Banking Technology February 2017 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Blockchain
Insurtech in 2017: making insurance great again
There are many reasons to be excited about insurtech in 2017!
Irish Funds and Deloitte power blockchain for regulatory reporting
Irish Funds is working with Deloitte and others to develop a blockchain proof of concept (PoC) for regulatory reporting. The project will focus on the Resident Investment Fund Returns (Money Market and Investment Funds Returns Reporting – MMIF) regulation and will use blockchain and smart contract technology to create a platform for regulatory reporting accessible […]
Wall Street Blockchain Alliance launches Blockchain Assets Working Group
The Wall Street Blockchain Alliance (WSBA), a US-based non-profit trade organisation, has set up a new working group – the Blockchain Assets Working Group (BAWG). It will focus on “native assets riding upon public blockchains, such as Bitcoin, Ethereum, Zcash, and more”, WSBA explains.
Blockchain and Bitcoin round-up: 1 February 2017
The world moves fast, so you need a fast read. A round-up of key events to save you time. PayCommerce, an open cross-border payments network, has completed its real-time, cross-border payment, clearing and settlement testing. It is the first phase of its multi-country global roll out strategy and was done between the US and India. […]
NBAD first Middle East bank to go live on Ripple’s blockchain
The National Bank of Abu Dhabi (NBAD) is the first Middle East bank to introduce real-time cross-border payments on Ripple’s blockchain network. Ripple says its tech fits within NBAD’s existing infrastructure and offers an end-to-end payment flow providing “transaction immutability and payment integrity”. Vineet Varma, managing director and head of global transaction banking, NBAD, says […]
The Monday mindset: 30 January 2017
Fintech zeitgeist! Welcome to the third in a new series of brief reports. Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week we welcome the views of guest writer Soumik Roy. Last week, […]
Cyren sounds siren over Bitcoin siphon scam
US-based internet security firm Cyren has discovered an outbreak of malware which is stealing passwords as well as Bitcoin from cryptocurrency wallets on PCs. Avi Turiel, director of threat research at Cyren, says in a blog post this “versatile” keylogger malware is being delivered as an attachment to phony bank transfer emails, which inform the […]
Ecobank launches fintech challenge for start-ups
Pan-African banking conglomerate Ecobank has launched a fintech challenge for start-ups. The event, open to Africa’s entrepreneurs, innovators and developers, provides an opportunity to win $500,000 in funding as well as partner with Ecobank and roll out services across 36 countries.
SAP shows the world how digital transformation is done
While many traditional tech giants have been struggling to come to terms with the connected economy, SAP’s latest earnings indicate it is adapting well to the world of cloud computing.
Commonwealth Bank and Queensland Treasury Corporation create world’s first blockchain-based government bond
Commonwealth Bank of Australia (CBA) has issued a cryptobond for Queensland Treasury Corporation (QTC) using its capital markets blockchain platform. CBA says it is “the first blockchain bond issuance by a government entity both in Australia and in the world”.
Deutsche Börse goes blockchain for cash transfers
Deutsche Börse has developed a concept for the “riskless” transfer of commercial bank money via an infrastructure based on distributed ledger technology (DLT)/blockchain. By combining blockchain with its post-trade infrastructure, Deutsche Börse says the same as everyone else – such as it will “achieve efficiencies” and will investigate “possible new business opportunities”. Via collateralisation at […]
Deloitte opens blockchain lab in Dublin
Deloitte has launched its new EMEA blockchain lab at Whitaker Court in Dublin’s “Silicon Docks” district in the Republic of Ireland. The new lab follows Deloitte’s recent lab launch in New York. At that time, Eric Piscini, principal with Deloitte Consulting, said 2017 could be its “make-or-break year” for blockchain. The Dublin-based blockchain team will […]
IBM: AI needs more than just technology
Artificial intelligence (AI) on its own isn’t enough to compete – companies need industry-specific solutions to business problems. So said Martin Schroeter, IBM’s senior vice-president and chief financial officer, on the company’s quarterly earnings call.
Fintech tour Hong Kong: Ayannah triumphs in start-up final
Philippines-based Ayannah, a provider of financial services to migrants and the unbanked, was the overall start-up winner in the Next Money Fintech Finals 2017 in Hong Kong.
Finra highlights possibilities of blockchain tech for the securities industry
Financial Industry Regulatory Authority (Finra), a non-governmental organisation that regulates member brokerage firms and exchange markets in the US, has published an extensive report, evaluating the implications of blockchain for the securities industry.
Blockchain can help investment banks save $8bn per year, Accenture says
Accenture and operations benchmarking consultancy firm McLagan evaluate the applications of distributed ledger technology (DLT) in investment banking operations in the “Banking on Blockchain” report.
HSBC to capitalise on tech innovation with technology advisory board
HSBC has appointed a technology advisory board of top-level specialists from around the globe as the banking giant is keen to capitalise on opportunities in artificial intelligence (AI), biometrics, blockchain and data science, combat cybercrime and leverage its global infrastructure.
Fintech tour Hong Kong: Spirit levels and start-ups
Hong Kong is telling its citizens and the world that fintech start-ups are welcome to do business and capitalise on the nation’s entrepreneurial spirit.
RosEvroBank builds blockchain platform for remote customer identification
RosEvroBank, a top-50 bank in Russia, has created a prototype of a blockchain-based system that enables remote verification of customers for other financial institutions. The decentralised system is built on the Microsoft’s Ethereum Consortium Blockchain infrastructure.
