EBA Clearing, a provider of payment infrastructure solutions owned by 53 major banks in Europe, has published the specifications for its future pan-European real-time payments solution. The new solution is set to go live in November 2017. It will comply with the SCT Inst Scheme of the European Payments Council (EPC). The document, which can […]
Lebanon-based Blom Bank has signed for Wolters Kluwer’s flagship solution, OneSumX, for operational risk management. The project will be delivered by the vendor’s local partner, Advanced Financial Solutions. OneSumX Operational Risk “automates and simplifies” the process of collecting, storing, analysing, tracking and reporting on information relevant to operational losses, risk and control assessments, says Wolters […]
With digital banking (and particularly mobile) sharply on the rise in the UK – according to the latest figures released by the British Bankers Association – who is leading among the UK retail banks? We have put together some nifty stats for the top ten online banking sites in the UK for the past month (data […]
It has been a couple of weeks of important announcements in the challenger banking space, with some interesting long-term trends emerging in the sector. Two new challenger banks have received their banking licences in the past week. Berlin-based Number26 renamed itself N26 and received its full banking licence from the European Central Bank and German […]
In recent years we have seen a strong trend for institutional trading desks to leverage their data to improve trade execution results and become more recognised as active participants in portfolio performance. Two important applications of predictive analytics have arisen, both aiming to improve the manner in which trading algorithms are used and controlled. It […]
European financial services companies must close the gap between vision and execution in their digital strategies, and here are the findings to support this statement. Whilst major European banks and insurance companies appear ready to embrace digital as a solution for maintaining both revenues and relevance, research from Accenture shows they will need to work a […]
Absa has launched a MasterCard-powered digital wallet and ChatBanking for Facebook Messenger. ChatBanking will let customers conduct banking without having to leave the social media platform; and follows on from the recent introduction of Absa ChatBanking on Twitter in May. Ashley Veasey, group CIO and chief digital officer at Barclays Africa (Absa is majority owned […]
Australian bank Westpac is to trial the use of artificial intelligence (AI) in its digital banking systems, as it looks to automate customers’ queries. With the rise of digital banking, Westpac’s general manager of consumer digital, Travis Tyler, says it is looking at using “bots” to respond to customers’ simple questions. One example includes the […]
The UK’s second largest building society, Yorkshire Building Society Group (YBSG), has opted for Unisys’ Stealth product to secure customer data and achieve compliance with the new Payment Card Industry Data Security Standards (PCI DSS). This is a five-year deal. YBSG will use Stealth to micro-segment its network to create secure communities of interest (COIs), […]
Soumik Roy, Banking Technology’s editorial contributor based in India, explores India’s digital banking landscape, examines innovative players like DBS digibank, and ponders what’s next for the nation’s fast-paced fintech sector. Electronic banking and payments are rapidly picking up pace in India; citizens love the convenience, the government hopes it will drive transparency and reduce the […]
Entries are now open for the prestigious Banking Technology Awards – the premier event recognising excellence in the use of technology in banking and financial services, strive for innovation, and professional contribution to the industry’s betterment. Highlights A comprehensive list of categories to laud the best of the best across a broad range of IT […]
MasterCard plans to become a payment service provider in China, according to Reuters. It is still pondering whether to do so alone or with a partner, it is understood. Ann Cairns, president of international markets at MasterCard, told Reuters that China is “pretty crucial” to MasterCard’s future, but the company is still “trying to understand […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! BBA records dramatic increase in mobile banking usage Digital banking is in a “consumer-led revolution”. MasterCard buys VocaLink for $920 million Current owners Barclays, HSBC, Lloyds and RBS will receive a handy windfall. Cidel Bank implementing ERI’S Olympic […]
Since the global financial crisis, there has been an endemic environment of low interest rates and currency fluctuations. The effects of quantitative easing have been broadly felt by institutions across the globe; and have created major challenges for central banks, sovereign wealth funds (SWFs) and government pension funds. In addition to this, equity market declines […]
British Bankers Association (BBA) says digital banking is in a “consumer-led revolution”. Its latest report – Way We Bank Now – shows a drastic increase in consumers using digital channels to manage their money. Changing customer habits and major technological advances in banking have resulted in the following: Customers are using mobile banking apps more […]
John Davies, CEO of The Just Loans Group, an alternative lender to UK businesses, argues that rather than being disruptive, fintech is enabling a return to how business banking used to be: a business would have a dedicated account manager who was genuinely interested in a customer’s business and had the time to give it guidance. Clever […]
Société Générale has acquired a stake in TagPay, a French mobile banking firm, as it looks to develop mobile banking in Africa. Société Générale says the deal will support the development of TagPay on the market and it will roll out the service to its African subsidiaries. TagPay’s mobile-centric core banking system, also called TagPay, […]
Artemis, a UK-based fund manager with £22.6 billon assets under management, is implementing new behavioural analytics software for compliance. The solution – called Compass – is provided by specialist vendor Sybenetix. It will support the market abuse surveillance functionality, case management and conduct management, end-to-end. This is a multi-year deal and is an extension on […]
German digital bank Number26 becomes N26 and has received its banking licence, 1.5 years after launching. After applying for the licence nine months ago; Germany’s Federal Financial Supervisory Authority (BaFin) and the European Central Bank gave the bank regulatory approval to conduct operations across Europe. “This banking licence is an important additional step for us […]
