Metro Bank’s arrival on the UK scene ten years ago was a breath of fresh air. Branch-based, people-focused, and even dog-friendly (water bowls and treats in branches), Metro was… retro, and pleasingly so. Now, however, the Twenty-First Century has caught up with the bank, which is looking to enhance its digital offerings.
The UK’s Metro Bank has inked a multi-year contract with Indian IT services giant Wipro to deliver and transform testing and environment management services.
Wipro says it will drive transformation at Metro through automation, service virtualisation and DevSecOps enablement, helping the bank do better on cost, pace and quality of operations.
The agreement will enable Metro, which launched a decade ago as a branch-first offering, to accelerate its digital efforts.
Among the tools Wipro will bring to the table are its AI-based IT wellness platform, intelligent test automation offering, and DevSecOps platform.
Historical Performance And IFISA Process Guide
That figure is the result of over £21 million of loans facilitated on the site, as we bring individuals looking for a good return on capital together with carefully vetted small companies seeking funds for growth. Bear in mind that lenders’ capital is at risk. Read warnings on site before committing capital.
All loans on site are eligible to be held in a Money&Co. Innovative Finance Individual Savings Account (IFISA), up to the annual ISA limit of £20,000. Such loans offer lenders tax-free income. Our offering is an Innovative Finance ISA (IFISA) that can hold the peer-to-peer (P2P) business loans that Money&Co. facilitates. For the purposes of this article, the terms ISA and IFISA are interchangeable.
So here’s our guide to the process:
The ISA allowance for 2019/20 is unchanged from last tax year at £20,000, allowing a married couple to put £40,000 into a tax-free environment. Over three years, an investment of this scale in two Money&Co. Innovative Finance ISAs would generate £8,400 of income completely free of tax. We’re assuming a 7 per cent return, net of charges and free of tax here.
Once you have made your initial commitment, you might then consider diversifying – buying a spread of loans. To do this, you can go into the “loans for sale” market. All loans bought in this market also qualify for IFISA tax benefits.
Risk: Security, Access, Yield
Do consider not just the return, but the security and the ease of access to your investment. We write regularly about these three key factors. Here’s one of several earlier articles on security, access and yield.