NatWest has today announced an additional £1 billion in funding to help support female-led businesses in the UK recover from the coronavirus. The aim is to ultimately help female entrepreneurs scale and grow, and builds on the £1bn announced last January, which was the largest intervention by a UK lender focused specifically on female-led businesses.

The bank has also committed to help create an additional 35,000 new businesses in the UK by the end of 2021, focusing its efforts on underrepresented groups and geographical inequality.

Due to the extraordinary impacts of the coronavirus the bank has seen unprecedented demand from female-led businesses and has exceeded its £1bn target 4 years ahead of plan. The availability and ease of access through digital channels of the Government lending schemes, combined with virus impacts, has led to many more female entrepreneurs applying for funding. The share of lending to female founders has not only increased in absolute terms, but proportionately rising from 9.5% to 14% of total lending. [1]

A central finding of The Alison Rose Review of Female Entrepreneurship (‘the Rose Review’), was that the single biggest issue holding female entrepreneurs back is the lack of funding directed towards them. Traditionally women are less likely to take on debt than male-led businesses and this can impact their ability to scale and grow at the same rate. The increased engagement stimulated through the Government schemes has also allowed NatWest to ensure that female entrepreneurs gain access to this overall package of support.

The additional funding will be open to both new and existing customers and represents new lending into the UK economy, to continue to close the gap between female and male entrepreneurs. Support and encouragement for female entrepreneurs is needed more than ever due to the disproportionate impact of the crisis on women. Recent research commissioned by NatWest in conjunction with YouGov shows that: 

• 1 in 10 female entrepreneurs plan to start a business in 2021;
• 55% of female business leaders would not recommend starting a business in their sector in 2021;
• Female entrepreneurs and business owners are 17% more likely to struggle balancing business with family life during the pandemic; and,
• Nearly three quarters (71%) of female business owners and entrepreneurs found managing their business stressful during the pandemic, compared with just over half of males (55%).   

NatWest Group CEO, Alison Rose, commented: “As we build a purpose-led bank that champions the potential of people, families and businesses up and down the country, we are committed to supporting the UK’s recovery from the crisis. However, if women find themselves at even more of a professional disadvantage on the other side of this crisis, then we’ll be attempting to build an economic recovery whilst ignoring a huge area of potential. 

“All of us, from ministers to employers, have a duty to ensure that further pain isn’t felt disproportionately by women and that anyone who retains an ambition to start or grow a business is helped with targeted and innovative assistance. We’re determined to play our part and I’m pleased to confirm that we are now able to launch a second £1bn tranche of funding to continue and extend our support to female entrepreneurs and business owners.”

Small Business Minister and Co-Chair of the Rose Review Board, Paul Scully added: “We want to make the UK the best place in the world to start and grow a business and that means backing entrepreneurs from all walks of life, regardless of gender or ethnicity.

“It is fantastic to see a large company like NatWest doubling its support for female-led businesses to £2bn, giving a lifeline to thousands of companies as we build back better from coronavirus.”

Martin McTague, Policy Director of the FSB commented: “FSB research shows women-led small businesses are less likely to access any form of external finance than their male counterparts, with a quarter of women business owners telling us that the ability to access finance is a key challenge to starting their own business. Dedicated funds like this, promoted to current and potential small business creators, could make a real difference.”

Hannah Essex, co-executive director at the BCC, said: “There is no questioning the talent and capability of so many women who want to set up and run their own businesses in the UK.  It is vital that these brilliant women are supported with the investment they need to get their ideas off the ground. As the UK gradually emerges from the pandemic then this additional financial support will be a welcome boost to female entrepreneurs looking to lead the economic recovery.”

The Female Entrepreneurship Funding builds on a number of initiatives that the bank already has in place to support women looking to start, scale and grow their businesses. The NatWest Accelerator hubs have supported over 1,230 entrepreneurs of which 43% were female and NatWest’s ambition is to help create an additional 35,000 new businesses in the UK by the end of 2021 - focusing efforts on underrepresented groups and geographical inequality. In addition, the bank aims to support 200,000 people to consider starting a business in 2021, of whom 60% will be female and 20% will be from a Black, Asian and Minority Ethnic background.

