Fintech Origo launches new transfer tracking service
Transfer Tracking, a new service from Fintech Origo, has already saved one firm 60% of its calls to financial services providers, says Anthony Rafferty, MD of Edinburgh-based company
Origo was established 30 years ago this year by a number of pensions and life insurance companies to help the financial services industry to make best use of technology to become more efficient and cost effective and thereby improve outcomes for people using the industry’s services.
Over the years, through the technology we have built, the standards we have introduced, and working collaboratively with industry participants, we have helped financial services to significantly improve its systems, processes and procedures, to the benefit of both the industry and consumers.
One significant achievement was the introduction of our Transfer Service, which was instrumental in reducing the time taken to transfer someone’s pension from over 50 workingdays to c.11 calendardays. Over 120 financial services brands now use the Transfer Service for its operational efficiencies.
One of our most recent builds is the Origo Integration Hub. This technology enables financial services companies working in the financial advice space to connect easily and efficiently with one another through a central hub rather than undertake costly and time-consuming single integrations with each individual firm with which they want to do business.
The Hub enables a number of services to be automated between provider platforms and software and digital tool suppliers. For example, it supports the setting up of new accounts, secure delivery of portfolio valuations from providers to financial advisers and the tracking of asset transfers, such as pensions.
Origo recently worked with Legal and General to adapt the Hub’s Transfer Tracking capability into a bespoke service for the company, called Track My Apps’. This enables real-time, online tracking of pension transfer applications to Legal and General. Origo’s Transfer Service supplies the data to the Integration Hub and the extracted tracking data is integrated straight to the company requesting the data via an API.
60% reduction in follow up calls
Specialist retirement firm Retirement Line says using the Track My Apps’ transfer tracking service has seen its administration team cut the number of calls it has to make following up on customer applications by 60%.
Commenting on the application of Track My Apps by Retirement Line, Mark Ormston, IT and Administration Manager at the company, said that digital responses had literally removed hours of phone calls previously required to provide updates to advisers and their customers on cases, thereby improving both the firm’s own efficiencies as well as streamlining and improving the service to customers.
He said: “Thanks to Transfer Tracking we’ve already reduced the phone calls we make by 60%. If all platforms committed to using this service we would save around 90% of the time we spend making phone calls ”“ imagine what that would mean for our industry, and importantly, the customer.”
Jon Scannell, Distribution Director, Retirement Income at Legal and General also commented. He said: “Through Track My Apps’ Legal & General provides transfer tracking as part of our digital suite to enable [financial] advisers’ access to real-time information on their applications, saving all parties significant time and money. Crucially, Track My Apps’ has enhanced Legal & General’s customer-centric proposition, helping to keep the adviser and their client informed of progress.”
The Integration Hub is the result of considerable consultation and collaboration with the industry. It is increasing in traction in the market with 15 providers, platforms, digital tools and practice management systems now signed-up ”“ including big names in financial services like Legal and General, Standard Life, Prudential and LV= ”“ with many more in the pipeline. Once a company is on the Hub, linking to partnering systems is simple and easy ”“ Legal and General, for example, were able to implement Transfer Tracking in a matter of just six steps.
This is the kind of achievement that has enabled Origo to grow our services and our team to c. 70 people, working primarily from our offices on Edinburgh Park, and in the past six months, to have seen visits from two of Scotland’s Ministers ”“ Ivan McKee, Minister for Trade, Investment and Innovation and Kate Forbes, Minister for Public Finance and Digital Economy ”“ to see what we do and to talk about the future of Fintech in Scotland.
Scotcoin presents Social Bite with a cheque for £1k.
On 24th May at the Rose Street HQ of Social Bite, Temple Melville, Director of The Scotcoin Project CIC will present a cheque for £1000 to Andrew Baillie, Social Bite’s Partnership Manager, who said,
“Social Bite is delighted to receive £1000 from the team at Scotcoin. We will use this generous donation to provide dignified meals, supportive employment and sustainable housing for people who have been affected by homelessness across Scotland.”
Scotcoin wants to join the citywide alliances aiming to eradicate homelessness in Edinburgh and Scotland and Social Bite’s model fits perfectly with the values and ethos that Scotcoin Project prioritises. Temple Melville said,
“ I’m delighted our initiative to raise funds for Social Bite has worked so well. We intend to increase our efforts within the charity ecosystem, and are working with Andrew Baillie to enhance our efforts.”
About Social Bite Social Bite is a Scottish social enterprise set up by Josh Littlejohn MBE and Alice Thompson. The organisation is run on a not-for-profit basis and a quarter of the company’s staff are from homeless and severely excluded backgrounds
Website:https://social-bite.co.uk/
Email: andrew.bailie@social-bite.co.uk
About Scotcoin
Established in 2013, Scotcoin is one of the first and most successful country related crypto-currencies on the market to date. Achieving widespread adoption in 2014 it continues to grow with over 3,000 holders globally, it currently utilizes the power of the Bitcoin blockchain.
