Demonstrating its commitment to achieving excellent quality standards and processes, Fortis Data Protection & Compliance (DPC), which helps businesses ensure they are GDPR compliant has been awarded the IASME Gold Standard certificate and Quality Principles accreditation.

An alternative to the International Standard ISO9001, Quality Principles recognises businesses that can show a high level of customer services and customer interactions are delivered through an organisation.

The IASME Governance standard allows small companies in a supply chain to demonstrate their level of cyber security and the measures in place to properly protect their customers' information. 

The standard was developed over several years during a government funded project to create a cyber security standard as an alternative to the international standard, ISO27001.

Howard Freeman, MD, Fortis DPC comments “This is an excellent achievement for the business which clearly exhibits our commitment to quality processes and standards.  As a business we are operating at the same touchstones that we would be delivering for our clients, offering businesses a safe pair of hands as they tackle the issues of information security”.

IASME work alongside a network of over 250 Certification Bodies across the UK and Crown Dependencies to help certify organisations of all sizes in both cyber security and counter fraud. IASME is committed to helping businesses improve their cyber security, risk management and good governance through an effective and accessible range of certifications.

Howard Freeman continues, “Most businesses can apply for certification direct, however, depending on the size and complexity of an organisation, it would need to factor in costs of preparing and aligning internal practices with the schemes five controls, which requires time and expertise to embed within a firm’s own systems and processes. This is something many organisations overlook when implementing Cyber Essentials, which is why we advise hiring a consultant.  We’ve gone through the process and have the expertise and specialist knowledge to help businesses keep their customers data safe. Organisations that don’t, risk failing their certification project and would have to go through the process again potentially with the cost of a new application”.

Elevator Lab, powered by RBI, organized its annual Demo Day on the 10th of June  2021. Unlike the previous events, the Demo Day took place in a digital format due to  the COVID-19 crisis. 

The event featured the launch of the new digital format of the CEE Fintech Atlas, a  website providing information and an overview of the CEE fintech startup scene  (cee-fintechatlas.com). The Atlas also features macro-economic data for 19 CEE  countries. From the beginning, the goal of the CEE Fintech Atlas was to share RBI's  knowledge and expertise on fintech startups as well as technology and digitalization  topics with a broader audience. It aims to create more connectivity and synergies  between the banking industry and the fintech startup community, while creating an  increased awareness of the emerging, innovative, and interesting fintech startups  as well as technology solutions. The website will be a constantly updated source of  information. 

The second part of the event included a showcase of the achievements and efforts  of the fintechs and their mentors that participated in the Elevator Lab Partnership  Program Tracks in 2020, as well as the Winner of the Regional Elevator Lab Challenge in Bosnia and Herzegovina, Croatia and Serbia 2020. The finalists that presented their video pitches were: 

iFactor - Advanced Analytics and Loyalty Solutions Elevator Lab Program track  finalist. Founded in Romania in 2016, iFactor is the first fintech offering an  alternative SME lending hybrid marketplace that brings together liquidity-seeking  SMEs, banks, and private investors looking for short-term, high yield investments. 

Synerise - Advanced Analytics and Loyalty Solutions Elevator Lab Program track  finalist. A Polish fintech founded in 2013, working in the field of AI, Big Data, and  Advanced Analytics. From its founding to this day, Synerise has attracted many  

global corporate customers, and is currently working with some of the biggest retail  and financial services companies. 

Finlync - Value added Services Elevator Lab Program track finalist. Founded in 2015,  FinLync strives to make corporate finance faster and more secure as well as more  streamlined and more intuitive. Therefore, it has developed native treasury apps  which give corporate treasurers complete and direct control of their data. FinLync's  largest clients include Fortune 2000 and Fortune 500 companies. 

Zentity - Bank as a Platform Elevator Lab Program track finalist. A fintech  headquartered in the Czech Republic, with offices in Slovakia, Hungary, and the USA,  focused on providing digital channels. In over ten years of experience in digital  technologies, Zentity’s team delivered more than 110 solutions based on their  products to companies working across Europe, North America, Asia, and Africa. 

