Top fintech stories this week – 23 December 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! The last weekly news round-up of 2016. Happy holidays from everyone at Banking Technology!
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! The last weekly news round-up of 2016. Happy holidays from everyone at Banking Technology!
Look back at some of the major digital channels projects in 2016, with Banking Technology’s top ten.
Factset, a US-based provider of financial information and analytics software to the investment management industry, has completed two acquisitions. These are Vermilion Software, a client reporting and communications software specialist and Cymba Technologies, which focuses on asset and investment management software and solutions.
State Street is concluding its testing of a blockchain system from securities lending and is pondering its roll-out in 2017.
Our pick of banking tech and fintech case studies – published by Banking Technology in 2016.
We are constantly connected to the cloud (iPhone, DropBox, Google Drive just to name a few) and yet, in financial services, the adoption has been tremendously slow. In part, this is due to a lack of guidance from regulators, especially where cloud-based regulation technology is concerned. But finally there is forward progress.
Hungary’s central bank and regulator, Magyar Nemzeti Bank (MNB), is bringing a new instant payments system to the country. It will require “state-of-the-art IT and communication solutions in payments”.
Mobile banking app Varo Money is brining to market a chatbot and “money coach”, Val. Val is powered by Kasisto’s KAI Banking bot and “delivers insights into spending, savings, borrowing and helps people set goals as well as offer updates and encouragement about their progress”.
BNP Paribas has processed “several live payments” using blockchain technology for two of its corporate clients, Amcor and Panini Group.
The Bank of Italy, the Italian Banking Association and the ABI Lab Consortium have signed an agreement to set up Certfin – “a highly specialised Computer Emergency Response Team (CERT) for Italy’s financial sector”.
Arab Bank (Switzerland), a private bank in Geneva, has signed a long-term deal with Avaloq for the vendor’s complete business process outsourcing (BPO) services.
Since the Market Abuse Regulation (MAR) came into effect in July 2016, our ongoing conversations with banking organisations indicate that whilst the regulation is aimed at improving market integrity, it has also exposed inefficiencies within some banking monitoring systems.
Credit card firm MBNA is to be taken over by Lloyds. The firm’s current owner, Bank of America, has agreed to sell it for £1.9 billion. The deal is expected to close in H1 2017.
Emirates Islamic Bank, a Shari’ah-compliant banking subsidiary of Emirates NBD, has migrated to a new core banking platform, Infosys’ Finacle.
Building emotional bonds with customers is a strategic imperative, and why the change programmes currently being undertaken at banks need to recognise the hidden lessons of Uber.
UK challenger bank Starling talks about finding its niche and how it intends to prosper in an increasingly competitive space – all in preparation for its 2017 launch.
Get straight to the core of US core banking systems projects with this brief round-up. Oklahoma-based Green Country Federal Credit Union has selected Fiserv’s Portico core account processing platform for digital and mobile banking, and functionality for commercial lending. Green Country is transferring its technology from an array of providers to Fiserv, and the latter […]
Token, a Silicon Valley-based crypto-payment software provider, and digital bank Fidor have signed a memorandum of understanding (MoU) for digital payments. The MoU will see Token’s software made available within Fidor OS, its digital banking and open community middleware solution. Steve Kirsch, founder and CEO of Token, says its software enables banks to “call the […]
ICAP, a UK-based financial services firm, is jumping on the bandwagon and getting ready to process foreign exchange (FX) trades on blockchain, according to the Financial Times. As Banking Technology reported earlier this year, ICAP’s post trade risk and information division completed a proof of technology test case for blockchain – so its interest is […]
Temenos has gone on the record about its core banking software deal with US-based Commerce Bank. As reported exclusively by Banking Technology in June, Temenos was heading towards a contract with Commerce Bank – competing with Fiserv and its DNA offering.
I am blind as a bat, and there are times when it’s an advantage to be blind, or deaf, or even dumb to certain insults, certain situations, certain obstacles. Clearly it’s a double-edged sword because being deaf, dumb, and blind to impediments, pitfalls, and danger zones is just asking for disaster.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
The PSD2 directive will let third parties use the information stored in financial institutions and the only path to achieve this leads through an open API. The API is now being discussed and developed, but it’s not clear when it will be finalised, released and deployed.
Citi and FIS have formed separate agreements with PayPal for Citi cardmembers and FIS linking payment cards. For Citi, its customers will be able to use their Citi Cards with PayPal – online, in-app and in store – in 2017. Terms of the agreement are not being disclosed. With this agreement, Citi says it is […]
Ghana-based Beige Capital Savings and Loans (BCSL) is in the final stages of rolling out Temenos’ T24 core banking system. The T24 project formally kicked off in February this year, after the November 2015 launch of BCSL’s new technology centre in Accra. During that same period consultants from Temenos and London-based systems integrator Jethro were […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
At last week’s RegTech Futures summit in Amsterdam, organised by FinTech Futures and supported by Banking Technology, the potential of regtech innovators to re-imagine compliance – reducing the cost, creating more robust systems and creating new opportunities for deeper digitisation – was discussed in depth.
Italy’s largest bank UniCredit plans to raise €13 billion and axe 14,000 jobs over the next two years as it looks to get its finances in order. Along with the job cuts, which amount to about 11% of its workforce, UniCredit will shut down about 25% of its 3,800 branches. It also aims to use […]
Oklahoma-based Mabrey Bank has migrated its IT infrastructure and core processing to an outsourced delivery model with US-based banking software heavyweight Jack Henry. The bank moved its IT infrastructure to the cloud computing environment, Gladiator Hosted Network Solutions, and then migrated its CIF 20/20 core processing system to JHA OutLink Processing Services. Carlisle Mabrey, IV, […]
Who is investing in what? Our latest fintech funding round-up, mercifully brief as usual. Featuring ApplePie Capital and Firepay.
Orabank, a retail, SME and corporate banking group based out of Togo, has completed the implementation the Sopra Banking Amplitude core system, supplied by Sopra Banking Software. The new, standardised solution has been rolled out across 12 countries in West and Central Africa.
UK-based challenger bank Metro Bank has moved its IT infrastructure to a Rackspace managed cloud solution. Rackspace says this has reduced the bank’s close-of-business processing time by 50% and report production time by two-thirds.
Wyelands Bank (formerly Tungsten Bank) is relaunching in 2017 with a new core banking system.
Given the pace of change and innovation underway in traditional industries it would take a brave person to predict how the finance industry will look in five years’ time, however I don’t believe high street banks will disappear and be replaced by online blockchain alternatives, the regulatory hurdles are just too high.
Online Banking Solutions (OBS), an Atlanta-based provider of cash management software, is being taken over by banking tech giant Fiserv.
Cater Allen, a London-based private bank and a subsidiary of Santander, has completed “the discovery phase” of the project with Temenos to overhaul its core banking software.
Swedish Export Credit Corporation (SEK) is implementing Wolters Kluwer’s OneSumX regulatory reporting software for International Financial Reporting Standards (IFRS) 9 reporting.
With so much fintech funding activity going on, we’ve summarised the latest fundraising efforts of start-ups. Featuring Lunar Way, FXCH and Polychain Capital.
AnaCap Financial Partners, a UK-based private equity firm, is set to acquire Barclays’ French retail banking business, life insurance business, wealth and investment management and brokerage operations.
Fintech start-up Bankjoy has secured two clients for its online and mobile banking software, Georgia Heritage Federal Credit Union and Wepawaug-Flagg Federal Credit Union.