IDEX Biometrics has successfully completed the full Mastercard certification and received Conformity Compliance Statement (CCS) for its IDEX Biometrics Payment Card solution¹. The complete and certified biometric card solution includes the IDEX biometric sensor, a Linxens EMV² module including Infineon’s SLC38B secure element, card inlay with antenna, and the IDEX card operating system with payment applets. Biometric payment cards built on the IDEX Biometrics payment card solution will provide seamless payment experiences for consumers around the world.

The IDEX Biometrics payment card solution has successfully completed Mastercard’s Compliance Assessment and Security Testing (CAST). This is the final Mastercard certification step and follows the previously announced FTAS certification of the sensor performance. Smartcard manufacturers can now fully leverage this certification for their Letters of Approval (LoA) without having to complete compliance tests on their own, significantly reducing development cost and time to market.

More than 15 global and regional card manufacturers and resellers have already selected the IDEX Biometrics certified payment card solution, as they respond to the increasing demand from banks and fintechs for biometric payment cards.

“Infineon is delighted to see our partner IDEX Biometrics bringing their biometric payment cards solution, including Infineon’s high end secure element SLC38B to the market, addressing the increasing needs for secured and convenient payments.” says Tolgahan Yildiz, Head of Product Line Payment Solutions at Infineon. “With its excellent RF performance, increased number of interfaces, and computation power, SLC38B is the right fit for biometric smart cards, enabling seamless user experiences. Infineon is committed to address the emerging market of biometric payments with tailored products and systems together with our partners.”

“This is a significant accomplishment for IDEX Biometrics and our partners, Infineon and Linxens. Together we are bringing to market a top-of-the-line biometric solution to card manufacturers, issuers and banks, featuring the highest levels of user experience and functionality. We expect accelerated growth as these cards built on IDEX certified payment solution reach the market in the fourth quarter of 2023,” says Vince Graziani, Chief Executive Officer at IDEX Biometrics.

AccountsIQ, the award-winning accountancy SaaS provider, today announces that its client-centric learning hub, AIQ Academy, is now officially CPD certified. The certification marks one of the first instances of an online education provider offering CPD accreditation options in the finance industry.

Academy members can now earn CPD points upon completing AIQ Academy courses. As a globally recognised accreditation, CPD, standing for Continuing Professional Development, can level up the professional skills of recipients and unlock new opportunities for growth and success for employees.

By completing CPD-certified courses via the AIQ Academy, users can receive guarantees that the content delivered is verified as compliant with ISO standards and partnered with the Quality Management System (QMS). There are a range of over 20 courses available.

“We take pride in prioritising professional development at AccountsIQ and we’re delighted our users can benefit from this latest announcement. With our CPD-certified courses available via the AIQ Academy, users can boost their confidence, take on new responsibilities and become more creative in tackling challenges in the sector,” says Tony Connolly, CEO at AccountsIQ.

Upon completion, users receive a completion certificate containing the CPD logo and an email with the number of CPD hours/points accrued. They can also add their certification to their CV and LinkedIn profile.

AIQ Academy is AccountsIQ’s e-learning platform. It provides users with on-demand training based on their role and covers all the features of its financial management software. It’s accessible from anywhere, at any time and is provided at no extra cost.

Ashman, the bank being built to make better happen, has appointed Ella Keyes as Chief People Officer, as the business enters its next phase of development.

Ella has 20 years of HR experience, and is joining Ashman from building society, The Nottingham, where she was Deputy Chief People Officer. She has also held roles at other financial institutions and retail businesses such as, Totemic, National Sales Academy, Baines & Ernst and Phones4u. Ella has experience in growing businesses and is known in the industry for attracting great talent and working with leaders to create inclusive and supportive environments for teams to thrive.

In her role at Ashman, Ella will be focused on building further on the existing, highly experience team to attract more top talent into key hires and adding around 100 new roles over the next two years. Working closely with the CEO, James Leach, she will also be responsible for the internal engagement programmes at Ashman, where she believes having the right communication tools in place is vital for creating a great place to work.

