Apple Pay support is expanding beyond American Express to Visa and MasterCard credit and debit cards from five of Singapore’s major banks. The big banks include POSB, DBS, OCBC, Standard Chartered and UOB. This latest deal is a significant development for Apple as it now has more than 80% of the Visa and MasterCard credit […]
Poland-based subsidiary of the BNP Paribas group, Bank BGŻ BNP Paribas, is automating its risk management ops with Wolters Kluwer’s OneSumX solution. OneSumX will support asset and liability management (ALM), liquidity risk management and funds transfer pricing (FTP) at Bank BGŻ BNP Paribas. The parties already have a long-standing relationship – BNP Paribas has been […]
Financial systems vendor Infosys has been awarded a five-year contract with Commerzbank to remodel its investment banking IT architecture. Along with the remodel, Infosys will improve IT processes and evaluate a potential post-trade processing utility. The later would then “focus on the clustering of trade processing platforms across various product types”. Stephan Müller, group CIO, […]
UK-based investment company Standard Life and ING’s Australian subsidiary are working with IBM on a range of digital and data management initiatives. Standard Life: it’s personal Standard Life is personalising its financial services capabilities “to each of its 3.8 million UK customers”, IBM states. Using IBM’s analytics tools Standard Life “can accurately track a person’s […]
UBS Wealth Management Americas (WMA) and tech company SigFig has formed a “strategic alliance” to develop digital technology for UBS WMA, its financial advisors and their clients. San Francisco-based SigFig specialises in wealth management software. It will create and customise digital tools and services for UBS WMA’s 7,000 advisors. UBS WMA’s remit is domestic US and […]
HSBC is to cut 850 information technology jobs in the UK today (16 May), the first stage of its restructuring plan that will see 8,000 British jobs terminated by the end of 2017. The employees are based in London, Sheffield, Leeds and Birmingham and all the jobs will disappear by the end of this year, […]
With so many new banks trying to muscle into the UK banking sector, spurred on by the reduced barriers to entry and calls for competition, Banking Technology wonders: will this boom be followed by a bust? In the meantime, make hay whilst the sun shines! Here is our guide to who’s who in the UK […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Perception brings to market new core platform UK credit unions, lenders and start-up banks take note. ING adds some zing to start-up ring It’s working with 45 start-ups on banking innovation. Punjab National Bank to modernise enterprise data […]
Banking giant Barclays has announced the launch of its own mobile contactless on Android, and confirmed it will not be joining Android Pay, reports Tim Skinner at Telecoms.com. The bank has been one of the UK’s more innovative financial institutions harnessing mobile payments, and specifically the integration of payment technology into wearable or alternative devices. […]
Royal Bank of Scotland (RBS) is planning to cut around 200 more jobs at its UK retail bank, according to sources close to the development. The latest round of job cuts follows the announcement last month that 600 jobs were to go in the UK. Rob MacGregor, national officer at the Unite trade union, says: […]
Royal Bank of Scotland (RBS) is powering its new Open Experience centre with Red Hat technologies, including the Red Hat Mobile Application Platform and OpenShift Enterprise, Red Hat’s web-scale container application platform. Open Experience was launched by RBS in February at its HQ in Edinburgh (UK) to pursue “innovative new technologies for the bank and […]
Barclays is providing £1 million in funding to UK-based AccessPay to support its growth and further develop their relationship. Access Systems (trading as AccessPay) provides a cloud-based connectivity layer between a business’s finance systems, their banks and “all of the major” UK and international payment networks such as BACS, Swift, SEPA, Faster Payments and Direct […]
Nordea says it will be the “first” bank in Finland to offer its customers an equity-based crowdfunding service. It has developed an online crowdfunding platform that will match entrepreneurs seeking financing with investors; and will be linked to a book-entry system. The service will be launched in the next few months. The bank says the […]
