Category: Banking

BankingCash Management

Cardiff Business Secures £2.5m Second Charge Bridging Loan Within Just 3 Working Days

Pure Commercial Finance Secures £2.5m Second Charge Bridging Loan Within Just 3 Working Days

Commercial brokerage breaks records with speedy funding when previous lender pulls out of multi-million-pound deal last minute.

Pure Commercial Finance, the Cardiff-based brokerage, recently saved a multimillion-pound development by sourcing £2.5m of funding in just three days.

The client, an experienced property developer who wishes to remain anonymous, had a large site with planning permission for multiple homes. An existing lender had taken a charge out on the land to fund the project up to that point, but further finance was needed to complete the job to the developer’s high-quality standards.

This finance was secured, but even though loan documents had already been issued, the lender pulled out at the last minute.

The developer was blindsided and needed £2.5m of funding in days to prevent the development collapsing. Ben Lloyd of Pure Commercial Finance was approached by the developer to save the project, despite its very short turnaround time and a valuation which only covered the first charge amount.

Pure needed a new lender that would take a second charge behind the existing debt and would look at the overall merit of the land value and the final project, rather than the previous valuation. With these complications there are very few lenders that Pure could turn to and rely upon to deliver, so they approached Bushell Investment Group (BIG) who had shown the Pure team a proven track record of delivery in these types of situations.

The average industry turnaround time is around three weeks for second charge loans, but Pure completed the deal within three working days.

Ben Lloyd, Managing Director of Pure Commercial Finance said:

“Bushell Investment Group is an absolutely outstanding lender for complex jobs, especially in a time sensitive situation. I can tell that the BIG team worked as fast as humanly possible and that they wanted to prove that they could get this deal done.

“I worked very closely on this deal with Lee Bushell, the founder and principal of BIG, to make the deal happen.

“Even though there wasn’t a second valuation, which would turn off many lenders, BIG were comfortable with their own research that the asset was worth significantly more and decided to progress with the loan without the need for a new valuation.”

Transactional and Investment Banking

Symphony Communications Doubles Down on Automation and Global Community Growth at Annual Innovate Asia Conference

Launches Symphony Market Solutions to Address Growing Industry Need for Automation

Appoints Mrs. Queenie Chan as New Head of APAC

Symphony Communication Services, LLC, the leading secure team collaboration platform, is doubling down on investment in workflow automation and global growth. Ahead of its annual Innovate Asia Conference, and alongside the concurrent announcement of its latest Series E fundraise of $165 million, the company today revealed:

  • The launch of Symphony Market Solutions to address the growing need in financial services for system integration, digital transformation and workflow automation
  • Reaching a milestone 1,000 unique bots created and running on the Symphony platform
  • Appointing Mrs. Queenie Chan as the new Head of APAC to lead growth in the region

“Symphony, trusted by over 405 companies and 450,000 users, has already proven that its unique security and compliance model is indispensable to companies who care about data security and sovereignty. With the foundation of our business solidly anchored we are now focusing on how we can deliver the deepest benefits of our platform to our global community, who rely on the Symphony to perform mission critical work every day,” said David Gurle, founder and CEO at Symphony. “Deep value, for us, means providing users better and faster ways to work. Doubling down on workflow automation with Market Solutions is the first step in achieving this vision.”

Further information and demonstrations regarding today’s news will be shared live at Symphony’s annual Innovate Asia Conference, held in Singapore on June 13, 2019. 

 

Symphony Solves Complicated Workflows With Launch of New Market Solutions

Symphony today launched Symphony Market Solutions to address the growing need for workflow automation in financial services and other sectors.

Symphony Market Solutions is a suite of standardized, licensable software solutions purpose-built to simplify and automate complex and time-consuming workflows. Market Solutions will include: financial services workflow tools purpose-built for automation of trade life-cycle, enhancing client services across banking and wealth management and more; and enterprise integrations and workflows for IT, operations, sales, HR, developers and more. Symphony customers are already using these Solutions to achieve business outcomes including improved client experiences and employee productivity.

Specific Market Solutions available for customers today include a new workflow tool called SPARC, which lets Buy-side and Sell-side traders seamlessly shift from real-time conversation to RFQ negotiation, all in the same chat room; and other solutions such as integrations for Salesforce, ServiceNow, Confluence, Jira and GitLab. 

Since introducing its Software Developer Kit (SDK) in 2018, Symphony clients have developed more than 1,000 unique bots operating on the platform today. This number indicates the growing interest within the financial services community to leverage Symphony for key workflow automation initiatives. With Market Solutions, Symphony is now taking this to the next level by offering customers packaged and licensable solutions for the most requested workflows and automations.

“When we looked at the sheer number of bots that customers were developing, and we began to see patterns emerge when customers talked about the use cases they were looking to solve with them. This led us to identify the need for a standardized set of workflow automations that could be deployed across the Symphony community – as opposed to bespoke development of proprietary bots,” said Goutam Nadella, EVP of  Symphony Market Solutions. “Our Market Solutions can help alleviate the pain of the most complex, time consuming activities for our customers, while also helping them enhance the services they provide to their own end customers. Symphony customers will be able to install turnkey workflows to automate the completion of RFQs or even resolve a trade break, so that our users can better focus on what they do best: making the strategic decisions that their client depends on.”

All Market Solutions are built, licensed and supported by Symphony. Additionally, as part of the Market Solutions offering, Symphony also provides a wide range of licensable third party applications to enhance and facilitate customer’s digital transformation and workflow automation initiatives.

Symphony Names Mrs. Queenie Chan as Head of APAC to Lead Regional Growth and Development

In her new role as Head of APAC, Queenie Chan, formerly Head of North Asia, will lead Symphony’s expansion in this key region. Symphony is already well-established in the region: it hosts offices in Singapore, Hong Kong and Tokyo and 32% of its users are located across eight key APAC countries including China, Japan, Singapore, Malaysia, the Philippines, Australia, India and Hong Kong. 

“After having spent 15 years in Capital Markets in Asia with banks including CSLA, Barclays and Goldman Sachs, I wanted to join a high growth technology firm. Symphony was definitely the right choice as it has offered me an incredible opportunity to grow myself and the business,” said Chan. “I am very proud and grateful to the global Symphony team, and of our accomplishments to date in Asia.  I can’t wait to embrace wholeheartedly the next opportunities as we introduce Symphony Market Solutions to the market.”

Banking

Those living ‘unbanked’ and what that means for financial inequality

Those living ‘unbanked’ and what that means for financial inequality

Inequality is a major issue around the world. However, it is even worse amongst those who have no access to banking. The World Bank estimates that about three-quarters of the world’s poorest are unbanked. If the world is to solve the problem of financial inequality on a global scale, there is a need to ensure that there is basic access to banking services.

 

What does it mean to be unbanked?

 

An unbanked person is one who does not hold an account at a formal financial institution. As a result, such a person cannot access basic global financial services such as a savings account, credit, money transfers, and much more. To access these services they use informal means.

 

Who are those that live unbanked?

 

FairPlanet’s researched further. The unbanked are mainly:

  • Those in households with unstable or low incomes
  • Those in less – educated households
  • Younger households
  • More female than male
  • Disabled households of working age

Some of the reasons why these groups are unbanked are:

  • There is not enough money to open or maintain an account
  • Avoiding financial institutions gives them more privacy
  • They do not trust banks
  • Accounts fees are unpredictable or too high
  • Problems with credit, ID, or former accounts
  • Banks do not meet them at their point of need
  • Inconvenient hours and locations

 

What does this mean for financial inequality?

 

There is a high correlation between global statistics on the unbanked and poverty. For one, 75% of all unbanked people are poor. Besides that, they are unable to access basic social support services. In the developing world, it means things are much worse for women. There is a majority of ubanked women – 55% women compared to 46% of men.

 

For the unbanked, access to any financial services comes at an extra cost. For instance, they have to account for the cost of travel when they need financial services. This takes away crucial hours that could be used to earn. Besides that, they are left at the mercy of loan sharks who charge exorbitant prices for loans; this only serves to drive them further into poverty.

 

The technology advances that might help

While the unbanked don’t have bank accounts, credit cards or loans – they do have smartphones. Globally, six billion people around the world have access to a mobile phone – which includes at least half of the world’s unbanked population. The mobile money market is making great headway in developing countries.

The hyper connected digital world of today’s commercial environment is one where participants are required to have a bank account to send and receive payments both at home and abroad. Services like Venmo, Paypal, and Payoneer aren’t compatible with the unbanked population, and services that are, such as Western Union and Ria, are exploitatively expensive.

With the advent of blockchain technology, the unbanked will have access to digital payments and remittances. One promising technology that could help to provide banking services to those with no or limited access to the banking industry is the blockchain. Blockchain technology is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.

 

This way, they will have the information needed for them to set up bank accounts and go on with their lives using this technology. The digital and verifiable profile, which is secured by the blockchain, will allow former refugees to access loans and build business wherever they go. In the process, it will be a step towards helping to solve the issue of global poverty. While most poor people do not have access to financial services, they do have smartphones and these can be used to capture their details digitally.

 

FairPlanet, a non profit platform concerned with human rights issues, is launching SatoshiPay on their site, an innovative micropayment solution. With a free $10 to donate, they are a perfect example of a company taking the right steps to a financially inclusive world.

Cash Management

What can cryptocurrencies offer during political upheaval?

Commentary by Ana Bencic, founder & CEO of Nexthash

The political and economic climate within the UK has been uncertain in recent months. The value of the pound has been turbulent and it has been rising and falling in response to political events, such as the Brexit vote and the recent departure of the prime minister. Investors who have been taking notice of the unpredictable nature of fiat currency’s’ value in relation to political events, as well as the near-constant rise in the value of several cryptocurrencies, will be looking at what makes cryptocurrency a viable alternative to traditional currency.

 

After experiencing a 4-month slump due to Brexit insecurity, the pound rose back up to $1.2710 shortly after the Theresa May’s announcement of resignation. Unfortunately, the recovery was short-lived and the pound almost immediately lost 3% of its value in the following days. Now, traders are showing concern that the next prime minister may seek a tough Brexit deal, which may hurt the value of the pound more than before. With more uncertainty than ever in the market, including the inability to hold above 1.27, the pound, it is clear that the value of pound sterling is predicated on political factors.


In stark contrast, cryptocurrencies like Bitcoin appear to be unaffected by political upheaval. The value of Bitcoin recently exceeded $8000, after a period of sustained growth over several months. Investors who are wary of traditional currencies will be attracted to the fact Bitcoin does not rely on any financial institutions or third-party entities. Bitcoin is a decentralized currency that uses peer-to-peer technology, which enables all functions such as currency issuance, transaction processing and verification to be carried out collectively by the network. While this decentralization renders Bitcoin free from government manipulation or interference, the flipside is that there is no central authority to ensure that things run smoothly or to back the value of a Bitcoin. Bitcoins are created digitally through a “mining” process that requires powerful computers to solve complex algorithms and crunch numbers. They are currently created at the rate of 25 Bitcoins every 10 minutes and will be capped at 21 million, a level that is expected to be reached in 2140.

Additionally, Bitcoin effectively increases efficiencies, adds security to transactions and eliminates traditional methods of fraud. Some economic analysts predict a big change in crypto is forthcoming as institutional money enters the market. Moreover, there is the possibility that crypto will be floated on the Nasdaq, which would further add credibility to blockchain and its uses as an alternative to conventional currencies. Some predict that all that crypto needs is a verified exchange traded fund (ETF). An ETF would definitely make it easier for people to invest in Bitcoin, but there still needs to be the demand to want to invest in crypto, which some say may not automatically be generated with a fund.

 


Cryptocurrencies are increasing in popularity with each passing day, as traditional investors & traders start to use it more often and several major first-world nations pass legislation in support of cryptocurrency trade and investment. At this point in time, there are 14 million Bitcoins in circulation. Countries with underdeveloped infrastructure and nations experiencing devaluation of their national currency can seize the advantages of cryptocurrencies- for the simple reason they are able to move money across their country’s borders with far greater ease than traditional currency. Cryptocurrencies exist outside of the control of central banks, where traditional accounts can be garnished or frozen. In fact, cryptocurrencies like Bitcoin exist outside the regulations and laws that allow this to happen, it’s very rare to be unable to access your coins.





 

 

Cash ManagementFinanceSecuritiesTransactional and Investment Banking

What is next for cryptocurrency?

The rise of cryptocurrency is to be seen as a democratising force within the global economy. For example, secured token offering, has emerged as a true competitor to the traditional Initial Public Offering (IPO) for growing businesses. Judging from the growing acceptance of cryptocurrency by countries and companies, it is predicted that institutional investors will move towards secure cryptocurrency investments over the next decade, if not earlier. Ana Bencic, President and Founder of NextHash explores this phenomenon in more detail.

 

Uber Technologies Inc.’s large initial public offering launched in May and the ride-hailing app has run into some trouble. Uber proposed to go public with a $120 billion valuation, to be pitched by financiers at Morgan Stanley and Goldman Sachs ahead of its IPO. Nonetheless, the company eventually listed with a $75.5 billion market cap. The New York Times elucidated that institutional investors, many who privately owned Uber stock, would not purchase additional shares at a higher price. Uber had received in excesses of $10 billion from institutional investors and private equity firms, among other investors, according to the report and many bought their Uber shares at valuations below $61 billion.

 

The ride-hailing giant priced its IPO on Thursday 9th May at $45 a share, raising a minimum of $8.1 billion and putting Uber’s IPO well behind some of the other, large offerings on the U.S. market in recent years. Facebook Inc raised $16 billion its offering in 2012, while Visa Inc. raised close to $18 billion in 2008 and Alibaba Group Holding Ltd. brought in around $25 billion in 2014.

 

Initial Public Offerings can offer companies the prospect to raise new equity capital; to monetise the investments of private shareholders such as corporation founders or private equity investors and to enable simple trading of existing holdings or future capital raising by becoming publicly traded enterprises. 

