UK Government picks AutoRek for US roadshow
Scottish fintech company, AutoRek has been selected by the UK Government’s Department for International Trade (DIT) to showcase the best in British innovation during a US roadshow.
The DIT’s RegTech Roadshow will take place virtually between the 22nd and the 26th February 2021 and provide ten innovative innovative firms the opportunity to meet industry stakeholders, regulators and potential partners. AutoRek was chosen after a very competitive selection process.
Commenting on the accolade, AutoRek CEO, Gordon McHarg, said,
“Joining the trade delegation, with other leading regulatory innovators is an exciting and invaluable opportunity for AutoRek to demonstrate our services. We have proven success in the UK and are accustomed to working with global financial services firms and are looking forward to helping revolutionise the way US companies manage risk, compliance and regulatory change.”
Kunal Khatri, Director for DIT North America, said,
“The UK has been at the heart of the global financial services innovation for decades, and in 2021 we will continue to lead the global FinTech and RegTech revolution. We’re excited to showcase the talent and expertise that UK companies have to offer. This roadshow is a great opportunity to deepen our bilateral engagement on financial services with the US and encourage private sector collaboration to make the world a safer, easier, and more equitable place to do business.”
AutoRek further strengthened its US offering by signing a partnership with iSoftware4Banks in November 2020. With AutoRek’s growing clientele – together with the nine other roadshow representatives, these companies combined service nearly every major top tier bank.
Sustainably’s Subscription-Based Service for Good.
Scottish Fintech Sustainably has developed a subscription-based service which enables the opportunity for customers to automatically donate whenever they shop.
How does it work?
The fintech has created a method of philanthropy accessible for the everyday person with a busy life. Branded as ‘smart-giving’, the launch has two notable features.
- Round Ups, which uses open banking to micro-donate spare change.
- Monthly Happiness, which allows the user to donate monthly and see the immediate of said donation.
Individual users face no charge for utilising the service. Charities are offered a no donation, no fee service in exchange for a new income stream and anonymised supporter shopping trend data.
“We started with the idea of creating a product where doing good was effortless. We examined urban lifestyles. Every aspect of the app has been created to enable people to give in seamless ways, and see their impact.” Loral Quinn, Sustainably co-founder.
You choose a charity and connect your card in the app. Then you get impact points and levels to show the difference you’re making. Impact points will become a currency in the future for loyalty rewards from your employer and the retailers you shop at. Sustainably reward doing good so you get that do good, feel-good feeling.
How has it Evolved?
Sustainably is the brainchild of Loral Quinn and Eishel Quinn. They teamed up with Mark McLauchlan who was formerly head of technology architecture at RBS/NatWest. E-commerce has experienced accelerated growth during Covid19, with Sustainably reporting a 60% rise in organic growth in the past six months.
Our innovative giving tech is designed to make it easy to give, and track your impact without sharing your personal details so you can give on your own terms. Research shows that gen Z and millennials are the largest giving segment. “86% of Gen Z and millennials (the UK’s biggest givers) want to donate via mobile and see their impact. And while 50%+ of donations are still made in cash, we live in an increasingly cashless society. People want to give with privacy, transparency and control.” says Eishel Quinn, the other co-founder of Sustainably.’
With links to 17 banks, you can choose a cause and connect your bank account to the Sustainably app. You start making a difference as soon as you shop on your card/connected device. The app allows you to track your impact as well as pausing/modifying donations and setting donation limits. The minimum donation is £5 and supporters get instant impact updates showing the difference they’ve made when they donate.
“With Sustainably and our giving tech, we’ve set out to enable people to contribute towards something important everyday and see their impact, with their spare change. The majority of Sustainably users are 18-35 year olds and they want to buy from and work for companies who do good.” Notes Eishel Quinn who spearheaded the product development.
Sustainably currently support over forty good causes, ranging from removing plastic from oceans to teaching young girls how to code. And for 2021, any UK registered charity is able to sign up to Sustainably’s services.
How is it Changing Everyday Philanthropy?
The current landscape for giving is large but very fragmented. This ranges from sponsoring your friends, choosing causes for retailers to support or making regular donations to many different causes.
“We’re creating one place for all your giving, which manages your tax and tracks your impact.” says Quinn.
In addition, Sustainably never shares any of your personal data. You’re able to donate with the confidence that you won’t be contacted by any additional third-parties looking for further donations. In addition, with Covid19 cancelling so many fundraising events, Sustainably has been able to not only provide a new daily income stream from cashless transactions but has enabled charities to connect and engage with a younger demographic.