Standard Chartered Bank is bringing its video banking service to Asia, Africa and the Middle East, the “biggest roll-out of its kind by any international bank”. The bank says more than five million clients in nine markets across the continents will get access. The service is already live in Malaysia and Singapore, and will launch […]
NCR Corporation and Wells Fargo have established a team focused on research and development in ATM and retail banking customer experience. Over the past eight years, NCR and Wells Fargo have worked together on other projects. These range from cash- and check-processing to self-service devices. The latest agreement expands the relationship to a “more strategic […]
UK internet banking has been affected by a BT fault with its broadband and telephone services. In a tweet today (20 July), BT says: “Sorry, we’re aware of a problem & working to fix ASAP.” Some internet banking customers at Barclays, Halifax, HSBC, Lloyds, Royal Bank of Scotland, Natwest and Santander have been unable to […]
Swift Scope has been named by Deutsche Bank Global Transaction Banking (GTB) as the preferred solution for intraday liquidity reporting requirements. Swift Scope is an automated, end-to-end business intelligence solution used to collect and consolidate data, and provide the analysis required to monitor and report intraday liquidity flows. It supports compliance with the Basel Committee […]
Bank Leumi USA, part of the Bank Leumi Group, has replaced its legacy technology platform with FIS’s banking and payments solutions, including core processing, branch, digital and mobile banking, compliance, risk and back office systems. FIS says it was a “big bang” project implementation and large in size and scope for a mid-sized banking institution. […]
OakNorth has become the first challenger bank to launch Facebook at Work as the platform prepares for its global launch later this year. Facebook at Work is the professional version of the social network, enabling individuals to set up an account that is separate from their personal Facebook but works in almost the exact same […]
Barclays and MuleSoft, a platform provider for building application networks, have teamed up to host a digital banking hackathon. The hackathon will take place at Barclays Technology Centre Radbroke in Cheshire (UK) on 20-21 July. The event aims to foster innovation and harness technology to build a range of new financial services solutions. Peter Josse, […]
Canada-based Cidel Bank & Trust is implementing ERI’s flagship Olympic core banking system. Banking Technology understands that the deal was inked at the start of 2016. The implementation has already begun, and will equip the Cidel group with portfolio management and reporting tools, an automated transaction processing capability and an omni-channel client service architecture. Craig Rimer, […]
Financial systems vendor Infosys has reported a fall in profit for Q1 2016 due to slower than expected project ramp-ups on deals it had won in previous quarters. For the quarter ended 30 June 2016, net profit was $511 million – a quarter-on-quarter (QoQ) decline of 4.1%, but a year-on-year (YoY) growth of 7.4%. Operating […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Merging tech, avoiding “turf wars”, embracing change, careful planning and ensuring alignment between the companies – there is plenty to think about in any merger and acquisition (M&A) deal to ensure its success. Some relief, however, might come in the form of a cloud. When and how should this technology be applied? Banking Technology contributor, Graham Jarvis, […]
As regulatory pressures mount, Jon Hallam of GoldenSource explains why removing the burden of data management from the shoulders of fund managers can help deliver absolute returns for investors. From investors wanting more bang for their buck to increasing regulatory reporting requirements, it’s fair to say that asset managers have had a fair bit to […]
Lloyds Banking Group has launched a new mentoring scheme giving fintech start-ups access to its workforce’s expertise. The support offered includes refining concepts to strengthening business models within a flexible timeframe determined between the mentor and the start-up. The mentors will come from all areas of Lloyds and will be matched with start-ups according to […]
Unified Payments Interface (UPI), launched in April by the National Payments Corporation of India (NPCI), will go live by the end of this month with 15 participating banks. UPI offers instant, online bank payments, and is seen as a major change to the Indian financial sector. It enables banks to provide real-time payments through QR […]
Brazilian online bank Neon has launched – offering accounts only accessed through a smartphone. The bank, founded by 24-year-old entrepreneur Pedro Conrade, is targeting the millennial crowd and its goal is to reach 100,000 active customers in its first year of operation. Neon says it will be the first bank in Brazil to use biometric […]
Russia-based Tochka Bank of the Otkritie Financial Group has launched the world’s “first” Facebook bot for a range of financial services. The bot will allow the bank’s clients to check their accounts, find nearby ATMs using geolocation, call the bank, contact customer support and make payments via Facebook messenger. Elena Budnik, chair of Otkritie Bank’s […]
The Reserve Bank of India (RBI) has put together an inter-regulatory working group (WG) to study the entire gamut of regulatory issues relating to fintech and digital banking in India. The move is designed to help facilitate their development and is the latest in a long list of technological advances in the country. Aside from […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Swift seeks stronger network security Strikes back after hacks. IBM to open blockchain innovation centre in Singapore Big Blue stays true to blockchain. Starling Bank gets UK banking licence Aims to launch to customers by January 2017. Unibank […]
Ghana-based Unibank has completed a major upgrade from Temenos’ T24 R8 core banking system to R15. The bank is the first in Africa to be up and running with this version of Temenos’ flagship product, Banking Technology understands. Unibank is a mid-sized universal bank in Ghana, with assets of around $430 million. The project was […]
In the face of an ever rising digital agenda in Europe, banks are jumping on the fintech bandwagon, hoping to jumpstart innovation. Technology stands today as a catalyst for change in established banking institutions, write Astrid Froidure, digital transformation lead at Open Reply, and Fausto Jori, owner of E-finance Reply. The spark comes in a […]
New challenger bank Starling has received its UK banking licence and adopted Faster Payments. Starling Bank says the licence comes with unspecified “restrictions” from the Prudential Regulation Authority and the Financial Conduct Authority. The bank aims to launch to customers by January 2017. Anne Boden, CEO, Starling Bank, says: “For the past year, our team […]
