Monzo’s current accounts, Tandem Bank’s downsizing, HSBC’s LinkScreen in Banking
- Monzo has prioritised launching current accounts for its 190,000 customers over the development of a full featured public API. However, the bank still intends to launch a public API and developer tools at some point next year.
- Tandem Bank has reportedly reduced staffing levels from around 110 to close to 80 after £29m in funding from retail chain House of Fraser fell through earlier this year
- HSBC has begun the global rollout of ‘Linkscreen’, a shared virtual platform to allow businesses to complete trade finance, receivables finance and business loan applications. Following its release in the UK, the bank is making the platform available to customers in the US and Mexico. Launches are also planned in Canada, France and Hong Kong over the coming months
- Cifas has reported that the number of bank accounts hijacked by criminals increased by 45% year-on-year to 22,525 in 2016
- Accuity Research has found that the number of correspondent banking relationships globally has fallen by more than 25% over the past seven years to 265,499 as banks end partnerships that could expose them to sanctions from regulators
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