FinecoBank today announced that a suite of funds from Nordea Asset Management – a global leader in sustainable and responsible investing – will now be available to users on its platform.

The move gives Fineco’s growing customer base in the UK access to Nordea’s investment expertise – including a number of its popular ‘STARS’ equity strategies. These funds embody true ESG integration, with thorough proprietary research undertaken to identify companies displaying sustainable and responsible business models.

In addition, investors can access a number of strategies run by Nordea’s renowned Multi Assets Team, which is headed up by Asbjørn Trolle Hansen. Nordea has a long history of managing outcome – as opposed to benchmark – oriented investment solutions, following its ‘stable’ investment philosophy. The Nordea Multi Assets Team has been working together since 2003 and manages about £100bn. The team’s £2.7bn Nordea 1 - GBP Diversified Return Fund is a solution designed specifically with UK clients in mind.

Fineco announced partnerships with more than 10 fund providers this year, including Carmignac, Robeco, JP Morgan Asset Management, Fidelity Investments, Aberdeen Investments, M&G Investments, and Columbia Threadneedle Investments.

Paolo Di Grazia, Deputy General Manager, Fineco, said: “Our customers choose Fineco to get everything they need for investing, banking and trading through one single platform and one single account, the so called one-stop-solution. That’s our value proposition and what makes the difference from other banks. Our promise to customers is to allow them to access to the best investing platforms, so they can build portfolios that fit their investing needs. That’s why we’re continuously increasing the broadness of asset managers on our platform, making available the best partners to pick from.”

Anders Madsen, Head of UK Institutional & Wholesale Distribution, Nordea Asset Management, commented: “Delivering returns with responsibility is more than just a statement for Nordea Asset Management – it has long been engrained in our culture and business model. Our award-winning Responsible Investment team, which is one of the largest in Europe in terms of pure ESG analysts, is evidence of this deeply rooted commitment. We are pleased to partner with Fineco and boost UK investor access to a number of our specialist equity, fixed income and multi-asset strategies.”

The North East of England, Northern Ireland, Scotland and Yorkshire & Humber are fast becoming new powerhouses for UK tech innovation. 

An initiative from London Tech Week and UK Tech Cluster Group today highlights the critical levelling up taking place across the UK tech ecosystem showing how these regions are playing an increasingly important role. 

Leading global tech brands are choosing to set up in these areas, which are also now fertile breeding grounds for some of the very best startups and SMEs in the sector. 

The encouraging geographical shift is highlighted in the first four reports from the ‘12 Clusters of Tech initiative’, which is definitively mapping the whole of UK tech. 

These reports are the first in a series of twelve, which together will show key technology trends and provide an invaluable guide to every corner of Britain's tech community.

The reports show the rise of different types of tech across the regions. In the North East, AI and immersive tech are flourishing. In Northern Ireland, HealthTech and Fintech are dominating and in Scotland cyber security and mobility as a service are growing fast.

Recent research from GP Bullhound highlights that the fastest-growing northern tech companies are well distributed across the whole of the region — but particularly in the North West and Yorkshire. 

Additionally, according to a recent survey, London and Manchester are neck and neck as the top destinations when it comes to tech workers choosing where to locate, with 18% and 15% respectively settling for the two locations — demonstrating that London is no longer the automatic choice for tech in the UK.

To date, there are over 12 technology businesses which have been founded in the North that have reached unicorn status, including e-commerce giants The Hut Group and Boohoo.

Digital Minister, Caroline Dinenage, said: “It is great to see the growth of the tech sector across the UK's regions and nations helping to create jobs, attract investment and drive economic recovery.

"The 12 Clusters of Tech Report gives valuable insight into our regional tech specialisms and will help us develop effective policy as we work to make the UK the best place to start and grow a digital business."

London Tech Week Festival Director, Suzy Pallett, said: “This initiative is all about shining a spotlight on the whole of the UK and celebrating the very best of tech, to take our understanding of what this country has to offer a stage further.

“The first four reports make fascinating reading and show clearly that every part of the UK we have visited so far has something impressive to offer. There is much to be proud of and a genuine depth of talent, which will no doubt play a key role in helping rebuild our economy during these difficult times.” 

Dr David Dunn, Chair, UK Tech Cluster Group, said: “I am delighted we have partnered with London Tech Week on the development of 12 Clusters of Tech. We are highlighting some of the amazing companies from across the UK and showcasing technology to the rest of the world. 

