Why Origo is supporting the Research and Innovation Roadmap
Origo has been delivering technology solutions for the UK financial services market for over 30 years. We are proud of that history and also proud to be an Edinburgh-based company, contributing to the economies of both Scotland and the UK.
“With the technological innovations happening in the world today, and the opportunities they offer, this is probably the most exciting time in our history.
“Open Finance Data, which is one of the four themes of the Roadmap ”“ the others are climate finance; payments and transactions; and financial regulation ”“ is one example of the innovation taking place in financial services. Amongst other things, it will enable people and businesses to have more control over their finances by making it easier for them to access their financial information.
We see the value of this type of access every day at Origo. Our technology enables the industry providers to access pension and investment information and by evolving through Open Finance we can use this capability to enable individuals to directly access their information.
To this end, we are partnered with Capgemini to supply the central digital architecture for the Pensions Dashboards Programme, which will enable pension holders to easily access all their pension details in one place ”“ action that is vital for individuals planning for the future and for retirement.
But technological innovation is not restrained by geographical boundaries, so it is important that UK FinTech continues to innovate and push the boundaries, within the highly regulated environment in which we work.
This is about the future of finance, the way people engage with money, their savings and investments. The FinTech Scotland Research and Innovation Roadmap will help enable industry-led collaboration to provide a practical pathway to accelerate the development of FinTech and open up opportunities across the financial services industry as well as the broader economy in Scotland and the UK.
We are proud to be part of this forward-thinking and practical initiative.
White-Box code generator launched by Pace
In order to provide a high level of sensitive data protection and application attack resistance, the US-born fintech located in Scotland Pace Anti-Piracy, launched its White-Box Works, a next-generation EMVCo-evaluated White-Box code generator.
This level of in-house control also promises to increase operational efficiency for Banks, payment service providers (PSPs), schemes, and other financial institutions, since they can develop their application in accordance with their internal schedules. They can also use, replace and update their deployed encryption keys and algorithms at will, with no need to re-engage PACE Anti-Piracy, or any other third-party vendor, to do so.
White-Box Works offers a great way to avoid sophisticated attacks such as reverse engineering, fault injection, and advanced statistical analysis.
Allen Cronce, CEO of PACE Anti-Piracy, Inc said:
“Statistical Analysis attacks are the bane of all white-box encryption protection solutions. We are very proud to be equipping the financial services industry with a solution capable of addressing these and other vulnerabilities. White-Box Works represents a significant step forward in the encryption protection space, and will give banks, PSPs, schemes, and other financial sector users greater confidence in the security of their sensitive data. We’re also delighted to accompany the launch with news of White-Box Works’ EMVCo SBMP evaluation certificate and are grateful to Riscure’s talented penetration testers. The entire Riscure team has been a pleasure to work with throughout the rigorous EMVCo evaluation process.”
Discover Zing, the fintech reinventing insurance
Zing is a fast-scaling, advanced insurtech backed by leading global insurers. At our core is what matters most to our customers and partners by offering embedded insurance cover at the e-commerce checkout of leading retail brands.
Whilst the majority of consumer insurance cover is purchased online, the online insurance market is confusing, dominated by generic products, confusing applications, mystifying policy documents and an overwhelming reliance on margin eroding price comparison.
We put relevant insurance cover at the e-commerce checkout of the brands that our customers already know, use and trust. Our cover is embedded alongside or prior to finance or BNPL (Buy Now Pay Later) providers which not only increases buyer commitment but the frequency and value of the purchase. Our intuitive modular product design means our customers receive insurance that truly resonates with their purchase or hire. Our simple API enables customers to get peace of mind insurance cover with as little as one click’ at the checkout without ever leaving or disrupting the e-commerce checkout flow. Our customer portal empowers our customers to manage, grow and customise their cover and most importantly, make claims all in one place.
There’s additional revenue for our partners as well, as a subscription-based platform, Zing also provides our partner retailers with year-on-year cumulative revenue for as long as our partners customer remains a customer of Zing’s.
Zing is looking to partner with consumer facing retailers that want better customer outcomes from their e-commerce platforms, insurance brokers that have commercial customers but want a value add to further enrich the relationship and create new revenue sources, e-commerce agencies / advisors and e-commerce payment services providers.
We are delighted to be working with FinTech Scotland and please do get in touch should you wish to find out more.
New Chief Product and Technology Officer for xDesign
Edinburgh-based xDesign has appointed Jeff Watkins as its first chief product and technology officer.
Jeff will lead and help to evolve the company’s technology and engineering capabilities, ensuring closer integration with the company’s products.
Jeff has got a background in financial services, healthcare and retail as a principal architect. Most recently, he was chief for technology at AND Digital.
Jeff’s appointment follows a record year of growth for the software engineering organisation which has also seen its team quadruple to over 200 since opening a new office in Leeds last July.
