Sandia Laboratory FCU revamps tech front-to-back office
Sandia Laboratory Federal Credit Union (SLFCU), the largest credit union in the US state of New Mexico, is modernising its front-to-back office technology with Alkami Technology and Corelation.
BankingTech
Executive Profile: One on One with Richard Steggall, Urban FT
Richard Steggall didn’t even set foot in the U.S. until he was approaching 30. So, what prompted the native Aussie by way of London to set up a fintech shop in New York—first as Waspit, then as Urban FT, the SaaS-based digital payments platform he now heads? It was, of course, American optimism.
Screen scraping: in or out?
Amid last month’s extensive ransomware attack, made possible after cyber criminals stole hacking tools created by the US National Security Agency, the European Banking Federation (EBF) again urged the European Commission (EC) not to dismiss recommendations about screen scraping.
Investors to the rescue for UK’s Co-op Bank?
The UK’s Co-operative Bank’s life may not be over just yet as it reveals it is in advanced discussions with existing investors over a rescue package. As reported in February, the bank was put up for sale – with the minority investor Co-op Group saying it is “supportive of the plan to find the bank […]
PSD2 meets ISO 20022
How will service providers and banks implement ISO 20022 in the APIs being created for PSD2?
Microcred looks ahead with BankBI business intelligence software
Microfinance entity Microcred has chosen BankBI’s business intelligence software applications as part of its move into retail banking. As reported last year, Microcred said it plans to become a fully-fledged retail bank and grow its presence from nine to 17 countries by 2020. It has opted to keep its long-standing technology provider, Temenos, and upgrade […]
Klarna enters the big time with banking licence
Payments provider Klarna has powered up with a full banking licence from Finansinspektionen, the Swedish Financial Supervisory Authority. Sebastian Siemiatkowski, CEO of Klarna, says it is “now one of Europe’s largest banks with 60 million customers, 70,000 merchants and working seamlessly across borders”. With the licence, Klarna states it can broaden its product portfolio for […]
Vontobel pioneers SIX Securities Services’ Advanced Settlement solution
Swiss wealth manager Vontobel has become the first taker of SIX Securities Services’ Advanced Settlement offering.
Where top European banks are investing in fintech – CB Insights
European banks are placing strategic bets in areas ranging from wealth management, lending, payments, regulatory technology, software, and blockchain. Which banks were the most active and what did they invest in?
Citizens Bank takes a crack at digital revamp with Bottomline
Rhode Island-based Citizens Bank is partnering with Bottomline Technologies to unleash a brand spanking new online and mobile banking platform for its commercial and business banking clients. The new digital banking platform offers a suite of cash management and payment services. The application features simplified transactions; integrated payment workflows; user personalisation with self-service capabilities; and […]
Spain’s first fully digital bank Openbank in major transformation
Openbank, a subsidiary of Spain’s banking giant Santander, has undergone an enterprise-wide overhaul, from products and services, to technology, to corporate culture, to new branding.
White paper: GDPR – banks, breaches and billion euro fines
The European Union’s new General Data Protection Regulation (GDPR) introduces 72-hour breach notification requirements along with severe regulatory fines and consumers and affected third parties now have the right to sue organisations responsible for data breaches.
Monese debuts direct debits to challenge traditional banks
Mobile-only bank Monese has unveiled direct debit functionality for its customers – a move designed to offer services closer to that of a traditional high street bank account. Alongside this, it has also gained access to Faster Payments, so customers can send funds to accounts outside or within the UK with a “quicker transfer”. In […]
Top fintech stories this week – 16 June 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Banking Technology Awards 2017 now open for entry!
Know any innovative products, inspirational projects, skilled teams or visionary leaders that deserve a special recognistion this year? Nominate them for a Banking Technology Award!
Fiserv the Architect for Affinity Plus digital banking revamp
Minnesota-based Affinity Plus Federal Credit Union has selected Fiserv’s Architect platform for a digital banking overhaul. The credit union will use Architect to help its online and mobile customers in branches, over the phone, and through digital channels. Dave Larson, president and CEO, Affinity Plus Federal Credit Union, says Fiserv has “the size and expertise […]
Circle rounds on rivals with free cross-border payments
Payments services provider Circle is offering its customers in the US, UK and Europe the ability to send and receive money across borders with no fees and no mark-up on foreign exchange (FX) rates. The firm says it is “just like sending email or sharing photos” – meaning it’s “free and instant”. There will be […]
Warburg Pincus buys stake in Avaloq
Private equity (PE) firm Warburg Pincus has acquired a 35% shareholding in Avaloq from existing shareholders – with the deal a first step towards a potential public listing. The transaction values Avaloq in excess of CHF 1 billion ($1 billion). Detailed financial terms are not being disclosed, but Francisco Fernandez, CEO at Avaloq, retains a […]
Infographic: financial institutions optimistic for first UK CRS filing
An online survey carried out amongst our readers in the run up to the UK’s first Common Reporting Standard (CRS) submission has found respondents largely optimistic about how their first transmittal would go; were appreciative of the support given to them by their IT departments and thought that HMRC and OECD had done a good job in communicating with them. Their primary concerns were their ability to pull data from their internal systems and keeping up with compliance.
