A distinctly cheerless round-up as we highlight some key moments regarding fintech layoffs. Features Simple and Royal Bank of Scotland (RBS). US-based digital banking service Simple has fired 33 staff members (about 10% of its workforce), including several executives, according to The Oregonian. Simple’s CMO, chief people officer, VP of operations, and VP of engineering […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
With standards as simple as what we see with shipping containers, creative folks will begin considering options for almost anything that can benefit from these containers being mobile. The user experience that today we enjoy with mobile devices has changed the very heart of today’s data centre even as we see on-premise IT moving to clouds. Couldn’t a case be made that such flexibility be embraced even more aggressively in the future and couldn’t that change the very way we view banking as it continues to transform?
Canada’s banking group CIBC has unveiled Simplii Financial, its new direct banking brand, signalling the end of its President’s Choice (PC) Financial consumer banking business with retailer Loblaw. Mike Boluch, EVP, direct banking, innovation and payments, CIBC, says Simplii will deliver “straightforward, no-fee everyday banking” and offer services by telephone, online, or through mobile and […]
Denmark-based mobile banking service Lunar Way has launched its travel card – and the chance to experience the world without fees. Its newest feature, called the Lunar Way Travel Card, is its attempt to stand out in a world of roaming charges. Lunar Way says: “One area where the consumer has always been stung is […]
Credit Union Australia (CUA) has joined a group of banking providers, becoming the exclusive Australia and New Zealand partner of Pivotus Ventures. The deal – which also includes the UK’s Nationwide Building Society, US bank Umpqua and the Netherlands’ De Volksbank – will let CUA develop new digital banking opportunities. The ideas are being developed […]
In the P2P showdown, who will be left standing? See how early entrants like Venmo and Square Cash stack up against Zelle and Apple.
Samsung will launch a pilot programme that enables Bank of America (BofA) customers to log into their mobile banking app by taking a picture of their eye, reports Finovate (Banking Technology‘s sister company). According to a report from American Banker’s Penny Crosman, half of BofA’s customers are using fingerprint authentication to log into their app, […]
Digiliti Money may be able to breathe a bit easier with a new acquisition offer on the table after a tumultuous few weeks.
Banks are beginning to re-align their internal processes and external-facing products to take advantage of, and more fully realize, the potential of digital transformation. One of the biggest challenges they come up against in this pursuit is how to balance customer experience and security. In other words, implementing a framework that accounts for all the […]
SEFCU, a top-50 credit union in the US, is modernising its core processing software with Fiserv.
Peer-to-peer (P2P) lender Prosper released its second quarter earnings recently, just days after the company shuttered its consumer-facing bill management system.
Market players are bullish on the near- and longer-term promise of fintech, according to new research by Opimas, “Fintech Spending and Innovation in Capital Markets”. In 2017, it estimates fintech spending across all capital markets participants to exceed $127 billion.
Paytm, e-payment/e-commerce brand and payments bank, is bringing the QR code scanning habit to the Indian masses, while Amazon Pay has launched a digital wallet.
Many famous faces have decorated our notes over the years, but just like the cheque, cold, hard cash is living on borrowed time.
In the age of the internet, fintech dominates finance. In the UK, the sector is currently worth £7 billion, employing around 60,000 people with figures set to increase. The industry is definitely awe-inspiring, but as the lines between traditional banking services and fintech blur, fintech could disappear entirely.
Since 2012, the top ten US banks (by assets under management) have participated in 72 rounds totaling $3.6 billion to 56 fintech companies, according to CB Insights. While investment activity dropped on a quarterly basis in Q1 2017, four of the last five quarters have seen over $1 billion invested into fintech start-ups in the US backed by venture capital firms.
Instead of reporting its second-quarter earnings today, Digiliti Money Inc. plans to file for an extension with the SEC after its accounting firm flagged problems with its previous financial reports, the company announced Aug. 14.
