Autorek appoints new CTO
AutoRek has just announced the appointment of its new CTO, Andrew Elmore, former PagoFX and C24 Technologies.
Andrew has extensive financial services knowledge gained from previous roles including Head of Technical Architecture at PagoNxt, VP Engineering at Velo Payments and heading up development at SmartStream.
Elmore will look after all technology activities, from product definition and implementation, through to the 24×365 operation of the cloud reconciliation service.
He will also help the fintech to scale, ensuring high quality and reliability standards of services while increasing the delivery pace and capacity.
Gordon McHarg, AutoRek’s CEO, commented:
“AutoRek’s rapid growth over the past few years has been very exciting and with continued plans for recruitment and expansion, we are delighted to have Andrew Elmore join us with his past experience to help drive the company in the direction we have set out.”
Andrew Elmore, CTO at AutoRek commented:
“I am very excited to join AutoRek as part of the next stage of their exciting growth. AutoRek’s broad product functionality, market-leading matching engine, domain expertise and cloud platform are dramatically reducing the time and cost for clients to improve their Straight Through Processing (STP) and operational efficiency. Combined with a relentless focus on customer success, I believe AutoRek will continue to be the best choice for traditional and next-gen financial institutions alike.”
New appointments at Fintech Encompass to drive growth
Scotland-based Encompass Corporation, the leading Know Your Customer (KYC) automation platform, just announced the appointment of a new global sales leadership team to power its growth
To accompany the company’s very impressive growth, Bob DeLaney is joining as Head of Sales, UK and Ireland. Prior to this new role he occupied senior positions at Pega, Alacra and LexisNexis, among others.
Phillip Sertel will focus on the European market, bringing with him over 25 years of experience in the industry acquired at Oracle and FICO, where he was Vice President & Managing Director for Continental Europe, North Africa and the Middle East.
Some internal changes were also announced with Ed Lloyd becoming VP of Enterprise Sales, David Williams will continue to lead regional business, while Howard Dilworth heads up the North America sales arm, which has quickly expanded since Encompass entered the US market in late 2021.
Steve Hadaway, Chief Revenue Officer, Encompass, said:
“I am delighted to appoint two highly experienced and respected figures in Bob and Phillip to crucial roles, further strengthening an already impressive regional leadership team.
“We have built a platform that truly makes a difference, helping banks fight financial crime, ensure compliance and deliver enhanced customer experience, and, with these seasoned professionals driving our teams forward, I know we will continue to go from strength to strength.
“This is undoubtedly a pivotal time in our journey, and we look forward to working to develop and further our offering for customers in the months ahead.”
How fintech AccessFintech is enabling multi-party collaboration
Blog written by Andrew Mill, Synergy Trainer at AccessFintech
Who are we?
Access Fintech was established upon a profound desire to bring self-service, transparency, risk mutualisation and efficient supply-chain management to the global financial services industry. Our founders, Roy Saadon and Steve Fazio, started the business in 2016 and we currently have over 120 employees across offices in Glasgow, London, New York, and Tel Aviv.
Our leadership team has a proven track record in building businesses and products that change the face of financial technology and operations. Since inception, AccessFintech has seen multiple client onboards and product launches, been awarded Capital Markets Start-up of the Year by Financial News in 2021, and we now manage over 1 billion transaction updates per month.
What challenges did we see?
Middle and back-office functions in financial services typically centre around significant internal and external email, Excel, chat, and telephone exchanges across numerous participants to share data, request and provide status updates and resolve exceptions. Add to these processes an array of internal systems individually managed by each financial institution, each of which require significant ongoing maintenance, development, and operational staff training.
The redundant practice of sending an email followed by a chaser and then an escalation phone call has been the industry norm for years. The follow up process of sending further chasers’ and looping in additional contacts has resulted in a communication breakdown across Teams, Counterparties and Markets as a whole. A myriad of Do you know?’ and Please amend to match’ type queries have been deleted, filed, and quite frankly ignored. The lack of shared systems means that clients lack the data transparency they need and therefore cannot self-serve due to being unable to view statuses, commentary or even track exception resolution progress.
The bottom line is that this way of working increases the chance of error beyond what it has to be. This fundamental issue is why AccessFintech exists, and solving it is how we supply massive value to our clients..
How have we solved them?
To achieve better efficiency, financial institutions must break the limitations of their four walls and embrace a collaborative approach to industry-wide challenges as they emerge. This is why we built our Synergy platform.