To support the UK’s recovery from the Coronavirus, in partnership with the FSB and British Chambers of Commerce, the bank has established an SME Transformation Taskforce that meets today.  The Taskforce brings together policymakers, business groups and small businesses to identify the barriers that can be removed to support recovery and future growth. Alongside the British Growth Fund, we have established The UK Enterprise Fund that enables Coutts’ clients to invest in diverse and high-potential growth economy companies across all regions of the UK. 

[1] Applies to NatWest Business Banking Book amongst businesses with a turnover of £2m and under.    

Temenos (SIX: TEMN), the banking software company, today announced its next-generation end-to-end corporate lending platform, designed to help banks digitally transform their entire corporate banking business to reduce cost and drive operational efficiencies, improve customer experiences, and create offers for customers that are tailored to individual corporate needs.

The microservices-based platform helps banks automate their heavily manual and complex processes and enables the bank’s corporate lending teams to access the right data at the right time to make faster and smarter decisions. Temenos’ corporate lending platform enables banks to evaluate loan applications more rapidly, structure complex corporate deals and handle negotiations in a transparent and efficient manner. It also allows banks to assess credit risk to maximize the performance of their product portfolio and capital, as well as help corporate customers access the right credit facilities for their needs. The digital corporate lending platform also enables banks to manage lending for both corporates and SMEs, further streamlining systems and processes.

Corporate banks often have complex IT architectures with data residing in multiple system siloes, resulting in time consuming, heavily manual processes and poor data utilization. Temenos’ end- to -end corporate lending solution helps banks streamline their disparate systems into a centralized platform with consolidated processes and pricing, embedded analytics and real-time dashboards, to offer fully automated digital services.

Temenos’ enhanced corporate loan origination capabilities help banks manage the entire loan lifecycle, from pre-screening to underwriting, due diligence, document capture, credit administration, acceptance and closing. This enables banks to aggregate and analyze the information they need to take decisions faster on complex corporate credit arrangements and process commercial loans with effective risk management. These corporate loan origination capabilities are based on Temenos Infinity, the market-leading digital banking platform, which utilizes industry standard workflow management and business rules solutions to handle complex case management.

During the pandemic, many banks reported loan application volumes that were eight to 10 times their typical level [1]. The difficulty to process these volumes was exacerbated by the complex underwriting challenge in a fast-moving environment and the process requirements of government-backed schemes that, given their novelty, remain manual for most banks.

Jerry Silva, Vice President, IDC Financial Insights, commented: “The commercial lending market is seeing a spike in volumes due to the pandemic. Now more than ever, corporate banks need to aggregate data and have a comprehensive customer overview to protect their balance sheet and structure their loans and risk portfolio accurately, deciding which corporate customers are viable to support. Solutions like Temenos’ corporate lending platform improve transparency and a consolidated view of the corporate customer over legacy technologies, ostensibly supporting banks as they set their corporate lending strategies.”

Max Chuard, Chief Executive Officer, Temenos, said: “Corporate banking represents a large addressable market, ripe for change as banks need to accelerate their digital transformation to meet their corporate clients’ expectations. Temenos has invested relentlessly to deliver an innovative end-to-end, corporate lending platform based on advanced cloud and AI technology combined with rich banking functionality. We signed new flagship corporate banking clients and our product has been named a leader by top analyst houses. With our corporate lending platform, banks can consolidate disparate systems on a single, cloud-native platform that gives the agility to deliver tailored solutions to their corporate customers, improves transparency and efficiency removing the need for manual interventions.”

Temenos’ architecture is open-API based and it allows data to flow across the functional business lines of a corporate bank from payments to cash management, enabling efficiencies, lower total cost of ownership from the consolidation of systems and new business models. Temenos' investment and innovation was recognized by Forrester and the platform was named a leader in The Forrester Wave™: Digital Banking Processing Platforms (Corporate Banking), Q3 2020.

[1] Oliver Wyman , ‘Five Actions For Corporate Banks In Response to COVID-19’, 2020.

Frankfurt-based d-fine joins Avaloq’s global partner network to strengthen the leading digital banking solutions provider’s implementation capabilities.