 

Nevertheless, for companies looking to list, there are potential drawbacks. Foremost, there is the risk that the required funding will not be raised. Additionally, the cost for accounting, marketing and legal professionals to get to the point of an IPO can be sizeable. It might also necessitate a significant amount of time and effort from the management team, potentially disrupting them from their primary task of running the business. Furthermore, as in Uber’s case, there is a. While no promises can be made in these circumstances, many may be looking at the recent state of these tech unicorns (privately held start-up enterprises valued at over $1 billion) such as Uber and even Facebook may have people pondering if the next big thing will follow the same path. 

 

Aside from financial sacrifice, the time and effort to get to the IPO stage and the administration required once a company has gone public or floated, is considerable. For companies at the front-line of technological advancements, time is of the essence. According to Street Directory, an IPO typically takes between six and nine months. In some cases, this procedure can take up to 18 months. For high-growth businesses, this kind of interval may well bump potential unicorns off their path to a £1 billion valuation and present their rivals with a huge advantage. So what other prospects do highly scalable businesses have? 

 

The cryptocurrency market provides distinctive opportunities for businesses in need of access to vital growth finance and for investors desiring access to potential unicorn businesses at an early stage. This is made likely by cryptocurrency platforms’ capacity to operate across borders, an advantage that isn’t possessed by conventional markets.

 

In April, the French parliament permitted a ground-breaking financial sector bill which aims to encourage both cryptocurrency traders and issuers to set up in France. Organisations looking to issue or trade both existing and novel cryptocurrencies will soon have the option to apply for official accreditation.  The scheduled certification process exhibits a degree of official acknowledgement of the cryptocurrency marketplace. Bills like this enable French investors to trade and invest cryptocurrencies, as well as facilitating businesses to be traded as a Secured Token Offering which would give investors, traders, and entrepreneurs a way to trade and exchange tokens for cryptocurrencies, bringing the ecosystem into the cryptocurrency world. In exchange for charging tax, France is laying the foundations for the Europe-wide adoption of cryptocurrency trading.

France is pushing for the European Union to adopt a regulatory framework on cryptocurrencies.

 

There has been a largely positive attitude towards cryptocurrency by several countries. Malta, Slovenia and France are strong examples of those who are encouraging the implementation and use of cryptocurrency for trading and investment. The ability to invest or trade freely and across borders is an attractive prospect for businesses, who are able to receive financial investment from foreign parties.

 

New technologies are allowing businesses that are not in a jurisdiction that has cryptocurrency regulation in place yet to be included in the new, second generation of scaling business investment. 

 

With Brexit on the horizon for the UK, economists are making their forecasts about how the worth of the pound will be affected. Due to the interdependence of the pound and euro, some have claimed that in either of the potential outcomes- there will likely be some loss in value to these traditional forms of currency.  Cryptocurrencies offer an alternative to traditional, fiat currencies for both consumers and companies, due to their unique advantages of being decentralised, transparent and wholly unaffected by the Brexit situation

 

With incongruent regulation and legal frameworks throughout the globe, platforms that empower a corporation or investor in one jurisdiction to trade or exchange tokens or currency with another trader in another country with a different statute could open the doors to potential unicorn companies to thousands of family offices, hedge funds and institutional investors in a matter of years. In the medium term, platforms that give businesses access to global growth finance could help developing countries and the wider global economy grow at a truly competitive rate to their Western counterparts. 

 

CONCLUSION

 

Cryptocurrencies have spent the last few years in a stage of growth and maturation. The emergent importance of blockchain-based cryptocurrencies is easy to grasp today. From the snowballing rate of adoption of Ethereum and Bitcoin by conventional institutions, the instituting of digital-assets trading platforms and the implementation of cryptocurrency-specific legislation by numerous countries both inside and outside of the EU- cryptocurrency is seeing far greater adoption by both institutional and private traders/investors. With the ability to invest in a corporation from anyplace in the world, quicker than by traditional means and with a far greater potential for a swift return on investment, cryptocurrency offers manifold unique and substantial advantages that have fortified it a lasting place in society.

 

 

Banking

Open banking: Threat or opportunity?

By Tiffany Carpenter, Head of Customer Intelligence at SAS UK & Ireland

Redefining banking in a financial services market where your biggest competitor may be Amazon or Google, not a traditional bank.

 

Open banking may not have made much of an impression on consumers yet. But it’s a topic that the industry cannot afford to ignore. Tier one UK banks are already bound to grant licensed startups access to transaction-level data, and smaller banks are likely to have to follow suit in the near future. The potential impact on the banking landscape is profound.

 

Today, the standard business model for retail banks is to build strong relationships with their customers by offering free current accounts and other incentives. These services are a net cost to the business, but they help the banks win trust and provide a channel for marketing more profitable products, such as mortgages, loans and wealth management services.

 

Open banking threatens to sweep this business model away like an avalanche. Agile fintech companies are already developing apps that aggregate all the financial services that a customer receives from any provider, creating a single point of control.

 

This will certainly improve the banking experience for most consumers. But it will also add a new layer between banks and their customers. All communication with the customer will happen via the app – and the app provider will control that communication channel, not the banks.

 

According to market analysts, this poses a real threat. If a bank can’t upsell high-value services to its customers, it may be left with a thin share of the market. Banks could be drowning in current accounts while app providers skim the cream of profitable loans and investment services off the top. Bain & Company point out that similar disruptions in industries, such as music and travel, have seen incumbents’ profits fall by 10% to 20%, often within fewer than five years.

 

Threat or opportunity?

 

While the stakes are high, the odds are still in the banks’ favour – at least for now. For decades, they have collected data on millions of customers and billions of transactions, across the whole spectrum of financial services. This data is a priceless source of insight that banks can use to create customer experiences that their data-poor fintech competitors simply can’t match.

 

For example, instead of just helping customers make payments or check their balance, a new generation of banking apps could provide users with much more relevant, personalised advice. By comparing individual spending patterns with the behaviour of a wider population of users, they could pinpoint topics that users really care about –reducing utility bills, for example, or paying off a mortgage – and suggest helpful strategies for meeting their financial goals.

 

Serious competition

 

Banks aren’t just worried about competition from fintech startups. There’s also a risk that other data-rich companies could make a beeline for the financial services market. Amazon, Apple, Google and other tech giants already have enormous quantities of information about consumer spending habits, as well as some of the world’s most talented data scientists, UI and UX developers. If they want to build the world’s best banking app, they seem to have all the right tools already. What’s to stop them from seeing financial services as their next market to dominate?

 

Again, the answer is that banks still have the advantage, at least in the short term. There is more to a user’s personal finances than just online shopping habits. And banks have a much more complete picture of how people borrow, spend and invest their money across mortgages, loans, credit cards, savings accounts, stocks and funds.

 

More importantly, customers trust their bank to manage both their information and their money. As a heavily regulated industry, banks simply cannot afford to play fast and loose with their customers. Meanwhile, barely a week goes by without another scandal about an internet company selling, losing or misusing customer data.

 

So while you probably trust online retailers to deliver your shopping, you might still have a few qualms about letting them manage your pension.

 

That said, customers’ trust and loyalty are finite commodities. If banks don’t act on their advantage now, they will lose it little by little. An outstanding user experience can easily seduce customers. And if you can’t provide one, your competitors certainly will.

 

On your marks

 

In short, the race to build the killer banking app is on – and banks, fintechs and other players are all in the running. Whoever gets there first will win it all, leaving the others scrambling to redefine their role in a banking industry that bears little relation to today’s world.

 

The difference between winning and losing, as we’ve already hinted, will be in the data. If banks can mobilise the treasure trove of data they already possess and harness artificial intelligence and machine learning to bring insights closer to the point of customer interaction, then they will be in a powerful position to lead the next stage in the evolution of financial services.

 

And that’s not just wishful thinking. Take a look at our case study with ICA Banken. SAS solutions are helping ICA Banken analyse customer behaviour online and combine it with historical banking data to create a fully personalised and customised user experience. While customers browse the ICA Banken site, intelligent algorithms automatically assess their needs and display helpful information and relevant offers in real time, resulting in a tenfold increase in conversion rates for the bank’s campaigns.

Cash Management

Financial tools for budget-conscious freelancers & small businesses By Inna Kaushan, Solna

Running your own business can be high-pressure and expensive. With inevitable juggling of tasks, it is easy to leave financial management on the back burner. However, getting your finances organised and under control doesn’t have to be difficult, time consuming, or dull. You just need the right tools with the right automation!

 

Fortunately, there are plenty of free (or low cost) tools to give you a helping hand.

 

  1. Expensify: Expense management

 

Anyone working for themselves knows the pain of sorting through a pile of receipts: you promise yourself you’ll keep your receipts organised, but it can be boring, time-consuming, and even difficult to manage. A train ticket, a coffee, expenses soon mount up and find you have six months’ worth of expenses to go through.

 

Expensify is great for people who pile up receipts. It offers receipt scanning, next-day reimbursement, GPS mileage tracking, and tax tracking. You can allocate costs to specific jobs, set up unlimited categories, and import your credit or debit cards so that everything sits under one account. It consolidates all your expenses and makes them easier to manage.

 

It even comes with a virtual assistant driven by AI: Concierge. This reminds you to submit receipts, review reports, and automates things for you.

 

How much does it cost? Individual plans are £3.99 a month and group plans start from just £4 per user/month.

 

  1. Monese: Personal and business banking

 

‘Next-gen’ banks using smartphone technology have gone above and beyond to improve our banking experience. Their apps allow you to manage everything remotely, online, and in the cloud.

 

Monese provides freelancers and small businesses with a UK-based bank account that can be set up within hours. It is completely mobile, so you can manage all your banking needs using the smart mobile app that has been especially designed to provide flexibility and easy transfers.

 

If you pay for your Monese account, you can use your card anywhere in the world with no fees! You can also manage your account in 10 different languages.

 

How much does it cost? If you’re a freelancer, you can use Monese’s free account that will give you access to all the features, but will charge you for cash machine withdrawals and payments abroad. You’ll even have to pay a fiver to get your card delivered. The two paid accounts cost £4.95 and £14.95, where you’ll get a free card and will be able to access some or all those features for free. There’s also a business account (£9.95 a month) where you get a two-in-one Monese Business and Monese Plus personal account. You’ll be able to separate your business and personal spend with free dedicated debit cards and manage both seamlessly from one place!

 

  1. Emma: Budgeting and savings

 

If you want to be good with your money, Emma is a handy little tool that lets you effortlessly manage your cash flow and gives you the control you need over your finances. Thought to be the UK’s answer to Mint, Emma’s main goal is to improve the financial situation of its users. It works by aggregating your bank accounts and credit cards to give you a full picture of your finances.

 

Emma acts as your personal finance adviser by keeping track of all your spending, subscriptions, and even alerting you on any overdrafts. Emma can also help you keep track of debt repayments and it even prompts you to save money by suggesting what you can afford to save at the end of each month. Yes, it’ll spot if you’ve been buying too many flat whites!

 

How much does it cost? Emma is free to use but users also have the option to upgrade to Emma Pro for premium features including custom categories, unlimited budgeting, and data exports

 

 

  1. Solna: Invoicing

 

For some freelancers and small businesses, getting paid means sending email attachments, mailing pieces of paper, sending chaser emails etc. While it might sound simple, it can often all end up being a massive admin job without the right help.

 

If you want to get paid on time, smart invoicing is the way to go — Solna is packed with smart features to protect freelancers and small businesses whether they’re new to the game or not, and it makes invoicing quick and easy. 

 

With Solna, users can create, customise and send invoices in seconds. It also sends automatic payment reminders to those annoying late payers and lets you track every invoice until it’s in your account. Invoices also come with read receipts, so no more chasing random accounting people either. It will help you get paid faster.

 

You can also get a better view of who you’re doing business with and make the best decisions when setting payment terms using Solna’s credit check facility. It’s an invoicing tool with brains.

 

How much does it cost? You can sign up to Solna’s free version that provides access to invoice templates and customers’ credit scores for a limited number of customers. The paid packages give you invoice tracking, recurring invoices, advanced reporting in addition to more customers and templates.

 

  1. Stripe: Payments

 

As a freelancer or small business, maintaining your cash flow is crucial, so it’s in your best interest to avoid long delays between the time of sale and getting paid. Offering your customers multiple payment options is one way to avoid this — the more payment options you offer, the fewer excuses your clients will have to delay payment: online, mobile or contactless.

 

Stripe is your one-stop-shop for everything you need to get paid. Used by millions of businesses, Stripe is secure and easy for your customers to use and allows you to accept online and in-person payments from anyone in any country.

 

 

How much does it cost? Stripe charges a standard 1.4% transaction charge plus a 20p per transaction fee for European cards and 2.9% plus a 20p fee for non-European cards. There are no setup, monthly or hidden fees and you only have to pay for what you use.

 

Cash Management

Sphera Acquires Chemical Data Management Software Company SiteHawk

Sphera, the largest global provider of Integrated Risk Management software and information services with a focus on Environmental Health & Safety, Operational Risk and Product Stewardship, announces the acquisition of SiteHawk, a leading software and services provider for Safety Data Sheets (SDS) and chemical data management solutions.

 

Sphera acquired SiteHawk, a Smyrna, Tennessee-based software company, to advance usability and capabilities for chemical management and managed regulatory content. The SiteHawk product accelerates Sphera’s next phase of product integration for Product Stewardship into SpheraCloud, the Software as a Service (SaaS) platform that was launched in 2017. 

 

SiteHawk’s chemical management products are used in many of the industries that Sphera works with, including manufacturing, Oil & Gas and chemical manufacturing.

 

“The acquisition of SiteHawk not only expands Sphera’s cloud-based solutions, but also extends Sphera’s Product Stewardship content, services and markets while extending our leadership position in the Product Stewardship space,” said Paul Marushka, Sphera’s president and CEO. “As the industry leader, we believe it is critical to continue innovating and expanding our portfolio of cloud-based and content solutions while also enhancing our world-class, on-premise products. We also want to welcome SiteHawk’s current customers and colleagues into the Sphera family.”

 

These deals underscore Genstar Capital’s commitment to investing in Sphera to enhance their product breadth for their global customers. This marks Sphera’s fourth acquisition, following deals to acquire Rivo Software in 2017, sparesFinder in 2018 and Petrotechnics earlier this year. 

