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Omnio selects AutoRek’s reconciliation solution

AutoRek, the Scottish fintech and leading software provider to global financial services firms, has announced Omnio as the latest addition to its ever-expanding list of digital banking/payment clients.

Omnio, a high-growth financial services infrastructure provider, provides a singular platform that combines the best of banking capabilities and customer engagement/loyalty. With operations in the UK and Europe, and headquartered in London, it supports many of the leading corporates and financial institutions in providing innovative and effective banking, payment and loyalty solutions.

AutoRek will provide the core reconciliation solution, including internal and external reconciliations between Omnio’s payment processors, bank accounts and ledger system. AutoRek’s solution seeks to replace its existing manual Excel process by providing end-to-end automation and will facilitate increased efficiency and control, as well as provide automated reporting and real-time Management Information to ensure the team’s business users and management are provided with quality MI through a variety of dashboards to fulfil their daily activities at the optimal level.

Laurence Sproston, Head of Reconciliations and Settlements at Omnio, commented, “We approached AutoRek to provide us with a solution to help automate our reconciliation processes. Our main goal in pursuing this partnership is to save time, costs and ensure operational resilience as we move forward to a new way of working. The AutoRek team adopts a collaborative approach for implementation and have provided us with an automated solution ensuring our regulatory, data integrity, workflow and management information needs are met.”

Gordon McHarg, CEO at AutoRek, added, “We are pleased to welcome Omnio to our increasingly growing client portfolio. The payments industry is evolving rapidly and we are proud that AutoRek’s capabilities meet the challenges facing the industry including volume of data. We are looking forward to establishing a good relationship with Omnio and building upon it over the years.”

Nick Botha, Banking and Payments Lead at AutoRek, who led the deal commented, “We are delighted to be working with the Omnio team. Following the turbulent year defined by COVID-19 and with the constant changes taking place in the digital banking and payments world, we are extremely proud that Omnio has selected the AutoRek solution to be the glue between their internal and external systems.”

Ionburst Cloud Continues Expansion into UK

The advanced data protection startup, Ionburst Cloud, has launched its ultra-secure object storage platform this week in the Amazon Web Services (AWS) London region. Based in Edinburgh, the startup has created the solution of addressing the data protection gap that exists in the Cloud shared responsibility model.

Stating that data privacy is ‘a human right’, the founders of Ionburst Cloud bakes security into the Cloud so that the high bar for protecting data on entry is removed for British businesses of all sizes.

With a very promising initial traction in both the Technology and Fintech sectors, Ionburst Cloud met stringent data privacy regulations like GDPR and the invalidation of the EU-US Data Privacy Shield.

“We are proud to announce that we are expanding the Ionburst Cloud platform into the UK. Going live in the UK is another exciting step forward in our journey of providing data privacy compliance and protection as part of the Cloud. We believe making this part of the Cloud means that customers will never unexpectedly share data again. 

We are delighted to be able to offer this service to UK businesses from this week.” – says Anne Lanc, former International Treasury Director of BlackRock.

As a celebration to mark its UK launch, Ionburst Cloud is helping startups and developers by launching a 5GB free tier.

“The sheer scale of the data leaks we’re continuing to see in the Cloud shows there’s a fundamental security gap. This issue isn’t just a concern for smaller businesses, or those without cloud security expertise. Larger, more technical organisations have also been on the receiving end of Cloud data exposure and storage misconfiguration. 

We’ve built Ionburst Cloud to fill the missing data security need for organisations storing information in the Cloud, and to always keep it safe and protected.”  Josh Fraser ”“ Chief Cybersecurity Engineer.

Ionburst Cloud’s approach has been used by customers in the EU and proven at Cloud scale.

“It is now available to try on the AWS Marketplace from the UK today, and is the first step toward establishing the Cloud we deserve.” says Ms Lanc, CEO (US) and CFO at Ionburst.

AI and fintech applications

Season 1, episode 3

Listen to the full episode here.

On the 22nd of March 2021 Scotland’s AI Strategy was published. AI is playing a growing role in the development of fintech solutions. In this special episode that launches during the UK fintech week we hear from two fintech firms that have built their proposition around AI as well as Gillian Docherty, OBE, CEO at The DataLab, member of the Steering Committee that led to the creation of Scotland’s AI strategy and Chair of the AI Alliance in Scotland. We’re also joined by Simon Pink, AI & Data Leader for financial services at IBM. In this episode we discussed how Scotland will become an AI powerhouse, the evolution of AI and ethics implications and look at two firms using AI in the fintech space to deliver better outcomes for firms and citizens.

Level E Research closes seed funding round.

Level E Research, a leader in artificial intelligence (AI) investment solutions, has raised £1.2m from a group of private investors all through a seed funding round.

Founded in 2018 by Dr Sonia Schulenburg, the business combines data science, machine learning and behavioural economics to facilitate institutional investors in developing, testing and implementing smart investment strategies at the highest levels of automation. Their selling point? They offer it at a significantly lower cost than traditional investment management business models.

