Published
- 07:00 am
The Financial Conduct Authority (FCA) has written to credit card firms telling them to review their approach to borrowers who are stuck in persistent debt, where they are paying more in interest, fees and charges than they are paying of their balance.
a concern that customers may not respond to letters from their credit card provider, advising that they have been in persistent debt for three years. Firms must encourage customers to speak with them to discuss potential repayment arrangements. If customers cant afford the options proposed by the firm, they must be treated with forbearance and due consideration, for example, by reducing, waiving or cancelling any interest or charges
a concern that firms may cancel or suspend credit cards for everyone in persistent debt, including those willing to engage and come to an agreement. In these circumstances, firms are not allowed to suspend a credit card without having an objectively justifiable reason.
Jonathan Davidson, Executive Director of Supervision for Retail and Authorisations at the FCA, said:
'Under our rules, firms must help customers to reduce the level of debt they have on their credit card more quickly. If a customer cannot afford the firms proposals for how to do this, the firm must offer forbearance, potentially including reducing, waiving or cancelling any interest, fees or charges.
'My advice to consumers is dont bury your head in the sand. If you cant afford to meet the repayment schedule that the credit card firm is suggesting, dont be afraid to tell them. If we find firms are not offering their customers the appropriate level of help, we will not hesitate to take action.
'If the firms do this right, we estimate that this could save customers up to 1.3bn a year in lower interest charges.'
If consumers are concerned about persistent credit card debt and/or have multiple credit cards they are dealing with, they can find information about free debt advice from Money Advice Service.
- 08:00 am
Japan's SBI Holdings has invested $20 million in OpenLegacy Technologies, an American software firm that smooths API integration of core banking systems.
The system let companies create APIs without the typical cost, staff, time and risk, bypassing complex middleware and connecting directly to the core banking system, automatically generating the APIs, and offering a variety of deployment options both on-premises and in the cloud.
SBI says it will now recommend using OpenLegacy's API platform to regional banks as part of its efforts for "regional revitalization".
- 05:00 am
Accenture has agreed to buy Mudano, a data consultancy that works with UK financial services firms. Financial terms were not disclosed.
The firm's team will join Accenture Applied Intelligence, which employs more than 20,000 staffers around the world to help clients scale AI.
George Marcotte, lead, Applied Intelligence group, UK and Ireland, says: “Mudano’s focus on helping clients build a ‘data culture’ aligns perfectly to Accenture’s Applied Intelligence strategy. By creating a strong data foundation - supported by the right skills, stakeholders and technologies - our clients can transform at speed and scale and fuel real change for their business.”
- 09:00 am
The figures* speak for themselves: 1 in 3 finance start-ups that are founded in Germany have their head office in the capital. There are now more fintechs in Berlin than in Munich, Frankfurt and Hamburg put together. Hamburg-based Varengold Bank AG, which has placed its strategic focus on fintech financing – and primarily online credit platforms – since 2015, is acknowledging this fact by opening its FinTech Hub in Berlin in the near future.
Frank Otten, member of the Board of Managing Directors, explains the decision behind the fourth Varengold location after Hamburg, London and Sofia: ‘Among our core values, ‘customer-centric’ is the most important. The new FinTech Hub will add value for our current customers in Berlin because we can provide them with even better service than before. In addition, we will be able to strengthen our ties to potential customers by immersing ourselves more deeply into Germany’s most exciting fintech scene.’
The search for a suitable candidate to head up the FinTech Hub Berlin (m/f/d) is currently well under way. Candidates with experience in both traditional banking business and the fintech ecosystem stand the best chance of securing this position.
- 03:00 am
Belgian customers have started moving to the same mobile banking environment used by our Dutch and German customers. This is an important next step in achieving our ambition of providing the same easy, smart and personal customer experience everywhere.
The move to the new banking environment means the Belgian website now also has the same look, feel and functionality as the Dutch one and it allows Belgian customers to use the banking app that’s available in the Netherlands and Germany.
By the end of December, some 14,000 Belgian customers were using the banking app, which launched there earlier that month. Over 105,000 customers were using the new online banking environment that replaced Home’Bank.
“So far Belgian customers really like the new look and feel and are eagerly awaiting more features,” said Jeroen Prins, mobile lead for the Netherlands and Belgium.
“Similar to when we launched our banking app (OneApp) in the Netherlands and Germany, we are not yet offering the full-package app and website from the start. We still want to be able to make changes based on the feedback we receive from Belgian customers. All features they’re accustomed to will be made available soon,” he said.
Having the Belgian, German and Dutch customers in one mobile banking environment, brings us another step closer to our ambition of becoming one digital banking platform. Especially as we are also bringing Luxembourg to the same platform.
“It’s great that we can now use innovations from other countries and bring them to our Belgian customers much faster and easier,” said Jeroen.
All Belgian customers are expected to be on the new platform by the end of second quarter this year.
