Weekly News Update by Pay iO

VibePay has launched a business dashboard in the UK enabling small-to-medium sized companies to receive payments from their customers instantly. SMEs will also be able to get a full overview of their finances through the data provided. They can use the insights and analytics to enhance the products they offer and improve the way they communicate with customers. VibePay Business has a sleek interface and can be used for both one off transactions as well as recurring payments.

The Coalition for a Digital Economy (COADEC) which represents fintech startups and counts TransferWise and Seedrs amongst its members, has asked the FCA to take further measures to stop traditional banks from dominating the market in 2021. COADEC is pushing for transparent open banking, a market-led approach and more access to consumer data. They particularly recommend that banks stop charging third-parties for data access and that they remove the need for bank customers to re-authorize the sharing of their data every 90 days. 

The Germany-based accountancy app for freelancers Sorted, has partnered with SaltEdge to offer its clients open banking-enabled services. Customers will be able to streamline their accountancy process and prepare their taxes more efficiently by aggregating their bank account data in one place. This is an especially useful tool considering the fact that 2020 saw the number of freelancers rise exponentially. The toolkit will give freelancers a visual overview of their finances using real-time data and help them to categorise transactions.