Housing Bank Algeria in tech revamp with Infosys Finacle
Housing Bank Algeria, a subsidiary of Jordan-based Housing Bank for Trade and Finance (HBTF), is modernising its front-to-back office technology with Infosys Finacle.
BankingTech
DSK Bank moves core and digital banking ops to IBM Cloud
DSK Bank, Bulgaria’s largest bank and a member of the OTP banking group, has completed the migration of its banking operations to IBM’s data centres.
KBC Asset Management in technology modernisation
KBC Asset Management, Belgium’s largest investment manager, is implementing a new investment book of record (IBOR) platform, Simcorp Dimension, and Axioma’s risk management engine.
Blockchain offers banks potential, but HFT provides benefits now
I’ve been a technology nerd since before it was cool. In fact, when I went to college in the mid-1970s engineering students were treated more like George McFly than Mark Zuckerberg. It wasn’t the most glamorous major to talk about. Not much has changed today when I tell people I lead an advocacy organisation in support of high frequency trading (HFT), a technology that lowers trading costs for banks, asset managers and pretty much all investors. I find the work exciting, but I do run into my share of Biff Tannens.
Siam Commercial Bank invests in new fintech focused VC firm
Thailand’s Siam Commercial Bank (SCB) has invested a “significant” sum into a new Singapore-based venture capital (VC) firm, Dymon Asia Ventures.
Penta and SolarisBank team for business bank accounts for German SMEs
Two Berlin-based fintech firms, Penta and SolarisBank, have joined forces to provide German businesses with “fast access to bank accounts”.
IDFC Bank launches “breakthrough” biometric payment app, IDFC Aadhaar Pay
India-based IDFC Bank has launched an e-payment app, IDFC Aadhaar Pay, developed in association with the Unique Identification Authority of India (UIDAI) and the National Payments Corporation of India (NPCI).
India’s fintech valley continues to boost profile
Vizag, the commercial capital of Andhra Pradesh, India, continues to build relationships and develop as a fintech centre.
HDFC Bank launches AI-powered virtual assistant Eva
India’s HDFC Bank has partnered with Senseforth to launch an electronic virtual assistant – Eva – to answer customer queries. Powered by an artificial intelligence (AI) based engine, the chatbot is said to be able to “assimilate knowledge from thousands of sources and provide answers in simple language in less than 0.4 seconds”.
DFSA proposes innovation testing licences
Dubai Financial Services Authority (DFSA) has issued a new consultation paper to find the ways to avoid creating a standalone regime to facilitate fintech companies. Instead, keeping in line with practices followed in the UK and Australia, DFSA will review innovative fintech business propositions and match them with applicable rules already prevailing in the region.
DirectCash Bank to overhaul core banking tech with Smartsolution’s Universa
Canadian banking tech vendor Smartsolution has gained a new taker for its Universa core banking suite, DirectCash Bank (DCBank).
Nordea brings Samsung Pay to customers in Sweden
Nordea has launched the beta version of Samsung Pay in Sweden. The bank’s customers can use this new payment service to make in-store payments with their mobile phones.
Top fintech stories this week – 10 March 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Zenith Bank overhauls core banking tech with Misys Fusionbanking
Nigeria-based Zenith Bank is standardising its core banking software group-wide on Misys’ Fusionbanking Essence platform.
Monetary Authority of Singapore and R3 power blockchain payments project
The Monetary Authority of Singapore (MAS) is partnering with R3, and a consortium of financial institutions on a proof-of-concept project to conduct inter-bank payments using blockchain. This project, which is seen as a rival to Swift’s network, will potentially create a payment system for participants to transact in different global markets round-the-clock. Sopnendu Mohanty, chief […]
Fidor’s digital banking right shot for Van Lanschot
Dutch wealth management firm Van Lanschot has chosen Fidor’s digital banking solution for an upgrade of its payments software and infrastructure. As part of the agreement, Fidor will manage user and account data and will process Van Lanschot’s payments flows within its fidorOS (fOS) platform, which is built using open APIs. It will also modernise […]
Swift bans UN-blacklisted North Korean banks
Swift has cut off three North Korean banks from its messaging system under United Nations (UN) sanctions, after Belgium says it would no longer give authorisation for such transactions. According to Reuters, North Korea’s “intensifying provocations”, such as missile launches, led to the Belgian foreign ministry’s decision. Let’s face it – the nation behaves like […]
Al Etihad Leasing Company completes tech project with ICSFS
Al Etihad Leasing Company, a new venture launched by Jordan-based Bank Al Etihad, has completed its technology set-up. It has implemented ICS Banks Finance Lease System from regional vendor ICS Financial Systems (ICSFS).
Fintech acquisition round-up: 9 March 2017
Who’s buying who? Featuring Broadridge, Message Automation, Numerix and TFG Financial Systems.
BBVA automates UK risk and reg reporting with Wolters Kluwer’s OneSumX
BBVA’s subsidiary in the UK has opted for Wolters Kluwer’s OneSumX solution for regulatory reporting and liquidity risk management.
