Nationwide Building Society has “successfully” tested UK start-up Cutover’s release management software during digital banking maintenance releases this month. Cutover’s software provides a platform for teams to plan, rehearse and execute events and gives real-time communications to those involved. Matt Cox, head of insight and innovation, Nationwide Building Society, says Cutover’s prototype “clearly demonstrated the […]
Standard Chartered is rolling out a suite of fingerprint and voice biometric technologies across Asia, Africa and the Middle East. The bank says the launch reaches more than five million clients, and is the “most extensive rollout of fingerprint biometric technology by any international bank and a first in most markets”. It is on a […]
National Bank of Kuwait (NBK) – Egypt has gone live on Temenos’ Treasury Trader. Treasury Trader was launched in 2010 and is a front to back office solution. It will integrate with the bank’s Temenos T24 core banking system. Pakistan-based National Data Consultants (NDC), a regional partner of Temenos, carried out the implementation. NBK – […]
There’s both a science and an art to arriving at an estimated return on investment (ROI) when it comes to legacy system replacement, writes Mike Maltby, product manager at Eagle Investment Systems. One of the biggest challenges in the decision-making process to replace legacy technology is demonstrating an ROI. System replacements, described by one consultant as […]
Today, most banks want to be digital leaders because that is where the customers are! This has brought in a change in the attitude of many traditional banks. Arun S. Padaki, a seasoned corporate banker, credit risk and business process management consultant, explores what it takes to become a digital leader and who is already ahead in […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Apple bites back over Australian banks’ “cartel” Don’t team up on them. Thieves steal $72m from Hong Kong Bitcoin exchange Now looking for new funding to compensate its customers. UK challenger Mondo gets banking licence It also needs […]
UK-based challenger bank Mondo has got its banking licence. The bank kindly passed the news to the Financial Times first rather than informing anybody else. It then issued a tweet saying it’s an “exciting day” which caused some confusion to its followers. According to the Financial Times, Mondo’s founder Tom Blomfield (formerly chief technology officer […]
R3 and over 15 of its blockchain consortium member banks have “successfully” completed two prototypes using distributed ledger technology for smart contracts. The banks designed and used self-executing transaction agreements – aka smart contracts – on R3’s Corda distributed ledger platform to process accounts receivable (AR) purchase transactions, aka invoice financing or factoring, and letter […]
Bank of America Merrill Lynch, HSBC and the Infocomm Development Authority of Singapore (IDA) have teamed up to develop a blockchain prototype for trade finance innovation. The consortium uses the distributed ledger framework provided by Linux Foundation’s open source Hyperledger Project; and the proof of concept has reduced manual processing in letter of credit transactions. […]
Intellect Design Arena’s lack of profit continues as it has reported a loss after tax of INR 55.2 million ($826,690) for the quarter ended 30 June 2016. This is an improvement on the previous year’s quarter, when loss after tax was INR 111.1 million ($1.6 million). Arun Jain, chairman and managing director, Intellect Design Arena, […]
Inter-dealer money broker Tullett Prebon has partnered with GMEX Group to develop a hybrid voice and electronic trading platform for FX Options. The new FX Options trading solution will integrate GMEX’s request for quote (RFQ) technology with Tullett Prebon’s existing central limit order book (CLOB) capability. GMEX Technologies, a wholly-owned subsidiary of GMEX Group, supported […]
Prasac, the largest microfinance institution (MFI) in Cambodia, has launched internet and mobile banking services using the TranzWare multi-card processing solution from Compass Plus. Its customers can now transfer money between their accounts, pay bills, top-up their mobile phones, manage their cards, check their balances and get a mini-statement by logging on to their internet […]
The UK’s Competition and Markets Authority (CMA) has unveiled its plans to make banks “work harder for customers” and ensure the “benefits of new technology are fully exploited”. The CMA’s final report on its retail banking market investigation concludes that “older and larger banks do not have to compete hard enough for customers’ business, and […]
