China-based Haier Finance has adopted Bloomberg’s foreign exchange (FX) electronic trading platform (FXGO) and multi-asset risk system (MARS) for trading and risk management. Bloomberg FXGO provides access to liquidity from over 300 providers worldwide and commission-free trading for financial institutions, corporations, money managers and hedge funds across “all major” FX instruments including spot, forwards, options, […]
Hellenic Bank has opened an innovation lab in its home city of Nicosia, Cyprus.
2017 looks set to be the year in which a number of different jurisdictions vie to become the natural home of the financial technology sector. To help ensure that London remains fintech-friendly, the Financial Conduct Authority (FCA) has created the “regulatory sandbox”.
Avaloq has reported increases in its revenue and earnings for the 2016 fiscal year – with three new customers and 28 go-live projects completed. The Swiss firm generated full year revenues of CHF 533 million ($530 million) in 2016, an increase of 10% on a reported basis from CHF 485 million ($482 million) in the […]
The UK’s Co-operative Bank has been put up for sale – with the minority investor Co-op Group saying it is “supportive of the plan to find the bank a new home”. The recent history of Co-op Bank (which markets itself as an ethical bank) has been interesting. It had a disastrous merger with Britannia Building […]
UK-based challenger Jargon Bank has updated its “revolutionary” mobile payments app from version 1.1 to version 1.2. As Banking Technology reported in December, the “game changer” bank launched offering “compelling and innovative” products that left journalists diving for cover… usually to the nearest pubs. Now it’s back with a 2,000-word press release that contains so […]
London-based fintech firm EquiChain has unveiled a working prototype blockchain platform for capital markets. The company plans to implement a full end-to-end “execution to custody” (E2C) pilot in 2017, as it jumps on the distributed ledger technology (DLT) bandwagon Nicholas Bone, EquiChain’s founder and CEO says it “creates a verifiable, transparent and immutable flow of […]
Suncorp’s multi-year venture to modernise its core banking system, known as Project Ignite, has stumbled at the final hurdle. As Banking Technology reported in August 2016, the revamp was in its final stages. However, in questions over its half-year FY17 results, Suncorp told iTnews that the configuration of the platform and product migration has “taken […]
Fintech zeitgeist! Welcome to our new series of brief reports. 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 we welcome the views of our editor Tanya Andreasyan. Dear PR, we know you […]
Misys is planning another initial public offering (IPO), following last year’s cancellation, according to the Daily Telegraph. As Banking Technology reported in October, Misys had planned a £5.5 billion float but this didn’t go smoothly as planned with its value cut by 20%. At the time it said it “decided not to proceed… at the […]
Last week’s FinovateEurope was full of the broad range of exciting and innovative companies that we have come to expect at the show. Although the 72 companies showcasing their solutions operated right across the fintech landscape, they all sing from a common hymn sheet of improving the customer experience.
Financial institutions and technology companies have tinkered with trade finance for years, but progress has been slow. Despite automation advances in many areas of financial services, trade finance remains a largely paper-based, manual process. But it could be one area where blockchain technology will be successfully applied.
Start-up DiPocket has unveiled its new mobile banking app, which is not dependent on third party IT systems but built on its own platform. As well as “challenging” the traditional high street banks with its technology, DiPocket thinks it “has a thing or two to teach other ‘neo-banking’ start-ups”. Fedele Di Maggio, CEO and co-founder […]
Standard Chartered has unveiled its Open Banking Application Programming Interface (API) Developer Portal for transaction banking. The launch is part of its “digitisation agenda” and to increase collaboration with corporates, fintech firms and developer communities. The portal will initially provide a repository of API services focused on cash management and then roll out other API […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Temenos cuts jobs in US; eyes D+H payments business EXCLUSIVE. US layoffs cited as around 60 by some sources. Ziraat Bank London to replace legacy core banking tech EXCLUSIVE. Misys Fusionbanking moves in. Banks and UN launch sustainable […]
Banque Libano-Francaise (BLF) has gone live with the Validata ABC continuous delivery platform.
Al-Arabiya Islamic Bank (AIB), a greenfield bank in Iraq, has opted for the Islamic version of the ICS Banks core banking system from regional vendor ICS Financial Systems (ICSFS).
Fiserv’s healthy payments segment has boosted its revenue for the fourth quarter and full year 2016. In its latest results, GAAP revenue increased 5% in Q4 to $1.43 billion, driven by 7% growth in its payments segment and 2% growth in its financial segment, compared to Q4 2015. Full year GAAP revenue saw a rise […]
Salem Five, a $4.2 billion mutual bank in Massachusetts, is embarking on a major technology overhaul with Fiserv’s core, digital banking, payments, and commercial solutions.
