Our Top 5 Challenger Bank spotlight series is complete. Get to know the challengers—Cashplus, Varo Money, Revolut, Capital on Tap and Fidor Bank—looking to shake up the status quo with tech and a superior customer experience.
Basel Committee on Banking Supervision (BCBS) has published a report, “Sound practices: implications of fintech developments for banks and bank supervisors”, and is asking for public feedback until 31 October 2017.
National Institute of Standards and Technology (NIST), an agency of the US Department of Commerce promoting innovation and industrial competitiveness, and cybersecurity tech specialist NextLabs have partnered to develop a framework for implementing and administering access rights management (ARM) in the financial services sector.
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Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
The scandal of employees at Wells Fargo creating 2.1 million fake bank accounts and credit card numbers to boost sales figures has just got bigger. After an expanded third-party review of retail banking accounts dating back to the beginning of 2009, Wells Fargo reveals that the number is in fact 3.5 million accounts. As reported […]
The UBS-led effort to create a digital cash model for payments and settlement on blockchain has got six new banks onboard, according to the Financial Times. As Banking Technology reported in August last year, BNY Mellon, Deutsche Bank, ICAP and Santander joined UBS and Clearmatics to advance their utility settlement coin (USC) concept, and plan […]
In every aspect of life, sentiment overshoots. We overbuy and oversell securities. The political pendulum swings from left to right. Shops run out of ultra-fashionable goods only to heavily discount excess stock a couple months later. Ben Robinson, chief strategy officer at Temenos, explains how this is not a new phenomenon, but has got worse […]
Audio ambitions, accelerators and an association. It’s our latest blockchain and Bitcoin round-up. Featuring Anryze, Starta Accelerator and the Russian Association of Blockchain and Cryptocurrency. Anryze, which provides a blockchain platform designed for speech recognition and analysis, has announced it will hold a token sale to develop its product and expand into new markets. The […]
Our final spotlight article for our Top 5 Best Challenger Banks list is the only actual bank in the bunch. See how Germany-based Fidor Bank stacks up against the high street banks and its nonbank competitors.
For reasons that probably lie in the lack of a marketing and sales budget, the acquisition of payments provider Bantam Banana (don’t ask) by fintech behemoth Moby Trick (founded by Merman Helville) has prompted a flurry of comments from companies that have sweet F.A. to do with the event. Financial terms of the acquisition were […]
Amazon and Microsoft have announced their previously competing voice-driven artificial intelligence (AI) assistants are now an item, reports Telecoms.com (Banking Technology‘s sister publication). The world can be a lonely place for virtual assistants. All the company they have are demanding millennials constantly asking what their latest email is or a retiree wondering what the weather […]
Google has responded strongly to Apple’s front-running approach to augmented reality (AR) with the launch of a new AR platform, reports Telecoms.com (Banking Technology‘s sister publication). ARCore is the Android equivalent to the Apple ARKit; in short, an AR reality platform for developers. It’s not the first time Google has had a crack at the […]
Open Banking, the implementation entity set up by the UK’s Competition and Markets Authority (CMA), has chosen Ping Identity to provide the identity and access management (IAM) technology to underpin its UK framework. Ping’s IAM solution suite, the Ping Identity Platform, will provide the hub for Open Banking, where all UK banks and financial services […]
UK payments system Bacs is asking for public feedback on how to improve the nation’s Direct Debit product. Bacs says usage is at an “all-time high” and lavishes praise on it. What a surprise. However, its 2016 consultation identified where it might be able to make improvements and “any changes will need to be carefully […]
Meet our No. 1 on the Top 5 Best Challenger Banks list and find out why CEO Rich Wagner says the company belongs there.
Apple and Accenture have jumped into bed with each other to create a new digital agency which will help customers design business solutions for iOS, reports Telecoms.com (Banking Technology‘s sister publication). It’s a relatively simple idea; the digital economy is growing and people want to make money off it, but they don’t know how. In […]
Financial institutions face unprecedented data management and compliance challenges as they continue to grapple with multiplying CRS and FATCA (AEOI) related global tax transparency regulations. A year on from our first FATCA and CRS survey, Thomson Reuters and Banking Technology joined forces to survey the industry – to assess the challenges faced by financial institutions […]
Anything UAE can do, we can do better. No you can’t, yes we can. The UAE has got some competition as the Central Bank of Bahrain (CBB) has welcomed the first members to its new regulatory sandbox – mobile banking firm Now Money and finserv provider Tramonex. As reported in June, CBB announced new regulations […]
A joint European pan-industry platform for online registration, e-identity and data services is readying for launch at the turn of the year with new partners on board. As reported in May, Deutsche Bank and a variety of German and European companies teamed up for the plan to “make online registration simpler and more secure for […]
The Monetary Authority of Singapore’s (MAS) new Payments Council plans to set up interoperable electronic payments and has unveiled a taskforce to develop a common QR code for the city-state. As reported earlier this month, the Council launched and comprises 20 people from banks, payment service providers, businesses, and trade associations. MAS says the setting […]
In the most recent InsurTech Bytes podcast, Sarah Greasley, CTO, Direct Line Group, opened up about her experience as a woman in fintech, the challenges and the solutions. FinTech Futures (Banking Technology’s sister company) uncovered the solutions for five of the key hurdles in her career. 1: Entrepreneurship and empowering risk taking Challenge: From a […]
The Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) in Hong Kong have entered an agreement to establish a framework of co-operation for fintech innovation. Both authorities will share information on developments and the agreement “also intends to encourage both regulators to refer innovative firms to one another’s markets and to […]
The continued rise of mortgage technology is set to be one of the biggest fintech success stories of 2017, predicts Julie Muhn, senior research analyst at Finovate (Banking Technology’s sister company).
