Every Wednesday, we delve into the latest fintech updates from across the UK. This week, we learn about new VRP offerings, while W1TTY toasts downloads success.
New platform launches to redesign delegated authority
DA-X, described as a first-of-its-kind global end-to-end digital solution for delegated authority, has launched in the UK.
The platform, co-founded by management consulting and technology company Synpulse and former lawyer Claire Knight, aims to offer a more affordable and organised solution than the traditional models of the division of labour.
Clare Knight, CEO of DA-X, said: “Delegated authority is a $4trillion global economy that is currently crippled by its expense ratio. At DA-X we have taken today’s broken and archaic processes and re-shaped them into a purely digital world that focuses on the stakeholders, the partnerships they want to build, and, crucially, the benefit to the customer”.
Gen Z finance app reaches 500,000 downloads
W1TTY, the smart finance app aimed at Gen Z and millennials, has surpassed 500,000 downloads less than a year after its launch in October 2021.
The UK-based fintech aims to empower the younger generation with their finances by offering in-depth educational services, spending analysis, reward schemes alongside a variety of other AI-led finance tools. The app offers 24/7 human customer service support and three per cent cashback on all purchases.
Ammar Kutait, CEO and founder of W1TTY commented: “To align and improve our offerings for the new-age generation, we remain in constant touch with them through research. We continuously work towards meeting the wants and needs of the Gen Z and millennials. The rate our downloads have grown is a testament to a desire for a unique, personalised, and supportive banking style, and we can’t wait to bring these services to the UK later this year.”
Credit solution provider expands services to the UK
Credit information provider CRIF has launched its consumer credit scoring service in the UK. The solution aims to help more people access affordable, responsible credit during the current tough economic climate.
The service utilises open banking technology to securely connect to a customer’s current account to access information about their financial situation. CRIF then categorises the data collected to highlight spending habits. It can also profile credit risk, financial health, cashflow forecast and more alongside allowing financial institutions to identify business development opportunities (for example, offering cheaper insurance deals).
Sara Costantini, regional director for the UK & Ireland at CRIF, said: “The cost of living crisis is putting a major strain on consumers and businesses alike. Without accurate, up-to-date credit information, many risk being declined financial support, face higher interest rates or could be offered unaffordable products.”
Plaid and GoCardless launch VRP products
Open banking platform Plaid and bank payment solution provider GoCardless have both released ‘Variable Recurring Payments’ (VRP) products, to enable customers in the UK to make recurring transfers between their own accounts.
The intended use of VRP is to replace current options such as direct debit and card-on-file to authorise future payments from one specific account; requiring only one authorisation to begin the process. Friday marks the Competition and Markets Authority’s revised deadline for banks to implement VRPs.
Dan Morgan, European policy lead at Plaid said: “In just five years since its inception, open banking has helped to bring a tremendous amount of innovation in finance to the market. Commercial use cases for Variable Recurring Payments have the potential to revolutionise the way money moves between consumers and businesses.”
Meanwhile, Duncan Barrigan, chief product officer and chief growth officer, at GoCardless, said: “We’re delighted to launch Instant Bank Pay for recurring payments, giving merchants a head start on VRPs as banks begin their rollout. We’ve now had hundreds of conversations with businesses across the country and what stands out again and again is their enthusiasm for VRPs.”
Sage launches software solution for UK manufacturers
Digital accounting software provider Sage has launched its ‘Sage Intacct Manufacturing’ solution in the UK as part of its early adopter programme.
The solution aims to simplify complex production and operations processes for businesses specialising in manufacturing and distribution.
Rebecca Bradley, commercial director at CPIO added: “The launch of Sage Intacct Manufacturing into the UK manufacturing sector opens up a world class solution to a market starved of accessible cloud-native manufacturing solutions.
“As an industry specialist, we know that the modern manufacturing business is less interested in monolithic solutions; they want agile, cloud solutions that allow them to respond faster to market demand, improve customer experience and compete successfully in, what continues to be, a really tough sector.”
Image and article originally from thefintechtimes.com. Read the original article here.