By: Zak Goldberg
Fintech has been one of the most talked-about topics in technological innovation lately, paving the way for revolutions in the financial sphere. The Bank of England announced last year that they would be looking to boost fintech development, indicating keen interest from financial giants. In this article, we’ll look at a few of the many recent innovative developments in fintech.
GoCardless deals with business-to-business payments and direct debits, offering swift and efficient processing and allowing enterprises to rely less on using cards for payments. It also offers low fees of 1% per transaction, being capped at £2.
This service can benefit businesses of any size, and is also open to integration with a host of other software. With £20 million in funding already raised, this new technology is certain to be used by a great many people, while also revolutionising B2B payments.
Short for instant working capital, this startup utilises the latest data technology to make an almost-instantaneous decision on giving a loan. With the ability to avoid the traditional lengthy process of filling in forms and waiting for a reply, small businesses can receive the money they need within hours of applying.
The flexibility and speed offered by this fintech innovation will no doubt be invaluable to businesses with cashflow problems: over £170 million has already been lent by the company. Interest rates start at 2% and there are no up-front fees, which is yet another reason Iwoca is taking off.
Tilt is a simple yet incredibly useful tool for collecting payments online. With 1.5 million payment cards in its database already, Tilt is an internet- and mobile-based innovation which allows people to pay within minutes for products, services or non-business related purchases.
The selling/paying is done on the Tilt platform itself, and as such products can be marketed on there, with the ability to notify customers or followers of updates. There is also the option to set a sales threshold, meaning that newly-added products can be tested for their popularity, and nothing is charged until the desired number of orders is reached. A truly useful tool for budding entrepreneurs.
Whether trading on global markets with the likes of ETX, or working in an industry with fierce competition, DueDil pools a vast amount of information on a multitude of companies at the click of a button. This allows the user to assess the companies they are searching for and make an informed choice on whether to deal with them. Some of the information available through this comprehensive service includes trademarks, websites, news reports and an extensive list of further details.
With the ability to access so much knowledge about various companies worldwide, this is likely to revolutionise the way businesses deal with each other, and ensure that they maintain as best an image and reputation as possible.
Fintech innovations have a good chance of changing the financial world. Many focus on speed and accessibility for individuals and businesses alike, often cutting out costs through digitalisation or pooling several services together. With so much fintech technology coming out, there will no doubt be many more exciting technological developments to look forward to in the near future.
By Zak Goldberg
About the author
Zak Goldberg is a Law & Business Graduate from the University of Leeds who has chosen to follow his aspirations of becoming a full-time published writer, offering his expertise on all areas of law, fintech and business economics.