Synergy was designed to release massive, locked value that firms cannot unlock individually. Data transparency is at the centre of the Synergy network’, which offers self-service data solutions to users that extend and enrich their datasets, allow them to share data across workflows, and provides technology across the transaction lifecycle to increase transparency, speed resolution, reduce fails, and benefit from valuable benchmarking insights.
Synergy provides a single, secure environment for multi-party collaboration and is underpinned by three core capabilities: Data Collaboration, Workflow Optimisation and Technology Distribution.
Data Collaboration: Collaborating in the AccessFintech User Interface means all participants are communicating in the same place with no communication lag and all interactions are systemically audited. The UI also allows for clients’ workflow lifecycles to be managed efficiently and automatically generates information for users that shows them areas of inefficiency, importantly, what the root cause is. AccessFintech Synergy DataLake’ enables collaboration across different companies as well using data and shared technology access. In other words, everyone gets to see a single source of truth, no matter what organization they work for.
Business as usual needs to change, not just for one institution, but for all. As such, Collaboration advances the entire ecosystem by automating operations, reducing capital requirements, and speeding workflows.
Workflow Optimisation: The AccessFintech UI delivers solutions for transaction automation, resolution, and decision-making in a multi-provider environment. Users are granted the ability to digitally execute interactions from purchase to settlement to payment in one place. Consequently, workflows and workforces can be optimised by letter users better evaluate and manage risk, recommend solutions, share workloads, and track actions.
Technology Distribution: AccessFintech is focused on seamlessly delivering continuous technology-driven operational transformation. Benefits can be realised across entire organisations simply by leveraging the power of data and collaboration. Organisations have reduced the total cost of ownership of technology resulting from data aggregation, enrichment, normalisation, and distribution to relevant stakeholders.
Once part of Synergy, individuals and organisations alike have the power to onboard new technologies with minimal complexity, resulting in dormant system retirement and the adoption of a cloud support strategy.
Concluding Remarks
AccessFintech enables organisations to share data securely with appropriate stakeholders, whether internal or external. At its core, data is paired across participants via the network to support efficient exception resolution. This notion is underpinned by customisable risk profiling and data transparency, allowing for prioritisation and significantly reducing incoming and outgoing queries.
In other words, our clients’ financial workflows are systematically organized. Structured communication protocols permit seamless collaboration on exception resolution and the creation of report and analytics to support root cause analysis and future fails reduction. We help organisations benefit in multiple ways, most notably: System Transformation, Cost Reduction, Risk Reduction, Enhanced Client Service and Digital Solution.
Making Scotcoin available on the global market ”“ a significant milestone for Scotland
In the growing world of blockchains and cryptocurrencies, Scotcoin is taking a big step forward with the announcement of our partnership with ProBit Global, which will see us publicly list SCOT on its exchange later this year.
With a presence on the ProBit platform, holders of Scotcoin across the world will be able to exchange existing tokens and new users will be able to buy Scotcoin for fiat currency (such as British pounds, US dollars or euros) or other types of cryptocurrencies.
ProBit has an excellent reputation and a substantial international presence that will allow us to spread the word about Scotcoin to more people than ever before. The platform currently operates in more than 200 countries, supports over 45 different languages, and trades in more than 700 different cryptocurrencies.
ProBit will also play an essential part in marketing up to and after the listing by sending information about Scotcoin to its two million customers.
Scotland has around 10 million members of its diaspora worldwide, and many people are sending and receiving money regularly. Importantly, through Scotcoin’s own scotscan.io system, transactions happen instantaneously and without payment of gas fees. This could be a massive benefit for anyone wishing to add Scotcoin to their range of revenue acceptance mechanisms.
Listing the cryptocurrency ties directly into the broader mission of using Scotcoin as a force for good through the Scotcoin Project CIC, which is about people and helping deliver sustainable and improved quality of life for those in need.
This significant milestone will allow further development of the Scotcoin Project CIC ”“ including appointing a professional full-time management team to deliver our business plan ”“ which is focussed on working with preferred partners to deliver a variety of initiatives relating to clothing, food, accommodation, and the environment. We continue to seek suitable preferred partners.
Amid ongoing economic uncertainty, now is the time for Scotland to embrace the idea of a supplementary form of money to strengthen its businesses, charities, and communities, helping to sustain our recovery.
We look forward to welcoming more users to the Scotcoin network, supporting our wider ambition and ultimately playing their part in supporting good causes.
