It’s that time again where alliances are formed and friendships are made in our latest co-operative filled round-up. Featuring the Monetary Authority of Singapore, Abu Dhabi Global Market, Dubai Financial Services Authority, Australian Securities and Investments Commission, and Iran and Malaysia planning to establish banking ties.
Al Salam Bank Seychelles (ASBS) has chosen International Financial Systems’ (iFinancial) anti-money laundering (AML) solution, AMLtrac, as it plans to introduce domestic banking services for local and regional SMEs and corporates. As part of that planned expansion, ASBS, an offshore financial institution, has selected the know your customer (KYC) and document management, account monitoring, transaction […]
Several consumer groups have written to UK Minister for Digital Matt Hancock urging changes to data privacy and protection rules, removing grey areas which allow companies to navigate breaches unscathed, reports Telecoms.com (Banking Technology‘s sister publication). Many rules and regulations should be viewed as dated today. This is not necessarily anyone’s fault, but is more […]
Earlier this year, Hewlett Packard Enterprise (HPE) went on an acquisition spree meant to help the company improve its standing in the data centre market with products to address a range of issues customers faced as they moved to the cloud, reports Enterprise Cloud News (Banking Technology’s sister publication). Now, one of those deals is […]
From major crimes to KYC times. Our latest blockchain and Bitcoin round-up features Tether, Metal, Deutsche Bank and IBM. Digital currency firm Tether is feeling under the weather as it has reported that “funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker”. The amount is a rather large […]
Co-op Money NZ, the industry body for credit unions and mutual building societies in New Zealand, has won its legal fight to continue providing wholesale banking. The organisation has successfully appealed against the decision of the Registrar of Friendly Societies and Credit Unions. By way of recap, earlier this year, a former Co-op member, Westforce […]
The Monetary Authority of Singapore (MAS) has launched a second consultation on its proposed regulatory framework, known as the Payment Services Bill. According to MAS, the Bill will streamline the regulation of services under a single legislation, expand the scope of regulated activities to include virtual currency services and “calibrate regulation according to the risks […]
It may not provide all the ticks on everyone’s wish list, but the new SEPA Instant Credit Transfer Scheme (SCT Inst) could well be the start of something even more seismic for the European payments sector and also pave the way for a different, more immediate way of conducting business.
Fenergo says its flagship Client Lifecycle Management (CLM) solution has been selected by BNP Paribas “as part of its global transformation project”.
We’re live streaming from RiskMinds International 2017!
It pays to pay attention to the pacey payments precinct. Our latest round-up comprises Glint’s golden launch, BillPro’s licence and QR codes in Singapore. Glint, an electronic payment system that enables gold to be used as a currency, has launched its account and app based technology in the UK. Jason Cozens, CEO, Glint, says: “Everyone […]
Fiorano Software, a specialist in integration middleware and API management, has launched Fiorano PSD2, a solution enabling banks to comply with the European Union’s PSD2 regulations.
This free white paper discusses the implications of PSD2 from an end-user standpoint.
On the surface Handel or Shostakovich seem a world away from the world of finance. Yet, strange as it may seem, the similarities are there. This is because both the mechanics behind music and the technology underpinning the digital transformation are – unless you’ve had first-hand experience of either – pretty abstract concepts to understand.
Following on from yesterday’s (16 November) fintech funding fun, here’s another summary. Features Flender, Tipigo Ventures, India Accelerator, Kuants, Sumeru and a handy $2 billion in Singapore. Return to Flender. Address known. As reported in May, peer-to-peer lending start-up Flender was seeking to get €1 million in funding and is targeting a UK launch after […]
Communications compliance and analytics company Actiance has made its exit this week. The California-based company has been acquired by K1 Investment Management, an investment firm focused on acquisition-based growth opportunities, reports Julie Muhn at Finovate (Banking Technology’s sister company). K1 will join Actiance with its rival, Smarsh, which specialises on archiving compliance. The combined company will reach […]
Coming straight after yesterday’s (15 November) action, here’s our latest blockchain and Bitcoin round-up. Features Mastercard in a patent place, ING Bank opening up, and another warning from the UK’s Financial Conduct Authority. Let’s start with yet another patent. Mastercard has jumped on the blockchain payments bandwagon by filing “Method and System for Instantaneous Payment […]
Since the global financial crisis the banking industry has witnessed three mega-trends: slow growth, digitisation and new regulation. None of these trends look likely to abate any time soon and in fact, it appears that all of them are set to intensify in the short to medium term.