As an official Special Service Partner, the business and technology consultancy firm d-fine is now part of the Avaloq Community. More than 1,000 professionals in Germany, Switzerland, Austria and the UK are serving and advising business clients across a wide range of industries. In digital banking solutions, d-fine’s consulting approach combines broad functional expertise with proven Avaloq Banking Suite implementation experience.

Avaloq and d-fine have already successfully joined forces for implementation and upgrade projects in Germany as well as in Switzerland, building on d-fine’s profound expertise in banking regulation, combined with its strong technical capabilities. By combining business expertise with hands-on technical skills, d-fine was able to enhance project efficiency considerably and it has also supported Avaloq to drive financial product innovation, such as for its new digital assets solution.

In its new role as an Avaloq partner, d-fine will focus on business consulting in the fields of controlling and risk, banking regulation, capital markets as well as compliance. In addition, the firm is also capable to contribute cutting-edge expertise in data analytics, artificial intelligence, crypto assets and blockchain technology.

Egbert Schark, Managing Director at d-fine, said: “After providing Avaloq services for several clients in Germany and Switzerland, we are very proud to now be an official member of the Avaloq Community. In increasingly fast changing markets, we see our partnership with Avaloq as a significant added value for our mutual customers in implementing and enhancing the Avaloq Banking Suite. We are looking forward to joint new challenges in 2021 and beyond.”

Thomas Beck, Group Chief Technology Officer at Avaloq, said: “I am delighted to welcome d-fine to our global partner network. The team has clearly demonstrated that it is capable to deliver solution-oriented services in challenging projects and we particularly value their impressive banking expertise. As a leading provider of innovative wealth management technology, we rely on highly specialized and committed partner companies such as d-fine to meet our clients’ expectations.”

Open Banking pioneer Nuapay, powered by Sentenial, today announces its partnership with Beam, the innovative fintech payments service provider for small businesses.

The partnership enables Beam to provide Open Banking payments to its clients on WooCommerce – the open-source e-commerce plugin for WordPress – bringing online and omnichannel retailers the benefits of faster, more secure and cost-efficient payments. After a successful pilot, the Beam service is available now to almost 100,000 websites using WooCommerce to sell goods and services in the UK. 

The news comes just a month after the Open Banking Implementation Entity (OBIE) published research showing that 50% of the UK’s small business community are utilising the services offered by open banking providers. The Beam service will bring the benefits of open banking to even more UK businesses, enabling them to receive funds instantly through open banking payments, helping to address cash flow challenges.

Online and omnichannel merchants using WooCommerce to accept payments can register with Beam, and will also be issued a business payment account with Nuapay. Through this account, Beam can enable merchant access to instant payments, instant refunds, recurring payments, and instalment plans. Crucially, as there is no payment card involved, merchants are not subject to ever-rising card scheme fees. Beam aims to save UK businesses £1 million in card processing fees over the next 2 years.

No consumer card details ever being exposed also means that all transactions are fully Strong Customer Authentication (SCA) compliant. This benefits retailers and consumers by dramatically reducing the risk of fraud.

To pay, consumers do not require a Beam account, as the transaction is completed as a direct Account-2-Account transfer. They simply select the Beam button on the checkout page, and are seamlessly redirected to their banking app to authorise the payment.

Merchants using the Beam service will also be able to collect instant payments at physical Point of Sale (POS) through a QR code on the Beam app, or remotely via Beam’s Pay By Link solution.

Beam has already achieved a 10% organic adoption rate at checkout, even before its website has launched. This, bolstered by OBIE figures released in September 2020 that show there are already over 2 million UK consumers using open banking-enabled products, demonstrates the pace at which demand for open banking payments is increasing.

Nick Raper, Head of UK at Nuapay, comments: “E-commerce has grown at an exponential rate in the last year, and, as more consumers move online due to ongoing lockdowns, this trend shows no sign of slowing down. As such, we need to do all we can to empower small businesses to serve their customers with the best possible experience. We’re delighted to be partnering with Beam, who share our philosophy of bringing UK businesses the benefits of fast, direct and secure open banking payments.”

Martin Burt, Founder at Beam, adds: “Our aim is for the Beam payment solution to become as familiar on checkout pages as Stripe or PayPal, and we are going to continue to innovate to bring UK businesses the leading payment acceptance solutions on the market. Partnering with Nuapay, to gain access to its unparalleled suite of payments capabilities, gives us the best opportunity to demonstrate to merchants and consumers that open banking payments can deliver a proposition stronger than credit and debit cards.”

