IBS Journal November 2016
15
LBG to roll-out Pindrop tech
the first organisation in Europe to introduce Pindrop’s Phoneprinting tech, rolling it out across the Lloyds Bank, Halifax and Bank of Scotland brands. This creates an “audio fingerprint” of phone calls by analysing 147 unique call features – such as location, background noise, number history and call type – to highlight unusual activity, identify potential fraud and stop criminal callers. There is no need for customers to provide any additional information.
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will from this point forth be known as Challenger Bank Week. It kicked off with IBS Journal reporting that Acorn Financial Partners was gearing up to launch Redwood Bank in 2017. Then Amicus Finance stepped into the limelight, announcing that it had submitted a banking licence application to the PRA and the FCA. And finally, BFC Bank said it was getting ready to enter the UK market after it got the green light from the regulators. It will use an outsourced ‘bank in a box’ version of ERI’s Olympic core banking system and will offer low-cost basic corporate banking products for SMEs and payment service providers with an emphasis on international transactions and multi-currency cash management, as well as UK domestic payments.
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BFC Bank’s CEO, Nic Martin, says: “Reliable, cost-effective payments are a vital requirement for internationally focused companies. They need efficient solutions in which they have confidence. I am excited to be part of this initiative, which offers a fresh, much-needed, open and transparent approach. BFC Bank will also play an important role in the remittance sector at a time when PSPs may find it difficult to access bank services.”
The venture is a wholly-owned subsidiary of Bahrain loyds Banking Group is set to become
The Group will introduce the software early next year. Martin Dodd, Group Telephony Managing Director, Lloyds Banking Group, says: “Protecting our customers, their money and their information is our priority and investing in ground-breaking technology is just one of the many ways we are able to remain a step ahead of potential fraudsters. Our partnership with Pindrop will enable us to further strengthen our multi-layered defences and allow us to continue to lead the industry in this important area.”
Scott Thompson BFC Bank is ready to go he week beginning 17th October 2016
Financing Company (BFC) Group, specialists in global money transfer, currency exchange and wholesale currency services. The Group owns a network of international exchange and remittance companies across Bahrain, Kuwait, India and Malaysia. It has also been operating in the UK as BFC Exchange since 2003 and will continue to provide a retail remittance service under this brand name.
Ebrahim Nonoo, BFC Group’s Managing Director and CEO, comments: “I am delighted to expand our presence in the UK and enter the banking arena at a time when there is a niche in the market to leverage our knowledge and expertise in international payments, and to provide a clear and transparent platform for the benefit of SMEs and PSPs. Our vision is to become a banking partner for companies and that require access to international and domestic payment services.”
Scott Thompson
www.ibsintelligence.com
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