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Train passengers in the East Midlands are to test technology that will let them tap in and out for journeys and be charged the best fare for their trip at the end of the day.
Trials of digital rail tickets based on GPS tracking will begin on Monday as part of the government’s plan to improve the rail network’s complex fare system.
Passengers will check in for travel on their phones with an app and have their journey tracked using satellite location technology.
The app will automatically charge them the best fare at the end of the day’s travel and provide a barcode when needed for ticket inspections or to pass through ticket barriers.
The Department for Transport (DfT) said the technology, if it proves successful, would replace the need for paper tickets and mobile tickets using QR codes, which have to be bought before travel. Passengers will be able to travel without planning or booking journeys in advance.
The technology, which has previously been tested in Switzerland, Denmark and Scotland, is being piloted in England first on East Midlands Railway services between Leicester, Derby and Nottingham, with trials to be extended to Northern Trains in Yorkshire from the end of the month. Up to 4,000 passengers are expected to take part in the pilots.
The DfT said the scheme demonstrated its commitment to improving the passenger experience and trialling innovative technology to save time and money.
The rail minister, Peter Hendy, said: “The railway ticketing system is far too complicated and long overdue an upgrade to bring it into the 21st century. Through these trials we’re doing just that, and making buying tickets more convenient, more accessible and more flexible.
“By putting passenger experience at the heart of our decision-making, we’re modernising fares and ticketing and making it simpler and easier for people to choose rail.”
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Despite widespread consensus on the need to overhaul ticketing, the DfT and rail industry have yet to find a solution. The previous government had pledged to tackle England’s complex fare system, although attempts to make savings by automating ticketing and closing ticket offices were widely resisted by MPs as well as unions.
Labour pledged a “best price guarantee” as part of fares reform under its plans for a nationalised Great British Railways, which it hopes will be up and running in 2027.
Oli Cox, the head of commercial strategy at East Midlands Railway, said more than 500 people had registered for its part in the trial. He said: “We know that complex fares can be a real barrier to travel, but this trial removes that uncertainty, making it easy to simply tap in and out on your phone, safe in the knowledge you’re always getting the best-value fare on the day.”
Companies could be prosecuted and face unlimited fines if they fail to prevent fraud that their firm profits from under a corporate offence coming into force on Monday.
Under the new “failure to prevent fraud” law, large companies can be held criminally liable where an “employee, agent, subsidiary or other ‘associated person’” commits a fraud intending to benefit the organisation.
Examples could include dishonest sales practices, hiding important information from consumers or investors, or dishonest practices in financial markets. If a company is prosecuted it will have to prove to the court that it had reasonable anti-fraud measures in place.
The law will apply to large organisations that meet at least two of three criteria: having more than 250 employees, £36m turnover or £18m in total assets.
“Today marks a pivotal moment for businesses, and this new offence strengthens our anti-fraud culture to protect businesses, build corporate trust and support long-term economic growth,” said David Hanson, the fraud minister. “Fraud is a shameful crime and we are determined to bring those responsible to justice wherever it takes place.”
The law firm Irwin Mitchell said it marked a “fundamental shift” in corporate accountability by removing the previous need to prove that senior management were complicit.
It said that failure to comply with the new law, under the Economic Crime and Corporate Transparency Act, could result in unlimited fines, reputational damage and criminal investigation by the Serious Fraud Office or Crown Prosecution Service (CPS).
“The new offence will have a significant impact on organisations and their risk exposure,” said Colette Kelly, a regulatory specialist and partner at Irwin Mitchell. “[However], whether procedures are deemed to be sufficient will be a matter for the court to establish, and until we start to see the outcome of prosecutions this is somewhat of a watching brief.”
Recent figures from the Office for National Statistics showed a 31% increase in fraud last year.
The Home Office said the new offence was intended to encourage organisations to build an anti-fraud culture, in the same way the failure to prevent bribery legislation did when introduced in 2010.
“The new law represents a major step forward in holding to account those who commit corporate crime,” said Hannah von Dadelszen, the CPS’s chief crown prosecutor leading on fraud and economic crime. “Large organisations must act to put robust fraud prevention systems in place or leave themselves open to legal action.”
Irwin Mitchell said businesses should be undertaking a review of fraud risk assessments, update internal controls and ensure that staff and third parties were trained and aware of whistleblowing procedures.
Fintech developments, data sharing, and artificial intelligence are reshaping the lending sector, streamlining finance approvals and enabling faster, more accurate access to funding for businesses and lenders alike.
Gus Gilkeson, Chief Executive Officer of Grow Capital, has outlined how advancements in technology are improving opportunities for those seeking finance, as well as for lending institutions, by minimising delays and inefficiency.
Gilkeson explained that these improvements are influencing both how companies operate and their financial management strategies. He highlighted the practical impact of technology, particularly AI tools, on day-to-day business operations.
“From a borrower’s perspective, AI tools offer the chance to find efficiencies both in the overall running of your business, and also in how you manage your cash flow.”
“Invoices, incomings and outgoings can be tracked accurately, and in real-time if you want, to provide a clearer picture of the business financials. Forecasting, budgeting, and identifying potential funding gaps can be done easily and efficiently.”
He noted that lending institutions also stand to benefit. “For lenders, AI and data-sharing tools are allowing key identification and financial data to be verified sooner and potentially more accurately, as raw data can be shared across platforms reducing the opportunity for human error.”
“Ultimately when finance approval times reduce and funding is being made available sooner –the borrower can make strategic decisions faster.”
Technology shift
Gilkeson compared current fintech and AI progress to earlier technological revolutions, stating that the sector is still in its early stages of transformation. “I would expect some time in the not-too-distant-future that a business will be able to log on to a portal where all their financial and business data is stored and has previously been verified, allowing them to access millions of dollars in finance with the click of a button.”
He identified several key advantages associated with emerging financial technologies:
Access to finance sooner: Quicker funding approval opens opportunities for businesses, particularly when time-sensitive investments or purchases are required or during acquisitions.
Open banking: Through the Consumer Data Right, businesses can securely give consent to share banking and other financial data with authorised parties. This process facilitates quicker verification, reduces paperwork, and minimises the need for physical document signing.
Fraud mitigation: Enabled data sharing allows financial institutions to validate raw information independently, reducing the risk of manipulated balance sheets or omitted information. Human error is also less likely when data is transferred digitally and verified across platforms.
Business efficiencies: For small to medium-sized enterprises, the option to automate financial management and administrative processes has become a reality. According to Gilkeson, “AI tools can flag cash flow risks, optimise payments and identify gaps, potentially resulting in smarter decision-making.”
Potential risks
While the benefits are evident, Gilkeson cautioned that there are risks associated with adopting new technology, particularly related to data security and identity protection.
“Do your research into the tools you are adopting and also into how the third parties you’re dealing with are storing and managing your data. Having strong cyber security should be a non-negotiable.”
He also addressed the reliability of AI-based systems in the financial services sector. “It’s also important to remember that AI is not perfect and mistakes can be made, especially if original data is entered incorrectly. You will still need professional services like brokers, accountants and financial planners to check and validate your application or strategy.”
Gilkeson acknowledged that the pace of change presents further considerations for the sector. “As with any new technology there are always risks and challenges, but the opportunities this will open up is very exciting.”
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