Category: Cash Management

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/

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
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.

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

 

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.

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.

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]

Cash ManagementFinanceFundsMarketsRisk Management

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] 

Cash ManagementFinanceFunds

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.


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.

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Can You Predict The Future Price of Bitcoin?

You can’t spend five minutes reading about cryptocurrencies without stumbling across at least one prediction for the future price of Bitcoin.

Across forums, social media, newsletters, blogs, news sites and every other corner of the internet — financial analysts, expert investors, bankers, tech icons, and new enthusiasts offer up their views.

Some cite careful analysis, some base it on past trends. While others are guessing or acting on their ‘intuition.’ Their predictions are varied, ranging from a plummet to zero, to millions.

With all this noise surrounding the Bitcoin price, you might be wondering whom to believe. Or if you should believe anyone at all. Is it possible to predict the future?

Investing begins with education, not buying. So it’s important to think about the information you base your buying decisions on.

How do people make price predictions?

There are two types of analysis used for predictions: fundamental and technical.

They’re used for everything from the stock market to Bitcoin. While other types of analysis do exist, these are the main ones.

Fundamental analysis

Fundamental analysis is all about intrinsic value. You look at the factors that give something value, then decide if it’s under or overvalued. Publicly traded companies release lots of information to help with this. So, for a stock you might look at a company’s:

  • Revenue (how much money it’s making)
  • Profit margins (how much of the revenue is profit)
  • Growth potential (how much money it could make in the future)
  • Management (how competent the people in charge are)

Some of these factors can be defined in numbers. Others come down to the judgement of the analyst.

For a cryptocurrency, you might look at its:

  • Price growth (how the price has grown over time)
  • Scalability (if it has the potential to keep growing)
  • Security (if the network is secure and safe from attacks

​Technical analysis

Technical analysis is different as it focuses on an asset’s price, not the asset itself. Maybe you’ve heard the phrase ‘past performance is not an indicator of future performance.’ But technical analysis bases future predictions on the past. This can be based on a short time frame (hours or even minutes) or long (months or years.)

To do this, you look for patterns and trends in price charts, such as:

  • The average price over a chosen time span
  • The price at which a lot of investors start buying
  • The price at which a lot of investors start selling
  • The overall price trend

Do fundamental and technical analyses work?

There’s no straightforward answer to that question. Both techniques can be useful, but they also have their limitations for cryptocurrencies.

Fundamental analysis works when investors base their decisions on fundamentals. This isn’t always the case for Bitcoin. Many investors base their decisions on the decisions they expect others to make.

Technical analysis assumes that a market follows rational rules and patterns. It’s less useful for cryptocurrencies because the market is still young. There isn’t as much past data to analyse. Cryptocurrencies also have less liquidity than something like stocks.

Self-defeating and self-fulfilling prophecies

When we talk about price predictions, we run into an important concept: self-defeating and self-fulfilling prophecies.

Making a prediction about the future can end up changing what actually happens.

The prediction about the future creates the future.

This isn’t the case when we talk about a system like the weather because we can’t change it.

But when you make predictions for a system involving people, it’s different.

Hearing predictions can cause people to change their behaviour.

Sometimes this happens in a way that prevents the prediction from coming true — a self-defeating prophecy — or it can cause the prediction to come true — a self-fulfilling prophecy.

Predictions about cryptocurrency prices have the power to influence how investors act. If it’s predicted the Bitcoin price will increase, this encourages more people to buy. This can drive up the price, and vice versa.

That brings us to incentives.

The issue of intentions

Incentives are what motivate people to do what they do. It’s an important concept in investing. Financial gain is a powerful driving force.

Most investors understandably want to do whatever will make them the most money. This can include making predictions that benefit them.

Let’s say you come across an article where the author claims Bitcoin will be worth $100,000 by December 1st 2019. Rather than taking that at face value, it’s important to ask: why are they saying this? If they know for certain, why don’t they put all their money into Bitcoin, and make a huge profit? Why are they sharing that information?

Likewise, if someone claims Bitcoin will drop, you might wonder why they’re saying that. If they know for certain, why don’t they keep quiet, short it, and make a big profit?

In both cases, we need to consider the underlying incentives.

If someone stands to profit from the Bitcoin price increasing, it’s natural they’ll predict it’s going to do that. They’re hoping this will turn into a self-fulfilling prophecy. If someone stands to benefit from it decreasing or to suffer if it increases, it’s not unexpected that they’ll predict it’s going to decrease.

Luck and probability

But if no one can predict the future, how come some people do make correct predictions?

Maybe you heard that your brother’s roommate’s cousin’s coworker’s uncle correctly predicted the price of Bitcoin. Or you’ve seen someone on Youtube who seems to always get it right.

The fact that no one can predict the future doesn’t mean no one can make correct predictions.

It comes down to luck, probabilities, and information asymmetries.

First, luck. Every day, thousands of people make predictions about Bitcoin prices. It’s inevitable that some of them will be correct by luck.

As they say, even a stopped clock is right twice a day. With so many people making predictions, it’s likely a percentage of them will be correct.

When professional forecasters make predictions, they usually base them on probabilities. What’s the most likely outcome? A weather forecaster might say it’s going to rain tomorrow because there’s a 62% probability. They don’t know it for sure. It’s just more likely than not.

Then there’s insider information. If you know something most investors don’t, you have a big advantage. For example, if you have insider information that Apple is about to release a new product, it’s reasonable to expect the stock will go up. But other investors buying Apple stock aren’t aware of that information, so they can’t predict it.

Insider information is less meaningful for cryptocurrencies. There’s a less direct link between fundamentals and prices. Events that seem like they should cause an increase or decrease can do the opposite or nothing.

Conclusion

The next time you look at a cryptocurrency price chart, imagine a crowd of people in a stadium, all moving at different times but appearing to create an organised rippling motion. Because that’s what you’re seeing: the combined actions of many people.

There’s no mystical, secret order to it. There’s just lots of people making decisions based on the information they receive.

Cash ManagementFundsRisk ManagementWealth Management

Samuel Knight International on track to continue major growth following investment

Samuel Knight International, the global recruitment and project man-power specialist headquartered in Newcastle, has announced significant investment from Gresham House Ventures. Samuel Knight, which was established in 2014 and has offices in London and Bristol, provides skills and energy solutions to the energy and rail sectors on a permanent, contract and temporary basis.

The company has demonstrated impressive growth since its formation. Last year, it achieved £13m turnover and took home ‘Team of the Year’ at the Great British Entrepreneur awards. 2018 also saw Samuel Knight securing major new client contracts in more than 30 countries, boosting headcount and expanding the business to accommodate business growth.

The growth capital investment from Gresham House Ventures, using funds from the Baronsmead Venture Capital Trusts, will fund Samuel Knight’s near-term growth plans. These include increasing headcount at the offices in Bristol and London and adding local talent to the Newcastle team, from entry level graduates to experienced consultants. The company is also planning international expansion with the potential acquisition of two sites abroad.

