The recent growth in the popularity of websites running live
auctions where banks compete to provide the best rates of interest
has extended to the UK, with the launch on 22 July of Licuro.com,
five months after rival Maxbips.com set up shop (see RBI
607).
Licuro, based on Europe’s first and largest
online interest rate auction house, mybanker.biz, founded in
Denmark in 2002, is being targeted at individuals, companies or
organisations looking for competitive interest rates on deposits of
over £12,000 ($19,676) for a fixed term of between 14 and 730
days.
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MaxBips.com, by contrast, requires a minimum
deposit of at least £30,000.
Licuro is charging members £6 to register for
a single transaction or £35 for an annual subscription,
undercutting MaxBips.com (£49).
After the UK launch, Licuro.com plans to
continue its roll out to (initially) Sweden, Luxembourg, Belgium,
The Netherlands and Germany within the next year.
An immediate challenge for Licuro will be to
attract banks and building societies to sign up to the service.
While MaxBips conducted auctions worth a total of £100 million in
its first three months of operation, its founder Aloysius Fekete
told RBI in May that only four banks were participating in
the scheme (see RBI 612).
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