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Picture: PA By Kristy Dorsey A £275m scheme to encourage small and medium-sized enterprises to switch from Royal Bank of Scotland has closed with a total of 69,135 firms changing providers. The Incentivised Switching Scheme (ISS) forms part of the Alternative Remedies programme that was launched to address EU regulators’ concerns about the £45 billion taxpayer bailout of the group formerly known as Royal Bank of Scotland during the 2008 financial crisis. The RBS Group changed its name to NatWest in July of last year. Qualifying SMEs received dowries worth up to £50,000 if they moved to one of 10 approved alternative banks. The original plan was for the scheme to close after 120,000 had switched, or when all of the dowry was spent, with the latter achieved at the end of June after 28 months in operation.
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Virgin Money partners with Fintech Trade Ledger as part of a new business banking proposition
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LONDON, April 29, 2021 /PRNewswire/ Virgin Money continues to build its business banking proposition, adding FinTech partner, Trade Ledger, which specialises in data-driven lending technology.
Trade Ledger is a leading global technology provider for the commercial banking and financial services industry, supporting banks by enabling lending products to be created and offered at the right time, over the right channel. Its platform has a lending-as-a-service (LaaS) capability, supporting secured and unsecured lending, to unlock all types of working capital and business lending products for businesses that otherwise find access to finance difficult.
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