Read more and be part of this exciting journey here: https://scotcoinproject.com
Please go to scotscan.io and sign up for an @scot address
Scottish fintech Zumo gets funding to decarbonise crypto
Scottish Fintech Zumo, just completed its Zero Hero pilot project, a live trial to buy Renewable Energy Certificates to compensate the electricity usage of bitcoin bought via the Zumo app.
During this trial, a total of 850 megawatt-hours of electricity was compensated, the equivalent of an electric vehicle for over three million miles.
This is very important with 84% of customers feeling that the issue of environmental sustainability in crypto paramount and that they are more likely to use a crypto wallet that participate in reducing crypto’s environmental impact.
The results of this trial are available at ”“ Decarbonising Crypto: Towards Practical Solutions’
Innovate UK just awarded Zumo and Zero Labs a grant to further fund research into the decarbonisation of crypto. This RenewableCrypto project starts this month with a clear objective of finding practical ways in which wallets and platforms can scale the use of renewable energy.
Doug Miller, Co-Founder, Zero Labs, said:
“Zumo is demonstrating leadership in the Crypto Climate Accord (CCA) community in two ways: leading dialogues about how to estimate the energy use of BTC holdings and procuring clean energy to power Zumo platform customers’ holdings in a verifiable way. Zero Labs is thrilled to support Zumo with scaling a solution across its growing customer base to increase demand for clean energy around the globe and convert the wider crypto industry into a newfound source of demand for clean energy in voluntary markets.”
Kirsteen Harrison, Environmental and Sustainability Adviser, Zumo, said:
“The results of our Zero Hero pilot project are hugely encouraging, showing both what is possible and a significant appetite from customers for clean energy solutions. But this is just the beginning, and the story can only continue through the collaboration of all market participants ”“ miners, platforms and end users ”“ within the crypto sector. We hope that our new report will help continue to shift the dial from talk towards action.”
“Along with our partners at Zero Labs, we’re aiming to lead this charge and explore new, digital-led solutions that remove practical barriers to voluntary renewables procurement and verifying green credentials. With electricity being the most significant part of crypto’s carbon footprint, we have a unique opportunity as a sector to rapidly decarbonise.”
Fintech Innovation – the need for collaboration
Season 2, episode 2
Listen to the full episode here.
Whilst the fintech movement often makes headlines with those firms that are trying to replace traditional financial institutions, there are many more fintech firms out there trying to work, collaborate or sell to those incumbents to help them deliver better outcomes to their customers.
In this podcast we discuss the opportunities for increased collaboration and some of the challenges? Has the pandemic changed the state of play and what are the solutions to accelerate fintech adoption by historical brands?
This podcast will also be an opportunity to announce the launch of the fintech innovation forum at Phoenix.
Guests:
Josif Grace – CEO at Legado
Kevin Spence – Director Financial Services, Scotland & Client Partner
Andy Young – Group Head of Digital & UX at Phoenix Group
Open Banking Reporting joins Visa European Fintech Partner Connect programme
Open Banking Reporting (OBR), a data-driven risk management fintech, has partnered with Visa to enable lenders to provide crucial real time business support.
OBR’s solution OpenRep uses advanced analytics and robotic automation, connecting the SME’s accounting software and banking transactions with commercial credit, Visa and macro-economic data to deliver real time monitoring, proactive alerts, and actionable insights to both the lender and the SME.
OpenRep allows lenders to provide a highly personalised approach to risk assessments through the monitoring of financial trends within a business’ performance; identifying opportunities to support the SME and the insight to act when access to finance is needed most.
Eddie Curran, CEO of Open Banking Reporting, said:
“We are very proud of our flagship product OpenRep and the positive impact it has for both SMEs and lenders.
“By linking real time financial data with advanced analytics and robotic automation we have developed an early-warning system that can help SME owners and lenders identify risks and opportunities. As we continue in a period of economic uncertainty, it is even more important that SMEs and lenders access not just the most up-to-date data, but the tools and technology that turn it into actionable insight.
“OpenRep helps business owners achieve their strategic goals and allows lenders to provide a more proactive and personalised service.”
Through the Fintech Partner Connect Programme Visa will introduce OpenRep to their lending customers firstly in the UK and then into Europe.
Encompass appoints renowned KYC experts
Scotland based fintech Encompass Corporation announced the appointment of senior industry experts to help banks get the benefits of automation initiatives.