- 08:00 am
In the wake of Brexit, the Danish payment institution Clearhaus has secured a license which gives the Danish acquirer access to the attractive UK market.
The license, issued by the UKFCA, allows Clearhaus to continue to provide its payment solutions to webshops in the UK market. The same way as Clearhaus does in the rest of Europe.
“We have been preparing for this moment. The UK market is incredibly important to us and we can see that the Brits appreciate our technology-driven payment platform,” says Claus Methmann Christensen, CEO of Clearhaus.
The results of Clearhaus's Brexit license are already clearly visible. In January 2020, a record number of UK companies applied to become Clearhaus customers. The company has observed an increase of more than 70 percent compared to the previous year.
“Our competitors in the UK market may be a little bit too slow for many regular UK online businesses who just want to sell their goods online quickly and smoothly. UK customers want the best solution - even if it is on the mainland. Maybe that's why we see a huge influx of British customers to our platform,” says Claus Methmann Christensen.
Brexit was predicted to ensue red numbers on the bottom line for Danish companies. But at the beginning of Brexit it seems companies like Clearhaus thrive.
“It is an interesting development that a growing number of UK customers are choosing Clearhaus in the wake of Brexit. And it tells us that foreign and Danish solutions are still needed in the UK market,” says Claus Methmann Christensen.
- 06:00 am
CPP Group Plc, the partner focused, global product and services company specialising in the financial services and insurance markets has extended its product portfolio with major partners in Turkey through a strategic partnership model with Denizbank and AXA Sigorta; and by widening its technology delivery and service provider model with Anadolu Insurance Company (Anadolu).
Denizbank and AXA Sigorta, being one of Turkey’s largest private bank and insurance company respectively, will be leveraging the latest cyber security innovation product from CPP, Cyber Care. Anadolu, a leading insurance provider, will benefit from technology developed by CPP’s InsurTech arm, Blink, to deliver its parametric travel insurance service. The recent developments with these partnerships have been focused on using technology to improve the services available to Denizbank, and Anadolu’s customers.
Denizbank will now leverage Cyber Care to protect customers’ data with 24/7 monitoring and digital protection that screens for unauthorised sharing of customer data on the dark web. This will also mean that customers can benefit from access to emergency assistance at all hours and a resolution case worker if an incident is detected.
Burcu Özmaya, Head of Bank Assurance Department at Denizbank, said: “Due to increasing cyber-attacks in the world and Turkey, protecting the data of our customers is incredibly important to our business. The service which CPP provides will help us give peace of mind to our customers and ensure their data and personal details are protected.”
The extension of CPP’s partnership with Anadolu will mean that it will be able to offer its travel insurance customers data-driven delay monitoring in real-time, with automatic resolutions. If customers experience a delay or flight cancellation, they can receive instant remediation, such as a cash pay-out. Anadolu will be one of the first companies to provide a parametric insurance offering in Turkey.
Selnur Guzel, CEO at CPP Turkey, said: “We are excited to enhance these key partnerships with Denizbank & AXA Sigorta as well as Anadolu, using our digital capabilities to take the services they offer to customers to the next level. Current market conditions have led to a high demand for advanced technology solutions within the insurance market for both consumers and SMEs, and we believe that our pioneering technology will help our partners meet this demand.
“The extension of these partnerships is testament to the experience and knowledge that the team has when it comes to delivering cutting edge technology. Having this insight has allowed us to cultivate deep relationships with our partners to ensure they are always ahead of the curve.”
Jason Walsh, CEO at CPP Group, said: “With banking and insurance companies constantly seeking to improve their offerings, we are proud to be providing these ground-breaking services to the Turkish market.”
- 05:00 am
Rimilia, the leading SaaS-based fintech company, today announced it has secured $15 million in growth funding. This funding round includes participation from existing investors and partners Eight Roads Ventures and Kennet Partners, and Silicon Valley Bank. It brings the total amount raised by Rimilia to $40 million. This new capital will be used to drive continued product innovation, invest in new talent, and fuel the company’s global expansion.
Kevin Kimber, CEO, Rimilia, commented: “We are delighted to receive further investment from our existing investors, which validates our vision for the company, our technology, and will help us build on the growth that we are achieving. This additional capital sets Rimilia up for continued success, and will be used to build out our market presence and advance our software, while also focusing on building out our team to add further subject matter expertise and leading data scientists to further advance our automation and AI.”
It comes after a year of record growth for the company which saw the appointment of Kevin Kimber, former EMEA founder of ServiceNow, as its new CEO in March, alongside 67 new team members. It recently opened offices in London, UK, Denver, USA and Toronto, Canada. As the hotbed for AI technology and talent, the Toronto office will focus on technology services and AI development to drive Rimilia’s innovation, and support its growing North American customer base.
Rimilia creates software finance people love by helping them eliminate the archaic practices of manually managing cash and credit, reducing bad debt provision, and utilising the power of artificial intelligence (AI) to provide learning and insights for better decision making. Today, Rimilia counts companies such as Avis, Hitachi, Santander and Travis Perkins as clients, having completed over 12 million transactions and automated the collection and allocation of $150 billion in 2019 alone.