Crédit Agricole CIB automates US reg reporting with AxiomSL
Crédit Agricole Corporate and Investment Bank (CIB) is implementing AxiomSL’s regulatory reporting system at its New York branch.
Digital bank bunq goes international with open API
Digital-only banking start-up, bunq, has expanded beyond its native Dutch market to Austria and Germany with the launch of its open API.
Flagship Community Bank buys BankMobile for $175m
Florida-based Flagship Community Bank has bought mobile-only BankMobile from Customers Bancorp for $175 million. As Banking Technology reported last month, BankMobile, which was launched by Customers Bancorp two years ago, was expected to be sold this quarter, according to Customers’ president and CEO, Jay Sidhu. Customers Bancorp says after accounting for all expenses, the deal […]
Verifone investigates breach that targeted US merchants
Terminal maker Verifone says it’s investigating a breach that involved an attempt to get into its corporate network and targeted US merchants.
Robo-advice case study: Munnypot
Robo-advice has captured a lot of attention in the financial services sector of late, so it is great to find an institution that is putting it firmly into practice. Banking Technology talks to Munnypot, a recent arrival on the UK market.
Misys goes gaming for banking tech
Misys is introducing gamification capabilities into its FusionBanking Essence Digital platform with Moroku’s GameSystem (also known as Gameo).
FirstOntario Credit Union swaps Fiserv’s Signature for Temenos’ T24 core banking system
Canada-based FirstOntario Credit Union has moved from its legacy Fiserv’s Signature core platform to Temenos’ T24. Validata, a specialist in enterprise software testing and release automation, assisted with the conversion process.
Austria’s Raiffeisen revamps trade finance tech with Intellect
Five Austrian Raiffeisen regional banks and Raiffeisen Bank International will implement Intellect Design Arena’s digital trade finance platform as the group looks to standardise its operations. Raiffeisenlandesbank Niederösterreich-Wien, Raiffeisen-Landesbank Steiermark, Raiffeisenlandesbank Oberösterreich, Raiffeisen-Landesbank Tirol and Raiffeisenlandesbank Vorarlberg Waren- und Revisionsverband regristrierte Genossenschaft mit beschränkter Haftung and Raiffeisen Bank International (RBI, a large banking group in […]
LendIt USA: the British are coming
Fintech is developing a distinctly British accent and the US is in danger of losing out, according to remarks made by Congressman Patrick McHenry, a member of the House Financial Services Committee, at the LendIt USA conference in New York.
US credit unions aim to cut down call centre fraud with new tech
Hoping to put a dent in a method of fraud that costs US companies $10 billion annually, PSCU, a credit union service organisation that serves 850+ credit unions, will use technology from Pindrop.
New loan origination system for Mobilink Microfinance Bank
Pakistan-based Mobilink Microfinance Bank (MMBL, formerly Waseela Microfinance Bank) is implementing a new loan origination system, supplied by Path Solutions.
Will 2017 be the year financial services improve their UX?
2016 has been a big year for user experience (UX). The web, as a whole, became easier to use, apps became more intuitive, and services became a lot more engaging and purposeful. But could the same be said for financial services? Perhaps…
New treasury software deal for Infosys Finacle in India
Federal Bank, a large private sector bank in India, is to overhaul its treasury operations with Infosys’ Finacle banking system, Banking Technology understands.
Corporate One Federal Credit Union tests real-time payments with D+H
North American banking and payments tech vendor DH Corporation (D+H) is helping Corporate One Federal Credit Union move to real-time payments. Corporate One FCU is using D+H’s cloud-based testing environment to simulate connectivity to The Clearing House’s (TCH) real-time payments network.
Emerging payments hot topic on social media, Mastercard study finds
Consumers are expressing interest in and enthusiasm for emerging payment methods in their social media conversations, according to a new Mastercard report. Paybefore (Banking Technology‘s sister publication) reports that Mastercard’s fifth annual Digital Payments Study analysed more than 3.5 million public interactions in 2016 between consumers on social media channels – including Facebook, Instagram and Twitter […]
LendIt USA: $400 from disaster
A startling 46% of American adults would be unable to come up with $400 to meet an unexpected expense without borrowing or selling something. We are so used to thinking about financial exclusion in terms of the un- or under-served that we are overlooking the financial vulnerability of nearly half the US adult population.
IBM and Maersk first for cross-border supply chain on blockchain
Maersk and IBM have unveiled the “first industry-wide” cross-border supply chain solution on blockchain. According to IBM, 90% of goods in global trade are carried by the ocean shipping industry each year. Their new blockchain solution will do the usual things – help manage and track the paper trail of shipping containers across the world […]
The National Bank in Palestine live with Temenos T24 core banking system
Palestine-based The National Bank (TNB) has gone live with Temenos’ T24 core banking platform. The project has been underway since 2014.
Monzo, Revolut, Loot, U Account and other fintechs let down by payments processor
Payment outages have caused major problems to cardholders and fintech services provides in the UK and internationally. This is understood to be down to payments processor Global Processing Services (GPS).
Hellenic Bank to launch open APIs
Cyprus-based Hellenic Bank is readying the first project by its recently unveiled innovation lab – open application programming interfaces (APIs).
