Published
- 06:00 am
TSB is to create 100 jobs at a new IT centre to be set up in Edinburgh as part of its digital banking strategy to avoid a repeat of its system meltdown.
The new staff in Edinburgh will be IT specialists, data engineers and analysts. The bank has suffered online banking problems under a new system introduced in 2018, with 200 million customer temporarily losing access to their accounts in April of that year.
TSB, owned by Spanish firm Banco Sabadell, also announced it would be partnering with IT giant IBM to run its ATMs, digital banking and computer systems linking high street branches. It is focussing more on digital services as it gets ready to close 17 branches in Scotland this year.
Customer banking director Robin Bulloch said: "I'm deeply sorry for the trouble and inconvenience that was caused at our IT migration, but this about taking the business forward.IBM are a large-scale IT provider and we're very confident they will help support us in terms of building our propositions and ensuring the on-going stability of our banking platform.
Tracy Black, director of CBI Scotland, said: "For Scotland to punch above its weight internationally and attract vital overseas investment, we need to send out a clear signal that we're not only open for business but building an economy for the future. TSB's significant investment represents an important step in that direction."
- 07:00 am
Former Standard Life chief executive David Nish has today been named as senior independent director at banking giant HSBC.
Nish, who has served on the board of the bank since 2016, will take over the role from Sir Jonathan Symonds next month. He will also become chairman of the group’s audit committee.
HSBC's group chairman, Mark Tucker, said: "I am delighted that David has agreed to take up the senior independent director and group audit committee chairman roles. His extensive board experience in financial services, corporate governance and financial reporting place him extremely well to assume these roles. I look forward to working more closely with David in 2020 and beyond."
Nish is from Barrhead and studied accountancy at the University of Glasgow. He received fees of around £140,000 for his non-executive role with HSBC last year, having been group chief executive of Standard Life between 2010 and 2015.
He previously worked at ScottishPower where he was group finance director, and at accountancy firm Price Waterhouse, now PwC, as a partner in audit and transactions support covering a number of sectors including financial services.
- 09:00 am
London-based crypto banking startup Cashaa is announcing the launch of a “Crypto Business/Broker” account to ensure crypto businesses/brokers are compliant with the FCA’s new rules for anti-money laundering and counter-terrorist finance and Fifth Money Laundering Directive (5AMLD).
“We launched our business banking services in 2019, but onboarding crypto businesses was a huge challenge, mostly due to changing compliance rules, sometimes unclear KYC and AML policies of the business or sometimes just loose behavior of founders. The Fifth Money Laundering Directive (5AMLD) became compulsory for European state from 10th Jan 2020, resulting inFCA to become the AML and CTF supervisor for crypto businesses. Based on my experience, the situation will get worse for many crypto companies out there who do not understand the implications. Our product is developed to adopt these new laws with reliable banking services to protect crypto entrepreneurs.” — Archit Aggarwal, CPO Cashaa
More than 1000 crypto companies have applied to Cashaa, mostly looking for a bank account and credit/debit card processing facility. Cashaa had turned down 80% of the applications because the businesses did not understand AML and CFT rules. Based on the experience of dealing with over a thousand crypto companies, Cashaa realized that most of the founders working in the blockchain or DLT space are are young, dynamic entrepreneurs, full of innovative ideas who mainly focus on engineering, but are lacking specialized compliance knowledge.
Cashaa’s “Crypto Business/Broker” account will have coded policies and systems to mitigate the risk of the business being used for money laundering or terrorist financing. We have integrated the KYC system for individual and corporate entities within the account for the due diligence of each sender/receiver when doing transactions. Three levels of the KYC system will do intrusive due diligence, known as enhanced due diligence when dealing with customers who may present a higher money laundering/terrorist finance risk, also including PEP (Politically Exposed Person) checks. Our systems, together with our reliable banking partners, will be doing the ongoing monitoring of all the transactions happening to make sure they are consistent with the business’ knowledge of the customer and the customer’s business and risk profile.
“We have put our experience of dealing with hundreds of crypto businesses and extended our capabilities through technology to our customers to give them the freedom to innovate with minimum worrying about the new FCA rules or 5AMLD.” — Kumar Gaurav, CEO Cashaa
From 22nd January onwards, businesses will be able to get a crypto broker account for Pound sterling (GBP) and Euro (EUR). Great Britain and Lithuania IBAN (International Bank Account Number) accounts with a unique reference number will enable FPS (Faster Payments Service), CHAPS (Clearing House Automated Payment System), SEPA (Single Euro Payments Area) and SWIFT (Society for Worldwide Interbank Financial Telecommunication) payments, allowing 3rd party payments up to 200 Million GBP.
