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.
Banking
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).
Surety Bank to swap legacy core banking system for Nymbus’ SmartCore
Florida-based Surety Bank is embarking on a core banking software overhaul with Nymbus. The bank will implement Nymbus’ flagship SmartCore system. The solution will be delivered in a private cloud.
Vontobel in digital banking transformation with Appian
Appian, a US-based provider of low-code application platform, says it has been enlisted by Vontobel Bank “to execute its digital transformation strategy across all business divisions”.
Avaloq Community Conference 2017: embracing blockchain and Bitcoin innovation
Swiss core banking software vendor Avaloq is prepared to tap into the potential of blockchain and Bitcoin over the next 12 months as it seeks to experiment and innovate more in these areas.
Fiserv sets sights on mobile payments tech vendor Monitise
US tech giant Fiserv has offered to buy Monitise, a UK-based mobile payments software and solutions provider. The cash offer to acquire is at 2.90 pence per share – valuing Monitise at approximately £70 million.
White paper: choosing the right in-memory computing solution
As in-memory computing (IMC) gains momentum across a wide range of applications, from fintech and ecommerce to telecommunications and internet of things (IoT), many companies are looking to IMC solutions to help them process and analyse large amounts of data in real time.
Zelle P2P payments network onboards new members
More banks and credit unions have joined Zelle Network, a new peer-to-peer payments platform in the US.
Path Solutions scores first core banking system deal in Morocco
Crédit du Maroc (CDM), a Morocco-based subsidiary of the Crédit Agricole group, has signed for Path Solutions’ iMAL core banking system to support its newly launched participative banking window.
Calastone completes first phase of blockchain project
Global funds transaction network Calastone says it has “successfully” completed the first phase of its blockchain distributed market infrastructure proof-of-concept (PoC).
Yes, (financial inclusion) minister?
In today’s seemingly financially connected world, where we can send money to one another via our smartphones, and manage our spending habits via apps, it’s pretty hard to believe that financial exclusion is still a reality in the UK. Yet, a shocking 1.7 million adults in the UK still don’t have access to financial services.
Redwood Credit Union launches mobile P2P payment service
California-based Redwood Credit Union (RCU) has launched a new mobile peer-to-peer payment solution, RCUPay. “RCU ends the IOU,” the credit union states.
Case study: Amsterdam Trade Bank – Amster-can
A bank-wide replacement of its main business applications is ambitious enough but it is just the starting point for Amsterdam Trade Bank (ATB), as it seeks to harness new technologies, adopt a new culture and digitise its business.
Moroku’s Marrakash makes a splash with POS software deal
German payments company AEVI and Australian software firm Moroku have teamed up to offer POS software in AEVI’s B2B app store. Called Marrakash, Moroku’s software is for small retail and hospitality merchants that integrates their business, products, customers and payment systems into one platform. Moroku says it lets firms run their business “entirely from a […]
Top fintech stories this week – 9 June 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Build your own app with TCS Bancs kit
Tata Consultancy Services (TCS) has unveiled its Bancs app development kit (ADK) to let banks design and build their own apps. The firm says the ADK enables financial institutions to build their digital offerings without the need for mobile development skills. The ADK comes with its own array of widgets, controls and components; and the […]
Mizuho goes open banking on IBM cloud
Mizuho Bank has opted for a suite of IBM services to power its open banking ambitions in Japan. The bank will use IBM’s FinTech API solution, API Connect on the IBM Cloud and IBM DataPower Gateway. The shift to API banking is a common theme for many in fintech at present. According to IBM, the […]
Hong Kong regulator unveils private wealth management charter
Fair play is on its way as Hong Kong’s Private Wealth Management Association (PWMA) has adopted the “Treat Customers Fairly Charter for Private Wealth Management Industry”. Developed by the Hong Kong Monetary Authority (HKMA) and the PWMA, the charter has five “high-level principles” and examples of measures to guide PWMA members in their implementation. These […]
Bankjoy scores digital banking tech deal with SafeAmerica Credit Union
California-based SafeAmerica Credit Union is building a new omnichannel banking platform with fintech start-up Bankjoy.
RBS joins forces with RocketSpace UK for new tech campus
San-Francisco based RocketSpace, with the support of Royal Bank of Scotland (RBS) and NatWest, has opened its campus in London for fintech and tech start-ups. Housed in NatWest’s (a subsidiary of RBS) Regents House in London, the campus is the “first of its kind” in the capital and RocketSpace’s only international location. The campus occupies […]
Fintech funding round-up: 7 June 2017
Fintech funding can be an intense blur of money, jargon and unerringly similar expansion plans. Here’s a round-up that gets to the heart of the matter. Features Plynk, IHS Markit, Barclays, Goldman Sachs, HSBC, Morgan Stanley and Wahed. Ireland’s Plynk, a money messaging app, has revealed a Series A raise of €25 million. Led by […]
SBS Bank in major digital revamp with Sandstone Technology
New Zealand-based SBS Bank is rolling out a new “end-to-end” digital banking platform supplied by Sandstone Technology.
When large projects go bad: leadership, operational change and a dose of reality
Large-scale operational projects within asset management firms are notoriously ambitious, incredibly complex and extremely hard to deliver. Global system implementations are a common culprit, where often multiple applications (some legacy) are being replaced.
Local banking for global trading – an impossible goal?
Anders la Cour, CEO of ground-breaking payments utility Saxo Payments Banking Circle, which is underpinning the service propositions of a growing number of payments businesses, reports on the payment pain points currently faced by merchants who have ambitions to trade globally.
HSBC launches social network for business customers
HSBC Commercial Banking has launched its Connections Hub, a digital platform to connect buyers and sellers around the world. Businesses in Canada, China, Hong Kong, India, Mexico, Singapore, the UK and the US can sign up to the multi-lingual hub for free. The service will be available to customers in France in the coming weeks […]
Scale360 powers TPBank digital branch network in Vietnam
It’s another farewell to tradition as Vietnam’s TPBank has opted for Scale360’s “Digital Branch” network across the country. The digital option from Scale360, a UK-based fintech start-up with a development centre in Bangkok, replaces the usual brick-and-mortar branch with a video link. The bank plans to open 50 such branches across Vietnam. Branded as TPBank’s […]
New edtech project for financial services, CFTE, launches
The Centre for Finance, Technology and Entrepreneurship (CFTE), a new educational platform for the finance industry, has been unveiled. “In a tech world, we bet on people,” CFTE states.