The COVID-19 pandemic has accelerated digital transformation. Companies have been eager to reduce onboarding costs and improve customer experience but still need help to build the foundations to achieve this goal.
The newly appointed Transformation Directors will offer practical support and advice that allows Encompass’ customers to drive change and impactful adoption of KYC automation within their organisations.
The new team includes former Barclays senior executive Howard Wimpory who led major global projects, served as a Managing Director within the bank, leading the Group Financial Crime function. He also authored a new whitepaper for Encompass, titled Embracing KYC Transformation’.
Also joining the team, Jo Scanlan, a recognised leader with experience in leading banks Deutsche Bank, HSBC, Macquarie Bank, Westpac and ANZ. She has led global middle office and operations, overseeing a range of areas, including front office and client support, client onboarding, and regulatory compliance and reporting.
Finally, Darren Marion, also joins the team, bringing his experience acquired within several high-profile investment banks, such as UBS, Deutsche Bank, and Citigroup.
Nicola Pickering, VP, Customer Success and Delivery, Encompass, said:
“We are passionate about ensuring that the benefits of investing in our KYC automation are realised by our customers. This requires building partnerships and transformation strategies that encompass people, process, and technology. It has been great to hear directly from customers how valuable our team’s direction and thought leadership has been in navigating KYC transformational change.”
Encompass named ”˜RegTech Partner of the Year’
Scotland-based Encompass won RegTech Partner of the Year’ at this year’s British Bank Awards.
Now in its eighth year, the awards, run by Smart Money People, recognise top financial products and innovation based on more than 81,000 votes.
This recognition comes after Encompass was selected as a category finalist in both 2021 and 2020.
Wayne Johnson, CEO and co-founder of Encompass, said:
We’re thrilled, and proud, to have been named as RegTech Partner of the Year at this year’s British Bank Awards.
Being chosen as the overall winner among such strong competition demonstrates not only our impact across the banking sector, but also the loyalty of our customers, who voted for us.
2022 is shaping up to be a strong year for our business globally, and we have big plans for growth in the months ahead, as we continue to work with and for our expanding customer base.
Jacqueline Dewey, CEO of Smart Money People, added:
With the awards 100% voted for by consumers and no judging panel, the British Bank Awards truly reflect the best of the UK banking industry, and the commitment and engagement these organisations have from their customers.
This year, our winners range from the newest firms in the market to well-established household names, illustrating the breadth and depth of the UK’s financial services market across many sectors. We’re absolutely delighted for our winners but also hope that these awards serve a higher purpose in helping consumers and businesses make more informed choices about who they trust with their hard-earned money.
Snugg® wins place on Lloyds Banking Group Launch Innovation Programme
Scottish fintech and high growth start-up Snugg® has been chosen to join the 2022 cohort of the Lloyds Banking Group Launch Innovation Programme.
Run in partnership with FinTech Scotland, the Launch Innovation Programme offers ambitious fintech companies like Snugg® the chance to run a proof of concept in partnership with Lloyds Banking Group. Sixteen fintech firms from across the UK and Europe have been selected to take part in the programme this year.
The Launch Innovation Programme focusses on three key strategic challenges facing Lloyds ”“ achieving sustainability goals, supporting colleagues in a post-pandemic world, and improving customer’s financial lives. With a mission to make energy efficient homes simple and affordable for everyone, the Snugg® application to join the programme focused on sustainability and helping the financial lives of Lloyd’s customers.
Private sector finance from banks like Lloyds is going to play an increasingly important role in the net-zero transition over the coming years. Only one in eight of the 17 million privately owned homes in the UK currently meet the energy efficiency standards needed to reach net-zero by 2050. The Snugg® platform plans to make the process of making energy efficiency changes to homes simple. Using sophisticated data science, it will develop a tailored plan and provide users with access to the grants, green finance and trusted installers to make the sustainable home improvements they need.
The fintech companies taking part in the programme have ten weeks to refine and test their innovative solutions to the challenges set by Lloyds. Working in collaboration with Lloyds, each firm has direct access to sponsors and mentors in the bank, as well as business development support, clinics and externally run business masterclasses.
Co-Founder and CEO of Snugg®, Robin Peters, said: “Taking part in the Launch Innovation Programme gives us an incredible opportunity to test our home energy efficiency platform with one of the UK’s biggest banks.
Over the course of ten weeks, the programme gives the selected participants access to business leaders, designers, industry experts and mentors. We’re delighted to have been selected to take part in the programme which we believe will help take Snugg® to the next level.”