Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from Revolut, NatWest, Corefy and more.
Revolut and British-Ukrainian Aid join forces
UK-based neobank and fintech Revolut has made British-Ukrainian Aid its new charity partner to support victims of the war in Ukraine. Revolut has also added Collections, a new feature in its donations platform. The feature groups charities around a common cause. The list of partners of the Ukraine Appeal in the app is led by British-Ukrainian Aid.
One hundred per cent of donations made via the donations feature in the Revolut app go to charity partners. British-Ukrainian Aid sources and delivers first aid kits, ambulances and evacuation vehicles, portable power stations and generators, as well as medical supplies and equipment for those in need on the ground.
Vlad Yatsenko, co-founder and CTO at Revolut, said: “As a British-Ukrainian citizen, I thank everyone for the ongoing support and I invite you to join Revolut and British-Ukrainian Aid in helping those who need it most right now. With Revolut and British-Ukrainian Aid, 100 per cent of your donations go to charity.”
NatWest celebrates carbon impact offering and charity milestones
The number of NatWest customers accessing Cogo carbon impact data via their banking app has increased by 10 per cent, according to NatWest’s 2022 annual report.
Cogo’s carbon impact data offering currently boats 334,500 active users; rising from 300,000 in just six months.
Emma Kisby, EMEA CEO of Cogo, commented: “We’re really heartened to see this growth in the number of customers accessing our carbon footprint data and taking control of managing their personal environmental impact.
“Providing a touchpoint with so many customers, banks have an important strategic role to play in helping the wider public address their own climate impact. Today’s new figures are a welcome confirmation of that opportunity.”
NatWest’s business offering Tyl also celebrated reaching a £500,000 milestone, as it raises money for its Giveback Community Fund, in partnership with digital charity box Pennies, which has accumulated since its launch in 2019.
For every card transaction Tyl merchants take, the UK fintech provider donates a portion of the revenue to the Giveback Community Fund. The fund, in turn, supports over 40 unique charities and causes including Hospice UK, Macmillan Cancer Support and The Prince’s Trust.
Mike Elliff, CEO of Tyl by NatWest, said: “The Giveback Community Fund continues to be at the heart of what Tyl stands for, and we are incredibly proud to have raised so much for those in need. Our partnership with Pennies has enabled us to bring onboard even more worthy causes from around the UK, so the Tyl Giveback Fund can help more communities thrive. We are also very pleased to see increased support for smaller organisations that may not attract significant charity funding.”
Embedded payments set to grow – at the expense of cards
Juniper Research predicts that global revenue from embedded payments for embedded finance vendors will reach $59billion (~£48billion) in 2027. This figure also represents growth of 84 per cent from $32billion (~£26billion) in 2023.
The figures, from Juniper Research’s Embedded Finance: Key Trends, Segment Analysis & Market Forecasts report, predict that the growth of integrated payments will reduce the dominance of cards within e-commerce.
Research co-author Nick Maynard explained: “In order to rein in the expansion of different payment options at checkout, merchants looking to enhance their checkout process must focus on the most popular and lowest-cost-to-merchant options to drive their success. Focusing on instant payments linked channels will lower costs significantly compared to card payments and must be considered a top priority for merchants.”
Corefy launches payment reconciliation centre
UK-based payment orchestration platform Corefy has launched its payment reconciliation centre to support instant automatic reconciliation for multiple accounts, payment methods, and currencies.
The centre offers tools to help resolve edge cases and monitor the company’s financial health.
It includes two-sided and echo reconciliation, ready-made provider integrations, pre-defined import schemes and an opportunity to create customised ones.
Denys Kyryrchenko, CEO and co-founder of Corefy, said: “Financial losses due to chargebacks, double payouts, improper actions by providers, and the cost of identifying and investigating conflicts are common problems among our clients. All of them are related to errors in working with and managing accounting data manually. That’s why we decided to develop a new solution and automate the reconciliation processes.”