Seven financial technology (fintech) startups have been selected for the annual Fintech Innovation Lab.
The companies will take part in a 12-week programme at London’s Level39 accelerator in Canary Wharf which will include mentorship from financial services firms, venture capitalists and angel investment firms.
This year, Nationwide and Santander are joining 14 other financial institutions in the programme organised by Accenture for its third consecutive year.
Alongside the likes of RBS, Lloyds, Barclays, Citi, HSBC and Goldman Sachs, Nationwide and Santander will mentor the seven startup companies - Atsora, Cytora, Duco, PontusVision, Ripjar, Torusware and xWare42 – to nurture new technologies for the financial services sector.
Simon McNamara, chief administrative officer at the Royal Bank of Scotland, said: “Advances in technology and shifts in customer expectations bring both disruption and opportunity, and we need to recognise that banking is now a digital business. Our work with fintech startups can help us to respond to this challenge and help them achieve their business goals.”
Meanwhile, earlier this year, Tony Prestedge, chief operating officer at Nationwide, said the Lab is a great way for the building society to support the culture of innovation.
“Nationwide has a strong history of innovation – both as a leader in online banking and more recently in areas such as mobile banking and digital wallets,” he said.
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“Supporting the Innovation Lab is one of ways we are investing in, and implementing cutting-edge technology to improve customer choice and service. I’m excited to be involved in the development of the next-generation of technology.”
The startup companies cover a range of technologies including a web-based program for real-time geopolitical risk assessment, solutions that help small business owners manage their finances and faster data exchange and reconciliation technologies.
In partnership with Accenture, Innovate UK and the City of London Corporation, banks, venture capitalists and angel investors will mentor the startups through a series of panel discussions, workshops, leadership coaching and networking opportunities.
When the programme ends in March the companies will present their ideas to investors and industry executives at the Royal Bank of Scotland’s offices.
“Being at the cutting edge of technology innovation is crucial to strengthening London’s position as the leading global financial centre,” said Kit Malthouse, Deputy Mayor of London.
“Programmes such as the Fintech Innovation Lab are an essential part of the fintech infrastructure and play an important role in ensuring we continue to generate jobs and attract leading financial businesses to London.”
The 2015 startup companies:
Atsora provides financial institutions with innovative tools for small business owners. The core product, Momentum, is an integrated online and mobile application used for business planning, monitoring cash-flow and growth forecasting.
Being at the cutting edge of technology innovation is crucial to strengthening London’s position as the leading global financial centre
Kit Malthouse, Deputy Mayor of London
Cytora uses web-based data to provide real-time geopolitical risk assessments to organisations that operate in volatile, emerging or complex markets. The solution allows users to customise their risk assessment to capture information relevant to their businesses and includes alerts for immediate updates when conditions suddenly change.
Duco is a technology company that helps financial services firms control and manage complex data. Its web-based reconciliation service, Duco Cube, enables non-technical staff to identify discrepancies in trades, transactions or reference data across different data sets, within minutes.
Pontus Networks helps businesses increase the performance of their computer systems. Its flagship product, PontusVision Threat Manager, enables different types of business software to run more efficiently and nearly three times faster.
Ripjar’s platform provides real-time social media monitoring and data analysis. Using proprietary natural language processing, deep learning algorithms and visualizations, Ripjar’s platform allows organisations to make sense of the growing number of external data sources.
Torusware enables businesses to increase the processing speed of their IT systems, whether these systems are hosted on the cloud or implemented on premise. For instance, trading systems, which need to exchange information in nanoseconds, can experience unpredictable high-load at specific times, such as when exchanges open or close, and Torusware ensures low latency responsive times during these critical periods.
xWare42 is a software developer whose core product, xPay, allows banks to give customers additional information about their purchases. For instance, payment details on a bank statement can be enriched by adding information such as receipts, addresses, opening hours, service numbers and other details about the retailers. This gives customers a more helpful picture of their purchases while allowing banks and partner retailers to offer personalized discounts and encourage further transactions.