Sustainably is crowdfunding to get more users and charities and launch its B2B platform this year to enable brands to give to causes their customer and employees care about in a simple, connected way.
Fintech Zumo appoints Chief Technology Officer
Tim Sabanov has been appointed as Zumo’s first chief technology officer to pilot its plans for new product launches in the coming year. Zumo, the digital wallet and payment platform, now looks to discover new ways of democratising financial services, such as a debit card that converts cryptocurrencies to traditional currencies.
Nick Jones, co-founder and CEO of Zumo, said:
“Tim is a leader in blockchain technologies of truly global stature, and his experience will take our products to the next level.”
“We are so excited for him to take up the role and can’t wait to bring his plans to market.”
Tim is one of the brightest minds in Fintech, with his experience not exclusive solely to financial technology, but also creative design agency and stint as Creative Director at Kontrast Marketing. Since joining the organisation in January 2020, he’s pioneered the development of Zumo App, ZumoKit Enterprise Solutions platform, and most recently, the Zumo Smartfolio.
Tim said:
“Zumo is leading the field in providing technologies that democratise access to financial services. What makes Zumo different, however, is the non-custodial approach it takes in its platforms, meaning that whether you are a business operating on the ZumoPay payments platform, or a consumer on the Zumo App, you are truly in charge of your own finances.
“We are just beginning to realise the potential use cases of blockchain technology which is why I am delighted to take up this post and help further Zumo’s mission to bring the benefits of smart money to everyone.”
AutoRek wins best insurance system in bobsguide Awards
Scottish fintech AutoRek was awarded ‘Best Insurance System’ in bobsguide awards for the second time.
The awards recognise the strength of tech updates and their impact on the client experience. Autorek went through several rounds of assessment. The judges looked at user and market engagement, as well as specific criteria for each individual award.
Michael McCaw, editor at bobsguide, commented
“During an incredibly difficult year for the insurance industry, many market participants looked to their tech partners to contribute additional value and certainty across various processes and functions. The judges were particularly impressed with the standards set by AutoRek throughout 2020, in making sure their clients were well-informed and had access to leading data management and reconciliation technology.”
Lyn Canavan, Head of Marketing at AutoRek commented
“We are proud to have won Best Insurance System with bobsguide for the second time. We have focused our efforts on innovating our Insurance solution over the past couple of years and this award recognises the hard work and dedication of the whole AutoRek team. We are continuing to expand our global Insurance client base and are confident that these clients will reap the benefits of our end-to-end automation tool.”
Collaboration between Scottish fintechs FastP.A.Y.E and Inbest to support vulnerable employees
FastP.A.Y.E announced today that it has integrated Inbest benefits calculator to allow employees to make a benefits’ check within its flexible and ethical wage App.
This feature will allow employees in low-paid or insecure roles to learn about all the benefits and grants available to them before withdrawing income from their salaries. Employees will also be able to understand what they need to do to apply for their benefits and the organisations that can help them on their claims.
Ian Hogg, CEO of FastP.A.Y.E, said:
“As an ethical provider of salary advances, we recognise that a salary advance isn’t always the best option. Some may have outstanding benefits entitlement and in such circumstances we are delighted to be working with Inbest to guide employees to these benefits and avoid the need for an advance ”
Manu Peleteiro, CEO of Inbest, said:
“We believe that collaboration and specialisation are fundamental to reduce the amount of benefits unclaimed in the UK. We are delighted to work with FastPAYE to raise benefits’ awareness among employees on low-paid or insecure roles.”
Nicola Anderson, CEO at FinTech Scotland welcomed the initiative
“This collaboration between Inbest and FastP.A.Y.E continues to demonstrate the determination and focus from fintech innovators to find practical solutions that help support people facing financial vulnerability and address financial inclusion. Enabling easier ways for people to learn about potential benefit entitlements can offer an alternative to help maximise income and reduce longer term debt.”
Virgin Money selected Waracle as technology partner for business banking market.
Virgin Money have selected Waracle as their technology partner for Virgin’s first foray into the business banking market.
The partnership will see Virgin Money leverage Waracle’s deep expertise in mobile application design and development, with a particular emphasis on feature rich apps focusing on financial wellbeing.
Waracle are one of three technology partners selected for the project, with Virgin Money citing the app development agency’s financial services and software development expertise as key criteria in the decision.
Gavin Opperman, the Group Business Director at Virgin Money, said:
“The skills and capabilities which Waracle provide are very much in demand and are vital in helping us develop our innovative business banking proposition, both in terms of what we deliver and how we deliver it. We’re confident the cutting edge approach to technology the team will deploy will deliver great experiences for our customers.
