Santander is partnering with business commerce platform Tradeshift, for a digital capital solution, the first of which will be supply chain finance (SCF). As reported last year, Tradeshift got an investment from Santander InnoVentures. At that time, Mariano Belinky, managing partner at Santander InnoVentures, said the company “is at the forefront of tackling a very […]
A consortium of European private and public sector organisations are testing out the use of a citizen’s national digital identity from France to open a bank account in the UK. The group comprises HSBC, Barclays, the UK Government Digital Service (GDS), Orange, OT-Morpho and the Open Identity Exchange (OIX UK). The project is co-financed by […]
The Bank of England’s (BoE) fintech accelerator has kept good speed and completed the third round of various proofs of concept (PoCs). As reported last year, BoE launched its own accelerator to harness innovation for central banking. The latest PoCs covered four areas of the bank’s work: analysing large-scale supervisory data sets; executing high-value payments […]
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, Soumik Roy discusses India’s Goods and Service Tax (GST) and whether it’s an opportunity for fintech firms. First discussed by a committee […]
Australia and New Zealand-based banking group, ANZ, and Westpac have teamed with IBM and shopping centre operator Scentre Group to use blockchain to digitise the bank guarantee process for commercial property leasing. The trial used distributed ledger technology (DLT) to eliminate the need for current paper-based bank guarantee documents, resulting in a “single source of […]
After launching in 2016 in Singapore, Australia and Mexico, Citi Pay has arrived in the US.
Nordea has chosen Estonian start-up Feelingstream’s artificial intelligence (AI) software to speed up response times for customers. Feelingstream’s AI solution analyses and categorises messages sent by customers so they can be forwarded automatically to the right person or unit in Nordea for further processing. The software can analyse hundreds of messages per second. The solution […]
India-based Infosys plans to open its next technology and innovation hub in North Carolina and hire 2,000 “American” workers in the state by 2021 – which is a dream within a bigger dream. This investment is part of its ambitions, revealed in May, to open four US hubs in the US and hire 10,000 “American” […]
The Central Bank of Azerbaijan has chosen to conduct its auctions for foreign exchange (FX) instruments and deposits through Bloomberg’s auction platform. The platform manages primary market operations, and has been recently extended to include FX instruments (spot and outright) and deposits, in addition to its pre-existing suite of fixed income and repo products. Ali […]
By calling on the spirit of the 19th century Corn Laws repeal, the UK’s Financial Conduct Authority (FCA) believes it can weather the post-Brexit era with a new age of free trade. In a long speech delivered today (6 July), “Why free trade and open markets in financial services matter”, Andrew Bailey, chief executive of […]
The Financial Services Agency of Japan (JFSA) is setting up a hub for fintech start-ups to test new services, according to Nikkei. The hub will help “identify legal complications and risks standing in the way of industry’s growth” and is seen as a precursor to a regulatory sandbox. Nikkei says the sandbox could be in […]
Set sail for fintech! The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Open Banking, the implementation entity set up by the UK’s Competition and Markets Authority (CMA), has released its accounts and transaction information and payments initiation API specifications. The payments initiation API will enable third parties to set up secure payments on behalf of customers and, once authorised by the customer, submit the payment for processing. […]
The Monetary Authority of Singapore (MAS) is calling for a second reading of a Bill that it says will ensure a sound and resilient financial system for the city-state. MAS is pushing for “The Monetary Authority of Singapore (Amendment) Bill 2017″ because it says it needs to update its laws and regulations that deal with […]
Commerzbank and the Fraunhofer-Institute for Material Flow and Logistics (IML) in Dortmund have teamed up to research and develop the digitisation of trade finance using blockchain. The bank says by using blockchain or distributed ledger technologies (DLT), it will build a decentralised database for internet of things (ioT) applications and smart contracts. This will offer […]
Scottish Building Society has chosen Whistlebrook’s Treasury Management System (WTMS) to replace its existing solution, Parity Treasury Management Software from Manex Treasury Systems. As reported last year, Eurobase International acquired the Parity software from Manex, its flagship product. Parity clients and Manex staff moved to Eurobase as part of the deal. Scottish Building Society was […]
The UK’s Competition and Markets Authority (CMA) is ramping up its efforts for open banking within the nation’s retail banking scene. As reported in February, the CMA published its 766-page final report on the retail banking market and its open banking goals. At that time, it said it will offer overdraft users the opportunity to […]
Barclays Bank has been hit yet again by online and mobile banking glitches. Today (3 July), the bank reported the problem on Twitter saying it’s “aware of an issue with our online banking”. Hi Mark, we’re aware of an issue with our online banking and we’re working as fast as we can to put a […]
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, Banking Technology’s deputy editor Antony Peyton mulls briefly on the world of fintech events. Having attended what feels like every fintech event […]
New trade association UK Finance – created as a result of the merger between six domestic associations in the banking and payments space – has officially launched. As reported in March, UK Finance brings together the Asset Based Finance Association (ABFA), British Bankers’ Association (BBA), Council of Mortgage Lenders (CML), Financial Fraud Action UK (FFA […]
A new microfinance entity in Myanmar, Ruby Hill Microfinance, has signed for the Abacus core banking system, provided by Fern Software.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
UK-based high street bank NatWest is trialling Recordsure’s regtech recording and analysis solution “to improve and monitor the quality of information and advice provided during regulated customer conversations”.