Scotcoin originated in Scotland, of which it is extremely proud but this currency it global and not just limited to Scotland. It is envisaged that Scotcoin will be used by many people across the world for transferring wealth, goods and services within its new fully decentralized self-sustaining economy.
Website:ScotcoinProject.com Email: temple@scotcoinproject.com mylesgeddese@gmail.com
Scotland’s Fintech community now exceeds 100 innovative enterprises
The fintech community in Scotland has now increased to over one hundred innovative firms focused on reinventing financial services through new technology and data.
This increase continues the momentum from the start of the year when it was announced that the number of firms had trebled to 75 over the twelve months since the formation of FinTech Scotland at the beginning of 2018.
The growth in the number of fintech firms in the community continues to be fuelled by a combination of new enterprises being created, international firms moving to Scotland and existing technology firms developing new fintech propositions.
The 100 Scottish fintech firms
The announcement comes on a day when the Public Finance and Digital Economy Minister Kate Forbes welcomed some of the newest firms to the FinTech community to the Scottish Parliament at Holyrood.
This was an opportunity for the Minister to hear from a range of diverse and exciting new enterprises and their entrepreneurs includingMoneyMatix, Xpand Access, CU Apps, Zortrex, Women’s Coin .
Additionally, Amiqus the recent winner at EIE19, Scotland’s main showcase event for firms looking for investment, joined the group to share how they are building on their initial growth. EIE this year saw fintech firms being the largest sector represented further demonstrating the growth in the sector.
Image: Public Finance and Digital Economy Minister Kate Forbes with some of the firms from the Scottish fintech community and the teams at FinTech Scotland and Scottish Enterprise.
FinTech Scotland has also announced that Scotland’s International Fintech Festival will take place over three weeks between the 9thand the 27thof September, following on the success of last year’s community led Festival.
The Festival will take place across the breadth of the country, including seven Scottish cities and will see over 50 events with many being joined by international guests from around the world, further reflecting Scotland’s growing reputation as a global fintech nation.
Following the announcement Minister Kate Forbes said:
“Scotland has the fundamental strengths to be globally recognised as a centre of FinTech excellence. Our economy is open and competitive, we have a highly skilled workforce, a great quality of life and an attractive cost base compared to other financial centres.
“Working with FinTech Scotland and its partners, we have seen real growth in the sector in Scotland, and I am pleased to celebrate the milestone of our first 100 FinTech companies. This is just the beginning, and I am confident that we will see continued growth.”
David Ferguson, CEO of AIM listed fintech Nucleus Financials added:
“These are becoming very exciting times for Fintech in Scotland and it’s hugely inspiring to see so many companies contributing to the tech-led reinvention of financial services. It’s also brilliant to see Stephen and his Fintech Scotland team doing such a great job in supporting and helping to drive this growth.”
Commenting on the latest progress, Stephen Ingledew, chief executive of FinTech Scotland said:
“We continue to be focused on supporting the dynamic and expanding fintech community across Scotland and it is encouraging to see the number of enterprises grow with the support of key partners, universities and Scottish Government.
“Scotland’s fintech community is continuing to attract growing interest from international investors as well as the established financial services sector who recognise the significant value in collaborating with creative forward-thinking enterprises.”
Linda Hanna, Managing Director for Scottish Economic Development at Scottish Enterprise, said:
“The vibrant fintech sector in Scotland keeps going from strength to strength – and its growth isn’t showing any signs of slowing down. As Scotland’s national economic development agency, we are keen to continue to build on this success, creating the ideal environment for these new and scaling businesses to thrive, and cementing Scotland’s place as a global fintech hub.”
£8,000 Scholarship for Postgraduate Fintech Student
Are you looking to join an exciting and dynamic industry? Fintech could be for you!
Scotland’s financial technology sector is booming, with the number of businesses growing threefold over the last year. There are now around 90 fintech-focused enterprises based in Scotland and there are no signs of the boom slowing down.
The good news is that these businesses are constantly on the look-out for new talent. Several Scottish universities, including the University of Strathclyde, the University of Stirling and Edinburgh University are already offering postgraduate fintech degree to satisfy growing demand.
£8,000 scholarship
In order to support students in that sector, Spotcap, a fintech lender, has launched the Fintech Fellowship programme. Now in its third year, the Fellowship offers an £8,000 award to one postgraduate student studying a fintech related course at a UK university. Applications open today and close on August 15, 2019.
Eligibility
To qualify for the Fintech Fellowship, applicants must cover the following criteria:
- Have an offer of admission to a master’s or MBA programme at an accredited British university
- Be a British citizen or resident
- Study a fintech-related subject, with the intention to work in fintech upon graduation
Required Documents
Applicants can upload their CV and cover letter via the Fintech Fellowship website. Their cover letter should include the following points:
- Brief description of their background and achievements
- What sparked their interest in fintech
- How their studies would support a career in fintech
So, what’s it like working for a Fintech company?
