Nets warns of massive credit card hack in Denmark
Danish payment processor Nets has warned local banks of a possible data breach and advised them to block up to 100,000 credit cards.
BankingTech
SETL blockchain powers Cobalt’s FX post trade
London-based blockchain firm SETL and Cobalt DL, a private peer-to-peer network, have teamed up to use SETL’s OpenCSD within the Cobalt FX post trade platform. The service is set to launch in 2017, with 15 institutional FX participants “already committed” to the service. Earlier this year, SETL unveiled the OpenCSD platform, its first commercial offering, […]
Digital agency Degree 53 builds mobile apps for CardOneBanking
CardOneBanking, a UK-based current accounts and payments services provider, has launched new mobile banking apps built by Degree 53.
BBVA favours Amazon Web Services for cloud drive
BBVA has reached a global agreement with Amazon Web Services (AWS) as it looks to cloud computing to boost its digital banking services. The agreement, which is part of a series of accords that the group is making with providers, turns AWS into its “preferred” cloud infrastructure services provider. AWS will execute the migration of […]
Bank of America to launch AI chatbot
Bank of America has unveiled its new artificial intelligence (AI) chatbot to help customers make decisions on their finances. Called Erica, a nod to the name America, it will be available inside the bank’s mobile app in 2017. Customers can do the usual AI stuff – chat via text or voice – and it’s all […]
Discovery step closer to obtaining banking licence
South Africa’s insurance group Discovery has received the green light from the regulators to set up a bank – the anticipation is that a banking licence will be granted within a year.
FIS fuels Faster Payments for Raphaels Bank
UK-based Raphaels Bank has chosen FIS’s reconciliation solution to help extend access to Faster Payments. Earlier this year, Raphaels Bank became the first new member of the Faster Payments Scheme (FPS) since its inception in 2008, stating its “aim was to improve access to the scheme”. The bank offers a sponsorship model for “instant connectivity” […]
Case study: Consorsbank – the pursuit of app-iness
New retail banking apps are released onto the market daily – from traditional banks entering the app era to new disruptive payments services. What does each one of these apps have in common? The need to perform. When Consorsbank, part of BNP Paribas Germany, launched its retail app, it knew performance mattered. The bank shares how it delivered an app that consumers wanted.
Farm Credit Services of America digs Fiserv’s DNA for lending
Nebraska-based Farm Credit Services of America (FCSAmerica) has chosen Fiserv’s DNA core account processing platform to support its agricultural lending operations. After evaluating 20 systems, FCSAmerica selected DNA to replace its existing core system. Banking Technology understands the lender has been using Misys’ FusionBanking Loan IQ system for the last five years or so, for […]
CBA and Wells Fargo in “world-first” interbank blockchain trade transaction
Commonwealth Bank of Australia (CBA), Wells Fargo and trading firm Brighann Cotton have completed the “first” global trade transaction between two banks using blockchain, smart contracts and the Internet of Things (IoT). The transaction involved a shipment of cotton from Texas to Qingdao, China, using a distributed ledger – Skuchain’s Brackets system – for all […]
European Association for Biometrics conference: exciting times ahead
European Association for Biometrics (EAB) has recently conducted a one-day seminar in London on what’s hot in the world of European banking biometrics. The seminar was supported by Banking Technology and hosted by Citi. It gathered a good haul of UK banks, including Lloyds, Santander, Virgin Money, Tesco Bank, Metro Bank and RBS and TSB.
First National Bank modernises digital banking with Ubanquity
Ireland-based Ubanquity Systems has signed First National Bank (FNB) in Lebanon for its digital banking software. It will “integrate wonderfully” with the bank’s existing systems, the vendor says.
Banca Consulia in tech overhaul with ERI’s Olympic core banking system
Banca Consulia has implemented ERI’s Olympic core banking platform for advisory services.
Sberbank picks software and service providers for major tech overhaul
Russia’s largest banking group, Sberbank, has concluded its tender to find software and processing systems developers to revamp its retail and corporate banking tech.
Envestnet Yodlee extends tie-up with Backbase, unveils updates
Envestnet Yodlee has extended its partnership with omnichannel banking specialist Backbase. The two companies have been collaborating for some time. With the new agreement, Backbase will be providing its customers with integrations to the Envestnet Yodlee data aggregation platform.
New bank in Iraq selects BML Istisharat’s ICBS core banking system
Al Qurtas Islamic Bank, a new Iraqi bank based in Erbil, has selected the ICBS core banking system from regional supplier BML Istisharat.
R3 blockchain code goes open source
R3 has made its blockchain platform’s code publicly available as it seeks to make it an industry standard. The Corda platform has been developed by R3’s consortium, which comprises more than 60 financial institutions around the world (the latest addition is Synchrony Financial – the first credit card company to join the consortium). “We want […]
HSBC Private Bank live with new core banking system, Avaloq Banking Suite
Global giant HSBC has deployed Avaloq’s flagship core banking solution, Avaloq Banking Suite, for its private banking operations. The system is now live in Switzerland and Luxembourg.
UK bank challenger Monzo raises £4.8m in latest funding round
Mobile-only challenger bank Monzo has raised £4.8 million in an “interim” funding round led by Passion Capital. The bank is now valued at £50 million (in February this year it was valued at £30 million).
Is your mobile banking app causing more harm than good?
Without the right digital strategy, small and midsize banks risk ceding built-in advantages to larger competitors. Below is a step-by-step guide on how to successfully move into the digital realm and retain customer engagement (and sales). Mobile banking has become an imperative for retail bankers looking to keep pace with the industry and satisfy customers’ needs. It […]
ST Bank to overhaul legacy tech with Oracle FSS and JMR Infotech
Laos-based ST Bank is replacing its legacy systems with solutions from Oracle FSS and JMR Infotech. On the way out is the Smartbank core banking system from a Vietnamese developer, FPT.
Visa and Chain team up for new B2B blockchain payments platform
Visa has unveiled Visa B2B Connect, a new blockchain-based platform that it is building with US-based blockchain specialist Chain Inc. At present, the solution is in preview mode. It will be piloted in 2017.
Top fintech stories this week – 21 October 2016
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 Ripple trial interbank cross-border payments
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 unveils new innovation hub
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 in major job cutting spree
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.
Big deals power Temenos profit and revenue rise
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 IPO gets a rough ride
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 […]
Banking Technology October 2016 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.
Accenture and Capgemini to work on Bank of Ireland’s tech revamp
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 app Circle launches in Europe
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.
Fintech funding round-up: 19 October 2016
Want to save some time but be in the know of the latest funding initiatives in the fintech space? Then read on.
Ujjivan converts into small finance bank; picks FSS for “payments in a box”
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.
Interview: Kyle Ferguson, Fraedom’s CEO – on the road to Fraedom
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 & back office: a revolutionary change or not?
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, […]
Configo launches site to aggregate banks’ API portals
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’s treasury and trade goes digital with eSubmit
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 acquires Allen International for digital banking push
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, […]
ANZ opens up APIs to third parties
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 […]
Trouble in the R3 paradise?
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.
