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HOT - 17/01/2017 - 09:12:29

Let's abolish Manual Accountancy for SMEs

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in the category Service

I suggested this to Matthew Bullock Barclay's PLC former head of Corporate Banking some 30 years ago...

Perhaps it's an idea that is READY to be implemented...

(especially since self-employed are required by law to produce 'accounts' and so much business now is increasingly ‘cashless))

This might save high street banking ! – and certainly put FIDOR out there in front !

The Idea is simple...

A freelance worker or business owner simply endeavors to makes ALL their 'business transactions' via FIDOR ... (increasingly possible in the cashless society)

Starting with a few basic ones and a pilot system of volunteers, Fidor develops increasingly sophisticated Artificial Intelligence Algorithms to AUTOMATICALLY ANALYZE expenditure, sort into accounting categories, revenue and capital, calculate VAT, tax differentials, weekly, monthly and annual REPORTS (and in future offers online formal purchase ordering and invoicing, flag up financial projections and complex allowances and rebates such as Tax Credits.. vetting dodgy customers and suppliers..)..

Fidor becomes an automated "book-keeping service"..

What percentage of business expense is cash today ? .. I would say for most it is cashless… Even if the FIDOR system covered only 80% of turnover .. It would be an indispensable aid in sole-traders, freelancers and small businesses producing MANDATORY annual returns.

As an essentially server based AUTOMATED service (like Facebook, PayPal or eBay) , the PROFITABILITY could be excellent … and average of over £1Bn per year of recurrent Fidor service income from each half million customers would be quite realistic today…

Henry O'Tani

New Product Development: Angelsweb Innovations Limited

Listed under the 2014 UK BIS Manufacturing Advisory Service
Formerly:- Investigative & Technical Mentoring for DTI Innovative Ideas Grants
Extranet Facilitator: North Somerset Government Small Business Service
UK Gov Design Initiative Design & Development Consultancy
UK Gov funded Microelectronic Design & Development Consultancy
UK PERA listed Advanced Manufacturing Innovations Project Consultant
Member of Design Council of Great Britain

St Werburghs Bristol, BS2 9TL
Landline +44 (0) 117 329 0615
3G Mobile: +44 (0) 771 978 2938

Skype Home ID = henry-otani

email: henryotani@gmail.com
www.angelsweb.biz

-------------------------------------------------------------------------------------------------

OMG ..... 17 text books !

- let's just abolish manual accountancy ......

H.

----- Original Message -----
From: lmgeorgiou@yahoo.co.uk [RecycleInBristolUK]
To: RecycleInBristolUK@yahoogroups.com
Sent: Monday, January 16, 2017 10:10 PM
Subject: [Recycle in Bristol UK] Offer: Accountancy (AAT) textbooks (BS30)

Set of 17 AAT textbooks. They are all recent (AQ2013 syllabus), but have writing in them from where I've done the practice questions. The books are all the ones from levels 2 and 3, the compulsory units from level 4, and Business Tax and Personal Tax from the optional units. Pick-up from Doynton (BS30)
__._,_.___


grahamnoelbutler - 07/01/2017 - 14:05:37

Payee list

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in the category Current Account

Any thoughts of enabling storage of a list of frequent payees to avoid filling out Payee details in full each time a transfer is made?


frankie007 wrote on 09.01.2017 at 07:31

Yes please. It's a real pain having to start from scratch every time.



horologist007 - 05/01/2017 - 14:59:03

borrowing

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in the category Credit

are loans and short-term lending something fidor is looking into?

Can crowd-sourcing an option where fidor users can put up monies?


horologist007 - 05/01/2017 - 14:58:12

Business accounts

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in the category Accounts

IS offering business accounts a possibility?
IS it something fidor is looking into?


horologist007 - 05/01/2017 - 14:57:30

Foreign transactions

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in the category Foreign Exchange

is there a possibility of euro accounts?
Or having multi-currency accounts to keep monies in dollars and euros?


MIROW wrote on 05.01.2017 at 18:10

It is not currently possible, but it is a good suggestion


horologist007 wrote on 06.01.2017 at 07:49

thanks for the update.
IT'll definitely be helpful when we have the option to choose multi currency payments or even multi currency accounts.



