1.UK – FinTech
“Ten of the United Kingdom’s leading Fintech companies are now working with Big Four auditing firm PwC in order to showcase how the future of banking will focus on both collaboration and innovation, along with greater personalization.
After 3 years of ongoing development, the 10 Fintechs have managed to contribute to the company’s “Tysl” ecosystem which includes various solutions related to software, automation, AI, data management and analytics.
These solutions aim to make it easier or more convenient for clients to open new bank accounts, obtain specialized financing services, move house and digitally sign official documents.
By leveraging an API-powered approach, which lets software apps communicate with each other, Tysl has enabled these firms to work cooperatively and innovate together with PwC to create a banking tech proposition that helps organizations with significantly enhancing performance across several different measures.
This includes dealing with complex customer or user experience journeys like advanced Customer Relationship Management (CRM), Know Your Customer (KYC), Credit Decisioning, and in life account and loan servicing across several key areas such as mortgages, savings and corporate lending.
By leveraging Tysl, PwC can effectively develop all-digital solutions through an innovative, affordable, and user-centric online lending platform. This can help the company’s customers with enhancing their customer-facing business operations and improve products and services in order to meet the speed and multi-channel expectations required by companies today.”
2. UK - FinTech
While the partnership might lead you to think Credit Karma is using open banking to improve its credit scoring, in fact, the features planned are all centred around consumer financial management.
“Credit Karma has been working hard to put customers in control, and to have to have full visibility of the factors affecting their credit score,” said Ziad El Baba, general manager of Credit Karma in the UK and Canada.
“Our new partnership with Bud marks a significant step forward in our campaign for greater transparency, providing us with a wealth of insight that gives customers more power over their financial future, while enabling banks to make better, more informed decisions.”
El Baba pointed to data aggregation and transaction intelligence among Bud’s services that Credit Karma will be using, with features planned to help consumers choose financial products and manage their bills better through in-app switching.
3. International – FinTech
“NFTs have been present in the crypto community for years but hit the mainstream in recent weeks fueled by a series of NFTs drops from an array of celebrities and other artists. In the games industry, NFTs are also gaining momentum and, as the industry increases in mainstream popularity, the appetite for this specific crypto asset is expected to grow.
“The leading digital financial institutions of tomorrow will not only hold cash and traditional investments, but they’ll also custody digital assets, including cryptocurrencies and NFTs,” said Al Burgio, founder and CEO of Zytara. “Our latest expansion enables Zytara to also support strategic partners including esports teams, gamers, musical artists, actors, and other brands with the creation, sales and marketing of NFTs.”
Zytara recently unveiled the Zytara dollar (ZUSD), launched in partnership with Prime Trust. ZUSD is programmable money for the gaming industry and beyond, which is redeemable on a 1:1 basis for US dollars. Originally launched on the Ethereum network, Zytara is now also introducing ZUSD onto the DigitalBits blockchain. The company is also intending to further leverage this blockchain network with this latest expansion into NFTs. Blockchain gas/transaction fees and transaction processing speeds (TPS) if not optimised, have the ability to add friction and disrupt the opportunity for NFTs to drive fan engagement. Founded by Al Burgio in 2017, the DigitalBits blockchain network supports low-cost transactions and high throughput, allowing for the seamless transfer of digital assets.”
4. International – FinTech
“JP Morgan is working with a group of Taiwan banks to test the use of blockchain technology to improve global funds transfers.
Confirm is a global account information validation application that lets banks request confirmation of the beneficiary account information and receive responses directly in near-real time. Once the information is validated, the payment may be sent through JP Morgan’s global clearing system, PayDirect.
The bank says this should reduce the number of rejected or returned transactions caused by mismatched payment details, lowering costs for both the sending and receiving banks.
Confirm - the latest application on JP Morgan's blockchain-based Liink - is currently being tested with 12 Taiwan banks for money transfers via PayDirect into Indonesia.”
5. International – FinTech
“Looks like N26 is the latest digital challenger bank to build a one-stop-shop app for all its customers’ needs.
The German challenger bank has officially launched its first insurance product, aptly named N26 Insurance.
The bank’s new product will allow its users to purchase coverage, manage plans and initiate claims for a range of insurance products from different insurance providers for a range of needs all within the N26 app.
Initially only available to its German customers, N26 Insurance is being launched in partnership with Simplesurance, a leading European insurtech.
“When it comes to insurance, customers today still have to contend with complex and outdated processes and paperwork,” co-CEO and co-founder Valentin Stalf said.
“The space has long been ripe for disruption and we are now offering a one-stop digital solution for our customer’s insurance needs.”
At first, users will only be able to purchase smartphone insurance through the N26 app, with plans to expand into home, life, travel, private liability, bike, electronics and pet insurance in the coming months.
Prices will start at €6 per month depending on the make and model of their mobile phones and customers will be able to choose which plans suit them, from annual cover to monthly plans.”