Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Bank of Ireland in major tech revamp EXCLUSIVE. Accenture and Capgemini working on Project Omega. Trouble in the R3 paradise? Thinking about time and money. Millions at risk from India ATM hack Debit cards in danger due to […]
R3 and twelve of its blockchain consortium member banks have trialled Ripple’s Digital Asset XRP for interbank cross-border payments. Using XRP, Ripple says it can enable near real-time value exchange anywhere in the world, providing “liquidity on demand and reducing associated costs”. David Rutter, CEO of R3, says the prototype “paves the way for a […]
Société Générale has launched its new innovation hub – The Dunes – a 126,000 square-metre building complex in Val-de-Fontenay, a suburb of Paris. The firm says 5,000 of its employees “working in technology” will be based there and the hub is “at the heart” of its “digital transformation”. But it’s doubtful the building will transform […]
Commerzbank has firmed up plans to lay off nearly 5,000 people. Around 3,000 job cuts will be across the bank’s branch network at home in Germany. Another 1,900+ jobs will be eliminated outside Germany and across Commerzbank’s subsidiaries.
Temenos has reported a growth in total quarterly revenues by 9% and profit by 17% on the back of major banking tech revamps. For its third quarter 2016 results, IFRS revenue for the quarter was $160.6 million, up from $145 million in Q3 2015. Non-IFRS revenue was $160.8 million for the quarter, up from $148.9 […]
Misys’ initial public offering (IPO) is not going smoothly as planned with its value cut by 20%. As Banking Technology reported earlier this month, Misys planned to proceed with the IPO on the London Stock Exchange in early November 2016. The firm is currently residing in the hands of US-based Vista Equity Partners and is […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
One of Ireland’s “big four” banking players, Bank of Ireland, has embarked on a five-year €500 million modernisation venture – aka Project Omega. It includes a front-to-back office technology overhaul, with Temenos providing new solutions.
Payments services provider Circle has commenced its operations in Europe, starting with euro availability in Ireland and Spain. The expansion will enable people in the EU/EEA region to send and receive person-to-person (P2P) payments with native Euro support to friends and family within their countries and across borders instantly – with zero fees.
Want to save some time but be in the know of the latest funding initiatives in the fintech space? Then read on.
India-based microfinance entity Ujjivan Financial Services is converting into a small finance bank (SFB), and has signed for Financial Software and Systems’ (FSS) end-to-end payments solution.
Payments technology and expense management specialist Fraedom is on the journey to tap into the $110 trillion B2B market opportunity that remains untapped today. “If the technology is both powerful and intuitive, people will use it,” states Kyle Ferguson, Fraedom’s CEO.
Blockchain has been hailed as a disruptive force capable of revolutionising the banking sector. While this may be the case to some extent, the impact may be overstated when it comes to wider back office operations, argues Paul Westgate, product manager at Linedata. In the clamour to proclaim blockchain, and those cryptocurrencies built on blockchain technology, […]
Fintech start-up Configo has launched a project to aggregate the API portals launched by financial players around the world. It is not commercial driven but is “just a small project to put everything in order”, says Yosi Dahan, co-founder and CEO of Configo.
Citi Treasury and Trade Solutions has launched electronic document submission (eSubmit) for account opening. The service is available in “select” Western European countries and allows clients to complete the account opening process by returning electronic versions of documentation rather than paper. Sabine McIntosh, global head of account services product, Citi Treasury and Trade Solutions, says […]
Accenture has acquired London-based design consultancy Allen International as it looks to boost its digital banking ambitions. Terms of the transaction were not disclosed, but Accenture says Allen International has worked with more than 350 banks around the world including nine of the top 20 banks. Customers include Emirates NBD, Bank of Ireland, CIBC, Banorte, […]
Australia and New Zealand-based banking group, ANZ, has opened up its mainframe and two banking systems to about 20 new application programming interfaces (APIs). The move is a way of getting around replacing its systems – in this case the legacy CAP deposits and loan system and Vision Plus credit card platform. The latter is […]
More than 60 of financial institutions around the world (including many top-tier banks) are involved in the R3 consortium, with considerable financial and resource commitments. The international consortium promises to build a common blockchain-based platform – called Corda – but the end-result is still a number of years away.
Commonwealth Bank of Australia (CBA) has signed for a “cloud-ready single platform” from its long-standing software supplier Misys to support its corporate banking operations outside Australia.
Provident Credit Union in California and MountainOne Bank in Massachusetts have gone live with new core banking software – PhoenixEFE from D+H Corporation.