“Waracle is a strong Scottish-based company and we’ve partnered with them previously on the creation of our augmented reality Currency Converter, which was a great success. The team’s collaborative approach and work ethic fits perfectly with our combined team, including an ecosystem of capability partners. I look forward to seeing the results of our latest collaboration.”
Waracle’s co-founder and Chief Technology Officer Mike Wharton cited the difficult economic environment in 2020 as a perfect time for financial services organisations to step forward to support businesses, adding
“the innovative banking proposition Virgin Money is bringing to the market will help the business community thrive”.
The launch of Virgin Money Business will be vital to the bank as it develops it’s Working Capital Health proposition which aims to transform the bank’s existing business current account offering into a financial wellness tracker for SMEs.
Waracle are part of the Fintech Scotland community, who support the growth of the Scottish fintech cluster.
New non-exec Chairman for Exizent as they take next step in evolution to make bereavement experience better for everyone
Start-up tech firm Exizent, whose innovative platform is transforming bereavement by connecting legal services firms with banks and the wider financial services community,, has further strengthened its team with the appointment of Mitchel Lenson as Non-Executive Chairman.
Mitchel was a long-serving Non-Executive Director at Nationwide Building Society before stepping down in 2019 and brings extensive financial services and technology innovation experience to the Board, gained through both his executive and non-executive careers.
His career spans over 30 years, with roles at Deutsche Bank, UBS Warburg, Credit Suisse First Boston and J.P. Morgan. He currently sits on the board of Currency Cloud, which allows the next generation of fintechs to quickly and easily build cross-border payments and FX functionality into their platforms, as well BioCatch, the global leader in AI-driven behavioural biometrics.
Mitchel, who has an MBA in international finance from City University Business School and a BA in Business Finance from City of London Polytechnic, says he is excited to be joining Exizent, whom, he describes as “a fine example of the role technology can play in improving an area that has been long overlooked.”
He said: “Exizent’s vision to improve the bereavement experience and fundamentally reduce the administrative burden on families is a proposition that really resonates with me, and I’m looking forward to supporting them on their journey.”
Nick Cousins, who is founder and CEO, says he is delighted Mitchel has decided to join Exizent, saying his extensive experience will be a huge asset as they move forward with their vision of improving the entire bereavement process:
“Mitchel brings a proven track record in financial services and technical innovation and his appointment is a key step in our evolution as we seek to make the bereavement experience better for everyone involved.”
Exizent is the first ever platform that connects data, services and the network of people involved when someone passes away. The company’s mission is to reduce uncertainty, increase speed and make the process far simpler.
The company was founded by former financial services veteran Nick Cousins and transformation and technology leader Aleks Tomczyk (pictured left). The business successfully raised £3.6 million in funding from several investors including FNZ, the global platform-as-a-service firm which reached unicorn status in 2018.
Legado finalist in Lloyds Banking Group innovation programme
Life organisation and legacy planning platform, Legado, has been included as a finalist in the Lloyds Banking Group’s innovation programme. LAUNCH Innovation Lab, powered by Lloyds Banking Group, seeks to identify new and leading-edge businesses that have created solutions which can support Lloyds Banking Group workplace pension members in preparing them for the future.
Legado was part of an initial cohort of 12 innovative businesses accepted onto the programme in October and has now gained a place as one of the final six. Legado will now work collaboratively with the Lloyds innovation team and the Scottish Widows workplace pension team to adapt its life-planning platform for use by members of the company’s corporate pension schemes, helping them organise their life documents and key information.
Legado will create a bespoke proof of concept which will include technical integration and some early testing with workplace pension members. The fintech scale-up will have its concept launched as part of Lloyds service offering, helping drive efficiency to workplace pension members and preparing them for life’s events.
Josif Grace, Founder and CEO of Legado said:
“During the initial phase of LAUNCH, we worked closely with Lloyds to understand the challenges faced in the workplace, which has given us insight to explore a proof of concept to be rolled out more widely.
“The bespoke Legado platform will enable Lloyds to enhance workplace engagement through the provision of a relevant, employee-focused, digital tool which is personalised to individual circumstances, helping ensure life-readiness at key life moments. Lloyds will also benefit from increased efficiency with readily available integrations and APIs enabling a seamless way to exchange HR related documentation.”
By providing relevant and useful digital tools and services, LAUNCH brings together the brightest new companies under its umbrella to ensure they take the right steps to meet customer’s goals. This includes providing corporate customers with the tools and support needed to engage with their workplace pension members.
