On The Web

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Global

India’s Payments Banks Trip On E-KYC Rules

August 2 2018

• in
• Challenger Banks
• India

“The Reserve Bank of India has barred at least two payments banks from accepting new customers. The reason, say officials in the know, is the lack of strict compliance with a couple of banking provisions – including not just banking-related Know Your Customer norms but also provisions under the Prevention of Money Laundering Act. Fino […]

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Providers

Online Lenders And Payment Companies Get A Way To Act More Like Banks

August 1 2018

• in
• Challenger Banks
• Regulatory environment

“Online lenders and other so-called fintech firms — including the payment processor Square, the online lender Lending Club and the cryptocurrency exchange Coinbase — have pressed for regulatory routes that would let them cut through the thicket of state and federal laws that govern financial businesses. Heeding those requests, the Treasury Department released a 222-page report laying […]

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Providers

Starling Faces Payment And App Issues, Again

July 26 2018

• in
• Challenger Banks

“This is not the first time that Starling experienced similar issues. Just under a month ago, we reported on declined payments for users, which it was understood to be caused by the company it outsources processing to. This company is Global Processing Services (GPS), which provides similar services to many fintech players and challenger banks, including Fire, […]

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Providers

N26 Updates Its Web App

July 10 2018

• in
• Challenger Banks

“Fintech startup N26 wants to compete with traditional banks on all fronts. And it means providing a useful web interface to view your past transactions, transfer money and more. Most users likely interact with N26  through the mobile app. But it doesn’t mean web apps are useless. Contrary to Revolut, N26 has had a web interface since day one. […]

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Providers

Starling Bank Unveils Banking-as-a-Platform APIs

August 3 2018

• in
• APIs
• Challenger Banks

“These businesses can pick and choose individual components and features, as they use Starling’s banking licence – which means they do not need to be regulated themselves. Raisin UK is Starling’s first business client for this offer, an online savings marketplace that allows customers to pick savings deals on the market to meet their individual […]

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Providers

Neat is a challenger bank for early-stage startups and SMEs

August 10 2018

• in
• Challenger Banks

“With the growth in cross-border payment services and ‘challenger’ bank cards for consumers, you’d be forgiven for wondering where the options are for small business — where cash is particularly precious. They do exist. One of the newer options is Neat, which is nested in Hong Kong but open for business worldwide.”

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Providers

U.K. Fintech Revolut Gets European Banking License Via Lithuania

December 13 2018

• in
• Challenger Banks

“Revolut, the London-based financial technology startup, has obtained a European banking license as Brexit looms, with plans to launch checking and savings accounts as well as retail and business lending. The Bank of Lithuania, the eastern European country’s central bank, granted Revolut the regulatory approval that gives it permission to operate throughout the European Union.”

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Providers

Tandem’s new credit card targets people who have non-existent credit histories

October 12 2018

• in
• Challenger Banks

“The challenger bank founded by Ricky Knox has launched its second credit card today, this time targeting people in the U.K. who have yet to build up a credit history at all. Credit cards are already one of the most effective ways of improving your credit score (presuming you are approved for one and always […]

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Global

OPEN BANKING AND THE POST-CARD WORLD

September 7 2018

• in
• Challenger Banks
• European Union
• Financial institutions
• Open banking

“Open Banking will be the biggest change to financial services since the introduction of electronic payments. However, to date Open Banking has fallen short of the expectations set throughout Europe. Why? Consumers aren’t aware of the initiative—92 percent of them are not, according to Which?—let alone educated on the opportunities that it presents. Without consumer demand, there […]

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Providers

OCC fights for US fintech charter in court

January 11 2019

• in
• Challenger Banks