IBS Journal May 2017
13
Banks team up for Dutch Payconiq launch
Rabobank, Regiobank and SNS are gearing up to launch Payconiq in the Netherlands this summer. The app, conceived by ING in 2014, enables users to make payments online, in-store and peer-to-peer and will also be available to customers of other banks. The launch follows a pilot and roll-out in Belgium, where the platform is supported by ING, KBC and Belfius.
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“There are plenty of payment apps in the market, but they don’t all work in-store, online and peer-to-peer, as well as internationally,” says Duke Prins, CEO of Payconiq. “Our initiative responds to the digital revolution and changing regulations in the European payments market. After a
successful pilot and introduction in Belgium, we have the ambition to make a big impact in other countries in Europe too. The partnership with the Dutch banks is a brilliant step forwards for Payconiq.”
Scott Thompson Monzo becomes unrestricted bank
had its banking licence restrictions lifted and is now a fully authorised bank. In a blog post, Monzo CEO, Tom Blomfield, says: “Just over two years ago, we started on our journey to build a better bank. In June 2015, when we announced what was then Mondo to the world, I wrote that “we’re building a current account that lives on your smartphone and gives you control of your money”. Today is a major step towards making that mission a reality.”
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The new entrant has been offering a pre-paid card whilst prepping the launch of a full current account service, with a recent funding round helping it to meet the necessary capital requirements. It is running live bank accounts with a small group of users, and will slowly be expanding that group over the coming months to “put our banking system through its paces and ensure everything works as expected. As we get used to running current accounts day-to-day, we’ll look to offer accounts to larger numbers of people over the summer, including groups like our recent investors and pre-registrants from our crowdfunding campaigns.”
K digital-only challenger, Monzo, has utch banks ABN AMRO, ASN Bank, ING,
Blomfield adds: “At that point, you’ll need to go through a few simple steps, including agreeing to updated (and vastly simplified) Terms and Conditions. Once done, we’ll be able to send you a brand new Monzo debit card! Your balance will be transferred over and all of your existing data should be unaffected. You’ll get an account number and sort-code, and you will be able to make bank-to-bank payments and set up Direct Debits, as well as get your salary paid into your Monzo account.”
Scott Thompson
www.ibsintelligence.com
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