Tesco Bank introduces new payment technology
FinTech Scotland’s strategic partner Tesco Bank just introduced a new technology, enabling 2.6 million credit card customers to manage and pay their balance in a much easier way.
The new functionality, called Pay by Bank’ is powered by Mastercard’s Open Banking Connect™ service, a service that allows for payments to be made directly from current account via electronic payment services.
Tesco Bank is the first in the UK to use Open Banking in this manner.
For customers it means they don’t need to use a debit card, can see their current account and their credit card balance in the same place whilst benefiting from added security.
The new technology release is being staggered and all customers should have access to it in the next few weeks.
Sigga Sigurdardottir, Chief Customer Officer, Tesco Bank, said:
“Tesco Bank’s purpose is to help Tesco shoppers manage their money a little better every day. The introduction of Pay by Bank helps us do that for 2.6 million of our credit card customers, giving them a simple and secure way of paying their credit card, and greater control of their finances.
“We are particularly pleased to be the first UK bank to make this technology available for credit card customers. We expect this functionality to be widespread in the market in the coming years.
“This is a great example of the strength that our partnership with Mastercard brings to our credit card offering.”
Kelly Devine, Division President for Mastercard UK and Ireland, said:
“Bringing more simple, safe and convenient ways for people to pay is at the very heart of our Open Banking solutions. With this enhancement, Tesco Bank customers will have greater flexibility to make payments against card balances than ever, aiding budgeting and placing them in full control of their finances.”
*This is subject to your bank’s capability
New firm bringing fintech to pubs
Edinburgh start-up pour launched with venues across Scotland in August, their aim; to simplify the cluttered order and pay market that Covid-19 helped create.
Amidst the rapid technology adoption in the hospitality industry, consumer’s needs are being ignored. Patrons are expected to download venue specific apps and create accounts for every place that they visit, something they will not tolerate in the long run.
What is Pour?
Founded by Scottish entrepreneurs Ian Martin and Paul Kirkland, Pour is an online app platform that enables venues to upload and edit their menus, and share them directly with their customers across social media, their website, offline channels, and on pour.
Customers can order and pay through one web app, for table service or takeaway collection in any participating venue. No app download, no account required, just the food and drinks they came for.
Says Ian Martin, Co-Founder of pour:
“We started pour to simplify the consumer’s experience with online order & pay, bringing table & takeaway ordering together on to one platform that businesses of all sizes can afford to join. The platform makes the ordering process contact free, but it’s the reduction in administration time, increase in rate of sale, and access to a broad marketing platform where the true value of pour lies.”
Find out More
Find out more about the platform by visiting https://www.pourit.co.uk or drop the team an email hello@pourit.co.uk
Fintech Previse, finalist in Innovator of the Year Awards
Fintech Previse announced today that they have been named a finalist in The Spectator’s Economic Innovator of the Year Awards. The awards recognises the companies that will rewrite the rules and help rebuild the economy in 2020.
This is a very prestigious award and the winners will be announced after digital presentations made today by the various businesses to the judges.
Paul Christensen, CEO of Previse, said:
“Being named a finalist for Economic Innovator of the Year by The Spectator is a testament to the team at Previse, who have been working day-in-day-out during the pandemic to ensure that SMEs get the support that they need. This year, we have been accredited as a CBILS lender, and our £2.5 million grant from the BCR to accelerate growth, along with the partnership with the FSB, has been an exciting new chapter in our story. However, the hardest work is yet to come as the global economy must innovate its way out of a depression unapparelled in modern economic history. What we are building here goes beyond just a great product: we’re creating a movement that ensures that every SME has the option of instant payment whenever they issue an invoice.”
Zumo launches crowdfunding campaign via Seedrs
This article was written by Nick Jones, CEO at Zumo. Fintech Scotland doesn’t give financial advice and only help Scottish fintech firms with relaying their messages. As with all investment your capital is at risk.
Approved by Seedrs.
We’re delighted to announce that we’re working with Seedrs on our crowdfunding campaign.
This is an exciting investment opportunity and we’ve already had a lot of interest from investors from all walks of life. We’d love it if you could join us for this limited opportunity to own a piece of Zumo!
You can access the pre-registration page here.
Here’s a recap of the opportunity:
Our digital wallet has already gained significant recognition in the form of funding, user feedback and extensive press coverage in the UK. Further funding will enable us to expand our marketing efforts to make Zumo available to everyone, everywhere and to start rolling out our B2B offerings – the ZumoKit software development kit and our payments platform, ZumoPay.
Our main source of revenue is our in-app currency exchange. We charge users 0.5% for any exchange transaction, across all currencies available within the Zumo wallet. This makes us one of the most cost-effective as well as secure ways to buy and sell cryptocurrency.
Our convertible debit card, which is planned for launch next month, will allow users to make card payments in both cryptocurrency and GBP. As time goes on, we’ll be adding more traditional and cryptocurrency options.