 

“Genstar is committed to growing the Sphera brand through strategic investments,” said Geoff Miller, principal at Genstar Capital. “The SiteHawk acquisition will serve to enhance Sphera’s industry-leading solutions in the Product Stewardship space as part of a comprehensive Integrated Risk Management strategy for chemical management.”

 

Sphera is a portfolio company of Genstar Capital, a leading middle-market private equity firm, which acquired the OERM business (now Sphera) from IHS Markit in June 2016. Vaquero Capital acted as financial adviser to SiteHawk during the transaction. SiteHawk is backed by Level Equity. Financial terms of this transaction were not disclosed.

Cash ManagementTransactional and Investment Banking

Aryaka Raises $50M to Accelerate Global Managed SD-WAN Expansion

Series F, Led by Goldman Sachs, Enables Company to Quickly Grow Revenues, Headcount & Global Footprint

Aryaka®, the global leader in managed SD-WAN, today announced it has closed a $50 million Series F round of funding led by Goldman Sachs Private Capital Investing. This brings Aryaka’s total funding to $184 million. Additionally, it was announced that Matthew Dorr of Goldman Sachs will join Aryaka’s Board of Directors as a Board Member, and Michael Kondoleon will join as an observer. Goldman Sachs will be joining existing investors including Trinity Ventures, Mohr Davidow Ventures, Nexus Venture Partners, InterWest Partners, Presidio Ventures, Third Point Ventures and DTCP.

The funding will be used to scale business operations, grow revenues and hire exceptional talent, as Aryaka continues to see larger deal sizes and global customer expansion.
“We’re constantly evaluating the market for high-growth companies that are leaders in their space. Our research shows that Aryaka offers a compelling solution for the SD-WAN market that continues to grow exponentially including increased adoption of SD-WAN managed services,” said Matthew Dorr, vice president at Goldman Sachs Private Capital Investing. “We decided to invest in Aryaka because of their highly differentiated offering, strong customer base, global footprint and their experienced management team.”

“We are pleased to receive this investment from Goldman Sachs. This new investment allows us to further accelerate our business momentum and endorses our growth strategy,” said Matt Carter, CEO of Aryaka. “We are extremely well positioned to help our customers drive WAN transformation and their multi-cloud and application performance initiatives; all while being delivered ‘as-a-service’.”

In the last twelve months, Aryaka has continued to accelerate business growth, which has resulted in thousands of globally managed sites and significantly larger annual recurring revenue (ARR) streams. The Company has also brought in seasoned members to its leadership team, established new go-to-market partnerships and continued to build out a best-in-class global network of points-of-presence (POPs). These POPs have been supplemented with global Network Operations Centers (NOCs) and 24X7 support.

As multi-cloud requirements have grown, Aryaka has cemented partnerships with the leading public cloud providers including AWS, Microsoft Azure, Google, Oracle and others. These partnerships allow Aryaka to offer the industry’s best managed cloud connectivity options and deliver a true, multi-cloud solution. In addition, through partnerships with Palo Alto Networks, Symantec and Zscaler, Aryaka brings a full-fledged security solution to the edge.
Aryaka’s continued innovation around its orchestration platform, connectivity solutions, edge devices, WAN optimization and security software all combine to form the most integrated solution in the industry. Aryaka is the only SD-WAN platform that has both the technology stack as well as a highly available global network that offers managed services at scale. This platform provides customers a seamless solution and delivers the best possible end-user application experience. Aryaka currently has more than 800 global customers, including JAS Worldwide, HMSHost International, Makinohttps://www.aryaka.com/press/sd-wan-revolutionizes-manufacturing-it/], [Pilot Freight, Element Solutions, Allegis, and City & Guilds Group.

For more on Aryaka, please visit: https://www.aryaka.com/
Visit the Aryaka blog: https://www.aryaka.com/blog/https://www.aryaka.com/blog/
Follow Aryaka on Twitter: @AryakaNetworks
Visit Aryaka on LinkedIn: https://www.linkedin.com/company/aryaka-networks/

Banking

UK banks must collaborate with fintechs to transform payments industry

New Research Reveals Disruptive impact of technology needed to harness new payment opportunities

https://irishadvantage.com/white-paper/paytech-reinventing-transactions/ 

The UK payments industry is undergoing an unprecedented transformation, driven by the twin engines of growing adoption of technology and changing consumer expectations. This has led to a race to launch innovative new payment products, services and business models to meet growing customer demand.

This is according to new research, Paytech: Reinventing Transactions. Commissioned by Enterprise Ireland, the second largest investor in fintech companies in the world by deal count. The research demonstrates traditional banks are being increasingly disrupted, as technology-enabled businesses carve out a completely different payments ecosystem. The result is a proliferation of new opportunities, as banks, long the cornerstone of the payments sector, are both challenged by – and themselves embrace – new digital payment options.

The customer demand and business case for an improved payment experience is clear. The UK market, in the past 10 years, has seen a 33% decline in the number of cash payments.[1] 2018 alone representing a 15% drop.[2] The changing consumer preference in the UK is further exemplified as the UK ranks higher than every other EU market for cashless payments. In addition, a consumer survey[3] showed 82% of respondents were dissatisfied with the service received from incumbent money transfer operators and banks, citing slow, complex, non-transparent and inflexible traditional payment options.

Due to the slow pace of innovation over the years, incumbents are seen to lack the agility and capabilities needed to enable a seamless transition to more open, intuitive and secure methods for card-based payments, cross border payments and account-to-account payments. However, according to J.F. Clarke, Fintech Market Advisor at Enterprise Ireland, collaboration between the traditional banks and fintech companies is essential.

“In an environment where smart phones are ubiquitous, consumers have come to expect payment solutions that are seamless and available 24/7 across different channels. The UK market is no different. The pace of life in the UK has changed, consumers are more cash-rich and time-poor than ever before and businesses must adapt effectively to maintain their customer base. Traditional forms of banking have become almost obsolete, particularly across the younger generations who are far more familiar with digital software like Apps than cheques. UK banks must employ fintechs to modernise their systems and ensure the Paytech industry is striving for greater stakeholder collaboration and creating a more unique, innovative and competitive solution for customers.”

Enterprise Ireland client, Webio, The Conversational Middleware Company, recently launched WebioPay which enables enterprises to take payments directly within conversational messaging streams such as SMS, Messenger and Whatsapp; across 120 Payment Service Providers. “It makes perfect sense to combine the explosion in messaging apps with the revolution that’s now taking place in the payments industry.” Said Cormac O’Neill, CEO of Webio. “British consumers are more comfortable conversing with brands via messaging so why not empower them to make payments within the same conversation? That’s what WebioPay does, it’s an exciting opportunity for businesses and consumers alike”. Webio are currently deploying WebioPay in some of the UKs leading brands in Retail, Utilities and Financial services.

The research also outlines how recent mandatory regulations such as PSD2 and GDPR and their impact on the payments industry, will encourage the use of technology, such as Machine Learning, Artificial Intelligence, Big Data Analytics and Blockchain.

“As the global payments industry undergoes unprecedented transformation, Irish innovation is helping to reinvent payments around the world. This is due to the expertise that has emerged in Ireland, as an internationally acknowledged global fintech hub” added J.F. Clarke.

“Implementation of advanced technologies such as machine learning, artificial intelligence and big data analytics facilitate automation and predictive analytics; applications based on these capabilities add value across multiple functions. Innovative products, services and business models create new growth opportunities and increase agility of enterprises,” said Adrian Drozd, ICT Research Director at Frost & Sullivan and author of the new research.

[1] Telegraph, 2018

[2] UKTN, 2018

[3] Amdocs Consumer Survey, 2016

 

Cash Management

Protecting your family legacy in a digital age

By Alex McCready, Head of Reputation and Privacy at Vardags

 

“It’s the family name that lives on. It’s all that lives on...” (Tywin Lannister, Games of Thrones)

 

We all care deeply about our family and want to ensure that whatever we pass onto younger generations stands the test of time. This concern is particularly acute for prominent families. When the older generation passes on a corporate dynasty to the younger generation – it is not only business assets and wealth they are passing on, but the family’s reputation and legacy.

 

The reputation of a family can be one of its greatest assets, but it is something that needs to be protected and cultivated. The line between business and personal is often blurred. For example, a business closely linked to a prominent family is particularly vulnerable, as any damaging allegations / controversy about a particular family member will have ramifications for the business as well.

 

Family legacy and succession planning is a hot topic and one that any family office or wealth manager will be well versed in. At Vardags, we think safeguarding reputation is an essential part of succession planning.

 

So what steps should prominent families be thinking about in this situation?

 

Knowing what’s out there

 

Despite the rise in technology, many of us don’t actually know what information is out there about us online.

 

One of the most empowering things a family can do is to establish precisely what information is out there about family members and those closely associated with the family. The results are almost always surprising. It will often uncover:

 

  • Private information that they didn’t know was available, such as homes addresses, family photographs and details of planning applications – see ‘Protecting the Private’ below
  • Some of the information might be disparaging – perhaps on blog sites or social media
  • You might realise that the family’s online reputation doesn’t match the family’s values. For example, there is huge amounts of information about a controversial investment or business deal, but very little about the family’s philanthropic work

This information is critical to understanding your family’s current reputation and, importantly, what you want it to be for generations to come.

 

Protecting the private

 

Without being alarmist, prominent families are at a greater risk of being targeted by cyber criminals and identity thieves, as well as kidnap and blackmail attempts.

 

One of the easiest steps a family can take is to minimise the amount of private information available online; for example, residential addresses and other personal biographical data, such as photos or images of homes of your children’s school. Information available on social media also provides a rich source of intel for the unscrupulous. For example, if a family member checks into locations or venues via social media, they can quite literally be creating a map of their movements for members of the press, or worse, criminals. Some basic changes to social media privacy settings can disable these location services.

 

Next Gen’s online legacy

 

It only takes one careless tweet, indiscrete Instagram snap or careless remark to tarnish a family’s reputation.

 

What the older generation did as teenagers is, thankfully, less likely to come back to haunt them and is generally limited to some embarrassing photographs in a friend’s photo album. The risk for today’s Next Gen are far greater, as many are living their lives through social media. The toddlers of today will have a significant online legacy by the time they turn 21 and are looking for a job. It’s already become part of the recruitment process for employers to take a look at a prospective employees Facebook page, and this is only going to continue.

 

A blanket ban on social media is both unrealistic and unnecessary. But education on the risks associated with social media is essential. Basic guidance on privacy settings on sites like Facebook and Snapchat is key.

 

I’m seeing some families even drawing up a family social media policy. This can be as simple as an agreed set of guidelines on what the family’s approach to social media will be. The policy should reflect the family’s values, such as agreeing that overt demonstrations of wealth don’t fit with those values. For example, the family might want to draw a very distinct line between individual family’s members and the family business. Alternatively, the family members might be an intrinsic part of the business and part of the family “brand” – in which case making sure there are clear parameters on what is and isn’t acceptable is absolutely critical. 

 

The aim is to both protect the family and encourage family members to live by its values, whatever those may be.

 

Dealing with disputes

 

Families argue. That’s an inevitable fact of life. But families should do all they can to ensure that those dispute aren’t conducted in the full public gaze and don’t irrevocably harm the family’s reputation and business.

 

We’ve seen one family break-down hitting the headlines in the US recently. The Dorrance family, who have a controlling interest in the Campbell Soup Company, have come under the spotlight following the death of their patriarch and the long-time Campbell chairman, John T. Dorrance Jr. Some family members announced their intention of selling their shares, which led to turmoil at the company and attracted the interest of an activist hedge fund.

 

Having a plan which sets out how family disputes are dealt with is vital. It’s also crucial to give the media as little ammunition as possible should the family end up in the headlines. That is why the steps outlined above are so valuable for minimising the risk of a small story mushrooming into a big one.

Alex McCready, Head of Reputation and Privacy at Vardags
Transactional and Investment Banking

GODWIN OPENS LONDON OFFICE IN LINE WITH UK EXPANSION

GODWIN Group, the UK-based property development and investment company, has continued its growth, recently opening a London office to add to its existing bases in Nottingham and Birmingham.

The new London outpost, based in the heart of the capital in prestigious Mayfair, provides a new base of operations for both arms of the business, Godwin Developments and Godwin Capital.

Godwin is already creating links to Greater London, the South East and South West of the UK and further expanding the geographical scope of Godwin Developments’ commercial and residential portfolios.

The new location will also provide important access to London’s financial network and wealth-raising opportunities for Godwin Capital, the investment arm of the business.

Andrew Mitchell, group investment director of Godwin Group, said: “As a leading international financial centre, London is a key location for Godwin Capital to enhance its corporate profile, provide expansion opportunities and access to one of the world’s deepest pools of capital.

 “The build-to-rent (BTR) sector continues to grow apace; operators are looking to take advantage of improved yields and a wider selection of sites across the UK as infrastructures improve and lower land prices make development lucrative.

“Many of the key players in this market are based out of head offices in London. Godwin Group’s new London office is strategically located to provide this vital link, local contact and expertise for its regional businesses.”

The London office launch comes after a number of high-profile new hires at Godwin Group. Staff numbers have increased by 60% as the firm’s growing number of regional projects has expanded.

Recent successes include planning approval for Godwin’s proposed new BTR scheme of 201 apartments at The Landmark development in Derby, Godwin Capital’s launch of innovative new investment products and the launch of the group’s BTR brand called Core Living – which plans to build up to 2,500 new homes over the next four years.

Stephen Pratt, group land director of Godwin Group, said: “Godwin Group has seen huge growth over the past months. Our new London office will allow us to accommodate further expansion plans and look to reach new markets in our key sectors.

“These are exciting times for Godwin Group and we are looking forward to expanding our network even further with the opening of our London office.”

Visit Godwin Group on https://www.godwingroup.co.uk/

FX and Payment

The 7 benefits of using an mPOS (mobile point of sale) system

Calling all businesses- 5G network is almost here! With over two thirds of payments being by card, it is no surprise that a faster, more efficient network could translate into faster, more efficient sales. If you are a business that has been accepting card payments for a while, you have probably familiarised yourself with a traditional POS system.

