Chirag Shah, Founder & CEO of Pulse, on ULI, and what it could mean for lenders and their customers

The UK’s financial services ecosystem is currently in the process of profound transformation. Traditional lending frameworks, characterised by siloed systems, static risk models, and manual processes, are no longer fit for purpose. They’re outdated and ineffective, unable to answer the needs of today’s digital economy. With the growth of embedded finance, real-time data, and rising customer expectations, financial institutions, platforms, and regulators are having to rethink their infrastructure from the ground up.

Initiatives like Open Banking, Making Tax Digital (MTD), and Open Accounting have already laid the groundwork for greater data accessibility, meaning that data is not only available but useable. But with that usability comes greater expectations – both businesses and consumers expect instant decisions, seamless experiences, and personalised products. The problem is that the lending infrastructure that should be able to deliver on this promise remains fragmented. Lending decisions are still difficult to make because data is scattered, while processes are duplicated and manual. While lenders, platforms, and regulators are unable to work in unison. The Unified Lending Interface (ULI) is emerging as both a technical solution and the next generation of lending infrastructure in the UK.

What is ULI?

ULI is a standardised interoperability framework that governs the exchange of credit-related data, events, and permissions across lending ecosystems. Unlike a product or single platform, ULI acts as an underlying protocol, a form of modular APIs, data schemas, and event models that make it easier for lenders, platforms, and borrowers to interact in a consistent, secure, and scalable way. The idea being that if data can be standardised and exchanged in real time, credit decisioning and servicing can become significantly more efficient, transparent, and inclusive.

What this looks like in real terms is:

  • The use of standardised data models for origination, underwriting, and loan servicing
  • Real-time event streaming for repayments, defaults, and restructures
  • Cross-lender affordability and exposure checks
  • Secure, user-driven consent mechanisms
  • Customisable APIs to suit various regulatory and operational contexts
  • In-built analytics and reporting tools for compliance and performance

ULI is not yet a formal regulatory term, but its equivalents are already emerging in industry-led pilots and fintech platforms. In my view, its adoption would be the next logical step in the evolution of UK lending.

The Challenges That ULI Could Solve

Despite the rapid uptake of embedded finance, the underlying infrastructure that should power and enable it has begun to fall behind. This disconnect has created multiple pain points that need to be addressed if innovation and effective risk management are to continue.

One major challenge lies in siloed integrations. Many lenders rely on custom-built connections with each distribution partner, which typically results in fragile systems that are difficult to scale and costly to maintain. This is not only inefficient, it makes it harder to respond to changing market demands.

Risk visibility is another concern. As things stand, most lenders assess credit exposure in isolation, which means that a business could have multiple existing loans on different platforms with no aggregated affordability assessment. This creates obvious blind spots, increasing the chances of overextension and missed risk signals.

Borrowers themselves are often unaware of why or how credit decisions are made or how their data is used. This opacity leads to a lack of trust, and can deter people from responsible borrowing. And regulatory friction adds further strain. Many institutions still rely on outdated tools for supervisory reporting, including batch files and CSVs, which are prone to error and inefficiency. This creates compliance burdens and slows down oversight.

Lastly, customer concerns around data sharing presents another barrier. Without clear, user-driven consent frameworks, individuals and businesses are reluctant to share financial data. This not only limits lenders’ ability to personalise offerings but also undermines accurate risk assessment.

The ULI directly addresses these challenges by introducing a common framework for interoperability. It brings much-needed structure to an otherwise fragmented ecosystem, enabling lenders and platforms to work together more efficiently without stifling innovation. It also helps restore trust to all users.

How ULI Works

Rather than acting as a centralised system, ULI operates as a distributed interoperability layer, purpose-built for credit. It works in four general phases:

Standardising loan origination

ULI defines a shared schema for different credit products, whether that’s long-term loans, merchant cash advances, invoice financing, or credit lines. This shared language allows platforms and lenders to integrate quickly and consistently. My company has already pioneered this approach, embedding ULI frameworks into platforms that support the entire loan lifecycle, from application to disbursement, collections, and ongoing management.

Affordability and risk aggregation

A critical ULI function is its ability to aggregate exposure across multiple lenders in real time. This enables federated credit checks, prevents borrower overextension, and enhances regulatory oversight. Again, this is something that my company is already doing, with a solution that integrates with ULI to assess a borrower’s receivables, providing granular visibility into cash flow and repayment capacity.

