State of play: 2023 so far
What’s the current state of play for the financial services sector and what can we expect for the remainder of 2023?
BankingTech
Revolut halts crypto services in the US citing “evolving regulatory environment”
From 3 October, access to crypto through Revolut will be fully disabled for US customers.
Mexican challenger Albo snaps up Delt.ai for $20m
The acquisition makes Albo “the only neobank to offer debit and credit products for both consumers and SMBs”.
Banking veteran Paco Ybarra to depart Citigroup after 36 years
He has served as CEO of Citigroup’s institutional clients group since 2019 having joined the firm in 1987.
MSUFCU partners Nymbus for SMB “bank in a box” solution
MSUFCU previously participated in Nymbus’ $70 million Series D funding round in May.
US credit union associations CUNA and NAFCU announce merger to form America’s Credit Unions
A 60-day voting period for members to approve the merger is expected to begin later this month.
Liquidity management – the rise of the virtual account
Virtual accounts have now gained an amount of traction, with lots of discussion and successful case studies.
First Federal Savings & Loan of San Rafael boosts digital transformation with Bankjoy partnership
First Federal will integrate Bankjoy’s digital banking platform with Fiserv Cleartouch, its core banking system.
WaterStone Bank taps nCino for cloud banking platform
The bank says it wants to enhance the lending experience for its customers by moving to a single platform.
Seacoast Bank strikes deal with NCR for ATM-as-a-Service solution
Seacoast Bank is leveraging NCR’s ATM-as-a-Service solution to replace its conventional ATM fleet.
Kittens
How honest are you with yourself about the things that stress you out? About the things that scare you?
Cash management – trends and priorities
While real-time data remains an ideal, the cash management process needs first to adapt to expanded ecosystems and networks.
Cambodia’s Wing Bank selects Ipification for mobile ID verification solution
The bank’s CEO says the new tech will “streamline the authentication process for Wing Bank app users”.
HSBC joins forces with Tradeshift to launch embedded finance business
The joint venture will focus on the development of embedded finance solutions and financial services apps.
DFSA slaps $3m fine on Mirabaud for AML failings
Between June 2018 and October 2021, DFSA says it found weaknesses in Mirabaud’s AML systems and controls.
Machias Savings Bank taps Jack Henry for tech overhaul
It wanted a tech strategy that would help it support customers’ financial needs, while competing with big banks.
Demystify Podcast: Core banking modernisation and BaaS with Miguel Santos and Dave Feuer, Galileo
Real examples of several innovations only made possible by a modern core, and more!
Allfunds acquires local paying agent business of Iccrea Banca
The acquisition enables Allfunds to develop its position in Italy as a local paying agent business.
Digital transformations: the negative impact of heavyweight governance
How do we mitigate the negative effects of an onerous governance process on digital transformations?
Vanquis Banking Group buys UK smart money app Snoop
Snoop leverages AI and open banking technology to provide personalised overviews of spending habits.
Open Banking Expo expands to two days and co-locates with the Open Banking Expo Awards this October
Open Banking Expo returns to the Business Design Centre in London on 18-19 October.
ING names Görkem Köseoğlu as new chief technology officer
Görkem Köseoğlu is to assume the position of chief technology officer from 1 September 2023.
Principles, practices and persistence: the Consumer Duty deadline arrives
The regulation is set to completely transform the relationship between financial services firms and consumers.
The Philippines’ UnionBank taps NCR to manage its ATMs
The Philippines’ ninth largest bank currently operates over 400 ATMs across the country.
UK challenger Monument names Fiona Pollard as new chair
Pollard replaces Niall Booker, who indicated his intention to step down from the position last year.
Pay.UK reveals big jump in number of current account switches in the UK over last 12 months
Pay.UK’s Current Account Switch Service has seen a 50% increase in switches compared to last year.
You’ve checked the DEI box. Now what?
To truly transform is to have DEI values infused in the DNA of your company.
Germany’s N26 appoints new chief risk officer, Carina Kozole
Kozole, who will begin her new role later this year, has spent the last 17 years at UniCredit Group.
Settle secures $145m credit facility from Silicon Valley Bank
Settle will use the expanded facility to boost its lending to e-commerce and consumer brands.
The light of dead stars
The light of dead stars looks the same as any other. But it doesn’t prove the star is still thriving.
Banking Tech Awards USA 2023 winner: SavvyMoney – the power of partnerships in fintech & banking
Digging into why so many FIs are turning to fintechs versus developing their own solutions.
GAT Investment Bank taps Currencycloud for new app launch
The app will leverage Currencycloud’s multi-currency virtual accounts for cross-border payment services.
NatWest chief exec Alison Rose steps down with immediate effect
The group’s board of directors says Rose has “agreed by mutual consent to step down”.
UBS to pay $388m in fines relating to Credit Suisse’s doomed dealings with Archegos
The US Federal Reserve has fined Credit Suisse $269 million, with the UK’s PRA issuing a further $119 million fine.
How telco software giant Amdocs is looking to make waves in fintech
FinTech Futures speaks with Amdocs’ Zur Yahalom about the company’s move into the fintech space.
Italy’s Mediobanca partners Founders Factory for new UK fintech venture studio
The joint venture is central to the Italian bank’s strategic plan to strengthen its technology ecosystem.
Vietnam’s OCB taps Backbase for personalised digital banking solution
The project implementation will be led by Backbase’s partner SmartOSC.
Q&A: Andrew McKibben, Bank of America – resilience, automation tech & connected banking
Discussing the changing relationship between fintechs and banks amid an increasingly interconnected tech landscape.
Jordan’s Bank al Etihad to deploy NetGuardians’ fraud prevention tech
With NetGuardians’ solution, the bank aims to strengthen its fraud prevention capabilities.
Banco Santander, BBVA and CaixaBank team up to tackle fraud with FrauDfense
FrauDfense is a new company set up to enable the exchange of information between the three banks.