 

A traditional POS system is a fixed monitor with a touch screen that often links to your cash register, telephone line and central processing unit. MPOS (mobile point of sale) is the latest trend using a portable smartphone or tablet that functions as a register for taking payments. With contactless payment methods like Apple Pay increasing in popularity, mPOS is for the customers who simply want to tap their phone and go.

 

Want to learn more about the benefits of using mPOS as opposed to traditional POS systems? The business communications specialists at A1 Comms have compiled a list of 7 benefits using a mPOS system. Having worked with leading networks such as EE, 3, 02 and Vodafone, they understand that businesses need a fast, reliable network to secure continuous sales via mPOS systems. That’s why they have been providing business to business communications since 1997.

 

1) It’s more cost effective

 

Traditional POS systems usually have a high upfront cost. Typically, this is around the £1000 mark, plus another £800 a year to continue using updated POS software. For smaller business’s, the idea of a traditional POS system can seem daunting and unnecessary, due to the initial and continuous high cost. The biggest benefit to using an mPOS is that it is much more cost effective. Instead of investing in a fixed, electronic register and baring a big cost, mPOS breaks it down into smaller monthly maintenance payments and relies on a cloud-based subscription. This means that for a small upfront cost, vendors can easily access their customer data from virtually anywhere where there’s WiFi connection.

 

2) Shorter checkout and return lines

 

Say goodbye to boring, time consuming queues and say hello to customer satisfaction and quick service. According to Verifone, approximately 75% of customers wouldn’t wait longer than 5 minutes in a queue, meaning slow service equals slow sales. MPOS is designed to make business’s more efficient with card and mobile payments, therefore increasing profitability and creating shorter checkout and return lines. Customers can simply tap their phone and pay for an item knowing their information is safe and secure.

 

3) Limits a business’s liability

 

Protecting data in POS environments is pivotal for customer trust in your business. Traditional POS systems risk unauthorised access to electronic payment systems by fraudulent individuals wishing to steal debit and credit card information. With mPOS, the main difference is that credit and debit card data is not stored, which significantly reduces the risk of any breaches of security happening. Whilst no system or device is

totally safe from an attack or breach, mPOS minimises the risk and a business’s liability through encrypted transactions and no card data being stored.

 

4) Easier to confirm identities during payments

 

Biometrics such as fingerprint and facial recognition can also be used with mPOS to confirm the identities of customers during payments, adding another layer of security. This new way of authenticating a customer’s payment shows that security and convenient, fast technology can go hand in hand.

 

5) View customers checkout history

 

With mPOS, staff can view past transactions, loyalty rewards, online browsing history, and anything else that could help teach staff about the needs of the customer in front of them. Not only does this feature increase customer satisfaction but it also improves staff performance as they are able to easily access data of what the customer expects and already loves. Ultimately, mPOS uses customer information to allow staff to make more effective, relevant sales.

 

6) Minimal setup

 

Not only are mPOS systems much more cost efficient and secure, but they are generally easier to set up too. The setup required is often downloading and launching an app and making sure the card reader accessory is compatible with all types of card types and mobile software. Whilst mPOS is usually easier, more complex systems may require technical expertise and setting up a local server. Still, in comparison to what can be expensive, fixed and technically challenging POS systems, the portable and efficient mPOS seems extremely appealing.

 

7) Easy to integrate with existing systems

 

When choosing your mPOS system, a factor to consider is whether it will compliment your existing POS system. There are some mPOS systems specifically designed to work with old, traditional POS software and others which can work independently beside or instead of it. As aforementioned, setup with mPOS is easy and usually consists of downloading an app, creating an account and then connecting your card reader, receipt reader and printer via Bluetooth. A good tip to migrate your data by

Business News Daily is to simply look for a downloadable spreadsheet template that you can copy and paste product data into. Then, upload this new spreadsheet to your new mPOS system. It’s as simple as that!

Cash ManagementTransactional and Investment Banking

Huq Industries in £1.4m Raise with Equity Investors 24 Haymarket

Huq Industries, the leading geo-behavioural consumer research platform, today announces £1.4M in new funding led by 24 Haymarket. Huq’s real-world consumer research datasets and cloud-based market analysis tools help customers across media, finance, real-estate and retail make informed and effective business decisions. This investment will be used by Huq Industries to support the acquisition of research data for use both in existing markets, and meet to demand for its products internationally.

Conrad Poulson of Huq Industries said:

“This investment enables Huq to accelerate the commercialisation of our platform across our key verticals and geographies. 24 Haymarket together with our existing shareholders provide us with both the funds and the network to support Huq through a very exciting phase of its growth.”

Alex Warren of 24 Haymarket commented:

“In 2018, Huq commercially validated its unique geo-behavioural data with major players in the out-of-home sector. This capital raise will allow Huq to grow its proprietary international data, capitalise on the global out-of-home opportunity, and expand into other large target markets like finance and property. A Chief Commercial Officer has been recruited and the board strengthened to support this growth. Huq is uniquely positioned to capitalise on the growing appreciation of the value of such data amongst a broad and diverse enterprise customer base.”

About Huq Industries

Huq Industries was founded in 2014 by Conrad and Isambard Poulson together with Alexander Fairfax to accurately measure and predict offline consumer trends. Over 90% of retail spend still takes place in the real world. Measuring this behaviour reliably and at scale leads to sought-after insight, but is hard to achieve using conventional methods.

Huq Industries partners with mobile app publishers to collect first-party geo-spatial data from across the globe. This data is then abstracted to identify real-world consumer insight and trends. Huq’s customers and partners include professional investors, leading market research and media agencies alongside some of the world’s largest real-estate owners.

About 24 Haymarket

24 Haymarket is a premium deal-by-deal investment platform focused on high-growth businesses, investing up to £5 million in any particular company. 24 Haymarket’s Investor Network includes several highly-experienced private equity and venture capital investors, seasoned entrepreneurs and senior operators. We invest our own capital in direct alignment with entrepreneurs and typically seek board representation to actively support their growth agenda. Since inception in 2011, 24Haymarket has invested in more than 50 high-growth businesses.

FinanceSecurities

72% of Brits Have Fallen Victim to These Scamming Techniques

Did you know that every year, £190bn of Brits’ money is lost to fraud – a figure which is a little less than both the health and defence budgets combined? Unfortunately, it gets much worse – an investigation by price comparison experts, Money Guru, have revealed that almost three quarters (72%)of Brits have fallen victim to scamming techniques at some point.

In order to help raise awareness of this growing problem, they have created the ultimate guide to spotting and stopping scams.  

30% of Brits Duped into Authorising Access to Their Bank Account – With No Legal Protection

Although we live in an increasingly digital world, you may be surprised to discover that a lot of fraud actually happens face-to-face, over the phone or through postal services. Smart scammers have begun ticking people into handing over crucial details and access to accounts through this method otherwise known as Authorised Push Payments (APP). Out of the £500m lost in the first half of 2018, 30% (£145m) of that was lost through APP.

What’s worse is that currently, people subject to this kind of scam have no legal protection to cover. Under current regulations, if your bank has not taken enough action – such as not reimbursing you or by not responding – then you have no right to complain or escalate your complaints to any authority.

 

72% of Brits Were Scammed Over a Two-year Period

Scamming is something that can happen to any of us – and it does, on a regular basis. A report from Citizens Advice revealed that 3 out of 4 of us (72%) were scammed over a two-year period between 2015-2017. Even if you haven’t personally been scammed, chances are you’ll know someone who has 1 in 10 reported knowing someone who has been a victim of fraud.

Almost Half (44%) of Fraud Victims Do Not Receive a Full Reimbursement

Research from the Office for National Statistics has revealed that a little less than half of those who were a victim of fraud received no or a partial refund. As you can see from the graph below, the majority of reported losses are under £250 (62%) but almost a quarter of Brits (22%) have been scammed out of £500 or more.

39% of Brits are Targeted by Scammers for Oversharing on Social Media

There’s a certain stereotype that fraud is only something that happens to the older generation. Whilst this is partially true – 5 million people over the age of 65 believe they have been targeted by scammers – they are not the only target demographic.

Scammers have begun targeting those who are active on social media. In fact, 39% of Brits are targeted due to oversharing their highlights online. In addition, 51% of us store e-receipts on our phone which again are targeted by scammers due to holding sensitive information.

Top 10 Scams to Be Aware Of

  1. Rogue traders and bogus callers – getting you to set up an account for a catalogue.
  2. Scams by telephone, letter or email – a fraudster pretending to be your bank or telephone provider, and asking you to share your details.  
  3. Pensions – offering unsolicited advice, a pension review or an investment opportunity.
  4. Money mules – someone attempting to use your account to launder funds, whilst promising a fee in return.
  5. Copycat websites – charging a fee to review or process official documents, or selling items that aren’t really for sale.
  6. Tech support – being told your computer has a virus and that it can be fixed – for a fee.
  7. Employment scams – paying for training courses that don’t exist.
  8. Auction sites – buying goods that don’t exist, through auction sites or asking you to pay through a bank transfer.
  9. Ticket scams – selling a fake ticket on an illegitimate site, which unfortunately can’t be refunded.
  10. Phishing – receiving a text or email asking you to log into your account, which will then reveal your password to cybercriminals

 

How to Avoid a Scam

  • Never give away your personal details such as passwords and bank account numbers. Legitimate companies will never ask for these.
  • Never let a stranger into your home.
  • Never download attachments or files from an email pr click any links within an email.
  • Never directly transfer money to someone unless you trust them 100% and always keep track of your transactions.
Cash ManagementTransactional and Investment Banking

Understanding and mitigating Bad Debt risks

Bad debt is a sum of owed money which has been outstanding over time and the prospect of it being repaid has diminished, making the debt unrecoverable. This is typically a result of the debtor going into liquidation or administration as they are out of money. As a business owner, you are at high risk of building up bad debt as you will trade with a number of different suppliers and customers, some of which may not have a dependable track record for borrowing, writes Keith Tully of RBR Advisory.

 

In order to protect yourself from bad debt, it’s vital to put measures into place and recognise the warning signs. An accumulation of bad debt can attack working capital, soon having detrimental effects on the financial health of your business. Late paying customers can create cash flow issues by causing a slowdown in income which limits the amount of cash available for the business.

 

A late invoice can easily turn into bad debt if it is left outstanding for a prolonged period of time. By tacking late payment early in the process and putting the correct protections into place, you may have a higher chance at recouping the money. By recognising the warning signs of bad debt, you can mitigate it and guard your business by following a few simple steps:

 

Due diligence

If you hold suspicions that a customer is unserious about making payment, carry out a credit check which is essentially a risk assessment exercise. This will highlight the consumer’s attitude to borrowing, their financial behaviour and whether any legal action has been taken against them. A quick search on Companies House will also show you whether the business is solvent, a basic indicator that the business has cash available.

 

In some cases, word of mouth can give you a true opinion of the business you are dealing with. Social media is an easily accessible platform which houses reviews directly from consumers. Carry out a quick search on social media to read what others are saying about them, both positive and negative. This will give you a taste of the character of the company through the click of a button.

 

Deposit, interest and penalties

In order to ensure that your time and labour proves worthwhile and profitable, ensure that you request for a deposit to be made which demonstrates financial commitment. If the payment falls into the bad debt category, this will only apply to a fraction of the overall funds as the remaining would have been paid as a deposit which protects your business to an extent.

 

In the event of missed payments, consequences should be made clear early in the process to prevent outstanding payments from maturing into bad debt. This could include adding interest or a penalty to penalise the business from missing payments. If the business is experiencing financial difficulties, this may prompt them to communicate their financial status.

 

Payment reminders

Scheduling a series of payment reminders is one of the first steps you can take to mitigate bad debt. By prompting for payment ahead of the due date, the business will be aware of the upcoming payment. Displaying clear payment information on each invoice will also make it easy to make payment as the information will be readily available. Scheduling frequent reminders after the payment date has passed can help flag up the outstanding invoice and it may just be as simple as a reminder that is required for payment to be made.

 

 

 

 

 

Debt distribution

Distributing the risk of bad debt by spreading your client base can prove beneficial in the long term. As a small business, winning a contract with a large enterprise is an achievement, both financially and in reputation. However, if your business takes the risk of becoming dependable on service solely from the large business, you fall into the trap of failing to spread your business proportionally. If the bigger business fails to make payment on time or becomes insolvent, you run the risk of cutting off your only stream of income, pushing your own business into decline.

 

Selected larger institutions are notorious for making late payments to smaller suppliers, a topic which was high on the agenda during the Spring Statement. Following a clamp down on late payments, the Chancellor proposed that auditors of listed companies should report on the performance of late payments in annual reports. The role of the Small Business Commissioner was also established in 2017 to ensure fair payment to Britain’s small businesses and resolving payment disputes for smaller businesses.

 

For example, in the event of Carillion, many small businesses were forced to liquidate as a result of late payments from Carillion. Following the demise of the construction firm, the business owed thousands of businesses and was known to breed a late payment culture in which smaller suppliers were a non-priority.

 

Statutory Demand

A statutory demand is a formal action which is taken to request for payment from a company, this is issued before a winding up petition. The statutory demand gives the debtor 21 days to make payment or reach an agreement. If the debtor fails to fulfil the statutory demand, you are able to request to wind up their company in an attempt to compensate for the bad debt.

 

Winding up petition

As a final and more pressing resort, taking legal action can speed up the process of retrieving owed money. If standard methods of recovery have failed, this may be an effective option which can help set your business back on track. A winding up petition is a court order taken out against the debtor. If granted by the court, they will call for the compulsory liquidation of the business unless the amount owed can be realistically repaid or terms renegotiated. This is a costly and lengthy process so if you are able to settle the manner out of court, it could protect your business from incurring court fees.

 

Understanding and mitigating bad debt can protect your business from having to write off debt when in reality it can be recovered. Bad debt can bite a large chunk out of your working capital, restricting investment activity and posing financial hurdles which could hinder the business from prospering.

 

RBR Advisory

https://www.realbusinessrescue.co.uk/advisory

 

Transactional and Investment Banking

SUN GLOBAL INVESTMENTS ACTS AS SOLE ARRANGER FOR RUPEES 10 BILLION MASALA BOND LISTING FOR INDIA’S HDFC LIMITED

Sun Global Investments, an international financial services firm based in London with specialism in the emerging markets, acted as the Sole Arranger for a new Rupees 10 Billion (around USD 150 Million) 3 year Masala Bond for India’s Housing Development Finance Corporation Limited (“HDFC”).