For the finale of the final day of Money20/20 Europe, financial inclusion was discussed with resolute optimism for a bright future.
The interest from the fintech community in APIs burns brighter than a thousand suns, but where will this technology and the spirit of open banking take us?
Bank of America is rolling out Oracle’s cloud-based ERP system and financial applications for its international general ledger and broker-dealer systems.
What is the future of banking? Is it a giant menu from which customers (individuals and businesses) choose who is to provide what contingent upon well-informed choice and best value. Or is it a model where banks still rule from the centre, providing customers the simplicity of a range of products through a single provider. Putting aside whether or not this highly competitive state is possible, which is the future direction of banking?
One-fourth of Americans say they have too much debt, with 96 percent of them reporting they are financially stressed, according to a survey by the Center for Financial Services Innovation to gauge Americans’ financial well-being. While those statistics are bleak, they should signal an opportunity for banks, credit unions, fintechs and other companies to provide products, services and guidance to improve consumers’ financial stability, according to Jennifer Tescher, founder and CEO of CFSI.
The second Payment Services Directive (PSD2) is creating more questions and issues than the answers it ultimately should offer.
UK-based digital bank Monese has expanded its current account service to 19 countries in Europe, enabling customers to open bank accounts and “bank like a local”, even if they are not a local resident.
Having been a fixture on the regulatory agenda for years, the go-live date for MiFID II is now rapidly approaching. On 3 January 2018, the second iteration of Europe’s Market in Financial Instruments Directive and Regulation will bring in sweeping changes to the financial markets on topics such as product governance and suitability, transaction reporting, commodities position limits and transparency.
London-based challenger bank Starling has received a banking passport into Ireland. The bank says this is “its first step in its plans to provide services to European markets”.
Job-cutting spree continues at the Royal Bank of Scotland (RBS) – 443 jobs are to go from its business loans department. Many of these will be moved to India.
Wealthsimple, a Canada-based online investment management service, is coming to the UK.
UK challenger bank Starling has launched a “Spending Insights” tool and an online community for its users – and it is setting out its future plans. Spending Insights is probably self-explanatory. It works in the app and the bank says it gives users ideas about where they can save money. It shows customers how much […]
The Financial Services Agency of Japan (JFSA) and Australian Securities and Investments Commission (ASIC) will work together to promote innovation in financial services in Japan and Australia. Both have completed a framework and they will share information and support the entry of fintech firms into each other’s markets. ASIC says this framework will “help open […]
Don’t go for broke or a broker – Trading 212 has unveiled the UK’s first zero commission share trading platform. The firm says it allows investors to make ten trades per month and up to £10,000 equity per trade commission free, which it estimates will cover the needs of approximately 90% of its customers. To […]
Industry body FinTech Australia has released its first member ecosystem map, to show the nation’s “strengths and diversity”, particularly in wealth generation and lending. The map (see image below) lists 119 members of FinTech Australia, along with the nation’s key financial services regulators. Danielle Szetho, FinTech Australia CEO, says: “The broad range, depth and quality […]
It was only yesterday we did a fintech funding round-up. But as there’s a mad dash for cash, here’s another one. Features Digital Financial Services Lab, TrueLayer and Enterprise Ireland. Digital Financial Services Lab (DFS Lab) will invest $250,000 in four separate fintech start-ups that are building products to help low-income consumers in developing markets. […]
The Mastercard Foundation Fund for Rural Prosperity (FRP) has launched a new competition to find financial products and services that improve the lives of poor people in rural areas of Africa. The 2017 competition will follow a rolling format and will be open throughout the year with applications submitted and evaluated periodically. The first submission […]
