Innovative technologies are increasingly sparking enhancements to trade processes. BNY Mellon Treasury Services’ Dominic Broom, global head of trade business development, and Joon Kim, head of global trade product, discuss how the industry – with banks at the helm – can drive forward new capabilities and help to support trade growth through digitalisation.
Fintech firm Ovamba says it is working with Microsoft to create “the first African language driven chatbot designed to serve the millions of African SMEs who face exclusion from financial services due to the challenges of functional and business literacy”.
NCR Corporation has signed a five-year deal with UK’s TSB Bank to look after the bank’s 900+ ATMs and IDMs as well as provide service desk support for its employees across its branch network.
Microsoft Ventures has partnered with Madrona Venture Group to launch their Innovate.AI global start-up competition as they seek out machine learning and artificial intelligence (AI) firms. Madrona says the convergence of cloud computing, specialised chips for machine learning and new advances in algorithms has created a “unique opportunity for start-ups to build high value intelligent […]
More than 5,000 ATMs of Wells Fargo (40% of its ATM network) now have near-field communication (NFC) enabled mobile wallet capability – i.e. the bank’s debit card customers can now “tap and pay”.
Openbank, a digital banking subsidiary of Santander, has made its new core banking system decision – the bank has opted for Temenos T24. Infosys with its Finacle offering lost out in the final.
IBM is looking to offer big data number crunchers and data scientists a way to add more machine learning and deep learning technology into the analytics process by combining two of the company’s platforms developed specifically for artificial intelligence (AI) and scientific research. Enterprise Cloud News (Banking Technology’s sister publication) reports that two IBM executives, […]
Luxembourg-headquartered start-up Peer Mountain has unveiled a peer-to-peer self-sovereign identity, compliance and commerce delivery solution as it seeks to exploit the Equifax data breach episode. The firm says it gives users control of their data across blockchain. Consumers can choose who can access the data without the need for third party involvement. Peer Mountain says […]
Utkarsh Small Finance Bank, a microfinance institution in India, has rolled out Intellect Design Arena’s core banking system. The bank received its licence last year, and according to Intellect, one of the key requirements for Utkarsh was to have a joint liability group solution that would enable it to provide group loans to the microfinance […]
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has set out its approach to initial coin offerings (ICOs) and virtual currencies under the Financial Services and Markets Regulations (FSMR). It cites the usual stuff that distributed ledger technology (DLT) has “extraordinarily wide application to financial services and markets as a whole” […]
The UK’s Faster Payments Scheme (FPS) is asking for expressions of interest for the renewal and management of its infrastructure – the services that enable the nation’s 24/7 real-time payment service. This is the first of a three-phase competition for the infrastructure for up to ten years. The renewal will migrate the Faster Payments Service […]
Identification technology company Tascet is partnering with Secured2 to launch a new data security offering. The product, Algo5, aims to protect data against both internal and external breaches, hacks, and disasters, reports Julie Muhn at Finovate (Banking Technology‘s sister company). The new data storage solution combines Tascet’s SuperToken, which verifies a user’s identity, with Secured2’s Beyond Encryption, […]
The Bank of England’s (BoE) fintech accelerator has unleashed four new initiatives in the fields of distributed ledger technology (DLT), data storage and analysis, machine learning and cybersecurity. As reported in July, BoE revealed the third stage – such as its work with machine learning Mindbridge AI, DLT darling Ripple, and regtech bouncer Enforcd. Now […]
Everyone’s heard the proverbial drill that the cheque is invariably in the mail. But even as we head toward the end of 2017, it’s becoming clear just how true this statement is. In fact, many industries are still processing their customers’ payments using postal mail and paper cheques! This despite the array of accounts payable […]
New technology has been billed as a means to make us more efficient in the work place, but we are actually becoming less productive. So what’s missing from the equation? Telecoms.com (Banking Technology’s sister publication) reports. The point was made by Joshua Meltzer from the Brookings Institute at the “Nordic Digital Business Summit” in Helsinki. […]
Technology breakthroughs are great things; they present the opportunity for ideas, creativity and innovation. But there is always the risk of enthusiasm running away with itself, reports Telecoms.com (Banking Technology’s sister publication). That was certainly evident at this year’s “Nordic Digital Business Summit”, where internet of things (IoT) was at the top of the agenda. […]
Nacha, the backbone for the electronic movement of money and data in the US, and its Payments Innovation Alliance (PIA), have named the first five APIs for their big payments push. The API Standardization Industry Group, created in spring 2017 and sponsored by Nacha’s PIA, is working to further efforts to standardise the use of […]
National Australia Bank (NAB) has unveiled a complete overhaul of its existing business standard loan form contracts that will “benefit” over 130,000 Australian business owners.
UK based insurer Aviva confirms that it’s acquired a majority stake in robo advisor, Wealthify.
This is a moment to celebrate 20 years of independence during which the Bank of England has been a stabilising force for the UK economy, inspiring others in the world of central banking.
