Artificial intelligence (AI) will be baked into nearly every new software product and service by 2020, but the rush to claim AI integration today is causing confusion, according to a new report from analyst firm Gartner. Light Reading (Banking Technology’s sister publication) reports that while virtually every company across industry verticals is busy today figuring out […]
UK-based innovation foundation Nesta has revealed the 20 fintech firms who will participate in its Open Up Challenge as it looks for services, apps and tools for SMEs – with a £5 million prize fund on offer. As reported in March, Nesta launched its challenge – open to entries from anywhere in the world that […]
Swiss financial services provider SIX has selected Synechron as the systems integrator for the Calypso v15 solution as an update to its post-trade services. The deal is part of the SFR (securities finance renewal) programme, with the objective to revamp SIX’s post-trade services where it acts as a contractual triparty agent for its clients to […]
Italy’s only stock exchange Borsa Italiana, part of London Stock Exchange Group, and IBM are building a blockchain solution to digitise the issuance of securities for unlisted small and medium enterprises (SMEs) in Europe. The aim is to simplify the tracking and management of shareholding information, and create a distributed shared registry containing a record […]
Consumer data contextualisation company Flybits pulled in $6.5 million this week, bringing the Toronto-based firm’s total funds to $14 million, reports Finovate (Banking Technology’s sister company). The Series B funding was led by Information Venture Partners. New investor Portag3 Ventures LP also participated along with existing investors Robert Bosch Venture and Trellis Capital. As a part […]
Mobile banking technology provider Urban FT has completed its acquisition of US software firm iParse, which, CEO Richard Steggall tells Banking Technology‘s sister publication Paybefore, will help the company provide a “mobile plug-in” for financial institutions. Steggall says the quicker, cheaper option compared with core processing integration will open up feature-rich mobile banking apps to […]
The Irish Stock Exchange (ISE) has implemented Deutsche Börse’s new T7 trading platform for the Irish equity market. According to Deutsche Börse, this new platform reduces cost for international trading firms to connect and trade equities on the ISE, due to lower development and maintenance costs for firms, which are active on T7 across multiple […]
Absa Bank, a subsidiary of Barclays Africa, has partnered with multilingual text analytics and big data firm, Hello Soda, as it looks to tap into the millennial market. The bank says it wants to make sense of unstructured social data to better understand its consumer base. According to Absa, Hello Soda provides new ways for […]
You’ve come to the right section for cash injection. Today’s fintech funding round-up features Contego, Privitar, Form3 and Barclays. Maven Capital Partners, a UK private equity house, has led the £3.5 million investment in Contego Fraud Solutions to support its growth plans. Maven is putting in £1.8 million, NVM Private Equity is investing £1.5 million, […]
BNP Paribas has been hit with a $246 million fine by the US Federal Reserve System relating to past misconduct in its foreign exchange (FX) business. The Paris-based bank says it will pay the fine and has settled Federal Reserve allegations that it failed to keep its FX traders from using electronic chatrooms to manipulate […]
Blend, a start-up that helps lenders make mortgage lending decisions, has unveiled a native mobile app, reports Finovate (Banking Technology’s sister company). The San Francisco-based company’s launch of Blend Mobile aims to let loan officers manage borrower requests and applications on their mobile device in order to facilitate communication between the two parties. Founded in 2012, […]
The partnerships keep coming for PayPal. Following recent news that the company is partnering with Apple for payments on iTunes and in the App Store, among other places, the company is now expanding its partnership with Samsung to enable PayPal as a payment method in any channel Samsung Pay is accepted, according to the PayPal blog. Banking […]
France-based payments technology provider Worldline is expanding its global footprint with a definitive agreement to acquire 100% of the share capital of Digital River World Payments (DRWP), an online global payment service provider from Digital River Inc. Banking Technology‘s sister publication Paybefore reports that the acquisition, which is expected to close in the third quarter […]
Mobile banking technology firm Urban FT has completed its acquisition of iParse LLC
Aditya Challa of IMImobile takes a look at some current and future applications of artificial intelligence (AI) for customer experience in the financial and banking sector, as well as the challenges that still need to be overcome. Beyond the current race to build chatbots, he predicts that voice-driven AI services will ultimately become the main […]
Mobile-only challenger bank Monzo is taking it nice and easy with a steady roll-out of its current account. The bank, which received its full UK banking licence in April, says it’s been using the current account internally and today (17 July) is now inviting some of its customers to join and “help put it through […]
Utah-based Zions Bancorporation has gone live on TCS Financial Solutions’ Bancs core system with the transition of its consumer lending business over to the platform. The core transformation program, titled “FutureCore”, is divided into phases and consumer lending for the seven affiliate banks is the first phase to go live, with other phases to follow. […]
Jenius digital bank, part of Indonesia’s Bank Tabungan Pensiunan Nasional (BTPN), has chosen Finastra’s (formerly Misys) FusionBanking Essence Digital platform. Peterjan van Nieuwenhuizen, head of digital banking at BTPN, says it has “built a system that enables our customers to complete basic banking processes without going to the branch”; and with an “expanding middle class […]
German fintech incubator FinLeap has a spring in its step with new capital, new partners and a new HQ. The company has raised around €39 million from several investors, including the German Insurer Signal Iduna, SBI Group from Japan and the Dutch NIBC bank. Furthermore, the reinsurer Hannover Re, as a “big institutional investor”, raised […]
IBM has unveiled IBM Z, a new transaction system, capable of running more than 12 billion encrypted transactions per day and designed for use in the cloud. The firm is looking to address data breaches, which it reckons are a major factor in the $2 trillion cybercrime impact on the global economy by 2019. IBM […]
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, David Siegel, CEO of Twenty Thirty, a Swiss-based blockchain company, offers up “Ten Simple Rules for Crypto-Investing”. 1. Put a small amount […]
The financial services industry is already embracing the internet of things (IoT), using devices to collect data that needs to be analysed in real time and stored for historical analysis.