We are all pretty much unanimous that the once IT buzz word “big data” is no longer the awe-inspiring complex beast which can be tamed only by expensive databases and superlative data analytics platforms. Cloud architecture and collaborative open source software brought big data processing within the reach of pretty much all enterprises. Analytics domain […]
Visa says more banks and companies in the US have chosen Visa Direct to expand their real-time payment services, including PayPal, Fiserv and Square. Visa Direct is a payments platform designed to allow financial institutions, developers and partners to offer real-time person-to-person (P2P) payments and business disbursements such as insurance claims payments, contractor payments, tax […]
New York-based OpenFin, a provider of HTML5 runtime technology for the financial industry, has joined Symphony Software Foundation. The foundation, described as “a non-profit organisation fostering open innovation around the Symphony secure messaging platform”, already has powerful members on its list, including BNY Mellon, Citadel, Citi, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley and […]
UK-based challenger bank Mondo has reached the £20 million mark for money spent through its service. Since its last spending announcement, published at the end of April, the bank has gone from around £80,000 spent daily to over £200,000. Of the £20 million spent, around a quarter has been spent abroad, with its customers (called […]
Kansas-based banking software developer, Data Centre Inc (DCI), has onboarded nine new clients for its flagship iCore360 core banking system. The new banks have joined over the last ten months, says the vendor. These are: Oregon Pacific Bank, Oregon Star Bank, Minnesota First National Bank of Steeleville, Illinois Millennium Bank, Kansas First State Bank of […]
The Bangko Sentral ng Pilipinas (BSP), Philippines’ central bank, has issued a PHP 1 billion ($21 million) fine to Rizal Commercial Banking Corp (RCBC) for cybersecurity failings. RCBC was used by cyber criminals to channel $81 million stolen from Bangladesh’s central bank earlier this year. According to BSP, the fine was “the largest amount it has […]
Suncorp’s multi-year venture to modernise its core banking system, known as Project Ignite, is in its final stages. The new platform is now live for customer, collateral, collections and loan origination processes. Deposits and transaction banking are still to go – Suncorp expects these to be migrated before the year-end. Project Ignite was initiated in […]
Wyoming-based Meridian Trust FCU has converted to a hosted version of its core processing system, Symitar’s Episys. The credit union originally installed it in 2010 in-house. Symitar (a subsidiary of one of the “big four” core processors in the US, Jack Henry) says that as the time came to update its servers, Meridian Trust decided […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! RBS scraps Williams & Glyn banking platform plans, writes off £345m Defeated by the IT challenges. W&G is now likely to be sold to Santander. Azimo “industry first” to enable money transfers via Facebook Messenger Sending money should […]
Royal Bank of Scotland has scrapped its plans to carve out the Williams & Glyn (W&G) subsidiarity – and instead it is likely to be sold to Santander. W&G has a network of 300 branches, 1.4 million retail and 200,000 SME clients – effectively the country’s seventh largest bank. It has been dormant for a […]
Banking is going digital and instantaneous, which is great news for customers. But it is also a great headache for banks, as fraud is going that way too – the money can disappear into fraudsters’ virtual pockets with a blink of an eye, anytime, anywhere. At the same time, the real-time capabilities of new solutions […]
Canada’s major exchange, depository and clearing group – TMX – has unveiled a new initiative that is set to transform the company into “a client-driven solutions provider to the Canadian and global capital markets”. TMX states that “the objective of the initiative is to align, simplify and integrate relevant systems and operations to both lower […]
Since the 2008 financial crisis, the sector has looked to repair reputational damage, lock down compliance in the system and rapidly innovate to serve a new generation. During this period of change, banks must redefine the value they want to provide for their customers. For example, do they want to finance the future dreams a […]
Azimo says it has become the first money transfer operator to enable money transfers worldwide via Facebook Messenger. “Money transfer is now social,” Azimo states. It describes its new functionality as “revolutionary”. It connects senders and receivers through their Facebook friend list, enabling them to exchange details immediately and links them to the Azimo app […]
