Tag: #bank

How Xero and Sage Support Making Tax Digital Compliance

Choosing accounting software is one of the first practical decisions any UK business faces when preparing for Making Tax Digital. The platform you select shapes how you store records, calculate VAT, and submit returns to HMRC. Two names come up consistently in this conversation: Xero and Sage. Both carry HMRC recognition. Both handle the technical requirements. But they approach the job differently, and understanding those differences is what makes the choice useful rather than arbitrary.

The Baseline: What MTD Demands from Any Software

MTD sets specific technical requirements that software must meet to qualify as compliant.

Your platform must store digital records of all income and expenses. It must calculate VAT automatically from those records. It must generate returns in the format HMRC accepts and transmit them directly via API — not through a manual export or copy-paste process. And it must maintain a complete digital audit trail linking every figure in your return back to the original transaction.

That last point is where many businesses unknowingly fall short. If your process involves transferring numbers from one system into another by hand at any stage, you’ve broken the digital link requirement. The software may be HMRC-approved; the way you’re using it may not be compliant.

Xero and Sage both satisfy these requirements in full. Where they differ is in design philosophy, workflow, and the types of businesses they serve most effectively.

Xero’s Approach to MTD

Xero operates entirely in the cloud. There’s no software to install, no server to maintain, and no files to transfer between devices. You log in through a browser or mobile app, and your data is available in real time to anyone you authorise — including your accountant.

The platform’s MTD-relevant strengths centre on automation. Bank feeds connect directly to your business accounts and pull transactions into Xero automatically. The mobile app lets you photograph receipts and attach them to transactions on the spot. VAT returns are generated from your categorised records with minimal manual input, then submitted to HMRC directly from within the platform.

Xero suits businesses that want to keep day-to-day bookkeeping straightforward. A sole trader, a small consultancy, or a growing e-commerce business will typically find the interface intuitive and the setup manageable without specialist finance knowledge. The accountant collaboration model also works well here — shared access means your adviser can review, adjust, and submit without requiring files to be exported and emailed back and forth.

Sage’s Approach to MTD

Sage has a longer history in UK accounting than most of its competitors, and its user base reflects that. Many established businesses have used Sage products for years, some running operations on Sage 50 or earlier desktop versions.

The modern Sage cloud platform carries forward the structural depth that made those earlier versions popular. Detailed financial ledgers, departmental cost tracking, customisable reporting, and support for multiple VAT schemes give finance teams the granular control they need for complex operations. For businesses processing high transaction volumes or managing accounts across multiple cost centres, that structure is a practical necessity rather than an optional feature.

Sage also offers a defined migration path for businesses moving from legacy desktop versions. Maintaining continuity of financial history — opening balances, VAT records, chart of accounts — matters significantly for businesses with years of data in an existing Sage system. Switching to an entirely new platform means solving a data migration problem that Sage’s own upgrade path avoids.

Matching the Platform to the Business

Neither platform is universally better. The relevant question is which one fits how your business actually operates.

Smaller businesses and sole traders tend to favour Xero. The learning curve is lower, the interface requires less accounting knowledge to navigate, and the automation features reduce the time spent on routine bookkeeping. For businesses without a dedicated finance function, that matters.

Larger businesses and those with internal finance teams often find Sage more capable. Departmental tracking, detailed ledger management, and robust reporting customisation give accountants and finance managers tools they can’t replicate in a simpler platform. Businesses in manufacturing, construction, or other sectors with job costing requirements particularly benefit from Sage’s feature depth.

Transaction volume is another practical consideration. A business processing a handful of invoices per week has different software needs than one handling hundreds of purchase orders and supplier payments daily. Sage’s ledger architecture scales more naturally for the latter.

Both platforms require correct configuration to work as MTD-compliant systems, and that’s where many businesses encounter problems. Selecting the software is straightforward; setting it up correctly is where the detail lies. Services like Xero, QuickBooks & Sage MTD Setup provide structured implementation support, ensuring the platform you choose is configured accurately for HMRC submissions before your first return is due.

What Correct Configuration Actually Involves

Installing software and creating a login is not the same as being MTD-compliant. The configuration work that happens between those two points determines whether your submissions are accurate and whether your records meet HMRC’s digital link requirements.