There is no monthly fee to make sure small innovative crypto companies can use the product. The KYC checks and ongoing transaction monitoring will be done automatically in the account, to make sure each transaction is following the European 5AMLD. To make sure only serious companies are applying for the account, a small application fee of 100,000 CAS will be required. Interested Businesses can acquire CAS fromBinance DEX.
- 01:00 am
DayTek Capital is pleased to announce the appointment of Christoph Flefel, as its new Chief Risk and Compliance Officer.
The combination of his experience and drive makes Mr Flefel an ideal fit to support DayTek Capital’s banking application and launch of “Infinity” in 2020, to be based in Brisbane, Queensland. Will Banks, CEO of DayTek Capital said, “We are delighted that Christoph has agreed to join DayTek Capital as its Chief Risk and Compliance Officer. Christoph brings with him extensive regulatory and risk knowledge and I am personally very pleased that we have been able to attract someone with his calibre, knowledge and track record. We very much look forward to him joining the team”.
Infinity has already generated great interest in Australia, with the federal government offering assistance in support of the venture. Trade & Investment Queensland, the Queensland Government’s dedicated global business promotion agency, is also supporting Infinity and its potential to create skilled jobs in Queensland.
DayTek Capital, is still on track to launch Infinity in the first half of 2020 with a vision to becoming the first “product-disruptive” bank in Australia.
Initially starting with a prepaid card, the business is already working towards its Restricted Authorised Deposit-Taking Institution Licence, with an aim for it to be completed later that year.
- 03:00 am
Dubai based fintech company specializing in payment processing is set to launch OG Bank and OG Pay (On the Go) a digital banking solution, chat based payment wallet and a digital point of sale (POS) all to be operated from mobile devices.
Chat based payment solutions and mobile payment processing is widely and commonly used in Asia. For the last few years a cashless race has been seen in Asia with global players emerging however this type of technology has rarely been seen in Europe. A closed loop system can create advantages for consumers due to the competitive nature and low costs for operators.
Mohammed Ibraheem Khan, CEO of OG Bank and OG Pay said: "I chose Bankable as a technology partner to support my ambition in multiple markets. OG Pay will change the way individuals and businesses send and receive money along with how businesses process payments. We are going to ruffle feathers… A disruption is needed and disrupt we shall".
"Bankable is delighted to partner with Dubai based OG Pay, a chat based payment pioneer, to launch new payment solutions in the UK and Germany. OG Pay is an ambitious organisation planning to launch digital banking services supported by Bankable API infrastructure, not only in Europe but also in Pakistan, Egypt, Malaysia, Indonesia and other jurisdictions," says Eric Mouilleron, Founder and CEO of Bankable "Bankable will partner with OG Pay in all its markets, appointing new regional bank sponsors in the process."
Whilst digital banks are emerging and growing in popularity the emergence of payment wallets and adoption in the UK and Europe has been slow. With the world in a cashless race only time will determine the success of such technology in established markets.
- 08:00 am
Metro Bank, known for its exceptional customer service, has welcomed a second cohort of colleagues onto its MSc programme in Retail and Digital Banking, which it set up with Cranfield School of Management in 2018.
The course is a fully funded master’s programme, and the UK’s first masters’-level apprenticeship for senior banking professionals, funded from the Apprenticeship Levy.
This year, for the second cohort, the opportunity to join the programme was opened up to colleagues at other banks, who will be learning alongside the 20 Metro Bank colleagues.
Danny Harmer, Chief People Officer at Metro Bank, says: “We’re really proud to be offering our MSc in Retail and Digital Banking again this year. At Metro Bank, we invest in our colleagues and support them in building and providing the very best banking experience for our customers - and that’s what this degree, offered in partnership with Cranfield University, is all about. Feedback from our year one colleagues has been overwhelming, with a number of them being part of the teams developing and improving our customer proposition and several also securing well-deserved internal promotions last year. It’s great to see other banks following our lead and getting involved this year.”
Professor Catarina Figueira at Cranfield School of Management added: “We are so pleased to welcome another 20 senior banking professionals from Metro Bank at Cranfield University. The MSc in Retail and Digital Banking has been a great opportunity to collaborate closely with Metro Bank, a collaboration of which we are very proud, and to contribute to the development of many of their staff.
“The fact that several participants from the first cohort have already achieved promotions attests to the significant impact that the programme is having in developing bankers and improving the practice of banking. This undoubtedly also highlights the importance that Metro Bank places in investing in its staff.