Mr_A - 03/01/2017 - 16:05:18

Mobile Transfers

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in the category Internet Payment Systems

Could Fidor look into making transfers via the mobile app? Seems like a much quicker and convenient solution to me


frankie007 wrote on 03.01.2017 at 16:21

Lol. They don't have an app, all they've got is a mobile balance checker, and that only available to the sheep with iphones. Early in the year they were promising an app sooooooooooooooon, but seem to have consigned that to the bin as well, as they won't even answer the question any more.



frankie007 - 02/01/2017 - 08:41:39

Innovative inter bank payment syatem

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in the category Current Account

Could Fidor look into the possibility of implementing the new "fast payment" system, currently being offered by virtually all other banks. Payments from one bank to another will arrive within 2 hours, but usually within minutes, unlike the 3 or 4 days with Fidor. TIA


MIROW wrote on 02.01.2017 at 11:49

The Faster Payments System is a joke, it is like a gentleman's club that is hard to join.<br>
<br>
The only way to get really faster payments is to bank with one of the core members:<br>
Barclays<br>
Citibank<br>
Clydesdale<br>
Co-op<br>
HSBC<br>
Lloyds<br>
Metro Bank<br>
Nationwide<br>
Danske Bank (Northern Bank)<br>
Raphaels Bank<br>
RBS<br>
Santander<br>
<br>
They are really resistant to getting new members and Metro bank only recently got in after many years.<br>
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The Faster Payments Scheme has been running since 2008 and only Raphaels Bank (an old bank dating back to 1787) had been let in prior to Metro bank.<br>
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Even those core members do no guarantee faster payments will arrive same day. Lloyds bank for example says they should arrive by close of business the following day, and have now made Same Day Payments available to internet banking customers by letting them set up CHAPS payments, but even then they need to be done before 2pm to ensure same day.<br>
<br>
In reality you will only get an FPS payment in seconds if BOTH the sending bank and receiving bank are one of those core banks on the list above, otherwise payments will take longer at the sending bank and or the receiving bank.<br>
<br>
Money will be available within two hours IF sent between those core banks, otherwise may take longer.<br>
<br>
The FPS info is littered with comments like "sometimes the receiving bank is unable to take the payment immediately", "the receiving account does not permit immediate posting of the payment", "some organisations only process incoming payments on working days", etc.<br>
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Unlike single one off payments regular payments like standing orders can only be sent via FPS Monday to Friday excluding bank holidays so will be moved to the next working weekday.<br>
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There are also different transaction limits both for different banks and different account types, and apart from the core members other banks have various ways of using the FPS including Direct Agency and Indirect Access and, you have guessed it, these involve using Barclays, Citibank, HSBC, Lloyds, RBS, Raphaels or Santander or one of a growing list of Aggregator and FPS solution providers.<br>
<br>
Being a core member also necessitates holding a settlement reserve in a Reserves Collateralisation Account at the Bank of England and setting a Net Sender Cap at a level exceeding the anticipated maximum intra-cycle debit position for that core member.<br>
<br>
While the FPS exchanges payments in real time the deferred net settlement is performed 3 times a day on, you guessed it, Monday to Friday and not weekends.<br>
<br>
The whole system is more complex than the consumer realises, and if you as a bank decide to credit an incoming FPS payment to a customer account on say Saturday you as a bank will not get your deferred settlement until Monday, or Tuesday if Monday is a bank holiday.<br>
<br>
These are the reasons why while the Faster Payments Scheme is faster than payments previously were it is still not going to be instant at all banks.<br>
<br>
Hopefully more banks will get direct participant status and become a core member of FPS, but for new start ups with less capital reserves the challenges of tying up your liquidity at the Bank of England in an RCA account.<br>
<br>
Until then customers need to moderate their expectations and not expect FPS payments to be instant or out of banking hours, but this must be matched with Fidor  correctly identifying incoming payments and promptly posting them to your account, be that within 2 hours, by the end of the banking day, or within 24 hours. As long as it is reliable and consistent and we as customers know where we stand.<br>
<br>
At present the handling of incoming funds is unreliable at Fidor UK and the bank need to look at this issue urgently as there are too many incidents of customer deposits being delayed or mislaid.


frankie007 wrote on 03.01.2017 at 06:37

I transfer money out of Lloyds on an almost daily basis and have never had one take longer than 20 minutes to arrive in the receiving account, including on weekends and public holidays.



