UK Fintech News Roundup: The Latest Stories 21/12
Every Wednesday we delve into the latest fintech updates from across the UK. This week brings updates from Step Fourth, DKK Partners, FICO, Cardeo, Acronis and Westcoast Cloud.
Stage four is launched in the UK
Birmingham-based digital fintech startup venture Step four has officially launched to the UK market. The privately funded company develops a range of digital solutions for UK asset managers, stockbrokers, consolidators and platform providers.
Stage four aims to provide new customer-facing technology that is much more affordable than existing options to support the wealth and investment market.
Stewart Foster, founder and CEO of Step Fourth, commented on the launch. He said: “We believe that the current digital offering to the UK market lacks innovation and does not deliver what the market really needs. Our vision is again to build an affordable range of award-winning solutions that will set the standard for the wider sector and I could not be more excited to embark on this new journey.”
DKK Partners starts fundraising and voluntary work for the homeless
DKK Partners, the emerging market (EM) and foreign exchange (FX) liquidity services provider, has launched a Christmas fundraising and volunteering campaign. The campaign aims to address homelessness across London.
DKK will distribute a donation fund of 10,000 pounds to organizations such as Shelter, which supports individuals with accommodation. DKK employees also spend time volunteering at local soup kitchens and food banks in London.
Khalid Talukderco-founder of DKK Partners, commented: “We are very proud to announce this initiative. It is designed to deliver real action to the frontline of the fight against homelessness. Shelter is an incredible organization with dedicated volunteers and the work they do protects the well-being of so many people.”
Increase in consumers’ trust in identity checks from suppliers
According to a FICO survey, 63 percent of consumers reported an increase in identity checks. In addition, 48 percent believe that fingerprint scanning is a good way to verify online payments when shopping online.
The FICO survey found that a growing number of consumers trust their providers to verify their identity for the right reasons. Seventy-two percent understand that it is to protect them from fraud. 57 percent also recognized the role identity verification plays in preventing money laundering.
Matt Cox, vice president and managing director of FICO in EMEA, commented on the survey results. He said: “As spending increases in the build-up to Christmas, it unleashes a flurry of scams that shoppers must navigate to protect their finances. It’s good to see that consumers are paying attention to the different types of fraud they can face and understand why banks have to carry out different identity checks while making purchases.”
Cardeo urges the government to pay attention to open banking successes
Fintech smart credit card management app, Cardiohas called on the UK government to incorporate regulatory successes from the UK’s open banking sector into the reform of the Consumer Credit Act (CCA).
The CCA regulates regulation for credit card purchases, personal loans and leases for consumers. Cardeo claims that because it was written before the internet, it no longer reflects how people access information.
Gavin Shuker, co-founder and CEO of Cardeo, explained the company’s plea. He said: “Releasing customers’ own data about their credit products should be the first step in bringing CCA into the digital age. We look forward to contributing to this important consultation.
“We urge the Government to explicitly incorporate some of the regulatory successes of the UK’s world-leading open banking sector into this reform. It is high time they put consumers in control of their data and increase competition, to help break up monopolies, to the benefit of both consumers and the wider economy.”
Acronis and Westcoast Cloud partner with Reading FC
Reading football club have named Acronis, a cyber protection company, as its official ‘Cyber Protection Partner’. It has also named the cloud service provider Westcoast Cloud as its’#Cyberfit delivery‘ cohabitant.
Both companies have agreed a three-year partnership with Reading FC. As part of the partnership, the club will have access to Acronis’ range of online security solutions.
Tim KilpatrickCommercial Director of Reading FC, said: “We are delighted to announce this partnership with Acronis and Westcoast Cloud. As a club, our IT and data infrastructure is critical to our business operations. As we look to enhance our expertise and offering in this area , partnering with world leaders in this field, such as Acronis and Westcoast Cloud, will ensure that we are protected for all eventualities. We look forward to working with Acronis and supporting them in their business growth plans.”
