Circle centres itself for digitally connected wallets
Payments services provider has introduced Centre, an open source project built on blockchain and designed to connect multiple digital wallets to process money transactions.
Innovation
Peer Mountain aims high with data trust solution launch
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 […]
Around Fintech in 8 Hours – new online course launched by CFTE
Centre for Finance, Technology and Entrepreneurship (CFTE) has launched a fintech foundation course – Around Fintech in 8 Hours – “designed to give professionals working in the finance industry a solid understanding of how technology is redefining the provision of financial services”.
India’s fintech valley gets pally with Mastercard for smart city plan
Mastercard has partnered with the Andhra Pradesh government in India to bring its digital payments into the Fintech Valley Vizag’s smart city plan. Under the agreement, Mastercard will help Andhra Pradesh in its ambitions to be a cashless society and develop the city concept. Mastercard president and CEO Ajay Banga says it can do this […]
Fujitsu to trial blockchain payments with three Japanese banks
Fujitsu will work with Mizuho Financial Group, Sumitomo Mitsui Financial Group (SMFG) and Mitsubishi UFJ Financial Group (MUFG) to conduct a joint field trial of a person-to-person (P2P) money transfer service using blockchain. The trial will begin in January 2018 and last for about three months. Fujitsu says it has already initiated development of the […]
PSD2 – the tip of an Open Banking API iceberg?
It’s been over a year since I first blogged on the subject of open banking and it is fair to say, mainly driven through the regulatory pressures of PSD2 and the UK Competition and Markets Authority (CMA) led UK Open Banking initiative, that across Europe, much progress has been made in moving the banking industry to adopt APIs.
Payments: I spy gpi
Much of the focus for correspondent bankers at this year’s Sibos will again be Swift’s global payments innovation (gpi) initiative. More than 110 transactions banks from Europe, Asia Pacific, Africa and the Americas have signed up to the initiative, which opened for live payments in January 2017.
Innovate Finance contest calls for fintech start-ups
Innovate Finance, a UK-based fintech membership association, is seeking start-ups for its latest Pitch360 competition. The contest is open to any start-up in the following sectors: Distributed ledger technology (DLT) Financial inclusion Cybersecurity Cross-border payments Peer-to-peer and alternative funding Regtech Personal finance management and robo-advice Artificial intelligence (AI) and machine learning Sandboxes The winner will […]
It’s official – Siri is a simpleton
It is true, but might be a bit mean to single out the iLeader, as researchers have put various artificial intelligence (AI) programmes to the test, figuring out what the IQ of each one is. Telecoms.com (Banking Technology’s sister publication) reports that Liu Feng of Beijing Jiaotong University, Yong Shi from the Chinese Academy of […]
EC investigates Dutch and Polish banking groups over fintech access
The European Commission (EC) has confirmed its officials carried out unannounced inspections in “a few member states” concerning online access to bank account information by competing service providers. The EC doesn’t name the countries involved, but “according to people familiar with the matter” that spoke to the Financial Times, Poland and the Netherlands are among […]
UK’s Faster Payments Scheme seeks tenders for infrastructure competition
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 […]
Blockchain and Bitcoin round-up: 6 October 2017
Blockchain funding, Pubcoin blockchain rewards programme, network and technology sharing and platform test launching. Our latest blockchain and Bitcoin round-up features Anryze, Leanpub, MicroMoney, Karma and Zilliqa.
Bank of England fintech accelerator feels the fourth for innovation
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 […]
The tech is there so why aren’t we doing better?
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. […]
Just because it can be connected, that doesn’t mean it should be
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’s American API payments dream pushes on
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 […]
Infographic: the world’s most cashless countries
What countries among the 20 largest economies are adapting quickest to using cashless systems like phones and contactless cards? New research (and nifty infographics) from global trading site Forex Bonuses reveals that Canada takes the top spot, narrowly edging out Sweden for the top position.
Tibco acquires Cisco’s data virtualisation business
Integration, analytics, and event-processing software company Tibco has agreed to acquire Cisco Data Virtualization (formerly Composite Software), reports Julie Muhn at Finovate (Banking Technology‘s sister company). The solution powers enterprise-scale data virtualisation and offers associated consulting and support services. Tibco will leverage the new solution to “enhance its portfolio of analytics products and will help clients onboard analytics […]
Aviva acquires majority stake in Wealthify
UK based insurer Aviva confirms that it’s acquired a majority stake in robo advisor, Wealthify.
Temenos teams with MuleSoft to accelerate open banking
Banking software provider Temenos has teamed up with Mulesoft, a platform provider for building application networks. The move is intended to break down barriers to the open banking initiative by facilitating API connections, reports Julie Muhn at Finovate (Banking Technology’s sister publication). As a part of the partnership, Temenos will develop a core banking adaptor […]
NACHA Pushes on with API Payments Dream
NACHA, the backbone for the electronic movement of money and data in the U.S., and its Payments Innovation Alliance, have named the first five APIs for their big payments push.
Top fintech stories this week – 6 October 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Central banking and fintech: a brave new world?
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.
