The French platform for aggregating banking transactions and automating payments, Numeral, has announced the start of work in the UK financial market.
The platform considers the development of a new market as an opportunity to help British fintech companies to activate their activities in the EU countries. The platform will provide representatives of the UK fintech industry with access to Sepa and will fight IBAN discrimination.
The launch of Numeral in the new market is carried out with the support of Sepa, Bacs, and FPS payments. Earlier, the French company announced integration with British banks SVB UK, Barclays, and HSBC. Victor Mitoire was appointed Vice President of Development – the first executive director of the firm in the UK.
The Numeral banking aggregation and payment automation platform provides fintech companies with fast, promising, and cost-effective access to SEPA, Bacs, and FPS through their banking partners. Firms such as Swile, Spendesk, and Alma use these outfits as a provider of banking connections and payment automation. Preliminary forecasts state that these companies can process transactions with a total value of 5 billion euros using the platform in 2023.
Numeral began to consider the UK as a promising market for itself after reports began to appear more and more often that after Brexit, local fintech companies faced cases of discrimination, which is expressed in the refusal to accept IBAN for payment in euros due to the country code.
Eduard Mandon, CEO of Numeric, stated that with the help of the platform, British fintech companies can connect, send and receive Sepa payments in EU banks of their choice, effectively benefiting from the EU IBAN.
In 2022, bank payments totaling 191 trillion euros were processed in the Eurozone using Numeral.
As we have reported earlier, Monnai Raises $6.5 Million to Help Fintechs Use Consumer Data.