A job in Fintech is an opportunity to work in an evolving industry ”“ one that is driving the digital shift of both the economy and our society. It attracts passionate people who are keen to pursue opportunities and overcome challenges, making it a dynamic and fast-paced working environment. But fintech doesn’t only attract talent with an interest in technology and IT ”“ because of its innovative nature, it is increasingly becoming a sector of choice for marketers, sales and business operations professionals.
Are you starting your postgraduate studies this autumn? Are you keen to pursue a career in fintech? Check out the Fintech Fellowship website and apply for the £8,000 award.
Event – Creating World Class Fintech Innovations
On 11 June, EIT Digital and Fintech Scotland invite interested parties to a networking event, titled Creating World Class Fintech Innovations’. The University of Edinburgh’s Business School is the venue for this half-day event focussed on the future of fintech in Scotland, and the opportunities for universities, corporates and start-ups within this thriving ecosystem.
EIT Digital is the leading European digital innovation and entrepreneurial education organisation driving Europe’s digital transformation. It recently opened its Scottish Satellite in Edinburgh to deepen connections with the Scottish innovation ecosystem and to intensify its relationship with the Scottish Private and Public Sectors.
The Edinburgh Satellite intends to host a new Doctoral Training Centre, with a focus on fintech, and Cyber Security via a new program supported by the Scottish Government’s Cyber Resilience Unit and ScotlandIS, plus other areas of national strategic importance. Its students will be supported by universities across Scotland with the first students expected to start later in 2019.
EIT Digital is one of eight Innovation Communities of the European Institute of Innovation and Technology. It has 10 Co-Location Centres across Europe, including one in London, and the Scottish satellite was the first one to be opened in the UK.
To register for this event click here
Wayra AI & Blockchain Accelerator – New Applications now open!
The call for the next AI & Blockchain Programme is now open and start-ups can apply using this link. (Closing date 29th May 2019)
The Accelerator is run in partnership with The University of Edinburgh and Wayra, combining the technical & research expertise of UoE and Wayra’s commercial connectedness to London’s entrepreneurial ecosystem.
This Programme provides coaching, mentors, access to investment and industry networks. It is supported by Scottish Enterprise, offering Scotland wide businesses support, and sponsored by CISCO
The Programme runs for 6 months, meets three days a week and is based in the Bayes Centre, Edinburgh . A founder of each company is required to attend each week and will be provided with desk space for 7 days per week. The Programme has national reach but an Edinburgh focus and includes a £7500 stipend to cover travel costs.
Call for innovative fintechs as NewDay releases public APIs
Photo by Two Paddles Axe and Leatherwork on Unsplash
Open Banking APIs
NewDay has developed a dedicated interface to Open Banking’s API standards and has launched its test facility for AISP, PISP (which will allow TPPs to initiate Balance and Money Transfers) and CBPII APIs. NewDay is interested in engaging with TPPs who want to test their applications against its APIs.
NewDay intends to launch its Production instance of the APIs from 1st June 2019.
NewDay Overview
NewDay’s aim is to provide credit card products that work for its 5 million customers. NewDay has four own brand products: aqua; marbles; opus; and fluid. Aqua is NewDay’s main brand for customers who are new to credit, offering 4 different credit card products and also personal loans to existing customers. NewDay also provides credit card products in partnership with a number of well-established UK retailers including: Amazon; TUI; Debenhams; House of Fraser; Laura Ashley; and the Arcadia Group (which includes brands such as Topshop and Miss Selfridge). Over four million customers in the UK use one of NewDay’s co-brand credit cards as a valued part of their shopping experience.
How to get involved
For more information on how to engage with NewDay’s APIs please go to our Developer Portal, https://developer.newdaycards.com, or send a query to openbankingsupport@newday.co.uk
LendingCrowd to fund SME growth through Scottish Investment Bank and NIBC partnership
Scottish P2P lending platform LendingCrowd, has just entered a partnership with Scottish Investment Bank (SIB) ”“ the investment arm of Scottish Enterprise ”“ and Dutch entrepreneurial bank NIBC to create a unique opportunity for SMEs to fund their growth.
Both banks will be lending a combined £18.75 million across LendingCrowd’s platform.
LendingCrowd is seeing an increase in the demand for small business finance from all around the UK. LendingCrowd will be assessing applications and distributing the finance via its innovative proprietary online platform. The platform can provide businesses with a decision on the day and make money available in 10days.
LendingCrowd provides funding to almost all sectors, and a few of the companies to have benefitted from the platform’s loans include Summerhall Distillery, producer of Pickering’s Gin, Tag Games and Umega Lettings.
