Tag Archives: APIs

LFP087 – Passionate Advocacy that Open-Banking is really about Strategy (not Tech/Reg) Louise Beaumont SapientRazorfish

A year ago in LFP060 (currently the 2nd most downloaded episode) we covered Open Banking/PSD2 from a Regulatory perspective. In this episode Louise Beaumont argues forcefully that Reg & Tech perspectives are “necessary but not sufficient”. To do Open Banking “well” means to utterly rethink ones strategy.

Louise is the co-Chair of the Open Bank Working Group at techUK , member of the UK Govt’s Open Bank Implementation Entity and Strategic Advisor Open Bank at Publicis.Sapient and thus sees Open Banking from many sides.

She was also on the show three years ago in LFP011, she was a co-founder of Platform Black, the then number two in the UK Fintech Invoice Discounting sector so has plenty of deep background in the Fintech Revolution. Indeed LFP011 was precisely around what she saw as the 5 Key Challenges facing Fintechs growth (which seem appropriate to this day).

So with that track record behind her we can anticipate that her views on Open Banking/PSD2 will be equally relevant in several years’ time too.

So if a year ago we looked into what this is all about and where it is coming from, we can now examine where we are and critically what the key factors for success are in practice.

What are the threats?

What are the opportunities?

Is sharing your customers data so well you lose them all success?

All these topics and more are discussed on the show including:  Continue reading

LFP086 – What a 21stC Clearing Bank can do for you with Nick Ogden, Executive Chairman ClearBank

Nick Ogden is, inter alia, the founder of the FTSE Worldpay and a bunch of other interesting businesses. In 2014 he created ClearBank the UK’s first clearing bank for 250yrs and is setting out to show what a modern, hi-tech clearing bank can offer existing Banks, Fintechs and Corporates.

Its mission is “to create greater competition, transparency and leading edge technology to the banking market.”

 

Historically the function of Clearing Banks were to clear cheques when there were hundreds of banks in the Uk and traversing the country took days.

This function expanded and now Clearing Banks clear payments of all natures – in the UK FPS, CHAPS, BACS (Direct Debits et al). Clearing banks are basically the experts at “transaction banking”.

But onto the show – how do you disrupt an oligopoly – four clearers control most of the market?

What can one get if one starts with a fresh tech stack rather than piling more on top of tops?

This topics and much more discussed on the show include:  Continue reading

LFP075 – Managing Fintech Rebundling with Nikolay Storonsky CEO of Revolut

One of the founding ethos of Fintech was “unbundling” – the slicing of FS into single-issue firms. This is now looking old-hat. Revolut acquired 500,000 customers in less than two years by offering interbank rates on FX transfers and so was one of the most successful of Fintech 1.0.

Now they are leading the way with Fintech 2.0 offering a whole range of products. Managing this transition with respect to both “the brand” and “the app” is not trivial and I am delighted to be joined today by co-founder and CEO Nikolay Storonsky.

Unlike Monzo who have gone down the banking route but Revolut have remained with the simpler/cheaper/faster but narrower e-money issuer licence.

 

Topics discussed on the show include: Continue reading

LFP068 – The London Fintech Podcast’s 2016 Highlights and 2017 Awards

Dilbert by Scott Adams - Fintech 2016 turns into Fintech 2017Happy New Year boys and girls 🙂 May 2017 be a great one for you and yours! This is the New Year Special where I look back at my 9 highlights from 2016, dish out 10 immensely prestigious awards  and take a peak at 2017.

So without futher ado lets kick off the awards… Continue reading

LFP067 – Rethinking Banking: Marketplaces and App-Only Banks with Tom Blomfield CEO Monzo Bank

LFP Banner MonzoReformation or refactoring of banking is the Holy Grail of the Fintech Revolution. Do that and the revolution is a big deal. Get nowhere near and its all rather marginal. So-called challenger banks have ended up rather same-y. Will “App-only” banks end up going down the same route forced my micro-regulation and micro-supervision into the same tight mould. Or will they somehow remain within the constraints of the mould but somehow break it at the same time?

