Top fintech stories this week – 12 May 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
BankingTech
Apple Creek Bank in front-to-back office tech revamp with Fiserv
Apple Creek Bank, a $140 million financial institution with six branches in the US state of Ohio, is modernising its technology with Fiserv. The bank will implement the Precision core processing platform, delivered on a hosted basis, plus a host of auxiliary solutions from Fiserv.
HSBC’s virtual platform for business borrowers goes global
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.
Misys and Diebold Nixdorf team for cloud banking tech in Germany
Misys has announced the availability of its solutions for German retail banks in the cloud. Diebold Nixdorf will deliver infrastructure services out of its certified data centres in Germany.
White paper: beyond data grids – the advantages of in-memory platforms
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.
Mashreq bank mulls branchless future
Dubai-based Mashreq is planning its future as a branchless bank, according to a speech by CEO Abdul Aziz Al Ghurair at its 50th anniversary ceremony. With the rise in digital banking, Al Ghurair used the speech to express his understanding of the real world; and set out the bank’s vision of job cuts and embracing […]
Industry views: Trump’s first 100 days
What President Trump’s record on regulatory reform means for payments and financial services so far, and what comes next.
RBS axes hundreds of tech jobs
Royal Bank of Scotland (RBS) is cutting nearly 250 jobs as part of a back-office ops shake-up – with claims that some roles will end up in India. The bank says 92 full-time staff will be affected, while 154 contractor roles will go later this year. Most of these positions are technology-related and are based […]
Dover Federal Credit Union revamps core system with Symitar’s Episys
Delaware-based Dover Federal Credit Union has opted for the Episys core system for in-house processing from Jack Henry’s Symitar subsidiary. According to Symitar, Dover FCU’s chief innovation officer, Travis Frey, had encountered Episys at two prior credit unions, and was “confident in the flexibility and scalability of the system”. Frey says its core selection process […]
Fintech funding round-up: 10 May 2017
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 […]
New online banking platform for AmeriChoice FCU
Pennsylvania-based AmeriChoice Federal Credit Union has launched a new online banking platform based on the Symmetry e-banking software from Wescom Resources Group (WRG).
South Africa’s Mercantile Bank goes omnichannel with TCS Bancs Digital
South Africa-based Mercantile Bank has implemented a new digital channels platform, TCS Bancs Digital, supplied by TCS Financial Solutions.
Will augmented reality transform banking?
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.
CrossFirst Bank goes live on nCino Bank Operating System
Kansas-based CrossFirst Bank has implemented nCino’s Bank Operating System for its commercial loan process. nCino’s cloud-based solution is built on Salesforce.com. The vendor says it combines customer relationship management, loan origination, workflow, enterprise content management, business process management and instant reporting on a single platform. Amy Fauss, chief operating officer at CrossFirst Bank, says nCino’s […]
Geezeo puts your reputation on the online
“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 […]
Centralway Numbrs unveils B2B banking platform
Centralway Numbrs is launching a B2B portal, enabling banks to integrate their financial products into its Numbrs Store in Germany digitally and free of charge. The firm says its store is Germany’s first financial products distribution platform, run independently of a bank. The store is part of its Numbrs app, which has got 1.5 million […]
Switzerland’s Hypothekarbank Lenzburg goes open banking
Switzerland’s Hypothekarbank Lenzburg is opening up its Finstar core banking system to fintech firms with the use of APIs. The bank has signed an agreement with German software firm NDGIT, which supplies the APIs, and the implementation at Hypothekarbank Lenzburg will be completed by the end of May. Once implemented, its data and services will […]
Exclusive interview: Luis Uguina, Macquarie
Everyone loves a dreamer, except in the world of banking – where digital aspirations are swiftly cut down to size by the reality of legacy systems. That is until Luis Uguina, chief digital officer for Macquarie’s Banking and Financial Services Group, comes along and challenges everything you thought you knew about banks’ digital offerings.
Intellect turns corner in profit quest
The loss problems for India’s Intellect Design Arena have abated as it has revealed a profit after tax of INR 106 million ($1.65 million) in its Q4 results. As Banking Technology reported last year, Intellect’s lack of profit worsened as it disclosed a loss after tax of INR 138 million ($2 million) for the quarter […]
Deutsche Bank leads charge for pan-industry e-identity platform
Deutsche Bank and a variety of German and European companies have teamed up to establish a joint, pan-industry platform for online registration, e-identity and data services. The initiative was set up by the bank, Allianz, Axel Springer, Daimler, Postbank, technology think tank Core, and location services provider Here Technologies. Their aim is to “make online […]
Barclays backs British fraud fightback
Barclays has unveiled its new £10 million digital safety drive in the UK as it wants to increase the public’s awareness of financial fraud risks. As part of its plan, it will offer new debit card choices to let customers turn on and off remote spending and change ATM limits. It has revealed a new […]
Starling Bank unveils real-time mobile payments
UK challenger bank Starling is staying busy with the launch of its real-time mobile offering, Starling Payment Services. The service, which it calls a new division of the bank, will offer sponsorship access to the UK’s major payment schemes, allowing other banks, payment service providers, and fintech companies to use real-time payments from the summer. […]
Acorns Australia goes live with Moneythor for personal finance
Micro-investing service Acorns Australia has chosen Moneythor’s machine-learning solution to help it analyse customers’ spending patterns and offer insights into savings. The new “My Finances” features of the Acorns app were developed with Moneythor’s engine. The solution’s predictive analytics and data classification techniques are also used to provide customers with an estimate of their future […]
North East Small Finance Bank to launch on FIS Profile core banking system
North East Small Finance Bank (NESFB), the first bank of its kind in the northeast of India, is gearing up for launch in early June. For its technology, it’ll be using an outsourced banking and payments platform provided by FIS.
