Top fintech stories this week – 23 June 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Banking
Greater Wyoming FCU outsources core, digital and cards tech to Fiserv
Greater Wyoming Federal Credit Union has ditched its incumbent core software provider for Fiserv. The credit union has implemented Fiserv’s Portico core processing and digital banking system on a hosted basis.
Sberbank implements risk management system with Numerix
Russia’s largest banking group Sberbank has completed the implementation of its bank-wide technology programme focusing on automating its financial market risk management system. As part of the multi-year project, Sberbank built a technology platform which included IT systems and modules allowing the management of various types of risks, namely credit and market risks. The platform […]
EBank deploys Fiorano enterprise service bus
EBank, a new bank in Namibia, has implemented Fiorano ESB, an enterprise service bus to “seamlessly integrate” the bank’s core processing software – Temenos T24 – with other third-party systems and channels, with a major focus on digital banking.
Commercial banks join the retail revolution: three reasons to consider transformation
Long-term growth will require the commercial banking industry to embrace digital transformation in a way that benefits the institutions’ stakeholder base and satisfies the needs of its end-user clients. And here are three reasons why a commercial bank should consider transformation.
Case study: Valley National Bank – cloud atlas
Valley National Bank, a $23 billion regional bank holding company headquartered in northern New Jersey, is undertaking a widespread technology refresh to improve customer experience and profitability.
How banks can beat the fintech threat – Capgemini’s 2017 World Retail Banking Report
Facing disruption from fintech providers, traditional banks must embrace APIs and the open-source model to avoid losing their place at the centre of consumers’ financial lives, a new report warns.
Softbank ups investment in security AI firm Cybereason
Softbank has upped its investment in security firm Cybereason, as the focus on artificial intelligence (AI) continues.
Moronic UK hacker exploits CYBG loophole to steal £100,000
A British hacker/moron has been jailed for the theft of nearly £100,000 from Clydesdale and Yorkshire Banking Group (CYBG) by exploiting a bug in its online banking system. According to the BBC, 24-year-old James Ejankowski defrauded the bank of more than £99,000 in December 2016. He spent the money on a BMW, a Range Rover […]
Rabobank builds cross-border payments hub with Finastra
Rabobank is modernising and centralising its cross-border payments operations. The software supplier for the new payments hub is Finastra (formerly Misys and D+H).
Fintech funding round-up: 21 June 2017
Some people have got deep pockets, because the funding fun never ends. Our latest round-up features Soldo, Atom Bank, British Business Bank, BlackRock and Scalable Capital. Multi-user spending account, Soldo, has reported a Series A funding round of $11 million, led by Accel and includes participation from Connect Ventures, InReach Ventures, U-Start and R204 Partners. […]
Bank to the future: five ways financial apps are changing banking
Less than half a year from now, PSD2 will revolutionise consumers’ access to their own financial information. In fintech hubs across Europe, bright young people are planning a consumer revolution. Their financial apps and tools are helping customers manage their money far more easily than they have before. Here are five important ways in which they are changing the face of banking.
Avoka wins ATB Financial’s innovation challenge
Australia-based digital banking software vendor Avoka has won ATB Financial’s Customer Onboarding Global Innovation Challenge. As reported in March, ATB joined forces with KPMG in Canada and fintech matchmaking firm Matchi to run the event. In fact, in May, KPMG acquired Matchi. The pair had worked together since 2015, so the deal “cements” their relationship. […]
Eight Fledgling Fintech Providers Win Capital with CFSI Awards
Eight fledgling fintech companies have won $250,000 each from the Center for Financial Services Innovation. Each FinLab winner in this third annual competition from the CFSI receives $250,000 in capital, along with resources to test, enhance and scale their products, in part via the expertise of JPMorgan Chase, a founding lab partner.
Lone Star Credit Union live with new core banking system, Keystone
Texas-based Lone Star Credit Union has become the 50th live site for the Keystone core processing system, supplied by Corelation.
Barclays hit with fraud charge over Qatar capital raising
The UK’s Serious Fraud Office (SFO) has charged Barclays and four of its former workers with conspiracy to commit fraud over capital raising arrangements with Qatar Holding and Challenger Universal. The charge also includes the provision of unlawful financial assistance contrary to the Companies Act 1985. The charges relate to events in June and October […]
Who is the greatest fintech leader of 2017?
This year’s Banking Technology Awards are taking place on 13 December in London and once again we will be recognising individuals for leading and playing an instrumental role in devising and/or delivering the technology strategy to support the key business objectives of an organisation. The Tech Leadership Award category is open to all industry participants worldwide – those […]
Sandia Laboratory FCU revamps tech front-to-back office
Sandia Laboratory Federal Credit Union (SLFCU), the largest credit union in the US state of New Mexico, is modernising its front-to-back office technology with Alkami Technology and Corelation.
Screen scraping: in or out?
Amid last month’s extensive ransomware attack, made possible after cyber criminals stole hacking tools created by the US National Security Agency, the European Banking Federation (EBF) again urged the European Commission (EC) not to dismiss recommendations about screen scraping.
PSD2 meets ISO 20022
How will service providers and banks implement ISO 20022 in the APIs being created for PSD2?