Banknotes and stories of note. Our latest fintech funding round-up features Suretly, Ezetap and SparkLabs Global Ventures. Crowdvouching start-up Suretly, dubbed “Tinder for loans” (a lovely image), has raised $2.8 million. The online exchange offers micro-loan guarantees and secured the funding from the cryptocurrency community. SUR tokens issued by the company will be accepted in […]
Nations, platforms and some bad news. It’s our latest blockchain and Bitcoin round-up. Featuring securities in South Korea, KyberNetwork and the suspended First Bitcoin Capital Corp. Over in South Korea, 18 securities firms will start offering blockchain-based authentication services from October for the “first time in the world”, according to BusinessKorea. This follows the investment […]
It was a promise on the campaign trail from President Trump, and at least this one is coming true. Apple has been teased into opening a data centre on US soil with the promise of $207.8 million in tax incentives, reports Telecoms.com (Banking Technology‘s sister publication). As part of the project, Apple will purchase 2,000 […]
“There’s a reason that the bank of the future hasn’t been created yet—it’s extremely difficult,” says Top 5 Best Challenger Bank Varo Money. See if you think they’ve got what it takes to rise to the challenge.
Commonwealth Bank of Australia has joined telco firm Telstra, the Federal Government, the New South Wales Government and the University of New South Wales (UNSW) in an $83 million venture to found Australia’s first quantum computing company. The firm, Silicon Quantum Computing (SQC), has been launched to advance the development and commercialisation of the UNSW’s […]
Accenture has acquired Verax Solutions, a Toronto-based technology and systems-integration consulting firm. Financial terms were not disclosed. Verax is a privately-owned company founded in 2003 that employs around 180 people at offices in Toronto and Halifax. Its service areas include IT strategy, enterprise architecture consulting, project and programme management, financial risk and compliance solutions, as […]
Mizuho is testing out new ways of risk management and dealing with financial crime by using IBM Watson’s cognitive technology. The plan is to use the Watson-powered software, which runs on the IBM Cloud, to analyse a range of data sources, including retrieving news sources and extracting data using screening technologies, that were previously done […]
Hong Kong-headquartered capital markets and investment group CLSA has deployed Symphony Communication Services collaboration platform across its entire business. The roll-out of Symphony to CLSA’s 1,900 employees is its largest deployment to date by an Asia-headquartered firm. CLSA joins a community who connect on Symphony, comprised of over 220,000 corporate users from 190 firms. CLSA […]
ING will use decision management software and predictive models from analytic software firm FICO to launch its unsecured lending programme in the Czech Republic. The bank will use one retail banking platform, which will have FICO Blaze Advisor decision management rules system as its “risk brain”, making “fast, consistent, analytically guided” credit risk decisions on […]
Get to know the SME lending specialist that’s challenging U.K. high street banks by providing zero percent interest when balances are paid in full within 37 days.
SimCorp is smiling as it’s secured three sweet wins in the asset and investment management space with C WorldWide Asset Management, Novo Holdings and FIIG Securities. Denmark-based C WorldWide Asset Management (formerly Carnegie Asset Management) has extended its Dimension licence agreement to include Data Warehouse Manager and will be replacing its current reporting solution with SimCorp Coric’s […]
Designing the user experience consumers expect in digital banking is less about seeing what sticks and more about seeing what stands up to real-world human examination and use.
Financial services IT consultancy Synechron is working with enterprise software firm R3 on a distributed ledger technology (DLT) collaboration to develop a know your customer (KYC) solution. The solution will be built on R3’s Corda platform – that “operates in strict privacy in an open, global network”. The project aims to improve data collection, data […]
Qualcomm’s view of the future is one in which every smartphone, device and car on the road is equipped with artificial intelligence (AI) via a connected – Qualcomm – chipset, reports Light Reading (Banking Technology’s sister publication). The company laid out this AI-driven view of the world last week as its Qualcomm Technologies subsidiary announced the […]
Bank of America Merrill Lynch (BAML) is launching a new solution – intelligent receivables – that uses artificial intelligence (AI) and other software to help companies “vastly improve” their straight-through reconciliation (STR) of incoming payments to help them post their receivables faster, reports Banking Technology‘s sister publication Paybefore. Intelligent receivables is designed for large or […]
Banking challenger Douugh has unveiled its artificial intelligence-powered financial platform, guided by “Sophie”—a 24/7 personal assistant for finances.