Stuart Lunn, founder and CEO of LendingCrowd, commented: “We’ve had a record number of requests for funding from British businesses so far this year, showing that the appetite for alternative sources of finance to fund their ambitions only seems to be getting stronger.
“We are delighted that the Scottish Investment Bank has followed up its first foray into the alternative investment market with this further commitment, and that we have been joined by NIBC, which sees the potential of LendingCrowd and our proven ability to distribute its considerable funding to UK businesses. Going through the due diligence on a deal like this has really shown the strength of our team in building an institutional class lending business.
“There are many small businesses crying out for finance and the funding from SIB and NIBC, coupled with our strong retail investor base, will allow LendingCrowd to help even more companies fulfil their ambitions.”
SecureTheFile introduces new digital tools to help clients securely organise, store and share their most important life information
SecureTheFile has been designed and launched to help clients to securely organise, store and share their most important life documents and information.
It can be particularly useful during major life events and emergencies such as fire, theft and death. Through a combination of a personalised guidance engine, with interactive tools, resources and content, and an intuitively organised digital vault, SecureTheFile helps clients to organise all the most important details about their life and legacy in one secure and accessible place.
The estate and end-of-life planning world still both primarily rely on paper documents and filing cabinets. SecureTheFile is a dedicated digital solution to help clients effectively prepare, organise and share life information with loved ones and trusted advisers. Advisers can store a client’s financial information such as a wealth management report and insurance information as well as their Will.
Clients are also able to upload other personal information such as funeral preferences and wishes for pets. At the Intergenerational transfer point documentation is then easily and readily available in order for Client affairs to be managed quickly and efficiently.
The SecureTheFile platform includes six libraries of information, broken into numerous subsections, all of which are easily accessible both by the adviser and the client:
- About Me: Personal Information, Vital Documents, Travel Information, Emergency Contacts, Digital Worlds, Medical Information
- Personal Finances: Financial Accounts, Loans, Bill Payments, Financial Assets, Benefits
- Financial Advice: Wealth Management Reports, Pension Policies, Protection Policies, Inheritance and Estate Planning, ISA and Savings, Trusts
- Solicitor: Solicitor Information, Will, Living Will, Power of Attorney, Marriage and Divorce, Executors, Mortgage Lender, Title Deeds, Shareholder Certificates, Trusts, Litigation
- Accountant: Tax Return, Tax Coding, Annual Accounts, P60, P45, CIS Record, UTR Record
- Property and Vehicles: Vehicles, Property, Appliances and Warranties
Clients are able to delegate Nominees’, such as their solicitor or accountant, family members or executors of their Will. The information is controlled by the client and they decide as to who this information is shared with and how much information is shared (clients are able to share entire libraries or individual folders). Access can be granted or revoked at any time and specific written instructions can be included.
SecureTheFile is available exclusively through professional advisers, with firms having the ability to license the product or charge their clients for the service. Each advisory firm account can be co-branded with the organisation’s logo and title.
The platform has multiple benefits for professional advisers, and in particular financial advisers. It provides an intuitive and user-friendly solution for both the adviser and the client, enabling advisers to tackle an array of challenges such as GDPR compliance to intergenerational planning. It also provides the adviser with a substantial high-quality, value-add service to their advice offering.
Josif Grace, Founder and CEO, SecureTheFile commented: “We recognise that intergenerational planning is a big issue for advisors as they seek to retain clients at the transfer point. SecureTheFile will enable Professional Advisors to have deeper and more meaningful relationships with their clients and their families. It will allow advisors to have fully understand their clients wishes and be able to influence and adapt to them. We look forward to working with the advisor community to enhance their retention of clients at critical life events”
Money Dashboard announces date of Scotland’s biggest FinTech crowdfund
Money Dashboard, the Scottish fintech firm, has announced today its crowdfund will launch privately to its users on 20th May 2019.
Users of the personal finance app will have exclusive access for 24 hours before the opportunity is made available to the wider public at 10am on Tuesday 21st.
This announcement comes after the appointment of former Revolut, Peter Higgins, as CFO and the establishment of a strategic partnership with price comparison site GoCompare to enrich data from hundreds of UK banks and financial institutions.
The money from crowdfunding will come to accelerate customer numbers growth, unlock new data markets and treble their Edinburgh-based team from 20 to 65 staff.
Money Dashboard CEO Steve Tigar said: “This raise comes at a pivotal time for Money Dashboard. Open Banking is starting to accelerate consumer adoption of digital money managers (DMMs) and we’re positioning ourselves to win the hearts and minds of millions of people. Bringing our users on the journey with us will be a key part in achieving this mission.”
In 2017 Money Dashboard raised capital with more than 1,000 of its users collectively investing £1.4 million.
Interested investors are invited to meet the team behind the app at exclusive events in Edinburgh, London and Online.