Allied Irish Banks (AIB) has been fined €2.3 million by Ireland’s central bank for compliance failures over anti-money laundering (AML) and terrorist financing laws. AIB was reprimanded for six breaches of the law – which occurred between July 2010 and July 2014. It has admitted to these breaches. The central bank says AIB failed to […]
To the outside observer the insurance industry may look very conservative with dominant global companies and local players operating in the way they have done for years and with very little interaction with their customers. But this is changing.
In an exclusive interview, Oliver Hughes, CEO of Russia’s Tinkoff Bank, talks about its online financial supermarket, maintaining momentum, and how US and UK banks can be occasionally underwhelming.
Teaming is pleasing to Starling Bank as it reveals another partnership with the use of VocaLink’s Pay by Bank mobile payment app for its customers. This development follows quickly on from the challenger bank cosying up with Moneybox to give its customers access to a suite of saving and investing tools. In fact, it was […]
Societe Generale Securities Services (SGSS) is contributing to a new model, Euronext Fund Service, to help investments in funds for domestic and international investors. Launched by Euronext and available from 15 May 2017, this new service will enable institutional and retail investors to place subscription/redemption orders, in a “simplified and automated manner”, through their brokers […]
Myanmar’s First Private Bank (FPB) has chosen the Misys FusionBanking Essence core banking system for a major tech revamp. The bank, which received the first banking licence in Myanmar in 1992, will upgrade its retail, corporate and digital offerings. FusionBanking will replace the bank’s “partially computerised distributed branch system”. Dr Sein Maung, chairman at FPB, […]
The digital edition of the spring 2017 issue of Pay Magazine is now available and it’s full of insights and information to help move your company forward. A theme of the spring issue is game-changing technology—and the innovators, products and companies behind it. This edition of Pay Magazine includes an interview with The Bancorp’s Jeremy Kuiper, who discusses some of the major shifts occurring in the industry.
Paybefore’s Pay Magazine Spring 2017 issue out now.
While the maturity of blockchain discussions and advances are at different stages of development around the world, blockchain is said to be at the height of the Gartner hype cycle. This implies that 2017 will be the year where disillusionment with the technology begins. However, 2017 may also see some real breakthroughs with its application and the emergence of pockets of the first concrete results.
USAmeriBank (formerly Aliant Bank), a $3.8 billion bank operating in the US states of Alabama and Florida, is building a new payments hub for its domestic and international wire transfers.
Societe Generale is calling for Indian start-ups with the launch of Catalyst 2.0 – its accelerator programme to promote innovation. This is its second edition, and Societe Generale Global Solution Centre (SG GSC), an innovation hub of the banking group in India, will run Catalyst 2.0 from May to August 2017. During the ten-week programme, […]
The latest fintech funding round-up featuring Token, Ongo, National Bank of Canada (NBC) and a bunch of venture capitalist firms.
Russia-based Sovcombank hopes to attract more young people looking to get their first credit card by “gamifying” the credit application process. The project has been carried out with Entrepreneurial Finance Lab (EFL), which developed a new survey-based credit scoring model, and FICO, which handles marketing.
Al Khaliji France, a Paris-based subsidiary of Qatar’s Al Khaliji Bank, has gone live with a new core banking platform, Temenos’ T24, at its branches in the UAE.
California-based core banking software vendor Corelation has added three more customers to its list. These are Blue Eagle CU, Brazos Valley Schools CU and Long Beach City Employees FCU.
As banking continues to go digital, online innovators and niche players in North America are getting personal by adding social activities to their customer services.
Save the date! 18th Annual Banking Technology Awards will take place on 6 December 2017 at the elegant Millennium Hotel London Mayfair. Visit our newly updated awards website for more info.
Plastc, a US fintech start-up that created a card that could digitally hold 20 credit or debit cards, is filing for bankruptcy.
BBVA has announced the completion of “the first real-life implementation of an international money transfer using Ripple’s new distributed ledger technology (DLT)”. The transaction, which ran on BBVA infrastructures with real money, resulted in money moved between Spain and Mexio “in a matter of seconds”.