The VAT scheme selection is one of the most consequential settings. Standard VAT accounting, Cash Accounting, and the Flat Rate Scheme each calculate liability differently. Applying the wrong scheme means every VAT return you produce carries a systematic error — one that may not surface until an HMRC review.

The chart of accounts needs to reflect how your business actually operates, with income and expense categories mapped correctly to the relevant tax treatment. Poorly structured nominal codes produce returns that misrepresent your VAT position, regardless of how carefully you record individual transactions.

The HMRC API connection must be established, authorised, and tested before you file your first return. Bank feeds need to be verified against your actual accounts. For businesses migrating from older systems, historical data must transfer with opening balances and VAT history intact.

Errors at this stage tend to compound. A misconfigured VAT scheme or a misaligned chart of accounts produces incorrect returns quarter after quarter until someone identifies and corrects the underlying problem.

Sustaining Compliance After Implementation

Software configuration is a one-time project, but staying compliant is ongoing. Both Xero and Sage require users who understand how to operate them correctly — logging expenses accurately, reconciling bank feeds regularly, reviewing VAT before submission, and maintaining the categorisation discipline that makes quarterly returns reliable.

Structured onboarding training, tailored to how your business uses the platform, reduces the errors that stem from unfamiliarity. Some businesses also benefit from periodic compliance reviews — a check that records are reconciled, VAT coding is consistent, and the submission pathway to HMRC remains active and correctly configured.

The Decision in Practical Terms

Xero and Sage each offer a credible route to MTD compliance. Xero works best for businesses that want simplicity, automation, and easy external collaboration. Sage works best for businesses that need detailed financial control, high-volume transaction management, or continuity with existing Sage systems.

What both require is correct setup, consistent use, and a clear understanding of what MTD demands from your records. The software provides the infrastructure. Compliance depends on how that infrastructure is built and maintained.


The platform you select shapes how you store records, calculate VAT, and submit returns to HMRC. Two names come up consistently in this conversation: Xero and Sage. Both carry HMRC recognition. Both handle the technical requirements. But they approach the job differently, and understanding those differences is what makes the choice useful rather than arbitrary.

The Baseline: What MTD Demands from Any Software

MTD sets specific technical requirements that software must meet to qualify as compliant.

Your platform must store digital records of all income and expenses. It must calculate VAT automatically from those records. It must generate returns in the format HMRC accepts and transmit them directly via API — not through a manual export or copy-paste process. And it must maintain a complete digital audit trail linking every figure in your return back to the original transaction.

That last point is where many businesses unknowingly fall short. If your process involves transferring numbers from one system into another by hand at any stage, you’ve broken the digital link requirement. The software may be HMRC-approved; the way you’re using it may not be compliant.

Xero and Sage both satisfy these requirements in full. Where they differ is in design philosophy, workflow, and the types of businesses they serve most effectively.

Xero’s Approach to MTD

Xero operates entirely in the cloud. There’s no software to install, no server to maintain, and no files to transfer between devices. You log in through a browser or mobile app, and your data is available in real time to anyone you authorise — including your accountant.

The platform’s MTD-relevant strengths centre on automation. Bank feeds connect directly to your business accounts and pull transactions into Xero automatically. The mobile app lets you photograph receipts and attach them to transactions on the spot. VAT returns are generated from your categorised records with minimal manual input, then submitted to HMRC directly from within the platform.

Xero suits businesses that want to keep day-to-day bookkeeping straightforward. A sole trader, a small consultancy, or a growing e-commerce business will typically find the interface intuitive and the setup manageable without specialist finance knowledge. The accountant collaboration model also works well here — shared access means your adviser can review, adjust, and submit without requiring files to be exported and emailed back and forth.

Sage’s Approach to MTD

Sage has a longer history in UK accounting than most of its competitors, and its user base reflects that. Many established businesses have used Sage products for years, some running operations on Sage 50 or earlier desktop versions.

The modern Sage cloud platform carries forward the structural depth that made those earlier versions popular. Detailed financial ledgers, departmental cost tracking, customisable reporting, and support for multiple VAT schemes give finance teams the granular control they need for complex operations. For businesses processing high transaction volumes or managing accounts across multiple cost centres, that structure is a practical necessity rather than an optional feature.

