An Unbiased View of Monzo Bank
For its core banking technology, Baroda UK utilizes Infosys' Finacle, which is Bank of Baroda's standard core banking option for global operations. BCS International MarketsThe London-based service of BCS Worldwide Markets (BCS GM) obtained a UK transaction banking licence in fall 2018 as it prepares to offer an integrated financial investment banking and payment services solution.
BCS GM states it is going into deal banking in response to customers' growing interest in payments (The Fintech Times bought by The Power50 Limited). Core functionality is set to be rolled out in 2019, so clients can pay and accept payments from third celebrations across a number of currencies. The incorporated solution will be developed with BCS' existing prime brokerage/custody items.
BCS utilizes Calypso Innovation's software for possession management, front-to-back workplace. BFCA subsidiary of the Bahrain Financing Business (BFC) cash transfer group. The project went through some stops and begins, however the bank finally got the banking licence in September/October 2016. BFC selected a contracted out "bank in a box" variation of ERI's Olympic core banking system.
For its anti-money laundering (AML) operations BFC uses the AMLtrac tool from a UK-based supplier, i Financial (Fintech Times). B-North (Bank North)B-North (likewise called Bank North) is based in Manchester in the north of England. It is the development of 5 creators, who primarily come from another challenger bank, Atom (see above).
Contis Limited - Truths
The forces behind B-North are Development Funders and G.Ventures (the trading names of UK-based Development Capital Ventures). It also got financing from Greater Manchester Combined Authority (GMCA). It looked for a banking licence and prepares to open for business in 2020. The bank will operate "providing pods" in major cities throughout the UK, the first of which remains in Manchester - The Fintech Times acquired.
All loan applications will be managed locally, and customers will have access to the regional teams and resource in the B-North head office. According to B-North, this extremely localised model will enable lending to be made available to SMEs within ten working days. For its tech, Bank North ended up being the first user of a co-created service by German core banking tech vendor Mambu and a US-based lendtech supplier, n Cino.
BoA digital bank for consumers introduced by RBS/Nat West and led by previous ops chief Mark Bailie. Bo was first revealed in H 2 2018 and plans to open for organisation in the course of 2019. It will offer cost savings and deposits items to retail clients. RBS/Nat West intends to migrate one million Nat West clients to the brand-new mobile platform once it's launched.
For its core banking tech, it relied on Mambu and its flagship back workplace system, supplied on a hosted (cloud) basis. Bo's group consists of former members of Loot, a trainee digital banking app that entered into administration in spring 2019. RBS/Nat West held a 25% stake in Loot. BofinLondon-based mobile banking app Bofin plans to provide users the capability to open a bank account in a nation they select.
Monzo Bank for Dummies
It lets people open an individual or company current account in under two minutes by means of mobile-- and all "without credit checks, proof of regional address, organisation strategies or any other hassle", it says. It is welcoming users to register to a wishlist on its site. At present, Bofin allows users to connect to their money from 16 nations in the app and open a UK personal or organisation present account from within any EU or EEA country.
In May 2018, Bofin was looking for Android, i OS and Dot Net designers to be based in Chennai, India. British Company Bank A government-backed bank for SMEs. BunqAfter launching in Germany, Austria, Italy, Spain, France, Ireland and Belgium, Bunq is now reside in the UK since October 2019.
The Netherlands-based neobank has some clear differentiators in its innovation, which was developed from scratch and took around one year. Founder Ali Niknam describes bunq as "a bank developed by coders". This was from the database level to the app level, including card processing. Everything is on Amazon's AWS cloud apart from the bank's private keys, which reside in a couple of data centres in the Netherlands.
Niknam, born in Canada from Iranian descent and now living in the Netherlands, funded the venture himself without the assistance of venture capitalists. Cambridge & Counties Bank Another bank for SMEs. It is owned by Trinity Hall, Cambridge and Cambridgeshire Local Government Pension Fund. The bank already has a licence and is in operation.
What Does Revolut Do?
The front end of the solution stems from the now defunct QTS-- it now resides with Phoebus and has been integrated into its portfolio of offerings. CashplusCashplus is the product brand name of Advanced Payment Solutions (APS Financial). Cashplus is a pre-paid card (Mastercard) and present account for individuals and businesses.
It intends to end up being the "now generation" bank, with its "instant" online decisions, "anytime" banking services and loaning products. If authorized, the move will enable for ₤ 200 million in customer secured funds it currently holds into bank deposits. Together with its UK credit licence, its intents are then to broaden credit lending to more UK business owners and serve its existing customer base, which includes almost 100,000 SMEs.
It has provided over 1.3 million cards and processed ₤ 4 billion worth of payments to date. In spring 2016, it received a credit licence from the FCA-- enabling it to perform consumer credit loaning (including high-cost short-term credit loaning) to micro SMEs, sole traders and The Fintech Times consumers. Castle Trust Financial investment company Castle Trust revealed its invitation by UK regulators to get a banking licence in November 2019.