IPification - Winner of the Regional Elevator Lab Challenge Raiffeisen Bank Bosnia  and Herzegovina, Croatia, and Serbia. IPification offers innovative solutions for  mobile client authentication, without credentials, tokens, SMS OTPs, header  enrichment, or face scans. Their solution currently has around 550 million mobile  users worldwide. 

Following the pitches, the audience voted on the best pitch in a poll. The chosen  winner of the Best Pitch Award was Zentity.  

After the pitches ended and the winner was announced, the participants had the  opportunity to “walk around” virtually at the fintech booths, which were hosted by  fintech representatives, and network.  

Voyager Digital’s Q2 2021 Retail Investor Sentiment Survey indicates that despite the recent sell-off in Bitcoin and the wider crypto markets, investors are even more bullish than before, with a greater proportion of users looking to increase their crypto holdings than the previous survey.

The results are based on a sample set of more than 1.6 million verified users that make up Voyager’s fast-growing crypto platform and suggest they still believe the crypto bull market is set to pick up steam. There remains a significant number of investors who believe that Bitcoin’s price will exceed $71,000 by the end of Q3 2021, whilst the largest group sees Bitcoin ending up between $56,000-$70,000.

Key survey findings:

• 81% say that they are more confident in the future of cryptocurrency following the recent sell-off.
• 87% of investors plan to increase their Bitcoin or crypto holdings over the next quarter, higher than in the previous survey (80%).
• Bullish sentiment for the price of Bitcoin over the next 3 months stands at an average of 7 out of 10 (1 being the most bearish and 10 being the most bullish).
• 39% predict the price of Bitcoin to be between $56,000-$70,000 with 28% expecting the price to be between $41,000-$55,000, by the end of Q3 2021.
  • There is still a significant proportion of respondents, 18%, that believe Bitcoin will reach above $71,000, down slightly from the previous survey (20%).
• More than 9 out of 10 respondents believe the SEC will approve a Bitcoin ETF.
• Of the Altcoins, investors are most bullish on Cardano above any others:
  • Cardano (ADA): 55%
  • Dogecoin (DOGE): 11%
  • Chainlink (LINK): 6%
  • Polkadot (DOT): 6%

Steve Ehrlich, CEO of Voyager had the following comments to make from the findings:

“It’s encouraging that investors remain bullish following the recent market correction as we continue to see some interesting trends in our user sentiment surveys. The fact that the vast majority of our large sample size of investors are more confident in the future of cryptocurrency, shows how people see May’s volatility in many crypto-assets as a buying opportunity. Our findings show that 87% of investors are looking to increase their crypto holdings in the next quarter, a much higher percentage compared to the last survey we conducted in April.”

Crown Agents Bank has today announced two significant hires to its Executive Committee. David Mountain joins as Executive Vice President (EVP) and, in a newly created role, Head of Fintech. The leadership team is further strengthened by Joe Hurley joining as Chief Commercial Officer (CCO). The appointments come following a transformational 18-month period for the bank, with the launch of new digital financial services and a continued 65% year on year growth in the business.

David Mountain will be responsible for M&A and strategy, as well as the use of strategic technology. David brings over two decades of experience to the role, having been a successful entrepreneur building Accucard, an online credit card business that was sold to Lloyds TSB and, most recently, as a board member of US-based fintech ProducePay, which was voted the top start-up in Los Angeles in 2020.  

Joe Hurley joins Crown Agents Bank as CCO, building the bank's strategic client coverage and business development. Joe was previously Senior Vice President and member of the Management Committee at Discover Financial Services, working on innovative M&As such as the acquisition of the Pulse Debit business, Diners Club International and investment in fintech companies, including Marqeta. Joe also spearheaded putting together Discover Financial's Net to Net partnerships, which included ELO, RuPay, JCB and UnionPay.

CEO of Crown Agents Bank, Bhairav Trivedi, comments on the new hires: "My vision for the bank very much involves being a first-mover on developing and offering our clients cutting edge technologies that give them an advantage over their competitors. David's and Joe's expertise in the finance sector and their impressive network, built up over years of being at the forefront of the fintech scene, place them in the perfect roles for driving forward Crown Agents Bank's technology-first strategy.  Particularly in emerging and frontier markets, digital services are a priority, and through David's and Joe's leadership, we will continue to achieve - and accelerate - our growth in delivering tech-driven, market-relevant solutions to these often-underserved regions."