Sage also offers a defined migration path for businesses moving from legacy desktop versions. Maintaining continuity of financial history — opening balances, VAT records, chart of accounts — matters significantly for businesses with years of data in an existing Sage system. Switching to an entirely new platform means solving a data migration problem that Sage’s own upgrade path avoids.

Matching the Platform to the Business

Neither platform is universally better. The relevant question is which one fits how your business actually operates.

Smaller businesses and sole traders tend to favour Xero. The learning curve is lower, the interface requires less accounting knowledge to navigate, and the automation features reduce the time spent on routine bookkeeping. For businesses without a dedicated finance function, that matters.

Larger businesses and those with internal finance teams often find Sage more capable. Departmental tracking, detailed ledger management, and robust reporting customisation give accountants and finance managers tools they can’t replicate in a simpler platform. Businesses in manufacturing, construction, or other sectors with job costing requirements particularly benefit from Sage’s feature depth.

Transaction volume is another practical consideration. A business processing a handful of invoices per week has different software needs than one handling hundreds of purchase orders and supplier payments daily. Sage’s ledger architecture scales more naturally for the latter.

Both platforms require correct configuration to work as MTD-compliant systems, and that’s where many businesses encounter problems. Selecting the software is straightforward; setting it up correctly is where the detail lies. Services like Xero, QuickBooks & Sage MTD Setup provide structured implementation support, ensuring the platform you choose is configured accurately for HMRC submissions before your first return is due.

What Correct Configuration Actually Involves

Installing software and creating a login is not the same as being MTD-compliant. The configuration work that happens between those two points determines whether your submissions are accurate and whether your records meet HMRC’s digital link requirements.

The VAT scheme selection is one of the most consequential settings. Standard VAT accounting, Cash Accounting, and the Flat Rate Scheme each calculate liability differently. Applying the wrong scheme means every VAT return you produce carries a systematic error — one that may not surface until an HMRC review.

The chart of accounts needs to reflect how your business actually operates, with income and expense categories mapped correctly to the relevant tax treatment. Poorly structured nominal codes produce returns that misrepresent your VAT position, regardless of how carefully you record individual transactions.

The HMRC API connection must be established, authorised, and tested before you file your first return. Bank feeds need to be verified against your actual accounts. For businesses migrating from older systems, historical data must transfer with opening balances and VAT history intact.

Errors at this stage tend to compound. A misconfigured VAT scheme or a misaligned chart of accounts produces incorrect returns quarter after quarter until someone identifies and corrects the underlying problem.

Sustaining Compliance After Implementation

Software configuration is a one-time project, but staying compliant is ongoing. Both Xero and Sage require users who understand how to operate them correctly — logging expenses accurately, reconciling bank feeds regularly, reviewing VAT before submission, and maintaining the categorisation discipline that makes quarterly returns reliable.

Structured onboarding training, tailored to how your business uses the platform, reduces the errors that stem from unfamiliarity. Some businesses also benefit from periodic compliance reviews — a check that records are reconciled, VAT coding is consistent, and the submission pathway to HMRC remains active and correctly configured.

The Decision in Practical Terms

Xero and Sage each offer a credible route to MTD compliance. Xero works best for businesses that want simplicity, automation, and easy external collaboration. Sage works best for businesses that need detailed financial control, high-volume transaction management, or continuity with existing Sage systems.

What both require is correct setup, consistent use, and a clear understanding of what MTD demands from your records. The software provides the infrastructure. Compliance depends on how that infrastructure is built and maintained.

 

Cyber attacks hit fifth of firms as ‘online NCT’ launched

Almost one in five of Ireland’s top companies have experienced significant cyber attacks in the last two years, new data shows

The findings come as national domain registry .IE launches Ireland’s first Digital Trust Mark.

Described as an NCT for your online identity, websites and emails carrying the distinctive wolfhound symbol will give customers confidence that businesses of all sizes are operating to the highest digital standards.

“If you have an online presence, you can now be assessed on DigitalTrust.ie in just a few clicks,” said Louise McKeown Doogan, Chief Growth Officer at .IE.

“Once an organisation applies, their website, email and domain setup is assessed using a proprietary scoring evaluation that checks against industry-defined best practice.

“These checks confirm that digital fundamentals are correctly configured, responsibly managed and set up to support trust and reliability online.

“Once you receive your Digital Trust Score, you will either be entitled to carry the mark or you will have clear next steps to reach the required standard.

