A new report from the International Bar Association has outlined the risks and rewards of artificial intelligence (AI), which while bordering on scaremongering also makes some good points.
An overview of the current fintech regulation in the US by the prudential regulators: the OCC, the FDIC, and the Federal Reserve.
BNP Paribas is buying a 95% stake in Financière des Paiements Électroniques (FPE), which provides the digital-only bank Compte-Nickel. BNP Paribas wants to tap into Compte-Nickel’s growth – citing its 540,000 accounts opened over the past three years and that a new account is being opened in France every 30 seconds. Compte-Nickel also offers real-time […]
Not only is Lloyds cutting branches across the UK, it is now making them smaller in size. With the well-known rise in digital banking, the bank has plans to introduce micro-branches. This means no counters, and two members of staff with mobile tablets to help customers who dare walk into a branch. A spokesperson for […]
Ukrainian start-up Attic Lab has signed a memorandum of understanding (MoU) with Polybius Foundation to provide the blockchain backbone for a new digital bank. As Banking Technology reported in September last year, Attic Lab unveiled its open source blockchain platform and has been gaining some traction with banks in Europe. It will implement SmartMoney, a […]
Another day, another cryptocurrency. A concise round-up of blockchain and Bitcoin events. Features Japan, Lykke, ChronoBank and London’s Imperial College Business School. It’s the land of the rising sums, as Bitcoin is now a legal payment method in Japan. As a result, Bitcoin trades rose today – at 11am (UK time) it was up 2.8% […]
Consorsbank, part of BNP Paribas Germany, has implemented fintech incubator FinLeap’s digital account exchange service, FinReach. Bank users who want to move accounts to Consorsbank can do so in “a matter of minutes” and it is all done completely online. Customers will be shown all the credit transferees – and can choose who is to […]
Australia and New Zealand-based banking group, ANZ, has announced it will be the first Australian bank to introduce voice biometrics on mobile devices to allow higher value transactions. From the middle of this year, customers transferring more than $1,000 through ANZ’s mobile apps will be able to use their voice to automatically authorise high value […]
Accenture Security has completed its acquisition of Arismore, a privately held company in France that specialises in security services including identity and access management. The acquisition was first announced in December last year, and Accenture will take on 270 people from Arismore. Kelly Bissell, managing director of Accenture Security, says the deal “immediately amplifies our […]
With the growth of “mobile working” and an increasing number of business applications migrating to the cloud, the corporate perimeter has become more porous and vulnerable, driving demand for solutions that manage access and user identities securely and efficiently. This is where identity access management (IAM) technologies come into play. ING’s Sicco Boomsma explores.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Impersonation and deceptive double-dealing play their mischievous part in creating massive amounts of financial fraud in the UK. According to figures from Financial Fraud Action UK (FFA UK), losses across payment cards, remote banking and cheques totalled £768.8 million in 2016, an increase of 2% on the previous year. Katy Worobec, director of FFA UK, […]
This is a series of posts on a subject that plays on my mind a little – the application of disruption, and innovation, when it is related through the filter of our use of language, and our desire to seem advanced.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Child & Youth Finance International (CYFI) and Mastercard have released a guide on banking and payment products for minors. The “Safer Payment Products for Minors” guide offers recommended practices on how financial service providers (FSPs) can develop age-appropriate payment products for minors; promoting responsible spending and financial decision-making. Walt Macnee, vice-chairman Mastercard, says: “Today’s minors […]
Iroquois Federal Savings & Loan Association, a $580 million entity in the US state of Illinois, is modernising its front-to-back office technology with Fiserv.
Valley National Bank, a $23 billion financial institution in New Jersey, is implementing nCino’s Bank Operating System for commercial lending.
The UK’s Current Account Switch Service (CASS) says it meets one of the commitments set out in response to the Competition and Markets Authority’s (CMA) final report into retail banking. As Banking Technology reported in January, the CMA accepted undertakings from the Bacs payment scheme, which owns and manages CASS, that commit it to delivering […]
HSBC and business commerce firm Tradeshift have partnered to offer a supply chain and working capital management platform – usable from any device. The platform will let buyers automate and digitise “paper-heavy” processes from all their suppliers and organise financing in one place. This “game-changing” (sounds familiar) solution will combine electronic ordering and invoices, document […]
GarantiBank International (GBI) has gone live with Five Degrees’ Matrix solution for retail savings and deposits in the Netherlands.