UAE-based Islamic Finance House (IFH) has upgraded its core banking system to Temenos’ T24 R14 platform. IFH has been using T24 since its inception in 2004, and says the latest enhancement “has given way to resource optimisation, scalability management and shortened approval processes”.
Validata, a specialist in enterprise software testing and release automation and Temenos’ partner, has announced a number of client wins and go-lives.
Indian firm Aditya Birla has chosen the Infosys Finacle core banking system for its upcoming joint venture (JV), Aditya Birla Idea Payments Bank. Aditya Birla has got in-principle approval from the Reserve Bank of India and plans to set up the new payments bank by the end of its financial year (2016-17). Aditya Birla will […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! MasterCard to buy French payment firm Stet? EXCLUSIVE. Payments processor could be a target. Brooks Macdonald puts IT revamp with Third Financial on hold EXCLUSIVE. All freeze for wealth management firm. Banks behaving badly in Singapore Monetary Authority […]
Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 fraud prevention software) and the forces of evil (fraudsters). Based on real events and guaranteed to keep you on the edge of your seat!
How can the use of technology in the banking sector motivate and drive employees (and lead to improved business performance)? Dennis Fois, CEO of Rant & Rave, explores. Over the last few years we have seen challenger banks like Atom, Tandem and Starling embark on their venture to steal market share and customers from established […]
Why limit getting in debt quickly only to the Arcadia Group shoppers? Payments provider Klarna onboards a raft of partners for its retail financing solution. These include Shopify, Worldpay, BigCommerce and CyberSource.
The International Securities Association for Institutional Trade Communication (ISITC) Europe and the Organisation for the Advancement of Structured Information Standards (Oasis) are to jointly define technical standards for blockchain/distributed ledger technology (DLT).
Aziz Bank in Afghanistan has selected JMR Infotech to help it implement a new core banking system, Oracle FSS’s Flexcube. Azizi signed for Flexcube two years ago, but the work is only starting now, following a tender to find a system integrator.
Alain Raes, CEO EMEA and Asia Pacific, Swift, discusses the main payment trends in Europe, including real-time and the Global Payments Innovation Initiative.
Bruno Prigent, Head of Societe Generale Securities Services (SGSS) and Mathieu Maurier, Global Head of Sales and Relationship Management discuss the global securities industry and SGSS’s plans for the future.
SIBOS Interview: Gerry Gaetz, President and Chief Executive Officer, Payments Canada discusses the modernisation of Canada’s payments system with Tanya Andreasyan, editor of Banking Technology.
ICICI Bank and Emirates NBD say they have successfully executed the “first” banking transactions using blockchain in international trade finance in India and the UAE respectively. The development saw the exchange and authentication of remittance transaction messages as well as original international trade documents related to purchase orders, invoices, shipping and insurance, among others, electronically […]
Lloyds has confirmed 1,230 jobs will be cut as part of its continuing restructuring plan. The jobs will go from group operations, retail, customer products and marketing, finance and risk divisions. As Banking Technology reported in April, Lloyds revealed it was to cut 625 jobs – part of its 9,000 job reductions and 200 branch […]
Pascal Augé, Head of Global Transaction and Payment Services, Societe Generale Global Transaction Services discusses the prospects for real-time payments in the eurozone.
Blockchain has the potential to greatly benefit the entire capital markets ecosystem. But the industry should learn to walk – when it comes this emerging technology – before it can run.
With regulators placing ever greater demands on institutions in the area of sanctions, it is essential that institutions screen their customers and transactions against relevant sanctions lists. Regulators are showing less tolerance for errors than in the past. Not only have fines have been imposed on banks but also on payments companies and casinos. Specifically, […]
Symantec has found evidence that the Odinaff group has mounted attacks on Swift users, using malware to hide customers’ own records of Swift messages relating to fraudulent transactions. The tools used are designed to monitor customers’ local message logs for keywords relating to certain transactions. They will then move these logs out of customers’ local […]
Bank of China (Hong Kong) (BOCHK) has used Bolero’s ePresentation solution for its first-ever electronic back-to-back documentary credit, reducing the time required to help a large iron ore shipment from Australia to China. The transaction was arranged jointly with NAB (National Australia Bank) and China Guangfa Bank.
Niamh de Niese, a new director and head of BNY Mellon’s EMEA Innovation Centre, shares her views on diversity in fintech, Ada Lovelace (often regarded as the world’s first computer programmer) and how to encourage more women into the science, technology, engineering and mathematics (STEM) professions.
