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UK Fintech News Roundup: The Latest Stories 25/01

Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from Tandem Bank, OneBanx, CMC Markets, iplicit and more.

Tandem Bank introduces top-up to existing interest rates

Piggy Bank

Tandem Bank, the UK-based green digital bank, has launched an interest rate top-up for its instant access savings accounts.

The top-up enables Tandem customers to apply the rate to their instant access savings account. This adds an increased rate on top of their existing rate. The top-up will apply for 12 months once added. Should the underlying rate be 2.55 per cent AER, a top-up of 0.20 per cent AER would ensure a new interest rate of 2.75 per cent for 12 months.

Ben Mitchell, director of savings at Tandem Bank, commented: “We’ve made it really simple for our customers to Top Up their current instant access interest rate and will be in touch with customers to provide them with a link to the Tandem App to apply or apply the rate on the phone. Before the top-up period comes to an end, we’ll be in touch in plenty of time to let them know.”

CJ Lang selects RELEX

picking warehouse UKIndependent retailing and distribution company CJ Lang & Son Ltd has partnered with RELEX, provider of unified supply chain and retail planning solutions, to automate and optimise their supply chain processes.

RELEX aims to provide integrated store and DC forecasting and replenishment. It also plans to improve allocations and promotional forecasting for CJ Lang & Son Ltd, the wholesaler for SPAR in Scotland.

Jason Berry, VP Sales EMEA at RELEX Solutions, commented on the partnership. Berry said: “RELEX is very excited to announce our partnership with CJ Lang and have another SPAR entity join the RELEX family. We are extremely confident we can add value to their business and are also excited to use our market experience to help CJ Lang automate and streamline their operations.”

Morgan Mckinley releases 2022 London employment monitor

LondonThe number of jobs in financial services in London is close to reaching 2019 levels of hiring according to Morgan McKinley’s 2022 ‘London Employment Monitor‘.

The report found a 36 per cent increase in jobseekers for 2022 from 2021. Despite this, there was also a 16 per cent increase in jobs available for the same period. The recruitment monitor for Q4 2022 showed an eight per cent decrease in jobs available compared to Q3 2022. Morgan McKinley attributed this to the unsettled economic situation and holiday season.

Hakan Enver, managing director at Morgan McKinley UK, commented: “2022 was yet another eventful year with major economic events, high inflation rates and political change, with Rishi Sunak becoming our third prime minister of the year. It comes as little surprise that economic optimism and business confidence has fallen. However, the number of jobs in financial services in London throughout 2022 continued to rise post-Covid, reaching 2019 levels of hiring.”

Newcastle Building Society provides multi-bank kiosks
OneBanx multi-bank Kiosk in Newcastle Building Societies' Gosforth branch UK
OneBanx’s multi-bank Kiosk in Newcastle Building Societies’ Gosforth branch

Newcastle Building Society is collaborating with shared bank branch innovator OneBanx to provide access to a multi-bank kiosk. The partnership aims to keep cash alive and keep UK high streets “vibrant”.

Backed by global leaders in cash automation GLORY, OneBanx developed the kiosk to support communities without access to everyday banking. The kiosks also use open banking technology to allow customers of any bank in the open banking network to withdraw and deposit cash from their accounts. The building society aims to provide access to the kiosk in two of its branches in the North East and North Yorkshire.

Andrew Haigh, chief executive officer at Newcastle Building Society, commented on the decision. He said: “Since January 2015, banks have announced the closure of more than 5,000 branches across the UK. However, Newcastle Building Society remains absolutely committed to providing accessible face-to-face financial services in our communities.”

Melton sees the biggest wage increase

Timer money hourly pay UKMelton has seen the biggest increase in wages this past year with an hourly pay increase of 35 per cent, revealed UK financial services provider CMC Markets. The village had an average hourly pay of £13.33 in 2021, increasing to £17.99 in 2022.

The Essex area of Maldon took second place, following an average hourly pay increase of 31.77 per cent. The Cotswold area, located in Gloucestershire, takes third place. The area currently has an average hourly pay of £17.81, which increased by 24.89 per cent from 2021’s value of £14.26.

London’s borough of Sutton took fourth place. In 2021, the area had an average hourly pay of £16.82. The average in 2022 now sits at £20.73, an increase of 23.25 per cent.

iplicit launches reseller channel

working computer deskAccounting software provider iplicit is set to launch a reseller channel to enable its partners to offer true-cloud accounting software to growing businesses and land new, larger clients.

The iplicit channel programme will allow resellers to fill a gap in their portfolios, enabling them to retain their existing customers as those businesses grow while developing new and recurring revenue streams.

Alexis Gorton, iplicit channel manager, said, “iplicit’s reseller channel allows partners to offer a complementary solution to their existing lines of business – and is a strong product to offer when looking for new business.”

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