Klarna acquires BillPay
Sweden-based payments provider Klarna has acquired a fellow payments company in Germany, BillPay. The deal is understood to be worth £60 million.
BankingTech
BankMobile to be sold this quarter; delays relaunch of mobile app
BankMobile, a mobile-only bank launched by Customers Bancorp two years ago, is expected to be sold this quarter, according to Customers’ president and CEO, Jay Sidhu.
The “entrefunereal” spirit takes hold at Rainmaking Summit
Game-changing innovations, paradigm shift and synergy… Buzzwords no more! The Rainmaking Summit tapped a frustration with the kind of language that obfuscates more than it clarifies, initiatives that pay lip service to innovation while skirting around the edges, and the cultural, organisational, and technological blockers to change that define many large corporates.
Ziraat Bank London to replace legacy core banking tech with Misys Fusionbanking
Turkey’s banking group, Ziraat, is to modernise core banking software at its London branch, Banking Technology understands. The new solution will be supplied by Misys.
Barclays to overhaul back office ops & set up standalone entity, Barclays Services
Barclays is embarking on a major back office operations overhaul, with the creation of a standalone company, Barclays Services.
AWS, IBM, Google and Azure dominate cloud revenues
Synergy Research has released its latest findings for the global cloud computing market, painting a worrying picture for any challengers looking to cash in on the craze.
Banking Technology February 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.
Insurtech in 2017: making insurance great again
There are many reasons to be excited about insurtech in 2017!
BBVA writes down $89.5m for Simple in three years since $117m acquisition
BBVA Compass has unveiled a “goodwill impairment” charge of $60 million in its latest financial results, attributed to its direct banking service subsidiary, Simple. BBVA bought Simple in 2014 for $117 million. It has since written down $89.4 million.
Glance and trade: Swissquote introduces VR trading
Swiss online bank Swissquote has developed a virtual reality (VR) trading application that enables users make trades with a glance. The VR headset creates a 360° trading wall for users to monitor the markets.
First mobile credit card, PayLife 0100, launched in Austria
SIX Payment Services brings to market PayLife 0100, Austria’s first mobile credit card.
St Stanislaus-St Casimir’s Polish Parishes Credit Union in core banking revamp with Smartsolution’s Universa
Canada-based St Stanislaus-St Casimir’s Polish Parishes Credit Union (Polcu) will move to a new core banking platform, Universa, supplied by local banking tech vendor Smartsolution.
Switzerland to amend banking rules to become fintech-friendly
Switzerland’s Federal Council has issued a consultation paper on amendments required to its Banking Act and Banking Ordinance, to create an environment that helps fintech start-ups thrive in the country.
Scotiabank to become “digital leader” in five markets
Scotiabank has updated the market on how it has adopted the digital technology so far and how it plans to become a “digital leader” in its five key markets.
Citi’s institutional clients in APAC can now ditch their physical login tokens
Citi’s institutional e-banking platform, CitiDirect BE, will now use MobilePASS which lets corporate users replace their physical login tokens with their personal mobile devices for authentication.
New Zealand announces new fintech working group
The New Zealand Tech Industry Association (NZTech) is launching a new working group, FinTechNZ, which will focus on financial innovation and technology. This working group will be inaugurated in Christchurch, Wellington and Auckland next week.
The European Banking Authority favours arbitrary box-ticking over data innovation
The European Banking Authority (EBA) recently proposed new rules that would require payment card operators to enforce additional security measures, such as passwords or security tokens, for all online transactions over €10, aimed at fraud prevention. This is a clumsy solution to a problem that is already being addressed by far more sophisticated means, argues Nick Wallace, senior policy analyst at Centre for Data Innovation, and policymakers should reject the EBA’s proposal.
Top fintech stories this week – 3 February 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
UK watchdog driving open banking revolution
The UK Competition and Markets Authority (CMA) says its banking “final order” is giving people greater control over their money and reckons the open banking revolution is getting closer. As Banking Technology reported in August, the CMA unveiled its plans to make banks “work harder for customers” and ensure the “benefits of new technology are […]
Become a banking “curator” says ANZ
The future of commercial banking may well lie in being “curators”, according to Australia and New Zealand-based banking group, ANZ. In an interview with the Australian Financial Review, Mark Hand, managing director, corporate and commercial banking at ANZ says commercial bankers will “morph into ‘curators’ for their business clients by linking customers with reputable, external […]
India Post Payments Bank launches pilot services
India Post Payments Bank (IPPB) has launched and is rolling out pilot services in Raipur and Ranchi. IPPB is the third payments bank to be authorised in India, and follows on the heels of Paytm (launched last year) and Airtel (opened for business this year). IPPB’s chief executive officer, A P Singh, says: “The idea […]
2017: the year fintech shifts its focus to Africa
Africa is becoming a very interesting fintech innovation hub (in particular South Africa, Nigeria and Egypt). As much as 80% of the continent is unbanked, opening the door to a breadth of opportunities for fintech companies to seize market share.
