FitPay Inc, a US-based provider of payment, credential management and authentication platform services, is planning to offer prepaid capabilities on wearable and other devices connected to its FitPay Payment Platform.
Hello all and apologies it’s taken a little while to get to the third instalment of the series about “pet peeve statements”. For those who are new, I am talking about those bold, declaratory statements that puff up the chest and make people feel awfully progressive and far sighted – and as I have said before, all sound and fury, signifying stormy waters ahead!
Data aggregation provider Finicity has signed an agreement with JP Morgan Chase to let the bank’s customers choose data to share with apps. The companies will use a direct API to allow Chase customers to share information with the apps and services that Finicity supports. According to the firms, this tokenised access will eliminate the […]
Core banking software provider Finxact has made its Open Core API available through its sandbox for fun times in innovation. The firm says its API is transparent and granular, enabling banks to have full access to their customer data. Finxact adds that it is the first core banking provider to join the Open API Initiative. […]
A consortium of European private and public sector organisations are testing out the use of a citizen’s national digital identity from France to open a bank account in the UK. The group comprises HSBC, Barclays, the UK Government Digital Service (GDS), Orange, OT-Morpho and the Open Identity Exchange (OIX UK). The project is co-financed by […]
Seedrs will be the sole equity finance provider in a new partnership with challenger bank Fidor.
Financial Resources Federal Credit Union in the US state of New Jersey has implemented Roostify’s mortgage technology platform.
Nelson Holzner, newly appointed CEO of AEVI, talks to Banking Technology about the importance of innovation and simplification, and addressing real-life problems with working solutions. “Do more” is AEVI’s motto.
Volkswagen’s finance arm, VW Credit, has agreed to make an equity investment of an undisclosed amount in auto financing platform AutoGravity.
The Saudi British Bank (SABB) has chosen Bolero International’s electronic trade document solutions for its corporate clients. According to Bolero, SABB is the first bank in the Kingdom of Saudi Arabia to let its clients initiate transactions electronically – and so “eradicate time-consuming inefficiencies associated with paper documents”. David Dew, managing director, SABB, says the […]
Oman Arab Bank (OAB), a long-standing customer of Finastra (formerly Misys), is implementing the Fusionbanking Essence core banking system. It will replace Misys’ Equation platform, in operation at the bank for over three decades.
Swift’s annual event, Sibos, was last held in Toronto in 2011, so many delegates will already have explored the city and know what’s in store. But for those who have yet to visit, read on.
Finland-based Aktia Bank has completed “the full-scale implementation” of its new core banking system, Temenos’ T24.
New Zealand-based Kiwibank is progressing with its SAP core banking system overhaul but the project is running behind schedule and the costs are on the rise.
After launching in 2016 in Singapore, Australia and Mexico, Citi Pay has arrived in the US.
Challenger Banco BNI Europa (BNI) has unveiled “Puzzle”, a digital and real-time credit approval process for the Portuguese market. Don’t be confused by the name, the bank says Puzzle is “simple, and non-bureaucratic”; and it even cites the Lending Club in the US, or Zopa in the UK by way of comparison. Puzzle offers credit […]
Mizuho Financial Group, Mizuho Bank, trading and investment firm Marubeni Corporation, and Sompo Japan Nipponkoa Insurance have completed a trade transaction between Australia and Japan using blockchain. The participants say all trade-related processes, from issuing the letter of credit to delivering documents, were completed entirely via a digital platform in this project. (See image below […]
India-based Infosys plans to open its next technology and innovation hub in North Carolina and hire 2,000 “American” workers in the state by 2021 – which is a dream within a bigger dream. This investment is part of its ambitions, revealed in May, to open four US hubs in the US and hire 10,000 “American” […]
The Central Bank of Azerbaijan has chosen to conduct its auctions for foreign exchange (FX) instruments and deposits through Bloomberg’s auction platform. The platform manages primary market operations, and has been recently extended to include FX instruments (spot and outright) and deposits, in addition to its pre-existing suite of fixed income and repo products. Ali […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
A wide range of technology-driven sectors will be affected by the advent of universal quantum computing many experts say will happen by 2026, but the financial industry has particular reason to be concerned.
