Whilst the world’s media obsess about Fintech and Blockchain technology, it’s easy to forget that SWIFT, The Society for Worldwide Interbank Financial Telecommunication to call it by its full name, still rules the financial messaging roost.
In fact, SWIFT has been the top dog for nearly 40 years – since it was first founded, in 1973 with the support of 239 banks in 15 different countries.
Read more “SWIFT Fights Trend Towards Fintech Alternatives With Launch Of GPI Cross-Border Payments Tracker”
API stands for Application Programming Interface. In the banking world, APIs can be used by “third party” developers to access data stored by banks.
A good example would be where a third party developer, say a credit reference agency, could use APIs to access somebody’s credit history, allowing them to make a more informed judgment about whether the applicant constituted a credit risk.
But there are plenty of other ways that an API can be used. For example, an app developer could use an API to offer customers a real-time view of the money they are spending using a bank card, by requesting access to a users’ bank account and downloading the information.
Read more “What are APIs And How Do Fintech Firms Use Them?”
The Japanese government are set to make it easier for the country’s fintech startups to trial new services and technology. Their financial authorities are introducing a pro-innovation sandbox that will offer firms the opportunity to conduct regulator-free trials.
A government agency will review proposals from developers and startup fintech firms. If granted approval, the developers will be given a limited time to run experiments within the sandbox. Read more “Japan Introduces Regulatory Sandbox For Fintech Startups”
The battle to be the best overseas money transfer service is hotting up.
Revolut, has announced that it is scrapping its 0.5% fee on all international money transfers under £5,000 pounds sterling.
The 2-year-old fintech startup has raised more than $15m from well-known London VCs such as Index Ventures and Balderton Capital. Read more “Revolut Attempts To Close Gap To Transferwise By Making Money Transfers Under £5k Free”
The UK’s Financial Conduct Authority (FCA) and its Hong Kong equivalent, the Securities and Futures Commission (SFC) have signed a co-operation agreement that will promote information sharing between the two regions, and introduce a referral system that will make it easier for approved, UK based fintech startups to set up operations in Hong Kong, and vice versa. Read more “London & Hong Kong’s Financial Bodies Join Forces To Support Global Fintech Innovation”
The UK’s Financial Conduct Authority (FCA) and its Hong Kong equivalent, the Securities and Futures Commission (SFC) have signed a co-operation agreement that will promote information sharing between the two regions, and introduce a referral system that will make it easier for approved, UK based fintech startups to set up operations in Hong Kong, and vice versa. Read more “London & Hong Kong Financial Bodies Join Forces To Support Global Fintech Innovation”
The Digital Banking Report have released their sixth annual survey into Retail Banking Trends & Predictions; removing friction from the customer journey is the no. 1 concern. Read more “Top 10 Retail Banking Trends & Predictions for 2017 Report”
There is nothing quite like WeChat in the Western World – not even the likes of Facebook can compete with the number and range of services the platform offers to its 800m, mostly Chinese, users. Read more “Tencent Is Making It Easier For European Companies To Join Its Platform”
Starling bank are arguably the UK’s most exciting Fintech “Challenger Bank” – that is, a new kind of firm offering users a different kind of banking proposition; simple, transparent, and without the hidden fees and charges that can make high street banks so unappealing to modern, mobile savvy millennials. Read more “Starling’s Developer Portal Has Launched and 3rd Parties Are Already Taking Advantage”
The “Big 4” Challenger Banks
London may not be the world’s biggest FinTech hub, but there is an argument that says it is the most disruptive, and especially within the retail banking space.
There are no fewer than 5 recognised “Challenger banks” in operation currently, 4 based in London, and one in Durham. All have attracted significant funding, target millennials with mobile apps, instant spending reports and clever features, yet all face different challenges and issues as they battle to uproot the “big 4” high street banks; Lloyds, HSBC, Barclays and Natwest. Let’s have a look at 5 of the so-called challengers – in no particular order. Read more “The Big 4 Fintech Challenger Banks Changing The Way We Think About Personal Finance”
The Spanish banking giant BBVA has completed the first successful trial of a new Distributed Ledger Technology (DLT) known as Ripple. Read more “Ripple’s Distributed Ledger Technology Successfully Completes 1st Pilot”
Call it bad timing, but no sooner had the European Union delivered the first Payment Service Directive (PSD), to provide a legal foundation for the introduction of SEPA, that’s the Single Euro Payments Area, which effectively created a single market for payments across the European Union, covering credit transfers, direct debits and cards, when the payments industry entered possibly its most “disruptive” period ever. Read more “Payment Services Directive 2 Explained (& An Infographic!)”