The bonds were priced at a yield of 8.22% annually.

The issuance is part of HDFC’s US$ 2.8bn Medium Term Notes Programme listed on the International Securities Market of the London Stock Exchange.

A masala bond is a rupee-denominated bond issued to overseas investors. The bonds are settled in US Dollars.

Speaking about the Masala Bond issuance, Mihir Kapadia, the CEO of Sun Global Investments said, “This is another benchmark Masala Bond placing, continuing our association with India’s financial institutions to allow global investors the ability to access high quality Indian credit.”

Commenting on the transaction, Ajay Marwaha and Arjun Kapur, responsible for providing Capital Markets and Corporate Finance advice said, “There is an increasing awareness and interest amongst international institutional investors in issuances from Indian corporates.

The London Stock Exchange has become a global home for Masala Bonds with a strong track record of supporting rupee denominated bonds to fund India’s rapidly growing economy.

Sun Global Investments focuses on providing investment banking and capital markets solutions to corporates from Emerging Markets, as well as helping international investors access opportunities in those markets.

HDFC is one of the largest providers of mortgages in India. It was established in 1977 and was the first specialised Mortgage Company in India. It is a financial conglomerate with interests beyond the mortgage market.

ArticlesCash ManagementInfrastructureRisk Management

Samuel Knight’s aggressive five-year growth plan leads to new office opening in Baghdad

Newcastle-based Samuel Knight International has announced plans to open a new office in Baghdad as part of its extensive international growth plans. This move will support clients of the specialist global energy and rail recruitment firm and further ensure the company abides by compliance laws in Iraq.

Haider Kadhim, Samuel Knight’s Iraq Country Manager will be the point of contact for clients and candidates in the city. The firm will officially launch the office opening in an event next month that is expected to see representatives from the Department of Trade Industry along with other several reputable organisations attend.

Commenting on the firm’s success, Steve Rawlingson, CEO at Samuel Knight said:

“Our aggressive five-year growth plan is manifesting at such an impressive rate, taking the company to exciting new territories. The team is working diligently to surpass expectations set out in the plan and ensure Samuel Knight is cemented as the leading global energy and rail recruitment specialist. Our Baghdad office will give us a distinctive edge over our competition and allow for more exciting business opportunities. Once the office becomes more established and client acquisition develops, we will certainly be adding more consultants and manpower in the city.”

Cash Management

Is The UK Making The Most Of Its Money?

With Brexit uncertainties causing loss of income for both companies and individuals, Wealth & Finance Magazine argues that not enough is being done to make the most out of investment opportunities.

The UK’s uncertain ongoing membership of the EU means that investors needs to be making the most out of their money and assets to ensure their long-term financial stability.

After all, professional salaries in the UK are set to remain relatively flat throughout 2019, as Britain’s pending departure from the EU impacts employee confidence and business willingness to spend.

The findings come from the annual Salary Survey produced by global recruitment consultancy Robert Walters.

“Uncertainty around Brexit has created a fear of ‘last in first out,’ which in turn has meant that employees are less willing to move roles as swiftly as they would have in previous years,” states Chris Hickey, CEO of the UK, Middle East & Africa at Robert Walters. 

“As a result, despite there being high demand for specialist and highly skilled professionals, companies are finding themselves contending with a UK-wide candidate shortage across most disciplines.”

Despite this, according to research by The Big Window for Quilter, the majority of UK adults do not seek financial advice on how they transfer wealth to the next generation, at a time when HMRC figures are showing the government’s tax take on inheritance is at £5.2 billion. The survey shows that nearly two-thirds (63%) of UK adults have not sought any information or professional advice on the transfer of wealth to their next of kin, and only 15% said they had sought information or professional advice on both transferring their wealth whilst still living and also at death.

HMRC figures show that inheritance tax bills rose by 8% last year, however, over a third of respondents (35%) who have not sought this type of information or advice said this was something they hadn’t even considered before. A further 22% said they did not feel they needed the information and advice, whilst 20% said they did not have enough assets to justify paying for the advice.

The research also revealed that nearly three quarters (73%) of respondents do not have a wealth transfer or inheritance plan in place, while 40% have not discussed plans to pass on wealth to family members who will benefit. A similar proportion of respondents (41%) said they had discussed their plans, but not in great detail.

Pamela Reid, Client Services Director at Quilter Cheviot, commented on the findings.

 “Inheriting is assumed to be completely normal, yet this research shows it is still something that isn’t openly discussed and in many cases isn’t being planned. It is never too early to start planning, and these findings should encourage financial advisers to open the discussions with their clients wherever possible; addressing common misconceptions and concerns and encouraging them to be as transparent with their next of kin earlier.” 

 

Rachael Griffin, tax and financial planning expert at Quilter, added: “The inheritance tax system has layers and layers of complication, which have created a Jenga tower on the verge of toppling over. The technical nuances mean you have to be heavily versed in rules of inheritance tax to know the best way to pass wealth on to the next generations. Currently, the Office of Tax Simplification are reviewing inheritance tax, which will hopefully recommend some ways to remove these complications. However, they’ve said that it won’t be an overhaul and so financial advice is and will continue to be, crucial to gain comfort and security in your financial plan. One simple change could be bringing allowances up to date. For instance, the annual IHT gifting allowance has remained at £3,000 since 1981. Had the annual allowance tracked inflation, it would’ve been permissible to gift £11,296 per tax year in 2018, according to the Bank of England inflation tracker.”

Inheritance taxes and ongoing wealth protection are not the only issues facing British adults. There are many pitfalls still to come, and with many not paying proper attention to their investment products and how their money works for them, more needs to be done to educate the population to ensure its ongoing financial health.

Securities

Contact Centre Payments – Going Mobile

Rob Crutchington at Encoded looks at how the mobile market is changing the way customers choose to make payments

Over recent years there has been a huge increase in the number of smartphone users, apps downloaded and mobile transactions, presenting new challenges for contact centres. In fact, according to this year’s UK Contact Centre Decision Makers’ Guide (DMG) by industry analyst ContactBabel(i) “Statistics that show the number of smartphone users, volume of apps downloaded and the value of mobile transactions are rising so quickly that they would be out-of-date before the report was published”. An astonishing thought.

The rise of the smartphone
This rise of the smartphone has changed the way customers choose to interact with companies. Not just browsing for goods or services, they are now actively using their mobile devices to check balances, pay bills, order items online or post reviews. This means whether banking, checking utility bills or shopping, customers expect quick, easy access to their favourite transactional websites.

This change has meant that companies have had to make changes to the mechanics of their websites, updating them to make them truly ‘mobile friendly’. According to the ContactBabel report, of the contact centres providing mobile customer service, over 80% now have a mobile version and around 50% offer a smartphone app.

Omni-channel is now all-knowing
The key difference is that customers want to act (such as pay a bill) or make a decision (sign up for a service or buy online), rather than just browse websites. As a result, the contact centre is no longer just managing calls and emails, they must be able to handle customer enquiries and payments via text and social media, such as Facebook Messenger, Twitter and other apps to provide a superior service.

This increase in the use of mobile raises some interesting issues and challenges, highlighted in the DMG report. The nature of a mobile phone is that is can provide a lot of information about the caller including the person’s ID, their location and other stored data such as account and payment details. As ContactBabel states, “Businesses can now know more about their customers and their specific requirements and preferences than ever before”.

The obvious benefits are that the company immediately has customer information during a call, which aside from the necessary security questions, facilitates a smoother customer journey. Background data can also provide opportunities to check a customer’s browsing and purchase history, to enable agents to offer promotions and up/cross sell during the interaction.

Maximising mobile service functionality
A rise in the use of Instant Messaging (IM) where customers can choose to make payments automatically by simply replying to an IM message has also changed the role of customer services. It allows customers to make payments ‘in their time’ and reduces the number of voice calls needed to chase payments. It is also a useful tool for companies to promote products or services or for customer service surveys. ContactBabel claims that; “large operations are more likely to be using SMS to communicate with customers, with 82% of respondents from this size band doing so.” However, where larger companies go now, smaller ones are sure to follow.

Making customer data security a priority
So far so good. However, with these great opportunities also come responsibility and that means ensuring that both the customer’s ID and payment details are protected. Any payments must comply with PCI DSS regulations and the new GDPR mandate to ensure mobile and online security of data (ways to tackle these are discussed in the PCI Compliance and Card Security chapter of the ContactBabel report).

As a PCI-DSS Level One Accredited Supplier, Encoded has for some time provided contact centres and their customers with a secure payment platform to ensure that transactions are fully automated and that confidential data is stored centrally and securely. Our new customer engagement platform now expands the offering to accommodate this mobile world.

The Encoded customer engagement platform works with SMS and other forms of IM including Facebook messenger and Whats App to support outbound dialling and integrates with many other services such as email and voice to enable multi-channel transactions. Designed with PCI DSS and GDPR in mind, it ensures complete security of mobile and online customer data. It also incorporates Artificial Intelligence (AI) technology that simulates human conversations to handle routine parts of customer interactions, which means a smaller number of contact centre staff can handle a larger number of transactions.

True customer engagement reaps benefits
There are many benefits to be gained from embracing this new mobile world – from facilitating faster payments, reducing debt levels with faster resolution of accounts (and less agent time spent chasing), to keeping customers updated via broadcasts of product offers and promotions. If your contact centre hasn’t yet gone mobile, then now is the time to act. Customers will vote with their smartphone, not their feet, and choose the companies that offer true mobile omni-channel customer service.

For more information or to arrange a demonstration of the Encoded Customer Engagement Platform please visit Encoded
(i) The UK Contact Centre Decision-Makers’ Guide (15th edition – 2017-18)

blockchain
BankingFinance

Swiss President Ueli Maurer to Attend 4th International Blockchain Conference

blockchain

Swiss President Ueli Maurer to Attend 4th International Blockchain Conference CV Summit in Zug

The CV Summit, held in the heart of the Crypto Valley, in Zug, Switzerland, has become one of the most important blockchain events in Switzerland. The summit’s 4th edition on March 27th will revolve around #BUIDL, focusing on the development of the technology instead of crypto speculations. The welcome address will be held by the President of the Swiss Confederation and Finance Minister Ueli Maurer, who is a strong advocate of the blockchain technology and the Blockchain Nation Switzerland.

The 4th edition of the CV Summit starts on March 26th with an Open House networking afternoon and the CV Competition Top 10 pitches at the CV Lab’s newly inaugurated Liquid Lounge. The Top 3 projects will then present their blockchain solutions the next day at the official CV Summit. The CV Competition is a startup contest for blockchain projects. Each competition targets a specific industry: this year everything revolves around the real estate industry. The winner receives $100,000 in funding, expert coaching and complementary working space at CV Labs.

On March 27th, the official CV Summit at the Theater Casino in Zug starts with opening remarks by the newly instated Mayor of the City of Zug, Karl Kobelt. The Mayor won’t be the only political representative at the summit: later in the day, the Swiss President Ueli Maurer will provide some updates on “Blockchain Nation Switzerland”. As the head of the Federal Department of Finance, Ueli Maurer is responsible for the new blockchain regulations expected in the next weeks.
Throughout the day, experienced industry leaders, innovators and entrepreneurs will be sharing their insights and views on how to #BUIDL towards the crypto spring. Notable speakers include Jorge Sebastiao (CTO Ecosystem, Huawei Technologies), Nathan Kaiser (Chairperson, Cardano Foundation) and Niklas Nikolajsen (Co-CEO and Chairman, Bitcoin Suisse), with more to be announced soon. Companies represented at the summit include Alethena, Bitcoin Suisse, Cardano, Coreledger, Forctis.io, Bank Frick, Generali, IOHK, inacta, Kucoin, Lamassu, Lykke, Mt. Pelerin, PwC & strategy&, Swiss Economics, SwissRe Sygnum, ZBX and others.

“Over the last two years, the CV Summit has become an integral part of the Crypto Valley community and the international blockchain scene. Themed #BUIDL towards Crypto Spring, this year’s edition shows how the industry is focusing on the further development of blockchain technology after the market correction in the so-called ‘Crypto Winter’”, says Mathias Ruch, Founder & CEO of CV VC and the CV Summit.

Glossary: #BUIDL
Crypto slang for “to build” – meaning do develop the technology and the ecosystems. Derived from the term “to HODL”, which is slang in the cryptocurrency community for holding a cryptocurrency rather than selling it. It originated in 2013 in a post on a Bitcoin forum message board, when an apparently inebriated user wrote “I am hodling” (sic) instead of “holding”.

Transactional and Investment Banking

Why Are Investor Relations So Important?

Sometimes overlooked by smaller funds and companies, there has been a surge in focus on investor relations, the investment equivalent of customer service, in recent years, with many businesses now dedicated entire websites, job roles and even departments to the practice. Staff Writer Hannah Stevenson discusses the importance of good investor relations in today’s financial market.

Following the implementation of GDPR, consumers, investors and businesses around the world are becoming increasingly aware of every communication they receive from a company.

As such, compliance, in all its forms, is now even more important to businesses than ever before, and in the financial and investment space this is as vital as it always has been, if not more so. Whilst it has always been crucial to success in the investment market, now compliance, and assuring investors of compliance, has been bought to the fore.

For example, the recent announcement that the UK Government is suspending its Tier-One Investment Visa Programme, with a view to making important changes to this to combat the risk of money laundering. Bruno L’ecuyer, Chief Executive Officer of the Investment Migration Council, made the below comment on the changes and how these would affect investors.

“The UK government may not have much influence with the European Parliament these days, but it has provided an object lesson in how to manage investor migration sensibly and for the benefit of its citizens.

“According to reports, potential investors will have to agree to undergoing a thorough audit of their financial assets, proving they have control of the required capital for at least two years, and will require audits to be undertaken by suitably regulated UK firms.

“Most notably, it appears the UK government recognises the value of investment migration and desires any investment made by individuals to have a greater impact on the UK economy, which is why it is apparently looking at scrapping its own government bond option in favour of directing investment into active and trading UK companies.”

