Cotton Court Business Centre

Author: Ella Worthy

Banking Heavyweight Leaves Corporate World to Launch VibePay

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Cotton Court client, Luke Massie of Vibe Tickets has joined forces with former City trader and mobile payments veteran, Gary Prince. Prince has left a 20-year career in mobile payments working for the world’s biggest blue chips to launch VibePay with the young entrepreneur.
In an bold move, the payments expert (whose experience includes projects with the likes of Barclays, O2, Vodafone, BT, VocaLink and Costa Express) is rejecting opportunities with some of banking’s biggest names to go into business with Vibe!
As Managing Director of VibePay, Prince is heading up the firm’s mission to make payments simple while offering a guarantee of no fees to its customers.
A payment platform offering direct-to-bank payments to people and businesses, VibePay was founded in early 2018 when changes to open banking legislation allowed regulated businesses to access UK banks’ payments infrastructure.
Prince says: “I’ve never settled for the status quo. In 2005 when a big employer told me there was no future in mobile, I knew it was time for me to move on. I have to be moving forward and making progress and I’ve never done that at such a pace as I have at VibePay.
“I live and breathe all things payment and my focus is always on the customer’s perspective. The big players are just not geared up to give consumers what they want. Making a payment is secondary – nobody wakes up thinking they want to make payments but they do want to pay for their travel or their fuel and buy a coffee in the simplest and safest way possible.
“That’s what VibePay is about. We don’t shroud things in complicated tech speak or banking jargon – traditional banks do that to try to justify their snail’s pace and to disguise their lack of innovation. We just listen to customers, feedback into our engineering team and we make things happen quickly.”
Luke says: “We’ve grown Vibe Tickets into a main contender for fans to buy and sell tickets and we listened to our customers when we integrated a third-party payments provider to complete the transactions. It was a hassle and it cost them money. It went against everything the Vibe Group stands for. We had no choice but to create our own alternative.
“The changes to open banking legislation, my initial meetings with Gary and the immediate interest from some of the country’s best payments industry techies in what we were doing showed we’d hit on something at the right time. The payments market is ripe for disruption. It’s stuck in the dark ages when customers couldn’t choose, they made do with what they were offered. VibePay is revolutionary in that respect.”
According to the UK Card Payments 2017 end-of-year report, almost 14.5 billion debit card transactions were performed in the UK last year, 37 per cent of which were carried out online. By 2020, Accenture’s Open Banking market report suggests 33 per cent of online debit transactions will be direct from customer bank accounts, representing 1.75 billon transactions with a value of £64.7bn
VibePay aims to remove debit card payments, fee-charging card schemes from the process and allowing consumers to pay merchants in real time, direct from their bank account, reducing online fraud and resulting in better cash flow for merchants who will receive value on funds sooner than via debit cards.
Open Banking, which is being adopted widely across the globe, gives customers the choice of who to make payments with for the first time. VibePay’s Open Banking platform will either be launched under the VibePay brand or under licence with an in-country partner.

World Book Day 2018 – What Business Books Do We Recommend?

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The 1st March marks one of every child’s favourite school day – World Book Day. We’ve honoured the occasion this year not by dressing up as our favourite characters but with recommending our favourite business books! As every company is different we’ve asked our clients for their recommendations too, have a look below to see what they’ve said:

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Danny Bee – UK Media and Events

Money: Know More, Make More, Give More by Rob Moore

Harry Stezaker – DieCut Global

Brilliant Pitch: What to Know, Do and Say to Make the Perfect Pitch – Shaun Varga

Alys Stewart – Together We Balance

Think and Grow Rich – Napoleon Hill

Tom Haviln – Get Staffed UK

Zero to One – Peter Thiel

Paul Livesey – Opsis

Soul Trader: Putting the Heart Back Into Your Business – Rasheed Ogunlaru

Amy Blundell – Cotton Court

The Magic of Thinking Big – David J. Schwartz

Jack Barron – Cotton Court

The 48 Laws of Power – Robert Greene

Working 9 ’til 5: Is it Time for a Change in Working Hours?

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With flexible working now becoming increasingly popular we take a look at what UK workers think about the standard 9-5 day

More than half (58.6 per cent) of UK workers believe that the traditional 9-5 is an outdated concept, with three quarters (77.2 per cent) admitting that they work better at certain times of day. This is according to a recent study from CV-Library.

The survey of 1,200 professionals explored how the nation’s workers feel about 9-5 working hours, and whether these are still fit for purpose. The data revealed that two thirds (67.6 per cent) would prefer to work hours that suited their natural pattern and when they work best. When asked what time of day they are most productive, respondents cited the following:

In the morning – 64.2%

In the afternoon – 20.9%

In the evening – 9.3%

Late at night – 5.6%

Lee Biggins, founder and managing director of CV-Library, comments, ‘There are ongoing debates surrounding the traditional 9-5 and whether this ‘one size fits all’ approach is still beneficial. It’s clear from the data that UK professionals know their own work patterns and would prefer to tailor their working hours around when they’re at their most productive. Allowing for more flexible hours could be hugely beneficial, not only to employees but also their employers. Something as simple as letting staff start an hour earlier or later depending on their needs could be all it takes.‘That said, flexible working does tend to bring with it issues of work-life balance. Doing away with the structured 9-5 could further blur the lines between work and private life”

By taking this approach, it’s vital that you monitor your employees contracted hours and not putting in too much overtime. According to the study, a whopping 86% of working professionals believe that all companies should offer flexible working and of these 86% only one quarter have the opportunity to work from home when they would like too.

Biggins concludes, ‘Flexible working is becoming increasingly popular, and is, in fact, something many professionals take into consideration when applying for jobs. Businesses need to consider carefully whether they should be offering this style of working, as this could be the key to securing and retaining talented members of staff. Not only this, but with such a huge percentage saying they work better, or just as well, at home, employers can feel safe in the knowledge that they’re getting the most from their workforce, even when they aren’t operating under the traditional 9-5.

Flexible working is just the tip of the iceberg when it comes to the debate of working hours, with more and more people choosing to work remotely is it time that your company embraces the future?