Mobile bank upstart Tandem scores regulatory thumbs-up

Finance as a service, hosted on private cloud


Banking startup Tandem has been cleared to offer digital financial services in the UK.

Tandem’s founders are pitching their bank as something that’s digital and mobile, and will challenge the high-street banking status quo.

It joins a growing list of startups with a small number of staff and who are promising traditional bank services through the end point of a smartphone.

Others include Atom Bank, Starling, Mondo, Secco and Civilized Bank. Last year, 29 new banks submitted applications to offer services in the UK. They must satisfy regulators at the Bank of England in order to operate.

Details of Tandem’s technology platform and data sauce are being kept secret. However, one thing Tandem – and the others – have in common is they are free of the kind of legacy IT infrastructure that’s both slowed down banking’s big names and proved their Achilles heel.

Tandem co-founder Ricky Knox, founder of money transfer service Azimo, claimed Tandem’s mobile experience will save customers a “substantial” amount of money each year.

“It will use big data and the latest mobile technology to proactively improve customers’ financial lives,” Knox blogged here. His bank’s planned mobile application help customers find attractive rates and services and pick other banks’ products “where appropriate,” he wrote.

In January Oracle announced new private bank Hampden & Co had picked Oracle’s Flexcube to provide its core banking platform.

Rather than buy its own IT infrastructure, Hampden decided instead to run its backend as a service hosted at an Oracle data centre – a 160,000 square foot facility in Linlithgow, Scotland. Flexcube is run on Oracle SPARC T5 servers at the centre.

Metro Bank, which opened for business in the UK in July 2010 and has plans for 200 branches by 2020, has outsourced its core banking platform, used to manage accounts and customer relationships, to “banking software systems” firm Temenos. ®

Similar topics


Other stories you might like

  • Millions of people's info stolen from MGM Resorts dumped on Telegram for free
    Meanwhile, Twitter coughs up $150m after using account security contact details for advertising

    Miscreants have dumped on Telegram more than 142 million customer records stolen from MGM Resorts, exposing names, postal and email addresses, phone numbers, and dates of birth for any would-be identity thief.

    The vpnMentor research team stumbled upon the files, which totaled 8.7 GB of data, on the messaging platform earlier this week, and noted that they "assume at least 30 million people had some of their data leaked." MGM Resorts, a hotel and casino chain, did not respond to The Register's request for comment.

    The researchers reckon this information is linked to the theft of millions of guest records, which included the details of Twitter's Jack Dorsey and pop star Justin Bieber, from MGM Resorts in 2019 that was subsequently distributed via underground forums.

    Continue reading
  • DuckDuckGo tries to explain why its browsers won't block some Microsoft web trackers
    Meanwhile, Tails 5.0 users told to stop what they're doing over Firefox flaw

    DuckDuckGo promises privacy to users of its Android, iOS browsers, and macOS browsers – yet it allows certain data to flow from third-party websites to Microsoft-owned services.

    Security researcher Zach Edwards recently conducted an audit of DuckDuckGo's mobile browsers and found that, contrary to expectations, they do not block Meta's Workplace domain, for example, from sending information to Microsoft's Bing and LinkedIn domains.

    Specifically, DuckDuckGo's software didn't stop Microsoft's trackers on the Workplace page from blabbing information about the user to Bing and LinkedIn for tailored advertising purposes. Other trackers, such as Google's, are blocked.

    Continue reading
  • Despite 'key' partnership with AWS, Meta taps up Microsoft Azure for AI work
    Someone got Zuck'd

    Meta’s AI business unit set up shop in Microsoft Azure this week and announced a strategic partnership it says will advance PyTorch development on the public cloud.

    The deal [PDF] will see Mark Zuckerberg’s umbrella company deploy machine-learning workloads on thousands of Nvidia GPUs running in Azure. While a win for Microsoft, the partnership calls in to question just how strong Meta’s commitment to Amazon Web Services (AWS) really is.

    Back in those long-gone days of December, Meta named AWS as its “key long-term strategic cloud provider." As part of that, Meta promised that if it bought any companies that used AWS, it would continue to support their use of Amazon's cloud, rather than force them off into its own private datacenters. The pact also included a vow to expand Meta’s consumption of Amazon’s cloud-based compute, storage, database, and security services.

    Continue reading

Biting the hand that feeds IT © 1998–2022