Pan-European exchange Euronext has made an irrevocable cash offer of €510 million to acquire clearing and central counterparty (CCP) services provider LCH.Clearnet.
Finantix, a specialist provider of sales and advisory software to financial institutions, is implementing its digital suite at Rothschild Bank.
Deloitte, the Hong Kong Monetary Authority (HKMA) and trade finance banks in Hong Kong have developed a distributed ledger technology (DLT) proof of concept (PoC) for trade finance. Industry participants include Bank of China (Hong Kong), the Bank of East Asia, Hang Seng Bank, HSBC and Standard Chartered (Hong Kong). The blockchain project has created […]
Wells Fargo will pay $110 million to settle a class action lawsuit brought by US consumers over a scandal about fake accounts its employees set up for customers without their knowledge. But the trouble continues for the bank, which has received a dim evaluation from a federal regulator.
Royal Bank of Canada (RBC) has launched a live video service to let its clients connect in real time with its advisors. Called MyAdvisor, it uses an online advice platform to digitally connect a client to an advisor, where both can view and adjust a dashboard showing the client’s savings and investment goals and establish […]
VocaLink’s Pay by Bank mobile payment app will soon be available to customers of HSBC and its subsidiary, First Direct. Pay by Bank app, created by VocaLink’s payment innovation team Zapp, enables people to make “digital debit” payments for goods and services via their banking app, with payment made directly from a current account. HSBC […]
Wells Fargo will pay $110 million to settle a class action lawsuit brought by U.S. consumers over a scandal about fake accounts its employees set up for customers without their knowledge. But the trouble continues for the financial institution, which has received a dim evaluation from a federal regulator.
Axion Swiss Bank has fully replaced its legacy tech – ERI’s Olympic core banking system – with Avaloq Banking Suite.
Oracle is exploring the feasibility of buying consultancy giant Accenture, and has hired specialists to that effect, it is understood.
US-based tech provider FLEX has moved eight credit unions to its core processing software over the last year and made inroads “into the warmer climes of Hawaii”.
Wisconsin-based mutual savings bank PyraMax has chosen Fiserv to modernise its retail banking operations. The bank will move to the DNA account processing platform and add integrated mobile, online and branch banking solutions, including palm-vein biometric authentication. The software will be supplied on an outsourced basis, from a Fiserv data centre. Richard Hurd, CEO and president, […]
San Francisco-based payments specialist Square has landed in the UK. This is the fifth market for Square, following the US, Canada, Australia and Japan.
Enjoy a word-lite delight with our brief fintech funding round-up. Features Clarity Money, The Glue and OOjiBO. US-based Clarity Money, a personal finance app, has announced a $11 million Series B funding round led by RRE Ventures and Citi Ventures. This financing comes three months after Clarity Money launched its product and eight months after […]
Barclays has chosen smart document management provider ClauseMatch for handling policies and standards in one place with a new online editor. London-based ClauseMatch, a 2014 graduate of the inaugural Barclays accelerator programme, will provide its editor to the bank. This tool turns a “fragmented workflow” of Word documents, PDFs and e-mails and replaces them with […]
Pakistan-based Khushhali Microfinance Bank is to overhaul its technology with Temenos. The project will be delivered by National Data Consultants (NDC), Temenos’ partner and integrator in the region.
ransaction monitoring is emerging as one of the top priorities for banks and other financial institutions. Some now employ up to three per cent of their workforce to track financial crime. But, as leadership teams look to increase the effectiveness of their processes in the face of regulatory scrutiny and reduce costs, are there lessons to be learnt from health industry and its battle against infectious diseases?
What can banks learn from the fintech community when it comes to fostering a culture of innovation against a backdrop of regulation?
Data Centre Inc (DCI), a Kansas-based banking software developer, signed five new takers for its flagship iCore360 core banking system in Q1 this year.
Path Solutions and its iMAL core banking system have beaten Temenos and Oracle FSS to a core banking software deal at Trustbank in Suriname.
It’s good to do good but it’s even better to do good and make a profit was my takeaway from a lively discussion around financial inclusion at the recent Citi Digital Money Symposium held in London.
