Digital bank aggregation and payment automation platform launched in UK

Numeral announces UK launch supported by SEPA, Bacs and FPS payments for UK fintech companies. The news follows integrations with UK banks SVB UK, Barclays and HSBC, and the recent appointment of Victor Mitward as VP Development and first UK CEO.

Numeral’s banking aggregation and payment automation platform provides fintech companies with fast, future-oriented and cost-effective access to SEPA, Bacs and FPS through its banking partners. European fintech innovators such as Swile, Spendesk and Alma trust Numeral as their banking connectivity and payment automation solution and plan to process €5 billion in 2023 with the platform.

As the leading European fintech hub and the main destination for global fintech companies in their international expansion, the UK is the entry point to mainland Europe for financial innovators.

However, after Brexit, clients of British fintech companies faced new cases of IBAN discrimination. IBAN discrimination is a form of financial disparity that occurs when companies or employers refuse to accept IBAN for payment in EUR due to a country code, which can result in customers being unable to access certain services.

By strengthening its presence in the UK and providing pan-European banking aggregation, Numeral aims to help UK fintech companies address this challenge and succeed in the European market.

“Using Numeral, UK fintechs can connect to EU banks and send and receive SEPA payments and receive and send them to the EU banks of their choice, effectively benefiting from the EU IBAN.” says Edouard Mandon, co-founder and CEO of Numeral. “More advanced companies wishing to obtain an EU payment institution license or electronic money institution licenses can also become SEPA members and issue their own IBANs in the EU. Numeral helps these companies connect with their SEPA sponsor bank and process SEPA payments.” adds Mitward.