Following on from yesterday’s (14 November) news, here’s our latest blockchain and Bitcoin round-up. Featuring Trustology, Accenture, Monetary Authority of Singapore, Association of Banks in Singapore, Square and London Block Exchange. Another day, another new firm. Trustology has emerged from stealth and revealed it is building a peer-to-peer network of smart contract compute services. Trusted […]
Shoot it in the right direction, make making it your intention, live those fintech dreams, scheme those schemes, and hit me with those alliances and teams. Our friendly round-up features ASEAN Fintech Network, Monetary Authority of Singapore, Polish Financial Supervision Authority and Hong Kong Monetary Authority. Welcome to the ASEAN Fintech Network (AFN), a new […]
Hong Leong Finance has signed for Kamakura Corporation’s risk management software, following “a comprehensive upgrade exercise involving its risk management processes”, according to the vendor.
Pension, insurance and investment management firm Aegon is replacing its local risk systems with Wolters Kluwer’s OneSumX for operational risk management. Charles Garthwaite, global head of operational and conduct risk at Aegon, says his company needed “a global solution” that could “comprehensively manage Aegon’s requirements”. Following local implementations in the UK and within its asset […]
While the fintech industry is no stranger to initial coin offerings (ICO) as a method of sourcing capital for start-ups, a firm is offering a novel way to make money via cryptocurrency trading.
Gibraltar Savings Bank has gone live on International Financial Systems’ (iFinancial) Bankware core system – the first phase of a three-phase implementation plan to replace its in-house legacy system.
The Competition Bureau in Canada is seeking feedback on the nation’s financial services and fintech sector. Like many other regulators around the world, the bureau has published a draft report on its market study concerning technology‑led innovation. John Pecman, commissioner of competition at the Competition Bureau, says: “The future is now. Let’s get it right […]
Government intervention has been a hot topic all week at AfricaCom, and it doesn’t seem like there is going to be a resolution to the problem anytime soon, reports Telecoms.com (Banking Technology‘s sister publication). Of course there will always be a need to regulate any industry; commercial entities should not be left by themselves, they […]
The Bank of England (BoE) has unleashed a cybersecurity challenge for the young at heart as it seeks to maintain monetary and financial stability. It cites recent cyberattacks on high-profile systems and organisations such as the Bank of Bangladesh as something to be wary of. To that end, it’s calling for people to: “Think big. […]
When crime comes calling OCBC Bank won’t be bawling as it has turned to artificial intelligence (AI) and machine learning (ML) for the big fight. The Singapore-based bank says: “On any one typical work day, an OCBC Bank anti-money laundering (AML) compliance analyst would log into the bank’s transaction monitoring system and find up to […]
Watching the recent of smartphone launches, I am taken aback by just how much smartphone manufacturers have led to the normalisation and acceptance of biometrics by consumers.
China Everbright Bank (CEB) has chosen Wolters Kluwer’s OneSumX regulatory reporting software for its operations in Luxembourg. According to Wolters Kluwer, OneSumX uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s regulatory update service. This service is maintained by its staff who monitor regulation in approximately 50 countries, […]
A distinctly European feel in our latest payments round-up. Stars Facebook Messenger, the UK’s Payment Systems Regulator, Concardis and AliPay. The UK will be the first country outside the US to get the Facebook Messenger payments service. Messenger was launched in the US in 2015 and lets people transfer cash during any conversation within the […]
UK-based regtech vendor Lombard Risk Management is supplying its regulatory reporting platform, AgileReporter, to OneSavings Bank.
Clearing houses and central clearing counterparties (CCPs) play a pivotal role in managing collateral and counterparty risk, in increasing standardisation and transparency of financial markets, and in the credit enhancement process for clearing banks. For such systemically critical functions, how appropriate are innovative new technologies such as distributed ledger technology (DLT)?
We are happy to announce the 2017 Banking Technology Awards shortlisted candidates!
Paul Taylor of Swift’s Financial Crime Compliance Services Division discusses the evolving compliance landscape and the critical role of technology in helping the industry come together as a whole to combat financial crime.
Christian Westerhaus, Global Head of Clearing Products, Cash Management, Deutsche Bank, talks about the impact of regulations on the correspondent banking business.
Customers trust financial firms with their details, so to protect the highly-sensitive information organisations must adhere to security and compliance standards. However, this can be challenging for employees as the processes can interfere with day-to-day operations.
Data quality and critical thinking are imperative for the advance of artificial intelligence (AI), according to expert views from an event hosted by US-based Teradata. At day three (24 October) of the Teradata Partners Conference 2017 (22-26 October), in Anaheim, California, Banking Technology was there to gauge the zeitgeist in our data-drenched world. As a […]
Bank of Asia, a start-up digital bank in the British Virgin Islands focused on companies that have ties to Asia, has signed for the Avaloq Banking Suite core platform.
The accounting standard Current Expected Credit Loss (CECL), which requires banks to calculate expected credit losses and incorporate resulting provisions into its P&L statements, necessitates a flexible, adaptable technology solution that will enable closer collaboration among finance, risk and reporting functions.