Dutch bank ING has revealed it’s working with 45 fintech start-ups on banking innovation, such as money management, payments, lending and mobile on-boarding. Ralph Hamers, CEO of ING Group, says of the 45 fintech firms, these include seven start-ups working on their proof-of-concept through the ING Fintech Village initiative in Belgium, and four through the […]
UK-based Metro Bank will roll out Glory Global Solutions’ Vertera 6G teller cash recyclers (TCRs) across the bank’s new locations as well as replace older technology in existing outlets. Metro Bank will set up a number of new branches in the course of 2016 and 2017. The bank, which opened for business in 2010, currently has […]
San-Francisco based RocketSpace, with the support of Royal Bank of Scotland (RBS), plans to open a campus in London, designed specifically for “high-growth” tech start-ups. The campus, located near Angel tube station, will initially hold up to 1,500 members at its opening in early 2017. Duncan Logan, RocketSpace’s founder and CEO, says: “Creating a physical […]
Sopra Steria has teamed with DataStax, a provider of database software for cloud applications, as they target finserv organisations across the retail banking, investment banking and trading sectors. Working with DataStax, Sopra says it will provide solutions to some of the “biggest challenges” currently facing traditional banking institutions, such as compliance with “ever more stringent […]
Barclays’ business banking service, Barclays.net, decided it would also take time off during the three-day Bank Holiday weekend in the UK. The system suffered intermittent outages from 29 April until today (3 May), and there were numerous complaints on Twitter from angry users. The impact on customers ranged from trying to pay staff or facing […]
Italian banking heavyweight, UniCredit, is working on standardising its global transaction business (GTB) on one platform, underpinned by D+H’s Global PayPlus (GPP) system. GPP is supplied by D+H’s Global Transaction Banking Solution (GTBS) unit, formerly known as Fundtech. UniCredit’s GTB business covers 17 countries – the bank has accrued it via an aggressive M&A strategy […]
Tech consultancy firm Capgemini has launched its Intelligent Test Automation Platform for financial services, promising quality assurance savings of up to 30%. The platform uses frameworks and robotic agents, and Capgemini says it speeds up the release of new products and services by providing “much shorter test cycles and better collaboration between development and test […]
Royal Bank of Scotland (RBS) is likely to miss the set deadline to spin off its Williams & Glyn’s (W&G) subsidiary – and the technology issues are to blame. W&G has been dormant for a few decades (RBS absorbed it in the mid-1980s). It was originally set to be revived and re-launched in 2015 by […]
Broadridge Financial Solutions has launched a new solutions partner programme to enable consulting, technology and servicing firms to offer technology solutions. Partner firms will get access to solutions across wealth management, asset management, capital markets and corporate issuer segments; and a set of sales enablement resources, technical training services and a financial benefits package. Ira […]
EdgeVerve Systems, a product subsidiary of Infosys, has launched a blockchain framework targeted at the financial services sector. Called EdgeVerve Blockchain Framework, it is a permissioned ledger that allows banks to deploy blockchain-based services for “varied” business areas. EdgeVerve says it can “scale to the levels needed to support international, cross-border transactional business”; and therefore […]
Royal Bank of Scotland (RBS) is cutting almost 600 jobs in its UK retail bank. British and Irish trade union Unite has reacted to the news. RBS will axe about 200 positions across London and the south east of England, with 400 jobs to go in the Midlands, east and the north of the country, […]
The challengers aiming to take on the traditional high street banks are themselves facing an enormous obstacle if they are to disrupt the banking market significantly, observes Zehra Chudry, organiser of the “Challengers versus Legacy Banks” debate at PayExpo Europe 2016. This hurdle is building consumer trust. Not only must they offer powerfully attractive alternatives and improvements, they must also convince consumers […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Money 20/20 Europe: Biometric identity, SMEs and final day’s sessions round-up Key highlights, what went well and what could be improved. Money 20/20 Europe: KYC/ID, commerce disruption and femtech round-up Valid points raised, key issues discussed. A must […]