London-based investment management firm Dolfin has gone live with Profile Software’s IMSplus and Axia systems.
Hufsy, a Denmark-based fintech start-up focused on SMEs, is expanding into Germany. Its banking partner in Germany is SolarisBank.
The implementation of the updated Payment Services Directive (PSD2) will affect banking institutions of all sizes, opening up financial services and payments markets to new competitors and service providers. Download this free white paper to be ready!
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
The Central Bank of Lesotho has gone live on Intellect Design Arena’s Quantum Central Banking Solution (QCBS). According to India-based Intellect, the “key highlight was an accelerated implementation with zero errors during migration despite complex integration with multiple external interfaces”. Mothetsi Sekoati, head of business solution at Central Bank of Lesotho, says the project is […]
Following a pilot, IBM says its Watson cognitive technology will be extended to Crédit Mutuel’s 20,000 employees and 5,000 branches in France to help with the bank’s operations. This marks the “first commercial use” of Watson by a financial institution in France to assist its staff. The bank’s customer advisors have been using Watson services […]
GoHenry, a UK-based digital banking solution to help young people manage their money, has appointed fraud prevention firm Featurespace to safeguard customers’ accounts. GoHenry was founded by a group of parents to help young people aged six to 18 “learn good money habits”. It is a subscription service, which offers a prepaid debit card and […]
SouthEast Bank, a $1.2 billion financial institution in the US state of Tennessee, is implementing Fiserv’s DNA core banking system and a range of auxiliary solutions from the vendor.
Prepaid complaints to the Consumer Financial Protection Bureau (CFPB) in the US hit 2,500 in 2016, accounting for about 0.9% of the 291,400 complaints in agency’s latest Consumer Response Annual Report.
India-based software vendor Intellect Design Arena is to provide its Intellect Quantum Central Banking System (QCBS) to Central Bank of Armenia.
Bahrain-based Bank ABC (Arab Banking Corporation) is modernising its digital channels for retail and wholesale banking customers with Backbase’s tech.
The recent performance of Zelle Network, the peer-to-peer (P2P) payments platform with the funny name, is no laughing matter for competing P2P providers.
Many have proclaimed that 2017 will be “the year of artificial intelligence (AI)”, with a 300% increase in investment in its technologies predicted compared with 2016. Start-ups with AI at the core of their business in particular will be looking to benefit from this surge in investment capital, as they did last year when 550 raised $5 billion in funding.
Aaron Cutler, partner, and Loyal Horsley, associate at Hogan Lovells, examine the state-level fintech regulation, proposed legislative solutions, and provides a brief overview of international regulation.
UK-based high-end department store Harrods is to sell its banking business, Harrods Bank.
Piraeus Bank has launched three fully automated e-branches, across the region of Attiki – the first of their kind in Greece. Services on offer include a “remote cashier”, where customers can perform 90% of the transactions provided via a video call with a cashier; remote registration of internet banking through a phone service point; a […]
HSBC France is in the process of replacing its legacy core banking system with SAB AT, provided by local vendor SAB.
US-based Silicon Valley Bank (SVB) has launched new APIs to let its clients programmatically open bank accounts, and send payments using a credit card network and via the automated clearing house (ACH) network. Dan Kimmerling, director, API banking at SVB, says its goal this year is to “develop a broad array of APIs” and wants […]
Lloyds is working with Microsoft to test biometric authentication for customers logging into their Lloyds, Halifax and Bank of Scotland internet banking sites. The three organisations will use Windows Hello to get access to Windows 10 devices using a fingerprint or facial recognition. Devices will recognise the user, “rather than having to remember an assortment […]
Ummah Finance aims to be “the first UK born Islamic bank solely set up and operating from London”, with a fully digital proposition.
Fintech investment fell in 2016 for the first time. On the bright side? Banks are becoming much more active in the space, putting money in 61% more start-ups.
