Banks are beginning to re-align their internal processes and external-facing products to take advantage of, and more fully realize, the potential of digital transformation. One of the biggest challenges they come up against in this pursuit is how to balance customer experience and security. In other words, implementing a framework that accounts for all the […]
Utah-based FinWise Bank, a subsidiary of All West Bancorp, has partnered with alternative small business lender Behalf.
SEFCU, a top-50 credit union in the US, is modernising its core processing software with Fiserv.
For anyone who spends hours completing their expense reports, the news that receipt and business card digitisation company Shoeboxed is ushering a travel and expense reporting system out of beta is welcome news.
Peer-to-peer (P2P) lender Prosper released its second quarter earnings recently, just days after the company shuttered its consumer-facing bill management system.
Amazon Web Services (AWS) has launched a new machine learning-based security service, which it claims will help customers identify anomalies inside their network, reports Telecoms.com (Banking Technology‘s sister publication). The launch comes only a month after its S3 storage hit the headlines for all the wrong reasons, as Verizon customer data was left on an […]
Market players are bullish on the near- and longer-term promise of fintech, according to new research by Opimas, “Fintech Spending and Innovation in Capital Markets”. In 2017, it estimates fintech spending across all capital markets participants to exceed $127 billion.
Belgium – the “Jihadi capital of Europe” – is the European Union’s (EU) most lenient country on money laundering despite its role in terrorist financing, according to anti-money laundering (AML) firm Fortytwo Data. With refreshing frankness in the usually jargon-soaked and platitude-drenched world of fintech, Fortytwo Data says the EU’s disjointed approach to the fight […]
Paytm, e-payment/e-commerce brand and payments bank, is bringing the QR code scanning habit to the Indian masses, while Amazon Pay has launched a digital wallet.
Many famous faces have decorated our notes over the years, but just like the cheque, cold, hard cash is living on borrowed time.
In the age of the internet, fintech dominates finance. In the UK, the sector is currently worth £7 billion, employing around 60,000 people with figures set to increase. The industry is definitely awe-inspiring, but as the lines between traditional banking services and fintech blur, fintech could disappear entirely.
Since 2012, the top ten US banks (by assets under management) have participated in 72 rounds totaling $3.6 billion to 56 fintech companies, according to CB Insights. While investment activity dropped on a quarterly basis in Q1 2017, four of the last five quarters have seen over $1 billion invested into fintech start-ups in the US backed by venture capital firms.
Instead of reporting its second-quarter earnings today, Digiliti Money Inc. plans to file for an extension with the SEC after its accounting firm flagged problems with its previous financial reports, the company announced Aug. 14.
Nigeria-based Skye Bank has launched a new digital banking platform, SkyeXperience, built on the Oracle FSS tech. The bank plans to enrol over two million clients on the new solution by the end of next year.
Morgan Stanley’s new innovation lab, which aims to support multiculturalism and diversity in financial services, has onboarded five start-ups for its three-month accelerator programme.
People often need financial advice that’s best suited to meet their needs, which differ from one generation to another. You cannot expect millennials to consume the same financial advice as baby boomers. Times have changed, so financial institutions and experts also need to change their approaches to cater for the needs of a much younger clientele that’s distrustful of not only the government, but also financial institutions.
Fintech zeitgeist! This week, Banking Technology’s editor Tanya Andreasyan muses about the growing trend of celebrity endorsement in the fintech world.
Germany-based Deposit Solutions has acquired fellow fintech Savedo. With the acquisition of Savedo, Deposit Solutions gains 18,000+ clients, 13 partner banks and new regions – thus “further expanding its B2C capabilities”.
UK-based challenger bank Tandem received an emergency cash injection of £3.6 million from its existing investors earlier this year when a major funding deal with House of Fraser collapsed.
PayPal has set up two innovation labs in India – based out of the company’s tech centres in Chennai and Bangalore – to help the country’s fintech start-ups grow.
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi and UAE Exchange have teamed up “to support, develop and promote the fintech” ecosystem in the country.
Business-to-business (B2B) payment solutions company Trustly has partnered with e-commerce payment provider Qliro.
Managing a relationship is stressful enough without introducing unnecessary miscommunications about day-to-day spending. This is one reason why many couples maintain separate spending accounts with pre-defined responsibilities (e.g. you pay the rent, I’ll pay the utilities, etc).
Amid the hustle and bustle of MoneyConf in Madrid, Banking Technology managed to grab a coffee with Matteo Cassina, global head of sales at Saxo Bank. Conversation turned from the demise of bank branches to the rise artificial intelligence (AI) and open banking.
This infographic, courtesy of Savi Technology, explains how blockchain links offer immutable, trackable parcels of data that can include “smart contracts”, instructions such as other transactions that will be triggered to perform automatically later.
National Settlement Depository (NSD), Russia’s central securities depository (CSD), and Waves, a decentralised platform for launching crowdfunding campaigns and issuing digital assets, have embarked on a blockchain project.
EXCLUSIVE: Barclaycard is launching a pilot that enables merchants in the UK to accept in-store Alipay transactions. The pilot will commence on 14 August 2017 in eight retail stores across the UK, with Barclaycard providing the POS solution for payments via Alipay.
Facebook-owned messenger app WhatsApp submitted a new update through the Google Play Beta Programme, which will make payments available in the app’s new version.
Ant Financial, Tencent and 42 other payments and financial services firms in China have agreed to route their payments transactions through a new clearing house, controlled by Chinese government.
Trickbot is back, new and improved, and is targeting customers of Lloyds Bank in the UK in a new phishing campaign, according to cybersecurity specialist Cyren.
Digital currency wallet Coinbase has taken the leap to become a unicorn. The San Francisco-based company announced it has received $100 million in Series D funding led by IVP.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Behavioural authentication and threat detection company BioCatch teamed up with risk management company LexisNexis Risk Solutions in an effort to reduce losses caused by fraud.
After a spate of recent partnership announcements to expand its acceptance network and P2P reach, PayPal is buying Swift Financial to boost its small business lending division.
In a Series B round led by Commerce Ventures, digital identity verification specialist Socure raised $13.9 million in new funding. The investment, which also featured the participation of Flint Capital, Santander InnoVentures, Synchrony Financial, Two Sigma Ventures, and Workbench, takes Socure’s total funding to $27.5 million.
Colorado-based Public Service Credit Union (PSCU), the state’s third largest credit union with more than $2.3 billion in assets, 28 branches and 219,00 members, has completed the roll-out of its new digital banking platform – powered by Malauzai Software.
HSBC and IBM are working on a project “to develop a cognitive intelligence solution combining optical character recognition with advanced robotics to make global trade safer and more efficient”.
Banking software developer Mambu has inked a large deal with Fuse, the lending arm of Filipino financial technology firm Mynt. Mynt itself is a subsidiary of Globe Telecom, a Philippines-based telco.
BML Istisharat, a Lebanon-based banking software provider, has gained two new takers of its ICBS core banking system. These are Peterhouse Securities, a financial services firm in London, and Liberty International Bank in Abu Dhabi.
Alternative lending platform StreetShares raised $10.3 million in a venture round this week. The funds come from an undisclosed investor and bring the Virginia-based company’s total funding to almost $20 million since it was founded in 2013.