RBI investigates blockchain for financial applications in India
The Institute for Development and Research in Banking Technology (IDRBT), set up by the Reserve Bank of India (RBI), has recently issued a whitepaper, “Applications of Blockchain Technology to Banking and Financial Sector in India”. We summarise the report and highlight the key findings.
Seven European banks join forces for blockchain platform for SMEs
Seven European banks – Deutsche Bank, HSBC, Natixis, KBC, Rabobank, Société Générale and UniCredit – have agreed in principle to develop a blockchain-based shared platform for domestic and international commerce for SMEs.
Blockchain incubator Adel unveils P2P retail banking network
Blockchain incubator Adel has unveiled its project framework for people to create a peer-to-peer (P2P) network in retail banking. The firm says it will work in the “same way as Airbnb and Uber revolutionised the hospitality and taxi industries”. “Anyone with a car can be a taxi. Anyone with accommodations can be a hotel. Anyone […]
Top fintech stories this week – 13 January 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Deloitte opens blockchain lab in New York
Deloitte has launched a blockchain lab in New York’s Wall Street. 2017 could be its “make-or-break year” for blockchain, says Eric Piscini, principal with Deloitte Consulting. Joe Guastella, another principal with Deloitte Consulting, says its “ecosystem for education, ideation [we missed you jargon], strategy, application prototyping and development is there to support Deloitte’s clients and […]
Axis first bank in India to use Ripple’s blockchain network
Axis Bank has become the first bank in India to use Ripple’s blockchain network for cross-border payments. The bank, the third largest in the private sector, will use the network for real-time settlement as it targets future growth. Amit Sethi, president and CIO at Axis Bank, says: “We will come out with solutions for our […]
Will Starbucks make Bitcoin mainstream?
In the latest sign that Bitcoin is moving into the mainstream, iPayYou, a US-based platform, said its technology now will enable coffee and food purchases at Starbucks, a chain typically associated with middle- and upper-class urban and suburban lifestyles, reports Paybefore. The partnership comes as Bitcoin approaches new highs, with its price shooting past $1,100 […]
DTCC selects IBM, Axoni and R3 to develop blockchain for derivatives
The Depository Trust & Clearing Corporation (DTCC) has chosen IBM, in partnership with Axoni and R3, to provide a blockchain/distributed ledger technology (DLT) framework to drive improvements in derivatives post-trade lifecycle events. The firms will work on DTCC’s Trade Information Warehouse (TIW), building a derivatives distributed ledger solution for post-trade processing. The TIW service currently […]
Top ten fintech features in 2016
Look back at some of the top-read feature articles on all matters fintech published by Banking Technology in 2016.
Alpari Bank and Attic Lab embark on blockchain-based e-money project
A Ukrainian fintech start-up, Attic Lab, has signed a deal with a local bank, Alpari Bank, to implement blockchain-based banking system SmartMoney.
Top ten blockchain stories in 2016
It felt like there was a blockchain story every day in 2016, but we look back at some of the bigger stories with Banking Technology’s top ten! Microsoft and AMIS launch Asia’s first blockchain consortium Microsoft says it is also in “collaboration” with banks such as Ubon Financial, Cathay Financial Holdings and MegaBank to further […]
Top fintech stories this week – 23 December 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! The last weekly news round-up of 2016. Happy holidays from everyone at Banking Technology!
State Street tests blockchain for securities lending
State Street is concluding its testing of a blockchain system from securities lending and is pondering its roll-out in 2017.
BNP Paribas trials blockchain payments for two corporate clients
BNP Paribas has processed “several live payments” using blockchain technology for two of its corporate clients, Amcor and Panini Group.
Fintech funding round-up: 20 December 2016
Because you’ve all been so good this year, here’s a fintech funding round-up to save you time… so you can eat and drink more over Christmas. Goldman Sachs, JP Morgan Chase and a group of other financial institutions including ICAP’s venture arm are finalising an investment in blockchain start-up Axoni, according to Reuters. New York-based […]
Euroclear and Paxos pilot blockchain gold settlement
Central securities depositary Euroclear and blockchain firm Paxos have completed the first pilot for Euroclear Bankchain, a new blockchain settlement service for London bullion due to go live in 2017. Over 600 OTC test bullion trades were settled on the Euroclear Bankchain platform over the course of the two-week pilot. Angus Scott, director, product strategy […]
ICAP looks to blockchain for FX trades
ICAP, a UK-based financial services firm, is jumping on the bandwagon and getting ready to process foreign exchange (FX) trades on blockchain, according to the Financial Times. As Banking Technology reported earlier this year, ICAP’s post trade risk and information division completed a proof of technology test case for blockchain – so its interest is […]
ABN Amro pilots blockchain in commercial real estate
Amsterdam-based ABN Amro Bank has launched a pilot to explore how its blockchain application Torch can be used in real estate transactions to record and exchange information. The bank says real estate transactions involve numerous parties, such as buyers, sellers, tenants, landlords, appraisers, notaries, banks, the Land Registry Office, the Chamber of Commerce and regulators. […]
Microsoft and AMIS launch Asia’s first blockchain consortium
Microsoft has teamed with AMIS and the Industrial Technology Research Institute of Taiwan (ITRI) to form Asia’s “first” consortium blockchain network on Azure. They will use AMIS’s blockchain solutions with Azure as the cloud platform – “the only platform with BaaS” (Banking-as-a-Service). Azure will provide public, private and hybrid cloud models; and business and technical […]
Blockchain: a real opportunity for retail financial services
Given the pace of change and innovation underway in traditional industries it would take a brave person to predict how the finance industry will look in five years’ time, however I don’t believe high street banks will disappear and be replaced by online blockchain alternatives, the regulatory hurdles are just too high.
