Group bids for licence to provide bank services

A UK payments firm is applying for a banking licence to provide a full range of bank services to businesses – joining a growing list of firms targeting the area as the industry reshapes after the financial crisis.

By The Newsroom

Published 23rd Feb 2010, 11:32 BST

Updated 23rd Feb 2010, 11:32 BST

Voice Commerce Group, an unlisted payments firm that is interested in buying rival RBS WorldPay, said yesterday that it had appointed law firm Mills & Reeve to get a licence from the financial regulator to operate as a business bank.

"There are some real opportunities. There's a sea change in the way that financial services are going to be provided to businesses and consumers," said Nick Ogden, chief executive officer of Voice Commerce.

It is likely to take about six months to get the licence. He is aiming for about 50,000 customers by the end of 2011 and also has sights on expanding in Europe and the United States. Voice Commerce was formed in 2005 and provides mobile financial, payment, identity and verification services.

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