CEO Schulenburg stated,

 “This very successful fundraising backed by well-known industry leaders is a huge vote of confidence in our technology and business model, enabling us to scale up our business development efforts as well as continue to invest in cutting edge research and attract the most talented people. Our hedge fund clients have been quick to realise the benefits that our unique machine learning platform can provide, and we are in discussions with asset managers who are keen to integrate our AI into their investment process or seeking to launch the next generation of AI-driven funds. Our modular SaaS platform readily integrates into existing infrastructure making it easy to adopt.” 

Nicola Anderson (CEO of FinTech Scotland)

“I am delighted to hear that Level E Research has secured a significant amount of seed funding. This is a testament to the strength of its innovation and capability and will lead to the creation of more highly skilled jobs in Scotland. The fact that it is mainly Scottish backers who are investing in Sonia’s vision and leadership, supporting a woman fintech founder, also demonstrates the strength of Scotland’s commitment to fintech, diversity and inclusion.”

For further information, please contact Philip Rothfield: phil@levele.ai

www.leveleresearch.ai

The Future of Wealthtech

Season 1, Episode 2

Listen to the full episode here.

In this episode we welcomed: 

-Chris Turnbull, CEO at Airfunders

-Ross Laurie, CEO at Visible Capital

-Iain Niblock the newly appointed CEO at Money Dashboard. 

We spoke about new innovations impacting the world of Wealthtech from Open Banking to AI.

The conversation also took us to Open Finance as a natural and needed evolution of Open Banking and what it means for the future of digital financial advice and guidance. 

Finally we asked ourselves whether people would ever move to full robots advice solutions or if they’d always value the human interaction.

Climate Change Risk in Finance – Edinburgh University

With the ever-increasing demand in the FS Sector, the University of Edinburgh has launched a new, short online executive education course regarding Climate Change Risk in Finance for financial services and fintech professionals. Supported by the Scottish Funding Council, the course is available to a limited number of 50 employees, with places available on the first-come-first-served basis.

Context

With climate-related financial risks ever-increasingly prominent, the effective management of such risks is a primary concern and consideration of investors and regulatory authorities. Topics such as sustainability within financial institutions and markets and climate change impacts in finance are becoming essential for effective decision-making finance professionals. With the University of Edinburgh being a world-leading academic hub for the exploration of how the climate is changing, the impact of this upon the environment, society and economies and thus, how climate adaptation and mitigation strategies are evolving.

About the Climate Change Risk in Finance Executive Education Course 📣:

  • Topic: the consequences of climate change on finance – how to navigate data, measure risk, gain accurate insights for financial decision making, and capture opportunities related to transitioning to net zero, and the emerging climate-focused fintech products. This course aims to give financial services and fintech professionals the knowledge and confidence to engage with the topics of sustainable finance and climate-related financial risks, to understand their implications, and to take advantage of the opportunities ahead.
  • This course for You if you are a financial professional working in either asset management, investment or commercial bank, pension funds, insurance, fintech, or similar.
  • Outcomes: Over the course of 10 weeks, you will:
    • Explore theories and practice of sustainable finance and climate-related financial risks.
    • Be introduced to climate change fundamentals and terminology.
    • Understand how to translate the complex climate information compiled from observations and near- and long-term model predictions for financial decision-makers.
    • Understand how to assess and quantify the direct risks arising from climate change on physical assets, businesses, portfolios and supply chains; and also near-term disruptive impacts associated with mitigation policies, changing preferences, and ongoing technological change.
    • Understand the impact of climate change on different financial asset classes (equity markets, fixed-income markets, real estate).
    • Build confidence in applying learnings for financial decision-making.

 

  • Format: 10 ”“weeks long, online course, mix of self-paced materials – pre-recorded and live sessions. Delivered by academic experts & practitioners; facilitated discussions & additional resources
  • Start date: 3rd of May 2021.
  • Registration: https://climatechangeriskinfinance.eventbrite.co.uk/
  • Group bookings: Group discounts are available for colleagues from the same organisation. If you would like to register several participants from one company, please get in touch: Ksenia.Siedlecka@ei.ed.ac.uk
  • The course fee of £1,500 includes all tuition, guest speaker engagements, and course materials.
  • Further information:

https://www.business-school.ed.ac.uk/executive-education/climate-change-risk-in-finance

 

AG Elevate Programme’s New Uptake

AG Elevate programme, a unique fast-track legal mentoring scheme for early-stage businesses, has a new uptake of eleven high-growth UK technology companies.

The programme, designed and delivered by the leading lawyers at Addleshaw Goddard, assigns successful candidates with a legal mentor and dedicated support over a ten-month period. In addition, the 2021 cohort will receive access to professional industry networks, bespoke collateral designed by Addleshaw Goddard and a collaborative online hub, as well as the opportunity to work alongside like-minded business professionals in the tech ecosystem to help elevate and grow their firms.

