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Peer2Peer Finance News | August 25, 2019

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Collateral investors hit by Santander banking glitch

Collateral investors hit by Santander banking glitch
Marc Shoffman

PEER-TO-PEER pawnbroking platform Collateral has been affected by its bank partner Santander’s IT troubles this morning.

Santander customers have been taking to Twitter to complain about not being able to log in to their online bank accounts and Collateral investors have also been unable to make deposits or withdraw funds on the platform due to the fault.

A notice on Santander’s website says online banking is temporarily unavailable and Collateral has warned users about the issue.

“We are experiencing an issue with Santander online banking,” an update to Collateral investors said.

“They have told us that they are working on it and that it will be back up ASAP. As soon as it is we will process the deposits.”

Read more: Collateral to launch P2P app for investors and borrowers

It is the second banking glitch since April when the platform’s previous bank partner NatWest failed to process investor withdrawals.

Collateral switched from NatWest to Santander in May, claiming the Spanish-owned bank provided a better service.

“Overall, the directors felt that they had become a number at NatWest and were being dealt with remotely without any dedicated points of contact,” the spokesperson said.

“Santander are providing Collateral with a full corporate relationship team, which NatWest wasn’t, and as we position ourselves for further growth, it represents a much more attractive and supportive proposition.”

Read more: Saving Stream confirms IT glitches did not spoil new deal