Correspondent banking enables banks to access products and services which might otherwise be unavailable. By enabling cross-border transactions and access to overseas products, correspondent banking plays an important role in the global payments landscape, states Swift.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
“Transaction banking will undergo a change of character,” states the global banking giant.
Royal Bank of Scotland (RBS) has installed advanced “human” artificial intelligence (AI) to help its staff answer customer queries. The bank says a two month trial has been “successful “and the AI, known as ‘Luvo’, is to be rolled out more widely to support employees, and perhaps bring some tender loving care (TLC) with it. […]
There’s nothing better than going all the way. Challenger bank Atom is now fully open for all customers in the UK. Atom initially launched with an “invitation only” phase, but as of today (6 October) anyone can download the Atom App, both in IoS and Android, and open an account. The App is available to […]
Erik Zingmark and Peter Hupfeld, Co-Heads of Transaction Banking, Nordea, talk about how a changing world is changing banking.
Bank of Lithuania, the country’s central bank and regulator, has signed a memorandum of understanding with UK-based payments and fintech start-up Revolut. Revolut intends to set up a financial institution in Lithuania and obtain a banking licence. Bank of Lithuania will provide Revolut with access to its managed payment systems enabling cross-border payments in euro. […]
SEB will be the first bank to use IPsoft’s cognitive technology for customer-facing operations in the Swedish language. The artificial intelligence (AI) solution, known as Amelia, will be integrated into the front-office set-up at SEB by the end of this year.
Cost savings are not the only thing to consider when relocating your business. Applications, systems, hardware and people are all being moved and a seamless transition is essential to ensure there is no downtime and no risk to your reputation or finances. Most people see international relocation as a cost-saving initiative but if that is […]
US-based Idaho Central Credit Union (ICCU) has launched on Alkami Technology’s ORB digital banking platform – integrating with ICCU’s Fiserv DNA core platform. The new platform offers features such as automated clearing house (ACH), wires, bill pay, external transfers, dual authorisations, entitlements and payment templates. Shannon Marshburn, ecommerce product manager at Idaho Central Credit Union, […]
There’s glee and a spending spree for HSBC as over $100 billion in mobile payments have been made by its corporate customers. The bank says the $100 billion sum was authorised globally through the HSBCnet mobile corporate banking platform since its launch in 2011. The total transaction value of mobile payments has more than doubled […]
Pricing and billing software specialist SunTec has implemented its flagship Xelerate platform at India’s challenger bank, IDFC Bank.
This time we have a genuine Uber moment in fintech. Standard Chartered and Uber are partnering to offer the bank’s credit cardholders cashbacks on Uber rides. This is the “first ever multi-market partnership” for both of them. The deal is for six markets – Singapore, Indonesia, Malaysia, Vietnam, India and the United Arab Emirates – […]
Abu Dhabi Islamic Bank (ADIB) has partnered with Fidor Bank to launch the region’s first “community-based digital bank”. Specifics are very thin on the ground as the bank will have “new services, features and [an] online community”, which will be available for existing and new customers to sign up to in the upcoming months. Can’t […]
Four years on since the start of the project, Sonali Bank UK is yet to go fully live with a new core banking system, Intellect Core Banking. The operations are “partially automated”, says software supplier Intellect Design Arena, but assures that all parties are committed to the project and will compete it in “near future”.
Bank of Ireland has selected Temenos’ T24 core system, Temenos Connect for digital and Insight BI for analytics as part of its five-year €500 million revamp plans – aka Project Omega.
Australia’s Queensland Country Credit Union is replacing its core banking legacy systems and going digital with the help of local vendor Data Action (DA). Adelaide-based DA will be supplying its core banking and digital systems, DA CBS and DA Digital Banking respectively. At the front end, the credit union will get a new internet banking […]
Dutch bank ING is cutting 7,000 jobs as its push to digital banking goes full throttle. In its strategy update “Accelerating Think Forward”, CEO Ralph Hamers and other executives will introduce a number of initiatives – such as investing €800 million in digital transformation from 2016 to 2021. The bank says its programmes will also […]
India-based HDFC Bank has selected Backbase to deliver its new digital omnichannel banking platform, running both its online and mobile banking apps. The mobile banking app, digital banking portal, and web site will run on the Backbase Omnichannel Digital Banking Platform. Backbase will combine HDFC Bank’s existing core banking and back-end applications with its platform. […]
Pokémon Go has taken the globe by storm, capturing the hearts and minds of adults and children alike in their endeavours to “catch ‘em all” in the latest version of the popular computer game, which builds cutting edge augmented reality (AR) technology into its original gameplay. What can banks learn from it?
