Top 5 Fintech Stories of the Week
Lloyds Banking Group has expanded its collaboration with Oracle to accelerate its technological transformation programme.
The multi-year agreement will see Lloyds advance its multicloud strategy by migrating Oracle databases, which support business functions and banking services, to Oracle Database@Azure.
This technology enables Lloyds to run Oracle databases on Oracle Cloud Infrastructure (OCI) deployed within Microsoft Azure data centres, combining technologies from both vendors.
Lloyds is also implementing Oracle Exadata Cloud@Customer to operate databases in its own data centres.
With OCI's distributed cloud architecture, Oracle database services can function inside Azure data centres or on-premises with consistent capabilities and operating models.
How Adyen & Affirm Extended BNPL Partnership to UK
Adyen, the Amsterdam-based payment processing platform that serves global businesses like Meta and Uber, has expanded its partnership with Affirm, the US buy-now-pay-later (BNPL) provider, to the UK market.
The move comes after previous successful collaborations in the US and Canada.
The partnership enables Adyen's UK merchant clients to integrate Affirm's payment solutions at checkout.
This gives consumers access to both interest-free and interest-bearing instalment payment options through Affirm's platform.
BNPL services allow consumers to split purchases into multiple payments over time rather than paying the full amount upfront, often without interest charges for shorter-term plans.
The sector has grown substantially in the UK, where consumer credit regulations have created a more structured environment for these payment solutions compared to some other markets.
How Finastra and IBM Partnered on Lending Cloud Platform
Finastra has established a strategic partnership with IBM to strengthen its cloud-based lending services.
The enhanced Lending Cloud Service (LCS) delivers managed services for Finastra's corporate lending solutions with IBM providing implementation and operational support.
The service encompasses Finastra's core corporate lending products—Loan IQ, Trade Innovation and Corporate Channels—and targets financial institutions in North American and European markets.
Loan IQ serves as Finastra's syndicated lending platform handling the complex workflows of arranging, trading and servicing syndicated loans.
Trade Innovation manages trade finance operations, while Corporate Channels provides the digital front-end for corporate banking clients to access these services.
What Santander's Branch Closures Mean for UK Banking Access
Santander has announced plans to close 95 branches across the UK from June, representing almost a quarter of its physical network.
The decision puts 750 jobs at risk and follows similar moves by competitors including Lloyds Banking Group.
The closures will reduce Santander's UK branch network from 444 to 349 locations. The bank cited changing customer preferences as the primary driver behind the restructuring, noting a 63% increase in digital transactions since 2019, accompanied by a 61% reduction in branch-based financial transactions over the same period.
“Closing a branch is always a very difficult decision and we spend a great deal of time assessing where and when we do this and how to minimise the impact it may have on our customers,” a Santander spokesperson said.
How Worldpay & Visa Launched Single-Click Checkout Solution
Worldpay, the global payments processing company, has partnered with Visa to introduce Click to Pay technology to merchants in the United Kingdom.
The collaboration enables Worldpay clients using hosted payments pages to activate the Click to Pay feature without requiring additional technical development or integration work.
Research conducted by Worldpay indicates that 83% of online shoppers expect a one-click checkout experience when making purchases.
The company has also identified that nearly half of consumers who abandon their virtual shopping carts cite excessive checkout steps as the primary reason.
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