DirectID Announce Partnership With Payments firm Shieldpay

Scottish fintech and global credit and risk specialists DirectID just announced a partnership with Shieldpay, the secure digital payments market leader.

the partnership will see Shieldpay payments engine use DirectID’s open banking-powered bank account verification.

Customers will be able to transfer funds online with digital escrow and trust services benefiting from seamless identity verification during transfers, streamlining the Shieldpay customer experience without sacrificing any measure of security, bringing customers a frictionless payments journey at every step.

The professional services firms relying on Shieldpay to safely transfer millions of pounds in client fees and project finances, to the marketplaces bringing more security and digital escrow (fund holding) services to their buyers and sellers, can now benefit from DirectID’s 13,000+ bank connections.

James Stubbs, Financial Crime Systems, SPG, comments:

We’re excited and intrigued by the possibilities of what DirectID and Shieldpay can bring to the table for our customers. Blending frictionless account verification in a customers’ own banking environment with safer online payment solutions for marketplaces will only help us on our mission to facilitate a new era of trust online.

Clare McCaffery, Chief Commercial Officer, DirectID comments:

Verifying that the bank account details provided match those on file is one of the most proven and effective use-cases for Open Banking. I’m delighted Shieldpay have chosen DirectID to safely verify account ownership for digital escrow and trust services. We’re delighted to launch and look forward to working with Shieldpay on a variety of use cases in the future.

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.”

Over 13% of all Scottish jobs in digital sector

13.22% of jobs in Scotland are in the digital sector according to numbers by Adzuna analysed by Tech Nation for the UK’s Digital Economy Council.

Since January 2022, there have been over 20,000 tech roles advertised in Scotland, with average advertised salaries hitting £52,893 across the country.

Digital Secretary Nadine Dorries said:

“The UK is enjoying a golden age in tech. Not only are we one of the best places in the world to start digital businesses, but there are countless opportunities for people to enter the sector and flourish in their career.

“We’re working hard to open doors for people from all walks of life so that they can gain the skills and knowledge needed to make the most of our booming tech industry.”

The need for upskilling

A survey by Tech Nation and YouGov showed that having tech skills was essential for job security and pay increase . During the COVID pandemic an increased number of people have chosen to learn coding, cloud technologies or data visualisation skills.

Companies are also focussing on on-the-job training for future tech talents and tech companies like Amazon and Google have also launched digital skills programmes to train employees across the UK.

Software developers and cyber professionals in high demand

Software development are the most sought after roles in the UK and this is for both tech and non tech businesses.

Other in-demand jobs include business analysts (+650% compared to 2019), data analysts (+520%) and product managers (+710%). Business analysts are now the second most in-demand tech role in the UK, having overtaken engineers.

Top 10 available UK tech jobs

Software developer
Business analyst
Java developer
DevOps engineer
Project manager
Engineer
Data analyst
Product manager
Consultant
IT system architect

The prevalence of data

Data is now the number one desired skill in UK tech with a 1006% increase in demand for data skills since 2019.

Dr George Windsor, Data and Research Director at Tech Nation, said:

“The UK is continuing to be the leading light for tech in Europe and the scale of exciting job opportunities across the country is a reflection of that. It’s interesting to see how companies are responding to changing challenges, such as the rise in the demand for data skills and an increase in security skills across the board. It’s not just technical skills that can make a difference – but communication and management experience are increasingly important too. For anyone looking to enter this fast-paced and innovative industry, there is a role for you if you want it.”

Paul Lewis, chief customer officer at Adzuna, said:

“UK tech has consistently been one of the fastest-growing industries for job opportunities over the past few years as companies compete for skilled staff to enable them to grow in a competitive environment. Though we are starting to see the impact of the wider slowdown begin to affect the wider tech landscape, the rapid rise in digital tools and services since 2020 means that roles for software developers remain the most in-demand by companies across the board. Security specialists are also in hot demand as companies adapt to changing business challenges like increased cyber threats.”

Euan Blair, CEO and founder of Multiverse, said: “

The shortage of tech skills is a huge challenge to companies everywhere, but it also means incredible opportunities are being opened up to well-paid, long-term careers. As a tech industry we’ve a duty to make sure these jobs are accessible to talented people regardless of background or financial circumstances. We’ve built an outstanding alternative to university to deliver on exactly this goal. Ultimately whether it’s a start-up or a large corporate, the companies that get their skills pipelines right will have an enormous competitive advantage.”

