Barclays, Virgin Money, Starling and Monzo in Banking
- Barclays has taken-out an enterprise-wide license agreement with Simudyne to investigate new ways to manage risk in a simulated virtual environment. The bank has been using Simudyne’s toolkit to undertake ‘agent-based modelling’ which allows companies to simulate complex networks, like financial markets, by examining how the interactions of large individual agents may drive broader behaviour
- 10x Future Technologies is likely to lose its first big contract due to the CYBG and Virgin Money merger. The firm, owned by Antony Jenkins, was hired by Virgin Money in November 2016 to help it build a new IT platform. CYBG, which is the dominant partner, says it will use its own technology platform instead
- Starling Bank has announced that couples who already have Starling current accounts can now open a joint account by matching their mobile phones using Google’s Nearby technology
- TSB Bank is looking to bring oversight of its IT system back in-house The bank is reportedly in talks over how much it should pay its parent, Sabadell, for the system – or whether it should pay at all. TSB failed to carry out proper tests before transferring 5m customers to a new IT system, according to a report from IBM. The bank said the report was not a fair reflection of what happened and only represented an initial response
- Experian has received permission from the FCA to offer Open Banking and PSD2 services to enable the exchange of bank account information between people and organisations
- Monzo has launched Monzo Web, an interface that allows customers to access their accounts in an emergency. Customers can sign in using their email address to see their last 50 transactions and freeze or defrost their debit cards. Monzo has also launched a bill tracking feature which notifies the user of any changes to their regular Direct Debits.
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