Finastra heads to IBM cloud for digital banking
Fintech titan Finastra is turning to IBM to power its banking operations with cloud and cognitive technologies. As reported yesterday (14 June), Misys and DH Corporation (D+H) joined forces to create Finastra, the third largest financial services technology company in the world. With Finastra now officially alive and kicking, it’s wasted no time in showing […]
Fintech outside London – part 3
Our tour of the UK fintech scene concludes in this third instalment of the report. We started from the south of the country, then travelled west and are now travelling through the northern England and Scotland.
Why getting ready for real-time is a priority for Rabobank
When it comes to payments, the Netherlands, like its Scandinavian neighbours, is certainly one of the most advanced countries in the world. Banks and retailers have been working together for many years in an effort to decrease the amount of cash in circulation, working instead towards a “cleaner” and “safer” cashless environment.
Swift unveils new instant payments solution for Europe
Swift has launched an instant payments messaging solution for the European market, offering a single gateway to multiple systems, and available by November 2018. According to Swift, this latest development builds on its earlier deal in Australia. In 2015, it was awarded the contract to deliver the messaging infrastructure to underpin Australia’s new payments platform, […]
Misys and D+H merge to launch fintech titan Finastra
Misys and DH Corporation (D+H) have joined forces to create Finastra, the third largest financial services technology company in the world. As reported in March, D+H was acquired by Vista Equity Partners for $3.6 billion. The venture capital firm, which owns UK-based banking software vendor Misys, beat rival Advent International to acquire D+H. Finastra will […]
USAA invests in AI tech vendor CognitiveScale, implements its products
USAA, a banking and insurance provider that focuses on the US military personnel and their families, has made a “strategic investment” in machine intelligence software vendor CognitiveScale.
Avaloq Community Conference 2017: not trapped in a geography
Avaloq has hit back at Temenos’ claims that it is “trapped in a relatively small geography” by pointing to its revenue rise and innovation drive as reasons for something to be cheerful about.
Glenmede Trust Company implements Charles River IMS platform
Glenmede Trust Company, a US-based investment and wealth management firm with $34 billion of assets under management, is consolidating its institutional and wealth operations on Charles River’s Investment Management Solution (IMS).
Surety Bank to swap legacy core banking system for Nymbus’ SmartCore
Florida-based Surety Bank is embarking on a core banking software overhaul with Nymbus. The bank will implement Nymbus’ flagship SmartCore system. The solution will be delivered in a private cloud.
Vontobel in digital banking transformation with Appian
Appian, a US-based provider of low-code application platform, says it has been enlisted by Vontobel Bank “to execute its digital transformation strategy across all business divisions”.
Avaloq Community Conference 2017: embracing blockchain and Bitcoin innovation
Swiss core banking software vendor Avaloq is prepared to tap into the potential of blockchain and Bitcoin over the next 12 months as it seeks to experiment and innovate more in these areas.
Fiserv sets sights on mobile payments tech vendor Monitise
US tech giant Fiserv has offered to buy Monitise, a UK-based mobile payments software and solutions provider. The cash offer to acquire is at 2.90 pence per share – valuing Monitise at approximately £70 million.
Revolut launches multi-currency service across Europe
UK-based payments start-up Revolut has unveiled its new business service across Europe for multi-currency accounts, transferring money and corporate cards. Called Revolut for Business, it will enable companies to hold, exchange and transfer in 25 currencies with the interbank exchange rate, issue employees with corporate cards for “global fee-free spending” and manage their transactional activity […]
White paper: choosing the right in-memory computing solution
As in-memory computing (IMC) gains momentum across a wide range of applications, from fintech and ecommerce to telecommunications and internet of things (IoT), many companies are looking to IMC solutions to help them process and analyse large amounts of data in real time.
Zelle P2P payments network onboards new members
More banks and credit unions have joined Zelle Network, a new peer-to-peer payments platform in the US.
Path Solutions scores first core banking system deal in Morocco
Crédit du Maroc (CDM), a Morocco-based subsidiary of the Crédit Agricole group, has signed for Path Solutions’ iMAL core banking system to support its newly launched participative banking window.
Calastone completes first phase of blockchain project
Global funds transaction network Calastone says it has “successfully” completed the first phase of its blockchain distributed market infrastructure proof-of-concept (PoC).
Yes, (financial inclusion) minister?
In today’s seemingly financially connected world, where we can send money to one another via our smartphones, and manage our spending habits via apps, it’s pretty hard to believe that financial exclusion is still a reality in the UK. Yet, a shocking 1.7 million adults in the UK still don’t have access to financial services.
Redwood Credit Union launches mobile P2P payment service
California-based Redwood Credit Union (RCU) has launched a new mobile peer-to-peer payment solution, RCUPay. “RCU ends the IOU,” the credit union states.
Case study: Amsterdam Trade Bank – Amster-can
A bank-wide replacement of its main business applications is ambitious enough but it is just the starting point for Amsterdam Trade Bank (ATB), as it seeks to harness new technologies, adopt a new culture and digitise its business.
Moroku’s Marrakash makes a splash with POS software deal
German payments company AEVI and Australian software firm Moroku have teamed up to offer POS software in AEVI’s B2B app store. Called Marrakash, Moroku’s software is for small retail and hospitality merchants that integrates their business, products, customers and payment systems into one platform. Moroku says it lets firms run their business “entirely from a […]
