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.
Google is banking on mobile apps to boost its mobile wallet. The Android Pay parent has linked that service to a handful of banking apps, giving consumers the ability add their cards more quickly to the mobile wallet.
State Bank of India (SBI) has centralised its trade finance operations across 25 countries on Misys’ Fusionbanking Trade Innovation platform. Misys’ partner in India, Encore Theme Technologies, assisted with the implementation.
Two small banks in the US state of Ohio, Southern Hills Community Bank and Ripley Federal Savings Bank, are to merge. The consolidated entity (with the assets of $150 million) will outsource its core processing operations to Connecticut Online Computer Centre (COCC).
You need to tell your customers you’ve been hacked. Now what?
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Mastercard gets approval to buy VocaLink for $920m Deal expected to close in coming weeks. Bank of England implicated in Libor rigging by secret recording Well, it was secret. FIS sheds Ambit Private Banking business FIS inherited it […]
Al-Ahli Bank of Kuwait (ABK) has gone live with a new core banking system at its two branches in the UAE. The new platform is Finacle, supplied by Infosys’ product subsidiary EdgeVerve.
The cybersecurity wars of the future will be fought by good artificial intelligence (AI) bots and bad ones, with the rest of us just watching to see who wins.
UK challenger bank Starling has teamed up with Moneybox to give its customers access to a suite of saving and investing tools. Starling says it is the first digital challenger to join the list of banks supported by the Moneybox app for its “round ups” feature. The service will be available to Starling customers at […]
There is no smoke without fire. The “big smoke”, as London is colloquially known, has been creating a fire of innovation in the financial technology space for years, but there are other UK fintech centres in the Southwest; Cardiff; Manchester/Leeds; and Edinburgh/Glasgow that create their own heat.
Coca-Cola Credit Union in the US state of Georgia is modernising its online and mobile banking with Bankjoy, and its back office tech with Corelation.
First Data has been appointed by Sabis, the IT arm of Spanish banking group Sabadell, to provide processing and acquiring services across its subsidiary TSB. First Data will migrate TSB’s credit and debit card portfolio onto its FirstVision platform. Additionally, First Data will power TSB’s digital payments and provide merchant acquiring services for money and […]
Reserve Bank of Australia (RBA), the country’s central bank, has made a decision to overhaul its core banking technology with TCS Financial Solutions’ Bancs system.
Following the announcement WhatsApp will enter into the mobile payments arena, new estimates from Juniper Research claims Apple Pay contactless users will nearly double over 2017.
FIS has sold its Swiss core banking software business, Ambit Private Banking, which it inherited with the acquisition of Sungard, to New Access Banking Software.
Addressing the views of the Department of Treasury, the CFPB, and the SEC on the regulation of the fintech industry in the US.
Standard Chartered has given a big boost to two Asian start-ups with two proof of concept (PoC) projects. Bambu, a Singapore-based robo-advisory for wealth management firm, and KYC Chain, a Hong Kong-based digital identity management firm using distributed ledger technology, were selected from SuperCharger FinTech Accelerator 2.0 – a 12-week accelerator programme in Hong Kong […]
Two federal credit unions in the US, People First in Pennsylvania and Greater Alliance in New Jersey, have converted to new core processing software. Both are now live on the Keystone platform supplied by domestic vendor Corelation.
White-label digital banking services provider Urban FT is joining forces with Sunrise Banks.
Fintech entrepreneurs still have a few weeks left to win financial backing from two big players in the payment space. The Center for Financial Services Innovation (CFSI) and JPMorgan Chase’s Financial Solutions Lab (FinLab) plan to award $250,000 to programs that help consumers build financial health, “with a special focus on those communities that are frequently underserved, such as older Americans, communities of color, people with disabilities and products that address the gender wealth gap.”
QxBranch, the quantum computing and data analytics software company, has created a quantum computing simulator for the Commonwealth Bank of Australia (CBA).
Payments industry practitioners in the European Union are understandably obsessed with the implications of the revised Payment Services Directive (PSD2). This was evident at the recent European Payments Summit, held in the Netherlands, where PSD2 dominated many of the discussions.
Financial consultancy firm DeVere Group has launched an app-only e-money service as it pushes deeper into the banking and fintech sector. As Banking Technology reported last month, the group took advantage of Lithuania’s ambitions to attract fintech firms and set up a new office in the capital Vilnius. This was preceded by the unveiling of […]
Across the world, branches are disappearing or even getting smaller, but Alawwal Bank, with the help of financial services IT consultancy Synechron, has opened a new digital branch in Saudi Arabia in the form of a coffee shop. The Ibda café is located in the Nakheel mall in Riyadh. The bank says customers can open […]
UK challenger bank Starling has unveiled its developer portal to enable third parties to access customer data and build on top of its platform using APIs. As Banking Technology previously reported, Starling launched its mobile app and is welcoming the first customers through its digital doors to join a beta testing programme. It also recently […]
A secret recording that implicates the Bank of England (BoE) in Libor rigging has been uncovered by the current affairs programme, BBC Panorama. Libor (London Interbank Offered Rate) is used by banks to set prices of financial products. Last year, several ex-Barclays workers were found guilty of manipulating the Libor interest rate between 2005 and […]