Real-time event notifications

With ULI, you also introduce real-time event notifications that allow key loan events, such as repayments and missed instalments, to be monitored in real-time. This enhanced visibility enables lenders to monitor risk continuously, rather than relying on retrospective data. It also allows for the automation of collections to streamline the response to any such events. Additionally, lenders can make easy adjustments to credit limits based on a borrower’s behaviour and financial performance over time. Essentially, bringing both control and flexibility to lending.

Streamlined application journeys

ULI also helps streamline multi-lender application journeys through a single interface. Our system, for example, allows for automated underwriting, with over 95% of applications decisioned in under 60 seconds. This means that loan applications can be completed in minutes, drastically improving both lender efficiency and borrower experience.

Is The UK Ready For ULI?

Several recent developments suggest that, from a regulatory standpoint, the UK is uniquely positioned to adopt ULI, or similar. First, there’s the government’s Smart Data agenda, which is expanding the legal framework to support cross-sector, user-permissioned data sharing, which is an essential foundation for interoperable lending. While the ongoing development of Open Finance reflects a clear determination to build modular, interconnected financial services systems that mirror the goals of ULI. At the same time, increased regulatory scrutiny of traditional credit bureaus signals a broader appetite for more transparent, real-time credit models that can better serve both lenders and borrowers. As such, ULI wouldn’t replace existing financial infrastructure, it would complement it. Helping to modernise business lending and improve access to credit.

Financial services have become increasingly modular. It’s an approach that answers the evolving needs of today’s digitally driven businesses. A side effect of that is a lack of standardisation and agility. ULI provides a solution to resolve that problem. By empowering lenders with real-time data, simplifying compliance, and creating a more inclusive and transparent borrower experience, it signals a move towards more responsible finance. In my book, that’s the future of lending.

  • Embedded Finance
  • Neobanking

Jonathan Brander, COO at Upvest, on best practice for trading platform infrastructure

In the early hours of market turbulence, when retail investors are scrambling to respond, it’s not volatility that fails them: it’s infrastructure. In the past, we’ve repeatedly seen investing technologies buckle under pressure during moments of peak market stress. 

During times of high demand, many platforms might struggle to maintain uptime. In recent weeks, as Trump’s tariffs announcements saw retail trading volumes surge, some of the world’s biggest trading platforms went dark. These responses to market volatility are not outliers: they are predictablestress tests. Market volatility correlates strongly with spikes in trading volume. A study by the European Central Bank found that liquidity shocks consistently drive increases in trading activity, especially in frequently traded assets. Platforms should expect and be designed for these surges. 

Yet time and again, outages occur at precisely the moments when retail investors and advisers need control. In these moments, investors don’t merely lose access, they lose confidence.

Trading Platform Infrastructure

2024 poll found that 30% of UK banking customers would consider switching providers following a technology failure. Among 25-34 year olds, this figure jumps to 57%. For trading platforms (and their technology providers) trust is hard-won and easily lost. Operating in a financial market characterised by risk, investment infrastructure resilience is no longer a “nice-to-have”. It is a strategic necessity. 

According to McKinsey, global assets under management in private markets grew to $13.1 trillion in 2023. In the UK, over a third (39%) of adults are actively investing and the number is growing, thanks in part to government-led market reforms. As trading volumes increase, retail investors need infrastructure that doesn’t flinch under pressure. So what does this look like in practice?

First, elasticity is essential. Systems must be able to scale to meet demand spikes. When trading activity spiked following Trump’s tariff announcement, Upvest experienced the highest trading volumes in our history. Our platform scaled exactly as it was designed to do, enabling millions of Europeans to seamlessly trade and invest in thousands of instruments with zero downtime. At times of volatility, “stability as a service” emerges as a key competitive differentiator. 

Second, build for failure. The leading question in our conversations with clients is no longer “can you add this feature?”, it’s “can you guarantee uptime under pressure?” Financial institutions need to know that trading can continue in volatile conditions. Infrastructure providers must build with this in mind and leverage modular systems – where trading, settlement, and custody run independently – to reduce the risk that a single point of failure cascades across an entire platform. Decentralised services improve incident isolation and, in a digital-first financial ecosystem, reliable infrastructure that remains operational even when pressure peaks is the foundation of investor empowerment.

Observability is also key. Real-time monitoring allows operations and tech teams to anticipate issues before they become outages. This means constantly tracking latency, error rates, and system health, as well as regularly simulating and stress-testing for high volume scenarios to ensure systems can perform under extreme load. These synthetic tests mimic real-world event spikes and ensure you can deliver under pressure.

