as: ⚙️ Account to Account payment method: The NPV should prioritise the development of a new major payment method to compete with card payments, powered by Open Banking.  📜 Regulatory support for innovation and competition: Deliver a regulatory framework that allows different digital payment methods to compete on a level playing field. 🏗️ National Payments Architecture (NPA): A recommitment to deliver NPA and its strategic objectives, with a clear roadmap and timeline for implementation, and an ambition that is cloud-native. 🌍 Interoperability: The NPV should set out a roadmap for working towards interoperable payment systems, domestically and globally. See link to the report 👉 https://lnkd.in/eAinjhYg #FinTech #InnovateFinance #DigitalPayments #FutureofPaymentsReview #NationalPaymentsVision #Paymentstrategy #UKFinTech #Payments Paul Worthington | Adam Jackson | Jago Corry

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Thanks to Chloe Jenkins and the UK PMPG for inviting me to talk about Barclays’ migration to #ISO20022, some of the challenges we face with interoperability across schemes and how collectively we move the industry towards harmonization. Some of the key points made: -When we all started on this journey we spoke of common standards, harmonization and interoperability but we are already seeing incompatibility between scheme format requirements in addition to lack of clarity on enforcement of the formatting standards. -The majority of banks are not on ISO native infrastructures and translation and transformation is often required, these incompatibilities result in friction and manual handling. -Management of these issues will continue to be challenging. Initiatives such as the ‘Interoperability Charter’ advocated by the Bank of England will certainly help and there should be an aim by the industry to iron out the kinks between scheme formats over the coming years to reach the level of harmonization we all seek. From a client perspective 1. There will always be a role for the bank to play in terms of supporting the data required to be sent by the client even if this sometimes required some creative mapping. For example supporting an LEI on a pain001.v3. 2. Banks need to keep pushing the benefits of ISO20022 to drive up adoption of enhanced data across the industry. 3. The end of co-existence maybe a little further off than planned but there is a long tail of banks who remain on MT and will need to migrate to MX. This could represent a concentration risk as we near the end, and hence lower STP and a high, albeit short term impact on operations and servicing teams. In summary it was a good session and thanks to Howard Middleton who was covering off topics from a wholesale perspective. Also, always nice to bump into some old colleagues too, it’s a small world in payments 😄 #iso20022 #payments #pmpg Andrew Peck , Julie Timpson , Jemma Parker , Paul Strachan , Barry Trowbridge , Sanjeev Bhatti , Adam Smart , Adam Bealey

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Interesting development for bank clousers across the UK. ATMs to that can accept deposits in the absence of a physical bank branch present. Seemingly a thrown back from the 90s night safe at some bank branches. https://lnkd.in/eheXUuvY

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Innovation is central to the transition to net zero, and the financial sector is not immune to this. To best support our clients in their transition, banks must continue to evolve. I discussed with Peter Cripps the areas at the frontier that Barclays is exploring, in particular: * Developing transition finance, essential for the decarbonisation of hard to abate, high-emitting sectors * Addressing the financing gaps faced by climate technology companies where collaboration with governments, business and industry to find solutions is key We know that we don��t have all the answers. But we are leaning in to the challenge, contributing to the collective effort to develop new approaches, which we hope will unlock much needed capital for the transition Isabelle Millat Rafael Abati Denise Wong James Edmonds Oliver Phillips Cindy Quan Marie Freier Susan Barron LINK:

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Kicking off the afternoon session in Stream A, Avinash S. of BGC Group, Eleanor Kelly of JPMorgan Chase & Co., Michael Talbert of Behavox and Nicholas Turner of Monzo Bank in a panel discussion titled ‘Optimising Regulatory Reporting: Adapting to the Ever-Increasing Focus on Data Quality, Report Completeness, and Accuracy’ #GRTS24 #FinTech #RegTech

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The FCA cracks down on the gamification of trading apps, NatWest acquires Sainsbury's bank and Labour pledges to open 350 banking hubs. For the latest stories from the world of finance and fintech, look no further than Spreckley’s news round-up. Read it here: https://lnkd.in/gweFXBdU #Banking #Finance #FinTech

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Monzo Bank, the fintech which has become one of Britain's biggest consumer banking groups, is this weekend putting the finishing touches to an expanded fundraising involving one of the world's best-known technology investors. Sky News has learnt that Monzo has agreed terms with Hedosophia, an early backer of Airbnb and Uber, for it to become a shareholder in the bank. Read more 👇 #Monzo #bank #onlinebanking #investments

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Excellent discussion with Centre for Finance, Innovation and Technology (CFIT)’s CEO Ezechi Britton MBE and Innovate Finance’s Parveen Kaur about how CFIT looked to build on its founding mission to unlock barriers to growth for UK #FinTech. #OpenFinance holds promise for boosting Small Medium Enterprise (SME) lending and job growth in the UK. Leveraging data and fostering collaboration with SMEs, consumers and stakeholders are pivotal for realising the complete potential of Open Finance. #IFGS2024

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Businesses have only a few rare and raw moments to truly connect with their customers. These moments can change a customer’s day, or even their life. That’s why I’ve always had a passion for collections. This is the often a customer’s hardest moment, and it’s a prime opportunity to help them and make a real impact. Unfortunately, many businesses view collections as uncomfortable or messy. They prefer to invest in the customers’ moments of joy rather than their moments of pain. But any opportunity to positively impact a life is also an opportunity to mess up royally. If you can’t see why investing in collections and hardship is an opportunity to “wow” or help customers, then maybe these fines will motivate businesses to invest and prevent these too-frequent moments of failure.

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Monzo Bank Announces First Full Year of Profitability Amid Record Growth and Accelerates International Expansion Plans TS Anil, CEO of Monzo, said: “This was a landmark year of record growth for Monzo. We surpassed 9m personal customers and 400,000 business customers, launched game-changing new products, closed a £500m capital raise and, as planned, reported our first year of profitability. I’ve never believed in the idea that a company has to choose between either being mission-oriented or focused on business outcomes. FY2024 proved Monzo is doing both – and that our strategy of placing the customer at the heart of everything we do is working at scale. We’ve achieved scale, growth and profitability, and we have all the right components to seize the huge opportunity ahead.” https://lnkd.in/eKJ_2GnK #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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