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Tech Lowdown: Tink, OpenWrks, My Digital, AppZen and Acin

This week, our tech round-up features an acquisition from Tink, My Digital's new People Hub, Mastermind Analytics from App Zen and Series A funding from Acin.

29th Oct 2020
Staff Writer AccountingWEB
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Tink acquires OpenWrks aggregation platform

Open Banking platform Tink has acquired the aggregation platform of open baking application provider OpenWrks. The acquisition is set to increase Tink's connectivity to banks and financial institutions across the UK and boost its coverage for personal account data.

The partnership will also open up Tink's access to UK business account data. Available later this year, aggregating UK business account data will help Tink’s with data-driven decisions, based on access to real-time, verified and accurate business information. 

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My Digital announces People Hub for the new Quantum workforce

Quantum employment design company My Digital (formerly My Digital Accounts) has launched People Hub – a real-time digital accounting cloud service focused solely on the needs of contractors.

People Hub was designed specifically in the Northern Powerhouse for the UK economy’s new workforce, made increasingly of quantum employees working and contracting on a part or flexi-time basis.

“Jobs for life are history,” said My Digital CEO John Whelan. “Permanent employment is on the wane. The move to flexible employment is accelerating fast across diverse roles in construction, IT, healthcare, retail and logistics. This army of ‘nano entrepreneurs’ has to be paid and taxed if it is to function for the benefit of all its stakeholders.” 

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AppZen launches Mastermind Analytics

Analytics AI software provider for finance teams AppZen has launched Mastermind Analytics, enabling CFOs and their teams to identify spend risks within their organisations.

AppZen’s Mastermind Analytics aims to reduce costs and streamline digital transformation initiatives by providing finance teams with on-demand insights into spend, risk, and operational performance. It also helps eliminate wasteful, fraudulent, or out-of-policy spend, and provides metrics on how to make processes and teams more efficient.

AppZen’s Mastermind Analytics includes:

  • Visibility of behaviour patterns beyond routine audits
  • AI-driven insights drawn from the most accurate and 100 per cent audited spend data, including information extracted from receipts, contracts, invoices, expense claims, and more
  • A 360 degree real-time view of a company’s finances
  • More than 30 on-demand charts covering current cross-system spend, risk, and operational performance
  • Benchmarking against peer organisations
  • The ability to create dashboards for specific use cases, metrics, and teams

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Acin secures Series A fundraising

Regtech Acin has won $12m (£9m) in a Series A round of funding, led by US-based Fitch Group and European SaaS investor Notion Capital.

The funding will help Acin enhance its cloud-based terminal with additional inventories of risks and controls, software extensions and integrated benchmarking. It aims to provide financial institutions with a complete front-to-back-office solution to assess and manage their operational and non-financial risks. Acin intends to expand its solution into further sectors over time.

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