James Leach, CEO, at Ashman, said: “I’m personally delighted to be welcoming Ella to Ashman. Our dedicated team of industry specialists has done a brilliant job of setting us up for business success and now with Ella’s focus on our people and growth, we really are set to ensure people come first at Ashman.”

Commentating on her role, Ella Keyes said: “Joining a business at this stage in its journey is something I’m energised by, and I can see great opportunities for me to really make a positive impact on the workforce. I am passionate about cultural fit, broadening the diversity lens of teams, social mobility and talent development. I’m looking forward to getting started!”

Headquartered in Birmingham, Ashman will be initially focused on lending to SMEs in the commercial real estate sector, while providing savers with competitive rates, and plans to make better banking possible.

This latest appointment comes as Ashman enters the next stage moving towards its launch.

Customers of global software provider Civica will benefit from enhanced payroll information thanks to a new partnership with Experian.

Through Experian’s interactive digital platform, PayDashboard, Civica users will be empowered to better engage with, and understand their payslip information, helping them to take control of their finances and improve their financial wellbeing.

Alongside access to their digital monthly payslip, the solution also offers a host of additional features to help engage and educate staff, reduce payroll-related queries, and make payday easier for payroll teams.

PayDashboard offers HR teams and external payroll service providers greater access to payroll insights through interactive dashboards. The solution can integrate with existing payroll software to deliver online payslips, PAYE forms and payroll data.

Paul Speirs, Managing Director of Digital Consumer Information, Experian UK&I, said: “We are delighted Civica has chosen Experian to enhance its payroll information services – working in partnership to deliver the best outcomes for customers.

“It’s never been more important for employees to have a firm grasp on their finances and PayDashboard makes it easier than ever for people to digitally access and understand their payslips quickly and easily, as well as reducing payroll queries and questions for HR teams.”

Kirsty Fowler, Divisional Managing Director, HR and Payroll at Civica, said: “Supporting employee lifecycles and enhancing our customers’ ability to positively impact their employee’s experience is at the heart of our People & Workforce solutions: helping to make their services as efficient and effective as possible.

“Via this new partnership with Experian, we can now offer an even better platform where people can have instant access to their information and take more control over their financial wellbeing.”

Civica’s customers will also benefit from Experian’s employment and income verification service, Work Report. Employees will have the option to consent to share their payroll information with another organisation digitally, providing an instant, secure alternative for employment and income verification when applying for a range of financial services, including mortgages.

Civica helps transform how customers manage their workforce with full employee lifecycle options including HR, payroll, expenses, learning management and content creation, recruitment, occupational health and time management software and services . With full integration, processes are joined up and deliver automation and meaningful data insights.

Small and medium-sized enterprises (SMEs) are finding it increasingly hard to access funding from high street banks, new data out today reveals.

According to data from fintech firm iwoca, 84 per cent of finance brokers said high street banks were increasingly reluctant to lend to SMEs. This was seven percentage points more than the quarter before.

The data was collated from more than 100 SME finance brokers who submitted over 950 finance applications for SMEs in June.

While high street banks are less eager to lend to SMEs, demand for financing is set to increase with 81 per cent of brokers predicting it will rise over the next six months leaving a substantial shortfall for small businesses.

Steven Mooney, CEO of FundMyPitch, said: “Once again, the big banks are failing in their duty of care to British businesses. After receiving taxpayer-funded bailouts, it’s truly astounding that these organisations aren’t doing more to support hard-pressed entrepreneurs during their hour of need.

“The government cannot continue to sit on its hands around this issue and should order banks to provide lifelines to companies that need it to get the economy moving again.”

Colin Goldstein, commercial growth director of iwoca, warned that the economy would suffer if SMEs were unable to access the financing they need.

“With high street banks continuing to pull back from SME lending, small businesses need attractive options for financing, or the significant growth potential that they offer the economy will be lost,” he said.

The figures reinforce a bleak outlook for SME’s access to finance. Data from the Federation of Small Businesses (FSB) showed that one in three small businesses applying for financing were offered a rate of over 11 per cent, up from just 12.2 per cent in the same period last year.

Martin McTague, national chair of the FSB, said higher interest rates are posing an “existential threat” to some small businesses.

