Every week, we look at some of the latest stories from UK fintech. this week, Tesco Bank Launches a new way to shop for Clubcard members and new research reveals the UK’s biggest commercial fraud hotspots.
Tesco Bank launches a new way to shop for Clubcard members
Tesco Clubcard Pay+, presented by Tesco Bank, a new way for shoppers to pay, save and receive Clubcard points, pretty much every time they spend, is now available for all shoppers to apply.
Shoppers can add money and close their grocery purchases from any UK bank account into their Tesco Clubcard Pay+ account, using the free Tesco Bank mobile banking app. Tesco Clubcard Pay+ also gives shoppers the ability to save while shopping by rounding their purchases to the nearest pound, saving the difference in a Round Up account. Tesco Bank is also planning to introduce additional features to Tesco Clubcard Pay+ that will help families more budget and save, while rewarding for their spending.
Jerry MaloneCEO of Tesco Bank, added: “Tesco Bank has designed a smarter way for our 20 million Tesco Clubcard members to shop. Tesco Clubcard Pay+ is a clear demonstration of Tesco Bank’s strategy to focus on products that closely align with the needs of Tesco shoppers. We highly encourage Tesco Clubcard Pay+ to help give shoppers the confidence to start saving while managing their budget and get additional Clubcard Points wherever they are.”
Ecospend initiates £2.4 billion of open banking transactions through ‘pay by bank’ services
After an announcement from HMRC in December, Ecospend It can confirm that it has initiated £2.4 billion worth of open banking transactions through ‘pay by bank’ services across its client portfolio.
Ecospend’s open banking technology allows customers to bypass manual data entry when making online payments. As a result, customers can make instant payments directly from their bank accounts, at a fraction of the cost of traditional merchant cards, while greatly reducing the risk of fraud.
James HickmanEcospend, CCO, said: “We are pleased that our technology has facilitated such great value for payment transactions with our partner companies. This achievement is a testament to the innovative product that we have developed, and this is just the beginning when it comes to the true application of open banking technology. Our solution does not give Customers not only experience a smoother and more efficient payment experience, but also reduce the cost to businesses and organizations when compared to traditional card transactions. In the coming year, we expect more consumers and merchants to benefit from the potential of this technology.”
Nucleus Commercial Finance hires a Business Development Manager to strengthen the Midlands team
Nucleus Commercial Finance, The fintech that has revolutionized how small and medium-sized businesses in the UK access finance, today announced the appointment of Gurinder Mandir As Business Development Manager in the Midlands region she looks forward to expanding her support to businesses across the UK.
As Nucleus looks to drive growth and support small and medium businesses in the UK, Gurinder will be responsible for building strong brokerage relationships in the Midlands and educating the brokers network about the Nucleus range of products and offerings.
Gurinder Mandir, Director of Business Development commented: “I am delighted to join Nucleus Commercial Finance and be part of such a successful team as I will be able to support a wide range of clients with a strong portfolio of financial products. Having seen the important role Nucleus has played through government support schemes Over the past two years, I look forward to helping more SMEs in their quest to recover and thrive in 2022.”
Research reveals the UK’s biggest commercial fraud hotspots.
Research conducted by anti-fraud experts SEON, reveals the regions with the highest commercial fraud rates per 100,000 people.
The City of London has the highest rate of institutional fraud per 100,000 people in the country at 100.92 cases. This will likely come as no surprise, as the City of London is the center of the UK’s financial industry and is home to a large number of companies, while also being home to a relatively small number of people.
Nottinghamshire has the second highest rate of corporate fraud in the country, which makes the province a much more dangerous place to do business than the majority of the country.
In third place is North Yorkshire. This largely rural county is home to many well-to-do small towns and small towns, such as York and Harrogate, which serve as trading centers for the area and are likely to be the focus of interest for scammers in the area.
UK FinTech investment on the rise
search from Create Finance He revealed that investment in UK fintech companies surged last year as investors looked to take advantage of new regulations in the sector.
Total investment in British fintech companies jumped by more than 217 percent to $11.6 billion in 2021, ranking second only to American companies globally that saw investments of $46 billion.
Ammar Kutait, CEO & Founder W1TTY, He said: “Despite the challenges posed by Brexit and Covid-19, the UK is seeking to redefine its place in the global economy by supporting sectors in which it knows it can excel. Fintech is a clear example of this, as it absorbs The UK already has some of the world’s leading new banks.
“Most importantly, we are now seeing a new wave of fintech companies on the rise – these agile startups are seeking to challenge traditional financial monopolies by offering competitive financial services tailored to meet the needs of specific demographics by leveraging existing technology. The UK recognizes that Which is why it is implementing reforms over the next year to not only attract these fintech companies but also to ensure that they have room to grow, backed by capital investments from local and international investors.