DH Corporation (D+H) has onboarded UK’s Lloyds Banking Group for its white-labelled Bacs payment service. Lloyds “sought to provide new payment services to enhance clients’ payables and receivables processes”, says D+H. To begin with, Lloyds will offer the vendor’s Bacs capabilities to SMEs and mid-market clients, but D+H hopes this will be subsequently scaled up […]
The UK’s challenger bank sector is set to gain another player. Unicredit’s subsidiary, FinecoBank, is coming to the UK this autumn, according to City AM. FinecoBank has been around since the late 1990s and today has over 1.1 million clients in its home market of Italy and €55 billion of assets. Alessandro Foti, CEO and […]
Xenomorph, a provider of data management technology to banks, investment managers and insurance companies, has received new funding from HSBC. The firm says the funding has enabled it to “accelerate global go-to-market plans” for its TimeScape EDM+ financial analytics and data management platform. TimeScape EDM+ is designed to manage the complete lifecycle of financial data […]
With digital banking (and particularly mobile) sharply on the rise in the UK – according to the latest figures released by the British Bankers Association – who is leading among the UK retail banks? We have put together some nifty stats for the top ten online banking sites in the UK for the past month (data […]
Société Générale has acquired a stake in TagPay, a French mobile banking firm, as it looks to develop mobile banking in Africa. Société Générale says the deal will support the development of TagPay on the market and it will roll out the service to its African subsidiaries. TagPay’s mobile-centric core banking system, also called TagPay, […]
Standard Chartered Bank is bringing its video banking service to Asia, Africa and the Middle East, the “biggest roll-out of its kind by any international bank”. The bank says more than five million clients in nine markets across the continents will get access. The service is already live in Malaysia and Singapore, and will launch […]
NCR Corporation and Wells Fargo have established a team focused on research and development in ATM and retail banking customer experience. Over the past eight years, NCR and Wells Fargo have worked together on other projects. These range from cash- and check-processing to self-service devices. The latest agreement expands the relationship to a “more strategic […]
UK internet banking has been affected by a BT fault with its broadband and telephone services. In a tweet today (20 July), BT says: “Sorry, we’re aware of a problem & working to fix ASAP.” Some internet banking customers at Barclays, Halifax, HSBC, Lloyds, Royal Bank of Scotland, Natwest and Santander have been unable to […]
Swift Scope has been named by Deutsche Bank Global Transaction Banking (GTB) as the preferred solution for intraday liquidity reporting requirements. Swift Scope is an automated, end-to-end business intelligence solution used to collect and consolidate data, and provide the analysis required to monitor and report intraday liquidity flows. It supports compliance with the Basel Committee […]
Barclays and MuleSoft, a platform provider for building application networks, have teamed up to host a digital banking hackathon. The hackathon will take place at Barclays Technology Centre Radbroke in Cheshire (UK) on 20-21 July. The event aims to foster innovation and harness technology to build a range of new financial services solutions. Peter Josse, […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Lloyds Banking Group has launched a new mentoring scheme giving fintech start-ups access to its workforce’s expertise. The support offered includes refining concepts to strengthening business models within a flexible timeframe determined between the mentor and the start-up. The mentors will come from all areas of Lloyds and will be matched with start-ups according to […]
HSBC has escaped charges of money laundering by US officials due to fears by the Department of Justice (DOJ) it might create a “global financial disaster”. A US Congressional report shows that UK officials, including Chancellor George Osborne, used their clout to warn the US it could lead to market unrest. According to the BBC, […]
Britain’s Speaking Clock, which will celebrate its 80th birthday on Sunday, July 24, was a real fascination for me as a child. Who was this person on the other end of the phone who was always available, any time of day, who could tell me the time down to the exact second? Did they ever […]
Standard Chartered says it plans to invest $3 billion in strengthening it technology, retail and private banking and wealth management operations. As part of this, $30 million will be invested over the next three years in Scope International, the bank’s global shared services centre in Malaysia. Scope International’s CEO Matthew Norris says that the subsidiary […]
Ewan MacLeod is heading to Nordea as co-head of its newly created “Group Digital” unit and is on the lookout for fintech companies, services and ideas to introduce to Nordea. MacLeod will be one of two chief digital officers at the Nordic banking group. The other one is Poul Raaholt, previously head of group IT […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Brexit: keep calm and carry on We assemble a panel of fintech and law specialists to discuss – with cool heads – the challenges and opportunities. Blockchain and Bitcoin round-up A round-up of key developments to save you […]
Advanced Payment Solutions (APS) has secured a credit licence from the UK’s regulator, Financial Conduct Authority (FCA). And whilst APS is not a bank, it competes with them. So is going through the pains for getting a banking licence really worth it, asks Rich Wagner, CEO and founder APS. We regularly see news of challenger finance […]
ING and Belgian bank KBC have joined forces to launch a new, integrated mobile payments and loyalty platform in Belgium. This will combine ING’s payment app Payconiq with loyalty platforms Qustomer and KBC’s CityLife. Rik Vandenberghe, CEO ING Belgium, says the customer feedback it received about Payconiq and Qustomer “strengthens our conviction that as a […]
BNP Paribas Securities Services has become a direct securities participant to the US Federal Reserve through FedLine, its online financial services information and payment service. The company, a subsidiary of the BNP Paribas group, says this completes its direct connectivity to the US market on all securities instruments. BNP uses Torstone Technology’s post-trade securities and […]
Berlin-based Raisin has gained a third partner bank on its pan-European deposit marketplace website, Euram Bank in Austria. The latest partnership follows on from deals with Poland-based Alior Bank and J&T Banka in the Czech Republic. Dr. Tamaz Geordgaze, CEO and founder of Raisin, says the level of Euram’s equity has remained at an “excellent” […]
