ShareIn Launches Innovative New Payment Product
The Edinburgh-based fintech says its new offering will address a gap in the market.
Investment software and compliance experts, ShareIn, have launched a new payment product called ShareInPay that targets platforms holding ISA money.
ShareIn, whose clients include Triodos Bank, the Dutch Ethical Bank, Crowdlords, Residential Property Investments and Energise Africa provides both technology and a regulatory solutions for online investment.
The company has been an Innovative Finance ISA Manager since December 2016 and many of its investment platforms offer Innovative Finance ISA products.
API based, ShareInPay integrates with a company’s system to enable its clients to make pay-ins, hold their money in a segregated client money account, transfer money and make payouts.
- Politicians to be Exempt from Fact-Checking on Facebook
- AI Able to Diagnose Illness as Accurately as Doctors, Study Finds
- Spire Global Awarded £14.7M by Scottish Enterprise
It is designed to ensure a business can operate in accordance with the UK’s regulatory environment. All paid-in money is held in client money accounts for which ShareIn must meet CASS client money reporting obligations.
CTO and Co-Founder, Andrew Pickett said: “We needed a solution for our platforms to hold Client Money that wasn’t e-money.
“We searched everywhere and couldn’t find an API driven Client Money solution. So we decided we needed to build this ourselves.”
Earlier this year, the fintech obtained the regulatory permission to hold Client Money from the Financial Conduct Authority.
CEO Jude Cook said: “To say holding Client Money is difficult is a little bit of an understatement.
“There are few things in the Financial Regulatory environment more important than holding other people’s money.”
Prior to the launch of ShareInPay the company offered direct investment platforms. This new product marks the start of a modular software approach for ShareIn to enable investment business more generally. Modules that work together or separately with an existing platform.