The recruitment drive is geared up to support expansion across the energy and rail space given increasing demand from clients and candidates. Samuel Knight is focusing on achieving greater market share and boosting awareness of the brand through targeted marketing and business development. The investment will also allow Samuel Knight to further invest in technology to continue innovation within the business.

Steven Rawlingson, CEO at Samuel Knight said: “We have a clear vision of what we want to achieve with the investment, and how this will help us to support commercial goals. We are delighted to have secured the funding from Gresham House Ventures, who share in our ambition and vision to grow the business. The investment will enable us to strengthen our global offer, expansion plans and team growth.”

Paul Kaiser, Katy Lamb and Michael McCulloch from UNW LLP provided financial advice to Samuel Knight International.

Katy Lamb, Senior Corporate Finance Manager at UNW who led the transaction said: “Having worked with the business since late 2017, helping management prepare for the investment, we were delighted to advise on the finance raise and have enjoyed working with such a dynamic, fast-growing business. It’s also great to see investment into the North East.”

Steve Cordiner, Director at Gresham House said: “Steven and the Samuel Knight team have done a fantastic job in growing the business so rapidly in such a short time period and we are proud to be partnering with such an ambitious team. There is huge scope for Samuel Knight to expand globally and we look forward to supporting the business on this phase of its journey.”

Anthony Evans, Adam Rayner and Harry Hobson from Muckle LLP provided legal advice to Samuel Knight International.

Shoosmiths LLP provided legal advice to Gresham House and Dow Schofield Watts provided the financial due diligence.
The Gresham House Ventures team invests equity of up to £5m in growth businesses, supporting founders with bold ambitions for the future, whilst providing transformational capital and expertise to accelerate business potential.

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Underestimating the digital wealth start-up threat

A recent report from GlobalData found that only 10% of wealth managers perceive robo-advisors as an immediate threat.  With the entire financial industry racing towards widespread digital adoption, it begs the question – shouldn’t they be more worried?John Wise, CEO, Co-Founder and Chairman of InvestCloud investigates.

The biggest mistake wealth managers are making is holding on to the long-standing belief that robo-advisors will only serve the lower retail market. This is the same mistake ‘brick and mortar’ stores made in sizing up Amazon as a threat; they fail to appreciate the competitive advantage a digital platform has.

Many high earners are turning to robo-advisors and digital processes for a better return on their portfolio. A recent survey from InvestCloud found that 49% of investors are using mobile apps to manage their wealth. A further 48% are using a firm’s digital offerings as a key differentiator when choosing their manager. As investors continue to be more digitally savvy, this will certainly increase.

As things stand, digital can feel like the enemy to traditional wealth managers.

The need for hybrid wealth management

What many wealth management firms are failing to recognise is that it doesn’t have to be one or the other. By deploying a hybrid model of digital and traditional services, these firms can compete successfully in this changing digital environment.  

Traditional ‘brick and mortar’ wealth managers are faced with two key challenges today. The first of these is the well-documented fee compression. The second is the transfer of wealth from aging boomers to younger, more tech savvy and less financially educated generations – Generation X, Millennials and – soon – Generation Z.

At this inflection point, everyone has one question on their mind: How are firms going to attract new clients and retain existing ones in a cost-effective manner? 

The hybrid model of human and digital advice means advisers can use cost-effective technology from the robo space and combine it with differentiated and engaging client experience. This will be key to serving younger demographics. Hybrid advisors will be able to scale like a robo-adviser, being able to serve more clients, while ensuring continued engagement with existing clients through face to face interactions and digital empathy tools.

This change is already happening. Those who can see it as an opportunity and not as a threat will have the upper hand.

Creating a truly personailsed digital service

 

While automation plays a critical role in increasing a firm’s profitability, it is only one side of the equation. Clients will measure the quality of a service by what they see, so continually improving the quality of their digital experience is critical.

When an adviser cannot speak and interact with clients face-to-face, it can often be difficult to create and maintain a strong relationship that keeps a client sticking with your business. Instead, advisers need to create the same level of service online. Financial institutions instead need to build digital relationships, where each client can be engaged on their own terms.

This is why the digital experience is so important. It is not just about providing online services – wealth management clients also require a truly personalised, beautifully designed, intuitive and easy-to-work-with platform that caters to all their individual needs.

But this should not be one-sided. The client and adviser portals need to be directly linked, so the adviser can see what the client is looking at, or even influence the dialogue remotely using chat, video or direct messaging. This way, advisers can deliver complete personalisation.

The importance of data

Firms can not solely focus on the client-facing aspects of their business. Looking behind the scenes is equally important.

Getting information correct and accessible is key to success when operating at scale. Adopting a data warehouse is the most important aspect of any digital strategy. Information is power – but only if it is correct, gathered in one place, and is in a structured format.

Many traditional firms fail to appreciate how information from correctly managed data can be leveraged to better serve their customers. To use the Amazon analogy again – the amount of client information they can use from customer profiles is something brick and mortar stores can only dream of.

Using the right digital platform, wealth managers can collect client data, but also monitor how this information changes. For example, they can see which demographic pays closest attention to market changes, or how a client’s investment objective or risk tolerance changes over time.

Those using the right digital platforms can access deep behavioral analytics, which in turn helps them support more clients with less resources. Data in today’s digital environment goes beyond ‘csv’ files to include text, chat, documents, and pictures. Imagine an advisor on a call where the client is asking about a recent capital call transaction. Centralised platforms enable advisors to access all relevant client information, including primary documents from the custodian or fund administrator.  

The last piece of the puzzle is adoption. How are digital platforms helping wealth management firms increase adoption and retain existing clients?

Behavioral science functions combine unique and customisable digital personas. The right platform will allow financial institutions to connect with all their clients, despite vast differences in wealth, age, outlooks, and all the numerous facets that make them unique. Digital engagement requires human empathy, and personalised platforms can make each user feel  that their financial concerns are understood, whether they are Baby Boomers, Generation X or Millennials.

These elements are what constitutes a great overall digital strategy in 2019. Armed with the right tools, advisers will have an advantage over the robo advisers.

This is the holy grail of hybrid wealth management: Automated digital processes combined with the advantage of human insight. Being able to undertake ad hoc tasks for clients or difficult-to-do exercises that are a challenge, can now be automated with the click of a button. Digital empathy – expressed through the right tools – will set you apart. Longer retention, higher AUM growth and improved quality and operational efficiency all await.

With the right digital strategy, robo advisers have nothing on you.

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The 5th Money Laundering Directive; mandating the use of electronic verification

Money launderers using increasingly sophisticated methods of moving illegally-earned cash through criminal networks. In response, anti-money laundering (AML) law is constantly evolving, and successive legislative updates reflect the EU’s determination to keep pace.

Following the Panama Papers, Paris and Brussels terrorist attacks, the 5th Money Laundering Directive – published in the European Journal in June 2018 – made some important amendments in an attempt to counteract terrorist financing and increase the transparency of financial transactions.

