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’
UK fintech Allica Bank has implemented a solution from Confirmation of Payee (CoP) provider SurePay to protect consumers against fraud and misdirected online payment
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 prior to payments, to become a leader in the CoP field among challenger banks.
David-Jan Janse, CEO of SurePay, said: “We are extremely proud that Allica Bank has chosen our Confirmation of Payee 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 their 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 20 March to discuss the future of the industry with MPs. The event, The Future of Fintech, was organised by ‘think tank’ Parliament Street and chaired by former business minister Dean Russell MP.
The panel includes Fraser Stewart, founder of life-planning platform Lyfeguard; Khalid Talukder, co-founder of FX company DKK Partners; Jay Patel, head of product management at regtech specialist Encompass Corporation, as well as other fintech leaders.
Fraser Stewart said: “The fintech industry is set to play a critical role in empowering businesses, banks and also consumers to get access to the data they need for decision-making. It’s exciting to be part of a debate that brings together so many providers and specialists to discuss the future of our industry.”
SmartSave hits £1billion
SmartSave Bank, the subsidiary savings brand of UK digital bank Chetwood Financial, hit a new milestone – after receiving more than £1billion in deposits.
The bank offers fixed-term, fixed-rate savings accounts, all of which are protected by the Financial Services Compensation Scheme. Customers can deposit between £10,000 and £85,000 to start earning interest as soon as the money transfers into their savings account.
Andy Mielczarek, CEO and founder of SmartSave, said: “In the midst of the cost-of-living crisis, people have been seeking ways to make their money work harder. In many instances, this has meant searching for savings products with the best rates. We’re proud that SmartSave has established itself as a market leader in that regard.”
Nationwide goes cloud-native
Nationwide Building Society has selected Accenture and Form3 to transform its digital payments infrastructure.
It plans to adopt a cloud-native platform, to enhance the customer experience with more secure and faster transactions.
Nationwide made the move in response to the continued growth of digital payments and to adapt its operations to meet regulatory changes such as ISO 20022.
Otto Benz, payments director at Nationwide Building Society, said: “We’ve seen massive growth in cashless payments in the UK, with Nationwide processing around 450 million retail transactions each year. We needed a solution that will evolve alongside our business, facilitating an increasing volume of payments, as well as meeting the expectations of our customers. This project, in collaboration with Form3 and Accenture, is a major step in simplifying and strengthening our payments processing.”
Simply Asset Finance partners with Lendscape
In more partnership news, business lending provider Simply Asset Finance has chosen Lendscape to support its business growth, geographic expansion and further improve its customer experience.
Lendscape Asset Finance, its new contract management system, is designed to manage all leases and loans on a single, user-friendly platform. Simply Asset Finance plans to utilise the system to support its own ambitions.
Ylva Oertengren, chief operating officer at Simply Asset Finance, said: “Our aim is to build a high quality and scalable platform through partnering with the best and most forward-thinking technology providers. Lendscape fits our model perfectly and its new contract management solution will give us the foundation for the next phase of our strategic build, as well as support our future growth plans.”
OCR Labs Global obtains DIATF certification
Digital ID verification firm OCR Labs Global has received official certification from the UK’s Digital Identity & Attributes Trust Framework (DIATF).
Obtaining the certification enables OCR to fast-track digital right to work for employers, employment agencies and human resources (HR) companies, as well as digital right to rent and DBS checks for letting agencies and large landlords.
Terry Brenner, head 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-tracked digital services to every employer in the UK, as well as market-leading employment agencies like Reed Screening. The UK has a diverse population and all citizens should be able to obtain and use digital IDs safely and securely.
“Our Zero Bias AI technology eliminates barriers that lead to exclusion, so that everyone has access to digital ID systems in society, such as recruitment and right to work, right to rent.”