Wall Street Blockchain Alliance launches Blockchain Assets Working Group
The Wall Street Blockchain Alliance (WSBA), a US-based non-profit trade organisation, has set up a new working group – the Blockchain Assets Working Group (BAWG). It will focus on “native assets riding upon public blockchains, such as Bitcoin, Ethereum, Zcash, and more”, WSBA explains.
SoFi buys mobile banking start-up Zenbanx for $100m
US-based personal finance firm SoFi (Social Finance) has acquired mobile banking start-up Zenbanx as it looks to stretch out in the world of financial services. SoFi is paying about $100 million in stock for Zenbanx’s technology, according to Bloomberg and “a person familiar with the agreement”. Zenbanx offers a mobile account in the US and […]
Equitable Bank automates IFRS 9 reg requirements with Wolters Kluwer’s OneSumX
Canada-based Equitable Bank is implementing Wolters Kluwer’s OneSumX regulatory reporting solution.
Dubai ponders regulatory framework for loan-based crowdfunding platforms
The Dubai Financial Services Authority (DFSA) has issued a consultation paper, “Crowdfunding: SME Financing Through Lending”. The paper proposes a regulatory framework for anyone looking to operate a loan-based crowdfunding platform in the Dubai International Financial Centre (DIFC).
Varo Money joins forces with Envestnet | Yodlee to drive fintech innovation
California based technology companies Varo Money and Envestnet | Yodlee have teamed up to drive fintech innovation. Varo Money, a mobile-only banking start-up hopes to leverage Envestnet | Yodlee’s data analytics and aggregation platform to provide customers with a more customised mobile banking experience, and better insights into their financial well-being.
Mastercard victorious in UK interchange lawsuit
Mastercard can put a notch in the win column after a High Court judge ruled in the payment card network’s favor regarding a lawsuit brought on by retailers disputing cross-border interchange fees on debit and credit cards.
Swift brings Innotribe start-up challenge to Russia and CIS countries
Swift Innotribe has partnered with the Russian National Swift Member and User Group (Rosswift) comprising the Bank of Russia, the National Settlement Depository, Sberbank, and Alfa-Bank, to launch its first start-up challenge in the region.
Innotribe start-up challenge returns to Africa
Swift Innotribe’s “Start-up Challenge for Africa” is open for applications. For the third year running, the challenge will be part of Swift’s African Regional Conference (ARC) held in Abidjan, Ivory Coast, from 16-18 May 2017. ARC typically attracts up to 500 delegates from around 40 countries, according to Swift. It offers the usual mix of […]
FinTecSystems fuels Smava automatic credit system
FinTecSystems, Fidor Bank and credit comparison site Smava have teamed up to offer the “first fully” automatic credit system with an “immediate payout” in Germany. Called Kredit2Go, the entire process of requesting, processing and disbursement is digital, and the payment is made immediately after the digital signature. FinTecSystems provides the “building blocks” for the credit assessment […]
Berlin-based online lender Spotcap starts operations in New Zealand
Spotcap, an online lending company headquartered in Berlin, Germany, has announced it is now operating in Auckland, New Zealand, as a registered financial services provider and is accepting applications for credit of up to NZD 250,000 ($182,000) from eligible businesses.
Mastercard growing faster than Visa in Americas
Mastercard saw faster growth than Visa in the Americas in 2015 but, with 43%, Visa still has significantly the largest market share, according to research by Retail Banking Research (RBR). According to RBR’s Global Payment Cards Data and Forecasts to 2021 study, the number of Mastercard cards grew by 6% in the Americas in 2015, […]
DFS Innovation Lab launches fintech bootcamp
Powered by the Bill and Melinda Gates Foundation, the Digital Financial Services (DFS) Innovation Lab has launched a new high-intensity fintech bootcamp for companies in Sub-Saharan Africa and and South Asia.
Bank Central Asia sets up fintech focused VC company
Bank Central Asia (BCA), an Indonesian bank with over 1,100 branches and 17,000 ATMs, has established a venture capital company, Central Capital Ventura (CCV). CCV has a paid-up capital of IDR 200 billion ($15 million).
BNP Paribas Securities Services invests in fintech start-up Fortia
BNP Paribas Securities Services has acquired a minority stake in an Fortia Financial Solutions. This deal helps Fortia, a start-up that provides compliance software to the financial services industry, cement the relationship it formed with the bank during the inaugural session of the fintech accelerator by L’Atelier BNP Paribas.
Qatar International Islamic Bank recommits to Misys
Qatar International Islamic Bank (QIIB), a long-standing customer of Misys, is implementing the new version of the vendor’s core system for Islamic banks, FusionBanking Essence Islamic, front-to-back office.
The Monday mindset: 30 January 2017
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. Last week, […]
New core banking system deal for Temenos in Guernsey
Skipton International, an offshore bank based in Guernsey (Channel Islands), has made a decision to modernise its core tech with Temenos’ T24.
Understanding the role of virtual card provider
Your organisation’s satisfaction with its virtual card provider is the single most important factor determining the return you will receive on your investment. So when you choose a supplier, set your expectations high.
