According to Reuters, the new US regulator bank rules will require banks to reinforce recordkeeping for accounts that fintech companies hold on behalf of customers.

Custodial Accounts

In a statement posted on the FDIC website, the US regulator noted that banks hold customer funds in individual deposit accounts. Fintech companies- which are typically non-bank firms, don’t place funds belonging to their customers in individual accounts within banks. Instead, all customer funds are lumped up together in a one custodial account in a bank.

Often, custodial accounts hold funds belonging to thousands of fintech customers. This means that banks that host such accounts for fintechs may not necessarily know the individual owners of the funds held in the custodial accounts.

The new FDIC proposal for banks seeks to change this situation. Under the proposed rules, FDIC-insured banks will be required to maintain accurate records of individual owners of funds held in custodial accounts. Additionally, such banks will be expected to reconcile accounts for each individual owner each day.

Safeguarding Customer Funds

FDIC’s bank proposal comes months after Synapse Financial Technologies collapsed early this year. Synapse was a bank-fintech middleman whose collapse led to the freezing of numerous accounts. Through the new rules, the banking regulator will ensure that customers can access their funds in a timely manner, even in situations where there is a failure on the part of the bank.

“The Notice of Proposed Rulemaking approved by the FDIC Board today is an important step to ensure that banks know the actual owner of deposits placed in a bank by a third party such as Synapse, whether the deposit has actually been placed in the banks, and that the banks are able to provide the depositor their funds even if the third party fails,” FDIC Chairman Martin J. Gruenberg said.

Under the new US regulator strengthened rules third parties such as Synapse will have to maintain beneficiary records for as long as they meet specific requirements. These requirements include banks maintaining open access to beneficiary records even in the event of insolvency or bankruptcy.

Synapse filed a bankruptcy application in April 2024. Accounts belonging to thousands of customers from partner banks were frozen. One of its partner banks, Evolve Bank & Trust, was providing banking services like deposit accounts to fintech firms.

Bank Merger Regulation

The US banking regulator is planning to introduce a new policy to tighten scrutiny of bank mergers that combine banks with assets that are valued at over $100 million. The new policy will underscore the need to maintain stability in the banking sector. The policy is set to update FDIC’s merger guidelines that have been in existence for the last 16 years.

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The choice of cloud accounting vs. traditional accounting is a major decision for business owners looking to manage their financial data effectively. Technological advancements have seen people switch from manual bookkeeping and desktop-based software to cloud computing operations. While this promises great prospects, you must know which alternative best suits your business needs.

This article helps you decide if locally storing your data on company servers or physical ledgers meets your organization’s current needs. It also assists companies looking to scale up their numbers in determining whether to migrate to cloud-based systems or a software-as-a-service platform.

Keep reading to understand the key differences between cloud accounting and traditional accounting for organizations aiming for improved financial systems.

What is Cloud Accounting?

Cloud accounting is the use of software-as-a-service (SaaS) solutions to manage and process financial information by storing it in the cloud instead of local computers or paper records. This type of accounting is great for teams that need synchronized data access across business devices.

For example, every financial transaction automatically updates and is accessible in real-time on remote servers. It allows for quicker and data-driven decisions to meet up with the frequent market needs.

What is Traditional Accounting?

Traditional accounting is a desktop-based financial management system that uses local computers, physical servers, or ledgers. It is a conventional record-keeping method that is similar to manual bookkeeping practices and limited to specific devices or locations. Unlike cloud-native applications, traditional accounting requires manual backups and updates which are time-consuming and error-prone. However, some businesses find advantages of traditional accounting in its suitability for on-premise financial data control. The major limitation is restriction in real-time collaboration and data sharing.

What are the Differences Between Cloud Accounting and Traditional Accounting Software?

Learn about the functions to decide between cloud accounting vs traditional accounting.

1. Cost-effectiveness

The overall running cost of both financial management systems is the first difference between cloud accounting and traditional accounting. With cloud-based software, you only subscribe for specific features with lower startup prices. Your business uses accounting software with different subscription plans to choose the most relevant features based on start-up needs. It is different from traditional or desktop accounting where you spend on purchasing different hardware and software and setting them up. Traditional accounting can also include the cost of updating licensing packages and money for frequent upgrades and additional storage, unlike cloud-based data tools.