In 1957 the US market researcher James Vicary claimed he could get moviegoers to “drink Coca-Cola” and “eat popcorn” by flashing messages onscreen for such a short time that viewers were unaware they had seen them. The term “subliminal advertising” was coined to describe this unnerving practice and it was subsequently banned in many countries.
As part of its massive job cutting spree, Commerzbank has agreed an outline reconciliation of interests and social plan with the employee representative committees in Germany. As reported last year, Commerzbank firmed up plans to lay off nearly 5,000 people. According to a letter by German labour union Verdi, the majority of these job cuts […]
The Australian Government is developing its own anti-encryption legislation, modelled on the UK’s Snoopers Charter, a set of rules deemed unfit by the European Court of Justice, reports Telecoms.com (Banking Technology’s sister publication). The move, which was announced by Prime Minister Malcolm Turnbull, has been built on anti-terrorism messages, as yet another government uses the element […]
Excitement is thin on the ground as the net profit for India-based Infosys dipped ever so gently in its latest financial results. For the quarter ended 30 June 2017, the financial systems vendor announced that Q1 net profit was $541 million, a quarter-on-quarter (QoQ) decline of 0.4%. Although for year-on-year (YoY), it displayed growth of […]
From a mystery to a European duet. Our latest blockchain and Bitcoin round-up features the secretive SafeToken, China’s Asset Collection Chain, Swissquote and Bitstamp. A former (and anonymous) Goldman Sachs employee has launched the first “anti-bubble” derivative for Bitcoin. They didn’t reveal their name in their email or on the website. A search around hasn’t […]
In a round led by Vertex Ventures, the venture capital wing of Temasek Holdings, Turnkey Lender has picked up $2 million in funding, reports Finovate (Banking Technology’s sister company). The Singapore-based company specialises in loan management technology, delivered over the cloud, that automates all stages of the lending life cycle – from application processing to collections […]
One small step for consumer choice in e-commerce. One giant leap in PayPal’s quest to be the payment option of choice for shoppers online, reports Finovate (Banking Technology’s sister company). This week the company announced a partnership with Apple to allow shoppers pay for their purchases at the App Store using PayPal. The feature will be available for users […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Aktia Bank finally live with Temenos T24 core banking system “Some system repairs will be carried out during the following weeks.” HSBC and Barclays pilot banking without borders Testing use of a citizen’s national digital identity. ANZ, Westpac […]
Vote for the challenger banks (licensed or not) that should make Paybefore’s top 5 Best Challenger Banks list. Share your opinions through Aug. 1. The top 5 vote-getters will be profiled on Paybefore.com.
In a copycat move that will come as a blow to Orange, rival Altice plans to launch its own online bank by early 2019 in the countries in its network footprint, according to a report from Reuters that cites a source close to the matter. Light Reading (Banking Technology’s sister publication) reports that the launch of […]
Sumitomo Mitsui Financial Group (SMFG) and Sumitomo Mitsui Banking Corporation (SMBC) are partnering with New York-based Entrepreneurs Roundtable Accelerator (ERA) for business development and tech innovation. According to Sumitomo Mitsui, ERA is New York’s largest and oldest tech accelerator, with 140 portfolio companies involved in a variety of markets. These firms have a combined market […]
LCH SwapAgent has selected Murex’s MX.3 capital markets platform for trade processing, valuation, margining and member reporting. LCH SwapAgent was launched last year by LCH, a central counterparty clearing house, as a new centralised service for the non-cleared derivatives market. In this latest deal with Murex, LCH SwapAgent “aims to improve efficiencies” in the bilateral […]
Allfunds Bank Group is all for APIs with the launch of a new platform targetting the wealth management industry. The platform offers a “fully digitised way” of accessing Allfunds services by providing access to third party applications using standardised APIs which it says comply with emerging regulatory norms such as MiFiD II. Like many other […]
It’s a double development delight in Australia with Sydney and Melbourne unveiling fintech start-up hubs for innovation across the nation. Industry body FinTech Australia says Sydney’s proposed new 11-floor start-up hub – set to be the largest in the southern hemisphere – “should help build even stronger links between the Australian fintech industry and global […]
And the money keeps rolling in for fintech! Features Revolut, Curve, Pixoneye and Gridspace. Banking Technology’s sister publication Paybefore reports. UK challenger bank Revolut announced a $66 million investment from Index Ventures, Balderton Capital and Ribbit Capital, which the company will use to introduce new features and expand globally, starting with Asia and North America. […]
Cash is no longer king in the UK, according to the British Retail Consortium’s (BRC) annual Payments Survey, which found that debit card transactions accounted for almost 43% of all retail transactions in 2016, overtaking cash, which accounted for 42% of all retail transactions, for the first time. Banking Technology‘s sister publication Paybefore reports that […]
The UK’s Payment Systems Regulator (PSR) has got approval from the Competition and Markets Authority (CMA) for its plan for the consolidation of the operators of three payment systems. As first reported in May, the PSR aimed to get Bacs Payment Schemes (BPSL), Cheque and Credit Clearing Company (C&CCC) and the Faster Payments Scheme (FPSL) […]
Falcon is the “first” Swiss private bank to provide blockchain asset management solutions for its clients through a new co-operation with crypto financial broker Bitcoin Suisse. The bank’s clients can exchange and hold Bitcoins via Falcon using their cash holdings. Additionally, a Bitcoin ATM has been installed in the lobby of the bank’s headquarters in […]