On his role at Crown Agents Bank, David Mountain, EVP and Head of Fintech, comments: "Crown Agents Bank has a phenomenal global network in markets where it is traditionally difficult to build strong relationships. This, coupled with the bank's technology capabilities, places it in a unique position to best serve these hard-to-reach markets. My job now is to continue to build on these solid foundations. I'm excited by the innovation in financial services that have emerged over the last 12-18 months and look forward to working with the Crown Agents Bank product teams to develop and add even more new services to our portfolio."

Joe Hurley, EVP and Chief Commercial Officer, added, "I am driven by being part of the dynamic growth at Crown Agents Bank. It's hugely exciting to be joining at a time when Crown Agents Bank is looking at how new innovations can be applied to deliver traditional banking services more efficiently, as well as expand its technology services to offer completely new services that meet the needs of those who have struggled to access financial services. Our team will be laser-focused, with a clear product roadmap to target the best-of-breed partners, and I look forward to leading the charge on continuing to drive this forward.”

As well as the appointment of David Mountain and Joe Hurley, Steven Marshall moves from Chief Commercial Officer to undertake a newly created strategic role of Chief Product and Network Officer. Steven and his team will be focused on creating and building new products to support market growth as part of Crown Agents Bank's global expansion plans.

Highlights

• Second consecutive month increase in credit card spend – 12 percent – and the largest monthly increase for over two years
• Percentage of payments to balance increased for the first time since December, by 3 percent
• The percentage of accounts exceeding their limit increased for the first time since December 2019
• Cash usage increases for the first time in seven months – albeit only by 2 percent

Global analytics software provider FICO today released its analysis of UK card trends for April 2021, which shows the impact of the opening up of hospitality and retail on April 12. The figures include a 12 percent rise in card spend and more customers exceeding their card limit. Missed payments were still below historical trends, probably due to increased savings and government support, which continues to blur the picture of card users struggling with debt issues, making it more difficult for lenders to manage.

Whilst year-on-year comparisons must be taken in context as April 2020 was the first full lockdown month, April 2021 is the first month showing partial non-lockdown data since December, with some signs of stress relating to spend above limit and cash usage as well as higher average balances on accounts missing payments. With further spend expected in the coming months, the financial sector may start to get a better idea of the ability of card users to maintain their debt.

Spend on UK cards continued to increase, along with the percentage of payments

The average spend on UK credit cards increased for the second consecutive month, by £65 to £625 in April 2021. This is the largest monthly increase in spend for over two years. As April 2020 was a lockdown month, it is not surprising to see sales are 22 percent higher year on year. April 2021 saw a rise of 9 percent in retail sales, with clothes purchases up 70 percent over March 2021.

The percentage of payments to balance increased for the first time since December, by 3 percent. This time last year a drop in payments was reported, as the initial impact of the pandemic hit consumers before the government financial support was introduced.

Payments to balance are now 6 percent higher than a year ago. Average card balances, although increasing month on month, are 10 percent lower than a year ago.

Source: FICO

April 2021 saw a shift in the way consumers pay their credit card debt, with a move to paying the minimum or full balance. This highlights the difference the pandemic has had on cardholders, with the gap widening between those who have increased their savings and can afford to pay off their full balance versus those who, perhaps even with support, can only afford to pay the minimum. Issuers could open communication with those customers whose payments to balance are decreasing, especially if they are still spending, as this could be a clear indication of a deterioration in financial stability.

In the four months to April 2020, 27 percent fewer accounts paid the minimum amount as the majority shifted to paying less. In the same period this year, the proportion paying the minimum has increased by 20 percent, which will increase the volumes qualifying for persistent debt treatment.

With further sectors opening in May and foreign travel allowed to a small number of countries, spend is expected to continue to rise. The uncertainty remains around repayment, as predictions are that a record number of UK businesses could fail, with the small business sector impacted the most, which could impact unemployment rates.