One of the biggest changes was the stipulation that electronic verification is used when undertaking Customer Due Diligence and Know Your Customer procedures.

Member states will have until late 2019 to implement the 5th Money Laundering Directive. As we know, the UK is due to leave the EU on March 29, but the UK Government has already committed to implementing the Directive to ensure its position as a major international financial player.

Electronic verification must be used where possible

Regulated businesses have always been able to use electronic verification as either an alternative or supplementary to traditional documents such as passports, driving licences and utility bills. But with the 5th Directive now stipulating that electronic verification is used where possible, regtech has been thrust into the spotlight.

The preamble to the Directive reads: “Accurate identification and verification of data of natural and legal persons are essential for fighting money laundering or terrorist financing. The latest technical developments in the digitalisation of transactions and payments enable a secure remote or electronic identification”.

It then goes on to state the following “Those means of identification as set out in Regulation (EU) No 910/2014 of the European Parliament and of the Council should be taken into account, in particular with regard to notified electronic identification schemes and ways of ensuring cross-border legal recognition, which offer high-level secure tools and provide a benchmark against which the identification methods set up at national level may be checked. In addition, other secure remote or electronic identification processes, regulated, recognised, approved or accepted at national level by the national competent authority may be taken into account”.

While not all European countries have electronic identification solutions, the UK has a long-standing acceptance of such methods of identification and as a result, leads Europe in terms of regtech. In fact Of the 60 European companies on the RegTech 100 list, half were from the UK, up from 26 last year, which shows just how dominant the UK is in this sector and how much it is growing.

Commercial PEP and Sections solutions needed

The Directive also requires member states to produce lists of politically exposed persons (PEP). However, these lists will not give specific names, just the position of these individuals, which means there will still be the need for commercial PEP and sanctions platforms that collate and maintain these databases.

New Central Registers of Beneficial Owners

The UK has always tended to “gold plate” the money laundering directives when enacting them into legislation, but this has not been the case with many other European members; under the 5th Directive, this will have to change. Following the 5th directive, member states must create central registers of beneficial owners and must allow a clear rule of public access so that third parties can establish who the beneficial owners of corporate and other legal entities are.  

Art dealers now come under AML regulations

Another interesting change under the 5th Directive brings in new business sectors for the first time including art dealers dealing with transactions over 10,000 EUR, all forms of tax advisory services and estate/letting agents where the monthly rent is 10,000 EUR or more.

Tougher rules on Virtual Currency Exchange Platforms and Custodian Wallet Providers

One of the ‘increasingly sophisticated’ methods launders use to facilitate terrorist financing and money laundering is virtual currencies.

In response, the 5th Directive stipulated that virtual currency exchange platforms (VCEP) and custodian wallet providers (CWP) will now have to register with national authorities, undertake customer due diligence, monitor transactions and report suspicious transactions.

It is hoped that as a result of these new regulations FIUs will be able to monitor and detect terrorist financing and money laundering through virtual currencies

The 5th Directive also calls for member states to create central databases comprised of virtual currency users’ identities and wallet addresses.

What happens next?

Member states have to amend their existing legislation or create new laws to bring the 5th Directive changes into force, which in the UK, this means the Government will need to amend the 2017 money laundering regulation which came into force last year or create a whole new piece of legislation.

All regulated firms – those that are regulated now and will be following the changes in the 5th directive – should be aware of these changes and what they mean in terms of their own compliance. SmartSearch can provide a one-stop shop for electronic verification checks – PEP, KYC and sanctions -giving firms the peace of mind that they are meeting all their money laundering regulations.

By Martin Cheek, MD, SmartSearch
BankingCash ManagementFX and Payment

MILLIONS OF BRITS MISSING OUT ON THE BENEFITS OF OPEN BANKING REVOLUTION

Out of control spenders want to save but research reveals that Open Banking revolution is passing them by

 

12 months after the launch of Open Banking in the UK, awareness of it and understanding of what it means is desperately low, despite Brits’ desire to get hold of their finances.

 

  • Just 9% of the survey group, which was representative of all GB adults (aged 18+) used Open Banking services.
    • In fact, what understanding there is about Open Banking services is non-existent, or simplistic and confused.
  • Fewer than 1 in 4 people – 22% – have heard of it; 4 in 5 don’t know what it means or entails.

 

The findings appear in a new report from Splendid Unlimited, the company helping retailers and the big banks design & build new digital platforms. Splendid Unlimited’s findings are taken from the Unlimited Group Omnibus and also use online community methodology.

 

A nation Scouring and Saving

In a nationally representative omnibus survey, it is revealed that:

  • One third (29%) of Brits feel they lost some control of their spending over the Christmas period
  • Fewer than 4 in 10 (39%) were able to save for the Christmas festivities
  • Unsurprisingly more than half (57%) of Brits are now scouring the internet, friends and the media for money saving tips – rising to three-quarters (73%) of tech-savvy 18-24 year olds
  • Half of Brits (48%) are looking to save in January.

 

Innovation can help the nation

Overall, the findings clearly demonstrated widespread interest in and the demand for simple, reliable and independent financial advice. Yet there was a disconnect between this need and consumers’ knowledge of the many ways Open Banking applications can save you money, which include:

 

  • Automatic savings programmes, with algorithms on apps such as HSBC’s Connected Money and Chip allowing Brits to save small amounts that can be measured from time to time against specific goals – like a once-in-a-lifetime trip
  • “Quick Switch” from Bean which alerts consumers if they are on overly expensive recurring contracts and points you towards a better deal
  • Automatically generated bills calendars from apps like Yolt, which take the guesswork out of financial planning.

 

Asked to describe Open Banking in their own words, the top two definitions were: banks sharing your information (26%) and all accounts in one place (15%). Beyond this was little clarity – comments included “it’s online banking”, “it’s data sharing” and “it’s easier”.

 

Despite these impressive initiatives, first impressions of Open Banking were mainly negative – demonstrating a clear communications failure. When participants were offered further information, however, second impressions were far more positive – highlighting the apparent opportunity Open Banking service providers are yet to harness.

 

The research also highlighted that there is some dissatisfaction with a number of aspects common amongst Open Banking services and, also, some criticism of specific apps – suggesting a need for Open Banking service providers to re-think and refine their product offerings in order to make the most of the legislative change.

 

Participants saw pros and cons across all apps tested. They positively rated Yolt for the ability to see all accounts in one place, spend breakdown and transparency; Chip for the same, and its perceived independence; and Consents. Online for the proposition of security and privacy.

 

Although HSBC’s Connected Money came out on top, participants questioned whether their own financial situation was complicated enough to warrant using this app and expressed concern about Chip siphoning off money for investing, even if overdrawn and for AI “managing my money”; Bean for possible bias; and Consents. Online for complexity – especially, its use of complex language.

 

Clarity, transparency and simplicity are key attractors. AI, bias and complexity are key dissuaders. Overall, the findings show that trust was a key issue. At a time when trust in financial institutions has stalled[i] and public concern about data breaches and data security have never been higher[ii], it seems there is a perception that the ‘open’ in Open Banking infers a lack of security.

