Quickly following on from the fintech funding round-up on 11 September, here’s more action in a concise form. Features InfoSum, Neyber, Goldman Sachs, Forward Partners and BlackRock. Data tech start-up InfoSum has added $5 million to its seed funding, taking the total raised to date to $8 million. Joining existing investors Mark Suster (Upfront Ventures) […]
There’s a new fintech challenger in town. Toronto-based STACK announced its partnership with Mastercard two weeks ahead of the beta launch of its mobile financial services app and companion prepaid card.
Facebook has been slapped with a fine from the Spanish data protection watchdog for inappropriately collecting and using personal information on some of its Spanish users, reports Telecoms.com (Banking Technology’s sister publication). The fine, although a bit of a meagre one, is for violating Spain’s Organic Law on Data Protection (LOPD), with the Spanish data […]
Enterprise software firm R3, the UK’s Financial Conduct Authority (FCA), RBS and another unnamed bank have built a prototype application for regulatory reporting of mortgage transactions on R3’s Corda distributed ledger technology (DLT) platform. The application is also able to generate automated delivery receipts for the regulator when a mortgage is booked. The application was […]
Client lifecycle management (CLM) software vendor Fenergo has landed a deal with Santander Global Corporate Banking – to revamp its client onboarding process. Fenergo CLM will be rolled out to Santander’s operations in Europe, Asia and the Americas, across multiple business lines.
At the recent G20 meeting in Germany, Financial Stability Board (FSB) briefed leaders on its efforts to arrest the decline in correspondent banking relationships. FSB also presented the results of a survey of more than 300 banks in 50 countries, supplemented by Swift payments data, which showed that the number of correspondent banking relationships continues to decline globally.
The French Finance Minister has put forward new proposals to shake-up the tax set-up for technology companies who are based outside of the European Union, reports Telecoms.com (Banking Technology‘s sister publication). Under the current rules, internet giants such as Google or Facebook are taxed on profits which are generated in Europe, though French Finance Minister […]
Fintech zeitgeist! 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, Tim Rogers, engineer at London-based start-up GoCardless, asks do we need to kill screen scraping? If you work in this industry you’ll […]
The blockchain duo of R3 and Ripple are suing each other over an options contract to purchase Ripple’s digital currency XRP, according to Reuters. In September 2016, the two companies entered an agreement giving R3 the right to purchase up to five billion XRPs for $0.0085 per unit until September 2019, according to a lawsuit […]
EXCLUSIVE: Openbank, a digital bank in Spain (and part of Santander) is believed to be in the concluding stages of its core banking system selection.
Mobile point-of-sale pioneer Square Inc. is applying for an Industrial Loan Company (ILC) charter to support the expansion of its lending business, the volume of which grew 68 percent year-over-year in Q2 to $318 million.
Capgemini has roared into the artificial intelligence (AI) battle with new research which claims the human cost of automation is a myth, reports Banking Technology’s sister publication Telecoms.com. There might be a few people who will raise concern over such a claim, but in a survey of almost 1,000 organisations with revenues of more than […]
France’s BNP Paribas Asset Management (BNPP AM) has acquired a majority stake in Belgium-based robo-advisory company Gambit Financial Solutions. BNPP AM says via the deal it will look to improve its advisory-guided or autonomous interfaces. Gambit will maintain its independence and become the preferred partner for robo-advisory solutions for BNP Paribas’ retail and wealth management […]
Tech City UK is looking for start-ups for a competition to find the best products and services from the fintech sector that promote financial inclusion. As part of the UK Government’s Digital Strategy, the Department for Digital, Culture, Media and Sport (DCMS) has asked it to hunt for the best across the country. The competition […]
The landscape of cross-currency (FX) payments is taking on a whole new look – creating challenges for corporate financial managers and the need for new banking solutions.
With every technological breakthrough there needs to be updates to the rules, and the UK general public think the government needs to pull the finger out when it comes to artificial intelligence (AI), reports Telecoms.com (Banking Technology’s sister publication). That rules need to be changed in relation to everyday life is a given, but it would […]
HSBC’s customers in the US can now access GT Nexus’s digital commerce platform for managing supply chain processes. Vinay Mendonca, global head of product and propositions, global trade and receivables finance at HSBC, says: “We, and a number of our customers, identified GT Nexus as a platform that could help our customers improve their financing […]
Small-business lending platform Funding Circle has become a Financial Health Network member of the Center for Financial Services Innovation.
What the world needs now is love, sweet love. And fintech is on hand to deliver with a pair of co-operation agreements. Features the Monetary Authority of Singapore and Chongqing; and the Swiss Financial Market Supervisory Authority and Israel. The Monetary Authority of Singapore (MAS), the Chongqing Financial Affairs Office and the Chongqing Connectivity Initiative […]
We all knew Canadians were afraid of the dark and that Scots are not always fond of vegetables, but who knew the European Commissioners were wary of foreigners? Reports Telecoms.com (Banking Technology‘s sister publication). In her latest speech, the European Commission’s chief Gaggler for competition Margrethe Vestager, has seemingly set the tone; foreign money isn’t as […]
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.
Get practical advice for overcoming the top 5 challenges of digital transformation, revealed by research in over 1000 enterprises around the globe. Are you struggling with inflexible legacy technologies? Or a lack of collaboration between business and IT teams? You’ll find the answers here. Download your copy of the Bizagi e-book to see: The 5 most […]
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 […]