Three ex-Barclays workers have been found guilty of manipulating the Libor interest rate between 2005 and 2007. Jay Merchant was convicted unanimously at Southwark Crown Court in London of rigging the key financial rate. Jonathan Mathew and Alex Pabon were found guilty by majority verdict after a ten-week trial. They will be sentenced on Thursday […]
JP Morgan has launched In-Residence, a new programme for fintech start-ups to use its facilities, systems and expertise. The company says it is inviting start-ups to sit “side by side” with its businesses to develop innovations that could “revolutionise” the sector. Sanoke Viswanathan, chief administrative officer of JP Morgan’s Corporate & Investment Bank, says this […]
Temenos has landed a major deal with Standard Chartered, to modernise the bank’s wealth management software across 30+ countries. The bank signed for Temenos’ WealthSuite, front-to-back office, which incorporates the vendor’s T24 system; Insight BI for analytics; Temenos Connect for channels; and the TripleA portfolio management software that stems from Odyssey Financial Technologies, a wealth […]
Nordea has set up a new “Group Digital” unit to drive its digital banking agenda forward. The unit will start to operate on 1 September and will be co-headed by Poul Raaholt, previously head of group IT at Nordea, and Ewan MacLeod, previously responsible for the retail digital transformation programme at Royal Bank of Scotland. […]
Toronto-based Overbond, a bond issuance market provider, has launched an end-to-end platform and support framework for primary bond origination – the “first” fully-integrated platform to connect bond market issuers, dealers, and fixed-income investors. The digital platform provides transparency, price discovery and investor diversification for all counterparties in the primary bond market, the firm says. “We […]
Wells Fargo will launch real-time person-to-person (P2P) transactions in the US – for more than 17 million mobile customers. Beginning 1 August, the service will allow Wells Fargo’s customers to send funds in real-time at “no cost” to any customer of a bank that participates in the real-time service, which operates on Early Warning’s clearXchange […]
By a slender majority of 51.9% to 48.1% the United Kingdom has voted to leave the European Union. The move will have ramifications for banking and financial services internationally as the country renegotiates its relationship with the EU and could topple London’s standing as a leading global financial centre. Nothing will change immediately, but in […]
Deutsche Bank has got the green light from its work council to cut 3,000 full-time jobs. The cuts mainly impact retail and commercial business lines, with separate talks to be held regarding job cuts across other divisions. This development is part of Deutsche Bank’s major initiative to turn its fortunes around, announced last autumn. 9,000 […]
Start-ups should first be focused on domestic markets over global ambitions, was one of the messages amidst the hurly-burly of Madrid-based MoneyConf 2016. More than 1,800 people were on hand for the two-day event held at the pleasant venue of La Nave. Part one of our review of the show was on wealth management, while […]
Customer feedback on biometrics is based on how they feel, rather than trust; was one of the messages from MoneyConf 2016 in Madrid. At the stylish venue, La Nave, more than 1,800 people attended the two-day event. Part one of our review of the show looked at wealth management. In the nicely titled “No shoes, […]
Commerzbank says it’s the first major bank in Germany to develop this type of digital financing marketplace. Main Funders is aimed at SMEs. Main Funders enables clients of Commerzbank’s Mittelstandsbank (MSB) business division (which caters for SMEs) to present concrete investment projects to potential investors and secure financing. The financing volumes are between €200,000 and […]
The participants are BNP Paribas Securities Services, Caisse des Dépôts, Euroclear, Euronext, S2iEM, Société Générale and Paris Europlace. They have signed a memorandum of understanding (MoU) to study and develop a post-trade blockchain infrastructure for SMEs in Europe. The agreement is open to other interested parties. The aim is “to improve SME’s access to capital […]
Royal Bank of Scotland (RBS) will cut about 900 tech jobs in the UK, according to a Reuters report. At the end of last year, RBS’s domestic workforce stood at 64,000 people. Since March this year, the bank has cut at least 2,700 jobs in the UK, mainly across its branch network. The latest job […]
Israel-based specialist vendor ThetaRay has implemented its Advanced Analytics Solution at ING Netherlands for fraud detection. The vendor says that combining its tech with ING’s standing risk engine will enable the bank to detect new instances of SME lending fraud hidden within massive amounts of transactional and organisational data – in real-time and with industry-low false […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! UniCredit and Open Bank Project launch fintech start-up competition Top prize is €50,000 and a contract to work with UniCredit. BBA to merge with three trade associations to create major industry body British Bankers Association (BBA), Council of […]
Alpha Payments Cloud, a provider of the AlphaHub Payments-as-a-Service platform, has received investment from Wells Fargo. Through its Startup Accelerator programme, for the next six months Wells Fargo will collaborate with Alpha Payments Cloud on its global payments network technologies for merchants. The company says its valuation now stands at $100 million. Wells Fargo’s Startup […]
Standard Chartered has compiled a report questioning whether blockchain could disrupt the European Central Bank’s (ECB) Target2Securities (T2S) project. T2S aims to standardise European cross-border trade settlement by integrating securities and cash accounts onto a single IT platform. Not only blockchain could play a material role in this project, some analysts suggest, but it could […]
Bank of America is shrinking its consumer banking division by 8,000 people as it prepares to go digital. The bank has already considerably reduced the staffing numbers: from 100,000 in 2009 to 68,400 in Q1 2016. Thong Nguyen, Bank of America’s president of retail banking and co-head of consumer banking, expects the numbers to go […]
UniCredit and Open Bank Project, an open source API and app store for banks, invite fintech developers and start-ups to take part in its Appathon competition. The 2016 Appathon is driven by the Open Bank Project API, developed by the Berlin-based Tesobe Ltd/Open Bank Project. Ten companies will be selected to demo their products in […]