“We live in an age where some ransomware companies now have customer care departments, and the online health of the nation needs to improve as a consequence.”

The research found that 17pc of Ireland’s key organisations have experienced a significant cyber attack since 2024.

Conducted by Amárach on behalf of .IE, it surveyed 354 essential Irish firms in January.

It follows last week’s Garda data that fraud-related crimes more than doubled in the last 12 months, up 137pc – mainly due to bank scams, phishing and smishing.

“Our findings are concerning, particularly when we know phishing scams (60pc) and the exploitation of system weaknesses (21.3pc) are the most common ways attackers gain access,” said Ms McKeown Doogan.

“An online presence that appears to function may not always demonstrate the authenticity and trustworthiness customers expect.

“Until now there has been no visible way for consumers to know that a website meets a recognised standard – and no way for businesses or organisations to signal that they do.

“The mark signals that they demonstrate authenticity, responsible digital practice and a trustworthy online experience.

“We hope it will become a digital equivalent of the NCT and an essential part of interacting online in Ireland within the next year.”

The Digital Trust Mark is not just for .ie domains but is open to .com and other domains used by Irish organisations.

Applicants will receive a grade by the next working day and if an A-rating is achieved, businesses can display the mark on their website or in their email signature for the following 12 months.

Domains that do not reach an A-rating will be given a detailed outline of what and how they can improve.

See digitaltrust.ie for more information.

Monzo plans to grow its Dublin-based team to 70 employees

Monzo, a leading digital bank, today announced its plans to grow its Irish team to 70, almost doubling the headcount by mid-2027. This builds on the bank’s continued investment in Ireland with the latest capital injection of €71m, bringing the total to €83.5 million over the past two years. The investment underpins the expansion of its Dublin-based European headquarters and the creation of new jobs across the business.

Monzo’s European expansion is led by Michael Carney, Monzo’s EU CEO, as the bank prepares to serve Irish customers and businesses. Carney is supported by an experienced leadership team that brings together deep expertise in banking and technology, including Nicola O’Brien (EU Chief Financial Officer), Sonia Flynn (EU Chief Operating Officer), and Elaine Deehan (Country Manager for Ireland).

The new roles will span operations, risk and compliance, technology and engineering, financial crime prevention and product development, reflecting the breadth of capabilities required to operate and scale a fully licensed digital bank within the EU.

The announcement follows Monzo becoming the first digital bank to secure a full European banking licence through the Central Bank of Ireland in December 2025, enabling the company to bring its fully regulated personal and business banking products to customers across the EU, starting right here in Ireland.

Supported by the Irish Government through IDA Ireland, the expansion will support delivery of Monzo’s core digital banking offer for individuals and businesses, including everyday current accounts, children’s accounts payments, savings products and financial management tools designed to give its customers greater control and transparency in managing their finances.

Tánaiste and Minister for Finance, Simon Harris TD, said: ‘Monzo’s decision to expand its team and establish its European headquarters in Dublin is testament to the country’s reputation as a hub for innovation and financial services. This significant investment not only brings new jobs and opportunities but also strengthens Ireland’s position within the European banking sector. I look forward to seeing Monzo contribute to our vibrant economy and deliver innovative banking solutions.’

“We’re excited to see our founding Dublin team grow, welcoming experts who bring together the best of banking and technology. Ireland’s deep and expanding talent pool offers the world-class expertise needed to support Monzo’s expansion ambitions across Europe,” said Michael Carney, EU CEO at Monzo. “As we take our mission to make money work for everyone in Europe, we’re proud to kick-start that journey in Ireland, with individuals and small businesses now able to join the waitlist.”

Michael Lohan, CEO of IDA Ireland, said: “I very much welcome Monzo’s decision to locate its European Headquarters in Ireland. Monzo is the first digital bank to secure a full European banking licence through the Central Bank of Ireland.

This decision is a strong vote of confidence in Ireland as a location for International regulated financial services where companies can deliver products and services across the EU from Ireland. It also speaks to Ireland’s strong capabilities in international banking and digital technology. I would like to wish Monzo every success at its scales its team here in Ireland”

For details on Monzo in Ireland, visit www.monzo.com/ie

Bank of Ireland becomes the first Irish bank to be Hidden Disabilities Sunflower friendly

Bank of Ireland is the first Irish bank to become Hidden Disabilities Sunflower friendly, with all of its 182 branches across Ireland and Northern Ireland now recognising the Hidden Disabilities Sunflower symbol, as well as extending its JAM Card partnership.