Source: FICO

Missed payment rates remain low

April 2021 shows month-on-month improvements in the percentage of accounts missing payments and their associated percent of balance to total balance. Until the furlough support is removed, this trend may continue, as the combination of these payments and the extra savings influence consumer behaviour. Comparing results to this time last year also looks favourable, but this needs to be put into context as April 2020 saw the peak in missed payments, as it preceded government support options.

Average balances on accounts missing one payment increased £26 month on month, although it is 13 percent lower than a year ago. For accounts missing two payments, the average balances are £126 or 5 percent higher than April 2020.  Average balances on accounts with three missed payments are £272 higher (10 percent) and four missed payments plus are £315 higher (11 percent), reaching another over two-year high.

Card limits remain steady, but the percentage of accounts exceeding their limit increases for the first time since December 2019

Average card limits increased £4 in April, influenced by accounts opened one or more years. Limits are £37 lower than April 2020. Limits on accounts opened less than a year have fallen £224 since December.

The highest proportion of accounts — 29 percent — remain in the limit range of £5,001 to £10,000, with an average balance of £1,148, the first monthly increase since December. 10 percent of credit cards have a limit greater than £10,000 and their average balance is just £2,201, again experiencing the first increase since December.

The percentage of accounts going over their limit had been decreasing since January 2020, with the pandemic accelerating the downwards trend. However, April 2021 has seen the first increase, in conjunction with the easing of lockdown rules, since December 2019. The fact that some consumers are finding the need to spend above their agreed limit, and incur the associated fees and thereby increasing their balance further, is a concern.

Due to the lower volumes in collections as fewer accounts are missing payments, issuers have an opportunity to address the higher risk accounts in this category, to help prevent them moving to a missed payment state. If these consumers are also shifting to paying the minimum amount due, this will also boost volumes qualifying for persistent debt actions.

Cash usage increases for first time since September 2020 

The percentage of consumers using cash on their credit cards increased for the first time since September 2020, albeit only marginally. The opening of some sectors has influenced this, although it remains 52 percent lower year-on-year. However, cash as a percentage of total spend decreased for the first time since December, which implies that more consumers are using cash but in lower amounts. This is another segment of customers that issuers could concentrate on, as this could be an indicator of financial problems, especially if combined with exceeding the limit.

May data will show a full month of lockdown easing, with even further spending options becoming available and impacting the trends. Issuers will need to be agile in their reaction to customers’ behaviour and will need to adapt their strategies, interaction and treatment accordingly, potentially at short notice, always ensuring that the customer experiences consistent treatment throughout.

These card performance figures are part of the data shared with subscribers of the FICO® Benchmark Reporting Service. The data sample comes from client reports generated by the FICO® TRIAD® Customer Manager solution in use by some 80 percent of UK card issuers. Issuers wishing to subscribe to this service can contact staceywest@fico.com. UK

 SurePay, the leading Confirmation of Payee provider, today announced two new hires: Adrian Lee-Jarman as Senior Business Development & Partnerships Manager and Paul Simpson as Senior Business Development Manager UK.

Adrian and Paul are joining Richard Koldewijn and Bridget Meyer and will be responsible for SurePay’s continued growth in the UK and supporting with the company’s European and global expansion plans. Both are based in the UK and will be reporting to SurePay’s Chief Commercial Officer, Dorine van Basten, who is based in the Netherlands.

Adrian has a career spanning nearly 20 years in the banking industry and joins SurePay from NatWest, where he worked in the Payments Innovation and Partnerships team as a Strategic Partnerships Manager. In his previous role, he managed payment relationships on behalf of NatWest and RBS, oversaw engagement with industry bodies such as Pay.UK, and lead product projects within the New Payments Architecture programme. Previously, Adrian worked for Coutts, RBS and Barclays.

Paul has over 25 years of experience in the payment sector, working with firms from fintech start-ups to American Fortune 500 companies. He has broad experience of UK, European and international payment markets and a track record of establishing and managing sales routes to corporates, banks, payment processors, SMEs and other financial institutions. Paul joins SurePay from Kyriba and has previously worked for FIS, Modulr and Bottomline.

