Australia and New Zealand-based banking group, ANZ, has opened up its mainframe and two banking systems to about 20 new application programming interfaces (APIs). The move is a way of getting around replacing its systems – in this case the legacy CAP deposits and loan system and Vision Plus credit card platform. The latter is […]
More than 60 of financial institutions around the world (including many top-tier banks) are involved in the R3 consortium, with considerable financial and resource commitments. The international consortium promises to build a common blockchain-based platform – called Corda – but the end-result is still a number of years away.
Yes Bank, India’s fifth largest in the private sector, has partnered with Lastmile.mobi to introduce the IRIS EMV POS solution. The device allows biometric authentication through iris scanning, and can act as a POS terminal as well as an ATM. Lastmile.mobi provides a cloud-based platform accessible by a biometric enabled mobile device. The solution integrates […]
Alibaba has revealed a new payment service that lets virtual reality (VR) shoppers pay just by nodding their heads. Called VR Pay, it’s been developed by Ant Financial’s (Alibaba’s financial arm) incubator F Lab, and it’s another innovation in the lively and overcrowded payments arena. With the tech, shoppers (bovine at the best of times) […]
Silicon Valley Bank and MasterCard have selected six start-ups to participate in Class 5 of Commerce.Innovated, a virtual accelerator designed to help commerce, payments and fintech start-ups grow their businesses. The six US start-ups will go through the four-month virtual programme and are in various stages of funding and development: Domuso, a payment financing platform […]
Blockchain has the potential to greatly benefit the entire capital markets ecosystem. But the industry should learn to walk – when it comes this emerging technology – before it can run.
Niamh de Niese, a new director and head of BNY Mellon’s EMEA Innovation Centre, shares her views on diversity in fintech, Ada Lovelace (often regarded as the world’s first computer programmer) and how to encourage more women into the science, technology, engineering and mathematics (STEM) professions.
MasterCard and Berlin-based SolarisBank have teamed up to bolster their digital banking ambitions. SolarisBank has got principal membership status, and will now operate at MasterCard’s “highest issuer level”, with access to its entire product portfolio. Dr. Andreas Spengel, vice-president at MasterCard, says it is “excited by the outlook of working together with a young, visionary […]
Lloyds has launched selfie technology to enable customers of its subsidiary, Bank of Scotland, to open a current account online.
The global payments industry faces more challenges than ever before – fiercer competition, more regulations, an increasing threat from cybercrime and new demands from customers. Thierry Chilosi, head of markets & initiatives, EMEA at Swift, talks to Daily News at Sibos about the steps market participants can take to future proof their payments infrastructure.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
“Transaction banking will undergo a change of character,” states the global banking giant.
Royal Bank of Scotland (RBS) has installed advanced “human” artificial intelligence (AI) to help its staff answer customer queries. The bank says a two month trial has been “successful “and the AI, known as ‘Luvo’, is to be rolled out more widely to support employees, and perhaps bring some tender loving care (TLC) with it. […]
Berlin-based fintech incubator FinLeap has teamed up with fintech analyst Devie Mohan to launch Burnmark, an independent research company focusing on trends in the financial technology industry. Finleap will support Burnmark with network, knowhow and research capabilities. Mohan works closely with traditional banks, consulting firms, innovation teams, start-up accelerators and investors, advising them on fintech […]
JP Morgan Chase is developing its own blockchain, called Quorum, on the Ethereum network. Amber Baldet, program lead, blockchain centre of excellence, JP Morgan Chase, says it is working with Ethereum “because it has been around a while and banks are familiar with it”. With Quorum, the firm says all public and private smart contracts […]
Thomson Reuters has launched BlockOne ID to let developers build applications in a controlled environment with blockchain. BlockOne ID (for Ethereum) is an experimental user-entitlement framework through which decentralised app (DApp) owners can manage access to their blockchain contracts. Thomson Reuters says it uses traditional methods to authenticate users and provides a mechanism for DApp […]
Innovation gets more adoration as Avaloq is opening up to developers with a new portal activation. It says freelancers, start-ups, fintechs and banks will be able to innovate jointly using a dedicated online portal. Through this site, the developer community can commercialise technologies and share results within the community and the “entire Avaloq community”, which […]
It’s a European roll-out as MasterCard has launched Identity Check Mobile, a new payment technology app that uses biometrics to verify a cardholder’s identity. The technology is now being introduced across 12 markets in Europe – including the UK, Austria, Belgium, Czech Republic, Denmark, Finland, Germany, Hungary, the Netherlands, Norway, Spain and Sweden, following a […]
The Monetary Authority of Singapore (MAS) and five local polytechnics have teamed up to get students up to speed for fintech jobs of the future. They have agreed to work on a framework to review and improve the polytechnics’ curricula in the next three years to prepare and equip their graduates with the skill sets […]
Pokémon Go has taken the globe by storm, capturing the hearts and minds of adults and children alike in their endeavours to “catch ‘em all” in the latest version of the popular computer game, which builds cutting edge augmented reality (AR) technology into its original gameplay. What can banks learn from it?