The Hidden Disabilities Sunflower is a simple tool for people to voluntarily share that they have a “non-visible” disability or condition that may not immediately be apparent to others. Those availing of the service can wear a Hidden Disabilities Sunflower lanyard or pin to indicate that they may need a helping hand, or more time in bank branches, with Bank of Ireland branch colleagues trained to identify the Sunflower ensuring additional supports can be provided when required.

The JAM Card is another discreet way to let others know that you need ‘Just A Minute’ of patience and support, with Bank of Ireland first becoming JAM Card friendly in July 2020. Customers can show their JAM Card in branches to let a member of staff know they need a little extra time or assistance when doing their banking and all Bank of Ireland branch teams have also been trained to recognise the JAM Card.

In addition to the Hidden Disabilities Sunflower and Jam Card initiatives, Bank of Ireland is introducing a broader programme of customer accessibility enhancements, including accessible ATMs, simpler customer communications, and new supports for customers with hearing impairments. These changes are part of a wide range of accessibility improvements being carried out across the Bank following the introduction of the European Accessibility Act.

Áine McCleary, Chief Customer Officer, Bank of Ireland said: “Providing an accessible and welcoming banking experience for all our customers is a priority, and I am delighted that we are the first Irish bank to become Hidden Disabilities Sunflower friendly. We also recognise the JAM Card across our entire network, are installing 650 new accessible ATMs, and have improved supports for customers who are deaf or have hearing or speech difficulties with SignVideo – an on-demand sign language video interpretation service. These initiatives help remove barriers that some customers encounter on a daily basis, and we will continue working to provide inclusive banking services across our entire customer base.”

Paul White, CEO at Hidden Disabilities Sunflower, said: “We are delighted to have worked with Bank of Ireland to ensure all their branches are now Hidden Disabilities Sunflower friendly. I want to recognise the continuing steps the Bank is taking to provide an inclusive banking experience for all its customers.”

Seven Ways a Global Digital Bank Can Ease Overseas Travel for You

Traveling abroad can be an exciting adventure, whether it’s for business, leisure, or an extended stay as a digital nomad. But let’s be honest—managing money while hopping between countries isn’t always smooth sailing. From sky-high transaction fees to unexpected card declines, financial hurdles can quickly turn a dream trip into a logistical nightmare.

That’s where global digital banks prove helpful. Unlike traditional banks, which often struggle to keep up with the fast-paced world of international travel, digital banks are built for flexibility, accessibility, and cost efficiency. Then, taking this to a global scale, fintech companies like Black Banx have helped revolutionize the way travelers handle their finances, offering features like multi-currency accounts, low-cost international transactions, and enhanced security measures.

With over 35 million digital nomads worldwide as of 2024—a number expected to grow—there’s never been a greater need for seamless banking solutions. Likewise, business travel spending is projected to increase by 10.4% in 2025, shifting towards purposeful, high-impact trips. Whether you’re a remote worker, an entrepreneur, or a corporate traveler, choosing the right bank can make all the difference.

So, how exactly can a global digital bank make overseas travel easier for you? Let’s break it down.

1. Lower Fees and Cost Savings

One of the biggest financial pitfalls of international travel? Transaction fees. Traditional banks charge steep fees for international withdrawals, foreign currency transactions, and wire transfers. Over time, these costs add up and eat into your travel budget.

How Global Digital Banks Help:

 

  • Fee-Free Transfers: Black Banx offers free transfers between its accounts, making it ideal for those splitting costs with fellow travelers or managing payments across borders.
  • Low-Cost International Payments: Unlike conventional banks, which impose hefty charges, Black Banx provides competitive rates for cross-border transactions.
  • Better Exchange Rates: Traditional banks and local exchange bureaus often offer poor conversion rates, meaning you lose money every time you switch currencies. With Black Banx’s real-time currency exchange across 28 FIAT currencies and 2 cryptocurrencies, travelers get more value for their money.

2. Hassle-Free Multi-Currency Management

Juggling multiple currencies can be frustrating, especially when you’re traveling across different regions. Exchanging cash or opening local bank accounts in every country is simply impractical.