Nick Kerigan, managing director of future payments at Barclaycard, lends his expert view on the changing consumer payment landscape and maps the journey to contactless card payments and beyond. Kerigan leads the team that looks at payment and competitor intelligence, and is responsible for driving innovation across Barclaycard. Last year was a milestone in UK […]
Santander and Kabbage are piloting an online tool to give UK small and medium sized enterprises (SMEs) access to same day funding. Announced today (4 April) at Money 20/20 in Copenhagen, SMEs can get access to new working capital of between £500 and £100,000 via an online process. At a media briefing, Sigga Sigurdardottir, chief […]
Exchange group SIX and Switzerland’s five largest banks are in talks over a joint mobile payments platform for the country. SIX, retail chains Migros and Coop, and telecoms company Swisscom are planning to create a standardised digital payment system for consumers in Switzerland. A joint statement from the banks – UBS, Credit Suisse, Raiffeisen, PostFinance […]
Marstone, a New York-based financial services firm, has teamed up with IBM Watson for Wealth Management to offer digital advice assisted by cognitive computing. The plan is for Marstone’s platform, powered by Watson, to use data, patterns and natural language to provide cognitive advice and learn from experience. Margaret Hartigan, chief executive of Marstone, says […]
Google is bringing Android Pay to the UK market – with Bank of Scotland, First Direct, Halifax, HSBC, Lloyds Bank, M&S Bank, MBNA and Nationwide Building Society the first to support it. This latest move follows Android Pay’s launch in the US in September 2015, and it should be available in the UK “in the […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! As it’s Easter holidays in the UK, this time it’s published on Thursday. Deutsche Bank reduces branch network in Germany Rise of digital banking drives change. Polymer notes pose £45m problem for UK cash machines Slippery when plastic. […]
Commerzbank is now live with an integrated set of finance and risk solutions powered by the SAP HANA platform. SAP says the bank has more than 70% of its balance sheet running on SAP Bank Analyzer and SAP Accounting for Financial Instruments. It adds that Commerzbank is able to close its monthly books “significantly faster”, […]
Santander says it has become the “first” bank in the UK to launch voice banking technology. The solution is provided by Nuance Communications. However, last month HSBC announced it was launching voice recognition and touch security services in the UK, which will be available to 15 million banking customers. This project is also being carried […]
Deutsche Bank is cutting its retail outlets in Germany from 700 to 500 as it looks to lower costs and adapt to digital banking. Christian Sewing, head of private, wealth and commercial clients and member of management board, Deutsche Bank, says the cuts are “necessary as the retail bank’s profitability has decreased over the last […]
A great visual of how four US-based conglomerates – JPMorgan Chase, Citigroup, Wells Fargo and Bank of America Merrill Lynch (BAML) – have grown to be the megabanks we know today. Source: American Banker
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Deutsche Börse and LSE to merge Two hearts beat as one. D+H Corporation joins US real-time payments rush Catches up with rivals FIS and Jack Henry. Deutsche Bank and Bank of China partner for cash management Becomes first […]
Eventus Systems, a US-based provider of data processing and analysis solutions, has signed UBS Securities for its flagship Validus risk and surveillance platform. Mark Holder, global co-head of electronic trading at UBS, says Eventus and Validus offered “impressive capabilities that strengthen our current platform”. The implementation has just begun. “Validus is going to bring a […]
Deutsche Bank has become the first foreign bank in China to establish host-to-host connectivity with Bank of China, as part of the project to deliver international cash management (ICM) services to corporate clients. The two banks have implemented an interbank host-to-host platform, with the first customer – Bosch China – already on-board. The project commenced […]
Some of the major US banks are planning to tap into the instant payments market via their digital network, according to Reuters. Banks including JP Morgan Chase, Bank of America, Wells Fargo and US Bancorp will use their jointly-owned network, clearXchange, to let their customers transfer money. “What we are doing now is delivering payments […]
