Fintech Firms Making Waves in Traditional Finance
Hi there! July has kicked off with a bang as some UK fintech firms make headlines in lending and investment.
One UK fintech has secured an impressive position, powering the official bond consolidation tape, the basis of the entire EU stock market! Meanwhile, a RegTech fintech firm has been acquired by Deloitte!
Both of these developments are going to hinge on seamless integration with legacy systems or with other businesses.
In an industry where mistakes could destroy your reputation and irreparably harm your business for the foreseeable future, this is going to be a major challenge for these companies. Finding the right developers can make all the difference.
At Trio, we hire the top 1% of applicants, focusing on fintech specialists who have industry experience and could be trusted to handle complex tasks like this kind of large-scale integration.
If you want to learn more about hiring fintech developers, check out this blog article we’ve written, so you can make sure you hire the right people from the get-go and avoid building some massive tech debt.
The EMSA (European Securities and Markets Authority) has chosen Ediphy as its very first Consolidated Tape Provider for EU bonds!
Ediphy has been in the data analytics and fixed-income trading game since 2018.
If the company, which has already met all of the regulatory criteria, can get its authorization approved, it will take the lead on the consolidated tape framework for the next five years!
This goes to show that you don’t need to be a bank that’s been around for 20 years to be able to land massive deals. Regulatory compliance in terms of data handling and security is the most important thing.
Focusing on building compliance into your apps from the ground up is essential to help you get ahead. Hiring experienced developers, even if you add them onto your team through staff augmentation, is critical.
Deloitte has acquired Allevar, a company focused on providing the technology needed for financial crime prevention, KYC/AML, and payments.
The company is quite small, with only about 38 employees, but the value it provides is immeasurable in an industry that values security and regulatory compliance.
Partnering with Deloitte will allow them to deliver services at a scale impossible to achieve before.
If you have a fintech startup or scaleup, your business growth will hinge directly on the value you are able to provide and the problems you are able to solve. Keeping up with industry trends, like an increasing demand for RegTech, is critical.
Other Stories Worth Noting
There are some other developments in the fintech industry that are worth taking note of:
Europe has a new unified mobile payments system. Wero, or EPI (European Payments Initiative), could be a major new competitor for Visa and Mastercard. Anyone in PayTech should be ready to adapt.
Crypto week is here! House Committee is set to vote on three different Acts related to cryptocurrency. This could bring major changes in the U.S. fintech market.
Final Thoughts
Regardless of what you’re doing in the fintech industry, mistakes could ruin you. That’s why having experienced developers who have worked on similar projects before and understand what is at stake is essential.
If you want to connect with the right people, reach out to us to schedule a free consultation.
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Until next time - stay compliant!
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