PCT announce contract with ULUS Group
February 16, 2017
PAYMENT CLOUD TECHNOLOGIES digital.VISION ENABLES SME DIGITAL BANKING FOR THE UK ethnic SME COMMUNITY
The partnership with ULUS Capital Limited is designed to serve traditionally ignored customers
London, 16th February 2017– Payment Cloud Technologies (PCT), the London-based FinTech business, has today announced a contract with ULUS Group for the delivery of a digital community business bank for the UK’s SME businesses. The bank, which will be launched in quarter four this year, is designed to offer top quartile business banking services to in excess of 700,000 UK-based Ethnic SMEs that have been previously underserved by traditional banking services.
Despite several attempts to overhaul and improve the industry, there remains major disillusionment from the UK’s SMEs towards traditional banking providers. Research published last month revealed that 47% of UK SME owners claim the business advice they received in the last 12 months from their mainstream bank had a negative impact on their business operations.
PCT’s cloud-based digital.VISION platform enables focused competitors such as ULUS to secure quick market entry and meet the specific consumer needs of segments such as the SME market within the highly-regulated banking industry, at a fraction of the usual cost. ULUS is the first challenger bank to provide a tailored business proposition to a specific community. The services proposition will include a multilingual user interface, role based payment authorisation and mobile card acquiring.
Ian Clowes, CEO, Payment Cloud Technologies, said: ‘’With the speed at which FinTech has accelerated, developed and innovated over the last 10 years, it is surprising that the UK is only now beginning to realise its potential to meet the country’s very specific and diverse consumer requirements in financial services. ULUS Group instantly impressed upon us their desire to do exactly that, so we were delighted to be able to help them achieve this.’’
Once the business’s UK model is successfully established, ULUS and PCT will expand their digital banking proposition into other European countries with significant ethnic community representation. PCT has also been retained to provide specialist advice on ULUS’s application for a full banking license. Once granted, the license will allow ULUS to accept deposits and develop specialist business loans for its customers.
Haydar Ulus, Principal, ULUS Group, said: ‘’At ULUS Group, we have a core mission to provide secure, fair and scalable financial inclusion to Ethnic communities both in the UK and other geographies. We knew that our banking proposition had the potential to achieve this, so we were pleased to secure rapid market entry with PCT. Their digital.VISION platform has removed the frustration of delivering financial services and allowed us to put the focus back on our business and, ultimately, on our customers.’’
The partnership with ULUS builds on PCT’s successful expansion within the financial services market, having enabled the delivery of a digital bank on a national scale with An Post in November. An Post is Ireland’s largest postal service provider and is using PCT’s robust, reliable and fully compliant bank.VISION platform to deliver banking-grade financial services its 1.7 million weekly customers.
About Payment Cloud Technologies
Founded in 2008 and headquartered in the heart of London’s FinTech scene, PCT excel in digital banking, prepaid and travel compensation, working with many of the world’s leading businesses and government organisations.
PCT’s cloud based platform, digital.VISION, is reforming the way banking and payments are delivered and PCT is proud to be trusted by its customers to enable reliable and robust banking grade financial services every day. Its proprietary card.VISION, corp.VISION and bank.VISION solutions can be accessed via the web, mobile devices, ATM and in-branch.
Active in Europe, North America and Africa, PCT continues to expand, both directly and in partnership with leading global organisations. In 2015, PCT processed in excess of £300 million worth of transactions internationally.
PCT believe in journeying together and co-innovating, to strike a balance that harnesses possibility and realises a more connected future.
For more information, please contact http://paymentct.com/
About ULUS Group
Ulus Group is London based multi-faceted organisation dedicated to the provision of a wide range of professional services. The firm is arranged as a series of partner-led departments covering a full range of dedicated industry groups which are steadily expanding to meet the changing needs of our clients. As well as the core accountancy practice, Ulus Group also includes a number of specialist sectors providing a range of consultancy in fields such as corporate finance, international tax services, information technology, estate planning, property development and financial services.
We provide a cost effective range and quality of services normally found only in the largest international practices, combined with a flexibility and dedication to personal service usually associated with much smaller organisations.
Ulus aims is to build long-term relationships with both clients and colleagues in an environment within which they want to grow, and in which they feel valued.
For more information on ULUS Group, please visit http://ulus-group.co.uk/
+44 (0) 844 2939 764
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