2. Remote Collaborations

Another difference between cloud accounting and traditional accounting is the possibility of remote team collaborations on cloud-based financial applications. Organizations with many employees will function more effectively when members can collectively access the same documents in real-time. It is faster than having only one person or one physical company branch work on financial records at a time. The increased accessibility and collaborative features of accounting clouds reduce room for errors that might occur when manually transferring records to different files.

3. Data Storage and Security

Compared to traditional accounting, cloud-based solutions offer you higher storage capacity and accessibility over multiple company devices. Data security is also one of the differences between cloud accounting and traditional accounting. Locally storing your financial data on physical computers exposes the organization to the risk of data loss from hardware failure or theft. With cloud accounting, there is enhanced security through encryption and real-time backups over the use of passwords to protect sensitive financial information. Your company is also protected against personal loss of data if an unexpected issue happens with cloud accounting than with traditional accounting software.

4. Integration

The seamless integration of cloud-based accounting systems with third-party applications such as CRM software helps with important automation. Businesses can efficiently compile their financial data such as inventory management numbers instead of manual traditional accounting entry using Ms-Excel or similar data entry tools. The integration is a major difference between cloud accounting and traditional accounting with cloud-based solutions providing accurate reports that are not time-consuming. Tracking important sales records is also easier using cloud accounting since you can integrate billing systems with your payment processing platforms.

5. Technical Support

Cloud accounting software providers usually offer 24/7 technical support to ensure immediate resolution of issues faced by users. Business accountants using cloud-based solutions can always contact technical staff online or through chat without traveling long distances for fixes. This ease of promptly fixing software issues is another difference between cloud accounting and traditional accounting. The availability of cloud-based tools for remote technical support teams enhances effectiveness for larger organizations over traditional accounting support that is physically restricted with limited working hours.

Scalability and Functionality

A good business accounting solution is only complete when you consider flexible scalability options. As your company sales numbers improve, you might require more data storage capacity or higher analytical features to observe customer insights. The major differences between cloud accounting and traditional accounting include scalability and functionality plans. Since cloud accounting is mostly subscription-based, you simply need to just upgrade to higher-paid plans. However, traditional accounting might require investing or purchasing more desktops or systems to store more data or accommodate more team members.

Cloud Accounting vs. Traditional Accounting: Which One Is Best for Your Business?

Learn the factors to compare the differences between cloud accounting and traditional accounting.

• Data Control: Traditional accounting is better for small and medium-sized enterprises that prefer full control measures such as on-premise information sharing.
• Budget: For some people, a one-time setup and purchasing cost is better to get started than saving for continuous subscription costs. While cloud accounting setup is cheaper, the choice depends on your company’s preferences.
• Long-term Stability: Your firm might not need to switch to cloud-based financial software if you are already invested in traditional accounting without issues.
• Security Preference: Some organizations with very sensitive information can prefer to not store their confidential information online. However, cloud security works for smaller firms that might need a safe network for data collaborations.
• Work Flexibility: Organizations with remote teams that need to access relevant financial data should choose cloud accounting for better workflow and effectiveness. Traditional accounting is for those teams around the same physical location and without the need to jointly access files.

Conclusion

The differences between cloud accounting and traditional accounting are important when deciding on a financial management method. While both accounting systems are excellent, they have advantages and disadvantages that determine suitability for specific business expectations.

Organizations with an existing local accounting setup for a smaller team might maintain their traditional method instead of switching to a cloud-based solution. However, the same company can opt for cloud accounting to scale up and accommodate more teams.

The post The Key Differences Between Cloud Accounting and Traditional Accounting Systems appeared first on Tech Research Online.

On Tuesday, the fintech startup Zilch announced operating profit for July 2024. This is the first time the company has hit profitability since its inception four years ago. According to CNBC, Zilch has hit profitability faster than most consumer fintechs that have broken even.

Against the Odds

Zilch reported a $130 million annual revenue run rate. This is double the run rate the fintech reported last year. According to the company CEO, Zilch turned profitable and grew its business despite the prevailing high-interest environment.

“If you think of the last two and a half, three years, a lot of VC-backed companies, especially high growth fintech businesses have had to cut their way to profitability. It’s not been easy. And, for Zilch, we took a different approach. We looked at this and said let’s grow our way to profitability,” Zilch’s Co-founder and CEO, Philip Belamant said.