 

Paul Bishop, Founder and MD of Splendid Unlimited, the company helping retailers and the big banks build these new digital platforms, said:

 

“Open Banking providers are failing to address the lack of trust, privacy and security concerns, and ignorance of the benefits of using their products that have limited uptake of their services to a mere 9%.

 

“These findings highlight a number of key challenges Open Banking service providers must now address.

 

“But they also offer key lessons for the effective and successful roll-out of other new technology-driven service innovations – notably, the further and more widespread introduction of blockchain technology – both in the financial services sector, and beyond.”

 

ABOUT THE RESEARCH

 

Splendid Unlimited transforms businesses digitally, making the customer experience of interacting with the brand on and offline, simple and seamless.

 

Splendid Unlimited’s findings are taken from the Unlimited Group Omnibus and also uses online community methodology.

 

The Unlimited Group Omnibus is a nationally representative omnibus survey of 2,005 adults from across Great Britain, between September 28 and October 5 2018. The figures have been weighted and are representative of all GB adults (aged 18+).

 

Survey results on Christmas & January are drawn from a nationally representative, weighted survey of 2,053 adults across Britain between 19th and 21st December 2018, conducted by Walnut Omnibus.

 

Twenty-four people were also interviewed via an online community over the course of four days. The aim was to interview 24 people who used Open Banking initiatives but this was challenging, so participants all had an account with a challenger bank and were a mix of ages, gender and socio-economic background.

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YOTHA LAUNCHES WORLDWIDE INNOVATIVE NEW PLATFORM WILL MAKE YACHT CHARTERING SIMPLER, FASTER AND FAIRER

YOTHA, the new digital yacht charter platform connecting owners, charterers and yachting professionals, has launched worldwide with a promise to bring trust and transparency to the yachting market.

YOTHA’s digital technology will make yacht chartering faster, simpler and more straightforward and www.yotha.com will become an invaluable tool for everyone involved in the industry.

YOTHA offers a unique chartering experience, allowing customers to negotiate directly with the owner’s representative, book their trip online and then benefit from a free concierge service which helps them to create their own bespoke itinerary.

More than 100 of the world’s finest luxury yachts are available for charter on the platform, which has launched worldwide for the 2019 season after a beta version was successfully tested last summer. Hundreds more yachts from the global charter fleet will be added to the platform in the coming months.

YOTHA was founded by Philippe Bacou, who has owned and chartered luxury yachts for more than 15 years. Frustrated by his own experiences as an owner, he decided to create a unique digital platform that would enrich the charter experience, shaking up the market in the same way that Booking.com has revolutionised the hotel industry.

By making chartering easier, YOTHA will expand the market and attract a new generation of charterers. Its unique features include:

  • A facility to negotiate the charter price online, supervised by a 24/7 customer care service
  • Substantially reduced commissions – YOTHA takes an 8% commission if a yacht is booked directly through the platform, or 4% if the booking is made through a broker, compared to the standard industry commissions of 15% to the broker and an additional 5% to the central agent
  • A simple, fair electronic charter contract balancing the interests of charterers, owners and professionals
  • All financial transactions secured and guaranteed under the supervision of FINMA, the Swiss banking regulator
  • Partnerships with luxury brands, including award-winning concierge service Quintessentially Switzerland, and leading yacht service providers

YOTHA will encourage more owners to charter their yachts because they will have greater flexibility, including shorter charters and more off-season deals. It will empower their captains, allowing them to connect with charterers through the YOTHA app in advance of their trip to plan the perfect itinerary whilst providing all their favourite food and drink on board.

Amongst the 114 yachts currently registered for charter on the online platform are some of the best-known super yachts in the global fleet, including the 90m Lauren L, the award-winning 50m Vertige and the 55m Mustique. Smaller motor yachts and sailing boats are also available on the platform. Yachts are available for the end of the Winter season in the Caribbean and the upcoming Summer season in the Mediterranean.

Philippe Bacou, Owner and Founder of YOTHA says:

“I am excited that YOTHA now opens the way for the digital transformation of the luxury yachting industry. Our ambition is that our innovative new solution for chartering will improve the customer experience, offer new services and help attract new customers to luxury yachting. We are keen to explore fresh ways of expanding the charter business and want to form partnerships with investors, brokers and other key industry players.”

“At YOTHA, we hope to increase the size of the market both in charter volume and services through in-depth industry co-operation”

“It is an exciting time to be involved in the Yacht charter industry and we hope to improve the experience for everyone involved in the industry: charterers, brokers, agents, captains, crews and owners.”

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FISCAL TECHNOLOGIES LAUNCHES NEXT GENERATION PURCHASE-TO-PAY RISK MANAGEMENT PLATFORM

FISCAL Technologies, a world leading provider of forensic financial solutions and services, today announced the launch of NXG Forensics®, the next generation Purchase-to-Pay (P2P) risk management platform.

NXG Forensics is forged from FISCAL’s 15 years of experience protecting organisational spend and combines a comprehensive range of industry-recognised tests with Machine Learning to deliver unparalleled risk protection. It is designed specifically for Finance, P2P, Shared Services and AP teams and sits securely in the cloud, to reduce payment risks, fraud and compliances issues.

The powerful user interface and diagnostic reporting elevates finance teams away from transaction processing to strengthening internal controls that reduce costs, protect working capital and drive process improvements.

Protects organisational spend

NXG Forensics integrates into all major ERP systems and delivers constant protection and monitoring with the highest possible risk detection rate. By using a platform of continually evolving detection methods and machine learning, new fraud tests are regularly added to keep organisations ahead of emerging threats.

Delivers immediate and tangible cost savings

NXG Forensics provides unique daily forensic insights about payment risks before they impact working capital or damage reputation. The comprehensive reporting centre provides detailed and powerful diagnostics to quickly identify and understand exceptions and enable corrective actions to be taken.

Drives process improvement

The forensic analysis engine in NXG Forensics improves supplier risk profiling and identifies more high-risk transaction exceptions than ever before, whilst radically reducing the number of false positives. This generates actionable insights for root cause analysis, leading to faster resolution and creating time efficiencies.

David Griffiths, CEO at FISCAL Technologies comments “Organisations are facing an unprecedented rise in geo-political risks to their Purchase-to-Pay supply chains. Changing regulations along with the increasing speed and complexity of transaction processing all add to the challenge of protecting against payment risk, fraud and compliance breaches. NXG Forensics provides the most effective way to manage this risk and optimise financial performance both in the short and long-term.”

The next generation NXG Forensics platform is available immediately to empower finance teams to continually protect organisational spend with a continuous preventative approach. Implementation is fast and efficient, supported by a proactive customer success programme, built on strong relationships and a supportive knowledge-sharing environment to ensure maximum benefit is achieved.