Singapore and Thailand mull digital payments alliance
The Monetary Authority of Singapore (MAS) and the Bank of Thailand are in discussions about connecting their national digital payment systems as officials step up efforts to curb the use of cash, according to Bloomberg. The link would bring together Southeast Asia’s first national digital payment platforms, Singapore’s PayNow and Thailand’s PromptPay, says Naphongthawat Phothikit, […]
Singapore sets Phase 2 to stun for blockchain inter-bank payments
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) say that the consortium which they are leading has developed software prototypes for improved payments on blockchain. The prototypes included three different models for decentralised inter-bank payments and settlements with liquidity savings mechanisms. The project, conducted together with 11 financial institutions […]
Google bids for AI leadership with new Pixel 2 smartphone
Internet giant Google’s big gadget unveil is all about positioning itself for the artificial intelligence (AI) era, not becoming an iPhone killer, reports Telecoms.com (Banking Technology’s sister publication). The flagship product is the Pixel 2 – a product so important for Google that it blew a billion bucks on beefing up its R&D team. As […]
The United Nations of Data – an interesting idea
One of the big problems of the digital economy is unity. Everyone is out for themselves which could mean no one wins, reports Telecoms.com (Banking Technology’s sister publication). What we’re talking about here are the rules – the legislation and regulation which defines how a company can operate in the connected economy. There sure are […]
Hey big lender! Finastra, R3 and seven banks have blockchain plan
Finastra, R3 and seven banks – including BNP Paribas, BNY Mellon, HSBC, ING and State Street – are working together to create a blockchain-fuelled online marketplace for the syndicated loan market. Underpinned by Corda, R3’s distributed ledger technology (DLT) based platform, Fusion LenderComm exposes real-time credit agreement, accrual balances, position information and transaction data to […]
Google’s Deepmind sets out to tackle AI ethics
If you ask the world of technology to slow down a bit, you’re instantly branded as a technophobe. But perhaps a bit of reflection is needed in the artificial intelligence (AI) arena, reports Telecoms.com (Banking Technology’s sister publication). Google’s Deepmind is one of those which is starting to think a bit deeper about the big, […]
Bank of Ireland’s new CEO reviews tech revamp
Bank of Ireland’s new CEO is understood to be reviewing its five-year €900 million modernisation initiative – aka Project Omega – according to the Irish Times. As Banking Technology reported last year, the new set-up will be hosted by Capgemini. The bank was known to be evaluating a joint Software-as-a-Service (SaaS) offering from Temenos and […]
Voleo and Nasdaq to launch equity trading competition
Social investing platform Voleo has teamed up with Nasdaq to launch its Voleo Equity Trading Competition – with winning investors and investing teams getting $10,000 in real cash portfolios, reports David Penn at Finovate (Banking Technology‘s sister company). “The goals of the competition are to improve financial literacy, to break down the knowledge barrier, and […]
Turn gaming into investing with Invstr’s newest app
Invstr, the social and investment game app, has launched a new product which will give UK members the ability to trade fractional shares.
Credit Kudos receives FCA authorisation to shake up credit bureau market
Credit Kudos, a challenger credit bureau, has received the green light from the UK’s regulator, Financial Conduct Authority (FCA), to operate as a credit reference agency.
Snapsheet and KeyBank form virtual duet for insurance claims
Snapsheet, a virtual claims insurtech provider, is partnering with KeyBank for the launch of Snapsheet Transactions, a payment solution for insurance claims. Instead of insurance carriers sending claimants a cheque in the mail once a claim is settled, Snapsheet Transactions provides carriers a hub for issuing claims and expense payments. CJ Przybyl, president of Snapsheet, […]
Truphone raises $339m to fuel global expansion
What would you do with $339 million? London-based mobile operator Truphone gets to answer that question today as it closes its $339 million (£255 million) private equity round.
Mashreq launches Neo digital bank for millennials
Dubai-based Mashreq has confirmed its future as a branchless bank, with the launch of its digital entity Mashreq Neo. As reported in May, Mashreq was mulling the branchless route in a speech by CEO Abdul Aziz Al Ghurair at its 50th anniversary ceremony. At that time, Banking Technology expected this to be a digital bank […]
What does the new iPhone X mean for mobile banking?
Mobile banking is nothing without mobiles, and as Apple leads the way in innovation it provides opportunities for banks to do things differently too. So, with the launch of the iPhone X, what is next for mobile banking in a world that can’t get enough of phone upgrades?
OCBC Bank, HSBC and MUFG in KYC blockchain breakthrough
OCBC Bank, HSBC and Mitsubishi UFJ Financial Group (MUFG), together with the Infocomm Media Development Authority (IMDA), has become the “first consortium” in South East Asia to complete a proof of concept for a know your customer (KYC) blockchain. The parties say the development “raises the possibility” of using blockchain to make KYC “more efficient […]
A blockchain smartphone – the future of devices or a buzzword parasite?
Sirin Labs is a recognisable name if you know where to look. Last year, it brought you a £11,400 smartphone with “military grade” security, and now it wants to bring you a blockchain smartphone called Finney.
Blockchain and Bitcoin round-up: 2 October 2017
Blockchain-based commercial bonds on the Russian market, Bitcoin recognition in Japan and new digital currency in Dubai. Our latest blockchain and Bitcoin round-up features National Settlement Depository, bitFlyer and Dubai Economy. Starting off in Russia, the National Settlement Depository (NSD) has unveiled the first blockchain-based commercial bonds on the Russian market based on Hyperledger Fabric […]