“From exciting startups to established employment powerhouses, there is a lot to revere across our ecosystems and we are proud to tell the story of UK tech by spotlighting the businesses leading the charge.”

12 Clusters of Tech Reports will follow for North West (January), Wales (February), West Midlands (March), East Midlands (April), East of England (May), London (June), South East (July) and South West (August). 

Once published, all the downloadable reports are available here.

Tech businesses, large or small, who are passionate about the sector and interested in being featured in upcoming reports should get in touch at info@londontechweek.com. 

New data released by Yapily, the UK’s leading open banking network, has revealed how open banking connectivity has become a top priority for banks in the UK as we head into 2021.

The data reveals that despite disruption to banking operations caused by the Covid-19 pandemic, banks had matured in their open banking development once the industry had entered Q3, with response times closing on those of the digitally native neo banks, such as Monzo which averages 211ms in its response time. 

Some of the UK’s top banking providers were analysed including: Santander UK, First Direct, Barclays, HSBC, Nationwide, M&S Bank, Lloyds, Halifax, Natwest, RBS and AIB. 

Of the banks with slow response times at the beginning of the year, these times had been dramatically reduced the further we progressed into 2020; the average response time across all banks was 1154ms in February, but by the time OBIE announced there were two million active users of open banking, the majority of banks had closed the margin between their connectivity and that of the digital first neo banks to an average of 540ms. 

Commenting, Stefano Vaccino, CEO and founder of Yapily, said: “With recent research from OBIE finding that 50% of the UK’s small businesses are using services from open banking providers, having faster response times between banks and open banking partners are critical to deliver better services such as borrowing, accessing payments and more.”

The data showed that the most improved bank was M&S Bank, which managed to reduce its response time from 1314ms to 632ms, although compared to its competitors its final response time was slower. Elsewhere, AIB ended the year with the fastest response time of 288ms, reduced from 991ms. Natwest, RBS and Halifax started the year with some of the fastest times in 2020, and remained near the top of the table through to the end of the year.

The full list of banks analysed are below and in the attached image:

1. AIB from 991ms to 288ms
2. Natwest from 539ms to 331ms
3. RBS reduced from 533ms to 334ms
4. Halifax from 492ms to 472ms
5. Lloyds from 529ms to 491ms
6. Nationwide from 481ms to 580ms
7. HSBC from 827ms to 592ms
8. Barclays from 1180ms to 599ms
9. First Direct from 1577ms to 604ms
10. M&S Bank from 1314ms to 632ms
11. Santander UK 1502ms to 1008ms

Vaccino continues: “2020 was a difficult year for many. And there were fears that the momentum generated last year with Open Banking would be stunted, but our data provides confidence within the industry. Open Banking is not only growing quickly, but it’s also being taken very seriously by traditional banks. And that’s shown by response times getting faster, indicating better connectivity.

“As we head into 2021, we expect open banking to really come into its own, as financial institutions look to launch and connect with new services aimed at giving customers better control, greater security and an improved experience.

“There will be a huge uplift in payments too, as merchants begin to understand the cost benefits that open banking can bring. With banks maturing in their approach to open banking, we’ll also see more movement towards open finance, which will lead to the growth of services geared towards offering more personalised and improved services such as lending, savings, insurance, pensions and more.”

Notes on the data:

The data was compiled and monitored throughout the year by Yapily’s API platform. The company’s open banking infrastructure is used by some of the world’s leading companies such as American Express, IBM, Intuit Quickbooks, IRIS and more. 

From now on purchasing cryptocurrencies in Germany is simple, secureand fast. The Berlin-based Fintech start-up, spot9, startsits planned rollout of BaFin-compliant Bitcoin ATMs in Germany. BaFin-compliant means that the Bitcoin ATMs fully comply with the regulatory requirements of the German Federal Financial Supervisory Authority (BaFin) for example on trading in cryptographic values or the prevention of money laundering. The project is conducted as a cooperation between the Hamburg-based Sutor Bank, the Austrian Kurant GmbH which is Europe's largest operator of Bitcoin ATMs, IDnow, Coinfirm and Prosegur. Sutor Bank provides the regulatory framework and, with the support of Coinfirm, guarantees to be compliant with the EU money laundering guidelines. IDnow takes care of the secure customer identification process and Prosegur which is one of the world's leading security service providers in the field of cash transport and processing will organize the secure cash handling. Therefore, the cooperation fulfills all necessary licensing and supervisory obligations to operate Bitcoin ATMs legally in Germany.