Dr Alfred Pilgrim, CTO at FISCAL Technologies concludes “We are committed to making our forensic analysis platform the best-in-class and enabling our customers to protect effectively their Purchase-to-Pay cycle against risk and fraud. NXG Forensics demonstrates our continued focus on innovation and desire to offer the best risk prevention framework. It will empower organisations to be increasingly responsive to increasing complexity and changing regulations.”
For more information please visit www.fiscaltec.com

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Why Are Investor Relations So Important?

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.

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BUY YOURSELF A HORSE WITH BITCOIN

Equinox Racing is a London based horse racing syndicate like no other. Focused on delivering immersive experience to its members, Equinox Racing recently opened its horse’s shares to cryptocurrency. From now on, you can use your Bitcoins to buy yourself the thrill of horse racing and the privilege of horse ownership.

 

Rob Edwards, co-founder of Equinox Racing, commented: “There is a huge amount of capital in the crypto world, and not too many tangible opportunities out there. A lot of the people who invested in crypto, particularly in the early days, are punters. They are our kind of people!” 

 

Equinox Racing believes horse racing should not be limited to the chosen few but made available to enthusiasts and new audiences on a wider scale. Having nine horses and about 100 club members and owners to date, Equinox Racing offers a range of exciting experiences. Visit your horse at the stables, speak with the trainer and the jockey, follow his evolution on social media and support him at the race!

 

D Millard from Norwich, Norfolk (horse owner), commented: “Equinox Racing delivers fantastic days out, real prize money winning opportunities, and its stable of horses just continues to grow.” 

 

For the equivalent of £34,99 per month in crypto, which is the average price for gym memberships, Equinox Racing enables you to be part of something greater than a pair of weights. And ownership is available from £150 pounds (in crypto as well)! Thrill, suspense, joy, grace, excitement, exclusivity, are the words that describe the emotions experienced during a horse race.

 

J MacLeod from Ayr (horse owner) commented: “Simply amazing.  My passion for racing has grown now that I have affordable ownership.  I never thought I would be able to own any part of a horse with such a stunning pedigree.” 

 

Equinox Racing is currently expanding its horse’s portfolio and looking at new acquisitions. It is now the perfect time to get involved!

 

More information on: https://equinox-racing.co.uk

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BORROWING £50 MORE FOR A CAR LOAN COULD SAVE YOU UP TO £1600 IN INTEREST

Borrowing more for a car loan could save you money, according to research by What Car? 

 

 

Borrowing just £50 more for a new car loan can make it cheaper than taking out a smaller loan according to new research by What Car?, the UK’s leading consumer advice champion.

Analysis of the UK’s leading high street lenders suggests that borrowing the extra amount could save motorists up to £1600 over the course of the repayment period.*

Loans of £5000 typically have lower interest rates than smaller loans. For example, the repayment total of a £5000 loan from TSB over four years comes in around £1300 cheaper than the repayment of a £4950 loan over the same period.

Similarly, at Lloyds the repayment on a £7500 loan over four years is £1601 less than the repayment for borrowing £7450.

What Car? editor Steve Huntingford said: “We would always recommend borrowing as little as possible, but where the loan amount is close to the threshold for a lower interest rate, borrowing as little as £50 extra could save you 10 times that amount, so borrowers should do their homework.”

This trend was most commonly seen when analysing borrowing of amounts between £4500 and £8000.

Research shows that UK motorists are increasingly using finance options to aid with the purchase of cars. Within the first six months of 2018 there was a rise of 8% in car finance lending, with it topping £10 billion.**

However, while taking out a slightly bigger loan can save you money, there is a cut-off point, with loans of more than £8000 costing the borrower more the more they borrow.Savvy shoppers are able to capitalise on these trends by not only borrowing smartly, but by using the What Car? Target Price on What Car? New Car Buying to ensure they get the best deal. 

Car finance top tips: 

Shop around – compare the types of finance available and choose the best option available to you

Don’t stretch yourself – only borrow within your means, making sure you can afford the repayments

Additional charges – be aware of additional charges and always read the small print of your loan to be sure you don’t end up with any nasty surprises

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Keeping your Payment options open, by Anderson Zaks

EPOS, MobilePOS, Pin on Glass, Pin on Mobile – there’s a lot to choose from for today’s merchant. Adina Ahmed, Chief Technology Officer at Anderson Zaks explains some of the latest options.

“In many emerging economies, people are by-passing traditional bank and card accounts altogether and adopting mobile payments”

Mobile phones have revolutionalised the way we live today. The way we communicate, watch TV and other online entertainment, and, the way we shop. The next obvious step, is the way that we manage our money and pay for goods and services. But these days, it isn’t just settling the bill in a restaurant, or buying something enticing in the sales, with contactless people are paying for their morning coffee, and with PSD2 and the associated deregulation, they will soon be able to make direct payments to each other. In many emerging economies, people are by-passing traditional bank and card accounts altogether and adopting mobile payments in much the same way that they have missed out broadband landlines – it’s a whole layer of infrastructure that they simply don’t need. 

The payment market in China is a prime example where most people don’t have a credit or debit card, or plastic of any kind. They have leapfrogged straight to mobile apps and user friendly ecosystems that seamlessly blend social media, ecommerce, payment and other finance functions. Consumers in China now rarely carry a wallet or cash, and even buskers display a QR code so that people can leave tips. 

Consumers in the UK, particularly younger people that are now coming into the workplace (millennials) expect to pay for everything contactless, many don’t carry cash. This presents a problem for the smaller retailer or merchant. How do they take payments without a full blown EPOS system? There are a whole range of options now opening up to merchants in the UK, and as evidenced in China, they don’t need a heavy IT implementation with all its associated costs, nor are they tied into long contracts with banks or card providers. 

PIN on Glass (POG) solutions are already available in the UK. As the name suggests, PIN on Glass has evolved from the traditional PIN pad so that merchants can now use a touchscreen device to capture the PIN. There are a range of versatile devices, referred to as SmartPOS, that have been designed for this very purpose. Typically run on Android, they have additional security features baked in, a scanner for bar codes and QR codes, and can print receipts. The beauty of these devices is that they can run with a user-friendly app, enabling smaller merchants to operate using the device as a standalone solution, without the need to have a full blown EPOS solution.

These purpose built POG terminals connect directly to a bank, to accept payment. They are sleek and modern, and the apps that run on them are intuitive and easy to use for both staff and the consumer. The devices run with all current card technologies including swipe and contactless, providing an all in one solution so that the merchant doesn’t need a computer in the shop or at whatever location they need to take payments. 

For independent software vendors (ISV), POG devices enable them to migrate their existing POS solutions to a smaller, portable device, opening up the market to much smaller merchants than they might have otherwise targeted. 

At Anderson Zaks we are already working with several ISVs to incorporate our payment platform into their PIN on Glass solution. 

Decade of Change” for cash Puts Modernisation at top of Agenda
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Decade of Change” for cash Puts Modernisation at top of Agenda

Graham Levinsohn, G4S Regional CEO, commented on a “fundamental transition in the use of cash across Europe” which requires “root and branch reform” of how cash is processed by countries in Europe. His comments follow the publication of a landmark report by the Group examining cash use across 28 European economies.