How Global Digital Banks Help:

 

  • Multi-Currency Accounts: Black Banx allows you to hold and convert funds in 28 different currencies, meaning you can pay in local currency without worrying about exchange fees.
  • Real-Time Conversion: Instead of getting stuck with bad rates at airport kiosks, travelers can seamlessly switch between currencies at competitive rates.
  • Crypto Compatibility: For those who prefer digital assets, Black Banx also supports real-time cryptocurrency trading, offering even more financial flexibility.

3. Global Card Acceptance & Virtual Payment Options

There’s nothing worse than having your card declined while trying to book a hotel or pay for dinner in a foreign country. Some traditional bank cards aren’t optimized for international use, and frequent fraud alerts can result in unnecessary account freezes.

How Global Digital Banks Help:

 

  • Debit Cards Accepted in 180+ Countries: Black Banx offers plastic, metal, and virtual debit cards that work seamlessly across borders.
  • Integrated with Digital Wallets: Features like Apple Pay and Google Wallet compatibility ensure that you can make payments effortlessly, even in remote locations.
  • Virtual Cards for Extra Security: Instead of exposing your primary card to potential fraud, Black Banx users can generate virtual cards for online and travel-related purchases.

4. Enhanced Security for Peace of Mind

Carrying large amounts of cash or relying on outdated banking systems can put you at risk of theft and fraud. Travelers often find themselves vulnerable, especially when using unsecured ATMs or public Wi-Fi networks to access their bank accounts.

How Global Digital Banks Help:

 

  • Advanced Encryption & Multi-Factor Authentication: Black Banx employs top-tier security protocols to protect users’ funds.
  • Anonymous Banking Options: For those who value privacy, Black Banx offers anonymous accounts—a feature rarely available with traditional banks.
  • Instant Freeze & Unfreeze Options: Lost your card? No problem. Digital banks let you freeze and unfreeze your card instantly via the app, adding an extra layer of security.

5. Speed & Convenience with Instant Account Setup

Traditional banks require a mountain of paperwork just to open an account, and the process can be painfully slow—especially if you’re in a foreign country.

How Global Digital Banks Help:

 

  • Instant Account Setup: Black Banx lets users open an account within minutes, eliminating long waiting periods and excessive documentation.
  • No Need for a Local Address: Unlike traditional banks, which often require proof of residency, Black Banx makes banking accessible to travelers from anywhere.

6. Smart Financial Management Tools

Keeping track of expenses while traveling isn’t always easy, and currency fluctuations can complicate budgeting. Having the right financial tools can make a huge difference in managing money on the go.

How Global Digital Banks Help:

 

  • Real-Time Expense Tracking: Black Banx provides instant notifications for transactions, so you always know where your money is going.
  • Exchange Rate Alerts: Stay ahead of market fluctuations by monitoring exchange rates directly through the app.
  • Budgeting & Analytics: Travelers can analyze their spending patterns and set financial goals within their banking dashboard.

7. Perfect for Business Travelers

With business travel spending projected to grow by 10.4% in 2025, companies are rethinking their approach to corporate trips. More businesses are looking for cost-effective, sustainable, and digital-first financial solutions.

How Global Digital Banks Help:

 

  • Virtual Cards for Expense Management: Corporate travelers can generate virtual cards for different expenses, reducing the risk of fraud and simplifying reimbursements.
  • Seamless International Transactions: Whether you’re paying for flights, accommodations, or client meetings, Black Banx ensures smooth cross-border payments.
  • Supports Embedded Financial Services: With embedded finance expected to reach US$570 billion by 2033, Black Banx stays ahead by integrating advanced financial tools into its platform.

Managing finances while traveling no longer has to be a headache. Whether you’re a digital nomad, an entrepreneur, or a business professional, choosing a global digital bank can help you avoid high fees, navigate multiple currencies with ease, and enjoy seamless transactions wherever you go.

Black Banx is a prime example of how fintech is transforming the travel experience. With low-cost transactions, multi-currency accounts, enhanced security, and global accessibility, it’s redefining what financial freedom looks like for travelers. And with its profit before tax soaring to US$2.3 billion in 2024, it’s clear that this innovative approach to banking is here to stay.

