Mfinance concludes integration platform tender
Kenya-based banking tech provider and integrator NLS Banking Solutions has won the bid to supply an integration platform to Madison Finance Company (Mfinance) in Zambia.
BankingTech
Guaranty Trust Bank extends ICS Banks core system roll-out to Tanzania
Guaranty Trust Bank (GTBank), a Nigeria-based bank operating across multiple countries in Africa, has extended the roll-out of its core banking system, ICS Banks, to Tanzania. The solution is supplied by ICS Financial Systems (ICSFS).
UBS launches SmartWealth digital platform in UK
UBS Wealth Management has launched its new digital platform, SmartWealth, to tap into “a new audience” in the UK. The banks says it’s the first of its kind in the country.
The big fight brewing over strong customer authentication
Late last year, Visa fired a volley – unlikely to be the last – over new rules that it and all providers of online transactions will soon need to follow as part of the EU’s revised Payment Services Directive (PSD2). It has some doom-laden predictions.
Banking Technology March 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.
Atom Bank goes atomic with £113m funding plan
UK challenger bank Atom plans to raise almost £113 million in equity investment to support its ambitions for growth. As Banking Technology reported late last year, Atom opened for all customers in the UK. Its “invitation only” phase is over and people can download the Atom App, both in IoS and Android, and open an […]
Banks not fine with $321bn paid in fines
Banks are stumbling along amidst the cumulative financial penalties of $321 billion handed out to them since the financial crisis. In a new report by the Boston Consulting Group (BCG) – “Global Risk 2017: Staying the Course in Banking” – it says “prudent operations will be required to avoid the errors of the past” and […]
Credit Suisse makes headway in digital space in Asia
Credit Suisse has launched two solutions in the digital space to keep up with consumer expectations: digital client on boarding for private banking and automated account aggregation and reporting.
Scotiabank completes blockchain trial with Alphapoint
Alphapoint, a San Francisco-based financial services infrastructure firm, has completed a blockchain proof-of-technology trial for Scotiabank, leveraging its Alphapoint Distributed Ledger Platform.
Top fintech stories this week – 3 March 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Silvergate Bank overhauls front-to-back office tech with FIS
California’s Silvergate Bank has implemented a suite of systems from FIS in a major tech overhaul – from a new core banking system to branch, digital and mobile banking, compliance and risk. The new core banking platform – FIS’s Horizon – will let the bank “streamline” its third party systems, such as account opening and […]
Race to patent Bitcoin tech heats up
The man who claimed to be Satoshi Nakamoto, the creator of Bitcoin, is now working on filing patents for the currency, according to Reuters. In a lengthy investigative report, Reuters says Craig Wright is “working with a fugitive online gambling entrepreneur to file scores of patents relating to the digital currency and its underlying technology, […]
Yellow Brick Road to revamp wealth management ops with Rubik
Australia-based banking tech provider Rubik has signed wealth management company Yellow Brick Road (YBR) for its scaled advice solution, Provisio.
Nordea preps for PSD2 with open banking portal
Nordea has released the first version of its open banking portal targeted towards external developers, as it gets ready for the Payment Services Directive (PSD2) requirements. Currently the site has “limited functionality” but unspecified pilot activities will be conducted through the portal during 2017, in advance of a full launch in Q1 2018. Jarkko Turunen, […]
Culture in investment banks is a ticking time bomb for employers
Recently I have been recruiting for a senior analyst position. We have reviewed over 40 CVs for a senior analyst position, and only two have been from women.
Mastercard and Singapore’s transport authority test contactless cards while eying mobile payments
Mastercard and the Land Transport Authority (LTA) in Singapore have teamed up to launch a pilot programme enabling commuters to pay for transit fares using contactless payment cards through an account-based ticketing (ABT) system.
Survey smiles on worldwide payment schemes
Developing new services, adopting the latest technologies and collaboration are the top priorities among payment schemes worldwide, according to a new study.
Société Générale extends partnership with Lombard Risk to global markets
UK-based regtech and risk management vendor Lombard Risk has extended its “global strategic partnership” with Société Générale. The bank will roll out Lombard Risk’s collateral management system, Colline.
USAA gives development rights to Persistent Systems
USAA, a provider of banking and insurance services to the US military personnel and their families, has granted intellectual property (IP) rights to Persistent Systems for the development of its banking tech. Through this agreement, India-based Persistent will look and attempt to extend USAA’s technologies to identify and verify members. Persistent says it will focus […]
Japan applies AI to market surveillance operations
Tokyo Stock Exchange (TSE) and Japan Exchange Regulation (JPX-R) revealed that they have been reviewing artificial intelligence (AI) technologies developed by NEC Corporation and Hitachi to improve market intelligence operations.
Harrods Bank implements Temenos T24 core banking system
UK-based Harrods Bank is implementing a new core banking system, having abandoned the FIS Profile project, Banking Technology understands.
