Fintech innovation could be getting a push as IBM has built and tested its most powerful universal quantum computing processors. IBM says this development opens up a range of possibilities within the fintech world. Namely, solutions to optimisation problems found in supply chains, modelling financial data, and risk analysis; making facets of artificial intelligence (AI) […]
Quickly following on from the cash flow glow of 15 May, here’s another fintech funding round-up. Features Additiv, BZ Bank, Symphony, BNP Parabis and IOTA. Zurich-based digital finance provider Additiv knows how to stay healthy as it has secured its first capital investment funding round of CHF 21 million ($21.3 million). The round was headed […]
The world moves fast, so you need a fast read. A round-up of key events in the blockchain and Bitcoin arena. Featuring Coinsilium Group, SatoshiPay, Aragon, ShapeShift and Kotak Mahindra Bank. Blockchain accelerator Coinsilium Group reveals that SatoshiPay, a “nano-payments” company in which Coinsilium has a 12.08% equity interest, has added PayPal as a new […]
Citi has appointed Gulra Atak to lead its innovation lab in Dublin.
The Financial Crimes Enforcement Network (FinCEN) held its third annual Law Enforcement Awards ceremony on May 9 at the U.S. Department of the Treasury.
President Trump has named former banking attorney Bimal Patel to lead the day-to-day operations of the Financial Stability Oversight Council (FSOC).
Credit union service organization PSCU has hired Chris Gunnare as chief member experience officer.
Qualys Inc., a provider of cloud-based security and compliance solutions, has appointed former Fiserv executive Mark Butler as chief information security officer.
Anyone that picks up any business publication has no doubt read about blockchain. Conceptualised around the same time as the financial crisis in 2008, blockchain as originally conceived served as a digital ledger to publicly record cryptocurrency transactions and execute contracts.
SAP has launched a blockchain platform – “ready-to-use blockchain technology” – in the SAP cloud.
Trading tech firm Corvil has launched “Cara” – its virtual security expert designed for electronic trading businesses looking to solve cyberattack issues. Powered by machine learning algorithms, Cara works in tandem with Corvil’s existing analytics appliances and it autonomously identifies vulnerabilities and possible attacks within trading environments. It then runs multi-dimensional security analytics that detects […]
SAP has made a raft of announcements (and promises) at its annual Sapphire conference in Orlando, Florida. Bill McDermott, CEO of SAP, says the company continues to be committed to its “empathy” strategy unveiled last year and the time is now for “the urgency of action”. The vendor has unveiled its new SAP Leonardo platform […]
Consumers age 16 through 22 are open to communication from brands but have high expectations of those brands, demanding high levels of customer service and the latest in omnichannel functionality, according to a new study from American Express.
Bank has found another way to use the artificial intelligence-powered virtual assistants. The online-only Australian bank launched RoboChat May 15 to help home buyers—and homeowners who want to refinance—complete UBank’s online home loan application more easily.
France-based retail giant Carrefour and French bank BNP Paribas have joined forces to launch Lyf Pay, a new mobile wallet that supports in-store and P2P transactions as well as loyalty cards, coupons and offers.
Vodafone has transferred most of its ownership stake in Safaricom—the provider of Kenya’s mega-popular M-PESA mobile money transfer service—to Vodacom, Vodafone’s South African affiliate.
Brevity and celerity. It’s our latest fintech funding round-up for a quick fix – featuring Axoni, Citi, MarketInvoice, Banco BNI Europa, Alibaba and Qupital. Distributed ledger technology (DLT) provider Axoni has revealed that Citi has joined its Series A funding round, bringing the total amount raised to over $20 million. Citi joins a group of […]
Apple has reportedly made another sly move into the world of artificial intelligence (AI) through the $200 million acquisition of dark data firm Lattice, reports Telecoms.com (Banking Technology’s sister publication). The purchase has been brought to light by TechCrunch, and will add a small, but respected team of AI engineers to the ranks of the […]
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Antony Peyton, Banking Technology’s deputy editor, looks at why journalism is not controlled by your company. Well, not here anyway. Hey fintech […]
This free white paper provides a structured framework for measuring performance of commercial card programmes across multiple industry sectors, suggests a range of norms for card penetration and usage, and describes the key data points for measurement. It also describes the actions that card issuers could take to maximise value from the programmes they have running: retaining business that is already fruitful, and nurturing business which could be more abundantly fruitful.