Klarna enters the big time with banking licence
Payments provider Klarna has powered up with a full banking licence from Finansinspektionen, the Swedish Financial Supervisory Authority. Sebastian Siemiatkowski, CEO of Klarna, says it is “now one of Europe’s largest banks with 60 million customers, 70,000 merchants and working seamlessly across borders”. With the licence, Klarna states it can broaden its product portfolio for […]
Vontobel pioneers SIX Securities Services’ Advanced Settlement solution
Swiss wealth manager Vontobel has become the first taker of SIX Securities Services’ Advanced Settlement offering.
HSBC unveils £10bn fund for UK SMEs
HSBC has launched a £10 billion lending fund for SMEs in the UK as it looks to tap into this lively market. The bank says it continues to be open to lending, having approved 91% of small business lending applications in the last year. Ian Stuart, UK CEO, HSBC, says: “We want to put SMEs […]
Where top European banks are investing in fintech – CB Insights
European banks are placing strategic bets in areas ranging from wealth management, lending, payments, regulatory technology, software, and blockchain. Which banks were the most active and what did they invest in?
Citizens Bank takes a crack at digital revamp with Bottomline
Rhode Island-based Citizens Bank is partnering with Bottomline Technologies to unleash a brand spanking new online and mobile banking platform for its commercial and business banking clients. The new digital banking platform offers a suite of cash management and payment services. The application features simplified transactions; integrated payment workflows; user personalisation with self-service capabilities; and […]
Spain’s first fully digital bank Openbank in major transformation
Openbank, a subsidiary of Spain’s banking giant Santander, has undergone an enterprise-wide overhaul, from products and services, to technology, to corporate culture, to new branding.
Blockchain fuels IBM and Standard Chartered insurance policy pilot
American International Group (AIG), IBM and Standard Chartered have piloted the “first” multinational, smart contract based insurance policy using blockchain. The trio converted a controlled master policy written in the UK, and three local policies in the US, Singapore and Kenya, into a smart contract that provides a shared view of policy data and documentation […]
White paper: GDPR – banks, breaches and billion euro fines
The European Union’s new General Data Protection Regulation (GDPR) introduces 72-hour breach notification requirements along with severe regulatory fines and consumers and affected third parties now have the right to sue organisations responsible for data breaches.
Monese debuts direct debits to challenge traditional banks
Mobile-only bank Monese has unveiled direct debit functionality for its customers – a move designed to offer services closer to that of a traditional high street bank account. Alongside this, it has also gained access to Faster Payments, so customers can send funds to accounts outside or within the UK with a “quicker transfer”. In […]
Top fintech stories this week – 16 June 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Banking Technology Awards 2017 now open for entry!
Know any innovative products, inspirational projects, skilled teams or visionary leaders that deserve a special recognistion this year? Nominate them for a Banking Technology Award!
Fiserv the Architect for Affinity Plus digital banking revamp
Minnesota-based Affinity Plus Federal Credit Union has selected Fiserv’s Architect platform for a digital banking overhaul. The credit union will use Architect to help its online and mobile customers in branches, over the phone, and through digital channels. Dave Larson, president and CEO, Affinity Plus Federal Credit Union, says Fiserv has “the size and expertise […]
Warburg Pincus buys stake in Avaloq
Private equity (PE) firm Warburg Pincus has acquired a 35% shareholding in Avaloq from existing shareholders – with the deal a first step towards a potential public listing. The transaction values Avaloq in excess of CHF 1 billion ($1 billion). Detailed financial terms are not being disclosed, but Francisco Fernandez, CEO at Avaloq, retains a […]
Infographic: financial institutions optimistic for first UK CRS filing
An online survey carried out amongst our readers in the run up to the UK’s first Common Reporting Standard (CRS) submission has found respondents largely optimistic about how their first transmittal would go; were appreciative of the support given to them by their IT departments and thought that HMRC and OECD had done a good job in communicating with them. Their primary concerns were their ability to pull data from their internal systems and keeping up with compliance.
Finastra heads to IBM cloud for digital banking
Fintech titan Finastra is turning to IBM to power its banking operations with cloud and cognitive technologies. As reported yesterday (14 June), Misys and DH Corporation (D+H) joined forces to create Finastra, the third largest financial services technology company in the world. With Finastra now officially alive and kicking, it’s wasted no time in showing […]
Fintech outside London – part 3
Our tour of the UK fintech scene concludes in this third instalment of the report. We started from the south of the country, then travelled west and are now travelling through the northern England and Scotland.
Why getting ready for real-time is a priority for Rabobank
When it comes to payments, the Netherlands, like its Scandinavian neighbours, is certainly one of the most advanced countries in the world. Banks and retailers have been working together for many years in an effort to decrease the amount of cash in circulation, working instead towards a “cleaner” and “safer” cashless environment.
USAA invests in AI tech vendor CognitiveScale, implements its products
USAA, a banking and insurance provider that focuses on the US military personnel and their families, has made a “strategic investment” in machine intelligence software vendor CognitiveScale.
Avaloq Community Conference 2017: not trapped in a geography
Avaloq has hit back at Temenos’ claims that it is “trapped in a relatively small geography” by pointing to its revenue rise and innovation drive as reasons for something to be cheerful about.
Glenmede Trust Company implements Charles River IMS platform
Glenmede Trust Company, a US-based investment and wealth management firm with $34 billion of assets under management, is consolidating its institutional and wealth operations on Charles River’s Investment Management Solution (IMS).
