Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from Step Fourth, DKK Partners, FICO, Cardeo, Acronis and Westcoast Cloud.
Step Fourth Launches in the UK
Birmingham-based digital fintech startup venture Step Fourth has officially launched to the UK market. The privately funded company is developing a range of digital solutions for UK wealth managers, stockbrokers, consolidators, and platform providers.
Step Fourth aims to offer new client-facing technology that is much more affordable than existing options to support the wealth and investment market.
Stewart Foster, founder and CEO of Step Fourth, commented on the launch. He said: ”We believe that the current digital offerings to the UK market lack innovation and do not provide what the market truly needs. Our vision is to once again build an affordable suite of award-winning solutions that will set the benchmark for the wider sector and I could not be more thrilled to be embarking on this new journey.”
DKK Partners begins fundraising and volunteering for the homeless
DKK Partners, the emerging markets (EM) and foreign exchange (FX) liquidity service provider, has launched a Christmas fundraising and volunteering campaign. The campaign aims to address homelessness across London.
DKK is to distribute a £10,000 donation fund to organisations such as Shelter, which supports individuals with accommodation. DKK staff members are also spending time volunteering at local London soup kitchens and food banks.
Khalid Talukder, co-founder of DKK Partners, commented: “We’re very proud to announce this initiative. It is designed to deliver real action to the frontline in the fight against homelessness. Shelter is an incredible organisation with dedicated volunteers, and the work they do protects the wellbeing of so many people.”
Increase in consumer trust of identity checks by providers
According to a FICO survey, 63 per cent of consumers reported an increase in identity checks. Additionally, 48 per cent believe fingerprint scans are a good way to verify online payments when shopping online.
The FICO survey found that an increasing number of consumers do trust their providers are confirming their identities for the right reasons. Seventy-two per cent understand it’s to protect them from fraud. Fifty-seven per cent also recognised the role identity verification plays in preventing money laundering.
Matt Cox, vice president and managing director for FICO in EMEA, commented on the survey results. He said: “As spending rises in the build-up to Christmas, it triggers a spate of scams shoppers must navigate to protect their finances. It is good to see that consumers are taking note of the different types of fraud they may face and understand why banks need to carry out various identity checks while they make purchases.”
Cardeo urges government to heed open banking successes
Fintech smart credit card management app, Cardeo, has urged the UK government to incorporate regulatory successes from the UK’s open banking sector into its Consumer Credit Act (CCA) reformation.
The CCA governs regulation for credit card purchases, personal loans and consumer hire agreements. Cardeo argues that because it was written before the internet, it no longer reflects how people access information.
Gavin Shuker, co-founder and chief executive of Cardeo, explained the company’s plea. He said: “Freeing up customers’ own data about their credit products should be the first step in dragging the CCA into the digital age. We look forward to contributing to this vital consultation.
“We urge the Government to explicitly incorporate some of the regulatory successes from the UK’s world-leading open banking sector in this reform. It is high time that they handed consumers control of their data and increased competition, to help break up monopolies, benefitting both consumers and the wider economy.”
Acronis and Westcoast Cloud partner with Reading FC
Reading Football Club has named Acronis, a cyber protection company, as its official ‘Cyber Protection Partner’. It has also named cloud service provider Westcoast Cloud as its ‘#Cyberfit delivery‘ partner.
Both companies have agreed three-year partnerships with Reading FC. As part of the partnership, the club will gain access to Acronis’ range of online security solutions.
Tim Kilpatrick, head of commercial at Reading FC, said: “We’re delighted to announce this partnership with Acronis and Westcoast Cloud. As a club, our IT and data Infrastructure are crucial to our business operation. As we look to enhance our expertise and offering in this area, working with world leaders in this field, such as Acronis and Westcoast Cloud, will ensure we are protected for all eventualities. We look forward to working with Acronis and supporting them in their business growth plans.”