"I am proud of my team and my partners. With the launch of our first ATM this month, we start our planned rollout throughout Germany. Spot9's vision is to enable everyone, even people without extensive prior knowledge, to use our Bitcoin ATMs. As a result,it is very important for us to understand the customers' behavior before we open any further ATM locations," explains Johannes Gorski, CEO of spot9 GmbH, the focus within his project.

An alternative to purchasing Bitcoinon the Internet

So far for purchasing cryptocurrenciesone must fall back on Bitcoin exchanges on the Internet. This process is time-consuming and involves many risks for inexperienced users. The easy-to-use Bitcoin ATMs offer a secure alternative. The purchasing process works with cash and is similar to operating a conventional cash machine. Thus, the offer is directed towards all who want to buy cryptocurrencies in their everyday life. By complying with the guidelines of the BaFin the customer can expect the highest level of security possible.

"We are pleased that we have implemented another element of our crypto strategy by setting up the first ATM together with Spot9," explains Hartmut Giesen who is responsible for business development in the Fin- and Cryptotech division at Sutor Bank.

BlueVenn, the international Customer Data Platform (CDP) provider, today announces that Small World Financial Services, which offers fast, secure worldwide payment services to individuals and businesses alike, has selected BlueVenn to help it further develop its unified customer experience across the brand.

Using BlueVenn’s global Single Customer View capability, the global money transfer operator will be able to generate actionable insights through the vast amount of customer data at its fingertips, to drive deeper customer engagement. Small World handles more than 15 million worldwide transactions every year across its digital and physical estate on three continents, and will use these customer touchpoints insights to execute omni-channel, global brand campaigns, in a secure and consistent environment.

BlueVenn’s CDP creates a two-way data flow between individual customer profiles and the full spectrum of branded marketing channels, enabling the agile creation of appropriate marketing messages. By implementing this technology, Small World Financial Services will ensure that customers enjoy a unified experience across all channels, which will encourage them to build a more robust, intimate relationship with the brand. 

Nick Day, Small World Financial Services’ CEO, said: "Small World has always focused on developing strong relationships with our customers across our branches, digital estate and via our agents. The adoption of BlueVenn as our global CRM solution is an important component of our data driven, omni-channel view of our rapidly growing customer base."

Steve Klin, CEO of BlueVenn, said: “BlueVenn will support Small World Financial Services’ CRM operation, enabling the company to respond rapidly and effectively to feedback and deliver joined-up campaigns and a tailored customer experience. Our Marketing Hub will sit at the core of its retention marketing strategy, becoming the primary tool used to make vital online customer engagement decisions.”

Finastra today announced that Central State Bank, serving the Iowa City-Cedar Rapids Corridor and Northeast Iowa, has upgraded their Finastra core to the latest Fusion Phoenix offering. With Fusion Phoenix, the bank will enjoy seamless integration with its other Finastra-provided banking solutions, which include Fusion CreditQuest, Fusion LaserPro, and Fusion Digital Banking.

“We chose Finastra’s Fusion Phoenix core, in part because we recognize the value of having a fully integrated, cohesively designed suite of banking products,” said Neil Havlik, Executive Vice President and Chief Financial Officer, Central State Bank. “With a suite of best-in-class solutions provided and maintained by Finastra, we will realize increased efficiencies that will ultimately benefit our customers.”

With the Fusion Phoenix core operating system’s tight integration with the bank’s other technologies for digital banking and lending, Central State Bank will gain a holistic view into customer data to serve their retail and commercial banking customers more effectively. All crucial functions, from general ledger to contact history, will be accessible from a single database, eliminating the need for complex data transfers from one system to another. The open core will also allow the bank to expand its market in the commercial sector with enhanced offerings such as cash management, business banking and commercial lending, while hosting in the Azure cloud will deliver enhanced agility and speed for rapid innovation.

“Finastra was honored that Central State Bank selected Fusion Phoenix for its core upgrade,” said Chris Zingo, SVP and GM of Americas Field Operations, Finastra. “We’ve developed a deep relationship over the years, with a number of Finastra solutions providing value from our transformational banking proposition. Working closely with the bank, we were able to bring them live on Fusion Phoenix quickly and without disruption to their banking operations.”

Finch Global, Europe’s leading innovator in the anti-money laundering and know your customer services sector, has signed a technology partnership agreement with Heliocor. Heliocor specialises in AI enabled real-time, ID authentication, transaction monitoring, alerting and reporting for regulated industries.