If you know of anyone else that might be interested, we would appreciate it if you could share the link.
Zumo: Smart Money for Everyone
https://www.youtube.com/watch?v=SUuyI40dxDE&feature=youtu.be
Scotcoin announces the launch of its new ERC20 token
Scotcoin’s new token uses the Ethereum blockchain, the second largest distributed ledger network in the world by market capitalisation after Bitcoin. Adoption and use of the Ethereum blockchain assures that Scotcoin remains a bona fide distributed ledger cryptocurrency whose future sustainability is not in the hands of a few.
Temple Melville, CEO of The Scotcoin Project CIC said:
“I am delighted that we have finally reached this milestone in the evolution of Scotcoin. We have worked hard to meet the condition laid down by our stakeholders and funders that the durability and sustainability of the token would never be in the hands of the few. Use of the Ethereum blockchain assures that that objective is met”.
The Scotcoin Project is a not for profit community interest company that seeks to educate and inform the public on digital currencies and blockchain technology. It occupies the ethical space and is developing a program of initiatives designed to help improve the personal and financial prospects of those with the fewest opportunities afforded by the current economic landscape.
Moving to an ERC20 token means that our coin is basically acceptable on any exchange, and in fact we will be having an IEO (Initial Exchange Offer) over the next year. The move will enable us to engage with nearly everyone who has an interest in digital currencies. As an aside, digital currencies are most definitely now an asset class but are also a hedge against the massive quantitative easing that has taken place world-wiide during the Corvid-19 pandemic. We are already seeing inflation creeping into our daily lives in contrast to the mildly deflationary effect of digital and crypto currencies.
For further information please contact Temple Melville on temple@scotcoinproject.com
Paul Forrest joins Blockchain Technology Partners
Scottish fintech Blockchain Technology Partners (BTP), just announced it had appointed Paul Forrest as its first chairman.
Paul has been advising many FTSE 100 and Global 500 businesses in the past 25 years including Ford Motor Company, Wal-Mart, Virgin Galactic and AkzoNobel. Paul is also on the board of Glasgow based recruitment firm MBN solutions and is involved in the Virgin Startup Programme as a mentor. Always interested in blockchain he founded the IdeaGist Blockchain Incubator.
Duncan Johnston-Watt, CEO & Co-founder of BTP said: “Paul understands the potential for growth in enterprise blockchain adoption, having been involved in this space for several years and at the cutting edge of successive waves of innovative enterprise technologies throughout his career. We are delighted Paul has decided to take up this role and help us scale the business and lay the groundwork for future investment.”
Paul Forrest said: “I am excited to be joining BTP at a pivotal point in their journey. Their management team has demonstrated an ability to develop a scalable product and close early enterprise deals. Given the present circumstances I was particularly impressed by their ability to secure a contract with the Tel Aviv Stock Exchange to deliver their innovative blockchain-based securities lending platform.”
Paul was involved in BTP’s latest angel funding round which was led by Aberdeen Asset Management co-founder Martin Gilbert and former deputy Andrew Laing.
Scottish Fintech Giftround doing its bit to help
Scottish Fintech, GiftRound has taken quick actions to assist the most vulnerable amid Coronavirus pandemic.
By changing its fee structure, it will help those in need. The company will be adding a small fee of £1 to every contribution made into a group gifting collection. Every £1 will be given in full to a UK charity working to help people in communities who’ve been affected by the COVID-19.
“Individuals, families, small businesses and large corporations are all going to feel the fall-out of this unprecedented pandemic. We need to pull together as a community and support one another in every way we can. We believe the future of GiftRound lies in the gift that gives again’. We need to be supporting the organisations that are working on the frontline with the most vulnerable in our communities.”
Craig Forsythe, Founder of GiftRound
GiftRound’s vision is to change the way we group collect for gifts in the future.
Modulr, new principal issuing member of Visa
Scottish fintech Modulr just announced it has become a principal issuing member of Visa. As such they have access to the industry-leading global payments network and have the opportunity to enhance their proposition with new features (optimised pricing, faster and easier ways to launch Visa products).
Modulr removes the need for an intermediary bank. They can issue Visa products directly, which, in terms, allow for greater control over delivery, payment infrastructure and scheme compliance issues.
Modulr will use the partnership to accelerate its impressive growth in Europe. The fintech will launch card capabilities in both the consumer and business spaces soon, as well as additional issuing currencies.
“Gaining direct access to key financial infrastructure, such as the Visa network, means that we gain more control and are able to deliver faster, simpler and increasingly friction-free full payment capability to our clients. By opening up access to non-banks such as ourselves, it also helps to provide a more level playing field for competition in the sector.
We look forward to extending the functionality of Modulr’s core platform with a leading card scheme, enabling us not only to build a more reliable service, but to pioneer payments innovations even faster.”