Competition Landscape

In the buy now, pay later fintech space, Zilch faces stiff competition from Klarna. Just recently, Klarna launched two new products– a cashback offering and a personal checking account.

Other competitors include Monzo, Starling, and Revolut. Monzo and Starling took over four and three years respectively to realize an initial profit. This wasn’t the case for Revolut. The digital banking startup took a shorter time, breaking even in just two years after launching.

Revolut’s growth has been remarkable. Last month, the company hit the $45 billion valuation mark to become the most valuable fintech startup in Europe. Revolut realized this major milestone just weeks after receiving a UK banking license following a three-year struggle.

Zilch IPO

Zilch’s profitability announcement comes at a time when the company is planning to list publicly in the UK. In June, Belamant told CNBC that the startup was planning an IPO over the next one to two years.

The fintech startup raised $125 million in debt financing from Deutsche Bank the same month. This deal gives Zilch access to a maximum credit of $315 million from Deutsche Bank and other banks. This credit leeway allows Zilch to triple its overall sales in the coming years.

Zilch’s rival, Klarna is also planning to list on the UK stock market in the medium term. Zilch appointed ex-Aviva CEO, Mark Wilson as a non-executive director. Wilson expressed excitement to join the fintech startup and committed to steer it towards sustainable success.

The post Zilch Declares Initial Profit as It Breaks Even appeared first on Tech Research Online.

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According to Reuters, Revolut’s valuation announcement comes after the Financial Times reported that the UK government was planning to meet Revolut’s leadership to convince them to list on the London Stock Exchange instead of New York.

Cashing Shares

The latest share sale now allows staff in Revolut to cash in their stock and bring new investors into Revolut’s fold.

“We’re delighted to provide our employees the opportunity to realize the benefits of the company’s collective success. It’s their hard work, innovation, and dedication that has driven us to become the most valuable private technology company in Europe,” Nik Storonsky, Revolut said.

The shares sale was led by various partners including Tiger Global, D1 Capital Partners, and Coatue.

Valuable Than Banks

The $45 billion Revolut share valuation makes the fintech company more valuable than some European banks. The fintech company’s valuation now doubles that of the French Bank Societe Generale whose current valuation now stands at $19 billion. Revolut is also more valuable than UK’s Barclay’s $43 billion.

In Europe, valuation of conventional banks has been affected by new regulations and weak profitability. For instance, Barclays bank shares have been on the recovery path for more than a decade. Revolut investors are positive that the fintech company will have better growth prospects compared to those of conventional lenders.

Revolut’s valuation hit the $33 billion mark in 2021 following an $800 million funding round that it won after jostling with Checkout.com and Klarna for Europe’s most valuable startup title. The latest Europe valuation share sale places Revolut at the top of the list.

Banking License

Revolut recently secured a UK banking license following a three-year wait that resulted from difficulties in scrutinizing its internal accounting procedures. Investors are confident that with the license, the fintech company will lure customers who opt for app-based banking from leading street banks.

Revolut can do this without incurring the cost associated with maintaining a network of branches. In 2023, the company announced a pre-tax profit of $564 million and $2.2 billion in total revenue.

The size of the latest Revolut share sale has not been disclosed. It’s also unclear whether Storonsky also cashed part of his stake in the share sale. Previously, Sky News reported that the CEO would sell part of his stake.

The post Revolut is Now Europe’s Most Valuable Startup appeared first on Tech Research Online.

Klarna is popular for its buy now, pay later loans that allow users to pay for products through interest-free installments. According to CNBC, the fintech company launched new products to encourage users to shift their saving and spending transactions on its platform.

New Opportunity

Klarna is rolling out the new products in 12 markets in Europe and the U.S. The company says the products will be reflected as ‘cashback’ and ‘balance’ on the Klarna App. According to Klarna’s founder and CEO, Sebastian Siemiatkowski, the products allow users to earn some money as they shop.

“These new products make it easier for customers to manage multiple scheduled payments, helping our customers use Klarna for more frequent purchases and driving loyalty. Klarna wants to support all consumers with their everyday spending and allow people to earn money while they shop and manage it in a Klarna account,” Siemiatkowski told CNBC.