Its that paradox that faces Tom Blomfield CEO and founder of Monzo Bank. (and co-founder back in the day of GoCardless who were on the show in LFP046) A long way towards full authorisation as a bank will they become merely “me-too” or will they refactor banking as we know it?

Tom BlomfieldI have been an interested spectator on the sidelines for come time wondering which way the ball will bounce. At Lendit Europe 2016 I finally succumbed and took one of Tom’s pre-paid Mastercards – not least as which they offer wholesale exchange rates abroad and I was just off on holiday. It’s actually quite cool and more useful than expected. Certainly one gets a clear idea of what its like to feel like the business is really focusing on you as a customer-centric organisation with great design and service.

But back to the big picture – will Tom change the mould or will the mould change Tom?

Topics discussed include: Continue reading

LFP066 – Solving Fintech’s Profitability Problem with Bob Jones CEO & Founder Blue Motor Finance

LFP Blue Motor Finance2016 is the year Fintech realised it had to aim for making a profit. Very few do and for the tiny handful that do its mostly “minimal”. Solving this problem is absolutely vital for the Fintech revolution. This is the story of a Fintech that has done just that – satisfying customers, staff and shareholders. Blue Motor Finance has gone from 12 to 100 staff, 0 to 40 people “on the road”, £0 to £200+m loans, and £0 to seven-figure profits in just two years. A phenomenal achievement, and by a firm not widely known in the broader Fintech world.

Bob-JonesSo listen up and find the real secrets of balanced Fintech success as CEO and founder Bob Jones shares how a lifetime’s lessons (having been in asset finance for over 50 yrs) has enabled him to reach these goals.

Bob has been a CEO of some big companies, many of which he turned round. An management buy-in provided a bridge from the top roles in BigCo to starting from scratch and leveraging all that experience.

So without further ado topics we discuss include: Continue reading

LFP064 – P2P in the US, China and UK with Peter Renton

Lendit US 2017After organising nearly 1,000 folks in the O2 for Europe’s largest P2P conference ever I managed to grab Peter long enough to have a fascinating tour of the globe and P2P sitrep in the three major hubs.

Peter Renton PhotoPeter Renton has perhaps has more of a broad and deep understanding of P2P worldwide than anyone.

When he first came on the show way back in LFP015 he shared with us the fascinating history of US P2P with its hugely up and down roller-coaster road.

Since then he has created the world’s go-to conferences on P2P in the US, China and Europe which gives him a unique insight into what’s what and where.

It’s a big world and P2P is a vast domain these days so there is plenty to discuss. Key topics are: Continue reading

LFP060 – PSD2 & Open Banking in UK & Europe with Paul Thomalla ACI Worldwide

ACI London Fintech PodcastI’m delighted to be joined by Paul Thomalla expert on the upcoming changes in open-banking, SVP at ACI Worldwide, member of the Payments Strategy Forum (PSF) and board member at Nexo Standards.

Upcoming changes re opening payments to non-banks and opening access to bank account data will change the industry. On top of this we have UK and European initiatives in re (even before Brexit). It’s all swirling round and I thought we needed a guide to clarify where it all is and where it’s all going.

Paul Thomalla SVP global corporate relations and business development CASUALBut first some intros to Paul’s hats.

ACI Worldwide, founded in 1975, is one of these perhaps behind the scenes incumbent payments companies that most of you may not have heard of. Suffice it to say they do $14 trillion of payments per … wait for it … day (!!) Interestingly staff numbers are around 5,000 so that looks to me like $3bn per staff member per day. Either their fingers move fast or do you know what … incumbents can use tech as well or even better than those assailing the castle might ever think.

Lazy Fintech commentators and those with little experience in FS – two categories summed up in many a LinkedIn so-called thought leader article – often talk about FS as if FS were basically almost entirely Banks. As listeners to the show will know its far from that. There is a vast ecosystem of players into which Fintechs are trying to find themselves a place at the table.

In LFP049 we had the pleasure of talking to Rich Wagner, Chairman of the Emerging Payments Association. The Payments Strategy Forum is another player in the equation – Paul can explain the whole meta-process of how incumbents, startups, associations and forums and the regulator and legislators interact to produce the FS world we live in.

