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Showing posts from 2020

Wirecard, Patisserie Valerie and Open Banking

Birmingham based Fintech, Cirrostratus Exedra, claims its Open Banking Treasury Management Software is a defence for senior directors against fraud such as Wirecard or Patisserie Valerie.

Cirrostratus Exedra through its Vat Direct website gives senior directors the ability to see the balances on all of their bank accounts up to the minute whatever bank they bank with.  CEO John Hemming said, "To find out all the balances on all of the bank accounts without account consolidation means logging in onto all of the online banking services.   That takes a long time to do. However, our treasury management Open Banking service enables Directors to see all the current balances on all of the bank accounts on a single website page."

"With Patisserie Valerie and Wirecard some directors were misled as to how much cash the business actually had in bank accounts. Had Luke Johnson, the chairman of Patisserie Valerie been able to look at all of the balances on all of the ban…