As Bruno highlights, the importance of audits and transparency in this space is as vital as ever, and firms need to be able to prove to both their investors and the authorities that they are acting properly and are fully compliant with all relevant regulations to ensure their continued success.

This is why investor relations have, over recent years, become a vital aspect of any company, fund or asset manager. Many multinational companies, such as Hitachi, Etsy and the Coca Cola Company all operate their own investor relations departments, showcasing the increasing focus companies are putting on the role.

After all, as client satisfaction and feedback become buzzwords within the corporate space, it makes sense that investor relations should also increase in importance, and many companies and investors are now embracing this side of their business. Through strong communication and specialist support, companies, investors and fund managers can ensure that their investors remain on-side and that they understand that their money is in safe hands.

Cash Management

Gender And The Investment Industry: Why The Industry Needs To Focus On Women

The investment industry has been historically dominated by men, but in today’s society exclusivity is key, as Staff Writer Hannah Stevenson highlights.

The gender pay gap has long been a key focus across the corporate market, with many firms seeking to eradicate it and usher in a new era for female empowerment. However, the equally pressing gender investment gap remains less focused on despite the fact that it is as, if not more, important.

Recently, an investigation from price comparison experts Money Guru has uncovered the top six reasons why women need to invest more than men, most of which revolved around the amount of unpaid work women did, whether it be caring, childrearing or the hours they spent poorly paid as a result of the gender pay gap.

Deborah Vickers, channel director at moneyguru.com commented on the findings of the firm’s survey and what they mean for society.

“We have never seen a gender gap when it comes to applications for credit at moneyguru.com which is great to see. Just a generation ago women were viewed as a riskier investment by banks and stores and often had to get their father or husband to sign for most loans. It shows real progress that just as many women as men are taking the lead when it comes to finding the right deals for them.”

 “However, these stats show that there is a still long way to go to empower women when it comes to their finances, especially if it is leaving them worse off in later life. Aversion to risk is something that we need to address across the board and in particular when it comes to supporting women to be more confident when it comes to financial investments.”

The underserving of women in the financial industry has also become apparent to deVere Switzerland, part of one of the world’s largest independent financial advisory organisations, which recently held the ‘Women in Finance’ summit in Zurich.

deVere Switzerland Area Manager, Daniel O’Leary, stated: “There are an increasing number of women-focused networks, events and initiatives but very few really drilling into the solution and ‘how to’ aspect of women achieving their financial goals and independence.

“But with a strong presence of women consultants in our office – more than 25%, which is considerably ahead of industry average – we are uniquely placed to help address the issue of women being historically under served by the financial advisory sector. This is why we launched Women & Finance, an invite-only event which was fully-booked within days. The strong demand is evident.”

Indeed, it appears to be one of the fastest growing areas of the industry. Recent estimates suggest that a third of the world’s private wealth is now in the hands of women. Research from Boston Consulting suggests that this number could hit £54 trillion by 2020.

When it comes to gaining investment in their business, women are equally unsupported, as Jenny Tooth OBE, CEO of UKBAA comments.

“UK Business Angels Association research has shown the disparity between the potential investment available for men and women. It found that over half (54%) of female angel investors had backed at least one female-founded business whilst only a small minority of male investors had done the same.

“It’s an old trope: men are cavalier with money, women are cautious. I’m usually reluctant to go along with generalisations, but when it comes to the pitching room I find that female entrepreneurs do undersell themselves; asking for just enough, or even less investment than they need. I hear myself saying: “Are you sure that’s all?” Whereas with men, I’m met with outrageous requests. The truth is that neither approach inspires confidence in investors.

“But the trouble women face is that they are walking into rooms filled predominantly with men, for whom a cautious approach may be a red flag. Have a growth plan, work out how to execute it, and remember that investors are not the enemy. This will help to inspire the next generation of entrepreneurs and business leaders to promote women in business and good equal practices.”

These latest initiatives and studies show that the financial industry is, albeit slowly, turning towards a focus on female investments, and looking ahead the market will need to continue to drive funds and resources towards empowering women to invest to drive global growth.

FX and PaymentTransactional and Investment Banking

Cryptocurrency: What it means for divorcing couples.

Bitcoin is known as the “gold standard” of cryptocurrency. Chances are you’ve heard of it but may not really understand its importance and growing relevance. In recent years, however, banks, governments and crucially divorce lawyers are beginning to take a much more forensic interest. And if you own bitcoin or have a spouse that does and you’re heading to the divorce courts, it’s essential that your lawyers not only understand this very new type of asset but are familiar with tracing it and valuing it.

 

So, what is Cryptocurrency? 

 

Essentially cryptocurrency is a virtual currency which has no physical form as it exists only in the online network, that network is completely decentralised so there is no third party bank or government that the currency has to go through, instead, the technology allows users to send bitcoin directly to another person (this allows users to be pseudo-anonymous as details that a bank would usually want to verify identity are not required).  The details of the transaction are encrypted, and the transactions are then bundled into and recorded on a “blockchain” the details of which cannot then be changed by anything or anyone and are based purely on a mathematical algorithm.   

 

Why do divorcing couples and lawyers need to know about it?

 

Just as with cash in the bank or property, cryptocurrency is an asset which the court will have the power to distribute within the divorce case. It follows, therefore, that a holding must be disclosed within the proceedings as both parties are under a duty to provide full and frank disclosure of all their assets at the outset of the case and ongoing. However, for as long as there have been divorces, there have been parties who try to hide assets. 

 

The courts are certainly used to this kind of bad behaviour and have a number of powers at its disposal to deal with offenders. However, bitcoin is a very new type of technology, established only in 2009 and, therefore, is only recently starting to appear in divorce proceedings. Divorce lawyers and the courts are having to learn a whole new language for dealing with this new technology. 

 

Tracing cryptocurrency. 

 

The first most important step is to establish that cryptocurrency exists. If it is disclosed by the owner, then all well and good. However, cryptocurrency, by its very nature, is pseudo-anonymous and, because it is unregulated, it is much harder to trace. It is, therefore, much easier for a spouse to either hide the existence of cryptocurrency or the value of their holding than with other kinds of asset.

 

In order to establish the existence or ownership of cryptocurrency, a search needs to be made of money entering the digital arena. It is much easier to trace cryptocurrencies that are traded via an online exchange and bought with funds from a bank account as that initial transaction can be relatively easily identified. If found that would give a party a strong basis to argue that their spouse owns cryptocurrency and that further investigations should be ordered by the court. 

 

However, once within the digital arena it is much more difficult to trace where the money goes next, or if the initial purchase was made directly. If then moved offline, for example if a person transfers their digital wallet containing their holding onto a USB stick, tracing becomes virtually impossible. 

 

A digital forensics expert will almost certainly be necessary. They can be instructed to search the alleged holder’s computer and email to try and find the relevant purchase transactions and trace the wallet where the cryptocurrency is held. A court order giving permission for this will be necessary and would likely be ordered if there is sufficient evidence (in the form of the initial transaction) or perhaps reasonable suspicion that cryptocurrency exists. 

 

A word of warning however. Care should be taken not to spend more money on hiring professionals to search for the cryptocurrency than what it is worth. Of course, one will not necessarily know how much a holding might be worth until they find it, a very difficult catch 22 situation but one that needs to be considered regularly. A good divorce lawyer will be able to guide a client on this. 

 

What is cryptocurrency worth?

 

This is perhaps the most difficult question to answer. As with stocks and shares, the valuation can change throughout the divorce process, but with cryptocurrency the market is much more volatile. The value of cryptocurrency is liable to change drastically throughout the divorce proceedings; a spouse with a substantial bitcoin holding at the start of the divorce process might have diminished considerably by the time of final hearing or settlement. It will be imperative, therefore, to obtain a valuation at every stage of the process and prior to any settlement negotiations so that the parties know what they are dealing with

 

 

 Dr Stephen Castell, commented:

‘Given the high volatility of cryptocurrency prices, and the possibility of compromise, and even theft, if the holding in question is retained only within a centralized exchange (there have been several high-profile instances of compromised cryptocurrency exchanges, and/or such exchanges going bust), the divorce lawyer may decide to seek from the court an order to sell the cryptocurrency at an early point in the proceedings, or, alternatively, to do this, as a matter of prudent protection of asset value, by mutual agreement between the parties.  This could remove uncertainty and volatility and fix and secure the value of a cryptocurrency holding in more reliable, more liquid, currencies, such as USD or GBP, to be placed in an escrow bank account pending resolution of the divorce proceedings.’

 

However, whilst the courts retain their discretionary powers to redistribute assets on divorce in accordance with the section 25 factors it is unclear what powers the court will have to actually redistribute cryptocurrency holdings themselves if they exist only in the network and if there are difficulties with realising their value. As this is new technology and as yet there are no reported cases dealing with these assets giving practitioners guidance on how to advise clients, it is clear we are entering a brave new world. Added to that the fact that there is no regulation it raises questions as to how any Order for Transfer or Sale could be enforced. 

 

Nonetheless, cryptocurrency is here to stay, and the author predicts that this type of asset will become more prevalent as time moves on and the language that lawyers use, and the powers of the courts, will evolve with it. 

 

A City Law Firm recognise digital assets are a valuable commodity that needs addressing in Wills; business transfers and as discussed during divorces. We understand not every divorce financial arrangement is clear cut, so we do get to understand the issues in detail as the landscape changes we are there to move with it 

Karen Holden is the Founder of A City Law Firm

Cash Management

POS goes Mobile – Is this the death of CASH

 

  • Mobile POS Systems forecasted to reach $660 million USD by 2025
  • Bank and ATM closures mean limited access to cash
  • Opens opportunities for small businesses and hospitality trade

 

The future of payment is going mobile.  Over the past few years we are seeing a steady decline in cash transactions with two thirds of payments made by card.  With the introduction of contactless it is much easier to tap and go rather than take cash out of the bank.  

 

Mobile POS or the abbreviated term mPOS is a payment system that allows customers to pay on a business mobile.  Many businesses are using this method of POS as it allows them to take payment in a far more efficient way as opposed to having a POS fixated in some part of the building. Presently, the market size of Global Mobile POS Systems is valued at 170 million USD.  According to recent published report Global Mobile POS Market 2019 forecasts that this figure will accelerate to 660 million USD by 2025.

 

As we are heading to a cashless society, businesses that operate on a cash only basis are losing out on customers, such as small businesses like nail salons and the take away shops down the high street.  This type of businesses cannot afford to lease or sign up to a fully integrated EPOS system as it is associated with an exorbitant cost that most cannot afford.  

 

Increasingly small and independent companies are catching on to mPOS.  The benefits for a retailer from going to cash only to cashless only are many.  There are considerations to take on board when handling cash on a business premise.  For one there is the cost of insurance. It eliminates time and manpower spent cashing up at the end of the day.  More importantly bank branches are closing at a rapid rate since a lot of customers are choosing to do their banking online. As a result, businesses are struggling to bank cash and are having to use the services of a cash courier which is another cost to manage.  ATM’s are fast disappearing which means limited access to cash has propelled card payments and businesses need to accommodate if it wants to survive in what is fast becoming a cashless society.

 

The incentives of mPOS are attractive. Most mPOS providers are offering no contracts, no set up fee and instant activation.  Here are the top five mPOS providers: 

 

  1. iZettle
  2. Square POS
  3. Shopify POS
  4. Pay Pocket Mobile
  5. Charge Anywhere

 

A1 Comms, a specialist in business communications have seen an increase in the purchase of business mobile phones especially amongst independent cafes, restaurants and market/stall holders.  A1 Comms understands small businesses  are independent in nature, and so they want to minimise overhead costs. Due to the agile nature of the business in which they operate, they are looking for cloud-based solutions to help support with the continuous changing dynamics. 

For more information please get in touch with [email protected]

Securities

Ashfords LLP, Apex Airspace and MHA MacIntyre Hudson hosting seminar on Airspace Development

Law firm Ashfords LLPs’ Paul Olliff, a Legal Director in the firm’s Real Estate Team, is collaborating with property firm, Apex Airspace, and Chartered Accountants, MHA MacIntyre Hudson, to host an informative presentation – ‘The only way is up’ – on airspace development.

Ashfords’ Paul who advises both national and international clients on a range of commercial real estate matters is a key speaker at the educational event. Topics will cover why airspace development can make existing assets deliver more, generate new value and save substantial costs.

The event is being held on Friday 1 March at St Paul’s Cathedral in London and is set to attract a wealth of property developers, landlords and investors all looking to enhance their value or collaborate to realise value in airspace across the City.

Pioneers in airspace development, Apex Airspace, convert unused airspace above residential, commercial and public buildings into new homes. The company is passionate about how airspace development can help to solve the capital’s housing shortage and are thrilled that the Mayor of London has approved a £10 million deal with Apex Airspace which will see 500 new homes built, of which 50% will be affordable. It is the first time the Mayor has supported an “airspace developer”. Apex will use the funding to create homes above existing ones or over stations, offices, shops and car parks.

Ashfords’ Paul commented:

“It’s not surprising that developing airspace is becoming so popular, particularly in London, given the lack of space on the ground and the lack of residential housing, coupled with the advances in construction techniques. The funding authorised by the Mayor of London for such a development shows its rise to prominence on a national and political scale. I’m looking forward to speaking at the seminar alongside Apex, who have just secured £10 million from Sadiq Khan and are one of (if not the) leader in this sector.”

For more information please contact Paul Olliff, Legal Director in Real Estate at Ashfords LLP, on [email protected] or call 020 7544 2455.

digital tax
FinanceFundsTaxTransactional and Investment Banking

The importance of Making Tax Digital to the UK mid-market

The importance of Making Tax Digital to the UK mid-market

Written by Steve Lane, CTO at Access Group

With UK Government’s Making Tax Digital (MTD) deadline less than two months away, the race is on for UK organisations to understand the impact of MTD on their business. MTD could mean a significant shift in operations for some organisations, which means they need to act now in order to get themselves in order for the impending deadline.  