web-ster - 21/12/2016 - 18:57:21

online login security MFA/2FA/PUSH authentication

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in the category Accounts

It is imperative that a two factor authentication mechanism be available at the very least as an option for securing access to fidor accounts online. see this please: https://www.google.com/landing/2step/

Understandably texts are good as we already have mTAN but if you do not have mobile signal then you are stuck, so the use of google authenticator for even better a key available to the AUTHY application https://www.authy.com/tutorials/how-use-authy-google-authenticator/

An even fancier and better method is to use PUSH authentication through DUO security as this is even safer than mTAN as GSM has already been hacked/compromised a number of times so mTANs can be intertcepted: http://www.rtl-sdr.com/hacking-gsm-signals-with-an-rtl-sdr-and-topguw/

Fidor is a genuis improvement to the fintech industry and may be the way to mass implement 3FA through the fingerprint and iris as welll as voice (biometric capability) of modern devices that are all now deeply integrated into our lives today thanks to the smartphone/tablet internet revolution.

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JoelDalais wrote on 21.12.2016 at 21:47

Optional 2fa would be excellent to have (I'd use google auth personally). Preferably a few 2fa options would be best, email, or google auth, etc. I'd certainly cheer for optional 3fa. However I did make the strong suggestion of 2fa over a year ago, so don't expect it anytime soon (but maybe if more people asked for it then central team would be more responsive).


RichardBurt wrote on 22.12.2016 at 07:54

Finger print / Iris would require that every account holder has access to those devices.

2 factor authentication is a very good idea. Just a side note - it isn't called Google auth. Many other companies offer 2FA as well. I believe Microsoft was offering it before Google! Let's just call it a 2FA app rather than pinning the label "Google" on it. Google doesn't inspire me with trust :P

As a good start maybe we can finally get MasterCard SecureCode?!

Many thanks to Fidor for individual sort codes and account numbers. I can now use it as a grown up bank account :)


MIROW wrote on 22.12.2016 at 08:01

I too want Mastercard Securecode. However due to the limitations of fingerprint authentication for for those with a number of medical conditions and those working in certain industries I think that should only ever be one option and not compulsory.



Ledley - 20/12/2016 - 12:22:38

Possible bug in browser

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in the category Accounts

Hi, my name is Aled Lumley Jones. When I logged into my account today it seems to think my name is 'Max Mustermann' - in the top right corner - when I click on that name, it then updates to 'Aled Jones'. I thought I'd raise this for your software team. I am using Win 7 professional in the UK, 64-bit O/S, on my work network near London. Google Chrome Version 55.0.2883.87 m

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MIROW wrote on 20.12.2016 at 12:58

I don't think that is a bug in the browser. They started switching over from a common account to individual accounts at 4pm yesterday and hope to be finished this evening. So tomorrow we should be able to access our accounts again and can then send and receive funds as normal. Your card should work in shops thru this period


GermanJoe wrote on 29.12.2016 at 00:59

Be aware that Max Mustermann is not a real name. It's the german equivalent of Mr Example. It's annoying I'm sure but it's clearly a default value and not someone else's account.


Ledley wrote on 29.12.2016 at 12:25

Thank you :)



leo.madigan - 09/12/2016 - 12:57:47

3D secure.

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in the category Internet Payment Systems

I have a Job that gets where I get paid into the Circle pay app. I used to have my Fidor debit MasterCard attached to the account so that I could withdraw funds.

After having to cancel that card and get a new one, it seems circle pay have changed there requirements and now you can only attach a debit card that has 3D secure, so I am not able to withdraw my earning to my bank account anymore. This wasn't much of a problem as I could just buy bitcoins and sell them. Now you can't buy or sell bitcoins on circle pay anymore.

Not having 3D secure set up also restricts you from using your card on coinbase which is also annoying.


MIROW wrote on 09.12.2016 at 13:01

Agree that it is a real pain.

MasterCard SecureCode NOW please



It's your turn.
Got an idea for a financial service, in app or internet banking function or a new innovative product that you would like Fidor to implement? We would love to hear from you here. After all, Fidor is YOUR bank. All product suggestions are being reviewed frequently by the Fidor team and potentially implemented depending on market research and traction amongst other Fidor customers. Before creating a new suggestion please check a similar suggestion doesn’t already exist to make it easier for the community to discuss suggestions!

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