Tuesday, 7 April 2015

UK launch of digital bank Fidor hamstrung by payments providers

From The Telegraph -

“Innovative German lender Fidor Bank's UK launch has been delayed by difficulties gaining access to the country's payments system infrastructure.

A German bank is set to bring brand new banking technology to Britain, once it is able to secure access to UK payment architecture.

The lender, Fidor Bank, had planned to launch in the UK by the end of March, but has been held up with the country’s difficult payments infrastructure. The big four - Barclays, HSBC, Lloyds and RBS - act as sponsor banks with direct access to payments systems. None has accepted Fidor as a customer.

Frank Schwab, CEO of Fidor’s technology subsidiary TecS, said that the problems the bank had encountered were unexpected. “We did not know that it was such a challenge, we only found out once we started the project,” he said.”

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