Peer-to-peer lender Assetz Capital receives FCA license
Assetz Capital, one of the UK’s largest Peer-to-Peer platforms, announced it has received full authorisation from the UK regulator, the Financial Conduct Authority (FCA).
As the UK’s second largest peer-to-peer business and property lending platform, to date it has lent more than £316 million to businesses nationwide. Following its successful FCA application, Assetz Capital is now in the final stages of completing its work on its Innovative Finance ISA (IFISA), which will be ready for roll out in Q4 2017.
Assetz Capital’s secured loan model, which has earned investors in excess of £26 million in its first four years, was approved by the FCA following a detailed assessment. The company plans to continue with its existing investments, including its popular Access Accounts, the Manual Lending Investment Account and the Property Secured Investment Account, as well as adding to this portfolio in the future.
TerraPay Secures Regulatory Approval From South African Reserve Bank to Launch Cross-border Money Transfers in South Africa
TerraPay, the world’s first mobile payments switch, announced today that it has successfully obtained regulatory approval from South African Reserve Bank to launch cross-border money transfer services in South Africa.
This makes TerraPay the 5th company to be licensed as a category three Authorised Dealer in Foreign Exchange with limited authority, also known as ADLA 3, to conduct low value international money transfers in the country.
TerraPay is building global payments infrastructure for low-value cross-border transactions. The service interconnects mobile wallet service providers, financial institutions and money transfer operators in key send and receive markets. The license enables the company to enter into cross-border low value person-to-person payments in South Africa.
Peoples Bank & Trust Selects Baker Hill NextGen Statement Spreading to Gain Efficiencies in the Commercial Lending Underwriting Process
Baker Hill, a provider of technology solutions for common loan origination, relationship management and smart data analytics, announced that Peoples Bank and Trust Company of Hazard has selected Baker Hill NextGen Statement Spreading to gain greater insight into the commercial lending underwriting process from one central location for more efficient financial analysis.
Based in Hazard, Ky., Peoples Bank and Trust ultimately chose to implement Baker Hill NextGen™ Statement Spreading because its sister bank, Citizens Bank and Trust of Jackson, Ky., uses the solution and values its comprehensive, user-friendly features. With Baker Hill’s credit analysis tool, Peoples Bank can easily review commercial loans and make solid credit decisions by leveraging the solution’s reporting, data analysis and sophisticated financial spreading functionalities.
Baker Hill NextGen Statement Spreading facilitates reporting, data collection, global cash flow, covenants and a comprehensive credit memorandum in one, central location, offering unprecedented insight into the commercial lending underwriting process. The solution improves the quality and consistency of financial analysis to ensure sound credit decisions.
WorldFirst launches payments platform for online marketplace sellers
The World Account, a new international payments platform from UK-based FinTech WorldFirst, goes live for online marketplace sellers today.
Providing an alternative to traditional international banking for businesses who operate across different currencies, World Account makes the process of international trade cheaper and easier.
Using World Account, online sellers can open multiple local currency accounts – initially in GBP, USD, EUR and CAD – for free enabling them to send, hold and receive funds in different currencies. Online sellers will now be able to receive payments in euros, for example, and either hold them in their account until such time as they need to pay a supplier in euros or make international payments out and benefit from WorldFirst’s great exchange rates.