A spreadsheet way of thinking: why the future of financial services still lies in rows and columns
Spreadsheets, say some, should just fade away into the dustbin of innovations’ past, but in my opinion, they might be the best bridge between the “old way” of working and the new.
FinovateSpring 2017: panel discussion (the conference’s first ever!)
FinovateSpring 2017 in San Jose, US, concluded with its first ever panel discussion! “Our panelists will recap the key demos and help put the innovations on display into a broader context,” the conference organisers said.
Travelex preps new challenger bank Ditto for launch
New banks are appearing at the double – and Ditto, a France-based mobile-driven multi-currency bank, is the latest one getting ready to launch. Ditto, which is backed by foreign exchange company Travelex, has been built from scratch over the last two years and is “managed as a separate entity” from Travelex. Ditto is based on […]
Conference overview: “literally everything” from FinovateSpring 2017
Wished you were at FinovateSpring in San Jose but missed it? No worries – we’ve got it covered. A comprehensive overview of the two-day conference – session by session.
Top fintech stories this week – 5 May 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Banks banking on APIs for payments and beyond
Facing increased competition from financial services upstarts and tech firms, banks are doubling down on application programming interfaces (APIs) as a competitive tool, a new report shows. Paybefore (Banking Technology‘s sister publication) reports that an Aite Group study canvassed product and digital channel managers at Asia-Pacific, European and North American banks, and found that those […]
OpenFin tech for capital markets goes open source
New York-based OpenFin has open sourced its core technology and is giving application developers free access to its operating layer for financial desktop web applications via its OpenFin Community Edition. The firm, which is a provider of HTML5 runtime technology, says the open source project, called Hadouken, will run under an Apache 2.0 licence. It […]
Infographics: UK’s fintech job market
Time for some simpler infographics. According to meta search engine Joblift, there has been an average monthly growth of 5% in the number of fintech jobs posted in the UK in the past year, this is in comparison with a growth of 1% in the UK job market as a whole. Joblift found that London […]
Idea’s express bank branch hits the tracks
Poland’s Idea Bank has launched the first bank branch on rail tracks and the first co-working space for travellers. Called the Idea Hub Express carriage, the bank selected Poland’s PKP intercity trains, and the hub will be for passengers traveling on the Warsaw-Poznan-Warsaw, Warsaw-Krakow-Warsaw and Warsaw-Wrocław-Warsaw routes. Selected trains linking the cities will have a […]
UK’s CYBG banking group launches innovation lab
UK-based Clydesdale Bank and Yorkshire Bank – which together form CYBG – have launched their banking innovation lab on Kensington High Street in London. Called Studio B – CYBG partnered with design consultancy Market Gravity to design, implement and launch the lab. Nick Sherrard, managing director, Market Gravity Edinburgh, says it will be exploring voice […]
Payments: correspondent banking faces its future
In an increasingly globalised economy, payments have struggled to keep up and pressure is mounting on the traditional correspondent banking model.
Banking Technology May 2017 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Philippines’ UnionBank picks IBM Cloud for app overhaul
UnionBank of the Philippines (UnionBank) has selected IBM Cloud to build, deploy, run and manage new apps for its digital customer base. Through the IBM Bluemix cloud platform and IBM API Connect, UnionBank says it can create, manage, secure and run APIs that the bank has made available internally and run them externally for consumption. […]
Gently does it for FIS revenue rise
It’s a tale of small numbers with FIS’s latest financial results revealing a moderate rise for earnings and revenue. In its first quarter, FIS’s GAAP revenue increased 3.4% to $2.2 billion from $2.1 billion in the prior year quarter. Operating income increased to $260 million for the quarter, from $184 million in the prior year […]
Apple Pay ready to go for HSBC Australia
With the battle of the four banks won, Apple Pay’s fight to retain its Australian smartphone market continues as HSBC Australia is now offering support for its customers for the first time. Back in March, Apple Pay emerged victorious in its long-running feud with four domestic banks over their permission to collectively bargain with Apple […]
Hackers cybersquatting on hundreds of UK bank domains
Cybersquatters have wormed their way onto hundreds of websites and are tricking web users into thinking they’re clicking on to UK high street bank websites. According to research by DomainTools, a DNS-based cyber threat intelligence firm, it found 324 registered domains using the trademarked names of five of the UK’s top high street banks – […]