“A wide product range beyond traditional loans and overdrafts could help small firms access some of the funding they need, while helping banks grow their new business levels in a sustainable way,” McTague said.

Rising borrowing costs have contributed to the recent surge in insolvencies, which hit their highest level since 2008 in the second quarter of this year.

The Bank of England estimated that the proportion of medium-sized firms who will see debt-servicing distress is likely to increase to 70 per cent as a result of rising rates.

Currencycloud, the experts in simplifying business in a multi-currency world, have partnered with Australia-based CFD broker GO Markets to streamline and automate client deposits and withdrawals, while benefiting from real-time, API-driven competitive FX rates.

By integrating Currencycloud’s APIs, GO Markets can now offer a seamless and cost-effective service to its global clients. With access to a virtual multi-currency account, GO Markets can accept wire payments across a host of local and SWIFT payment rails while benefiting from the automated upload of funds that the Currencycloud platform enables, making the reconciliation process faster and more accurate than ever.

Soyeb Rangwala, CFO Director at GO Markets says, “We are committed to providing our clients with a best-in-class trading experience. Integrating Currencycloud enables us to do just that. We can now provide our clients with a complete global trading experience with expanded funding and withdrawal options. What’s more, the real-time FX liquidity, which Currencycloud provides, will enable us to open new markets for our clients.”

Nick Briscoe, Country Manager, Australia, Currencycloud, says of the partnership, “We are delighted to be part of GO Markets’ customer-focused solution, helping clients make the most of global investment opportunities. We look forward to enabling GO Markets’ expansion plans as they add new currencies, jurisdictions, and products to their repertoire.”

British Business Investments today announces it has committed £30m to the Panoramic SME III fund as part of a final close of £100m. This commitment will allow Panoramic to fund growth opportunities and management transitions for smaller businesses across the UK.

Panoramic, based in Glasgow, is an established fund manager that invests across the UK but focuses specifically on Scotland, Northern Ireland and the North of England. It provides hybrid, debt and equity financing and is usually the first source of institutional capital for the smaller businesses it funds.

Panoramic is well known for its innovative approach to investing, and will invest in a range of transactions including management buyouts and replacement capital as well as financing growth for aspiring business owners.  Panoramic will invest between £2m and £8m into companies that have achieved EBITDA of more than £500,000 in the prior 12 months and will invest across a range of sectors.  It adopts a partner-led approach, with a highly experienced investment team, focused solely on UK SMEs. The new fund will have flexibility in its capital structuring and will invest through a combination of equity and loan notes.   This is a continuation of the successful strategy adopted in predecessor funds.

British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller businesses across the UK by boosting the lending capacity of a range of finance providers. Since it was established in 2014, British Business Investments has committed more than £3.3 billion to providers of finance to UK smaller businesses.

The British Business Bank previously supported Panoramic’s ECF 1 LP through its Enterprise Capital Funds programme in 2010 and Panoramic Growth Fund 2 via British Patient Capital in 2015.

Judith Hartley, CEO, British Business Investments, said: “At British Business Investments, our mission is to increase the overall supply and diversity of finance for smaller businesses across the UK. Following the British Business Bank’s earlier support to Panoramic, we are pleased to be making this commitment through British Business Investments. Our commitment to Panoramic will help more UK smaller businesses, particularly in Scotland, Northern Ireland and the North of England, to access the capital they need to grow and succeed.’’

Stephen Campbell, Partner, Panoramic, said: “In a tough fundraising environment, our ability to hit our hard cap of £100m is testament to our consistently strong track record and the business owners we have backed since our first fund launched in 2010.  We are very grateful for the support of both our existing and new investors in the new fund, and we look forward to working with them as we now look to deploy capital.  British Business Bank has been an investor in Panoramic funds since our inception and we are delighted that they have continued that journey with a £30m commitment to Fund 3.”

AI and ML algorithms that can process large quantities of data are delivering increased efficiency, scalability and accuracy for fintechs pioneering the technology

Artificial intelligence (AI) and machine learning (ML) adoption is increasing across virtually every industry, but their impact has been particularly notable in the fintech and financial services sector.

