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Finextra
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Openbank migrates investment accounts to Upvest
Openbank, part of the Santander Group, has chosen Upvest as its new investment infrastructure provider. 0 By integrating Upvest's Investment API, Openbank is strengthening its investment offer with a modern experience and deep localisation in the German market. This enables Openbank to offer a comprehensive, digital-first product range and a competitive user experience across all major asset classes to rival neo propositions. The migration of Openbank's investment products to Upvest marks a major vote of confidence in Upvest's enterprise readiness and its ability to support some of Europe's largest financial institutions. The partnership starts with fractional stocks and ETFs in Germany, providing end users with the ability to invest with as little as 1 Euro. This strategic shift allows Openbank to benefit from cost-efficient investment infrastructure and pass those savings to their end users by offering low trading fees (only 0.20% of the transaction volume, starting from a minimum of 1 euro) and no custody fees. The partnership underscores a growing trend among banks to move away from traditional providers and adopt API-first, modular investment infrastructures that support rapid innovation, cross-market scalability, and provide resiliency even during market instability. "This partnership with Openbank proves that modern investment infrastructure can meet the rigorous requirements of large financial institutions, while still offering the flexibility and speed needed to scale across markets,' said Jonathan Brander, COO of Upvest. "As the backbone of some of Europe's fastest-growing fintechs, we've demonstrated our ability to provide stable services through market volatility. Now, we're enabling established players like Openbank to stay ahead in an increasingly competitive landscape." As Europe's largest 100% digital bank by deposits, Openbank serves over 2 million end users and operates under the umbrella of Santander, one of the world's leading banking groups. By partnering with Upvest, Openbank gains access to an end-to-end investment infrastructure that covers everything from brokerage, settlement and custody to regulatory compliance, all via a single API.
The Independent
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Network outage hits ScotRail's ticket and payment systems
ScotRail's ticket and payment systems have been hit by a 'network outage'. IT issues are affecting passengers on the country's busiest train stations, including Glasgow Central, Glasgow Queen Street and Edinburgh Waverley. ScotRail said its internet service provider is experiencing a 'network outage' at a 'small number of locations' across the country. Passengers are reporting problems buying tickets on the ScotRail app as well as station machines. A warning on the app for trains between Glasgow and Edinburgh also states: 'Customer information screens and live departure boards may be showing inaccurately at ScotRail stations.' Alan Manclark, ScotRail's head of IT, said: 'We're aware of an issue being experienced by our internet service provider, which is affecting connectivity at a small number of locations across the country, including Edinburgh Waverley, Glasgow Central, and Glasgow Queen Street. 'Our supplier is working hard to resolve the issue, and we're sorry to customers for the inconvenience while we await a fix.'
The Independent
12 minutes ago
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Why inflation has risen above expectations – and what it means for you
UK inflation climbed by more than expected in July, official figures reveal, as soaring air fares for summer holidays and food prices continue to rise. The Consumer Prices Index (CPI) rose to 3.8 per cent last month, up from 3.6 per cent in June, according to the Office for National Statistics (ONS). This marks the highest rate since January 2024, when inflation stood at 4 per cent. The ONS highlighted transport costs as the primary driver behind the increase, particularly a significant surge in flight prices. Air fares jumped by 30.2 per cent between June and July, the largest monthly rise recorded since data collection began in 2001, as families booked trips during the school summer break. Here's everything you need to know about the latest figure: What is inflation? Inflation is the term used to describe the rising price of goods and services. The inflation rate refers to how quickly prices are going up. Put simply, July's inflation rate of 3.8 per cent means that if an item cost £100 a year ago, it would now cost £103.80. Chancellor Rachel Reeves acknowledged that there was 'more to do to ease the cost of living' following the latest figure. She said: 'We have taken the decisions needed to stabilise the public finances, and we're a long way from the double-digit inflation we saw under the previous government, but there's more to do to ease the cost of living. 'That's why we've raised the minimum wage, extended the £3 bus fare cap, expanded free school meals to over half a million more children and are rolling out free breakfast clubs for every child in the country.' Rail fares set to rise by more than expected Another lesser-known figure that tends to rise and fall in line with CPI is Retail Price Inflation (RPI). This rose to 4.8 per cent in July up from 4.4 per cent. This is significant as it was last years' July RPI (3.6 per cent) that set the 4.6 per cent rail fare rise in March 2025, at exactly one percentage point higher. If the same formula is used this year, then fares could rise by a massive 5.8 per cent next March. Campaigners have reacted negatively to the possibility, calling on the government for clarity. Ben Plowden, chief executive of lobby group Campaign for Better Transport, said: 'Today's inflation figure could mean a big fare rise for rail passengers next year, especially if the Government decides to go with an above-inflation increase like we saw this year. 'With the railways now moving under public control, the fundamental question for the Government is how to use its role in setting fares policy to deliver a more affordable rail network and encourage more people to travel on it. 'Next year's annual rise represents the first real opportunity for the Government to show passengers – both current and future – just how it plans to do this.' Why did inflation rise again in July? Grant Fitzner, the ONS's chief economist, explains: 'The main driver was a hefty increase in air fares, the largest July rise since collection of air fares changed from quarterly to monthly in 2001. 'This increase was likely due to the timing of this year's school holidays. 'The price of petrol and diesel also increased this month, compared with a drop this time last year. 'Food price inflation continues to climb – with items such as coffee, fresh orange juice, meat and chocolate seeing the biggest rises.' Will inflation rise again? The Bank of England is expecting CPI inflation to continue rising to a peak of 4 per cent in September, before price rises start to ease. The central bank is tasked with keeping inflation at 2 per cent. Elliott Jordan-Doak, senior UK economist for Pantheon Macroeconomics, suggested the Bank's policymakers could be concerned by rising inflation in the UK services sector, but that it was 'partly driven by a sharp move in the erratic airfares component, which could unwind in August's data'. The annual rate of services CPI inflation rose to 5 per cent in July from 4.7 per cent in June. 'The big picture remains that inflation is set to stay miles above target for the foreseeable future,' he said. The economist is forecasting that CPI will remain above 3 per cent until April 2026, meaning the Bank could keep interest rates on hold for the rest of the year.