Finally, communicate transparently. When issues arise, investors deserve clear metrics on uptime and response windows. Public dashboards and incident post-mortems are no longer optional, they’re foundational to trust. At Upvest, for example, API Status is always available online so our clients can see whether we’re experiencing any issues.

Future Resilience

These steps are no longer operational best practice: they’re a necessity. The investment industry must move beyond treating volatility as an edge case and start building resilience into platforms as a priority. Retail investors don’t judge their investment providers during periods of calm, they judge them in crisis. When the market wobbles, infrastructure is the differentiator. That’s when confidence is earned and financial empowerment starts to happen.

  • Blockchain & Crypto
  • Digital Payments

We chat with the CIO of Urenco, Sarah Leteney, about the ways this unique business leverages technology, and the big difference a small team can make.

Urenco does things a little differently. It has to. It supplies uranium enrichment services and fuel cycle products for the nuclear industry – a niche that requires a lot of specialist care and attention. Urenco has a clear vision for the net zero world. A world in which carbon-free energy is the norm. And for its CIO, Sarah Leteney, this means approaching the world of technology in different and interesting ways.

Leteney speaks exclusively to Interface Magazine about what it means to operate IT in a high-risk environment that requires an enormous amount of consistency. She also discusses the types of systems that are vital to Urenco, how the business leverages suppliers, bringing in the most talented possible people, and how Urenco balances a small team with a high pressure environment.

How does the role of CIO within the nuclear industry differ from one for a consumer goods company?

Most CIOs spend their time thinking about how to talk to customers through the rapid exchanges that are needed to maintain the flow of high volumes of traffic. They need to know how to keep up with their competitors in terms of customer experience and how to quickly bring new products to market.

At Urenco, we are quite literally the polar opposite of this. We are concerned with the consistency and timeliness of highly individualised communications with our customers, how internal control software can enable the accurate flow of information to our regulators, and how to support our teams to keep track of every gram of raw material, and product in our organisation. Our systems are vital to keep our operations safe and reliable. It is not fast-paced – rather a very careful and considered environment where accuracy is everything.

What is it like to enable and provision services in such an environment? Can you keep in touch with market trends? Is there much recognition of what you do?

I work in a high threat environment and there are many special considerations to understand. There is a certain cadence and rhythm to what we do and we have to work at a pace which suits the organisation, rather than keep up with the latest trends in the IT industry. Although, we do keep abreast of developments through networks such as Gartner and Aurora and introduce them where appropriate and relevant.

In relation to the recognition of this role, like every other CIO out there, you are noticed more when something is not working properly. That said, Urenco is very good at making you feel as if you are part of something that matters. People readily ask you questions and understand when something is a minor glitch compared to something more significant. And we actively encourage people to report issues because that is how you get continuous improvement. Overall, the organisation takes care of my team, we’re not under siege when things go wrong and what we do is widely appreciated.

What sorts of systems are you looking after and what are the challenges around these?

We have all the same systems that you see in many other large organisations, plus a few really niche products used only in our industry. 

Like lots of businesses, we are on a SAP journey, moving existing systems into S4. This programme impacts all parts of the organisation and we have to drive the changes forward from a business point of view. We consider the IT team an enabler for this work as it’s ultimately the transformation of our business processes which we are trying to facilitate.

We also look after the information assets of the organisation – both the structured and unstructured data. Like many organisations, it’s an on-going process to work out how to extract genuine business insights from vast amounts of  historical data which has been stored in multiple places and not always in the most logical manner. We have a significant amount of historical information which still remains important (think plant designs and maintenance records, etc.) so effective archiving and retention policies are very much at the forefront of our minds. It’s so easy to over store or over classify information in an effort to be ‘safe rather than sorry’, but in reality, as well as increasing on-going costs, this sort of behaviour tends to make it harder to find what you need. We are investigating new technologies to help us search through our data faster and more effectively than ever before.

We’re also currently extending into the Operational Technology sphere, sharing our experience and tools with our OT colleagues and directly addressing operational security challenges, investing significantly in our cyber defences to further strengthen our plant security services.

What is it like to work in a company with a large turnover but a relatively small number of employees? How does that affect the service you provide?

We try to think through what every employee needs from IT and provide them with the level of service their role requires, regardless of their position in the business. We are in the fortunate position where having fewer employees means individual changes to software, hardware, or SAAS costs tend to have a less significant impact on our profitability than in many organisations with higher staff complements. Many organisations have tiers of users which determine the level of service received. However, in our organisation, every minute of everyone’s time is important, as we don’t have many employees driving our engine forward. We are investing in our employee experience as one of the key organisational imperatives working alongside our colleagues in the People and Culture team, and this is going to be an on-going focus for us for the next few years.

