Fintech, Finance, Technology, Banking Highlights – 11 September 2018
Open Banking Standards version 3.0 published
The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of the Open Banking Standards, version 3.
This update builds significantly on the version of the Standards that launched in March 2018, effectively giving account providers who implement them in full, a solution that complies with the EU’s second Payment Services Directive (‘PSD2’).
Whilst previous versions of the Standards covered business and personal current accounts, Version 3 covers all products with payment capabilities (for example, credit cards, pre-paid and e-wallets) in any currency.
Commenting on this latest release, Imran Gulamhuseinwala OBE, Trustee of OBIE, said:
“The Open Banking Standards are now not only a driver of significant innovation and competition in the UK but also offer account providers a well-supported route to PSD2 compliance.
“The ability to access a far broader range of customer accounts will greatly enhance the services that firms can build and, ultimately, make it easier for customers to move, manage and make more of their money.
“All of the CMA9 are expected to be live today with the previous version of the Standards. The key now, with this latest version, is to ensure that the Standards are implemented with a high degree of conformance and reliability across the account providers. OBIE will be focused on supporting the banking, credit card, building society and e-money sectors in doing just that, at pace.”
SS&C to Acquire Intralinks
Acquisition increases key account footprint and adds cloud-based virtual data rooms and secure collaboration solutions for SS&C’s banking and alternatives clients
SS&C Technologies Holdings, a global provider of financial services software and software-enabled services, today announced it has entered into a definitive agreement to acquire Intralinks Holdings, Inc. from affiliates of Siris Capital Group for total consideration of $1.5 billion.
The purchase price will consist of $1 billion in cash and $500 million in SS&C stock, with the per share price of the stock based on the volume weighted average trading price for 30 trading days prior to closing. SS&C and Frank Baker, Siris’ co-founder and managing partner, expect that Mr. Baker will join the SS&C Board of Directors following the closing on a mutually-agreed date.
Intralinks is a leading financial technology provider for the global banking, deal making and capital markets communities. The company facilitates strategic initiatives including mergers and acquisitions, capital raising and investor reporting by enabling and securing the flow of information. Intralinks innovates to enhance the value, speed and confidentiality of deal making, reporting and communications – driving success for its users. Intralinks provides the leading investor communications platform for private equity and hedge fund professionals with the largest hosted community of general and limited partners for the alternative investments industry.
Augmentum Fintech plc announces £2.5 million investment in Unmortgage
Augmentum Fintech, a fintech venture capital investors, announces an investment of £2.5 million in UK-based residential rent-to-own specialist Unmortgage, as part of a £10 million fundraising.
Augmentum is participating in this fund raising alongside existing investor Exponential Ventures, and other investors.
Unmortgage (www.unmortgage.com) will offer a unique part-own part-rent model of home ownership, requiring as little as 5% deposit with customers paying a market rent on the portion of the home that Unmortgage owns, with the ability to increase the equity in the property as their financial circumstances allow.
The new funds are being raised by Unmortgage to scale the business and take the team from 12 to 40 people before the end of the 2018, prior to launch in 2019.
Tim Levene, CEO of Augmentum Fintech, said: “One of the things we look for in a potential investment is a business that is genuinely pathfinding in a sector which is ripe for innovation. In too many cases home-ownership remains out of reach for people, and the Unmortgage model addresses in an innovative way how people can access the homes they both need and want. The business is also attracting fintech talent who want to participate in a business that has at its heart a social purpose”
