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.
How did BankMobile become the largest digital bank in the US? Luvleen Sidhu, the bank’s co-founder and chief strategy officer, shares the strategy.
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 the standards.
A handy round-up of who’s investing in what in the fintech space. Featuring Revolut, Tango Card and ClauseMatch.
Is PayPal’s investment in online lender LendUp a hint that the underbanked may not remain the underserved for long?
A new microfinance entity in Myanmar, Ruby Hill Microfinance, has signed for the Abacus core banking system, provided by Fern Software.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Tax evasion and tax fraud have been affecting governments finances all over the world over the decades. It occurs within a country and across countries. Thus, a single country cannot solve the problem on its own. Countries need to work more together and internationally to combat the problem home and abroad.
Following the ruling of the UK’s Competitions and Markets Authority (CMA), Diebold Nixdorf has shed some of its business. Diebold UK & Ireland has been sold to Cennox.
SimCorp has acquired a fellow wealthtech vendor, APL Italiana, for €35 million. APL Italiana specialises investment and portfolio management software for the Italian insurance market.
UK-based high street bank NatWest is trialling Recordsure’s regtech recording and analysis solution “to improve and monitor the quality of information and advice provided during regulated customer conversations”.
For the finale of the final day of Money20/20 Europe, financial inclusion was discussed with resolute optimism for a bright future.
London-based biometric tech vendor Sthaler is working with Nordic payments provider Nets to introduce finger-vein enabled payments to the consumer market in Europe.
The Association of Banks of Singapore (ABS) has unveiled a new funds transfer service – PayNow – that requires only a mobile and identity card numbers to enrol.
BBVA has signed an agreement with Chinese tech giant Ant Financial to enable Chinese tourists to pay in Spanish stores using the Alipay mobile wallet. BBVA is the first Spanish financial institution to be working with Alipay.
US-based InvestCloud is going to launch a fintech incubator and accelerator at its European headquarters in Soho, London. Dubbed InvestCloud Innovation Centre, it will enable start-ups and established firms to create wealth management solutions supported by the InvestCloud platform.
Denmark took a back seat at Money20/20 Europe as the lively fintech scenes in China and India fell under the spotlight with a wealth of information and stats.
The Fintech Association of Hong Kong (FTAHK) has officially launched “to champion an open, inclusive and diverse fintech community in Hong Kong”.
The shift from analogues to digital – according to Michael Meyer, Middlegame Ventures, during a regtech discussion at Money20/20 Europe – a major European bank he spoke with files over 50,000 pages as part of its quarterley regulatory reporting.
The interest from the fintech community in APIs burns brighter than a thousand suns, but where will this technology and the spirit of open banking take us?
Banking Technology is on the lookout for all the best FinTech projects of the year! Recognising excellence, innovation and the use of IT in banking and financial services, the Banking Technology Awards will be taking place on 13 December in London. Think your achievements deserve a special recognition? Or know projects that do? Nominate today […]
Bank of America is rolling out Oracle’s cloud-based ERP system and financial applications for its international general ledger and broker-dealer systems.