If you and your partner can never be apart or believe your love has more intensity than Romeo and Juliet, then keep holding hands and read on. US-based Simple, “a tech company, not a bank”, has launched the “Simple Shared” account. It’s a bit like a joint account, but people get two cards and one […]
Citi is to offer direct custody and clearing (DCC) services to clients in Denmark from the fourth quarter of this year. The new offering will expand Citi’s proprietary DCC network to 63 markets globally and 36 markets across Emea. Citi will partner with VP Securities, a provider of securities and investor services in Denmark. VP […]
Top pics and captions from Swift’s Sibos 2016 conference in Geneva! A compilation from day 4.
Read our fourth and final Daily News at Sibos edition of the Sibos 2016 conference in Geneva – all the latest news and analysis from Swift’s premier event of the year. Free to read online or pick up a complimentary print copy if you are at Sibos!
The International Bank of Azerbaijan has partnered with Backbase to implement its omnichannel digital banking platform. With the platform, the bank will be able to provide its products and services to customers through multiple channels synchronously, creating a single multimodal touch point. The contract was signed yesterday onsite at Sibos at Backbone’s booth, between Jouk […]
If central banks want to retain a large share of payments in central bank money, they must innovate, said Andrew Hauser, executive director for banking, payments and financial resilience, Bank of England (BOE). Speaking during the Towards a single platform for all payments session, he said BOE consultation on a refresh of its real time […]
Top pics and captions from Swift’s Sibos 2016 conference in Geneva! A compilation from day 3.
More collaboration is required among members of the correspondent banking community, despite the progress that has been made through efforts such as the Global Payments Innovation (GPI) initiative.
CLS Group has started building a payment netting service, using existing message protocols and distributed ledger technology (DLT), which will be open to all FX market participants – not just CLS members –and will also enable CLS members to net some FX trades that are currently settled outside the CLS settlement service.
Eight years on from the financial crisis, the market climate remains challenging. The global economy is still very shaky, there is still plenty of uncertainty regarding ongoing reforms and interaction with regulators, lending is limited by higher capital requirements, extremely low (or even negative) interest rates are not generating good returns and banks need to invest heavily in IT infrastructures to appease the supervisors.
“First they think it’s stupid, then they think it’s obvious. Blockchain has passed the first test.” These are the words of an economics professor (quoted, but not present) on revolutionary ideas, and perhaps a succinct evaluation of where blockchain is right now. In a packed conference room on the Monday afternoon (26 September), the panel discussed “Blockchain 2020 – what next for adoption by the financial industry”.
Blockchain and distributed technology have been hot topics at Sibos this year, with a raft of announcements from banks and fintechs alike. One of the areas identified as of most promise is trade finance – an area of banking that is rife with paper-based processes.
Standard Chartered Bank has entered into a One Belt One Road (Obor) strategic alliance with China Merchants Bank (CMB) to accelerate the Belt and Road initiative and help promote economic growth and regional cooperation for countries along the Road. Obor is a development strategy and framework that focuses on connectivity and cooperation among countries, primarily […]
Innotribe’s Industry Challenge – the results of which have been just unveiled – was all about blockchain and disruptive technologies. Three star-ups won the challenge to introduce blockchain to the securities sector: SmartContract, Rise and Coin Sciences.
The single euro payments area is up and running and has proved to be a catalyst for change in the payments industry. We look at the story so far.
Artificial intelligence (AI) isn’t new but the rise of mobile and cloud computing, combined with big data and cheap computing power, is driving a resurgence. Convergent technologies mean AI is finding new uses in financial services.
It’s a fintech double as Equiniti has developed a digital banking platform and launched a mobile biometric authentication and identity lifecycle solution.
In the aftermath of the financial crisis, transaction banking was considered a reliable source of income for global banking groups. But nearly a decade on, multiple factors are putting pressure on transaction banks’ revenues. This year’s World Payments Report suggests banks increase their investments in digital solutions to offer more compelling propositions to their corporate treasury clients.
Credit Union Australia (CUA) can now onboard a customer in two minutes, including ID verification, offer generation and account generation to the core. The underpinning solution is provided by a domestic fintech start-up, Cloudcase Software Solutions.
In early June, Reuters disclosed that the US Federal Reserve had detected more that 50 cyber security breaches from 2011 through 2015. It should be noted that this may only represent a small fraction of the Fed’s total exposure during this period. It turns out that, unlike the Washington-based Board of Governors, the 12 privately […]
