UK Fintech News Roundup: The Latest Stories 9/21

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Every Wednesday we take a look at the latest fintech updates from across the UK. This week brings updates from Alveo, Revolut, Polygraph, Deel, Mollie and Kyriba.

Launch of the financial data management platform

Financial data phoneUK-based financial data management solution provider Alveo Technology launched the latest version of its core cloud-native platform, “Prime Cloud”.

Alveo suggests that Prime Cloud is a highly scalable end-to-end solution that enables provisioning, mastering, quality control and more of financial data. The platform will help businesses integrate and integrate new data sources at lower cost and higher speed than before.

Mark Hepsworth, CEO of Alveo, said, “We believe that institutions moving market data infrastructure to the cloud will be a major trend over the next five years and we are already working with customers on these projects. The release of Prime Cloud is a major milestone for Alveo that allows customers to run our core products and new products natively in the cloud.

“In addition to our new user interface and focus on business user self-service, native integration with the cloud enables customers to reduce total cost of ownership (TCO), accelerate onboarding new data and improve efficiency.”

Revolut launches Pay Later in Ireland

RevolutionFinance app Revolution officially launched Pay Later to its 1.9 million users in Ireland. The launch becomes the first pay-after product in Ireland to use an approved credit limit.

Customers will be able to use Pay Later for purchases up to a maximum of €499, with any Revolut card. This is the maximum limit, although each customer will be assigned their own unique limit, as decided by Revolut’s credit scoring. A fee of 1.65% per purchase is refunded as part of the last two installments.

Joe Heneghan, CEO of Revolut Europe, said: “We are delighted to add Revolut ‘Pay Later’ to our super finance app to give our customers more control and flexibility over their personal finances, in a responsible way, allowing them to split the cost of purchases into three times. From helping with budgeting to managing cash flow, we’ve received great feedback and testimonials from our customers who used Pay Later as part of the early rollout, and we can’t wait to hear more. »

Report suggests most will cut online spending

Shopping onlineFinancial service provider Mollie published the conclusions of its last European e-commerce report. The report’s findings are based on a survey of 3,000 online shoppers across Europe.

Mollie suggests e-commerce retailers need to act quickly to stay competitive, as 79% of European shoppers plan to cut back on online spending in the event of a major downturn. Meanwhile, 53 percent of respondents had a pessimistic economic outlook for the coming year.

Ken Serdons, CCO at Mollie said: “Online shopping maintains the gains made during the pandemic, but consumers are now demanding a seamless and frictionless experience from e-commerce companies. E-merchants must make themselves more attractive than their competitors. Our research identifies key actions retailers can take to gain a competitive edge ahead of the busiest shopping time of the year.

Online advertisements at risk of click fraud

Click Fraudcybersecurity company Polygraph has warned businesses in the UK and Ireland that their online advertisements could be at risk of click fraud.

Click fraud is caused by groups that create fake websites and monetize content using online advertisements, with bots generating fake clicks. Each click can cost advertisers up to pennies, which can cost substantial sums due to the potential for billions of fake clicks from thousands of these fake websites.

Trey VanesChief Marketing Officer at Polygraph, explained, “In the past, most click fraud targeted advertisers in the United States, primarily due to the size of its market. However, we are now seeing more and more criminals extending the fraud to other countries including the UK and Ireland What concerns us is that most advertisers in the British Isles are unaware of click fraud, which means that ‘they didn’t take steps to protect themselves.

AI is king in predicting liquidity availability

Artificial intelligenceKiriba, a provider of cloud-based financial and IT solutions, has launched its brand new “Cash Management AI” solution. The solution uses data science technologies to predict liquidity availability using artificial intelligence.

The launch of the new solution aims to improve companies’ cash flow management and forecasting capabilities.

Jean-Baptiste GaudemetSenior Vice President of Data Analytics at Kyriba, said, “With increasing market volatility, CFOs are demanding greater accuracy and reliability in their cash forecasting.”

“Data science and analytics are needed to learn from the vast amounts of information that finance teams manage every day. Artificial intelligence helps CFOs leverage data to make better, faster and more effective decisions. »

Deel seeks to solve global hiring, payroll and legal issues for businesses

Paydeelcompliance and payroll solutions provider, launched two major solutions: “Deel Shield” and “Deel API”.

Companies that incorrectly classify employees as independent contractors are a recurring issue leading to potential issues with documentation and compliance with applicable laws.

“Deel Shield” seeks to reduce and potentially solve this problem by providing access to a contractor’s work, documentation and invoices, among other features.

‘Deel API’ seeks to enable companies to globalize their HR products with this new recruitment software. The solution aims to ensure that these companies hire and pay people without having to leave its platform.

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