Nutanix (NASDAQ: NTNX), a leader in private cloud, hybrid and multicloud computing has announced that Aberdeen based Robert Gordon University has deployed Nutanix Xi Frame to complement and extend its existing on-campus End User Computing (EUC) solution to support demanding researchers in Schools of Architecture and Engineering plus students on the Scottish Graduate Apprenticeship (GA) scheme studying remotely whilst working.

Although happy with the University’s on-premise EUC technology, End User Computing Team Leader Timon Watson and his team had reservations when it came to extending access to remote teaching and learning resources beyond the shared desktops provided in on-campus IT Labs and libraries.

“Traditional EUC solutions have high barriers to entry particularly when it comes to supporting graphically intense workloads,” he explains. “Not just the need for clients on end user devices but the infrastructure required to support advanced 3D features and preserve settings between sessions and across devices. Getting the software needed installed and working can be hard. Managing it and troubleshooting problems remotely when they arise harder still and extremely time consuming even for fully trained staff.”

As an existing Nutanix customer, however, it wasn’t long before the team at Robert Gordon University was introduced to Xi Frame, which as a Desktop as a Service (DaaS) solution was suggested as a more suitable and easier to manage alternative for this particular project.

“I’ll admit we were sceptical,” said Watson. “but the more we spoke to other customers and tried it for ourselves the more we came to see Xi Frame as a perfect fit for this particular cohort of remote users. No need for client software - just a browser - no plug-ins or infrastructure changes and everything managed through a single console instead of 6 or 7 as with our existing solution. It was staggering how little effort was needed.”

Xi Frame itself can be hosted in the cloud or, as with Robert Gordon University, on-premise using Nutanix HCI software. Following a hiatus due to the UK-wide COVID-19 lockdown, therefore, setup of both a Nutanix cluster and the Xi Frame solution was begun in earnest in late 2020 and completed in just days by team members with no prior experience of either Xi Frame or its management.

Watson and the team are extremely pleased with the outcome, particularly the absence of support calls following deployment.

“As power users of applications like AutoCAD and Revit, the School of Architecture was already our most demanding cohort when it came to on-premise support,” he commented. “I don’t think we’ve had a single call since moving them onto Frame.”

In the wake of the pandemic, RGU is also having to rethink its wider EUC policy and move away from requiring students to use on-premise desktops towards supporting remote access from a variety of devices. In the short term, its existing solution has been adapted to meet this wider remote teaching and learning requirement but, following successful deployment here, further use of Xi Frame is also being considered. Moreover, Watson is keen to take advantage of other Nutanix tools, like those in Nutanix Calm, an application-centric automation, orchestration and lifecycle management solution, to help streamline wider IT management and support processes.

“As well as its simplicity, one of the undoubted advantages of Nutanix Xi Frame is its flexibility. Not only can it be deployed on-premise or the cloud, but crucially here alongside other EUC solutions,” commented Dom Poloniecki, General Manager, Sales, at Nutanix, Western Europe and Sub-Saharan Africa. He added: “An ability adroitly exploited by RGU to fill a gap in its EUC strategy without the disruption of switching platforms and starting again from scratch. We’re pleased Xi Frame lived up to expectation at Robert Gordon University and look forward to working with the team to further enhance its EUC solution moving forward.”

About Robert Gordon University

Named Scottish University of the Year in the Times and Sunday Times Good University Guide 2021, Robert Gordon University is a public university in the city of Aberdeen, Scotland. It provides industry led undergraduate and postgraduate courses leading to highly relevant awards and degrees. 

first direct is the #1 company in the UK for delivering high quality customer service, according to The Institute of Customer Service.

In the latest UK Customer Satisfaction Index*, published today, first direct is the most highly rated organisation for customer satisfaction out of 271 companies – across 13 sectors and industries. With a score of 85.1 (out of 100) the bank sits well above the national average of 76.8, and the average for banks and building societies of 78.3.

The impact of the coronavirus pandemic in 2020 saw a higher number of consumers reporting dissatisfaction with the service they received from organisations, and also how their complaints were handled. This has resulted in customer service satisfaction in the UK falling to its lowest point since 2015.

first direct was among the highest rated across each of the Experience, Customer Ethos, Emotional Connection, and Ethics dimensions of customer satisfaction.