The report finds that the volume of cash transactions across Europe continues to increase, having previously doubled every ten years. Concurrently the proportion of all payments made by cash has fallen, with 40% of payments across the EU now made by card, electronic and digital payments.

In addition:
• The volume of cash in circulation has increased 11% per annum up to 2015 with cash now making up 60% of all payment transactions;
• ATM withdrawals, which are a good indicator of cash spending, increased 14.6% between 2009- 2014, representing an increase in value of €2.188 bn;
• In eight European countries, non-cash payments now make up a greater proportion of transactions than cash;
• The total volume of non-cash payments has increased to 102.3 billion transactions.

Commenting on the report, Graham Levinsohn called on the cash industry to work together to modernise cash:

“What we are experiencing is a fundamental transition in the use of cash across Europe. European consumers and businesses will continue to use cash as part of a multi-payment economy. But we need to modernise how they can use it.

“The cash supply chain is highly fragmented across Europe which creates chronic inefficiency. In the most extreme cases cash could be counted up to 17 times from till to bank. However even in less extreme examples, the same cash is handled and counted multiple times as it is transferred between parties in the cash cycle. This creates an unnecessary cost burden on businesses and banks alike.

“We must work together to drive root and branch reform by streamlining and simplifying the cash cycles of Europe, creating fewer transfers between actors and consequently less duplication of effort. Significant cost efficiencies can be driven through the cash cycle so that cash remains a cost-effective payment mechanism into the future.”

Leading a call to action Graham Levinsohn urged the industry to work with the banking sector, central banks and policy makers to create this modern lean cash cycle. Challenges outlined include:

• Shortening the cash cycle: reducing participants, processes, resources and funding from till to bank;
• Realising earlier value: ensuring cash value is credited earlier;
• Reducing the cost of cash: minimising handling and processing costs for cash;
• 21st century cash: better interface with electronic and digital payment methods.

Finance Minister Mervyn Storey Announces Regional Rate Freeze
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Finance Minister Mervyn Storey Announces Regional Rate Freeze

The Assembly approved the Regional Rates Order 2016, which fixes the amounts of the regional domestic and non-domestic poundage used for the next financial year. For 2016-17, both the domestic and non-domestic regional rate in Northern Ireland will be frozen in real terms by uplifting it only in line with inflation by 1.7%.

The Minister commented:

“By freezing the regional rate in real terms for the sixth year in a row, the Executive has aimed to strike a balance between the needs of ratepayers during challenging economic times, and ensuring that public finances are sufficient to cover the priorities we have set ourselves.

“The rating system provides significant revenue for Northern Ireland each year, supplementing expenditure on our hospitals, roads, schools and other essential public services. In the next financial year, the domestic and non-domestic regional rate will raise in the region of £678million, which will go towards these vital services.”

Mervyn Storey continued:

“The real terms freeze in the regional rate alongside other measures taken by the Executive to alleviate some of the burden of rates, represents the best that we can do to balance the interests of both ratepayers and the demands of public expenditure.

“Keeping a lid on rate increases is something we can be proud of. Indeed, household rate bills in Northern Ireland remain the lowest in the UK by some considerable margin and this is testament to the Executive delivering for the people of Northern Ireland.”

From 1 April 2016, the domestic regional rate poundages will be set at 0.4111 pence in the pound on rateable capital value and the non-domestic rate will be set at 32.40 pence in the pound on net annual value

The regional rate represents just over half of the typical bill; the other half being made up of district rates, which are set independently by the district councils.

Following agreement by the Assembly, the Minister also announced the extension to two popular rate relief schemes – exemption for ATMs in rural areas and the empty shops concession.

The ATM exemption scheme was introduced with the objective of encouraging and sustaining the provision of ATMs in rural area.

The Minister said:

“ATMs play an important role in the sustainability of rural economies. In fact, research has shown that for every £10 withdrawn from one of these cash machines, almost two thirds is likely to be spent locally.

“We can all appreciate the difficulties that would be encountered in these communities from any measure that could lead to a reduction in the number of ATMs. By extending the scheme we can help to ensure that ATMs are retained in rural areas, providing greater access and support to these communities.”

The empty shops rates concession provides a one-year subsidy for new ventures occupying property that has been vacant for a year or more.

Mervyn Storey remarked:

“This scheme makes a real difference to new business start-ups and has now helped over 530 new ventures get up and running across Northern Ireland. It has helped bring previously disused properties in our town centres and arterial routes back in to use, helping to regenerate our high streets.

“By extending the scheme, we can help ensure that more empty commercial properties are brought back into use, improving the economic performance of our towns and creating jobs in communities right across Northern Ireland.”

U.S. Bank Introduces ScoreBoard
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U.S. Bank Introduces ScoreBoard

ScoreBoard provides trending and reporting data so customers can monitor their own credit-card spending and compare their spending to general consumer trends.

ScoreBoard is a free application available to U.S. Bank’s cardholders who use credit, debit cards and credit lines through U.S. Bank. Available through U.S. Bank internet banking, ScoreBoard features easy-to-read charts and graphs that provide a monthly snapshot of credit-card purchases and payments, such as travel, home improvement and gas purchases. 

In addition, U.S. Bank cardholders may use ScoreBoard to download reports as HTML, Excel or PDF files for their specific financial needs.

“ScoreBoard is unique because it gives our customers the ability to monitor their own spending and gain insight into how their spending trends compare to previous years,” said Cliff Cook, U.S. Bank Payment Services, senior vice president. “For our customers who have U.S. Bank credit and debit cards, this has the potential to help consumers make the most of their financial decisions and plan for a more secure future.”

Bitcoin Becoming More Mainstream Says New Study
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Bitcoin Becoming More Mainstream Says New Study

Coupofy.com, a leading database of online coupon codes, has observed the trend first-hand while updating the information of their extensive list of internet merchants. From department store Neiman Marcus and clothing outlet Urban Outfitters, to the Expedia travel booking service and computer hardware giant Newegg, everybody is jumping on the Bitcoin bandwagon and there’s no sign of it slowing down.

According to data from 2014, around 100,000 merchants are now accepting Bitcoins alongside more traditional payment options such as credit cards or Paypal. Unsurprisingly it’s the tech savvy and consumerist United States leading the charge, with the UK, Canada, Germany, and The Netherlands not far behind. However as the technology becomes more accessible and the apps and software become easier to use, it has the potential to revolutionize global commerce, particularly in restrictive economies or countries where the financial system is failing at the central level. With no
single entity in control, we could be about to see the birth of a truly global medium of exchange. Emerging countries such as Brazil have seen a staggering 406% signup growth from Q4 2014 to Q1 2015.