So, before you embark on your next international adventure, ask yourself: Is your bank ready for the journey? If not, it might be time to switch to a financial partner that is. Safe travels!

 

Revolut reaches 50 million customer milestone

Revolut, the global financial technology company and licensed European bank, has today announced that it has hit 50 million customers globally.

The company has reached the 50 million milestone at high-speed, growing by over 10 million customers in 2024 so far and becoming the most downloaded financial app in Europe.  It follows a bumper year for Revolut, which in 2024 received a $45 billion valuation, was awarded a UK bank licence with restrictions from the Prudential Regulation Authority (PRA) whilst in the mobilisation stage, and announced its 2023 Group revenues had surpassed $2.2 billion with record profits before tax of $545 million.

Revolut has aggressive plans to continue to grow its customer base towards the 100 million milestone, while also rolling out new and innovative services to become the primary bank of choice for its customers. 

Nik Storonsky, CEO of Revolut, commented: “Revolut exists for one reason: to simplify money for everyone, everywhere. This year we’ve taken huge steps forwards — breaking records, accelerating the speed at which we’re launching products and continuing to disrupt financial services globally. We’re moving faster than ever because we know the opportunity to revolutionise global financial services for our customers is still massive.”

Later this week Storonsky will take to the stage at the company’s The Revolutionaries event in London to celebrate its 50 million milestone, speaking alongside co-founder and CTO Vlad Yatsenko and entrepreneur Steven Bartlett. 

An exclusive event featuring revolutionary names across music, business, fashion, sport, gaming, travel and entertainment, The Revolutionaries will close with a headline performance from the iconic Charli XCX ahead of her sold-out UK tour.

For those outside of the UK, the event will be broadcast across YouTube and other streaming platforms.

Revolut Bank UAB (Irish Branch) was recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’ in 2024, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

 

 

 

 

Investment fraud attempts surge by 76% in the first half of 2024

According to the latest Bank of Ireland fraud data for the first half of 2024, the volume of investment fraud attempts has surged by 76% compared to the same period in 2023.

Investment fraud happens when fraudsters, posing as legitimate firms, offer consumers investment opportunities on social media or in a sponsored search result. A common tactic is to promise high returns and then put people under considerable pressure to commit to the investment opportunity quickly.

The majority of investment fraud cases begin on social media with customers then receiving phone calls and messages to continue the scam. The practice of re-targeting customers is also a growing trend. This is where fraudsters contact a person who has already been a victim and pose as someone trying to help the consumer recover their money. However, this is simply another way for them to try to gain access to consumers’ accounts.

Red flags of Investment Fraud:

 

  • Follow-up calls: You receive a call having clicked an investment product advert on social media or in a sponsored search result.
  • Big/fast returns: They promise a quick and profitable return, with little or no risk.
  • Pressure: They advise you must act quickly to take advantage of an “opportunity of a lifetime”.
  • Urgency: They tell you to make an urgent payment to get in on the deal.
  • Secrecy: They say you’re not to discuss the “investment” with family, friends or your bank and they may instruct you to sign a “non-disclosure agreement” (NDA).

Nicola Sadlier, Head of Fraud, Bank of Ireland said:  “The growth in investment fraud attempts is the most concerning trend we are seeing at the moment. The level of highly personalised targeting of consumers continues to grow year on year, and everyone needs to be on their guard. When it comes to this serious criminal activity, there is no room for complacency. Being alert to the ‘red flags’ – including too good to be true returns and pressure to act quickly – is vital. 

“We know that three in four consumers want to be able to speak directly with someone at their bank or financial service provider if they fall victim to fraud or are worried about a transaction. That’s why Bank of Ireland offers a 24/7 fraud telephone support for customers on 1800 946 764, available every day of the year. We encourage our customers to put this number in their phone so they have easy access to it if they ever need it.”

Bank of Ireland fraud research (Red C, 2024) reveals:

  • 94% of people have been targeted by a fraudster in the last 12 months.
  • The most common way is by text message (89%), followed by phone calls (75%) emails (65%) and fraudulent WhatsApp messages growing in prevalence at 39%.
  • When asked whether they feel personally at risk of financial fraud, 43% of people still rate themselves as having little or no risk of fraud in the next 6 months. This increases to 52% in the age 18 – 30 category, showing a high degree of complacency or over-confidence. 