EU customers will earn up to 3.58% interest on deposits made on Klarna. However, U.S. customers will not earn interest on deposits. In Ireland, Klarna will be competing with Revolut which is already offering interest-earning accounts to users. Revolut received a U.K. banking license last year.

Key Features

The new Klarna balance feature will allow users to keep their money in a personal account that’s very similar to a bank. They can use their deposits to purchase items and pay their buy now, pay later loans. Klarna users will also receive refunds directly in their accounts for any returned items.

The cashback feature allows users to earn rewards. Users can get up to 10% of the value of items they purchase from participating retailers as Klarna cashback rewards. The money earned is automatically deposited in their balance account.

This isn’t the first time that Klarna is offering conventional banking services. The fintech company has been offering savings and account products in Germany since 2021.

Klarna IPO

The unveiling of the two products is a major step for Klarna’s range of products as its U.S initial public offer draws closer. The company has not set a timeline for the stock market listing, but the company says the IPO could still happen this year. Early this year, Siemiatkowski gave the Klarna IPO update during a CNBC interview.

“We still have a few steps and work ahead of ourselves. But we’re keen on becoming a public company,” he said.

Klarna’s IPO valuation on the secondary market stands at billions of dollars. Currently, the fintech company is talking to investors about a share sale to provide it with some liquidity.

The post Klarna Unveils New Products Ahead of Much Anticipated IPO appeared first on Tech Research Online.

Wise stopped enrolling new clients for several months to overhaul its infrastructure after securing a Reserve Bank of India license. The license allows the Wise app users to send more money overseas.

Big Market

Wise India plans are focused on facilitating cross-border payments. The fintech firm says it will commence financial services in the coming months.

“India is a huge market for remittance. We will be primarily focusing on cross-border movement that’s currently almost entirely done by banks,” Wise Head of Expansion for Asia Pacific, Shrawan Saraogi, said.

In the Indian market, Wise will be taking on leading lenders like State Bank of India and ICICI Bank Limited which have dominated the outbound remittance market. Their dominance has been enabled by dated international payment rails, strict capital controls, and heavy taxes that reduce the impact of rival fintechs.

India’s external remittances for 12 months ending March 2024 stood at $32 billion, up from $27 billion the previous year. The remittances were mainly for educational, travel, and family expenses.

Not the First Time

This isn’t the first time that Wise has served Indian clients. The fintech company has been providing outbound payments in Asian countries since 2020 through a bank tie-up. However, the outbound remittances were previously capped at $5000 per transaction.

With the new Dealer 2 license, this will no longer be the case. Wise is revamping its back-end processes to comply with reporting and tax rules before it starts taking in first time customers under this license. India charges a 20% levy on external remittances.

Affordable Service

Wise overseas remittances will be more affordable than most of its Indian rivals. On average, the fintech charges a 65 basis points remittance fee globally. This is several times lower than that of Indian banks.

“We think we can be a pretty meaningful player in that market because we will launch a product that will be fast, that will be cheap, that will be transparent,” Saraogi said.

The Asia-Pacific market contributed a gift of Wise’s global revenue for the year ending March 2024. This was the second highest revenue for the fintech company after Europe, the UK excluded.

Fintech Rush

India’s digital payments market is expected to grow and hit the $7 billion market by 2030 up from $300 billion in 2018.

In 2022, digital transactions accounted for 46% of payments in the country. It is this opportunity that has attracted global fintech companies like Revolut and Wise to the Indian market.

In April, Revolut got a Prepaid Payment Instruments license from the Reserve Bank of India. The company already has 200,000 users on its waiting list, even though it is looking to unveil payment tools in the country soon.

Related Article: Revolut to Unveil Services in UK After Bagging Banking License

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Prior to the UK license, Revolut held a European banking license through its Lithuanian entity. This has helped Revolut to position itself as a bank within the European Union. Earlier this year, the fintech company got another license from Mexico.

However, its prospects were strongly hinged on getting the UK banking license.

Expanded Offerings

The Revolut banking license opens new opportunities for the startup company. The Prudential Regulation Authority (PRA) stamp of approval serves as a vote of confidence for the fintech company. It significantly increases chances of Revolut to be a regulated bank in major markets like the U.S.

“We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers,” Nik Storonsky, Revolut’s Chief Executive said.

With the Revolut UK license, the fintech company can expand its product and service offerings it offers clients.

