Nykredit, Denmark’s largest mortgage provider, has invested in a minority stake in a new mobile banking service, Lunar Way, and has become its banking partner. In two months’ time Nykredit will replace Københavns Andelskasse (Copenhagen Cooperative Bank), the start-up’s initial banking partner. Mark Dissing Bækgaard, head of marketing and communications at Lunar Way, tells Banking […]
The importance of a stable deposits base has increased exponentially in the post-financial crash era. Since the 2007/8 crisis, retail banks have been forced to address huge balance sheet deficit, brought about by the freezing of mechanisms such as wholesale funding. The reaction amongst the major banks has been to stabilise income sources, growing retail […]
Ghana-based banking start-up, Sovereign Bank, has implemented Temenos’ T24 core banking system. The project was delivered by a local integrator and Temenos’ regional partner, Global Solutions. Sovereign Bank was among the three entities granted banking licences last year. The other two are Heritage Bank and Union Savings and Loans. Sovereign Bank is a universal bank offering […]
One of South Africa’s largest health insurers, Discovery, is a step closer to selecting a core banking system for its new bank, Banking Technology understands. Discovery went public on its plans to launch a brand new full-service retail bank in South Africa last year. As part of this ambition, it acquired the majority stake in […]
One of Canada’s ten largest credit unions, Meridian CU, is looking to launch a new digital bank and has applied for a banking licence. “We believe, and our research shows, that there is a clear desire in the marketplace for an innovative digital bank that offers a true full-service alternative to the big banks,” states […]
Integris CU, a credit union in Canada’s British Columbia, is implementing a new core banking platform, Banking Technology understands. This is Temenos’ T24. In addition, the credit union will also deploy Temenos Connect (digital channels) and Insight BI (business intelligence), it is understood. No comment was available from Integris. Integris was formed in 2005 as […]
Swift has formed a global market practice task force of markets infrastructures and banks to assist its ISO 20022 Harmonisation Charter. Sponsored by the Payments Market Practice Group (PMPG), the task force aims to address the evolving ISO 20022 standards requirements of high value payments systems (HVPS) providers. Swift says it is a “key component” […]
Digital banking software specialist Backbase is implementing its omnichannel banking platform at IDFC Bank. India-based IDFC Bank will be able to service its customers “through multiple channels synchronously, creating a single multimodal touch point”, according to the vendor. The goal is to “quicken response time and improve efficiencies”. Dr Rajiv Lall, MD and CEO of IDFC Bank, […]
Seattle-based Smead Capital Management has gone live with a new wealth management platform – Global Wealth Platform (GWP) – provided by SS&C Technologies. The solution is delivered in the cloud. GWP replaced Smead Capital’s legacy solution supplied by a third party. SS&C says Smead Capital was looking to increase automation “simply and cost-effectively” and to […]
NCR Corporation has introduced “a completely new concept” – NCR Innovation Experience Room – an “experimental playground” for financial institutions to “build digital literacy among employees and customers”. Germany-based Volksbank eG Schwarzwald Baar Hegau has become the first taker. It has introduced an experiential room where customers and employees can discover and experience new technologies. […]
Current and former executives and managers of Swift, say for years the organisation suspected there were weak points in the way smaller banks used its messaging terminals – but did not address the issues, according to Reuters. In a lengthy investigation by Reuters, sources say that until February, “when hackers tried to steal nearly $1 […]
Myanmar-based Yoma Bank has gone live with Misys’ core banking system, FusionBanking Essence. Yoma Bank, one of the country’s largest commercial banks, has been in tech modernisation mode since 2014. In-mid 2014, it issued an RFI for new core banking software, with the financial support from International Finance Corporation (IFC; a subsidiary of the World […]
Northern Trust Corporation has signed for Scorpeo’s services to provide an “innovative” historical corporate actions reporting service. Scorpeo’s Harmonia solution enables historical analysis to generate “detailed reports to show investors exactly how much value has been missed”, the vendor explains. It will be incorporated into the Northern Trust Historical Corporate Actions Transparency report. Northern Trust’s […]
The proposed sale of Vocalink to MasterCard, threatens to “kill innovation” in UK payments. This is the damning verdict of AccessPay CEO, Anish Kapoor, who is calling on payments experts to come together to voice their opinions and thoughts, before a final decision is reached. In the time it takes you to read this blog […]
Organisations select a telecommunications provider for different reasons – reliability, global interconnectivity, price and performance are some of the more common drivers – so why do institutional investment arms and FX traders still buck this trend by focusing heavily on network latencies? It is simple, there are very few sectors within international finance where time […]
Infosys has issued a statement regarding its work with Royal Bank of Scotland (RBS) to carve out the Williams & Glyn (W&G) subsidiarity. Infosys was a W&G programme technology partner for consulting, application delivery and testing services. It was working on the W&G project since 2013, but this came to an end earlier this month […]
Two US credit unions have selected Fiserv’s integrated OnCU core account processing solution suites. Badlands Federal Credit Union, based in Montana, and Danville City Employees Federal Credit Union, based in Virginia, will use the Software-as-a-Service (SaaS) suites. The solutions will be customised for each of them. Lisa Tickle, manager of Danville City Employees FCU, says: […]
The National Savings Bank (NSB) in Sri Lanka is calling for expressions of interest (EOI) as it looks to upgrade its core banking system. It is now inviting bidders to supply, implement, rollout and maintain the new core banking system. EOIs should be submitted on or before 19 September 2016. Once the EOIs have been […]
UK-based Yorkshire Bank and Clydesdale Bank – which together form CYBG – have introduced Apple Pay to its customers. The payments service is also available to its “B” customers. In May, CYBG unveiled a new digital banking platform, called B, as it gets ready to become a standalone challenger bank. Helen Page, chief marketing officer […]
UK-based challenger Mondo is looking for another £15-20 million in funding as it looks to launch as a “full bank”. Last week, Mondo got its banking licence from the Bank of England. However, Tom Blomfield, CEO at Mondo, say that “authorisation comes with restrictions”. It can only hold a maximum of £50,000 of deposits in […]
Let’s put the fun in funding by keeping it mercifully brief. A round-up of some key events. Finova Financial’s cloud and mobile-based consumer auto title lending platform raised $52.5 million in a combination of equity and a credit facility, one of the “largest initial rounds in fintech industry history”. The funding round was led by […]
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 […]