Swift has revealed that 22 additional banks have joined its blockchain proof of concept (PoC), designed to validate whether the technology can help banks reconcile their international nostro accounts in real time. The PoC is part of the Swift gpi (global payments innovation) service, its new standard for cross-border payments. As reported previously, gpi has […]
Wellspring Credit Union, a $48 million entity in the US state of Texas, has gone live with a new core processing system supplied by Utah-based tech developer FLEX.
The European Banking Authority (EBA) recently opened a consultation on its draft recommendations for financial institutions outsourcing to cloud service providers across all cloud-related domains including infrastructure, platform and software as a service.
Set sail for fintech! The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Open Banking, the implementation entity set up by the UK’s Competition and Markets Authority (CMA), has released its accounts and transaction information and payments initiation API specifications. The payments initiation API will enable third parties to set up secure payments on behalf of customers and, once authorised by the customer, submit the payment for processing. […]
Vantiv, a US-based payment processing and technology provider, and Worldpay, its counterpart in the UK, have reached “an agreement in principle on the key terms of a potential merger”.
This year’s Banking Technology Awards are taking place on 13 December in London and there are plenty of reasons why you and your team should be a part of this prestigious event. Besides having a good chance at winning, entering the Awards also allows you to: Make global headlines in the industry if your entry […]
Aw shucks, even more firms are getting big bucks. Following on from yesterday (4 July), here is another fintech funding round-up. Features Ohpen, MarketInvoice and Huddle Capital. Cloud-based core banking provider Ohpen has secured a €15 million Series B investment round led by private equity firm Amerborgh. The current investment round values Ohpen at €100 […]
Nordea Bank has pressed the accelerator on its open banking ambitions with the launch of pilots. As reported in March, the bank released the first version of its open banking portal targeted towards external developers, as it gets ready for the second Payment Services Directive (PSD2) requirements. At the time, it invited developers to sign […]
Copenhagen-based Danske Bank has unveiled its beta open banking service as it joins the fray for API-powered innovation. The bank says open banking is set to be the “most seismic shift in financial services since online banking” and it wants to tap into this market. Danske is looking to push on from its own banking […]
Commerzbank and the Fraunhofer-Institute for Material Flow and Logistics (IML) in Dortmund have teamed up to research and develop the digitisation of trade finance using blockchain. The bank says by using blockchain or distributed ledger technologies (DLT), it will build a decentralised database for internet of things (ioT) applications and smart contracts. This will offer […]
Myanmar-based Co-operative Bank (CB Bank) is planning an upgrade of its core banking system, Temenos’ T24, and is looking for a Temenos partner to assist it with the project.
There is far more to regtech than regulatory technology, or at least there can and should be. Regtech, as it is coming to be understood, must be something qualitatively different from what it’s replacing and not just a faster and better version of the same thing.
The UK’s Competition and Markets Authority (CMA) is ramping up its efforts for open banking within the nation’s retail banking scene. As reported in February, the CMA published its 766-page final report on the retail banking market and its open banking goals. At that time, it said it will offer overdraft users the opportunity to […]
Barclays Bank has been hit yet again by online and mobile banking glitches. Today (3 July), the bank reported the problem on Twitter saying it’s “aware of an issue with our online banking”. Hi Mark, we’re aware of an issue with our online banking and we’re working as fast as we can to put a […]
Ethiopia-based Oromia International Bank (OIB) has opted for the ICS Banks core banking system, supplied by ICS Financial Systems (ICSFS), to underpin OIB’s Islamic banking operations.
Alfa-Bank, a top ten bank in Russia by assets and profit, has purchased the source code of its core banking system, Misys Equation. The solution is provided by Finastra (formerly Misys).
Orange has put the brakes on its ambitious plans to venture into the world of mobile banking after finding the proposition doesn’t quite meet its standards.
Granger National Bank (GNB) in the US state of Texas has found a replacement for its legacy Tinisys core banking system, which is being sunsetted by provider Temenos/Trinovus.