The ever-growing popularity of the programme was proven this year, with more than three times the number of applications previously received. The eleven organisations selected span across the UK, from Aberdeen to London. Lawyers from across all six of Addleshaw Goddard’s UK offices will now mentor and work with the dynamic firms which include:

  • London-based firms Rosecut Technologies, Lumio Technologies, Flomark and Yayzy
  • Scotland-based BlackArrow Financial Solutions
  • Trojan Energy, headquartered in Aberdeen
  • Manchester-based Voly and Assif
  • Yorkshire-based Crysp
  • WhereIsMyTransport and JUST: Access, both based in Leeds and London

David Anderson, a Corporate and Commercial Partner at Addleshaw Goddard, who specialises in technology said:

“The pandemic has accelerated digital innovation and the integration of technology in all aspects of our lives.  We must recognise the vast array of opportunities and expertise tech companies across the UK bring towards the growth and rebuilding of our economy.

“Addleshaw Goddard is the only law firm to offer a dedicated programme of this calibre, and we’re incredibly excited to welcome our 2021 AG Elevate cohort on board. Every company selected champions innovation and pragmatic solutions in the technology sector in which they operate.

“Alongside colleagues across the UK and beyond, we’ll use our expertise in the sector to work closely with the chosen firms to help them navigate their way through the legal challenges frequently faced by fast-growing earlier-stage firms in a bid to propel them into the next chapter.”

Over its five year lifespan, the programme has supported more than 30 fintech and technology, entrepreneurs in accelerating innovation as well as helping establish an international presence.  Although originally designed for fintech firms, this year marked the first year that the programme welcomed all high-growth tech businesses, placing a greater focus on businesses interested in sustainability.

For more information about the AG Elevate programme, visit: https://www.addleshawgoddard.com/en/ag-elevate/programmes/apply/2021-ag-elevate-cohort/

Fintech in Scotland

Season 1, Episode 1

Listen to the full episode here

An introduction to the fintech sector in Scotland with:

-Nicola Anderson, CEO at FinTech Scotland

-Kent MacKenzie, Partner and Global Head of Fintech & Regtech, Advisory Services at Deloitte

-Alberto Macciani, CMO at fintech Paysend

Together our guests covered what makes Scotland a great place for innovation generally and for fintech more specifically. The recent UK Fintech Sector Review commissioned by the UK Treasure highlights Scotland as the second UK fintech hub in number of firms. We explore the strength of a nation whilst discussing areas of improvement and what’s in train for FinTech Scotland in the coming years.

Encompass Secures Investment

The leading RegTech provider of Know Your Customer (KYC) automation software, Encompass Corporation, has secured investment from Beacon Equity Partners, a private equity group focused on companies that solve regulatory and compliance challenges. Beacon joins the existing investors in a broader capital round to fuel Encompass’ growth in 2020.

In addition, Beacon Equity Partner, Joe Bradley, will also join Encompass’ Advisory Council to further this important relationship. Bradley joins existing members Stephen Allen, former CRO of Macquarie Group; Kevin Gould, founder of IHS Markit, and Raymond W. Scott, CEO of Axolotl Corp.

Encompass has had a strong 12 months – the company has not only achieved significant revenue growth but has added a number of top global banks and law firms to its client list. A client list that already included the likes of Santander and the Nordic KYC Utility, Invidem, as well as key partners such as Accuity.

This follows the RegTech provider hiring 70 new staff members across all existing locations, but with a particular focus on expanding the organisation’s footprint in Singap[ore, the US, Serbia and Sweden. Key hires have included Alan Samuels as Head of Product; Chris Hodgens as EVP, Engineering; Robert Jessurun as Head of Banking Sales, and Tim Gentry as Head of Engineering Operations.

Wayne Johnson, CEO and co-founder, Encompass Corporation, said about the new investment announcement:

Beacon Equity Partners is the perfect match for Encompass, with this investment enabling us to continue our rapid growth journey whilst investing across our business to meet demand. The expertise Joe and Beacon bring in growing global companies is of great benefit, particularly as we work towards formally entering the North American market in 2021 ”“ a significant milestone for Encompass.

Joe Bradley, Partner at Beacon Equity, added:

Encompass is at the exciting stage where we like to invest in businesses ”“ they have a clear leadership position in a growing niche in the KYC space. The number of global banks adopting the platform reflects the momentum we have seen and is a telling sign of the growth potential of this company.

AutoRek takes on the Big Apple

AutoRek, a leading Fintech software provider to global financial service firms, is the Glasgow Chamber of Commerce’s selection for representing Scottish business in its virtual trade mission to the state of New York.

On the 23 and 24 March, the two-day event aims to attract Scottish companies from the Fintech sector that show interest in international exporting and expanding. 16 company-strong delegations that will participate in a market awareness session, and two business-to-business meetings based on specific requirements, with support from the Chamber’s local market partner.

Establishing international partnerships in the main aim of this trade mission, with the opportunity to explore joint ventures, distribution deals and other mutually beneficial practices.

Having been selected by the UK Government’s Department of International Trade to showcase the Best of British Innovation, AutoRek has continued to build overseas relationships. Just last week, AutoRek announced Scottish Equity Partners had completed a significant growth equity investment in its business, which will facilitate accelerating its US expansion plans.