Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from Featurespace, GoCardless, Pepper Advantage, Revolut and Natwest Group.
Featurespace partners with Soldo
UK fintech, fraud and financial crime specialist Featurespace has partnered with Soldo, the European spend management platform. The partnership will provide Soldo access to Featurespace’s card and payment fraud prevention.
Soldo customers will also gain access to Vital4’s products thanks to its recent partnership with Featurespace. Soldo customers will be able to use to AI-driven watchlists, politically exposed persons (PEPs) and adverse media screening.
Matt Mills, chief commercial officer at Featurespace said: “It’s great to partner with Soldo, which like us is a fast-growing technology company. Soldo made it clear from the start that they needed a complete solution; from AML to card and payment fraud, and from politically exposed persons to sanctions.”
GoCardless launches new fraud prevention solution
GoCardless, the bank payment solution provider, has launched ‘Protect+’. fraud prevention solution that detects fraudulent activity.
The solution aims to prevent merchants from potential losses through enhanced payer verification. Further included features are 24/7 fraud monitoring and chargeback challenges.
Duncan Barrigan, chief product officer and chief growth officer at GoCardless, spoke about the launch. He said: “We’re excited to launch Protect+ to help businesses not only weather the current macroeconomic climate but also put themselves in a stronger position for the future.
“Protect+ identifies fraudulent payers and stops them in their tracks. It protects a company’s reputation, revenue and experience for genuine payers. And because Protect+ is built into our global bank payment network, you can manage your payments and protect against fraud, all on one platform.”
Pepper Advantage Reaches £20billion milestone
Credit intelligence company Pepper Advantage UK has surpassed £20billion in UK assets under management.
Pepper Advantage currently manages around 200,000 mortgages for a range of asset types. To take advantage of, and continue, the firm’s growth the credit company is looking to expand to more locations. It is also investing in its site in Skipton, North Yorkshire. With this investment, it is creating a specialist hub to support borrowers with financial difficulties.
Gerry McHugh, CEO of Pepper Advantage UK explained the problems facing those with mortgages and how it can help. He said: “An estimated 1.8 million people with fixed-rate mortgages will be forced to refinance their borrowings next year, with a huge impact on mortgage affordability given recent rate rises.
“As the cost and complexity of managing these loans inevitably rise, Pepper Advantage UK is the first choice for loan originators given the experience of our people and the investment we have made in proprietary systems and software.”
Revolut launches ‘Homes’
UK-based challenger bank Revolut has now launched a new holiday rental feature to its accommodation booking service; ‘Homes’.
The new feature is becoming part of ‘Revolut Stays’. Homes is offering up to 4 per cent cashback to customers who book accommodation. The exact amount of cashback is dependent on the terms of their existing plan with the UK fintech.
Christopher Guttridge, general manager of lifestyle products at Revolut, said: “When it comes to travel, we know that our customer’s needs are changing more and more.
“Big or small, budget or bougie, local homes or chic hotels. Our customers want to book any kind of place, all in one place.”
Natwest launching BaaS business with Vodeno
UK bank NatWest Group has forged a partnership with Vodeno Group, the European software vendor, to launch a new business in the UK.
National Westminster Bank Plc owns 82 per cent of the UK entity. Vodeno is holding the remaining minority interest. The new company is enabling businesses to embed financial services products directly into their ecosystem. These products include payments, deposits, point-of-sale credit and merchant cash advances directly in their ecosystem.
Alison Rose, chief executive officer of Natwest Group explained how the move aims to support its business customers. She said: “As a leading supporter of UK business, we are committed to investing in digital transformation to provide a simpler and better banking experience for our customers.
“By entering into this strategic partnership with Vodeno Group we will be able to meet the evolving needs of our business customers as they look to embed financial products in their own propositions and journeys.”