Nordea releases new automated FX handling tool
Nordea Cash Management and Nordea Markets have launched AutoFX, an automated FX handling tool. Nordea says it is the first bank in the Nordics to offer this type of solution. AutoFX was developed in collaboration with a “large Nordic customer in the media industry”, in an effort to help modern treasury functions automate their daily […]
Lemon Way takes on Stripe with new e-commerce payments solution
French fintech Lemon Way has launched an e-commerce payment solution across seven countries in Europe to rival Stripe.
WIR Bank launches new payment card for SMEs in Switzerland
Switzerland-based WIR Bank has launched a new payment card for domestic SMEs, with tech provided by SIX Payment Services. It combines the existing functions of the proprietary WIRcard and internationally accepted Visa’s V PAY debit card.
Baloise to invest $50m in insurance and risk management tech start-ups
Switzerland-based insurance provider Baloise Group has forged an investment partnership with Anthemis Group, a digital financial services investment and advisory firm. Together, they will curate European and American tech start-ups developing insurance (insurtech) and risk management solutions, with a mandate is to invest CHF 50 million ($50 million).
DTCC steps up DLT trial for repo transactions
The Depository Trust and Clearing Corporation (DTCC) announced that the proof-of-concept to improve the netting process for repo transactions using distributed ledger technology (DLT) has been successfully completed.
Bank of Baroda launches fellowship programme to support fintech start-ups
Bank of Baroda, a public sector bank in India, has launched a fellowship programme to support fintech, rural, agricultural and financial inclusion start-ups.
Bank for International Settlements issues analytical framework on DLT
The committee on payments and market infrastructures at the Bank for International Settlements (BIS), an international financial institution owned by central banks, has issued an analytical framework on distributed ledger technology (DLT) in payment, clearing and settlement.
First new clearing bank in 250 years enters UK market, ClearBank
As first reported by Banking Technology, there is a newcomer on the UK challenger bank scene, ClearBank. The bank has now gone on the record about its focus and strategy. ClearBank will be a bank for banks, FIs and fintechs, i.e. a clearing bank, offering customers access to UK payment systems and core banking technology to support current account capabilities.
Mobile: the banking industry’s biggest ultimatum
An app is no longer a “nice to have”. As consumers expect businesses to engage with them at the right time, in the right manner, and over the right channel, a bank’s mobile app will be a crucial first point of contact for many customers. But it’s important to remember that an app by itself is not some wonder-cure that will instantly give a financial organisation perfectly satisfied customers.
Santander employs IBM for employee digital boost
IBM’s MobileFirst for iOS apps will be used by Santander as the bank looks to revamp its digital banking services and help its employees work better. The custom-built, native apps made for iOS will be rolled out across more than 11,000 iOS devices, and will be used by Santander’s commercial network employees, including those supporting […]
Three US FIs in tech revamps
Credit Union of Southern California, Brazosport Teachers Federal Credit Union and Rosedale Federal Savings & Loan Association are undergoing tech modernisation.
Hiccup for HSBC online banking
HSBC’s online banking went down for several hours today (27 February) – with its business customers particularly affected. The bank tweeted about the issues earlier today. We're experiencing some issues with our online services, we're working to resolve this. Apologies for any inconvenience caused. — HSBC UK (@HSBC_UK) February 27, 2017 Customers trying to access […]
Infographics: the biggest bitcoin crashes in the last decade
Bitcoin underwent a lot of ups and downs in its brief history. This nifty infographics (courtesy of Investoo.com) offers a lowdown on major crashes during the early years of this digital currency experienced by Bitcoin traders.
The Monday mindset: 27 February 2017
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, our editor Tanya Andreasyan and deputy editor Antony Peyton look at what’s happened since they joined in February 2016. Like two Hollywood […]
Barclays’ banking takes weekend off
Customers at Barclays Bank suffered a worrying weekend due to problems with cash machines, debit cards and phone banking. At 2pm (UK time) on 25 February, Barclays become aware of the issues and advised customers to use other banks’ cash machines. The customers would probably have worked that out for themselves. Technical issues are affecting […]
ITSS delivers Temenos’ T24 core banking system to SAFA Bank
SAFA Bank, a new Islamic bank in Ramallah Palestine, has gone live on the Islamic version of Temenos’ T24 core banking system. The project was delivered by the vendor’s partner ITSS Global.
Goldfields Money signs for tech overhaul with Rubik
Australia-based banking tech provider Rubik (soon to be acquired by Temenos) has signed a new client, Goldfields Money. Rubik’s CEO Iain Dunstan says one more new customer will be announced “imminently”.
Cybersecurity: computers or humans – where does the threat lie?
Digitalisation plays a key role in the fight against payment fraud. Yet Commerzbank’s cybercrime specialists in cash services show that even in this technologically advanced environment, security threats persist. Companies must take steps to ensure that human beings – as well as computers – are protected against crime.
RBS financial mess seeks digital redress
The Royal Bank of Scotland’s (RBS) poor financial results have led to its CEO calling for more cost reductions and a faster digital transformation. The bank reported an operating loss before tax of £4.08 billion for 2016 and an attributable loss of £6.95 billion, which included litigation and conduct costs of £5.86 billion, restructuring costs […]
