European banks are spending most of their AML (Anti-Money Laundering) and KYC (Know Your Customer) budgets on manual processes that cannot scale to meet the costs and risks of increased compliance demands, according to a new report from Ondato, a technology company that streamlines AML and KYC processes.

Nearly 8m Brits wrongly believe you can’t get into debt using ‘Buy Now Pay Later’ (BNPL) services*, prompting fears that shoppers are at increased risk of financial difficulty this Black Friday and in the run-up to Christmas.

Coutts, the private banking arm of NatWest Group, and BGF, the UK and Ireland’s most active growth capital investor have now raised over £80m through the UK Enterprise Fund (UKEF). This provides the bank’s client base with access to investment opportunities in privately-owned scaleups and early-stage businesses, as part of BGF’s nationwide platform.

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Europe’s leading open banking platform, Tink, has today announced the launch of Balance Check, a key feature enabling Tink customers to verify account balances. Powered by open banking, Tink’s new feature will simplify the setting up of direct debit mandates, supporting both businesses and consumers during a time of economic uncertainty. 

Digital financial services provider Wamo has affiliated with Canadian blue-chip business Shopify (SHOP) to provide their clients with an easy-to-set-up solution that combines banking and e-commerce services at the same time.

This solution, developed in collaboration with e-commerce experts and organizations engaged in the innovation economy, represents a new era of how such platforms can operate together.

Tietoevry, a leader in digital sovereignty and sustainability, today announced a strategic partnership with Google Cloud focused on driving business transformation across the Nordics. The partnership will accelerate cloud adoption and data-driven innovation while embracing openness and collaboration between customers and partners across key Nordic countries including Finland, Sweden, and Norway.

Resistant AI, the company using AI and machine learning to defend financial services from fraud and crime, has announced a strategic partnership with insurtech specialists Claim Technology to protect against fraudulent insurance claims. Claims handlers will now be able to spot forged documents to a level of forensic analysis that is impossible to detect with the human eye.

The AI-based ID verification and fraud prevention startup, iDenfy, announced uniting with SupplierPlus, the fintech that helps simplify invoice financing between buyers, suppliers and banks. iDenfy’s AML Screening and Monitoring solution kit will automate compliance and ensure a smooth customer onboarding process for SupplierPlus. 

ClearBank Ltd., the enabler of secure accounts, real-time clearing, and Embedded Banking for financial institutions, today announced that it has reached profitability. ClearBank Ltd. has generated £45.4m in revenue YTD and from October has reached monthly profitability in the UK.