Oh yes and we start the show with a story which will take the all-time London Fintech Podcast record for anecdotes – taking an ex-US President to a pub in London.

Topics discussed include: Continue reading

LFP059 – How Smart Pension got 75,000 Fintech Clients in under 2yrs with Will Wynne Co-Founder

Smart Pension London Fintech PodcastI have the pleasure to be joined today by Will Wynne MD and co-founder of Smart Pension who have had the fastest 0-60 of any Fintech that has been on the show to date and it’s a record that’s hard to beat.

Will Wynne Smart PensionHow did they do it? Listen up and all will be revealed – though if all of us can read recipe books, few of us can become master chefs like Will who previously sold millions of flowers (from knowing nothing about that business) and in his spare time raised £100m for charity.

I say “wow” more in this episode than in any other – I think you can see why…

In 2014 I hung out a lot in the Fintech startup scene. So many moths! Such a big flame! One of the insider “trick questions” in Fintech is “name a success from all the Fintech incubator/accelerator programs in London”. Actually to be honest someone did come up with one name very recently – though sadly I’ve forgotten it so will lose the game next time that question comes round.

All of which is to say that the ex-ante chances of an individual Fintech getting anywhere are roughly less than zero. And as for ideas … sigh – so many people tell me they have an idea – yes everyone has lots – there is a bigger gulf from idea to business perhaps than there is from startup to business of scale. And then a big gap from “business of scale” (which the best Fintechs have reached) to – er – what might we call it. Scrapes his memory for long-since economics lessons … of yes its coming back … yes the stage that Fintech ain’t got to yet … its … yes “a profitable business” J

So how do you win the lottery? How do you beat odds of less than zero percent of getting anywhere?

Are you interested in how to do this? Would your Fintech be better off for acquiring 75,000 clients?

Listen up and the formula for instant fame and success will be yours. Terms and conditions apply.

Topics discussed on the show include: Continue reading

LFP050 – Is P2P FX All It’s Cracked Up To Be? With John Booth Founder of Midpoint

Midpoint_LogoDid you know that the world’s first P2P FX firm was formed in 1998 and is listed on the Toronto Venture Exchange and cross-listed on the Frankfurt Stock Exchange?

No, me neither.

John BoothMidpoint, formed in 1998, describe themselves as the world’s first authentic peer-to-peer (‘P2P’) international foreign currency and payments platform, have a US patent on its FX deal matching process and have won several awards for this including being the “Best P2P Currency Matching Platform” in 2015.

 

Zooming up to the bigger picture of P2P – y’all know about P2P – one of the mainstays of the fintech revolution.

Or so you might think.

In P2P borrowing and lending there has been a lot of displacement of the “P” by institutional capital – so less P2P than it was.

In Insurance Fintech P2P is far more spoken about than done.

In FX – well it’s always been something of an insiders’ secret that the much-vaunted P2P FX model – beloved of unicorn valuations – is more talked about than done.

In LFP023 Philippe Gelis CEO of B2B Fintech FX players Kantox spoke about how “pure P2P” in the FinTech fx markets rapidly became “best execution” and that P2P never really worked.

The most well-known B2C FX Fintech is Transferwise. In a recent article Nick England founder of VFX and a 15yr veteran of the FX markets said that Transferwise was – “smoke and mirrors” – and that their main innovation was around marketing.

It was something of a surprise to social media Fintechers that Transferwise (as far as I and others saw) chose not to reply to these claims. The Memo reached out to Transferwise to ask how much is P2P and how much is dealt outside and they declined to reply. So after all, like the banks, they do have “something to hide”.

Another advertising slogan bites the dust.

Against this bakckground, for some time I have been keeping my eye out for a firm that does P2P FX to come on the show and honestly and openly discuss the pros and cons of Fintech FX.

As Midpoint are listed they are rather more familiar than non-listed firms with the need to tell the truth about business rather than hype up some PR and spin.

Discussions in this episode include: Continue reading