Commenting on this appointment, Adrian Lee-Jarman said: “This is an exciting time to join SurePay! The company is growing fast, with a strong client pipeline in the UK, while to working on new products and delivering innovative solutions in the payments space. I believe my experience and network will help cement SurePay as the leading CoP provider in the country.”

Paul Simpson said: “SurePay is well on its way to becoming the leading platform for information services in money transfers in banking and payments. All the ingredients are there, and I am looking forward to spearheading its growth in the UK and abroad.”

David-Jan Janse, CEO of SurePay, said: “We live in a time of unprecedented challenges. The COVID-19 pandemic has had a massive impact on how we make payments, forcing the environment to digitise faster than anticipated. Criminals have not stood idle and quickly adapted to take advantage of a large number of people migrating to the digital space, resulting in an increase in online payments fraud. At SurePay, we are on a mission to make online payments safer, more personal and easier to use!”

He continued: “I would like to welcome both Adrian and Paul to the family and I am confident in their ability to help us deliver our promise to our British customers and the wider public.”

The partnership underlines Mojo's commitment to bringing more transparency and confidence to future homeowners and mortgage holders.

Online mortgage broker Mojo Mortgages has partnered with GoCompare to bring new levels of financial confidence to millions of people.

GoCompare customers can now see how much money they'll save on their mortgage by comparing personalised deals with Mojo's tech as well as providing signposting through to expert advice with a mortgage adviser. This has been crucial at a time when many banks are closing branches and call waiting times are rising.

Over 90 lenders and 10,000+ deals* are compared with the most suitable shown to the customer after an online process that takes just 10 minutes – direct from the GoCompare site.

It doesn't matter if you're seeking your first mortgage, moving home or remortgaging, customers will always have better visibility of their mortgage options, and should they want expert advice they can arrange a call with a CeMAP registered Mojo adviser. 

In the first week alone, thousands of deal-savvy mortgage seekers used the service.

Richard Hayes, CEO of Mojo Mortgages, said: 

"Everyone uses GoCompare to lower their monthly outgoings – it's a given that nobody likes overpaying on insurance and utilities. Yet mortgage repayments dwarf all other expenditure, so it makes absolute sense that we all should have more clarity if we're paying too much for our mortgage.

"This partnership does that. It provides absolute transparency to the users of GoCompare. And if they do see a deal that can save money, then it's so simple to apply for it with Mojo.

"Mortgages are the final financial service to get the full online comparison treatment, but we believe for some people, advice will remain a key part of the process. So, our hybrid broker/technology proposition means comparison experts like GoCompare can offer their customers a truly end-to-end mortgage journey."

GoCompare is the latest in a long line of big names – including Zoopla and Monzo – to see the benefit of Mojo Mortgages, an award-winning online mortgage broker that combines clever tech with a team of expert mortgage advisers.  

Hayes, added:

"Working with partners has always been a big goal for Mojo in our bid to bring more confidence and choice to mortgages. Traditionally, people haven't been able to compare all their mortgage options, and this limited choice has cost `some of them hundreds of pounds a month. 

"By working with GoCompare – a household name known to save people money – we know more and more people will use our Mojo tech, speak to our advisers and get a better deal – one that'll put some money back in their pockets ahead of what could be a tricky economic future."

For more information about Mojo Mortgages, visit www.mojomortgages.com

*Mojo currently has access to compare over 10,000 deals as of May 2021

A concerning number of South African companies are not prepared for the inevitability of a cyberattack despite the significant financial and reputational risks, according to Ryan Mer, Managing Director, eftsure Africa, a Know Your Payee™ (KYP) platform provider.

“Too few senior managers view cybersecurity as a business problem and not just a technology problem. The reality is cybersecurity is very much a business consideration. CEOs and CFOs will eventually face critical questions such as: How much money do we spend on cybersecurity? Do we change key processes? How do we create awareness and change company culture? Do we put security ahead of operational functionality? What is the role of internal processes and staff on data security and integrity?”, he says.