Myles Stephenson, CEO of Modulr
“We are thrilled to announce our partnership with Modulr, an exciting payments platform that enables digital businesses to offer innovative, user friendly, payment solutions. We look forward to working with Modulr as it looks to expand its portfolio and grow across key sectors in Europe such as travel. We look forward to seeing how our partnership will enable even more businesses across the UK and Europe to benefit from Visa products, driven by powerful payment solutions built by Modulr.”
Jill Docherty, Head of Business Development, UK & Ireland at Visa
In 2019, Modulr became one of only a few non-banks to gain direct access to Bacs and Faster Payments and recently won Best Initiative from an SME at the Card & Payments Awards 2020.
Scottish fintech GiftRound is Fundraising
The Scottish Fintech startup GiftRound is seeking to raise £75,000 (SEIS Pre approved) investment through Crowdcube.
www.crowdcube.com/giftround
Organising a group gift by passing the traditional card and brown envelope around the office is not efficient or effective in an increasingly cashless society. What’s more teams are frequently spread over different locations, home working or overseas.
GiftRound is a new online service that is changing the way people collect money for gifts. GiftRound provides a quick, hassle-free and secure way to collect money for gifts in the workplace and with friends & family. GiftRound customers can easily create a collection, invite people to contribute
and purchase a gift.
Since its launch GiftRound has received nearly 4000 contribution into 350 successful group collections.
“I found using GiftRound so much easier than collecting money for gifts before, particularly as my colleagues are based across the country. I love the transparency and it not going through my own bank account. I’ll be using it again and recommending it to others.”
RBS Office Manager
“GiftRound made the collection for Xmas gifts for our class teachers super smooth this year. Thank you! Have recommended the service to other classes at the school and I’ll be looking into using this at work too.”
Parent collecting for Primary School Teacher’s Christmas gift.
The initial focus for GiftRound was workplace teams in the UK that wanted to celebrate together and show that they care. However, GiftRound has also proven very popular with parents buying a gift for primary school teachers and friends getting together to buy a special wedding gift.
GiftRound is 100% free to use and generates its revenue when customers purchase gifts, gift vouchers or experiences from quality retailers that GiftRound has a relationship with via the GiftRound Store.
GiftRound is seeking to raise £75,000 through Crowdcube to improve the user experience of the platform and integrate a GiftRound Store to provide customers a seamless experience.
www.crowdcube.com/giftround
Cryptoassets businesses and Money Laundering Regulations
From January 2020 the FCA will be the UK supervisor for cryptoasset businesses in respect of Anti-Money Laundering and Counter Terrorist Financing, under amended Money Laundering Regulations (MLRs).
Cryptoassets are developing change connected to the financial services sector.
Both the concept, and the underpinning distributed ledger technology are attracting significant attention and the UK Government established a Cryptoassets Taskforce in 2018 as part of its FinTech Sector Strategy.
The Taskforce published its final report in October 2018, providing an overview of its perspective on the subject, including the underlying technology, the associated risks, potential benefits and a way forward with respect to regulation in the UK.
In reaching conclusions the Taskforce outlined the need for action to mitigate the risks for consumer harm, prevent the use of cryptoasset for illicit activity and guard against threats to financial stability that could emerge in the future.
It’s report sets out three broad types of cryptoassets and typical uses, which together help establish a framework for considering the impact, potential risks and need for regulation.
In setting out its role the FCA has specified a range of Cryptoasset activities that are captured under the new regime and businesses conducting these activities will be required to comply with the MLRs.
The businesses include existing financial institutions that offer the option to convert cryptoassets to fiat (government issued currency), or accept cryptoassets as collateral against a loan or purchase.
The regime will also apply to new businesses and developing business models such as peer to peer providers, digital wallet providers offering a crypto service such as exchange or custodian services, Cryptoasset ATM’s, and issuers of cryptoassets.
Fintech innovators are taking advantage of the growing cryptoasset trend. Some are aiming to make crypto work seamlessly with traditional currencies by developing technology capability that will enable cryptoassets such as Bitcoin to convert to fiat money. It presents new opportunities and challenges for many and is another developing example of the potential directional change digital will bring to financial services.
All impacted businesses will be expected to comply with the MLRs in relation to cryptoasset activities by 10 January 2020. The expectations include the ability to demonstrate that each business has thought about the respective nature, scale and complexity of its activities and the associated risks. Businesses also need to have the appropriate controls in place to mitigate risks and will be expected to keep these under review and regularly assessed to ensure they remain fit for purpose and relevant.
In setting out its responsibilities and the approach it will take to this work the FCA has signposted firms to a number of existing resources to help build an understanding of its expectations when it comes to managing financial crime risks.
These include the FCA’s Financial Crime Guide: to countering financial crime risks, the Joint Money Laundering Steering Group (JMLSG) website, and recommendations from The Financial Action Task Force (FATF) an inter-governmental and global body. Further detail on the FCA’s approach can be found here.