Tech Lowdown: Tide, NatWest, AccountsIQ, Ordo and MonzoMTM Legal
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Tide out of money for Bounce Back Loan Scheme (BBLS)
In a letter to Tide member’s from Tide CEO Oliver Prill earlier this month, fintech Tide announced it had run out of the BBLS funds had paused lending.
In the letter, Prill states “the design of the Government’s Bounce Back Loan Scheme doesn’t meet the requirements of our prospective funding partners to be able to provide the funding for us to lend to you.”
Prill adds that the fintech had been hopeful to secure more funding for BBLS lending but has now “had to make the difficult decision to pause lending and close the waiting list.”
The way BBLS is set up “makes it very easy for banks with large pools of funding available, but not for fintech companies like Tide,” said Prill.
NatWest creates end-of-life digital planning tool
RBS NatWest has recently launched a free digital portal that enables users to make preparations for their death with personalised support from NatWest, protected by bank-grade encryption.
The service poses questions to users about the arrangements required in the case of their death such as creating a will, recording assets, financial planning and funeral preferences. The answers are used to create a profile which can be shared, downloaded and contacted securely with chosen loved ones.
Enhancements from AccountsIQ
Financial management software AccountsIQ has released the following time-reducing product updates:
Finance management report pack: Users can now download key KPI reports, P&L reports, balance sheet, cashflow statements, debtors and creditors reports.
Group VAT report (Making Tax Digital): Customers can generate a VAT report group rather than having to do separate runs and print out multiple reports from one place in AccountsIQ. Users can submit the consolidated group VAT report digitally, direct to HMRC.
Power BI for extracting / graphical visualisation of reports: AccountsIQ is connected to Power BI by means of an OData connector, so AccountsIQ data can now be analysed and reported upon and displayed in Power BI.
Single API integrations: AccountsIQ has created a new API method to integrate third-party applications such as billing systems, online shops and sales CRM. With integrated billing systems, customers can generate invoices, receive money and allocate the two together.
Bulk email rebuild: The new workflow engine gives more tailored options when selecting recipients of statements, invoices and remittances.
BrightPay payroll integration: AccountsIQ is now fully integrated with BrightPay payroll software
Ordo integrates with Xero, Sage and QuickBooks
Payments app Ordo recently announced a new integration package with Xero, Sage and QuickBooks.
The APIs, provided by accounting integrations specialists Codat, offer services such as sending invoices and payment collection through the integrated platforms from the Ordo application.
The APIs are securely end-to-end encrypted with transfers and payments sent in real-time.
Monzo relaunches £5 a month premium product: Monzo Plus
Monzo is the latest neobank to try its hand at charging for a premium product (holographic card included) as part of its mobile app to create additional revenue and offer “full financial visibility” for its paying customers.
Monzo’s premium account, Monzo Plus, charges £5 a month and includes features like the ability to pull in information from other bank accounts and check the user’s credit score. The card offers 1% variable interest for Monzo current accounts up to £2k and allows free FX withdrawals up to £400 a month for overseas travel.