FinTech Matters newsletter | March 2022

Subscribe to receive FinTech Matters and other great content, notifications of events and more.

8 min read

Subscribe to receive FinTech Matters and other great content, notifications of events and more to your inbox, we will only send you relevant, high-quality content and you can unsubscribe at any time.

Read on to discover what really matters for tech in financial services right now.

Despite more important things happening in the world right now, there has still been a lot of news in the financial services industry, we’ll take you through the important stories you may have missed.

Michael Jaiyeola, Fintech Marketing Lead

[Subscribe now]

The Top Stories Right Now

JPMorgan to spend $12 billion on tech

This announcement from JPMC signals a significantly larger tech spend will be allocated to keeping pace with fintech challengers and Big Tech – which is quite a humble admission considering that the bank has over 60 million retail customers. [Read the press release]

This will be an increase from $9.5 billion in 2020 for the leading US bank. As with all financial services incumbents, most of the tech costs will be gobbled up by managing legacy systems and keeping the lights on operationally.

Beyond that, we do not have much light on where the additional budget will be focused beyond leveraging cloud computing, improving data strategy and investing in a product-led mindset.

So what exciting innovation might this $12 billion investment in tech spawn? That is very much TBD because in an organisation as large as JPM, trying to mirror the nimbleness and agility of fintech startups is the biggest challenge of all.

Read the full story

UK regulators looking into operational resilience of cloud suppliers in banking

According to an anonymous source speaking to the Financial Times, the Bank of England’s Prudential Regulation Authority is starting to consider cloud providers as “critical third parties that we need more oversight of.” Microsoft, Google and AWS are being looked into to understand the risk/benefit of cloud adoption in financial services and especially what disaster recovery is in place.

The concerns about the consequences of a major cyberattack that would affect UK banks and an ever-growing number of British consumers whose banks are increasingly using cloud-based technologies.

The PRA is set to publish a joint discussion paper with the Bank of England and the Financial Conduct Authority in 2022 to look into the issue.

Read the full story

Denmarks’ clearing house to adopt the P27 cross-border payments platform 

The platform developed by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank will now also become the national clearing house for Denmark, replacing the current infrastructure. This is quite a big step forward and a great example of how cutting edge fintech can start to change underlying financial infrastructure

The P27 platform uses the innovative Immediate Payment System developed by Vocalink. Along with P27, Vocalink (part of Mastercard) has won several big contracts around the world, including with Singapore, Thailand and the US bank-backed ACH The Clearing House. 

The consortium of Nordic banks’ lofty ambition for P27 is to create one common state of the art payment platform in the Nordic countries. The platform includes Vocalink’s innovative Immediate Payment System (IPS) which uses Erlang based technologies to achieve massive scale at the centre of the global payments infrastructure.

Read the full story

More content from us

We’re looking forward to taking part in Fintech Week London again. Last year we were able to organise a star-studded in-person panel to discuss the non-crypto uses of blockchain in banking and financial services. 

With distributed ledger technology experiencing an uptick in attention of late, now might be a good time to review some of the expert thoughts and insights from our panel from last summer.

Watch the video

“System disruption”, “significant technical issues” – another IT issue grounds British Airways flights

With a cyberattack being ruled out as a cause the finger points again to ailing BA legacy tech. This is the latest in costly recurrences of tech mishaps for the once-great British travel institution. Since 2018 there have been major leaks of credit card data and system outages hitting the bottom line and BA’s reputation.

Read the full story

UK fintech – could do better?

A year on from the Ron Kalifa report for the UK government to roadmap the future of British based fintech, Innovative Finance (the non-profit industry body) has written to outline areas of improvement with the signatures of leaders at 70 of the biggest fintech firms.

Read the full story

Erlang Solutions bitesize

Code reviews and healthchecks – our team has a wealth of experience delivering secure, compliant solutions to heavily regulated industries such as healthtech and financial services. We are able to help you design your system for resilience and security and spot potential issues and vulnerabilities in existing architecture.

We’ll provide you with a comprehensive analysis of your system, as well as an actionable set of steps to improve performance, reduce bottlenecks and, most importantly, reduce security vulnerabilities. 

Speak to our experts

To make sure you don’t miss out on any of our leading FinTech content, events and news, do subscribe for regular updates. We will only send you relevant high-quality content and you can unsubscribe at any time.

Connect with me on LinkedIn


Keep reading

5 Erlang and Elixir Use Cases In FinTech 1/2

Erlang and Elixir can be found powering some of the most performative and innovative systems in the world of financial services - discover where in this article. 1/2

FinTech Client Case Studies – Erlang Solutions and Trifork

Trifork with Erlang Solutions are developing world-leading FinTech solutions. Learn more about innovative open banking platforms, blockchain solutions combining machine learning and AI.

fintech and telco

Lessons FinTech Can Learn From Telecom – Part 1/2

Many lessons learnt from the telecoms industry can be applied to Fintech. And Erlang/Elixir/OTP technologies have a case as the right tool for the job.