“Our second cohort started the programme a couple of months ago, with committed professionals from other banks also involved and many others expressing interest in joining future cohorts.”
Metro Bank prides itself on its unique culture and approach to recruitment which is focused on hiring for attitude and training for skill. The Bank gives colleagues the opportunity to learn from hundreds of courses as part of its Metro Bank University, which has nine sites across the country. This year it has established two new training facilities in Birmingham and Manchester.
Cranfield School of Management is ranked within the UK’s top 10 MSc in Finance and Management according to the Financial Times, and number one in the UK and seventh in the world for its MBA according to The Times Higher Education World University Rankings - Business School Report in 2018.
Andrew Davies
VP, Global Market Strategy, Financial Crime and Risk Management at Fiserv
Financial crime is becoming increasingly sophisticated as new threats emerge and evolve at a rapid pace. see more
- 02:00 am
Acronis, a global leader in cyber protection, today announced that registration for the second annual Acronis Global Cyber Summit 2020 is now open. The premier event focused on cyber protection, the Summit will take place at the Fontainebleau Miami Beach in Miami, FL from October 19-21, 2020.
Bringing together thought leaders, CIOs, service providers, resellers, distributors, developers, and enterprise businesses from around the world, an anticipated 2,000 attendees will explore the latest trends and opportunities in modern cyber protection – the transformational IT discipline that ensures organisations are #CyberFit.
The event will kick off on Monday, October 19 with a day of live training and certification sessions, followed by the conference’s Welcome Reception that evening. The next two days will offer full-day programs of high-profile keynotes and panel discussions, customer and partner advisory councils, in-depth technical breakouts, and technology showcases.
Attendees also will see how to make their IT infrastructure #CyberFit with the most complete cyber protection solution, Acronis Cyber Protect. This comprehensive solution combines data protection and cybersecurity to provide 360-degree cyber protection in the form of backup and recovery, malware defences, and endpoint security and management.
Committed to Cyber Protection
At events like the Acronis Cyber Summit 2020, Acronis focuses on educating IT professionals and service providers on how a strong cyber protection strategy creates opportunities for organisations, allowing them to get #CyberFit.
The cyber protection revolution started because traditional backup is dead. There are several reasons for this reality. Today’s organisations generate increasing amounts of data every day, making the idea of a "backup window" incompatible with the always-on nature of business. The value of an organisation’s data, applications, and systems also makes them targets for hackers. They not only need to be backed up, but protected from attacks with integrated cybersecurity.
By adopting the strategies and solutions that combine proven data protection with cutting-edge cybersecurity, organisations can address the Five Vectors of Cyber Protection — ensuring the safety, accessibility, privacy, authenticity, and security (SAPAS) of their data, applications, and systems. This enables organisations to be #CyberFit and ready to face any threat.
Acronis Founder and CEO Serguei “SB” Beloussov strongly believes that given the nature of today’s digital world, cyber protection is as important as food, water, and shelter.
“In 2019 we launched the cyber protection revolution – showing the importance of integrating data protection and cybersecurity. The response has been overwhelming, particularly from the Acronis community, and the industry can now see why traditional backup is dead,” said Beloussov. “As we lead up to Acronis Global Cyber Summit 2020, we will continue expanding our ecosystem of cyber protection solutions and transforming the way organisations protect their data, applications, and systems.”
From Strength to Strength
The Acronis Global Cyber Summit 2020 follows the success of last year’s inaugural event that featured world-renowned speakers including the CEO of The Herjavec Group Robert Herjavec, Security Analyst and Researcher at Tel Aviv University Keren Elazari, and American former FBI counter-terrorism and counterintelligence operative Eric O’Neill.
As with last year’s event, the 2020 program will deliver the same superior experience that attendees praised with superior insights from industry leaders and an engaged community of cyber protection professionals.
“The 2019 Acronis Global Cyber Summit raised the bar and established a new standard in partner-focused channel events,” said Erick Simpson, the Chief Strategist of ErickSimpson.com. “The event was well-organised with effective, engaging presenters and topics, and did an amazing job of representing Acronis’ go-forward strategy, strategic vendor partners, and how partners can grow their businesses by addressing their customers’ cyber protection needs with Acronis.”
“The Acronis Global Cyber Summit was among the best shows we sponsored in 2019, said James Murphy, DevTech’s Vice President of Global Sales. “The location, content, and attendees were exactly what you look for in a successful summit. The opportunities to network and build relationships were exceptional. We will be back in 2020!”