Mer adds that because cybersecurity is a business-wide risk it requires more than isolated activities to be addressed. “This is where the role of a Chief Information Security Officer (CISO) is important. The CISO therefore needs to have technical and security skills and competencies, but equally as important, should understand the finance function, operations of the business, and have the business as well as communication skills to effectively create this span.”

While large corporates are more likely to have the resources to fill the CISO role, businesses below the corporate level may not. In such instances, Mer says an outsourced or CISO-as-a-service offering could add immense value. “Ultimately, and especially in relation to the Protection of Personal Information (POPI) Act, there needs to be a coherent strategy and allocated responsibility in place with respect to cybersecurity, data management, compliance and fraud prevention.”

He adds that in the absence of commonplace and well-developed CISO roles, it is the CFO who should lead the way in addressing cybersecurity concerns, particularly in smaller organisations. “It is potentially disastrous for the finance team to be ignorant of cyber risk. Attackers can target many areas of an organisation, but the dangers are usually measured in financial terms: CFOs cannot ignore cybersecurity simply because it is a complex issue outside their area of expertise.”

In addition to having the skills and oversight necessary to take a broad and long-term view of the potential financial impact of an attack, Mer says the CFO is one of the most natural custodians of data, from collection to its ongoing management. “Attacks will very often target the finance department and its team members directly, and in many instances may even be perpetrated by or assisted by internal team members, in attempts to steal and defraud the business. CFOs need to ensure their own vulnerabilities are both understood, and urgently addressed.”

We are pleased to announce that Path Solutions has won the TOP position in two categories in the IBSI Sales League Table 2021 (IBSI SLT); Islamic - Universal Banking | Core, Data Warehouse & Business Intelligence.

Path Solutions re-affirmed TOP position for twelve consecutive years in the IBSI Islamic Sales League Table 2021 with its industry-leading AAOIFI-certified digital banking suite iMAL. The company has an established track record of product innovation. It is a recognized global leader in financial software solutions for Islamic and conventional financial institutions, and this is further proven by its extensive market reach and continuously growing clientele base.

“Keeping an excellent winning record year after year at the IBSI SLT is a tremendous feat and clearly demonstrates the strength of our Islamic banking platform, our strong focus and deep understanding of the segment’s specificities, driven by a passion and commitment to add value to our clients. We are very proud as well for topping the Data Warehouse & Business Intelligence category highlighting clearly the success of our Path Intelligence initiative that we launched a year ago. During the pandemic and recent market volatility, our customer-centric solution has provided our clients with outstanding capabilities to help them transform into becoming analytically data-driven resulting in significant competitive advantages that assisted them to weather the storm”, commented Mohammed Kateeb, the Group Chairman & CEO of Path Solutions.

“Path Solutions strives to remain the first-choice Islamic software partner for financial institutions across the globe, and this year’s fantastic display of wins really reinforces that”, said Robin Amlôt, Managing Editor, IBS Intelligence. “We are especially pleased to see Path Solutions reaping the benefits by leading the power of automation and digitalization to create new Sharia-compliant solutions to address the current needs of the burgeoning Islamic banking segment”.

It is also worth mentioning that Path Solutions positioned as a Competitive Player in the IBSI LeaderBoard - Universal Banking | Core for CY 2020 Deals, featured in the SLT Leadership Club 2021 among category leaders, and ranked second in Islamic Retail Lending category.  

Despite the 2^nd wave of COVID-19 around the world, IBSI SLT 2021 witnessed consistent participation by vendors as 60 vendors submitted their nominations. Of the 2,073 deals evaluated, the qualified deals of SLT 2021 included 1,046 global deals (SLT 2020: 800+) and over 500 domestic deals (SLT 2020: 900+) across all SLT categories. New SLT categories introduced this year include Conversational Banking, Data Warehouse & Business Intelligence, and InsurTech. In recognition of the fast-growing Islamic banking segment, IBSI SLT is expanding its Islamic SLT which lists the leading suppliers catering to this segment.

The results of IBS Annual Sales League Table 2021 are available here:

https://ibsintelligence.com/press-releases/ibs-intelligence-announces-its-annual-sales-league-table-2021-results/