What MTD requires

The Making Tax Digital programme will require UK businesses with annual turnovers above the VAT threshold of £85,000 to keep digital records for VAT and submit their returns digitally. The points-based penalty system means business taxpayers gather points with each late submission of an MTD report, those with multiple businesses must submit tax reports for each of their businesses. To ease the transition process, HMRC is allowing the use of ‘bridging software’ to support the digitised submission and account information retrieval from spreadsheets. However, those without it in place risk not being able to carry out their business as usual.

While all respondents in Access Group’s survey use some type of electronic system for financial management, 96 percent of mid-market businesses still process a portion of their tax returns manually, for example performing off-system calculations, which could be problematic come 1st April if businesses fail to use bridging software to support the digital submission of their VAT returns. Which begs the question, why do some organisations still rely heavily on manually calculating? A large proportion of the finance professionals surveyed explained that they haven’t transitioned to 100 percent digital processes due to a lack of knowledge and training (26 percent) while others said it’s the fact that multiple legal entities are involved in VAT registration (23 percent).


Putting off MTD is no longer an option

Manually entering VAT is inefficient and opens businesses up to human error. Under the new regulations, mid-market businesses could stand to lose not only money in fines, but credibility within their field. Putting off making the necessary technical changes to your business is no longer an option.  

There are certain things that businesses simply cannot afford to ignore, for instance:  


Transformation

Deploying new business software isn’t always an easy decision. Especially when there are multiple ways to ensure your organisation remains compliant with government regulations. Considerations need to be made for either full business software transformation or a single solution update i.e. bridging software, to support. Given the impending deadline, businesses must act now, to ensure they’ve put in place measures that abide by the regulations.


Accreditations

When deciding to begin a digital transformation project, particularly with digitising financial systems, choosing a partner that has the proper government accreditations is vital. Acronyms like ISO or IL are ones to look out for.


Productivity

Digitising financial systems offers the business not only a more efficient, and free of human error way of working, but a more productive way as well. Entrusting admin-heavy tasks to intelligent software can free up time elsewhere to focus on innovation, business development and growth ambitions.

Whilst it’s important that businesses’ financial systems are all set for the 1st of April deadline, to think about Making Tax Digital solely in terms of tax compliance would be to miss the point. It’s the perfect opportunity for UK business’ senior management teams to take a broader perspective – one that turns this regulatory burden to the business’ advantage. The organisations who act now are the ones who will see greater efficiency and productivity, driving both business growth and profitability. It’s good practice to update your operational processes at any moment in time, the MTD deadline provides a good excuse for companies to do just that. Given the pressures coming from Government organisations to digitise and the complexities that go into technology investment, mid-market businesses need to ensure their finance teams’ house is in order to remain compliant and avoid fines in the new era of digital tax.

Corporate Finance and M&A/DealsSustainable FinanceTransactional and Investment Banking

The growth of the wind energy sector both in the UK and abroad

Greener initiatives are being utilised more and more across the globe, as Earth’s citizens try to safeguard the planet’s resources. We may have relied a lot on fossil fuels like gas and coal in the past, but due to these sources not being sustainable we’re now ambitious about developing practices which are more environmentally friendly.

The market for renewable energy now includes everything from wind turbines to wave power. Wind power is proving particularly popular, with the amount of energy generated across windfarms in just 2016 found to have exceeded the amount created via coal power plants in the UK for the first time ever. In fact, over 40 per cent of all the energy generated on Christmas Day 2016 was as a result of renewable sources and 75 per cent of that sum was from wind turbines.

As coal-fuelled electricity has dipped to its lowest output for 80 years, the future certainly looks bright for the renewables market and, in particular, the wind energy sector. Join joint integrity software experts HTL Group as they explore just how much potential this industry holds…

What we can expect in the near future

The wind energy sector had to reconsolidate record-breaking growth for the years between 2014 and 2016. In total, the global installed capacity at the end of 2016 was 486,790 MW — an impressive figure by anyone’s standards.

Growth is expected to pick-up once more in the years ahead though. In fact, there are predictions which expects the global installed capacity to rise to 546,100 MW. This year, this figure was anticipated to hit 607,000 MW before reaching 817,000 MW by 2021. Although the rate of growth is anticipated to slow, it’s clear that wind power will continue to occupy a large energy share on a global scale.

How is each area of the world performing? Asia, North America and Europe are expected to remain the dominant wind power markets. By 2021, it’s anticipated that Asia will create 357,100 GW of energy from wind turbines. Europe is expected to hit 234,800 GW, while North America is likely to generate 159,100 GW.

What’s more, emerging markets are predicted to continue their development. For example, Latin America will grow to 40,200 GW by 2021 — up from 15,300 GW in 2016 — while the Middle East and Africa will more than quadruple their output, growing from 3,900 GW in 2016 to 16,100 GW in 2021.

Investments to expect in the years ahead

Additional investments will obviously be required in order for the sector’s continued growth to be supported. In 2016, €43 billion was spent across Europe on constructing new wind farms, refinancing, fundraising and project acquisitions — an increase of €8 billion compared to 2015.

Offshore windfarms appear to be getting more attention than sites found onshore. Investments onshore dropped by 5%, while offshore reached a record-breaking €18.2 billion. Impressively, the UK is leading the way, raising €12.7 billion for new wind energy projects. This more than overshadows the country in second place, Germany, with €5.3 billion.

The total investment may be lower then. However, it’s clear that wind energy will remain vital to the global movement towards greener, more sustainable energy both now and in the future.

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TOP RANKINGS FOR ASHFORDS LLP IN PITCHBOOK’S GLOBAL LEAGUE TABLES

Ashfords has again been ranked as one of the most active law firms globally in venture capital. The firm has been ranked 2nd in Europe for 2018 by PitchBook, which provides a comprehensive ranking of private equity and venture capital activity worldwide.

Ashfords is the only independent UK law firm to appear in the top five most active firms in Europe and has been placed in the top 5 in each of the past eight quarters.

PitchBook’s global review details top investors by region, firm headquarters, as well as the most active advisers and acquirers of PE-backed and VC-backed companies.

Chris Dyson, Partner and Head of Ashfords’ technology sector, commented: “Ashfords’ recognition in this prestigious league table confirms the team’s position as a leading venture capital practice in Europe. The team has deep expertise in this area and are very proud to work alongside many leading investment funds and growth companies.”

Deals the firm completed globally in 2018 include advising:

Notion Capital, Eden Ventures and BGF Ventures on the $350m sale of NewVoiceMedia to Vonage

Form3 on its investment from Draper Esprit, Barclays and Angel CoFund

Fluidly on its investment from Nyca Partners and Octopus

Anthemis on its investment in Realyse

Simply Cook on its investment from Octopus

WhiteHat on its investment from Lightspeed, Village Global, Anil Aggarwal, and Wendy Tan White

Mobius Motors on its investment from Pan-African Investment Company, Playfair Capital, VestedWorld and others

Local Globe on its investment in StatusToday

Holtzbrinck Ventures and Notion Capital on the sale of Dealflo to OneSpan

BGF on its investment in Ruroc.


Ashfords LLP
ashfords.co.uk

Cash ManagementRisk ManagementTransactional and Investment Banking

Tail expands portfolio driven by significant investment

Tail Offers Ltd is pleased to announce that Quantum Financial Holdings, a Fintech and security investment Group, has made an investment of £500,000 into the business. In addition to the financial investment Quantum has made, Tail will benefit from a suite of backoffice, infrastructure and value-added functions provided by the Quantum Group which will accelerate Tail’s significant growth to date.

“I am delighted to have been able to secure a deal with Tail which will enable them to invest in critical systems and further develop their amazing offering, driven by their exceptionally talented team,” says Floyd Woodrow, Chairman of Quantum Financial Holdings. “As well as financial investment, Quantum prides itself on bringing additional value to those companies we have an involvement in, through expertise and the streamlining of business support functions which free up key drivers in Fintech organisations to do what they do best – innovate.” 

“Open Banking will change the way consumers and retailers interact and we want to be at the forefront of facilitating that change,” says Philipp Keller, CEO of Tail Offers Ltd. “We are already focused on expanding our offering to a national audience and this will be accelerated through Quantum’s involvement.” 

“As our offer portfolio expands, we will continue to deliver a readymade white label rewards solution to corporate and financial institutions which will, in turn, enhance their own customer propositions. We are excited to embark on the next step of our journey with a partner that not only provides us with capital but, more importantly, with the right network and infrastructure to use it effectively,” Keller concludes. 

Part of the inaugural Tech Nation Fintech programme, Tail is one of the leading cashback solution providers for Open Banking. Already available for Monzo and Starling customers, its most recent addition includes Volopa, a London-based card provider active in the corporate and private banking sector. 

The Tail app integrates directly with a user’s bank account to provide tailored, high-value offers and cashback rewards in the most convenient way possible. Via its industry-first, cashback, self-serve platform, Tail enables hyperlocal, local and national merchants to use a tailored, data-driven rewards solution to engage directly with customers. 

For further information, please email [email protected] 

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Mayflex forms a Distribution Agreement with Global Invacom

Mayflex, the distributor of Converged IP Solutions, announces it has formed a distribution agreement with Global Invacom. The deal will see Mayflex and Global Invacom targeting Multi-Dwelling Unit projects by liaising with System Integrators, Consultants and End Users.

Global Invacom, the global provider of satellite communications equipment, specialises in Fibre Integrated Reception System (“FibreIRS”), delivering Satellite TV reception. Global Invacom’s vision is to increase the awareness of the advantages of FibreIRS and to work alongside Mayflex to help specify FibreIRS alongside cabling, data and CCTV Security.

Aaron Ghera, Sales Manager at Global Invacom, commented on the alliance: “Having seen interest from a number of organisations, we’re delighted to form a distribution agreement with Mayflex, who we believe have the resources, industry knowledge and proficiency to support our strategies.”

He continued, “Our plan is to minimise the amount of contacts required for a single project. For instance, rather than approaching four different supplies for your data, security, cabling and Satellite TV, Mayflex will supply all four services from one point of contact. By providing an integrated system solution, we can add more value to our customers and develop relationships that will see similar integrated systems across the UK.”

Ross McLetchie, Director of Sales, commented, “I am delighted to welcome Global Invacom on board with Mayflex. Incorporating this brand into our existing product portfolio will open up a host of new customer opportunities.”

Ross continued, “It is an exciting start to the year for Mayflex, as this agreement comes just shortly after the launch of Excel’s new Passive Optical Networks (PON) Solution.”

Similar in concept to PON infrastructure, FibreIRS technology is a new method of carrying satellite signals via fibre rather than coax. There are various advantages of using fibre such as reduction in signal loss, increased distance capacity, scalability and improved cost efficacy.

Ross concluded, “New customers to Mayflex can be assured of a first rate, knowledgeable team of sales and technical personnel. Partners will be provided with dedicated account management and the support needed to ensure the correct solution is specified and delivered on a project by project basis. I am confident that Excel’s new PON Solution and the Global Invacom range will become a staple part of our product portfolio and look forward to working with all parties involved.”

The FibreIRS technology itself was developed and manufactured by Global Invacom with the intention of revolutionising the satellite tv market. Over the years we’ve seen the development of similar products throughout the industry, however Global Invacom is determined to be at the forefront of the satellite industry and Mayflex are enthusiastic to support this drive.

The range of Global Invacom products will be widely available to purchase from Mayflex from February 2019. Global Invacom will also be sponsoring the upcoming Excel Partner Briefing events, taking place across the country in Birmingham, Manchester, Glasgow and London. There will be presentations on both the Excel PON Solution and Global Invacom’s FibreIRS Technology, as well as representatives available in the exhibition areas to discuss any requirements. Visit www.mayflex.com for further details or speak to the sales team on 0800 75 75 65.


BankingFinanceTransactional and Investment Banking

Investors prefer ‘disruptive’ start-ups, but give them less money

Entrepreneurs pitching ‘disruptive’ start-ups are 22% more likely to get funding, but receive 24% less investment than less risky ventures, according to new research from Rotterdam School of Management, Erasmus University (RSM).

A disruptive start-up, breaking away from existing products, services and business models, can potentially bring colossal returns for investors. But these ventures are also risky, with a considerable possibility of failure, says Timo van Balen, a researcher at RSM.

Timo analysed data of 918 start-ups from Start-Up Nation Central, a private non-profit organisation that has collected data on all Israeli start-ups since 2013. He compared the characteristics of each profile’s vision statement, aimed at investors, with how much funding the venture secured.

Alongside fellow researchers, Murat Tarakci of RSM and Ashish Sood of the University of California Riverside, he discovered that increasing the communication of a start-up’s disruptive vision improved the odds of receiving funding by an average of 22%. But it cut the amount invested by an average of 24%. This amounted to $87,000 less in the first investment round and $361,000 less in the second investment round.

Timo says: “Entrepreneurs increasingly talk about ‘disruption’, framing their products, technologies and ventures in this way to secure financial capital. We found that emphasising this image of a venture’s potential market disruption does increase the odds of receiving first-round funding. This is because the promise of being a ‘game-changer’ fosters investors’ expectations of extraordinary returns on their money. However, a highly disruptive venture’s future success is often uncertain, which deters investors from making large speculative investments into it.”

The research suggests that entrepreneurs can craft the communication of their vision to help achieve their funding goals.

Timo says: “Despite the temptation to pitch a venture as disruptive, entrepreneurs should be judicious with the ways they attempt to secure funding. If getting an investment of any size is very important, pitching a highly disruptive vision might be key to grabbing the right people’s attention. But if it’s more important to attract bigger investments, it might be smart to avoid communicating a disruptive vision of the effect of your start-up.”

ArticlesBankingMarketsRisk Management

The fragile line between financial returns and social good – how much can, and should, personal values influence a portfolio and asset allocation

By Charlotte Filsell – Head of Client Relationship Management at Sandaire.

In many industries no two clients are the same. In Family Offices this is particularly evident. Every family, and every individual within that family, is entirely unique and is continually growing, evolving and shifting their needs and priorities.

This is a fascinating and complex journey to help families navigate. Where this is especially pertinent, is finding the delicate balance between financial returns and social good. As such, it’s incredibly important that families have access to delicate guidance and careful stewardship, so they can find the right balance to match both their values and their long-term needs – and to match their individual and familial priorities.