- 09:00 am
Trace Software International announces the release of the latest versions of its photovoltaic software solutions archelios™ Pro and archelios™ Calc. The company boasts impressive expertise in the manufacturing of advanced and high- standards software solutions for the building and energy industries.
archelios™ Pro and archelios™ Calc belong to the archelios™ Suite, a comprehensive software solution that offers a unique approach. Thanks to its advanced computational technology, archelios™ Suite adds value to the life-cycle of any PV project: feasibility and profitability study, simulation, calculation of producible energy, complete electrical sizing, operation, and monitoring.
The software is an efficient tool for any type of PV project.
It is composed by:
· archelios™ Pro: feasibility, design, and sizing.
· archelios™ Calc: calculation, audits, and compliance.
· archelios™ O&M: PVBIM, supervision, and maintenance.
archelios™ Pro
archelios™ Pro is a powerful, innovative and easy-to-use software for feasibility and bankability study, simulation, 3D design and sizing of any photovoltaic project.
In this latest version, the software has been enhanced with automated features that simplify the design and upsizing processes, improve the dimensioning accuracy and reduce the risk of errors associated with double value entry. Amongst the most relevant:
– Export of cable lengths to archelios™ Calc.
– Simplified database with direct access to components. It is no longer necessary to open a project.
– Fast creation of MPPT (Maximum Power Point Tracking) in inverters. Only one value creation for a set of inverters is required.
– Possibility to import directly .ond files to inform the inverters without re-entering data.
– Simplification of the wiring of inverters, junction boxes, and cable trays.
– Quick modification of module references from SketchUp without the need to recalculate. The new values are directly taken into account.
With regards to self-consumption installations, it is now possible to adapt a project to the actual annual consumption based on invoicing data. The consumption profile is accurate, and the user no longer needs to adjust it. This is also a new feature for the self-production installations with automatic peak power sizing. In addition, archelios™ Pro directly forecasts the number of modules to be installed for an expected production.
archelios™ Calc
archelios™ Calc is a comprehensive software for the calculation, sizing and verification of photovoltaic systems connected to the public network. The software also allows the sizing of a photovoltaic system for solar energy self-consumption.
First of all, the latest release permits the import of cable lengths from any of the archelios™ Pro project. By completing the existing import of inverter, tracker and generator equipment with cable parameters, the installation structure is more accurate and can be completed quickly.
In addition, during the design phase of the structure, the user can now benefit from a multiple cable selection functionality for the assignment of manufacturer references. Even if the basic characteristics are varied (Voc, Tk Voc, Tmax, number of modules in a chain), multiple selections are possible. The project is completed more quickly and the risk of error due to repeated entries is considerably reduced.
The user interface has also been improved to allow better visual identification and more customization possibilities.
Amongst the new features:
– Automatic generation of the calculation note in PDF format.
– Edition of PDF documents in 4 languages.
– Simplified insertion of logos, the addition of a title.
– Saving project settings.
– More modern and intuitive design for editing the calculation note
You can request a free trial.
- 09:00 am
Starting 2020 in the same vein as 2019 finished, Banking Circle continues to achieve success in industry awards. It has been announced as a finalist in the British Bank Awards, from Smart Money People. Nominated and voted for by customers, the British Bank Awards aim to find the best products, hottest innovation and most trusted financial brands and partners in the industry.
In the first 12 weeks of voting more than 21,000 customers voted on more than 180 banking and financial services firms. Voting on the shortlist remains open until 9th February and winners will be announced at a black-tie event at the Grand Connaught Rooms, London on 12th March 2020.
Anders la Cour, Co-founder and Chief Executive Officer of Banking Circle commented: “Kicking off 2020 with a customer-voted award shortlisting is a terrific honour and testament to the hard work of the entire team. We worked tirelessly throughout 2019 to evolve our existing solutions to help banks and FinTechs around the world provide their customers with more affordable and accessible payments and banking. Increasing SME financial inclusion is at the heart of everything we do, and this shortlisting confirms we are making a difference.”
Banking Circle is a global-scale financial utility that gives banks and financial tech businesses the ability to enhance their customer proposition. Leading the rise of a super-correspondent banking network, Banking Circle is increasing international financial inclusion by helping financial institutions provide their customers and previously excluded businesses with faster, cheaper banking solutions. These solutions include banking accounts, local and cross border payments, multi-currency IBAN accounts and flexible lending solutions, and negate the need for financial institutions to build their own infrastructure and correspondent banking partner network.
The British Banking Awards are entirely decided by customers, not industry experts. Customers can vote at www.britishbankawards.co.uk. It takes less than two minutes and voters will be entered into a prize draw to win £1,000.
