David Genn

Monzo Bank has become the latest bank to join the MTD goldrush as the digital bank announces that sole traders and landlords will be able to file taxes directly to HMRC from their business bank account without the need for separate software. The filing tool, provided via a partnership with Sage Embedded services, supports the quarterly MTD submissions and end-of-year returns, starting from the 2026/2027 tax year. Monzo joins the likes of NatWest Group, Starling and Tide in the race to attract business bank accounts -- a recommended step in the MTD process. Full story in the comments below 👇

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Open banking was covered widely at this week's Labour Party Conference, with widespread recognition of its critical role in powering UK economic growth and innovation. A standout moment was our Policy Director, Luke Ryder joining a fintech panel alongside Luke Charters MP, TrueLayer’s Megan Coulson, Financial Conduct Authority's Sacha Sadan, and Startup Coalition’s Charlie Mercer. The discussion explored: ✅ The journey OBL is supporting with industry and regulators to secure a long-term framework for open banking; ✅ How we can accelerate progress towards Open Finance to unlock benefits for consumers, businesses and the wider economy; ✅ The growing collaboration across the ecosystem to make this vision a reality. We were also pleased to participate in Innovate Finance and EY’s roundtable on Tech’s Plan for Change, where open banking was highlighted as a prime example of UK-led innovation. Attendees welcomed the move towards a sustainable, long-term model that supports the full ecosystem and enables continued growth. OBL remains committed to working with industry, policymakers, regulators, and consumer and business representatives to support this flourishing UK sector and ensure open banking continues to play a pivotal role in driving inclusive economic growth. #OpenBanking #OpenFinance #Innovation #FinTech #FutureOfFinance #Innovation #DigitalInnovation #TechInnovation The Labour Party

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Neo Banks Need Enterprise-Grade Compliance Now More Than Ever The recent £21 million FCA fine levied against Monzo underscores a growing concern across the digital banking sector: rapid growth without robust compliance is a dangerous combination. Monzo allowed customers to open accounts using addresses like 10 Downing Street and Buckingham Palace—clear signs of systemic gaps in onboarding and monitoring. And they’re not alone. Other fintechs, like Starling, have faced similar penalties due to inadequate financial crime controls. As neo banks and fintech challengers continue to scale, they must move beyond legacy or improvised compliance tools. The financial crime landscape is evolving—so too must the solutions. This is where Pelican comes in. Global institutions, including one of the largest tier one banks in Europe, already trust Pelican’s AI-powered compliance and payments platform. Its enterprise-grade solutions offer: ▪️ Real-time sanctions screening with dramatically lower false positives ▪️ Intelligent onboarding and address verification using Natural Language Processing ▪️ Modular architecture that integrates seamlessly with existing systems ▪️ Automated transaction monitoring to detect anomalies and high-risk behaviours For neo banks and fintechs looking to grow responsibly, Pelican delivers the control, scalability, and auditability regulators demand—without slowing down innovation. Compliance isn’t just a checkbox. It’s a foundation. Get it right from the start. www.pelican.ai

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Speaking at the London Tech Leaders Summit, Colin Payne shared our progress so far with open finance and announced the launch of two new TechSprints. The TechSprints will focus on mortgages and SME finance, exploring how open finance and smart data can remove friction, cut costs, and create new opportunities. He also announced we'll be partnering with Raidiam, using their environment to test real uses of open finance. Read more https://lnkd.in/eXeBjY7G #FinancialServices #FinancialRegulation #FCAGrowth

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🎺 We've agreed an ENABLE Guarantee with finance provider 4Syte, supporting a facility of up to £100m. The transaction will unlock additional capacity, increasing 4Syte’s invoice finance and asset-based lending to smaller UK businesses. The funding is being provided by NatWest while the Bank is guaranteeing a portion of the funding and will help to support a doubling of the existing funding facility. “Working with a new delivery partner in 4Syte and alongside an established funder like NatWest, demonstrates our commitment to increasing the diversity of providers in the wider lender market, supporting them at whatever stage of their journey they are on," says Michael Strevens, Our MD, Structured Financial Institution Solutions.

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