Data obtained by Coupofy from BitPay reveals that the leading Bitcoin payment processor dealt with the equivalent value of $158,800,000 in Bitcoin transactions in 2014, an increase from 2013’s figure of $107,575,000. This represents 563,568 in total individual transactions, compared to 209,420 the prior year. Perhaps what’s most interesting about this
data is that not only are the number of transactions going up but the average order value is going down. This suggests that individuals are increasingly using Bitcoin to pay for everyday products, rather than buying the cryptocurrency in bulk as an investment. The number one purchased item from Overstock.com using Bitcoins is bed sheets!

Even more startling is that if these BitPay transactions had been processed via credit card (using a standard 3%
transaction fee) $7,991,250 would have vanished in to the coffers of today’s controlling financial institutions. Unless these dinosaurs can compete with Bitcoin’s level of efficiency, they might just go extinct.

Investing in Payment Systems Vital for Banks
BankingCash Management

Investing in Payment Systems Vital for Banks

75% of respondents to the new Global Payments Insight Study believe consumers want a broader choice of payment tools, prompting firms to consider investment in this area as an influx of new competitors leads larger financial institutions to fear for their market positions.

The research, jointly conducted by ACI Worldwide, a global business providing electronic payments for financial institutions, retailers and processors, and the leading market research and advisory firm Ovum, showed that 55% of participants stated that an enhanced customer experience is their key expected return on investment on any increased investment in their payment system.

The research took the form of an online survey designed to provide an insight into the payment perceptions among numerous firms including: financial institutions, scheduled billing and payment taking organizations such as higher education, consumer finance and insurance, and merchant retailers.

This increased investment was owing to 76% of the financial institutions question in the study believed that their payment services now face growing competition from new, smaller and more nimble players in the industry.

Such investments are clearly justified as 60% of the retailers questioned said that their payments provider does not offer the variety of services required to satisfy their customer demand.

Security ranks as the biggest concern with 53% of respondents believing it is the biggest impediment to payments innovation, whilst 37% cite customer protection requirements, which is a related issue. Cost is also a big factor as a further 41% believe the high cost of maintaining their existing legacy systems is the main factor behind a lack of payments innovation.

£12.8 Billion a Week Set to Be Sent Through Digital Banking by 2020
BankingCash Management

£12.8 Billion a Week Set to Be Sent Through Digital Banking by 2020

The number of mobile banking users is set to almost double from 17.8 million to 32.6 million by 2020, whilst the number of U.K. adults using online banking will increase from 27.7 million to over 35 million, according to a report commissioned by Fiserv, Inc, a leading global provider of financial services technology solutions. Future Trends in U.K. Banking, compiled by the Centre for Economics and Business Research, also forecasts that this combined growth will see more money being transferred through digital channels, rising to £3.4 billion a week via mobile banking apps and £9.4 billion a week via online banking, totalling £12.8 billion a week.

Mobile Banking

Currently, just over a third (34 percent) of U.K. adults are estimated to be banking on their mobile. With the increasingly widespread ownership of smartphones and a growing appetite amongst U.K. adults to access their finances on-the-go, this figure is expected to almost double to 60 percent by 2020. This projected increase of 14.8 million more mobile banking users over the next half-decade represents a significant opportunity for challenger banks to bring their innovative business models to the market and for existing banks to add digital services to cater to this future majority.

With the emergence of more high-tech features such as remote cheque capture and apps such as PayM, a wide range of mobile banking functions like checking your balance or conducting transfers are all expected to grow in popularity over the next five years. The total value of transactions being moved through mobile banking apps is expected to double by 2020 to £3.4 billion a week.

“The technological developments allowing for the recent surge in digital banking are also enabling banks and new entrants to reach potential customers more quickly and cost effectively than ever before,” said Travers Clarke-Walker, Chief Marketing Officer, International Group, Fiserv. “Banks must be prepared to meet the 24/7 needs of digital banking customers and may risk their reputation if they are not. Still, the advantages for banks to increase their digital capabilities are clear. There’s more and better engagement with customers, which in the long term can lead to greater customer loyalty and uptake of products. Most banks would recognise that engagement is born out of the quality of the customer experience. So if you give customers great experiences, particularly in their mobile banking services, their engagement tends to be higher.”

Online Banking

U.K. online banking use is projected to rise significantly by the end of the decade, from 53 percent of Brits in 2014 to 66 percent by 2020. While younger age groups, particularly those between the ages of 25 and 34, are currently more likely to bank online, all age groups have seen a rise in the prevalence of online banking over the past two years. These increases have been driven by a consumer need to access information faster and on-the-go. Looking ahead, this upward trend is forecast to continue as younger users who are already doing online banking enter a new age bracket by 2020. The number of U.K. adults using online banking is forecast to increase to over 35 million by 2020, up from 27.7 million in 2014.

This upward trend in online banking usage, combined with inflation and a stronger economy, suggests that by 2020, as much as £9.4 billion could be moved through online banking per week.

Clarke-Walker added, “Bank’s digital offerings have become increasingly important for consumers, and with footfall in branches falling by roughly 10 percent a year, this trend looks set to continue through 2020. There are a number of companies, especially in different sectors such as retail, which use more advanced digital services to differentiate themselves. The banking industry lags behind when it comes to using such customer-centric technology, but it doesn’t need to be this way. Banks have the ability to transform the future financial services experience with online and mobile offerings. Capabilities like mobile alerts, instant payments, and location-based services, coupled with data and analytics used with customers’ permission, offer a significant advantage if used effectively.”

'Advice Gap' Revealed as More Than Half of British Adults Fail to Seek Financial Help
BankingCash Management

‘Advice Gap’ Revealed as More Than Half of British Adults Fail to Seek Financial Help

The research also reveals that those who do use advisers are often failing to seek advice about the most important issues. The 2015 Value of Advice research indicates a growing financial awareness among the younger generation, with many actively seeking advice, but also shows that a large proportion of adults are still unadvised for the most crucial stages of life.

MetLife and unbiased.co.uk asked professional financial advisers to rank the most important areas on which consumers should be seeking advice. Retirement decisions (93%) emerged as the number one priority, followed by other later life issues such as long term care and critical illness cover**. However, when Brits were asked what they had sought advice for, mortgages (14%) and life insurance (13%) came out on top, with only 12% having sought advice for their retirement planning*.

The largest mismatch in priorities is on inheritance tax (IHT). Only one in 20 Brits (5%) has sought advice on IHT, yet advisers say it is second only to retirement as the most crucial area in which to seek professional advice.
The Value of Advice research has revealed that the younger generation is becoming increasingly engaged with their financial future. Those in their 30s (52%) are the most likely to have sought advice, while more than one in four (27%) of people in their 20s who have not already sought advice plan to do so in the future. By contrast the over-60s, despite being the closest to retirement, are the least likely age group to have taken financial advice in their lifetimes, with only 36% having done so.

This is particularly significant given the view from advisers listed on unbiased.co.uk, who say the best time to seek retirement planning advice is actually 40 years before retirement, in terms of the potential increase in income.
Karen Barrett, Chief Executive of unbiased.co.uk, comments: “Here we are actually seeing two advice gaps – the number of people who never consult a financial adviser, but also the perception in people’s minds about which financial issues are the most important in the longer term.