Chris Pitt, CEO of first direct, said: “Every day first direct’s people try to deliver for customers. We understand people value interactions which are simple, safe, and enable them to get on with their lives. Easy to say but much harder to do consistently day in day out, year after year. I’d like to thank everyone in fd who has – throughout a difficult year – worked to deliver our service promise.

“Our focus is on providing a frictionless, digital banking experience, offering only those services which are genuinely useful and add value. But we also know how much worth there is in having highly trained, empathetic people available 24/7, empowered to treat customers as individuals not just another number.”

SBI Financial Services, the subsidiary of SBI Holdings (“SBI”), today announced the acquisition of B2C2, the trading counterparty of choice in the institutional crypto markets.  The transaction follows SBI Financial Services’ agreement to take a minority stake in B2C2 in July this year.

The combination positions SBI at the centre of the cryptocurrency markets, becoming the natural entry point for financial institutions seeking a bank counterparty to trade digital assets.  B2C2’s brand, talent, technical expertise and trading capabilities enable SBI to open a principal dealing desk in a world first.

Yoshitaka Kitao, President and CEO of SBI Holdings, said: “B2C2 has an exceptional reputation for its world-class products and services, superb technology and valuable client base.  Their vision, expertise and offering complement SBI’s, and we look forward to working in partnership as we expand our footprint across the global markets.”
 
Max Boonen, Founder of B2C2, said: “With Bitcoin hitting an all time high this month, it is dawning on everyone in finance that crypto is here to stay.  The timing could not be better for SBI, a financial conglomarate admired for its farsightedness, who is not simply dipping in but opening a new chapter for the industry.  The integration is well underway, with both firms’ client bases already benefiting from our combined capabilities.  We share a bold vision of the influence that crypto will exert on financial markets over the coming decade.  We are proud to join SBI at the forefront of this evolution.”

Milestones since SBI’s initial investment include the appointment of B2C2 as primary liquidity provider, whereby institutional clients can now trade with SBI through B2C2’s platform.  Since the partnership, OTC volumes have quadrupled, cementing B2C2’s position as the #1 liquidity provider in the market.  In addition, the integration of B2C2’s state-of-the-art market making systems with SBI’s new digital exchange has resulted in a ten-fold increase in daily volumes.

HelpSystems help exceptional organisations Build a Better ITT. Their security and automation software simplifies critical IT processes and aligns IT & business goals to help organisations build competitive edge. HelpSystems’ IT management software solutions keep business running smoothly. The company is recognised as the biggest independent IBM i software vendor in the world

In the digitally accelerated COVID-19 environment of 2021 what are the top data security trends that organisations are facing? 

Adam Strange, HelpSystems’ Data Classification Specialist, has over 15 years' experience at the heart of enterprise IT has compiled the below HelpSystems’ prediction around data classification in 2021:

Supply chain ecosystem risk will get bigger

• Accenture quote that 94% of Fortune 100 companies experienced supply chain disruptions from COVID-19, and that as much as 40% of cyber threats are now  occurring indirectly through the supply chain.
• 2020 has been the year where businesses realised more than ever that data security across the supply chain was only as strong as its weakest link, where exposing a business’s network and sensitive data to its suppliers had the potential to carry significant additional risk.
• HelpSystems’ recent report interviewed 250 CISOs and CIOs from financial institutions about the cybersecurity challenges they face and nearly half (46%) said that cybersecurity weaknesses in the supply chain had the biggest potential to cause the most damage in the next 12 months.
• But sharing information with suppliers is essential for the supply chain to function. Most organisations go to great lengths to secure intellectual property (IP), personally identifiable information (PII) and other sensitive data internally, yet when this information is shared across the supply chain, it doesn’t get the same robust attention.
• The demand for greater resilience across supply chain operations in 2021 will require businesses to move quickly to overhaul existing tech investments and prioritise data governance. Organisations must ensure basic controls are implemented around their suppliers’ IT infrastructure and that they have robust security measures in place.
• Advanced data classification capabilities will deliver assurance and control to numerous industries including finance, defence and government. HelpSystems advises organisations to ensure their suppliers have a robust approach to security and information risk with security frameworks such as ISO 27001 and Cyber Essentials in place.
• Organisations should implement a data classification scheme and embed data risk management into the procurement lifecycle processes from start to finish. By effectively embedding data risk management, categorisation and classification into procurement and vendor management processes, businesses will prevent their suppliers’ vulnerabilities becoming their own and more effectively secure data in the supply chain.

