The FinTech sector is voicing disappointment at the Competition and Markets Authority Retail Banking Report for failing to focus on FinTech solutions to open up the banking sector.

Whilst there is support for opening up the sector to greater competition, FinTech platform provider, Trusek believes that the opportunity has been missed overtly to promote the availability of pre built proven software platforms to enable challenger banks to enter the market,

Steve Hatton, Chief Executive of Trusek said,” The CMA could have steered the banking regulators to endorse the robustness of proven and immediately available solutions for those looking for loan and credit management platforms. Building a new IT infrastructure is probably the biggest barrier than anything else for new entrants, and it’s a real disappointment that the CMA failed to look to the FinTech sector as a route to breaking the competition barriers.”

He added, “The lack of material representation from the Fintech sector has meant that the input for the review has been heavily dependent on the banks and as a consequence the recommended implementation processes are heavily biased towards the banks. The Fintech sector is taking the lead on data management and protection and should be seen by the CMA as a very real solution to opening up competition in the banking sector”

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We are a 10 strong UK-based team of engineers and technology specialists with a 12 year track record of developing and delivering software and technology to the Fintech and Payments sectors. We have worked with some of the most exciting start-ups to deliver new kinds of challenger financial technology.
We deliver a flexible, collaborative approach which creates the right technology solution to support financial business via a flexible, modular SaaS-enabled application platform. It gives you access to a proven suite of modern banking and financial services technology at a fraction of the cost, and in a fraction of the time it takes to create an in-house solution.
Trusek modular software and platform infrastructure is used by marketplaces, lenders, banks, bank-tech providers, e-money companies, remitters/forex brokers, charities and communities – it can provide a major boost for any organisation that needs to accept, manage and send value. It enables them to scale up from today’s needs with a rich functionality that supports:
Payments Received – from multiple inbound sources
Payments Management – multiple currency; reconciliation and reporting; interfaces, card to card transfer
Payments Out – payroll; foreign exchange settlement; bank transfer capability
Third-party integrations – acquirers, processors, compliance
This allows customers to create and manage propositions that accept and make payments including:
e-Wallets and current, deposit, credit accounts
Full loan facility including managing multiple products and lending sources
International value transfer
Payroll management
Funds disbursal
Prepaid and other cards and vouchers