Most who seek advice do so when buying a property, because they recognise that it’s a massive undertaking that affects them today, as well as for a long time to come. What consumers aren’t seeing so clearly are the even longer term issues, most notably retirement and inheritance, which could have an even greater impact. It’s great to see younger people becoming more engaged with their finances, but many could still benefit from seeking help with their finances. Some may still suffer from a narrow outlook. A fuller understanding of the value of advice could make a huge difference both in the future and right now.”

Simon Massey, Wealth Management Director at MetLife, comments: “It might sound strange to plan for retirement not long after you’ve started your career, but by doing so younger people can put themselves at an enormous advantage later on. So it’s great to see that younger people are becoming more engaged, although there’s clearly still a long way to go. The advice gap remains a concern for people of all ages, and I’d encourage everyone to review their financial goals and think seriously about how to achieve them.

Women still behind with financial planning

The research also revealed that women are less likely than men to seek professional financial advice across all areas of finances, with only 7% of women having already taken professional advice to help them plan for retirement, compared to 16% of men. Furthermore, 34% of women who have not already sought financial advice say they would never seek professional financial advice, and only 12% say they do plan to seek advice in the future.

Karen Barrett added: “There’s no reason why women should be less focused on their finances. Yes, there is still wage and employment inequality, but if anything this makes a stronger case for women to seek professional advice on their finances, and in particular their retirement planning. It’s not the case that only those with large pension pots can benefit from advice, and over a third of advisers on unbiased.co.uk say they advise on pension pots of less than £25,000. The other point to remember is that it’s never too late – at-retirement advice is consider by advisers to be the most crucial of all, so there’s no such thing as having missed the advice boat!”

US MasterCard and Visa Purchase Volume Up 9.4% in 2014
BankingCash Management

US MasterCard and Visa Purchase Volume Up 9.4% in 2014

This spending included all consumer and commercial card products. Visa products grew 9.6%. MasterCard products grew 8.8%. These statistics are published in the current issue of The Nilson Report newsletter, a leading publication covering the card and mobile payment industries.

“For the first time in the history of the U.S. bank card industry, Visa credit card spending was twice that of MasterCard”

Credit card purchase volume for MasterCard and Visa combined was $1.820 trillion in 2014, an increase of 11.1%. “For the first time in the history of the U.S. bank card industry, Visa credit card spending was twice that of MasterCard,” said David Robertson, publisher of The Nilson Report.

Debit and prepaid card purchase volume for Visa and MasterCard combined was $1.809 trillion, an increase of 7.8%. Debit and prepaid card purchase volume generated 49.85% of Visa and MasterCard spending at merchants, down from 50.60% in 2013. The last time debit/prepaid accounted for less than half of U.S. MasterCard and Visa card spending was in 2009. Debit and prepaid were highest in 2011 at 52.52%.

Visa and MasterCard credit card outstandings combined grew by $28.57 billion in 2014. Visa outstandings grew $11.02 billion or 3.3%. MasterCard outstandings grew $17.55 billion or 7.3%. Visa card outstandings accounted for 57.34% of the combined Visa and MasterCard outstandings at the end of 2014, down from 58.27% in 2013.

MasterCard and Visa purchase transactions on credit cards grew by 1.98 billion or 10.4% in 2014, compared to an increase of 3.18 billion or 7.2% on MasterCard and Visa signature and PIN-based debit and prepaid cards. As a percentage of combined Visa and MasterCard purchase transactions at merchants on credit, debit, and prepaid cards, Visa’s share was 70.37%, up from 70.27%.

Visa and MasterCard credit, debit, and prepaid cards in circulation totaled 1.12 billion by the end of last year, up 10.0%. Of these cards, 57.79% were debit and prepaid, down from 57.82% in 2013. Debit and prepaid cards grew by 58.6 million, while credit cards grew by 44.3 million. MasterCard added 40.0 million cards and Visa added 61.9 million cards versus the prior year.

Money Transfer/Remittance Market Growth Driven by Globally Escalating Migrant Population
BankingCash Management

Money Transfer/Remittance Market Growth Driven by Globally Escalating Migrant Population

MarketReportsOnline.com adds Global Remittance Report: 2014 Edition research report of 72 pages to the banking and financial services industry intelligence collection of its online market research library.

The growth of the remittance market is strongly driven by growing international migration as the people migrate chiefly with the focus of sending their earnings to their families back home. In 2013, international migrants comprised about 3.2% of the world population, compared to 2.9% in 1990. International migrants signify a huge customer base for the worldwide remittance industry. Over US$160 billion have reached rural families in developing countries. Driven to various socio-political and economic factors, the same is expected to steadily grow in the near future. This is further anticipated to prove instrumental in the growth of the global remittance market. Complete report is available at http://www.marketreportsonline.com/380104.html .

As per the report Global Remittance Report: 2014 Edition, apart from unceasing increasing migrant population, other factors which are providing the immense growth opportunities for global remittance market include rising employed and urban population and ameliorating global economic development. Some of the noteworthy developments of this industry include unstable remittance cost, the impact of remittance on health, education and poverty, wide portfolio of remittance services and correlation between remittance and foreign exchange rates. Also, the number of electronic payment service providers that offer over-the-counter-payments, mobile money payment and payment cards have increased rapidly.

Remittance is defined as transfer of money by a person who resides in a foreign country to his or her home country. Remittance industry contributes to economic growth and livelihoods of people across the world. In most of the developing countries, money sent by foreign migrants to their home countries constitutes the second largest financial inflow to the respective nations. Furthermore, in the money receiving countries, remittance industry promotes further economic dependence on the global economy instead of building sustainable local economies. Remittance channel is collectively comprised of a sender, a recipient, intermediaries in both countries and the payment interface used by the intermediaries. The remittance system encompasses the following components: Remittance Service Providers (RSP), Remittance Corridors, Remittance Network and Money Transfer System. Remittance services are divided primarily on the basis of ways a network of access points is created and linked. There are broadly four categories: unilateral services, franchised services, negotiated services and open services.

 

Royal London Asset Management Expands Marketing Team
BankingCash Management

Royal London Asset Management Expands Marketing Team

Royal London Asset Management announces the appointments of Caroline Henty and Joanna Wells as Marketing Managers for its Asset Management business (RLAM).

Caroline Henty joined RLAM from Schroder Investment Management and will focus on the further development of RLAM’s institutional segments, following her most recent role as Marketing Specialist in the UK Institutional and Property areas.

Joanna Wells, due to start in October, will continue to build on the wholesale success RLAM has experienced this year. She brings a strong understanding of intermediary markets from her previous role as Marketing Manager at Jupiter.

Commenting on the appointments, Tracy Fennell, Head of Marketing for RLAM, said: “I am delighted that we have attracted talent such as Caroline and Joanna who are joining during such an exciting time for RLAM. RLAM’s recent performance has been particularly strong and the further expansion of the marketing team shows our ongoing commitment to supporting the growth of both our wholesale and institutional client bases.”