As families navigate a generational wealth transfer to the younger generations, social good and impact investing becomes more apparent. There is undoubtedly an increasing trend from the younger generation, to go beyond a simple financial transaction or donation to worthy causes. When it comes to using their wealth, millennials tend to be more concerned about making their money go further, making a larger impact, and are interested in finding sustainable interventions and solutions. Differences certainly exist across generations, but what unites family members, is the motivation to make the world a better place.

In philanthropy, this can be reflected in a desire to learn about an issue and understand the nuances in order to direct effort and resources as effectively as possible. To achieve this effectively, it’s crucial to work closely with clients to assist with their philanthropic endeavours, including helping to find causes that are important to them and guiding on how they might be able to make a positive contribution. In addition to this, connecting clients to other families in the same situation, or perhaps further along the philanthropy journey, allows them to share ideas and experiences, and apply these to their own particular investment desires.

In no small part because this is such a personal yet complex issue, families are increasingly looking for advisers who not only understand the intricacies of the financial and investment landscape, but who have a thorough grasp on the values and philanthropic intentions of the client. This can make a huge difference. It’s incredibly important to provide thoughtful guidance and careful stewardship to help families strike the right balance. This can take many forms – an effective family office must shift with the needs of the families it serves and take on the role that’s required – whether that’s a leader, a partner, a facilitator, or a mediator.

The trend towards Socially Responsible Investment (SRI) has led to the integration of environmental, social and governance (ESG) factors into investment decisions. The development of SRI and impact investment is offering the prospect of achieving returns measured in more than merely financial terms; it is embedding values and responsibility into investment decisions. While many businesses may have long been delivering more than financial returns, social and impact investing is bringing intention to the fore in investment selection and outcome measurement into the evaluation of success.

The crucial role of the family office is to help steer the families we serve through this fascinating and complex process, developing a successful wealth plan that futureproofs their wealth, whilst satisfying their philanthropic interests and passions. Although a fragile line, we believe that a portfolio can satisfy both financial return objectives and positive social impact that reflects a client’s personal values, acknowledging that a balance will need to be struck depending on the needs of each individual client.  

BankingCash Management

ETS Corporate Business Brokers Sell Coffee shop London within 24 Hours!

Tram Coffee Shop in Richmond sold to a new business. ETS Corporate business brokers sell cafe London in record time!

Manuel and his wife Anna Conceicao contacted Zach Dogar of ETS Corporate Business Brokers after they had a sudden medical emergency. Anna required urgent treatment which was to start in 5 weeks and they could no longer operate the business.

They had only opened the business in October 2018 with an investment of over £35,000. ETS Corporate placed the business on the market on the 12th November 2018 and within 24 hours had secured a non-refundable deposit of £5,000 from the Buyers. The sale was concluded on the 22nd December 2018, at record speed thanks to ETS Corporate associations with a good team of lawyers and the determination and initiative from the Owners. It was sold for the full asking price of £34,995, ensuring the medical treatment was administered on time and the Clients were able to recoup their investment.

This case demonstrated that ETS Corporate is very quick, efficient and have excellent industry knowledge. They know where to pitch the sale price to get the result for the client whilst obtaining the best price. Their [lockout fee|(a non-refundable deposit paid by the Buyer when a sale is agreed) ensured that the buyer was serious and genuine and they know what information to place on the marketing to get the most effective result. They also work with a diligent team to get the job done for the Client.


This very new coffee house business was being sold due to illness. It has been operating since October 2018 with a husband and wife team.

The goal of the business was to be the artisan coffee house of choice for the local community in Richmond, the address being 226 Upper Richmond Road West, East Sheen, Richmond SW14 8AH. It attracted shoppers, downtown business workers, tourists who visit the city, and students, by providing a higher quality experience than any competitor.

The coffee bar was an independent family run coffee house that offered residents, visitors and the business community a different, more personal style of artisan coffee house by providing a uniquely flavorful coffee and cakes as well as a comfortable environment to socialise, relax or work. It had huge potential in the short time it has been open.

It offered some individual and unique foods as all cakes, salads, toasties, and baguettes are hand made in house on demand. They also offered a warm, trendy and light atmosphere as well as a personalised welcome and service to all their customers.

The Owners had planned to obtain a drinks licence and open later from Thursday to Saturday in order to serve cold meats and cheese platers as well as other Mediterranean foods accompanied by wine/beer. In addition, they wanted to apply for an A3 licence so that they could extend their menu by including hot food options. This change of use was already contemplated in the current lease.


The Owner contacted many business brokers and decided to use ETS Corporate for many reasons. They were able to place the business on the market within 24 hours and offered a personal and professional service. Further, ETS Corporate did not charge upfront fees and was therefore motivated to sell and results focused, as they pay for each client’s marketing upfront themselves; a majority of agents charge upfront fees. The valuation was realistic and Anna and Miguel were confident in ETS Corporate abilities.

If the Owners had not sold the business, they were going to lose all their investment and still be liable for rent under the lease. It was imperative that the business was sold within 4-5 weeks before Anna’s treatment started.

The owner was initially referred from Daltons Business, with whom ETS Corporate have a long-standing relationship.


ETS Corporate first of all obtained all the information from the Owners and was on the market within 24 hours of instruction. This was after a valuation was done within hours of being contacted and all paperwork was signed electronically. ETS Corporate have a very automated system, which is largely internet based and therefore are able to move very quickly and without the need to send salespeople to clients. All valuations and the whole process is handled by Zach Dogar, who has over 22 years experience in the industry.


ETS Corporate was able to find a suitable Buyer for the Owners within 24 hours including securing a £5,000 lockout fee and complete the sale within just over 5 weeks of instruction.

For the Clients, they were able to sell and get their investment back and get on with the treatment which was starting after only one month.

The Buyer’s Roya and Amir Fanaie were very keen on the site which is extremely busy and on a prominent corner plot. They wanted to offer authentic and traditional Iranian dishes that are not available locally.

They re-named the business Neeman after their two sons and as well as coffee and tea, they offer healthy drinks and smoothies. They also provide pomegranate Juice, which is very popular in Iran.

They are planning to introduce other dishes such as:

Haleem for which Roya has her own recipe;
Various home-made Iranian soups again from an old family recipe; and
Shirin Pollo which is a sweet Iranian dish

All the dishes will be slightly adapted for the British palate.

Amir found the service ETS Corporate offered to be “very good and particularly good was the punctuality, politeness and honesty. We were very happy with the time scale. We were first-time Buyers and you helped a lot.”

Roya said “to be honest, the service was very reliable and friendly. “When we paid the non-refundable deposit of £5,000, you emailed us back in 10 minutes to let us know you have it I can trust you and your company” The non-refundable deposit or lockout fee is very important as it ties the Buyer to committing to Buy the business at the agreed price and this stops Buyers taking advantage of the situation by threatening to pull out in an attempt to reduce the price.


Read the full case study here

For a free e-book “How to sell a cafe” click here

BankingCash Management

TrueLayer launches one of Europe’s first Open Banking based Payments API

TrueLayer, Europe’s leading provider of Open Banking and financial APIs, has launched one of the first Open Banking and PSD2 based Payments API. 

 

The API, which is in public Beta, offers a new way for businesses and consumers to pay for goods and services or transfer money. It is an alternative to credit and debit card payments, bank transfers and traditional payments processors. 

 

By using the payment initiation process created by PSD2 – the European Directive that oversees ‘Open Banking’ in the EU – the API confers a number of benefits:

 

  • Immediate settlement – cleared funds are received in few minutes (during business hours) – in contrast to the several days experienced by most businesses
  • Secure and fraud-proof – the API requires active bank authentication before any money can leave the account. This means high security and extremely low fraud rates
  • Cheaper – as there is no credit extended and fraud is highly unlikely payments do not have the high fees of card transactions
  • Streamlined – customers do not need to manually type in a business’s bank account number to transfer money to a business

 

The API works with all major UK banks, and more specifically, the CMA9. TrueLayer, which was one of the first companies in Europe to be approved as an Authorised Payment Institution with PSD2 permissions – Account Information Services and Payment Initiation Services, believes this API marks a major milestone in the development of Open Banking in the UK and the liberalisation of financial services.

 

Francesco Simoneschi, CEO and co-Founder of TrueLayer, said: “Companies often throw out cliches such as ‘game-changing’ or ‘disruptive’ when they launch a new product, but in this instance we are looking at a very meaningful and very important innovation. It puts the banks back at the centre of the payment process, allowing them to create competitive and differentiated payment experiences as well as enabling entirely new opportunities for deeper purchase flows into the banks’ mainstream digital channels. For fintech applications and merchants, payments initiation fills a huge gap in the European payments market for use cases that are currently largely underserved by traditional payments products. 

 

“The fraud prevention aspect of the API alone would have made a huge impact, however, it is just one of a range of benefits. Near instant transactions, low fees and a streamlined process are all significant and tangible improvements for businesses and consumers. 

 

“When Open Banking was launched this was the development many people in the financial industry were waiting for. It is a new form of online payments that will add much needed competition and open the door to range of innovative applications. Our entire team has worked incredibly hard to develop it and the most exciting aspect is that it’s only the beginning.”

 

The Payments API began beta testing with a dozen companies including digital wealth manager Moneyfarm and ‘build your own fintech’ platform Wealth Kernel. 

 

Giovanni Dapra, CEO and co-Founder of Moneyfarm, said: “We firmly believe that technology has the capacity to radically improve customer experiences in the financial services industry and, ultimately, help people realise their financial goals.

 

“This is why we’re delighted that TrueLayer has launched an Open Banking Payments API. Its potential to ease a lot of pain points by improving the security, speed and availability of transactions is very exciting. We have been anticipating a breakthrough like this from Open Banking which will directly benefit our clients and encourage further innovation in this space.”

 

Joe Campbell CTO of WealthKernel, said: “TrueLayer’s new API will enable our clients to quickly build products and services that offer a highly secure fully integrated payments experience. Not only does it greatly reduce our operational costs and risks, it also improves conversions and provides a great user experience. 

 

“This is an incredibly important step in the realisation of Open Banking’s potential. It provides a vehicle for a host of new applications to enter the market which will vastly improve how financial services work for businesses and consumers. We’re very impressed by the Payments API and excited to see the innovative ways it will be used.”

 

TrueLayer expects to launch an updated Payments API later in 2019 which will add features such as future dated payments, standing orders and batch payments.

 

The Payments API launch follows last month’s extension of TrueLayer’s Data API to Germany. Over the last year it has secured a series of major partnerships with companies including Zopa, ClearScore, CreditLadder, Canopy, Plum, BitBond, Emma, Anorak. It also has a number of undisclosed partnerships in the pipeline with major companies in the consumer and financial space that will go live in the next 12 months. 

Cash ManagementMarketsRisk ManagementTax

Top tips when it comes to completing your self-assessment tax return

The time of year is almost upon us where millions will have to complete their self-assessment tax return. Whether that’s as a sole trader, a freelancer, a contractor or running your own businesses, anyone who works for themselves will have to complete their forms before the annual January 31 deadline. For many, it can seem like a daunting task, so is there anything you can do to make the process easier?

 

 

James Foster, Commercial Manager at specialist accountancy provider Nixon Williams

At Nixon Williams, we manage a large client base of small businesses, contractors and self-employed individuals, which means we complete thousands of tax returns each year. This experience has provided us with an in-depth knowledge of the process and how to maximise efficiency when it comes to completing a self-assessment tax return submission.

 

The majority of the working population have their tax deducted at source from the company that they work for, however, anyone that is self-employed has to complete a self-assessment tax return in order to be taxed appropriately on their earnings by Her Majesty’s Revenue and Customs (HMRC).

 

When you start working for yourself, your workload includes everything that you might need to do to make your business a success – from marketing and advertising to admin and ordering stationery. You may find that managing your finances is more complex than you might have expected as you will need to keep records of all the money you spend in the running of your business, as well as how much you earn. Many people decide to use the services of a professional accountancy firm like ours to help them through the process, but some decide to manage everything themselves. Either way, there are some simple things you can do to make the process as straightforward as possible, so here are my top five tips:

 

  • Get organised – compiling all your invoices and receipts ahead of time is the best way to alleviate last minute stress when it comes to self-assessment forms. Ideally, you’ll have kept some form of spreadsheet or an online portal up to date throughout the year of your accounts, and you can use that to finalise your tax return. But if that’s not the case, don’t wait until the very end of January to get started. There are often missing pieces of information you’ll need to track down, so give yourself plenty of time to work through everything. And don’t forget – if it’s your first time completing your Self-Assessment Tax Return, make sure you’re registered with HMRC in time.    

 

  • Know the key dates for completion – If you decide to complete your tax return online then the deadline for this is any point up until the 31st January, whereas a paper tax return needs to arrive with HMRC by the 31st October the previous year. If you haven’t sent an online tax return before then you will need to register and HMRC advises you to do this no less than 20 working days before the deadline.

 

  • Separate your work and personal bank account – a number of self-employed people operate with just one bank account for personal and business use, but this can make it hard to separate out your business expenses from your personal expenses. It’s often easier to identify which costs are related to your business by having a separate business bank account. This will not only help you keep a track of your business expenditure throughout the year, but it will make your life a lot easier when it comes to your tax return.
  • Know the expenses and tax reliefs that you can claim – if you are a sole trader, for example, make sure that you know the expenses that you can claim in your tax return, as there may be some items you might forget about such as business mileage and expenses relating to working from home. It’s also beneficial to know about other tax reliefs that you are entitled to such as personal pension and gift aid payments.

 

  • Tax returns can be complex so use an accountant – having professional support can be really beneficial because an accountant should not only assist with the compliance side of things (i.e. helping you to file your tax return on time) but they will also give you pro-active advice where appropriate.  Tax returns are something most accountancy practices deal with on a daily basis from April to January, alleviating a lot of the financial stress away from clients and helping them to focus on what they do best – making a success of their business.

 

Running your own business and managing the many tasks that come with it can often push your tax return submission to the bottom of your ever-growing pile of work to do – but help is always available from professionals with the right experience and knowledge of the latest legislation. You can find further information on completing your self-assessment tax return on the Nixon Williams website here.