Five European central securities depositories (CSDs) have migrated their respective communities to live operations on the Target2-Securities (T2S) platform using Swift’s value added network (VAN) solution. OeKB CSD (Austria), Clearstream Banking (Germany), LuxCSD (Luxembourg), Centrálny depozitár cenných papierov SR (CDCP) (Slovakia) and KDD – Centralna klirinško depotna družba (Slovenia) all migrated over. These five quickly […]
Canada’s banking group CIBC is implementing Wolters Kluwer’s OneSumX for regulatory reporting across its locations in the UK, Japan, Australia, Hong Kong and Singapore.
Pakistan-based Askari Bank has gone live with Autosoft’s Islamic treasury management system, Adams Islamic, and its RTGS STP utility (real-time gross settlement system straight-through processing), AutoRTGS. The bank can manage its Islamic treasury operations using Adams Islamic as well as process funds transfers between banks using AutoRTGS. Adams Islamic is also integrated with the bank’s […]
Banks need to do more than just comply with the upcoming revised Directive on Payment Services (PSD2). To survive, banks will need to embrace these changes.
UK challenger Metro Bank has accelerated a data project delivery, cutting provisioning time by 80%, following the deployment of the Delphix Data Virtualisation platform. The bank began working with California-based Delphix to enable it to deliver data to teams better. The idea was to integrate enterprise software into an existing IT stack. Delphix says its […]
Banking software vendor Temenos is understood to have laid off a number of staff across its operations in the US, including at the Trinovus and Akcelerant subsidiaries. It is also understood to be eyeing the payments business of DH Corporation, Global Transaction Banking Solution (GTBS, formerly Fundtech).
US-based brokerage services provider Convergex has implemented Ancoa’s market surveillance platform to monitor all trading activity across its domestic and international cash equities and options businesses. It also monitors trading activity of “all lit and dark venues” including Millennium, Convergex’s proprietary applicant tracking system (ATS). The cloud-based deployment is running on Amazon Web Services (AWS), […]
BankUP, a new fintech venture based in Kontich, Belgium, looks to tap into the European SME banking market.
IBM has launched a blockchain initiative for trade finance with telecom operator du, Dubai Customs, Dubai Trade, Emirates NBD and Banco Santander. The plan is to explore the use of logistics solutions for the import and re-export process of goods in and out of Dubai. Using Hyperledger Fabric and IBM Cloud, their blockchain solution transmits […]
BNP Paribas has unveiled a new 2017-2020 business development plan – building the bank of the future. €3 billion will be invested in the programme.
Moven, the online-only bank founded by Brett King, has launched its finance help app to “make monetary monitoring easy for everyone” in the UK at FinovateEurope. Moven was first launched in the US in 2013, and this new UK app took four weeks to launch. King says this is its “first launch in Europe” and […]
Fire Financial Services – now trading as Fire – has launched and is targeting the UK and Irish markets with a digital account. Colm Lyon, founder and CEO at Fire, says: “It has taken some time for us to reach this day – several years of trying and getting it wrong.” Now the business has […]
CaixaBank’s mobile-only bank, imaginBank, has unveiled a chatbot to help millennials find offers and promotions most relevant to them, based on their preferences or location. Powered by artificial intelligence (AI), the chatbot will be available to users via Facebook Messenger on imaginBank’s Facebook page. Launched in January 2016, imaginBank is a 100% digital and mobile […]
Emirates NBD has launched Cockpit Application, an intelligent new CRM solution for branches. The bank has also introduced biometric digital signatures and straight-through processing (STP) of digital forms.
Modern banking is not limited to banks anymore. It’s not only about online or mobile banking, it’s about all the things you would do in your banking system, but now you can do in apps or other solutions provided by third parties, not banks. Payments are one of such functionalities.
Central 1 Credit Union, a software and services provider to 300 financial institutions in Canada, will overhaul its MemberDirect digital banking platform with Backbase’s tech. This is the first known deal for the Dutch vendor in Canada.
Clearstream Banking Frankfurt and LuxCSD have migrated to the European Central Bank’s (ECB) Target2-Securities (T2S) platform. “The first business day is already in process and runs smoothly,” Clearstream states.
The Depository Trust and Clearing Corporation (DTCC) has agreed to sell its Clarient Global and Avox businesses to Thomson Reuters.
Mirae Asset Securities, a subsidiary of Asia’s Mirae Asset Financial Group, has selected FIS as its technology partner to launch prime brokerage, global securities lending, repo, delta one and correspondent clearing businesses in the US.
Fintech zeitgeist! Welcome to the third in a new series of brief reports. 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 we welcome the views of guest writer Soumik Roy on India’s latest budget and its implications for e-payments and digital economy.
United Nations, together with 19 banks and investors worldwide, have launched “a global framework aimed at channelling the money they manage towards clean, low carbon and inclusive projects”. The framework – The Principles for Positive Impact Finance – is a first of its kind set of criteria for investments to be considered sustainable, says the UN.
