The question of whether – and in what form – banks will survive in the future depends largely on how the forces of changing customer behaviour, technology and regulation will play out on different types of banks.
Regulatory technology (regtech) is often cited as the answer to the rising cost of compliance, risk and reporting duties at banks. Will it help financial institutions escape IT silos and enhance control over data?
With myriad domestic instant and real-time payments systems being deployed internationally, is the next logical step cross-border, real-time payments? We asked some Sibos delegates what they think.
The disruptive threats that banks face today are well documented: fintechs, decentralised cryptocurrencies, distributed ledger technology and now the tech giants like Amazon, Facebook and Apple, to name a few. These players are all now placing themselves between retail banks and their customers, meaning that banks are not just competing with other banks anymore.
FIS and Citi Treasury and Trade Solutions are working together to enable real-time payments and cash management for their corporate treasury customers. Using the CitiConnect application programming interfaces (APIs), FIS has connected its Trax corporate payments factory to the suite of Citi Treasury and Trade Solutions – enabling integration with Citi’s core treasury management functionality, […]
Oracle has unveiled its array of open banking solutions as it targets banks and pushing APIs into the mainstream.
UK-based Lloyds Banking Group is modernising its payments technology for corporate and institutional clients with SAP. The bank has signed for SAP’s cash management and payments platform, powered by SAP HANA.
Cybersecurity has become a significant issue as attacks are increasing. In the new payments ecosystem, where third-party developers can directly interact with banks’ customers, data privacy and security become paramount, according to the World Payments Report 2017.
IBM, KlickEx Group, a regional financial services company, and Stellar, a non-profit organisation that supports an open source blockchain network, have unveiled a new regional cross-border payments solution using IBM’s blockchain technology to provide clearing and settlement of trades on a single network in real time.
Microsoft and Amazon Web Services (AWS) have teamed up to launch an open-source, deep learning library called Gluon which will make machine learning (ML) more accessible to a wider range of developers, reports Telecoms.com (Banking Technology’s sister publication). That will be the key to winning the machine learning race. Not making the most complex and […]
With a large chunk of the global workforce migrating to foreign countries in search of lucrative career opportunities or better living, the World Bank estimates that migrants will send up to $636 billion home in 2017, with three-quarters of that being remitted to developing countries. In 2015, $440 billion in remittances was sent back to […]
The State Bank of Mauritius, SBM Group and SALT, creator of a blockchain-backed loan platform, have entered into an exploratory relationship to use blockchain assets as collateral for lending services. SALT, which stands for Secured Automated Lending Technology, says it offers risk mitigation software which allows financial entities, like SBM, to participate in this new […]
Financial institutions face unprecedented data management and compliance challenges as they continue to grapple with multiplying CRS and FATCA related global tax transparency regulations.
Seattle-based consumer bill pay service Doxo now has more than 30,000 billers on its platform, allowing users the ability to pay even more companies from a single website, reports Julie Muhn at Finovate (Banking Technology’s sister company). This achievement also gives Doxo a new status – the company now has more billers on its platform […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
US mobile chip giant Qualcomm has been the recipient of yet another fine for claimed anti-competitive business practices, reports Telecoms.com (Banking Technology‘s sister publication). This time it’s Taiwan, where its Fair Trade Commission (TFTC) has concluded that Qualcomm abused its dominant position in the mobile chip market for at least seven years by refusing to […]
Whether it’s prepaid card time or financial crime, the world of blockchain and Bitcoin is a lively one. This latest round-up features BitFlyer, Visa, Accuity, R3 and SIA. Tokyo-based Bitcoin exchange BitFlyer has unveiled a Visa prepaid card that can be charged with Bitcoin in yen and used throughout Japan. It can be charged via […]
Fintech start-ups are being invited to apply to Accenture’s sixth FinTech Innovation Lab London, a three-month programme offering mentoring and the chance to accelerate business development. Accenture says this year’s lab has introduced a new stream to help regtech start-ups, because banks are “being compelled to open up their customer data and ensure this data […]
Wunderbar! Deutsche Bank has completed internal proofs of concepts (PoCs) with IBM for the deployment of an artificial intelligence (AI) powered Watson cognitive system in the German language. The system will be used in the bank’s Artificial Intelligence Client Communication Centre (AI-C³), and Deutsche Bank says it will use Watson for the development of a […]
Eyes right. US start-up ShiftLeft has emerged from stealth and wants to shift enterprise cloud security strategy from reactive to preventative. Enterprise Cloud News (Banking Technology‘s sister publication) reports that ShiftLeft is an alternative to finding vulnerabilities and attacks as they crop up and defending against them. Instead, ShiftLeft’s service scans application and microservices source […]
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.