This partnership comes as the financial services sector and other regulated industries come to terms with the challenges of the post-Covid 19 world.  It is now obvious that regulated businesses urgently need a new, more efficient, and secure way to onboard new customers and re-energize their existing customer base. They also need to add value to their existing customer relationships. In partnership with Heliocor, Finch Global aims to do that by creating a shared service that makes it easier to take out financial products, decreases time and resources spent on compliance and the risk in the banking system and other regulated sectors. 

Commenting on the partnership Owen Hall, CEO of Heliocor, said: “Using a combination of our Robolitics and Dokstor technology platforms, Finch will be able to identify, validate and then authenticate just who and what your business is dealing with, thereby speeding up and simplifying the on-boarding of customers, partners or employees. At the same time Finch customers can benefit from a real-time, transaction monitoring, alerting, and reporting platform designed to meet the most demanding anti-fraud and financial crime requirements.

“The heart of Heliocor’s business is a deep knowledge of the regulatory habitat across a number of industries. This knowledge has been acquired the hard way as in the last 15 years we have been entrusted with the responsibility of meeting the requirements of some of the most demanding regulatory environments. We now need a global eco-system of KYC validation not stand-alone islands and I believe that Finch will be an integral of that solution,” concluded Hall.

Adrian Cannon, a founder of Finch Global and CEO of Omnio Group, a UK based fintech, said: ”Finch Global was set up to address a very specific and critical issue: the inefficiency experienced by individuals, businesses and regulated service providers when signing-up for and maintaining access to services that require KYC, KYB and AML checks. This partnership with Heliocor is a highly significant step in our plan. We aim to curate a set of digital credentials that can be securely stored and kept up to date for sharing now, and in the future as evidence of corporate and personal identity.

By improving both the effectiveness of KYC–AML processes and operational efficiency, Finch Global, using the power and agility of Heliocor’s technology, can do away with the inefficient, repetitive, paper trail of the existing Know-Your-Customer, Know-Your-Busines and anti-money laundering checks. Finch Global makes it easier and more efficient for businesses, both large and small to do that and creates an opportunity for their existing regulated service provider to help them by acting as their “digital chaperone,” concluded Cannon.

New data from ACI Worldwide (NASDAQ: ACIW), a leading provider of real-time digital payment software and solutions, has revealed a 21 percent increase in global eCommerce transactions in November 2020 compared to November 2019. Globally, eCommerce transactions are up by a fifth (20%) and in the UK they have risen by 12 percent. *

2020 has been a benchmark year for online transactions, as the COVID-19 pandemic and social distancing measures forced consumers to shop online and retailers to adapt to survive. The overall industry winners in 2020 were the gaming sector, up 15 percent in the UK, and DIY and online retailing sectors, up 69 percent.

The data is based on the analysis of hundreds of millions of eCommerce transactions from global merchants, with the retail sector witnessing a significant increase (30%) over the five-day period from Thanksgiving, and Black Friday through to Cyber Monday in 2020 compared to 2019.

As we head into 2021, ACI predicts that the uplift in eCommerce sales will continue well into the new year as social distancing measures, caused by the COVID-19 pandemic, remain in force and consumers are adapting to the new retail world.

Commenting on the data, ACI’s Andrew Quartermaine, vice president, merchant retail, identifies a number of trends to watch out for in 2021:

1. Redesigning retail for a digital and physical world

“For many years retail experts have spoken about the physical and digital worlds colliding. But in 2020 this trend really picked up pace. As we head into 2021, retailers will need to further merge the physical and digital world to survive.

“This may mean a redesign of store formats, slimming down the number of premises they operate, and focusing on a smaller format design with the full product range available only online. Cutting queue times by offering instant check-out options in store will also work in favour of retailers. And nailing the logistics around home delivery will remain high up on their agenda. Retailers also need to build out their click-and-collect or curb-side pick-up options as a priority. Dependent on the wider roll-out of a vaccine, we estimate that click-and-collect volumes will rise by 34 percent next year.

2. Rise in digital payments

“2020 also saw a massive increase in the adoption of digital payments among UK consumers. A YouGov survey conducted by ACI in July revealed that 63 percent of UK adults said they made more card payments since the beginning of the lockdown, 80 percent said they had made more contactless payments, and 24 percent more mobile wallet payments. Safety also became a priority for consumers our survey revealed. 57 percent of respondents said making digital payments ‘feels safer,’ 53 percent reported that the shops they are visiting regularly had stopped using cash, and 38 percent cited convenience and ease of use when asked why they had used more digital payments.

