Nordnet welcomes “digital employee”, AI Amelia
Nordnet, a digital bank in the Nordics, will have a “new digital employee” as of this autumn – IPSoft’s Amelia artificial intelligence (AI) platform.
Banking
Time to act: EU Funds Transfer Regulation 2015
The EU Funds Transfer Regulation 2015 (FTR 2015), which has been in effect since 26 June 2017, aims to deliver full traceability of payments. A lack of regulatory clarity is, however, leading to significant implementation hurdles that require urgent action from all stakeholders.
Oracle unveils new global payments solution for banks, Oracle Banking Payments
Oracle has unveiled its brand new development, Oracle Banking Payments. The product has been built from the ground up, leverages ISO 20022 and supports global and local payment standards (SEPA, Swift 2017, Fedwire, US ACH and Swift’s gpi).
LGT in regtech revamp with Wolters Kluwer
Liechtenstein’s private bank and asset manager LGT is working on a regtech project with Wolters Kluwer. LGT is implementing the vendor’s OneSumX platform for the regulatory reporting and risk management of its Asian operations – in Singapore and Hong Kong.
CFTE brings fintech education initiative to Asia with MAS
UK-based Centre for Finance, Technology and Entrepreneurship (CFTE) is looking to expand to Asia and plans to set up its first international hub in Singapore. The newly launched organisation says it “has been working closely with the Monetary Authority of Singapore (MAS) to formalise plans to expand CFTE’s education initiative to ASEAN”.
Al Masraf to swap ITS Ethix for Temenos T24 core banking system
UAE-based Arab Bank for Investment and Foreign Trade (Al Masraf) is modernising its front-to-back office technology with Temenos. On the way out is the Ethix core banking system from regional vendor International Turnkey Systems (ITS).
Faisal Islamic Bank signs for Path Solutions’ iMAL core banking system
Sudan-based Faisal Islamic Bank is modernising its core banking software with Path Solution’s iMAL. Path’s competitor for the deal was ICS Financial Systems (ICSFS) with its ICS Banks offering.
CUA pilots Australia Post’s new digital ID verification tool, Digital iDTM
Credit Union Australia (CUA) has become to the first financial institution in the country to trial Australia Post’s new digital identity verification service, Digital iDTM.
Haggai Mortgage Bank live with Finedge core banking system
Nigeria-based Haggai Mortgage Bank has gone live with new core banking software, Finedge. The system is supplied by local tech company CWG.
Bank of Lithuania to offer regulatory sandboxes for fintechs, calls for public feedback
Fintech companies will soon be able to test their products in Lithuania by creating customised regulatory sandboxes under the supervision of Bank of Lithuania.
R3, CGI and eleven banks develop blockchain-based trade finance app
Following a year of development and testing, R3, CGI and eleven banks unveil a prototype of a trade finance app built of R3’s Corda distributed ledger technology (DLT).
Brief: How to accelerate compliance reporting with data wrangling
Join the world’s largest banks and cut compliance reporting budgets up to 60%. In this brief, Trifacta takes a closer look at how financial services companies are leveraging data wrangling to accelerate their regulatory reporting.
Banking Technology Awards: how to write a winning entry?
With less than one month left to nominate for the Banking Technology Awards, now is the time to polish up on your entry. The question we get asked often is how to write a winning entry. Well wonder no more, we have a few tips for you on what to include. The more detail the better! Dates […]
Digiliti Money evaluates go forward strategy as founder quits and revenue falls
US-based fintech Digiliti Money (formerly Cachet Financial Solutions) is pondering its future in the light of financial troubles and the resignation of its founder, chairman and CEO, Jeffrey Mack.
Abu Dhabi’s first fintech innovation challenge for start-ups launched
Abu Dhabi Global Market (ADGM) and KPMG are launching the first Fintech Abu Dhabi Innovation Challenge – a five-week programme for “innovative and mature start-ups across the globe”.
Failed bank in Uganda spent millions of dollars on non-existing tech
Crane Bank, a failed bank in Uganda, spent millions of dollars on IT services and software that was never supplied, according to a report by PricewaterhouseCoopers (PwC) into the bank’s mismanagement.
Payments: Australia gives Swift instant results
Off the back of its involvement in Australia’s New Payments Platform (NPP), Swift has entered the instant payments market in Europe, with plans to launch a gateway solution in November 2018. The solution will enable instant payments to be made over the Swift network using a single gateway to connect to multiple instant payments systems across Europe.
Efigence designs interface for Emirates NBD’s new digital banking platform
Emirates NBD has launched a new digital banking platform with interface design developed by Efigence Group, a Poland-based customer experience (CX) specialist. Efigence, through its Artegence business, worked on “enhanced information architecture, re-designing user experience with a new graphical user interface (GUI) and supporting the implementation of front-end technology”.
CFPB Overdraft Disclosure Protoypes Could Foreshadow Regs
The CFPB has released a new overdraft study, along with four prototypes of “Know Before You Owe” disclosures, which the bureau is testing, possibly ahead of regulating checking account overdrafts.
BNG Bank in regtech project with BearingPoint
BNG Bank, a public sector bank in the Netherlands, is implementing BearingPoint’s Abacus regtech solution for MiFID II/MiFIR, EMIR II, MMSR and SFTR reporting.
