Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from iplicit, Checkout.com, Twenty7tec, Banking Circle and Miconex.

Fear of data loss holds UK finance leaders back

Twenty-six per cent of UK finance decision-makers cited historical data loss and having to pay to use historical data as major barriers to changing accounting systems, accounting software provider iplicit has revealed.

iplicit’s survey of 1,000 UK-based finance decision-makers also found out why UK finance decision-makers are hesitant to change accounting systems. Losing historical data (14 per cent); the cost of a Right To Use (RTU) licence in order to access historical data (12 per cent); and the high overall cost of changing accounting systems (11 per cent) were the top three reasons revealed.

Lyndon Stickley, chief executive officer at iplicit, explains: “Given the importance of accessing historical financial data, the industry really does need to do more to ensure finance teams have access to their data, especially as an RTU licence costs typically 50 per cent to 100 per cent of the standard software licence! It begs the question, ‘Why are finance software providers holding customers to ransom?’”

Checkout.com utilises AI for merchant support following EMVCo certification

Payments solution provider Checkout.com has become the first global payments solution provider to be 3DS 2.3.1 certified by EMVCo, the technical body facilitating the worldwide interoperability and acceptance of secure payment transactions.

The certification enables Checkout.com’s authentication offering to better support merchants in reducing fraud and improving payment performance, by using proprietary artificial intelligence to roll out support in a safe and intelligent way.

Rami Josef, product director for authentication and payment performance at Checkout.com, commented on the certification.

Josef said: “Being the first global payments provider achieving EMV 3DS 2.3.1 certification is testament to the investment and success we have had with our leading authentication product, which is already being used by global businesses like Klarna to reduce merchant and customer friction.

“Our mission for authentication is to provide the highest authentication performance for merchants while presenting a seamless customer experience. EMVCo’s goal with 3DS 2.3.1 naturally aligns with ours and we’re excited to be at the forefront of rolling this out to merchants and industry players”.

Brighton Gift Card looks to boost local economy

Brighton-based platform Tillo has partnered with not-for-profit organisation Brilliant Brighton to create a ‘Brighton Gift Card’. The card, which has to be spent locally, boosts the Brighton economy and benefits retailers and other businesses, offering both digital and physical versions. The tech is provided by fintech Miconex.

Set to launch in May, the gift card will work through the Mastercard system, with all types and sizes of businesses in The Lanes, North Laine, East Street, North Street, Preston Street and Western Road eligible to accept the card – with no additional equipment required.

Colin Munro, managing director of Miconex, discussed the venture: “The collaboration between Brilliant Brighton and Tillo is exciting. Tillo processes a billion pounds of gift card transactions each year, helping businesses to use digital gift cards as a way to distribute funds and reward staff, with a focus on keeping money in retail. Now they are putting that experience and knowledge into the Brighton Gift Card, working alongside Brilliant Brighton to make the city’s proposition more accessible for locals, visitors, as well as employers.”

Twenty7tec launch digital marketing platform for financial advisors

Twenty7tec, one of the UK’s advice tech businesses, has launched a new digital marketing platform for mortgage, wealth and protection advisers: ‘COMMUNICATE’.

The platform provides a range of lead-generation tools. Advisers can embed these tools into websites, social media and other inbound communication channels. It also enables advisers to design, automate and deliver outbound marketing campaigns to existing and prospective customers through email, WhatsApp, SMS, telephone and social media channels.

James Tucker, CEO of Twenty7tec, commented: “The launch of COMMUNICATE is the culmination of three years of work by Freddie Savundra and his team [Meet Parker] to build the most sophisticated digital marketing platform that the financial advice market has seen. We are also hugely excited by this platform’s potential to help advisers attract, engage and retain clients.”

Banking Circle joins UK FPS as a direct participant

Payments bank Banking Circle S.A. has joined the UK Faster Payments Service (FPS) as a direct participant for GBP.

The move adds significant value for clients and underlying customers. Being closer to clearing as a direct participant on FPS sees Banking Circle offer faster settlement times. The bank also has the ability to handle significant payment volume.

Laust Bertelsen, CEO of Banking Circle, explained the importance of the news: “Banking Circle launched with the specific vision of improving payments for the global e-commerce marketplace. Becoming a direct participant of Faster Payments is also an essential element in bringing that to fruition. It’s a clear demonstration of our intent – just six years since we came to market – to challenge the status quo of cross-border payments.