3. Rise of new ways of paying

“The COVID-19 pandemic has accelerated the behavioral change among consumers that normally would take years. As shopping habits have changed, so have the attitudes toward alternative payments. Our research indicates that this shift is not temporary but rather the new norm, and retailers need to take note.

“New payment methods and models need to be taken more seriously. Retailers who can offer greater flexibility when it comes to payments will reap the rewards. In 2020 we have seen a huge adoption of ‘buy-now-pay-later’ schemes, as consumers look to spread costs over months, rather than paying for goods in one lump sum.

“With more consumers experiencing economic uncertainty, pay-after-delivery services boost consumer confidence by allowing them to get products, try them and pay later. Offering longer payment terms and options to delay or split payments will help consumers balance their spending — and drive loyalty.”

4. IOT and voice shopping

“The use of voice and Internet of Things (IoT) devices is set to become a potentially significant differentiator for merchants. Among Trailblazer merchants, 50 percent plan to invest to support sales through digital assistants such as Alexa, and other forms of connected devices, to augment and improve the online shopping experience. **

“COVID has raised lots of questions about the future of retail which we are still seeking answers for. What it has taught us so far is that retailers need to be prepared to embrace new concepts, challenge established ways of doing things and be ready for the unexpected.”

*January – end of November 2020 compared to the same period in 2020
**ACI Worldwide/Ovum Benchmark Survey, October 2019

FreedomPay and Sightline Payments; two powerhouse FinTech solution providers serving the gaming, lottery, sports betting, entertainment, retail, and hospitality ecosystems, today announced they have formed a strategic partnership to jointly develop, market and deliver a breakthrough new cashless digital payments and patron loyalty platform. The system will offer the broad industry reach and unprecedented features for which both companies are widely regarded and promises to transform the burgeoning gaming and entertainment industries.

Today’s announcement is a first of its kind, taking the integrated resort customer experience to the next level by integrating state-of-the-art cashless digital payment solutions with robust customer loyalty programs for in-house gaming properties, digital and mobile gaming, food service, retail channels, and more. The platform merges proprietary business intelligence and behavioral data from both organizations to create a robust patron persona. Now, resort operators are empowered to deliver a personalized and immersive experience both on and off the gaming floor.

“The events of 2020 have dramatically and permanently changed many attitudes, behaviors and even industries around the world, and chief among them is an incredible urgency to move our society away from cash to innovative new cashless payment technologies,” said Joe Pappano, Chief Executive Officer of Sightline Payments. “This strategic partnership between two leading FinTech payments providers not only promises to deliver a digital payment solution to the gaming industry, but it opens up entire new industries like retail, sports, and entertainment, creating incredible new opportunities for partnerships in a much bigger and broader gaming and hospitality ecosystem.”

“The partnership with Sightline Payments is a first for the sector and brings a new and elevated customer experience that transforms the world of gaming and hospitality,” said Christopher Kronenthal, President & CTO at FreedomPay. “A completely digital experience not only gives customers more flexibility but also allows integrated resorts to drive relevant discount and incentives to guests through secured data.  This has never been achieved in the industry before and we believe this will be a true game changer for the sector.”

FreedomPay and Sightline Payments serve many of the premier gaming and entertainment operators in the United States including the top 10 sports betting and gaming operators. Additionally, Play+, Sightline’s flagship solution for seamless and secure pay-and-play with nearly 1.5 million enrolled accounts, is the leading cashless mechanism for users to safety and easily store money and fund their entertainment on gaming apps, on the gaming floor, and on sports platforms with instant access to their money, anytime, anywhere – all from a smartphone. 

Background

• The American Gaming Association (AGA) released Payments Modernization Principles in June 2020 to provide a framework for regulatory flexibility allowing digital payments on the casino floor. The principles, developed by AGA members, outline seven priority areas for regulators to consider including responsible gaming, public health, and flexible regulatory guidelines.
• AGA research shows consumers desire for digital payment options given pandemic-related health concerns:
  • 59 percent of past-year casino visitors are less likely to use cash in their everyday lives because of the COVID-19 pandemic.
  • 57 percent of past-year casino visitors report the option for digital or contactless payments on the casino floor is important to them because of the COVID-19 pandemic