Consistent Growth

Revolut started as a travel finance app in 2015. Since then, it has launched other services including kids bank accounts, business banking, share and stock trading products, insurance, and hotel and flight booking. This year, the fintech company added Revolut X, a crypto exchange platform for professional traders.

“In the world of fintech, it’s sometimes not so easy to explain what Revolut is to our customers,” Antoine Le Nel, Chief Growth Officer at Revolut said.

Currently, Revolut’s EU operations account for about 70% of its revenue, which points to the kind of offerings the fintech startup will be rolling out in the UK if it sails through the mobilization phase.

For instance, Revolut users in Ireland can deposit cash in interest-earning accounts, and access loans and credit cards. Le Nel said that Revolut plans to introduce mortgage plans in the coming year. The mortgage plans will first be tested in Lithuania this year.

Restrictions

Revolut’s banking license in the UK comes with a set of restrictions. Despite getting the license, Revolut remains on the radar of UK regulators. Previously, the PRA found the fintech’s financial audits for 2020 to be inadequate. In 2021, auditors could not verify a portion of 2021 revenue. This issue was resolved afterwards. In 2022, Revolut experienced delays in posting its accounts; its 2023 results were posted early.

With 9 million UK clients and 45 million global clients, Revolut has gotten into the mobilization phase. This phase will involve building its banking operations and strengthening its senior management team. The mobilization period lasts for about 12 months. During this period, not much will change for UK customers.

The cash that Revolut holds will be protected via the e-money safeguarding process. This means the UK’s Financial Services Compensation Scheme (FSCS) deposit protection does not apply. The FSCS provides a guaranteed compensation of $109,000 for bank failure.

The post Revolut to Unveil Services in UK After Bagging Banking License appeared first on Tech Research Online.

According to Tech.eu, the funding from Meridien stake will enable DKK partners to move its global expansion plan forward.

Meridien specializes in CRM, global payments, and the banking industry, while DKK Partners specializes in foreign exchange liquidity and emerging markets.

Consistent Growth

Last year, DKK partners grew its transaction flow to $1.3 billion. Its EBITDA hit the $2 million mark with a 150% CAGR. The firm also expanded to key markets, opening offices in London, Dubai, Nigeria and Senegal.

“DKK has an incredible growth story, a fantastic customer base, and a scalable business model, alongside a strategic partnership with Seed Group, makes them a game changing VASP in the region. The partnership with DKK, in conjunction with our other acquisitions of listed and regulated financial institutions, is perfect for Meridien and its preparation to list on the NYSE, driving the goal of creating a revolutionary business model in the industry of global payments, banking and correspondent services,” Meridien Holding CEO, Erik Lara Riveros said.

Strategic Alliance

The Meridien-DKK merger deal includes forming a strategic alliance that complements their business plans. The two companies plan to do this by acquiring banking and forex liquidity capabilities. Additionally, the DKK-Meridien merger deal allows both companies to focus on securing global payments. DKK will get shares in Meridien in addition to cash injection to facilitate its rapid expansion.

“This is a pivotal moment for our business and it’s a real honor to partner with Meridien as we enter our next phase of growth. Both businesses have shared values and a commitment to excellence, and we’re thrilled to be working to build a truly disruptive global brand that will redefine the payments industry,” DKK Partners Co-Founder, Khalid Talukder said.

Earlier in the year, DKK collaborated with the Seed Group to facilitate efficient and transparent transactions for financial institutions. The fintech company also got initial approval to provide Virtual Asset Broker Dealer services in Dubai.

Future Plans

Meridien Holdings plans to acquire financially regulated firms in multiple geographies. The goal is to aggregate the institutions and create seamless transfer of value throughout the Meridien ecosystem.

The post Meridien Boost NYSE Listing Plans with DKK Merger appeared first on Tech Research Online.

“Merchants want to get paid as fast as possible, as cheaply as possible, and with less effort. We are building a bunch of capabilities to maximize the timing when people get paid and minimize the cost of that,” Adfin co-founder and CTO, Ciprian Diaconasu said.

The startup has raised $4.9 million to develop the Adfin fix bill payments solution. Its seed funding round was led by Visionaries Club and Index Ventures. A number of angel investors also participated in the round. They include Adyen founder, Thijn Lamers, Checkout.com founder, Guillaume Pousaz, Mambu co-founder, Eugene Danilkis, and Tiller co-founder, Josef Bovet.