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) say that the consortium which they are leading has developed software prototypes for improved payments on blockchain. The prototypes included three different models for decentralised inter-bank payments and settlements with liquidity savings mechanisms. The project, conducted together with 11 financial institutions […]
One of the big problems of the digital economy is unity. Everyone is out for themselves which could mean no one wins, reports Telecoms.com (Banking Technology’s sister publication). What we’re talking about here are the rules – the legislation and regulation which defines how a company can operate in the connected economy. There sure are […]
Finastra, R3 and seven banks – including BNP Paribas, BNY Mellon, HSBC, ING and State Street – are working together to create a blockchain-fuelled online marketplace for the syndicated loan market. Underpinned by Corda, R3’s distributed ledger technology (DLT) based platform, Fusion LenderComm exposes real-time credit agreement, accrual balances, position information and transaction data to […]
The UK’s Home Secretary, Amber Rudd, is a woman on a mission, and that mission is to mutilate the reputation of platforms like WhatsApp in the pursuit of the destruction of end-to-end encryption, reports Telecoms.com (Banking Technology’s sister publication). It isn’t new. Rudd must have been wronged by an online troll at some point and […]
Standard Chartered is using TradeIX’s TIX blockchain platform and Infor’s GT Nexus Commerce Network for two separate digitalisation efforts in trade finance. The TradeIX platform enabled Standard Chartered’s unnamed client to “help its customers increase their payment terms whilst maintaining the company’s receivables at current terms”. The financing was offered by Standard Chartered with credit […]
Four of the latest stories in one for a fast fintech funding round-up. Features SalaryFinance, Featurespace, Worldpay, Invoke Capital, ESF Capital and ThinCats.
US asset management firm Navient will acquire education finance company Earnest for $155 million in cash as it hunts out new markets. As part of Navient, Earnest will continue as a “distinct brand” and will be led by its current management team, including founders Louis Beryl and Ben Hutchinson. Navient says Earnest clients will continue […]
If you ask the world of technology to slow down a bit, you’re instantly branded as a technophobe. But perhaps a bit of reflection is needed in the artificial intelligence (AI) arena, reports Telecoms.com (Banking Technology’s sister publication). Google’s Deepmind is one of those which is starting to think a bit deeper about the big, […]
Tech giant IBM has partnered with five banks – UBS, Bank of Montreal, CaixaBank, Commerzbank and Erste Group – to launch a blockchain-based trade finance platform. The new platform, called Batavia, is built to be accessed by organisations of all sizes anywhere in the world.
The European Commission (EC) has ruled that Luxembourg illegally let Amazon off €250 million of taxes and must now get them back, reports Telecoms.com (Banking Technology’s sister publication). This is the latest round of a general purge by the EC of European countries effectively bribing US tech companies to use them as their European hub by dangling […]
Japan-based Saxo Bank Securities has selected Torstone Technology’s Inferno to replace its legal ledger and comply with regulatory reporting requirements. It will initially use Inferno to improve its post-trade reporting processes and is looking to add additional features in future unspecified phases. Torstone says Inferno is a modular solution, giving organisations the “opportunity to incrementally […]
The Center for Financial Services Innovation recently released its 2017 FinLab Snapshot paper. And, if you think you know fintech, what we found may surprise you.
Salesforce has unleashed “Financial Services Cloud for Retail Banking”, a new application that lets bank employees have a “complete view” of their customers and work collaboratively. New features in the application comprise a retail banking data model and console. This includes all customer data – such as bank accounts and personal identification documents – which […]
Barclays US is dipping its toe into the financial health business, testing a personal financial management tool that aggregates all of a customer’s Barclays credit cards, personal loans and savings products—as well as accounts with other banks—in one place.
Social investing platform Voleo has teamed up with Nasdaq to launch its Voleo Equity Trading Competition – with winning investors and investing teams getting $10,000 in real cash portfolios, reports David Penn at Finovate (Banking Technology‘s sister company). “The goals of the competition are to improve financial literacy, to break down the knowledge barrier, and […]
The competition to serve the financial needs of small businesses is heating up in the U.K., where consumer banking challenger Starling Bank is expanding into the business market,
Credit Kudos, a challenger credit bureau, has received the green light from the UK’s regulator, Financial Conduct Authority (FCA), to operate as a credit reference agency.
A new bi-weekly podcast is coming to the financial services sector – DiverCity Podcast – the first to showcase the industry’s progress and shortcomings in diversity and inclusion.
OCBC Bank, HSBC and Mitsubishi UFJ Financial Group (MUFG), together with the Infocomm Media Development Authority (IMDA), has become the “first consortium” in South East Asia to complete a proof of concept for a know your customer (KYC) blockchain. The parties say the development “raises the possibility” of using blockchain to make KYC “more efficient […]
Luminor Bank is the new name and brand for the unified operations of Nordea and DNB in the Baltics region.