Nigeria-based Skye Bank has launched a new digital banking platform, SkyeXperience, built on the Oracle FSS tech. The bank plans to enrol over two million clients on the new solution by the end of next year.
People often need financial advice that’s best suited to meet their needs, which differ from one generation to another. You cannot expect millennials to consume the same financial advice as baby boomers. Times have changed, so financial institutions and experts also need to change their approaches to cater for the needs of a much younger clientele that’s distrustful of not only the government, but also financial institutions.
Fintech zeitgeist! This week, Banking Technology’s editor Tanya Andreasyan muses about the growing trend of celebrity endorsement in the fintech world.
UK-based challenger bank Tandem received an emergency cash injection of £3.6 million from its existing investors earlier this year when a major funding deal with House of Fraser collapsed.
PayPal has set up two innovation labs in India – based out of the company’s tech centres in Chennai and Bangalore – to help the country’s fintech start-ups grow.
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi and UAE Exchange have teamed up “to support, develop and promote the fintech” ecosystem in the country.
Business-to-business (B2B) payment solutions company Trustly has partnered with e-commerce payment provider Qliro.
Managing a relationship is stressful enough without introducing unnecessary miscommunications about day-to-day spending. This is one reason why many couples maintain separate spending accounts with pre-defined responsibilities (e.g. you pay the rent, I’ll pay the utilities, etc).
Amid the hustle and bustle of MoneyConf in Madrid, Banking Technology managed to grab a coffee with Matteo Cassina, global head of sales at Saxo Bank. Conversation turned from the demise of bank branches to the rise artificial intelligence (AI) and open banking.
This infographic, courtesy of Savi Technology, explains how blockchain links offer immutable, trackable parcels of data that can include “smart contracts”, instructions such as other transactions that will be triggered to perform automatically later.
EXCLUSIVE: Barclaycard is launching a pilot that enables merchants in the UK to accept in-store Alipay transactions. The pilot will commence on 14 August 2017 in eight retail stores across the UK, with Barclaycard providing the POS solution for payments via Alipay.
Facebook-owned messenger app WhatsApp submitted a new update through the Google Play Beta Programme, which will make payments available in the app’s new version.
Ant Financial, Tencent and 42 other payments and financial services firms in China have agreed to route their payments transactions through a new clearing house, controlled by Chinese government.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
After a spate of recent partnership announcements to expand its acceptance network and P2P reach, PayPal is buying Swift Financial to boost its small business lending division.
In a Series B round led by Commerce Ventures, digital identity verification specialist Socure raised $13.9 million in new funding. The investment, which also featured the participation of Flint Capital, Santander InnoVentures, Synchrony Financial, Two Sigma Ventures, and Workbench, takes Socure’s total funding to $27.5 million.
Colorado-based Public Service Credit Union (PSCU), the state’s third largest credit union with more than $2.3 billion in assets, 28 branches and 219,00 members, has completed the roll-out of its new digital banking platform – powered by Malauzai Software.
HSBC and IBM are working on a project “to develop a cognitive intelligence solution combining optical character recognition with advanced robotics to make global trade safer and more efficient”.
Banking software developer Mambu has inked a large deal with Fuse, the lending arm of Filipino financial technology firm Mynt. Mynt itself is a subsidiary of Globe Telecom, a Philippines-based telco.
Nordnet, a digital bank in the Nordics, will have a “new digital employee” as of this autumn – IPSoft’s Amelia artificial intelligence (AI) platform.
UK-based Centre for Finance, Technology and Entrepreneurship (CFTE) is looking to expand to Asia and plans to set up its first international hub in Singapore. The newly launched organisation says it “has been working closely with the Monetary Authority of Singapore (MAS) to formalise plans to expand CFTE’s education initiative to ASEAN”.
UAE-based Arab Bank for Investment and Foreign Trade (Al Masraf) is modernising its front-to-back office technology with Temenos. On the way out is the Ethix core banking system from regional vendor International Turnkey Systems (ITS).
