Authorization

RBS and Santander take stakes in start-up Vizolution

By Mark Kleinman, City editor
Two of Britain's biggest high street lenders are in talks to become shareholders in Vizolution, a UK software start-up which is aiming to benefit from the accelerating shift of bank and utility customers towards digital channels.
Sky News understands that Royal Bank of Scotland (RBS) and Santander are to invest €10m between them in Vizolution, a software-as-a-service provider set up in 2013.
The two banks are expected to become minority investors in Vizolution, which already counts HSBC as a shareholder following an earlier funding round.Vizolution, which is run by co-founder Bill Safran, works with customers including British Gas, EE, O2, Legal & General and the Skipton Building Society.The company is one of many which have sprung up with the objective of streamlining complex customer interactions, and allows bank, telecoms and utility customers to sign and send documents securely.Vizolution's services are increasingly in demand as banks such as RBS offer paperless mortgages and other products such as credit cards which can be applied for using digital-only processes.
RBS and Santander take stakes in start-up Vizolution

Image:
Vizolution was set up in 2013
HSBC is understood to have used Vizolution's software to process small business and personal loans, which can be authorised in a fraction of the time taken by conventional applications.
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