Euan Andrews, CEO of xDesign, said:
“Jeff’s appointment marks the next phase of xDesign’s evolution as we continue to scale at pace. Our people remain a key focus and we invest in the team’s learning, development and wellbeing as a priority. Jeff brings a wealth of experience that will provide valuable support to our product and engineering teams as we work to achieve ambitious growth plans. It’s clear that technology is in Jeff’s DNA and he will be applying his vast knowledge across our teams, but he also has the enviable capability to inspire people and to help achieve commercial growth. With these attributes, he will be a vital addition to our team.”
Jeff Watkins, chief product and technology officer at xDesign added:
“Joining xDesign was a no brainer – its people-focused approach was a huge draw, as well as its commitment to uniting product, design and technology. I am passionate about technology being a great leveller that benefits the human experience. We have seen how the pandemic has driven more people to use technology and apps, and it is the responsibility of organisations like xDesign to create a compelling and engaging experience for users. The potential for
xDesign to lead in this area is huge and being part of that journey is something I can’t wait to get my teeth into.”
xDesign works with clients including FanDuel, Heineken, NHS 24 and MoneySuperMarket. More information on the services xDesign provides to its clients is available here: https://www.xdesign.com/our-work/
DirectID grows commercial team
Scottish fintech, DirectID, just announced seven new hires. The fintech is already present in many markets and with those hires, they are looking to further this expansion. This announcement comes after the firm announced the completion of a $3M bridge funding round led by Hong Kong based venture capital firm QBN Capital.
Here are some of the new joiners:
Nicholas Tuttelberg – Director of Business Development.
Specialist of credit risk and customer decision management solutions in the Financial, Retail, and Telecommunications industry. Nicholas’ last role was at Experian and also worked at TransUnion, Reunert Group, Nedbank, and Standard Bank.
Based in Cape Town, South Africa, he will drive the business growth for Africa.
Damiano Cracolici – Director of Business Development.
Damiano is an expert in deploying and enhancing data-driven business processes and solutions across the credit and risk lifecycle. He previously held roles at TransUnion, FICO, and Experian. Cracolici is based in the UK and will take point on DirectID’s insurance sector clients.
Betting on future talents
DirectID also hired four sales graduates to their commercial outfit through the IT Technical Sales apprenticeship training programme at Pareto Law. Through Pareto, the team of Business Development Executives will continue to build upon their learning and development, while gaining invaluable hands-on experience in their employment at the rapidly growing fintech.
The graduate team will be led by Lee Sansom who also joins the business from Experian, bringing with him over 10 years of experience in business development with B2B SaaS providers.
Clare McCaffery, Chief Commercial Officer at DirectID, said:
I am delighted to be joined by such a prestigious group of colleagues. Having worked with both Nick and Damiano previously I know our growing client base will benefit from their vast experience and consultative approach. It is equally an honour to enable the talented BDE team as they start their careers after gaining exceptional academic qualifications. I am sure that under the guidance of Lee’s hands on leadership approach they will help us to expand DirectID across many markets over the next 12 months.
TranSwap receives EMI authorisation in the UK
TranSwap, a Singaporean fintech with a growing presence in Scotland just announced it had received authorisation from the FCA to conduct payment activities as an Electronic Money Institution (EMI) in the UK.
This will allow the fintech firm to offer its comprehensive suite of services, including global payments and collections, borderless digital wallets, cards & spend management, platform-as-a-Service (PaaS).
The company had recently opened its Global R&D Center in Edinburgh and is now well positioned to provide cutting edge fintech services for its customers globally.
TranSwap can facilitate borderless trade and investment activities through technology allowing companies from Asia, UK and Europe to expand in those markets the same way local firms would.
Scottish Government Trade Minister Ivan McKee said:
“This is a significant development for TranSwap and a further indication of the strength and level of innovation in Scotland’s globally competitive fintech sector.
“By receiving EMI authorisation, TranSwap will be in a position to support Scottish companies active in south east Asia and those looking to expand into this important market.”
Commenting on the significant milestone, Benjamin Wong, Chief Executive Officer of TranSwap said,
“We are excited to receive the EMI authorisation in the UK to scale our international business banking services for our existing customers and partners in Asia and potential customers in the UK. We very much looking forward to becoming the global business banking partner for businesses that are currently trading between Asia, UK and Europe.”
Appreciating TranSwap’s agile practices since its inception, Nicola Anderson, Chief Executive Officer of Fintech Scotland said,
“The fintech sector is adept at modifying business models and adapting in order to achieve better products and services. TranSwap brings new experiences to the FinTech Scotland community and consistently demonstrates its abilities across different international markets. We’re delighted to work with them and look forward to their successes.”
£100m raised by LendingCrowd to support SMEs
Scottish fintech, LendingCrowd, just announced a funding deal with Barclays Bank, and a large global investment firm to support SMEs across Britain as they recover from the COVID19 pandemic and return to growth.
LendingCrowd was recently accredited as a lender by the British Business Bank to deliver the Recovery Loan Scheme (RLS). The £100m funding will be delivered via RLS and also through LendingCrowd’s popular term lending product.