Catch up on Banking Technology’s top five fintech stories of the week – all in one place – and all with a Sibos touch! Blockchain: be ready to ‘fail fast and fail cheap’ Wouldn’t it be better to succeed in the first place? Innotribe plots rise of new fintech hubs A tribe calling for a […]
Top pics and captions from Swift’s Sibos 2016 conference in Geneva! A compilation from day 4.
Read our fourth and final Daily News at Sibos edition of the Sibos 2016 conference in Geneva – all the latest news and analysis from Swift’s premier event of the year. Free to read online or pick up a complimentary print copy if you are at Sibos!
A decade ago, cities fought to be financial hubs; today they fight to be financial technology (fintech) hubs. While London, New York and Silicon Valley claim strong status as fintech hubs, Sibos has proved that there are plenty of emergent centres snapping at their heels. Innotribe’s Startup Challenge, which brings fintech companies to the attention […]
Top pics and captions from Swift’s Sibos 2016 conference in Geneva! A compilation from day 3.
CLS Group has started building a payment netting service, using existing message protocols and distributed ledger technology (DLT), which will be open to all FX market participants – not just CLS members –and will also enable CLS members to net some FX trades that are currently settled outside the CLS settlement service.
Read our third Daily News at Sibos edition of the Sibos 2016 conference in Geneva – all the latest news and analysis from Swift’s premier event of the year. Free to read online or pick up a complimentary print copy if you are at Sibos!
“First they think it’s stupid, then they think it’s obvious. Blockchain has passed the first test.” These are the words of an economics professor (quoted, but not present) on revolutionary ideas, and perhaps a succinct evaluation of where blockchain is right now. In a packed conference room on the Monday afternoon (26 September), the panel discussed “Blockchain 2020 – what next for adoption by the financial industry”.
Blockchain and distributed technology have been hot topics at Sibos this year, with a raft of announcements from banks and fintechs alike. One of the areas identified as of most promise is trade finance – an area of banking that is rife with paper-based processes.
Innotribe’s Industry Challenge – the results of which have been just unveiled – was all about blockchain and disruptive technologies. Three star-ups won the challenge to introduce blockchain to the securities sector: SmartContract, Rise and Coin Sciences.
Artificial intelligence (AI) isn’t new but the rise of mobile and cloud computing, combined with big data and cheap computing power, is driving a resurgence. Convergent technologies mean AI is finding new uses in financial services.
In the aftermath of the financial crisis, transaction banking was considered a reliable source of income for global banking groups. But nearly a decade on, multiple factors are putting pressure on transaction banks’ revenues. This year’s World Payments Report suggests banks increase their investments in digital solutions to offer more compelling propositions to their corporate treasury clients.
Credit Union Australia (CUA) can now onboard a customer in two minutes, including ID verification, offer generation and account generation to the core. The underpinning solution is provided by a domestic fintech start-up, Cloudcase Software Solutions.
Canada is one of many countries around the world striving to make payments fast, frictionless and data rich. The country’s approach to payments system modernisation is rooted in collaboration and research, with an eye to the international experience and a deep dive into the needs and capabilities of the Canadian market, including an investigation into blockchain and cryptocurrencies.
Top pics and captions from Swift’s Sibos 2016 conference in Geneva! A compilation from day 2.
Read our second Daily News at Sibos edition of the Sibos 2016 conference in Geneva – all the latest news and analysis from Swift’s premier event of the year. Free to read online or pick up a complimentary print copy if you are at Sibos!
ACI Worldwide and Vocalink have joined forces “to offer a complete end-to-end immediate payments solution to launch a domestic or regional immediate payments network”. The partnership will combine Vocalink’s Immediate Payments System (IPS) offering for central payment infrastructures and ACI’s UP Immediate Payments solution for banks and financial institutions.
Swift has committed to help its members combat the cyber threat “in challenging times”, delegates heard during yesterday’s opening plenary session. Security will be a feature every day of the conference because “the cyber threat is here to stay”, said Swift chief executive, Gottfried Leibbrandt.
The opportunity for traditional banking processes to be transformed that is presented by innovative financial technology (fintech) developers is at risk of being squandered in many cases because of cultural differences between large inflexible enterprise culture and the enthusiastic approach of the start-up developer world.
Udayan Goyal’s vision for the future of money revolves around seamless, instant micropayments being made continuously between autonomous apps and services all triggered by thoughts and actions of humans as they go about their daily lives.