Misys is getting in on the artificial intelligence (AI) act, with the launch of Misys FusionCapital Detect – a component for its trading solution which uses machine learning to spot booking errors, anomalies and unusual activity. The firm says FusionCapital Detect behaves as a personal assistant for trade validation teams, red flagging probable mistakes that […]
With the release of Facebook’s Q1 2017 results, there are five things worth your attention about its strategy that are relevant for financial services. In its latest results, Facebook announced a major emphasis in solving for communities and reiterating the key messages from its F8 developer conference. Q1 2017 profit is +76.6% YoY to $3.06 […]
The CFPB’s final rule on prepaid accounts has survived a bid to repeal it via the Congressional Review Act (CRA), with lawmakers failing to bring the matter up for vote by the May 11 deadline. But despite the CRA efforts having fizzled, reforming the rule is still on the table.
P2P payments are proving a big hit with younger consumers.
How two key technologies – cloud and cognitive – can aid banking transformation.
HSBC is rolling out its virtual platform for business customers, LinkScreen, across its operations worldwide. The platform is already available in the UK, US and Mexico, with Canada, France and Hong Kong to follow in the coming months.
With the cost of system memory dropping 30% every 12 months, in-memory computing has become the first choice for a variety of workloads within the financial services industry. In-memory computing can provide a lower TCO for data processing systems while providing an unparalleled performance advantage.
Brad Fauss is joining Wirecard North America as general counsel and vice president, compliance and governmental affairs. In his new role, he is responsible for managing the legal, compliance and governmental affairs functions for the North American business. Wirecard, a payments and commerce leader headquartered in Munich, finalized its acquisition of Citi Prepaid Services in March 2017, as part of its global expansion strategy.
Brand power is serious business, according to a new Blackhawk Network study that found consumers trust their favorite brand almost as much as they trust their own families. What’s more, retailers can harness that brand loyalty to help with a bevy of challenges, including driving foot traffic, acquiring new customers and bolstering loyalty among shoppers.
Green Dot’s acquisition of UniRush, a deal that closed in February, is already paying off for the company. As part of its first-quarter earnings release, Green Dot said that UniRush not only added $12 million in revenue during its first month of new ownership, but contributed to 6 percent growth in the company’s overall active card base, to 5.05 million.
Current, a startup comprised of a small team of New York-based fintech entrepreneurs, has launched a prepaid card program and mobile app for kids and parents that goes beyond dispensing allowances
What President Trump’s record on regulatory reform means for payments and financial services so far, and what comes next.
Whether it’s blockchain, lending or core banking – everyone likes a bit of cash. Our latest funding round-up – featuring Coinsilium Group, Coindash, Kreditech, PayU and Finxact. Blockchain accelerator Coinsilium Group has completed its investment of $75,000 in Coindash, which is developing a social trading platform for cryptocurrency investors. Coinsilium will also receive an entitlement […]
Say goodbye to long reads with this brief round-up of the latest buys in the fintech world. Features KPMG, Matchi, Ancoa, Cinnober, Valitor, International Payment Services and AltaPay. KPMG has acquired Matchi, a matchmaking platform that connects financial institutions with fintech companies. The pair have worked together since 2015, so the deal “cements” their relationship. […]
Good days and good times have come to Australia’s fintech scene with the 2017-18 Australian budget bringing in some useful initiatives. Some of the positives include open financial data reforms, reduced barriers for banking licences, an expanded regulatory sandbox and digital currency tax cuts – all welcomed by Fintech Australia, a national industry association. Australian […]
There has been a lot of rumour and speculation recently, focused around the news that Apple is working on augmented reality (AR) as its next major product. Last year, we saw how fast the take up of AR could be with the introduction of Pokémon Go that became a massive international cultural phenomenon almost overnight. Banks need to prepare sooner rather than later if they are going to take advantage of AR and not be left behind.
The U.S. purchase volume of credit, debit and prepaid cards increased 7 percent in 2016 compared with last year, according to The Nilson Report. That purchase volume hit $5.648 trillion last year, with the volume from American Express, Discover, Mastercard, and Visa credit cards increasing 8 percent year over over to reach a combined $3.059 trillion—the first time that figure has topped $3 trillion.
The Alipay online payment platform operated by Ant Financial Services Group is moving further into North America through an agreement with payments technology provider First Data. Alipay is considered the world’s largest online and mobile payment platform, with more than 450 million global active users.
A former MoneyGram compliance head will pay a $250,000 fine and be barred from performing a compliance function for a money transmitter for the next three years after agreeing to a settlement over alleged AML and fraud prevention failures that took place at the company under his watch.
“The first thing I do in the morning is brush my teeth and sharpen my tongue.” The acidic words of American writer Dorothy Parker. But sharp tongues will now come under the scrutiny of a new digital reputation management service. Be nice everyone and form a giant group hug. Geezeo Interactive, the marketing arm of […]