After trialling the product for some time over here, Square, the US based payments provider startup founded by Twitter CEO Jack Dorsey, has finally launched in the UK.
Square, which floated on the New York Stock Exchange in November 2015 at a valuation of around $6bn, provides independent traders with a means to take card payments using a reader- and it will retail over here in the UK at just £39.
It got us thinking about other payments apps that are valuable to startups and SMEs, and in that spirit, we present 6 of the best we could find! Read more “6 Payments Apps That Are Great For SMEs”
Azimo created an industry first when the London-based Fintech startup launched an in-app function that allows users to send money abroad using only the recipients mobile phone number. Read more “Azimo’s One-Tap Money Transfer Solution”
If you are still using Western Union, Ria or your Bank to send money abroad, where have you been for the last decade! Times have changed, and tech disruption has made the process of sending money overseas a far more straightforward, efficient, and cheaper process, with the added bonus that you can shop around for the best rates and services.
In that spirit, we present 8 of our favourite money transfer apps, which you can download and use on the go with a smartphone, or at your leisure, saving yourself money in the process. Each one has different features to consider, but we’re sure that somewhere in this list you will find the one that’s right for you.
To compare rates from FCA authorised brokers as well as some of the best-regarded money transfer agencies like TransferWise or Azimo, why not try our money transfer comparison engine?
88% percent of banks globally are becoming increasingly concerned about losing business revenues to Fintech challenger firms, whilst 82% would like to partner more with them over the next three to five years, reveals a new report, Global Fintech Report 2017, released by PriceWaterhouseCoopers. Read more “PwC Report Reveals Banks Fears About Losing Revenues To Fintech Firms”
If a bitcoin ATM sounds like something of an oxymoron, let us explain.
These machines, which are popping up more and more across London in particular, work in the opposite way to a traditional cash machine. Read more “The Rise Of The Bitcoin ATM Machine”
This guide is brought to you by The Money Cloud, where you compare the best rates for sending money overseas offered by top authorised brokers and money transfer agencies.
Remember when all you would hear during the ad breaks for your favourite television programme would be “there’s an app for that”.
This was a few years ago now, when apps were brand new and the likes of Apple, Google and Samsung wanted you to learn all about these mysterious new widgets that could solve your everyday problems at a cinch.
If we were initially sceptical, we certainly took to them in the end, but the trouble was, for every Tinder, Citymapper, or Uber, there were too many apps, rushed out by companies desperate not to miss out on the next big thing, or designed by Silicon Valley geek squads, that simply didn’t cut the mustard.
They were either too niche, too complex, too badly built, or simply released to act like Trojan horses, sneaking their way onto your phones and accessing your personal data to sell on to advertising companies.
It may have taken financial services institutions longer than most to come to the app party, but in fact, we should be thankful for that.
Banking and personal finance apps can now make a genuine difference to our lives, for the better. Here’s how. Read more “Can I Really Manage My Finances From A Smartphone App?”
A new Melbourne, Australia based Fintech startup that has echoes of peer-to-peer money transfer service Transferwise but with more focus on the B2B market, has completed a USD$13 million Series A investment from Tencent, the company that owns China’s most popular social networking and now payments app, WeChat. Read more “Can Airwallex, with $13m Investment Led by Tencent, Become the Transferwise Of International B2B Money Transfer?”
In the past, real estate has often been seen as a business of relationships, reliant on contacts and personal connections. While that’s still hugely important, software trends are also becoming increasingly vital to the real estate industry. In the past year alone, venture capitalist projects have raised over $1.5bn US dollars towards software that could streamline your experience in the real estate market. Here’s a quick breakdown on what’s been going on.
Read more “Property Buzz: All You Need To Know About Real Estate Tech”