Latest news: IoT in banking 

Virgin Money has helped Eseye with a multi-million-pound growth funding package to accelerate the business in 2024. 

Eseye, a provider of technology services for the global Internet of Things (IoT) market, has finalised a £10m growth funding package with Virgin Money. This new package will help the business spearhead its continued plans for growth in 2024 and beyond. 

Eseye specialises provides global cellular IoT connectivity solutions. The company’s eSIM and connectivity platform technology helps leading businesses across the globe to connect millions of IoT devices, such as smart vending machines, medical devices, EV charging units and payment devices, to over 700 mobile networks to deliver nearly 100% connectivity uptime to any device, anywhere in the world. Eseye’s has several high-profile global brands as customers, such as Amazon, Shell, Bosch and Costa Coffee.

The funding package, supported by Virgin Money’s Venture Debt team, will help Eseye to continue grow and improve IoT connectivity technology. The company will use the funds to invest in technology research and development and support expanding customer reach internationally, as well as take advantage of upcoming changes in GSMA’s (Global System for Mobile Association) standards for IoT devices. 

Andrew Stirrat, Senior Director of Venture Debt at Virgin Money, commented: “Eseye is a great example of how continued investment and a strong growth strategy can help ensure a company remains at the forefront of its sector. The business has seen a fantastic level of growth in recent years and with the plans it has in place for 2024 and beyond, we are very optimistic this will continue. At Virgin Money we aim to ensure businesses have access to key specialists and for more than a decade we have been providing this service to help businesses achieve their ambitions. We are delighted to support Eseye in the next stage of its growth story.” 

Tony Byrne, Chief Financial Officer of Eseye, added: “We are delighted to secure this additional growth investment from Virgin Money, which validates our business strategy and the growth potential for our leading edge IoT connectivity solutions in the market. We look forward to working with the Virgin Money team as one of our key investment partners to support our future expansion.” 

The patent is titled ‘Internet of Things-Based Financial Data Managing Device in Bank’ and could change the way financial data is collected and processed. 

An IoT-based financial data managing device designed for the banking sector has been granted a patent for managing financial data. The patent is titled: ‘Internet of Things-Based Financial Data Managing Device in Bank’. The device is designed by Hari Prasad Josyula, a fintech product transformation expert. 

The new device could be a sign of a breakthrough in the way financial data is collected, processed and managed within banking institutions. 

Josyula spoke of the announcement, saying: “The patented device offers a seamless and efficient solution for the real-time monitoring and analysis of financial transactions. It significantly enhances security measures and streamlines operational processes, aiming to improve overall efficiency and customer satisfaction.” 

The device consists of a network of interconnected data processing units. These units are strategically deployed throughout a bank’s premises, to capture a wide range of financial data. This data can include transaction records, customer activity, and security information. The data is then transmitted to a centralised server for advanced analysis, providing real-time insights and actionable information to bank personnel. 

This device holds the potential to be a big advancement in the realm of financial technology in the banking sector. This IoT-based financial data managing device is designed to address the a need for efficient, real-time data processing and security in banking institutions. 

Currently, India is leading and adding new frontiers in patenting. This new IoT-based invention will manage financial transactions and gives an edge in data security to banks. The invention incorporates security protocols to safeguard sensitive financial information ensuring a higher level of protection against potential cyber threats. 

Josyula concluded the announcement by saying: “The implementation of this IoT-based financial data managing device is poised to revolutionise the banking sector. It is expected to set new standards in data management and analysis, paving the way for more innovative solutions in financial technology. 

Innovations such as SoftPOS, blockchain, AI, Machine Learning, biometric authentication, Web3, and IoT not only facilitate problem-solving. They also create significant business value. 

In recent years, the financial sector has undergone a significant transformation, spurred on by technological advancements and emerging trends that challenge conventional banking and transactional and consumer behaviours. Systems, which include contactless and mobile payments, instant transactions, and open banking, Machine Learning (ML), biometric authentication, Web3, and IoT, are altering not only business conduct. They have the potential to shape the commerce of the future. These technologies extend beyond mere problem-solving, adding extraordinary value to businesses and providing them with a competitive edge in the market. 

Guillaume Lefevbre, Head of Customer & Payment Xperience at Worldline LABS highlighted the potential offered by the Internet of Things (IoT) on payments. He told RBI: “The integration of the Internet of Things with AI for autonomous payments is set to further revolutionise the industry. Devices such as smartwatches, connected cars, and smart home systems can seamlessly initiate transactions, leading to what is now termed as “invisible” or “autonomous” payments, executed without human intervention. 

“Therefore, the financial sector’s transformation is a testament to the powerful impact of technology on traditional industries. The shift towards digital and contactless payments, accelerated by the global pandemic, signifies a new era in financial transactions, where convenience, speed, and security are paramount. The integration of innovative technologies like blockchain, AI, ML, biometric authentication, Web3 and IoT, is redefining the payment ecosystem, offering businesses a competitive advantage and enhancing customer experiences.”