ING, Monzo, AIB, Barclays and Virgin Money in Banking
- ING has developed a new ‘zero-knowledge range proof’ (ZKRP) code for blockchain designed to protect data privacy. The code adds a layer of cryptography to blockchain technology, to demonstrate the truth of a specific statement without revealing any additional information beyond what it is trying to prove
- Monzo has launched Pots, to help people save towards set goals. Money put into Pots won’t be included the customer’s available balance, and cannot be spent unless it is transferred back into their main account. Monzo has indicated that it is planning a crowdfunding to raise £30m ahead of a float in as little as two years’ time
- Allied Irish Bank has invested €30m in TransferMate, an online service for cross-border payments by businesses
- Barclays has predicted that online fraud will be at its highest-ever levels this Christmas and could cost shoppers more than £1.3bn
- Virgin Money has announced plans to start beta testing its digital banking platform in H2 2018, with full roll-out commencing in 2019. The platform will host a digital personal current account and the bank is targeting £5bn of customer deposits within 5 years of launch. Additionally, the bank is planning to enter the UK SME banking market in 2018 with the launch of a deposit account in January 2018. The bank is targeting £5bn of SME deposits within 5 years of launch
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