UK-based credit unions Hoot and Lanarkshire Credit Union, have gone live on payment technology from ClearBank and incuto.
ClearBank and incuto revealed their payments technology integration and partnership earlier this year.
The partnership enables credit unions to make the collection of payments by direct debit as well as use virtual banking services.
“It is fantastic to be the first to introduce such a step-change in the facilities we are able to offer our members,” says Hoot chief executive, David Batten.
“Instant access to funds, 24 hours a day, removes another barrier to their financial inclusion, and is just one of the many digital innovations we are introducing this year to improve our service.”
For Charles McManus, CEO of ClearBank, the go-live of the two credit unions is “really exciting”.
He adds: “We look forward to continuing to work with the team at incuto to further develop the solution and bring the benefits to more credit unions.”
Incuto was selected by the UK Treasury in 2019 as its sole tech partner for a prize-linked savings scheme designed to boost credit union membership.
During the two-year pilot project, incuto’s solution will help 15 participating credit unions to digitise their services to better compete with banks and payday lenders.
The Treasury’s scheme offers cash prizes to savers in order to raise awareness of community lending options.
Personal Capital CEO Speaks Up About the Company’s Acquisition
If you missed the news earlier this week, here’s a recap: Personal Capital agreed to be acquired by Empower Retirement, the second-largest retirement services provider in the United States, for up to $1 billion, composed of $825 million on closing and up to $175 million for planned growth.
According to Forbes, the San Francisco-based fintech is selling for the same price as its valuation in February 2019. The deal is expected to close in the second half of this year.
After a bit of time to digest everything, Personal Capital CEO Jay Shah looked at the decision and what it means for the eleven-year-old company. Shah has been at Personal Capital since the company’s launch in 2009 and will now serve as President of Personal Capital and will also sit on the Executive Team at Empower.
Shah explained that, though many companies have expressed interest over the years in acquiring Personal Capital, none of the opportunities felt right. However, because Empower shares many of Personal Capital’s same “visions and values.”
He went on to describe how, in today’s uncertain world, the buy-out “will ensure extra strength and resources to grow Personal Capital, and bring [clients] more of the great technology and service [they’ve] come to expect. He added that combining the two companies will help Personal Capital support and further develop its features and service offerings.
As for what’s next, Shah said that Personal Capital will continue to operate as it always has. And because the company’s leadership team has committed to stay on for the long-term, the company’s culture will stay in-tact. “I recognize that this announcement feels like a major change, but I also want to assure you that your day-to-day experience with Personal Capital will remain the same,” he added.
Banking Software Luxembourg
The Luxembourg internationalized banking sector offers an unparalleled range of services and world-class financial infrastructure. As a global financial hub, Luxembourg has remained resilient and competitive, even in an increasingly complex regulatory environment.
But with new compliance challenges stemming from PSD2, Luxembourg’s banks need to reflect on their banking software, business strategy, and how they will operate in a world of open banking. A combination of changing consumer preferences and competition from fintech startups creates market pressure on Luxembourg banks to develop their digital capabilities.
According to Deloitte, Luxembourg is behind other countries in Europe in terms of digital banking maturity. Classified as a digital adopter, Luxembourg’s banks are still focused on transferring their existing services to digital while their competitors are creating financial and service ecosystems around their banking platforms and capturing market share.
Luxembourg is a digital adopter. Source: Deloitte
Digital latecomers in Luxembourg will need to move beyond their status quo and build their banking platforms or risk falling behind more digitally mature incumbents and fintechs. Given the investment necessary to develop a digital banking platform from scratch, many players decide to adapt existing solutions to their needs. You can find out more about what it takes to build a digital bank like Revolut in our previous article.
Companies like Sopra banking have been providing custom or ready-to-use banking platforms to help accelerate digital transformation for many clients worldwide. Many more worthy next-generation companies are helping banks develop modern digital banking software in Luxembourg. SDK.finance and their core banking platform has been particularly successful at leveraging advanced tools to help financial institutions modernize their services quickly and easily.
As entrants with stronger digital competencies begin to enter new markets, incumbents could be set for a shake-up as customer preferences evolve, and competition increases. Collaboration between incumbents and specialized fintechs can address these digitalization pressures and lead the way to the future of banking.
Global core banking software providers like SDK.finance can help banks in Luxembourg reach a broader market with modern solutions faster, cheaper, and more efficiently. The digital retail banking software is available in all popular formats: web, iOS, and Android applications that help to reach the new generation of mobile customers quicker.
Not to mention that the company is offering a 1-Year payment deferral for all companies with financial licenses issued by any country of the European Union to help minimize the negative economic impact of the global COVID-19 outbreak.
SDK.finance provides technology and supports banks of all kinds at every stage of the digital transformation from market research to product launch and scaling. Banking customers can benefit from a modern and secure experience guaranteed by two-factor authentication, biometric checks, security notifications, and Strong Customer Authorization for payments.
The Platform consists of 5 main components: a back-end wrapped in 400+ API endpoints, 3 front-end frameworks, and a web for system management with capabilities in iOS and Android for our clients.
Advantages of software that is built on API-first architecture:
- The speed of releasing new features and functionality is much faster
- The cost of ownership is more economical
- Fewer bugs and more stable products exist
- Better flexibility, scalability, and features are just some of the advantages of the SDK.finance core banking software ready for Luxembourg banking.
Click here to find out more about the Luxembourg banking software solution and how it can help your business unlock new opportunities.
Payments Unicorn Pine Labs Bids for Wirecard’s Asia Business
Pine Labs, a Mastercard-backed Indian payments startup, is considering to buy out the Asian business of the doomed fintech giant Wirecard.
Citing three anonymous internal sources, local news outlet Economic Times reported that inquiries about the sale of Wirecard’s division were made by at least four companies including Hitachi Payments and Atos-backed Worldline Technology, PineLabs being in the forefront.
“Multiple other players have also expressed interest in the company’s assets in the region,” one of the sources said. “The legality of the matter still has to be seen.”
This came as the German fintech company involved in the massive scandal with the missing €1.9 billion ($2.1 billion) in cash from its bank accounts, leading to the resignation and arrest of its long-running CEO Marcus Braun.
Multiple jurisdictions including authorities in Germany, Singapore, and the Philippines are now running investigation against the company.
Wirecard’s Asia operation is headquartered in Singapore and has around 20,000 merchants in India, Singapore, Indonesia, Hong Kong, Australia, and Malaysia markets.
Did COVID-19 Save the Forex Industry?Go to article >>
The report also detailed that Wirecard partnered with Pine Labs before for its India business, but the extent of that is clear.
With the ongoing litigation, the fintech might lose its partners in the region before the buyout is finalized.
“The discussion is still in very early stages and it’s obviously challenging as there is an ongoing litigation against the company,” a source of the publication stated. “There is also concern that Wirecard may lose its customers during any process of migration due to these proceedings.”
Recently, Grab, a Southeast Asian ride-hailing giant, cut its ties with Wirecard.
Can a new owner restore the trust?
Along with the Asian business, Wirecard North America is also seeking buyers and is seeing interests from payment groups.
Meanwhile, following the unveiling of the missing cash, the UK’s regulatory authority flagged Wirecard’s operations in the country, however, it also lifted the restriction within a few days resuming eMoney & Payments Services.
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