Canada’s newest stock exchange, Aequitas NEO Exchange, has implemented the hosted version of OneTick platform, supplied by OneMarketData. The new platform underpins the exchange’s data and advanced analytics service, OneTickCloud. OneTickCloud supports global equities and futures tick history, reference data, and adjustment factors, and provides on-demand analytics for creating custom datasets. Karl Ottywill, COO at […]
ING Bank Romania has launched a new mobile point-of-sale (mPOS) service, underpinned by MasterCard and specialist vendor GoSwiff. ING mPOS is aimed at local merchants of all sizes. It enables them to accept card payments through mobile devices, smartphones and tablets, connected to a card reader. It also supports other added-value services, such as consumer […]
Indonesian telco Indosat Ooredoo and GoSwiff International have teamed up for a new mobile payment acceptance solution for merchants in Indonesia, D-Pay. Bank Negara Indonesia (BNI) is the acquiring bank. D-Pay is a financial service that enables merchants to accept mobile payments, allowing their customers to pay using debit/credit cards (Visa, MasterCard and JCB) and […]
Fiserv’s GAAP revenue increased 5% to $1.36 billion for the second quarter of 2016. Compared to Q2 2015, its payments segment saw 9% growth and the financial segment grew 1%. In terms of the first six months of 2016, the firm’s financial results were a similar story. GAAP revenue increased 5% to $2.69 billion, with […]
Unicredit is selling its e-money processing unit to payments vendor SIA. The unit – part of Unicredit Business Integrated Solutions (UBIS) – processes around 13.5 million payment cards and manages 206,000 POS terminals and 12,000 ATMs in Italy, Germany and Austria. SIA has also got a ten-year outsourcing contract from UBIS for the supply of […]
Specialist vendor Charles River has supplied its flagship Investment Management Solution (IMS) to Bangkok Bank’s subsidiary, Bangkok Capital Asset Management (BCAP). The IMS front-to-middle office system, supplied on a Software-as-a-Service (SaaS) basis, has automated BCAP’s investment process, says the vendor, “from portfolio management through trading, compliance, and settlement”. Charles River is also providing its Data […]
Banc Intranets, a US provider of enterprise content management software, has onboarded Frontier Bank for its DirectorsLink web-based board portal. The Texan bank “sought to reduce time and costs associated with its board processes”, according to the vendor. DirectorsLink was chosen at the recommendation of Frontier Bank’s IT security vendor, Solis. The bank is now […]
A new challenger is coming to the burgeoning UK banking market – Copernicus Bank. It is founded and backed by Danela Ventures Partners Limited, a London-based advisory firm set up in 2010 by Aidan Brady and Michael Rossman. Danela Ventures Partners “focuses on financial services innovation”, according to Brady’s LinkedIn profile. It is “currently building […]
Can social media really drive adoption of financial products? Yes, states a Massachusetts-based community bank, Avidia Bank. Kate Cwieka, Avidia’s marketing specialist, shares the bank’s experience in embracing social media and the results. Oh, and practical advice on this “non-traditional” marketing channel. Want to know more on how to apply Hootsuite and Periscope (or find […]
Pennsylvania State Employees Credit Union (PSECU) has gone live with Temenos’ Lifecycle Management Suite’s account origination module. Temenos says PSECU was looking for a method to “streamline” the account opening process for both deposit and loan-based accounts. Andrew Coy, AVP of lending, PSECU, says the account origination solution goes “hand-in-hand with the other Temenos Lifecycle […]
Thomson Reuters has joined R3’s partnership to design and apply distributed and shared ledger-inspired tech to global financial markets. Thomson Reuters will contribute insights from its work with customers to “drive product innovation and transformation in the financial sector using distributed ledger technologies”. David Rutter, CEO of R3, says the deal is “another significant milestone”. […]
Sid Parashar, SVP of client relations and strategic account management, Firstsource Solutions, asks if traditional banks are now ready to take on the new kids on the block when it comes to customer communications. As the banking industry emerges from one of the most transformative periods in its history, it has been a trying time […]
Rupert Scofield, president and CEO of microfinance organisation Finca International, discusses how it brings banking to the developing world and why people should follow America’s lead in the art of philanthropy. “This is your world. My generation had its shot. We thought our problems were daunting but it’s nothing like the stuff you’re dealing with. […]