David McLeay, Innovation Manager at Lloyds Banking Group commented:
“Legado’s platform is a truly innovative concept and is something we are eager to explore as a benefit for our workplace pension members. Technology and planning for the future go hand in hand, however when it comes to life organisation and legacy planning many of us still rely on physical documents. The digital transformation of this sector will bring it into the 21st Century. We want to be able to offer our workplace pension members access to the best services that will benefit them and their loved ones ”“ Legado has the opportunity to do just that.”
Lloyds Banking Group’s interest in Legado follows strategic investment from Prudential and FNZ, joining the company to disrupt and transform the way in which personal organisation and life planning takes place in the UK.
AutoRek recognised in RegTech100 list
Scottish fintech AutoRek has been chosen as one of the world’s most innovative RegTech companies in the the annual RegTech100 list. The list is pulled together by RegTech Analyst, a pre-eminent provider of data, research and analysis on the global RegTech market.
A panel of analysts and industry experts looked at over 1,000 companies and the finalists were selected for their innovative use of technology to solve significant industry problems or generate efficiency improvements across the compliance function.
Despite a very different 2020, AutoRek has seen a huge demand increase for regulatory reporting solutions, with many firms already implementing AutoRek.
Kemal Sangrar, Head of Product, AutoRek, said:
“AutoRek is delighted to be listed in the RegTech100 for the third consecutive year. This award is recognition of our commitment in delivering regulatory reporting solutions to the financial services industry and testimony to innovative strategy underpinning our product. We anticipate another great year ahead and are looking forward to the launch of our next big release, AutoRek 6.0.”
Mariyan Dimitrov, Director of Research, RegTech Analyst, added:
“At RegTech Analyst, we take pride in consolidating the RegTech100 list each year. With the RegTech industry still expanding and evolving, we have found it important that Financial Institutions are kept up to date with the most innovative RegTech companies out there and having gone through the process the last three years, AutoRek is certainly one of them.”
A full list of the RegTech 100 is available at www.RegTech100.com<http://www.
Tech firm Exizent on why Bereavement processes are not fit for the 21st Century
Exizent, the Glasgow based technology firm recently launched its Probate Prospects survey which revealed why bereavement processes need a radical overhaul.
It surveyed the legal profession who handle probate, the process of dealing with the estate of someone who has died. It found that even though most law firms (64%) either have specialist probate teams or people who mainly work on probate cases, the vast majority feel the processes are inefficient and could be enhanced by technology.
The top reason respondents gave for why they think probate cases take so long was waiting for financial institutions to get back to them’, with more than half (56%) saying this was the main hold up. More than half of respondents also said they had to wait up to eight weeks for a response ”“ a third of those had to wait more than eight weeks.
After waiting on institutions’, respondents said administration’ was the next most time-consuming part of the probate process, with more than a quarter (27%) saying this causes the most delays.
Exizent’s research also revealed that Covid-19 has exacerbated the problem even further. Almost three quarters of those surveyed said the lockdown has impacted their executory work, citing financial institutions taking even longer to respond as a result of working from home.
Nick Cousins, founder and CEO of Exizent said:
“Our research shows that a significant majority of professionals think the time it takes to process probate cases is unreasonable, and that administration and waiting on institutions is taking up most of their time, yet most (85%) don’t have any technology dedicated to managing probate while 18% don’t use any software at all. “People’s lives are increasingly dispersed and varied. Performing executry work with a growing number of banks and institutions is more complex than ever. Without standardisation and the right tools available, too much time is wasted on administration. What this means for families is frustration, long delays and unnecessary anguish in trying to piece together what’s required to administer an estate and release assets to beneficiaries.
“However, with the right technology in place, we know professionals involved with estate administration could cut down the time and cost involved with managing probate cases exponentially and make the bereavement experience better for everyone involved.”
The Exizent online platform is specially designed for executry teams managing probate. Exizent is working with major banks, share registrars, and other institutions to build standardised requests and responses, making it easier for legal services firms and institutions to work together to sort out what is needed and making the process more efficient and easing the burden on executors and families.
Cousins’ and co-founder Aleks Tomczyk’s own experiences led them to establish Exizent. They felt that the administrative tasks facing families after the death of a loved one should be far easier.
They have spent the last 18 months carefully designing, developing, and testing the product with innovative partners, and, in September, successfully raised £3.6 million in funding from several investors including FNZ. It launched fully to legal professionals this month.
Photo by Andrew Neel from Pexels