A recent McKinsey report found that 55% of businesses have now adopted AI in their everyday practices. However, when we examine the financial services industry in isolation, Bank of England data reveals that 72% of firms have implemented AI in some form. 

According to Ronald Binkofski, CEO at STX Next, the differential between financial services organisations and businesses on the whole outlines how well-suited AI and ML applications are in streamlining fintech operations and opening the door to further innovation.

Binkofski said: “As the fintech industry has grown and evolved, we’ve seen an increase in demand for automation as a tool for driving efficiency and innovation, with AI and ML the facilitators of the sector’s transformation.

“Automation allows fintech companies to execute tasks and processes much faster than manual methods. For instance, AI-powered trading algorithms can analyse market data and execute trades in milliseconds, enabling real-time decision-making and taking advantage of market opportunities before human traders can react.

“AI and ML algorithms can also process vast amounts of data with high precision, reducing the chances of human error that is common in manual data handling. This accuracy is crucial in areas like fraud detection, risk assessment and compliance, where even minor mistakes can have significant consequences.

“We’re seeing automation streamline workflows and reduce manual interventions, leading to enhanced overall efficiency. By automating repetitive tasks, employees can focus on more strategic and complex activities, driving innovation and business growth.

“Another important application of AI and ML is they way they allow businesses to scale. Automated systems can handle large volumes of data and transactions without compromising performance, which means that as fintech companies grow, automation ensures that their processes can scale effortlessly to accommodate increasing demands.

“Automation also allows for the delivery of personalised financial services to customers. AI-powered recommendation engines analyse individual preferences and behaviours to offer tailored investment options, insurance plans or financial advice, enhancing the customer experience.

“Finally, automation through AI and ML facilitates real-time data analysis, enabling financial institutions to make faster and data-driven decisions. This is especially critical in markets with rapid fluctuations, where real-time insights can make a difference in gaining a competitive advantage.”

STX Next’s CEO concluded: “ML algorithms can continuously learn from new data and adapt their models. Therefore, early adopters will benefit from automated systems that improve over time, becoming more accurate and efficient as they gather more information. In the fintech industry the difference between success and failure can be extremely small, so AI and ML can be instrumental in giving companies an edge.”

Azentio Software (“Azentio“), a Singapore-based software products company owned by funds advised by Apax, is delighted to announce the appointment of Sanjay Singh as its new Chief Executive Officer. This strategic move marks Azentio’s preparation for its next growth phase led by Sanjay, a seasoned executive with over 25 years of experience in high-growth software businesses globally.

”I’m honoured to be named CEO of Azentio,“ said Sanjay Singh, the company’s new CEO. “I've been impressed by Azentio’s advanced software products, dedication to innovation, domain expertise and insights of local markets. I anticipate building upon these strengths to deliver exceptional solutions to our clients.”

Sanjay further added, ”Azentio holds a unique position as the sole end-to-end software company specializing in the BFSI sector across Asia Pacific, Middle East, and Africa. Among industry players, Azentio stands out for its wide customer reach, market-leading products, and exceptional talent. I’m thrilled to guide Azentio towards achieving our ambitious vision of becoming the leading provider of BFSI software in APAC and MEA.”

With a proven track record of scaling and adding value to software companies, Sanjay is a recognized operator in the field. Roy Mackenzie, Partner at Apax, shared his enthusiasm, stating, ”We are excited to welcome Sanjay who brings a wealth of experience in building world-class software businesses in the region, aligning with our collective vision.”

Drawing upon 25 years of customer-centric leadership in global software and security enterprises, Sanjay’s expertise encompasses program development that drives revenue and expansion. In his recent role as Chief Revenue Officer at Datto - a renowned provider of cloud-based software and security solutions - Sanjay led Datto’s go-to-market strategy, culminating in the company’s IPO and its eventual acquisition by Kaseya in June 2022. Prior to his tenure at Datto, Sanjay spent nearly 18 years at Akamai Technologies, building and overseeing various go-to-market functions across the globe.

Sanjay will immediately assume the CEO role. Tony Kinnear will continue in his role as a Board member of Azentio, while David Hamilton will step into the role of Chairman of the Board of Directors of Azentio.