Whilst the company turnover is important, it is less of a driving factor for us in IT. We benchmark ourselves against what proportion of operational expenditure we are investing in IT and IS to ensure we invest an appropriate amount in IT for an organisation of this size.

How do you work with your team to ensure they can provide the most effective service to the business?

We are organised primarily around our production sites, with a centralised team to provide shared services like architecture and finance. The organisation is only two layers deep in most teams, so information flow is mainly managed by direct cascade. The senior team is made up of heads of shared functions and site IT managers, and opinions flow freely between them.

Our IT Leadership team has a monthly two-day meeting where we come together in person. We sit together without our PCs and the constant pinging of information. This helps us to realign, to reprioritise matters, and include coaching and learning techniques. We all have daily pressures in our lives, and these meetings are about supporting each other and working effectively together. 

Once a quarter we also visit one of our sites as a group, hosted by our IT site managers. This is critical to us because we cannot do our jobs without thoroughly understanding the experience of IT services on the ground. These visits also allow us to meet up with our business colleagues as part of their site leadership teams so we can exchange experiences and strategic thinking quite freely in person.

We also run monthly townhall meetings for all members of the IT team, and invite our colleagues from Information Security to join us. We have found this to be a really valuable information exchange point. IS can hear exactly what we are saying to the wider team on the ground, so they can gain real insight into our issues first hand. Our key suppliers are also invited to these sessions on a quarterly basis, again to foster free exchange of information.

How about diversity and inclusion – what are you doing within that area and what have you achieved?

This is one of the biggest areas I would like to tackle further. Within our company, like the whole of the nuclear sector, the age of our employees is increasing year on year as we have a very low employee turnover. So we have a small number of vacancies on an annual basis and we are working hard to get a better talent pool for when these opportunities arise, reaching out to people with a wider range of backgrounds. 

Our strategy includes blind sifting, engaging with people who have had periods of time out of the workplace and may need to work certain hours, and being open to job-sharing. It is possible for us to be very flexible and we are trying to ensure this is known out in the world of recruitment.

One area we are doing really well in right now is neurodiversity. We have a significant proportion of our team who identify as neurodivergent and a new staff network focussing on the specific issues of importance to this community was actually started by a member of our team.

I’d love to see an ethnicity and gender mix in the future which is closer to the population norms in each of our operating countries and I’m pleased to say that our talent acquisition partners are working hard to promote our roles in new talent pools with a much more diverse population. 

How do you work with your suppliers to maintain a good relationship with them?

We’re currently in the process of diversifying our IT supply base. We have had a couple of really strong suppliers for a long period of time who work very closely with us, but what we are aiming to do now is widen our group of key suppliers to create a supplier ecosystem consisting of four different types of partner – Advisory, Development, Configuration, and Support. A key part of this initiative will be about embedding the behaviours we would like suppliers to demonstrate when working with us to create an inclusive and transparent relationship, which we are progressing through setting up a Urenco Academy to provide initial onboarding and on-going behavioural reinforcement of Urenco’s core values across our partnerships.  

You recently won a CIO 100 award. How did that come about and what reaction did you get from people who know you?

The CIO 100 award came about through my external mentor asking me why I wasn’t looking at it! He encouraged me to put myself forward for consideration. Sometimes you need a bit of a push from a critical friend to remind you that whilst you see how much remains to be done, it’s good to acknowledge the great results you have already achieved.

The most gratifying thing about the whole experience for me was that you are judged by really experienced CIOs, so they fully understand the complexity of what you do. I’m incredibly grateful and humbled to be included in such an inspiring group of people, who are all wrestling with organisational struggles and trying to keep up in a fast-paced world, solving problems all day, every day. 

My colleagues were delighted for me and sent lots of congratulatory messages. I think my team were slightly surprised because they also don’t always see what a good job they are all doing. One of them was even inspired to send an AI-created poem in celebration!

Urenco gave me the opportunity to take on a challenging and exciting role initially as an interim CIO. They chose to promote from within despite having strong external candidates, and not only that, but they asked if I would like to have a mentor in my first year to help me to cement the skills I wanted to strengthen for my own peace of mind. I’m not sure what else I could have asked for from this organisation. When I look at the award all I really think, looking back over the last three years, is ‘how amazing is that’!

Read the magazine spread here.