Natwest’s Clearspend app, LBGs views on Brexit and Data Protection laws in Banking

NatWest has added Seedrs to its Capital Connections programme. Capital Connections introduces NatWest’s business and commercial customers to a number of alternative funding solutions. Also, NatWest is trialling Clearspend, a new app for SMEs which allows companies to set budgets down to cardholder level and receive real time alerts to monitor when, where and how cards are used. The app is currently being tested by 100 firms. It will be rolled out later this year to NatWest, Royal Bank of Scotland and Ulster Bank customers
Lloyds Banking Group chairman, Lord Blackwell, has said that there would be no ‘Jenga tower’ collapse of the UK financial services sector following Brexit. Lord Blackwell told delegates at the City Week conference in London that ‘80% of what goes on in London isn’t directly connected with the EU and much of the activity that is related to the EU won’t necessarily move’
Oliver Wyman, a management consultancy, has said that banks are struggling to come to terms with the requirements of a new European data protection law that comes into force on 25 May 2018 because of ageing and complex IT systems. The EU law expects companies to establish what data they hold on their customers, where it is stored, if have they been given permission to hold it, whether it is stored safely and whether it can it be easily extracted and deleted