Photo by Vojtech Okenka

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.”

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.”

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.”

New initiative launched to support fintech in Scotland

FinTech-Tables is an initiative that will bring together the FinTech ecosystem in Scotland to drive growth, innovation, collaboration and connectivity.

Launched by BDM Marketing & Communications and supported by FinTech Scotland, the initiative will deliver a series of events throughout 2022, bringing together the FinTech community in Scotland to discuss and tackle industry-wide challenges in key areas impacting growth including policy and regulation, skills and talent, investment and internationalisation.

Supporting industry priorities, FinTech-Tables will align to the FinTech Scotland Research & Innovation Roadmap 2022-23 which aims to deliver a threefold increase in economic growth and job creation over the next 10 years.

The ambition for the roadmap is to deliver an increase in economic gross value add (GVA) through the FinTech industry in Scotland from £0.5bn today to £21bn GVA by 2031 as well as delivering in excess of 20,000 new FinTech jobs.

FinTech-Tables, which already has support from a number of other organisations including Glasgow based data recruitment specialists MBN Solutions and global payments platform Mambu, will create an environment for the cluster to come together to discuss key findings from the report and create actions to deliver against its objectives, focusing on four priority themes which are considered the building blocks of the roadmap; open finance data, payments & transactions, financial regulation and climate finance.

The forum will launch in May 2022 with its opening event Growing FinTech in Scotland’ and will deliver a series of events and discussions in support of the FinTech industry in Scotland over the next 12 months.

“We’re delighted to support the launch of Fintech Tables. Having recently published the UK Fintech Research and Innovation Roadmap, we believe those events will enable the fintech cluster to meet and discuss many of the findings and actions detailed in the document. We’re looking forward to many interesting conversations with those individuals and companies that make Scotland one of the leading fintech nations”

(Mickael Paris, Marketing Director, FinTech Scotland)

“We are excited to partner with FinTech-Tables and to assist in the work being done by the team to support the growth of the Fintech sector.

Data driven innovation will form a key component when delivering against the key pillars outlined in the Fintech Scotland Research & Innovation Roadmap and the report highlights the importance of data in delivering positive economic, societal, and environmental outcomes in Scotland.

If we are to achieve the desired goal of 32,000 new jobs for the sector in by 2033, it is important that we come together as a community and consider how we can attract a skilled diverse and inclusive talent pool to Scotland from across the entire globe”

(Michael Young, CEO, MBN Solution)

“FinTech in Scotland is already having a huge impact on the way that individuals and businesses interact with money and financial services. It has the power to change lives and have a positive impact on both people and the planet.

Fintech-Tables is committed to supporting the growth of FinTech Scotland. We will do this by creating a community where people can come together to tackle industry issues in an environment that encourages new innovations and partnerships to emerge”

(Ian Davey, Director, BDM Marketing & Communications and Founder of FinTech-Tables)

AG Elevate launches accelerator programme

Addleshaw Goddard just launched its 5th AG Elevate programme ”“ an accelerator for those looking to become the next tech-unicorn.

This fast-track 10-month programme is designed to accelerate the growth of tech businesses in all sectors of the economy helping them with legal challenges that can arise as they grow.

Previous AG Elevate cohorts have included Scottish fintechs Amiqus, Trace and OBR.

The programme is designed, developed and delivered by AG‘s expert lawyers, who will provide access to legal advice, legal and business mentors and networks across the globe.

Elvan Hussein, Partner and co-programme lead at Addleshaw Goddard, said:

“We have emerged from the pandemic into a different environment, with tech integrated in all aspects of our lives and this continues to both offer opportunities for high growth and the chance for tech businesses to play a huge part in rebuilding and growing our economies wherever they are based.”

“AG Elevate is tried and tested and we understand what matters most to these businesses, and what challenges they will inevitably face. Our mentors have the specialist sector knowledge to bring tangible added value to the relationships with their Elevate members, beyond their undoubted legal expertise and we can’t wait to meet our new cohort.”

To qualify for consideration for a place on the programme, businesses need to have existing plans for high–growth and have received external funding.

Interested parties can apply at www.addleshawgoddard.com/en/ag–elevate/ until the end of May 2022.