Aine McCleary, Chief Customer Officer, Bank of Ireland said: “Bank of Ireland runs one of the most comprehensive consumer fraud awareness programmes in Ireland, designed to help safeguard the financial wellbeing of our customers. However, our research shows that close to half of those surveyed do not feel at risk of fraud, and this underlines the importance of raising awareness of this very real risk.

“Bank of Ireland will spend €50 million on fraud prevention and protection measures this year and next. This includes €15 million on new fraud prevention technology, along with a range of high-profile consumer awareness campaigns and support for customers who are targeted by fraudsters.”

 A new heavy-weight fraud awareness campaign across digital and social media is being launched this week, running for the rest of the year, designed to reach the general public across a range of media. The latest phase in Bank of Ireland’s consumer fraud education campaign, now in its fourth year, will have a particular focus on media to reach the 18-30 demographic, where research has indicated a degree of over-confidence.

The campaign includes five new episodes of Fraud Watch: True Crime Stories,  a content series featuring real-life examples of fraud scenarios including advice from international cyberpsychologist Professor Mary Aiken, digital audio ads,  social influencer partnerships, a partnership with LADBible and ‘Back To Basics’ social content series.

The content highlights topical fraud scams and gives customers essential fraud prevention steps they can take.Anyone who suspects they have been a victim of fraud should contact their bank immediately so that the bank can try to stop the fraud and try to recover funds. Bank of Ireland customers can call the Fraud Team 24/7 on the Freephone line 1800 946 764.

For advice and information on how to stay safe from fraud, visit the Security Zone on the Bank of Ireland website.

Evolve IP Expands New Training Hub Reseller Knowledge Bank

Cloud collaboration provider, Evolve IP, is continuing to expand a new specialist training hub, designed to inspire reseller knowledge and put key content at their fingertips when they need it.

The ‘ucSKILLS’ digital adoption platform offers valuable tools so partners can seamlessly deliver all of Evolve IP’s solutions, as part of a powerful Unified Communications knowledge bank.

Together with technology partner iTEL, dedicated technical training content across its entire product set is available to all partners – delivered in a user-friendly central resource which is continually updated with new technical resources, fun ‘gamify’ training, videos and marketing resources.

Knowledge Is Power

Scott Rixon, Evolve IP Solutions Director, says the e-learning service has been operational for several months and continues to evolve with new content being added on a regular basis, to cement reseller knowledge across the EMEA region.

“Our partnership with iTEL will continue to totally transform our services and create a host of benefits such as optimising team knowledge and support levels, improving the overall customer experience and reducing customer churn.

“This valuable technical resource is readily available to all our customers, giving them the power to quickly resolve issues and guide customer queries.”

Rixon added that a recent study conducted by iTEL proved that having an effective digital adoption platform reduced customer churn by 35%, ensuring resellers retain their customer bases.

“In today’s fast-paced technology world it’s not always easy to keep up-to-date with the latest developments. But equally in a world of information overload it can be difficult to access advice and find the answers you’re looking for when you need it. Evolve IP’s Training Hub is the answer! It’s about creating and providing access to content at their fingertips when they need it. Training on time at the right time, for new and to support those more established team members.”

Evolve IP is designed to advance today’s hybrid workplace. It partners with many of the world’s biggest tech companies to bring together their unified communications, collaboration, voice, and contact centre tools into a single, secure solution, fine-tuned for the hybrid workforce. 

Continued Development 

Rixon emphasised: “We are only at the beginning of our journey and are now exploring ways to make the whole user experience even more engaging and enjoyable. For example building in ways we can gamify the training, by creating badges for those who are completing the courses we have set them.

“In addition, the training hub is the new home for all technical resources and marketing assets to support our resellers with communicating about our solutions to their customers. Meaning once a team has access, everything they need is in one place. We want to make it even easier to do business with us.” 

Rixon concluded: “This new service is all about empowering partners and helping cement their technical knowledge. The training hub has been very well received so far and continues to expand all the time with both technical and marketing content. We are determined this space becomes the centre for partner learning and development and a go-to Unified Communications knowledge bank.

“We are currently getting detailed feedback from our partners by encouraging them to complete a short survey. It’s important they provide us with honest feedback so we can make the space that they need to learn and develop their skills in the most effective and enjoyable way.”

Find out more about a recent webinar here.