In November, Rimilia launched Financial Relationship Management (FRM), a game-changing approach that provides finance teams with better visibility into real-time customer insights. FRM bridges the gap between Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) to unite pre- and post-sale customer data. Using the power of artificial intelligence (AI) to manage customer relationships, sales, customer success, credit and collections, enterprises using FRM can halve the amount of collection activity and double the cash received.
Davor Hebel, Head of Europe Ventures, Eight Roads Ventures, said: “Rimilia’s SaaS platform has quickly established itself as a vital resource for global finance professionals, creating real efficiencies and helping to increase revenues. Under Kevin’s leadership the business has shown strong growth and we look forward to continuing to work together - using the power of our global network to support Rimilia as it scales.”
Hillel Zidel, Managing Director, Kennet Partners, commented: “Rimilia’s technology has enabled finance leaders globally to optimise their credit and collection decisions, ultimately boosting a corporation’s financial performance. We are excited to support Rimilia as they continue to grow rapidly across Europe and North America.”
Ben Tickler, Vice President, Silicon Valley Bank UK, added: “We’re thrilled to further extend our partnership with Rimilia as the team continues to experience impressive growth. Rimilia has a growing and exciting list of global blue-chip clients benefiting from their cutting-edge automated financial solutions that deliver faster and better decision making, whilst increasing productivity.”
- 05:00 am
Dispute management specialist, Chargebacks911 announces the appointment of Andy Tierney as its new Vice President of Strategic Accounts. A leading expert on payment strategies, Tierney will be helping Chargebacks911 synergize the company’s strategic account sales efforts.
In his role, Tierney will specialise in expanding relationships with payment processors, gateways, acquiring banks and merchants, as well as increasing adoption-rates of Chargebacks911 platforms and helping to manage Chargebacks911’s rapid growth as a leading chargeback mitigation and dispute resolution specialist.
Tierney has over 7 years of experience in the FinTech industry. Prior to his time at Chargebacks911 he was the Sales Director and Head of Partnerships at Radial, formerly eBay Enterprises. He also served as Director of Channel Partners for CardinalCommerce, a subsidiary of Visa, as well as holding leadership positions at Salesforce.com.
Tierney said, “I’m excited and humbled to take on this new role at Chargebacks911. eCommerce is the lifeblood of the modern economy, and it’s our job to keep it safe. We’re extraordinarily well-positioned to help our clients reduce fraud, increase revenue, build new relationships and enhance all kinds of internal efficiencies. But what I really love about Chargebacks911 is that it puts clients first. Helping others is in its DNA and I know from first-hand experience that too many businesses are in desperate need of help.”
Benjamin Bridwell, Chief of Staff at Chargebacks911, said, “We’re delighted that Andy has decided to join our team. He’s a dynamic, hands-on leader in the payments industry and his resume speaks for itself. But I’m most excited about who Andy is as a person. He views each client as an individual, with unique dreams and goals. They’re not just a name on a spreadsheet to him. It’s the perfect alignment of values and experience. Together, we’re going to do great things.”
Chargebacks911 currently represents clients in 87 countries, with corporate offices in North America, Asia and Europe. For more information on its chargeback mitigation strategies, visit: Chargebacks911 (https://chargebacks911.com/).
- 09:00 am
Sponsorship and delegate registrations are open for IFINTEC Finance Technologies Conference and Exhibition that will be held on 21 - 22 April 2020 in Istanbul, Turkey. IFINTEC is a global conference which is one of the biggest and most important conferences in EMEA region with its focus on Retail Banking, Digital Banking, Core Banking, Payment Systems, Banking Technologies, Banking IT Solutions, Digital Transformation and Finance Technologies. With 850+ attendees, 30+ speakers, 30+ speaking sessions, IFINTEC 2019 Conference was organized very successfully. An intensive participation is expected to the IFINTEC 2020 Conference from Turkey and many other countries.
The conference speeches will be either Turkish or English and simultaneous translation to Turkish or English will be available. There will be an exhibition area at where the sponsors will demonstrate their solutions to the visitors.
Retail Banking, Digital Banking, Core Banking, Payment Systems, Banking Technologies, Banking IT Solutions, Digital Transformation, Finance Technologies, Universal Banking, Lending Solutions, Secure Banking, Authentication Technologies for Banking, Branchless Banking, Mobile Banking, Internet Banking, Next Generation Banking, Artificial Intelligence Technologies for Banking, Mobile Payments, Branch Automation and Transformation, Business Process Outsourcing, Banking IT Services, Banking IT Infrastructure, IT Transformation, Risk Management, Credit Risk Management and Debt Management are key topics of the conference.
For more information about IFINTEC 2020 Conference, please visit event website www.ifintec.com or contact: info@ifintec.com