Payment Process

Small businesses and sole traders, including consultants, accountants, and lawyers, must invoice customers and provide bank details to get paid. They must keep tabs on incoming payments and reconcile them to ensure they get paid for all the services or products.

Some business owners choose to set up direct debit. But even with this, it’s difficult to convince customers to allow direct withdrawals from their bank accounts. Card payments also attract high processing fees.

“The average consumer only makes 21 e-commerce purchases a year. All the buzz has been around e-commerce, but for your average legal practice or accountancy firm, their payments are stuck in the ’90s — bank transfers, card payments taken over the phone, paying really high fees,” Tom Pope, Adfin co-founder and CEO said.

According to Adfin, sole proprietors and small businesses don’t want to spend time thinking about payment methods. All they want is to get paid fast.

Invoice Management

Adfin payment platform has been conceptualized as an invoice management and payment platform. It will simplify important business administration tasks and make getting paid seamless.

Once business owners upload invoices to the Adfin small companies payments platform, the system will automatically display the payment method. This decision will be determined by the invoice amount and whether it’s a new customer or a returning one.

“Our customers are not payment nerds. I think the fact that they are not payments nerds has probably led to them being a little bit taken advantage of, if I’m honest. With Adfin, we just offer you payments. We get you paid and we handle the payment mix. It’s in our interest to be trying to get your success rate as high as possible and your costs as low as possible,” Pope added.

The Adfin bill payments for sole traders solution also supports the pay-by-bank option via card and open banking payments. This means that customers can make payment through Google Pay and Apple Pay. Where customers fail to make immediate payment, businesses can automate reminders on the fintech platform.

Central Repository

Adfin serves as a central repository of all business invoices. Businesses can use it to track pending invoices to see whether they’ve been paid or not. Currently, the fintech platform charges 1% for every successful payment irrespective of the payment method used.

The post FinTech Startup, Adfin Builds An Invoice Payment Solution appeared first on Tech Research Online.

According to Yahoo Finance, Galileo’s wire service will help fintechs to attract and retain more customers. Galileo uses its wire transfer API to link fintechs that partner with the Community Federal Savings Bank with the Fedwire Funds Service.

Fueling FinTech Growth

Last year, Fedwire Funds Service reported that it processed upwards of 193 million wire transfers. Galileo is already boosting the growth of fintech startups by facilitating Fedwire transfers. Galileo’s money movement API provides a scalable solution for fintechs. It empowers them to cater to the growing demand for fast financial transactions.

Galileo’s CPO, David Feuer said, “Galileo continues to power most of the leading fintechs in the US and provide a one-stop-shop for a wide variety of payment methods. Adding wire transfer capabilities supports the demand for fast and secure money movement and integrates seamlessly with fintech’s existing financial infrastructures through API access.”

Galileo wire transfer capabilities enhance the efficiency of outgoing and incoming wire transfers. By doing so, it enables rapid and reliable movement of funds.

Same Day Transfer

Galileo financial technologies help fintechs to deliver funds to recipients the same day they are sent. Each transaction undergoes a thorough validation process to ensure safety and integrity. Demand for fast wire transfer services is high among businesses and individual consumers who seek instant, secure transactions. A good example is large transactions like home, vendor, or tuition payments.

“The demand for Fedwire transfers spans a broad range of use cases, from individual consumers managing personal financial needs to businesses handling large-scale, B2B financial operations,” Galileo said.

User Benefits

Galileo’s secure money movement solution offers users a range of benefits. These include enhanced security. Each financial transaction is subjected to a rigorous validation process to guarantee the safety of the funds transferred. Users enjoy speedy transactions. Notifications are sent to recipients and senders in real-time. This keeps them updated on the status of transactions at any given time.

Open API

As a fintech giant, Galileo leverages open APIs to power its fully integrated platform and fuel innovation across its financial and payment services. The company has earned the trust of digital banking heavyweights. It attracts enterprise clients and early-stage fintech innovators. The company supports virtual and physical payment cards for clients. It also supports digital push provisioning and customized financial products across industries and locations.

The post Galileo Unveils New Wire Transfer API to Power US FinTechs appeared first on Tech Research Online.