TSB banking app chaos nears resolution

The TSB banking app is now up and running for customers after a disastrous five-day period of customers being locked out or experiencing problems using the service, according to BBC News.

The bank has limited the number of people who can use the app at any one time, in anticipation of a surge in customers trying to log on. A weekend upgrade in the bank’s systems caused unforeseen problems that have caused chaos for customers.

Chief executive Paul Pester has said he is “deeply sorry” and pledged to pay customers compensation.

On Tuesday the bank’s mobile app and online banking platform were taken down for several hours amid a backlash from angry customers. The bank had warned customers that the upgrade may make services unavailable over the weekend, but users complained that the problems were occuring outside this window and expressed concern about being able to make payments and access cash.

Customers have also reported being able to see other users’ data on TSB sites, a claim which is being investigated by the Information Commissioner’s Office.

The Financial Conduct Authority said: “We are working with the firm to ensure customers are properly communicated with and are not left out of pocket.

“We will be talking to the firm to understand exactly what went wrong and the steps that they are taking to ensure something like this does not happen again.”

Swiss Myriad closes deal to to acquire British mobile messaging firm Synchronica

Swiss Myriad Group AG, a provider of software for mobile and consumer electronic sectors, said on Monday it had wrapped up the acquisition of British mobile messaging services firm Synchronica Plc (LON:SYNC) after securing the required shareholder approvals.

The deal, announced in January, creates a top global mobile social messaging business servicing more than 100 carriers and 25 original equipment manufacturers (OEMs) around the world, Myriad’s chief executive Simon Wilkinson said.

The offer, whose terms were announced on 7 March, was declared fully-unconditional earlier today, with Myriad saying it had waived all the remaining conditions to the the bid, after declaring it unconditional as to acceptance on 5 April.

The all-stock deal gives Synchronica shareholders 4.83 new Myriad shares for every 100 Synchronica shares, with the settlement to take place no later than three business days after the buyer takes the tendered shares.

The two parties started negotiations last November. Based on Myriad’s closing price on 6 March, the deal values the British target at around GBP23.85m (USD38m/EUR29m), the buyer has said previously.
Synchronica is present in Europe, Asia, Latin America, North America and Africa.