Co-op Bank For Sale After IT Failures

Money, sterling, poundThe Co-op Bank, which is 20% owned by the Co-operative Group, and was rescued by a US hedge fund bail-out, is now up for sale. Meanwhile, it appears that some customers may also be experiencing the effects of its IT system transformation.

Bank For Sale.

In 2013, the Co-op Bank nearly collapsed, which was mainly attributed to it losing money on commercial property deals, and trying to buy 630 branches from Lloyds Banking Group.

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Barclays Trial Contactless Cash Machines

Barclays are taking steps to avoid the threat posed by card skimmers with a new trial of a system that allows customers to withdraw money from ATMS using only their smart-phones.

Cash Machine

The cardless withdrawal system is thought to be a simpler system than the one introduced by RBS four years ago which allowed customers to withdraw up to £130 at a time by typing a special code which had been texted to them by RBS into the ATM.

With the simpler Barclays system, the customer will be able to use their normal PIN in combination with leaving their smart phone handset near to the bank machine, thereby enabling “contactless” near-field communication (NFC) transmission.

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