VTB brings Alipay to Russia big time
Chinese online and mobile payment platform Alipay is looking to grow its presence significantly in Russia with the help of VTB Group.
Top fintech stories this week – 4 August 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Getting to experience thinking
“We’ve got a great idea we think you’re going to love.” Despite its manifest flaws, this is the approach that has long dominated the development of new products and services. While introducing products that people love is an exemplary goal, real omniscience has proven to be distressingly rare.
Podcast: Amazon is everywhere
11:FS Fintech Insider podcast featuring FinTech Futures’ Tanya Andreasyan.
Strands lands digital money management deal with US bank
Personal financial management (PFM) firm Strands has secured a deal with Ohio-based Huntington National Bank. The bank will use Strands’ PFM and business finance management (BFM) solutions. Banking Technology understands that the solutions will integrate with the core banking system, Hogan, provided by DXC Technology (formerly Computer Science Corporation or CSC). Mark Sheehan, payments and […]
US community bank rallies banking industry to address core software needs
Jim Kisch, president and CEO of Passumpsic Savings Bank, a community bank operating in the US states of Vermont and New Hampshire, is calling on the banking industry to support its request to core banking software vendors.
Commerzbank processes first BPO live transactions in Austria
Commerzbank has processed the first bank payment obligation (BPO) transactions in Austria, covering the import of bus components from Germany and Italy. The buyer, a customer of Commerzbank Austria, is TAM-Europe, located in Slovenia. The suppliers are MAN Truck & Bus, headquartered in Munich, and ISAF Bus Components, an Italy-based supplier and customer of UniCredit. […]
Bank Islam plans digital Islamic banking roll-out
Bank Islam Malaysia Berhad is working with consulting firm Cognizant to lay the foundation for its digital banking platform roll-out across its entire network. Encik Khairul Kamarudin, CEO of Bank Islam, says the move will bring “greater accessibility to our customers as well as simplifying and improving their banking experience with us”. According to the […]
Banking Technology Awards: celebrating people that make things happen
This year’s Banking Technology Awards will be taking place on 13 December in London and once again we will be celebrating people that make things happen! The Leadership Awards will recognise individuals and teams that made a considerable contribution to our industry. What are the categories you can nominate in? Woman in Technology (W.I.T.) Award, in partnership with FemTechGlobal, will […]
Two Connecticut credit unions unite on FLEX core banking tech
Two small credit unions in the US state of Connecticut – East Hartford Federal Credit Union and America’s First Network Credit Union – have implemented a centralised core banking platform as part of their merger.
Pacific Western Bank live with nCino’s Bank Operating System
Pacific Western Bank, a $21 billion institution in California, has gone live with nCino’s cloud-based Bank Operating System, replacing in-house systems.
Klarna unveils free P2P payment service, Wavy
Klarna has unveiled Wavy, a new, free P2P payments service. Available in iOS and Android as well as online, the free app enables users in more than 30 European markets to transfer euros between friends and family.
Ripple unveils expanded suite of offerings
What’s in a name? Blockchain solutions company Ripple is about to find out. The company has unveiled a new name for its existing global payments network, as well as a handful of new solutions.
Commerzbank launches digital mortgage financing app
Commerzbank is pushing hard on its mortgage lending business ambitions with the launch of a digital financing app. The app is free and users can carry out house and apartment purchases on their smartphones. Included in the app are a budget calculation tool and access to over 200,000 properties in Germany. “We are the first […]
Mortgage tech provider PCLender acquired by Fiserv
Fiserv has acquired PCLender, a US-based provider of “simple, elegant, internet-based mortgage solutions for community banks, credit unions and mortgage bankers”.
Blockchain and Bitcoin round-up: 1 August 2017
The world of blockchain and Bitcoin rumbles on with patents, platforms and positives. Our latest round-up features Bank of America, Blackmoon Financial Group, and research from Cognizant. Bank of America (BofA) has filed three new patents using blockchain. On the US Patent & Trademark Office’s website it now reveals the details. Some of the patents […]
Figo fuels Consorsbank multi-banking launch
German fintech firm figo’s technology is the backbone for the launch of Consorsbank’s open-minded MultiBanking service. The bank, which is part of BNP Paribas Germany, says its customers can now use accounts and deposits they have with other banks after logging into their online banking. Figo says it brings the technical foundation via its business […]
New in regtech: digital ID verification
It’s no secret that increased regulations are a significant pain point for commercial and community banks. According to Thomson Reuters Global Cost of Compliance 2016 Survey, more than one-third of participating financial institutions reported spending at least an entire day each week keeping track of regulatory changes. The good news? Regtech, or regulatory technology, is […]
Prospera CU is Open Anywhere to omnichannel onboarding
Prospera CU, a 63,000-member credit union in British Columbia, Canada, has launched Open Anywhere, a real-time application processing across all of its digital and physical channels. The solution is provided by Central 1 Credit Union in partnership with Canadian tech heavyweight CGI.
Lendico and SolarisBank team up for SME lending
The Berlin-based duo of peer-to-peer lending provider Lendico and fintech firm SolarisBank are working together on a long-term collaboration for financing SME loans. To begin with, SolarisBank is providing an “eight-digit sum” for financing loans via Lendico – with unspecified plans to expand this commitment in the medium-term. Dr. Clemens Paschke, co-founder and managing director […]