tZERO, a leader in blockchain innovation and liquidity for digital assets, announced today its partnership with Prime Trust, the leading provider of all-in-one, financial infrastructure for fintech innovators. This partnership sends a clear signal to the market that tZERO is committed to replacing legacy systems with the future of financial technology.

tZERO CEO Saum Noursalehi stated: “Digital infrastructure isn't just another settlement or payment system – it represents an evolution in how we will issue, record, transfer and settle value seamlessly across markets and geographies by leveraging technology that is superior to the legacy systems and infrastructure in place today. The initiatives announced today affirm our commitment to remain agile and swiftly adapt to regulatory and technological developments in order to foster a robust and dynamic marketplace.”

The partnership supports the custody of digital assets, including securities and cryptocurrencies, by users directly with Prime Trust, and enables trading of such digital asset securities on the tZERO ATS, tZERO’s broker-dealer subsidiary. Additionally, tZERO ATS filed to support self-clearing for itself and its broker-dealer subsidiaries.

Prime Trust’s API Integration Enables a Streamlined Transaction Experience

tZERO signed a technology integration agreement that allows Prime Trust to facilitate custody of digital securities and cryptocurrencies for its customers who trade such assets on platforms operated by tZERO’s regulated subsidiaries. This new infrastructure replaces reliance on third-party clearing firms, enables accelerated onboarding of new digital securities, improves the account funding process, and enhances the settlement process.

The updated central custody is also expected to replace tZERO’s existing cryptocurrency wallet, the tZERO Crypto app. This will improve the cryptocurrency trading experience through increased buy limits, faster transaction settlement, and a seamless process of onboarding new cryptocurrencies, subject to regulatory approvals and launch.

Prime Trust CEO Scott Purcell shared, “We’re thrilled to work with a leading fintech company like tZERO and to help them make this infrastructure change quickly. This is exactly how we designed PrimeCore, our leading compliance, payments, and proprietary API platform, to be used. We worry about the infrastructure, so our partners can launch on their terms and focus on their core business.”

“We are delighted to partner with Prime Trust to give investors the ability to custody their digital securities and cryptocurrencies and trade them on the tZERO ATS,” added Noursalehi. “This trading model creates flexibility for customers, subscribers, and issuers that wish to join our marketplace, and opens our marketplace to securities with greater blockchain functionality.”

tZERO ATS Filing to Support Self-Clearing

In addition to the customer self-custody model, which would support digital securities and cryptocurrencies, tZERO ATS’s trading ecosystem will also continue to support a conventional broker-dealer clearing and custody model, principally for NMS securities. To be able to offer a broad product set, operate independently, improve margins, be nimble and innovate quickly, tZERO ATS filed a continuing membership application (CMA) to allow it to custody, clear, and settle securities transactions for itself and its broker-dealer affiliates.

tZERO is also working to evaluate the pathway for its broker-dealer subsidiaries to custody digital securities themselves, without reliance on any third parties, under the recent milestone Securities and Exchange Commission (SEC) statement that outlined how broker-dealers can engage with digital asset securities, including maintaining custody of these assets and settling on-chain without a clearing firm or a custodian. This is a critical milestone for digital security trading, custody and settlement in a next-generation trading ecosystem.

tZERO is a technology firm with the goal of democratizing access to private capital markets. tZERO is a subsidiary of Medici Ventures, the blockchain-focused, wholly owned subsidiary of Overstock.com, Inc. (NASDAQ:OSTK). To learn more about Prime Trust and the company’s all-in-one, financial infrastructure for fintech innovators, please visit https://www.primetrust.com.

Investor Notice

Investors should note that trading securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity, which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in single security could mean lack of diversification and, consequently, higher risk. Potential investors are urged to consult a professional adviser regarding any economic, tax, legal or other consequences of trading any securities as described herein.