The RLS was launched to support UK firms as they recover and grow. Funds can be used for any legitimate business purpose, including managing cashflow, growth and investment. It is designed to appeal to businesses that can afford to take out additional finance for these purposes.
lendingCrowd will provide RLS loans up to £500,000 over a three, four or five-year term. This is the biggest capital markets deal in LendingCrowd’s eight-year history, with operations expanding and headcount growing by a third to manage the provision of this funding to the SMEs that need it most.
Stuart Lunn, founder and CEO of LendingCrowd, said:
“It is hard to imagine a more difficult business environment than the past 18-24 months, which has seen many small and medium-sized businesses severely limited in how much they can trade, and trying to operate under rapidly changing restrictions, through no fault of their own.
“Many of these SMEs are good, solid businesses that desperately need some extra support. However, there remains a significant unmet demand for business lending, particularly in the £250,000 to £500,000 space. It is crucial for businesses, and for our wider economic recovery, that this demand is properly served.
“We have invested in our tech-enabled lending platform and, together with our funding partners, we will offer businesses automated checks, faster decisions and competitive rates for small business loans. This saves time and hassle for customers, accountants and intermediaries who support these SME borrowers.
“The next few years will require a real collective effort to get our economy back on track ”“ at LendingCrowd we are determined to play our part.”
Those who wish to apply for a business loan, including RLS, through LendingCrowd can do so here: https://www.lendingcrowd.com/recovery-loan-scheme
Scottish fintech Biscuit Tin on Dragons’ Den
Fintech entrepreneur Sheila Hogan, founder of Biscuit Tin, a digital legacy vault, will pitch in front of the dragons on the BBC at 8pm on Thursday 10 February.
Sheila’s will be pitching for early-stage investment to take her new business, launched in 2020, to the next level and increase growth exponentially.
The idea of Biscuit Tin sprang out of Sheila’s personal experience of closing-down the lives of her parents. Her solution aims at empowering and enabling people to organise their death and make the whole process easier for those left behind.
Biscuit Tin enables the secure online storage and encryption of valuable, vital information, all in one place, which is released to those nominated when the time comes. This includes information such as account details, important documents, post-life wishes and memories.
Sheila commented:
“Appearing on Dragons’ Den is a phenomenal experience; preparing and pitching to such a high-profile and massively successful group of businesspeople is daunting yet exhilarating. It has been a fantastic opportunity and enormous privilege for me and Biscuit Tin to be chosen for the show. Through my journey to the Den, I have grown in ways I never imagined. I have learnt so much due to the Dragon’s Den experience and I am more ready than ever to take Biscuit Tin to the next level.”
Introducing mnAI to the fintech ecosystem
mnAI is a multi-award winning data, insight and analytics platform that provides information on all unlisted companies in the UK. It is the UK’s largest and most comprehensive source of data – a single, unified source that holds 10bn+ data points on 8m+ UK companies. We apply a wide variety of machine learning algorithms and filters so users can access targeted, customised information and insight across industries, sectors, and geographies far more rapidly than is currently possible.
The platform is used by, amongst others, investors, advisors, corporates, professional services, government and educational establishments to improve their insight and efficiency, to enhance and support their operations across several departments, while at the same time reducing their costs.
Ricky, our Managing director in Scotland, tasked with growing the business in Scotland and beyond said:
“With Edinburgh being named as one of the UK’s leading tech cities we are delighted to have become part of the Fintech Scotland ecosystem. Stephen Ingledew and Nicola Anderson have done and continue to do a remarkable job and the whole team at mnAI look forward to developing a very long-standing and close relationship with the Fintech teams across the UK. The power of data is now more valuable than ever and we believe the mnAI platform will only add value to strategic partners across the UK.”
To find out more about our platform and technology please visit us at mnai.tech
Flock selects Scottish fintech AutoRek
Scottish fintech AutoRek, just announced that Flock had joined their now extensive list of clients.
Flock is an innovative firm all about reinventing business models around insurance. They are looking to build a global, fully digital insurance company for connected commercial vehicles to mitigates risk, rather than just paying claims.
AutoRek was chosen by Flock because of its flexibility.
Flock will be using AutoRek to:
- Automate bordereau, bank and payment reconciliation requirements
- Calculate broker payments to generate statements to brokers and paid bordereau
- Take various external data sources from other insurance organisations, as well as from the general ledger
- Underpin Flock’s Insurance Broker Accounting (IBA) operations
Gordon McHarg, CEO at AutoRek, added,
“It is excellent to have Flock come on board as a new client. We are delighted to be seen as a flexible and adaptable tool to help fast-growing companies like Flock scale their business. We look forward to continuing this partnership over the coming years.”
Piers Williams, Insurance Lead at AutoRek, added,
“We are excited to work with Flock, they are disrupting the insurance industry with innovative new products. Behind their exciting business is a foundation of leading software solutions that are enabling the business to achieve its objectives. Flock will be deploying AutoRek’s bordereau reconciliation and financial control solution to deliver end-to-end automation.”