Flywire expands operations in Japan, forms partnership with Volvo
Cross-border payments and receivables platform Flywire (formerly peerTransfer) is marking international growth.
FinTech
HooYu brings identity confirmation technology to BCRemit
Better onboarding and fewer fraud incidents are the goals of online money transfer platform BCRemit. The UK-based company has partnered with identity confirmation specialist HooYu to help them reach both of those critical objectives.
TransferMate Adds New Hires amid U.S. Regulatory OK
TransferMate, a global B2B payments platform, announced the expansion of its senior management team following its achievement of full U.S. regulatory approval.
Green Dot reports net income jump in Q2, touts fintech deals, acquires secured credit portfolio
Green Dot Corp. reported strong numbers for the quarter ended June 30, 2017, including a 140 percent increase in GAAP net income to $19.3 million, up from $8.0 million over Q2 2016.
Yandex and Sberbank plot joint venture for e-commerce
Russia’s tech heavyweight Yandex and the country’s largest bank, Sberbank, are planning a joint venture to “boost e-commerce development”. The new venture will be based on the Yandex.Market platform.
SIX Swiss Exchange, Nasdaq and Chain team for blockchain OTC project
SIX Swiss Exchange and Nasdaq and working with blockchain tech company Chain to provide distributed ledger technology (DLT) for for SIX’s over-the-counter (OTC) structured products business.
Lower Valley Credit Union converts to Corelation’s Keystone core
Lower Valley Credit Union (LVCU), a small credit union in the US state of Washington, has gone live with new core banking software, Keystone from Corelation.
Nordnet welcomes “digital employee”, AI Amelia
Nordnet, a digital bank in the Nordics, will have a “new digital employee” as of this autumn – IPSoft’s Amelia artificial intelligence (AI) platform.
Oracle Unveils New Global Payments Solution for Banks
Oracle has unveiled its brand new development, Oracle Banking Payments. Built from the ground up, the service uses the ISO 20022 messaging standard and supports global and local payment standards, including SEPA, Swift 2017, Fedwire, U.S. ACH and Swift’s gpi.
Kantox pulls in $6m from existing investors
Currency and risk management solutions company Kantox recently reeled in $6 million in funding.
CFTE brings fintech education initiative to Asia with MAS
UK-based Centre for Finance, Technology and Entrepreneurship (CFTE) is looking to expand to Asia and plans to set up its first international hub in Singapore. The newly launched organisation says it “has been working closely with the Monetary Authority of Singapore (MAS) to formalise plans to expand CFTE’s education initiative to ASEAN”.
Al Masraf to swap ITS Ethix for Temenos T24 core banking system
UAE-based Arab Bank for Investment and Foreign Trade (Al Masraf) is modernising its front-to-back office technology with Temenos. On the way out is the Ethix core banking system from regional vendor International Turnkey Systems (ITS).
Faisal Islamic Bank signs for Path Solutions’ iMAL core banking system
Sudan-based Faisal Islamic Bank is modernising its core banking software with Path Solution’s iMAL. Path’s competitor for the deal was ICS Financial Systems (ICSFS) with its ICS Banks offering.
Linedata acquires outsourcing firm QRMO
Linedata has expanded its outsourcing business into Asia with the acquisition of Quality Risk Management & Operations (QRMO), a provider of outsourced middle-office, shadow accounting and risk monitoring services to the asset management and securities industries.
The Monday mindset: 7 August 2017
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, Devie Mohan, founder of fintech research and data company, Burnmark, examines the ethics of artificial intelligence (AI). I was asked to speak […]
Haggai Mortgage Bank live with Finedge core banking system
Nigeria-based Haggai Mortgage Bank has gone live with new core banking software, Finedge. The system is supplied by local tech company CWG.
Bank of Lithuania to offer regulatory sandboxes for fintechs, calls for public feedback
Fintech companies will soon be able to test their products in Lithuania by creating customised regulatory sandboxes under the supervision of Bank of Lithuania.
R3, CGI and eleven banks develop blockchain-based trade finance app
Following a year of development and testing, R3, CGI and eleven banks unveil a prototype of a trade finance app built of R3’s Corda distributed ledger technology (DLT).
Abu Dhabi Launches its First Fintech Innovation Challenge for Startups
Abu Dhabi Global Market and KPMG are launching the first Fintech Abu Dhabi Innovation Challenge—a five-week program for “innovative and mature startups across the globe,” with a chance to win $15,000 in prize money.
Banking Technology Awards: how to write a winning entry?
With less than one month left to nominate for the Banking Technology Awards, now is the time to polish up on your entry. The question we get asked often is how to write a winning entry. Well wonder no more, we have a few tips for you on what to include. The more detail the better! Dates […]
Digiliti Money evaluates go forward strategy as founder quits and revenue falls
US-based fintech Digiliti Money (formerly Cachet Financial Solutions) is pondering its future in the light of financial troubles and the resignation of its founder, chairman and CEO, Jeffrey Mack.
Payworks to integrate Alipay into its POS tech Europe-wide
Payworks, a Germany-based provider of point-of-sale (POS) payment infrastructure, has inked a deal with Alipay. Payworks’ gateway tech will be supporting the integration of Alipay for payment providers across Europe.
Abu Dhabi’s first fintech innovation challenge for start-ups launched
Abu Dhabi Global Market (ADGM) and KPMG are launching the first Fintech Abu Dhabi Innovation Challenge – a five-week programme for “innovative and mature start-ups across the globe”.
Failed bank in Uganda spent millions of dollars on non-existing tech
Crane Bank, a failed bank in Uganda, spent millions of dollars on IT services and software that was never supplied, according to a report by PricewaterhouseCoopers (PwC) into the bank’s mismanagement.
Payments: Australia gives Swift instant results
Off the back of its involvement in Australia’s New Payments Platform (NPP), Swift has entered the instant payments market in Europe, with plans to launch a gateway solution in November 2018. The solution will enable instant payments to be made over the Swift network using a single gateway to connect to multiple instant payments systems across Europe.
Efigence designs interface for Emirates NBD’s new digital banking platform
Emirates NBD has launched a new digital banking platform with interface design developed by Efigence Group, a Poland-based customer experience (CX) specialist. Efigence, through its Artegence business, worked on “enhanced information architecture, re-designing user experience with a new graphical user interface (GUI) and supporting the implementation of front-end technology”.
Prepaid Veteran Jeff Lewis Joins Sutton Bank
As part of its overall payments expansion strategy, Sutton Bank has named prepaid veteran Jeff Lewis senior vice president, prepaid services.
VTB brings Alipay to Russia big time
Chinese online and mobile payment platform Alipay is looking to grow its presence significantly in Russia with the help of VTB Group.
Top fintech stories this week – 4 August 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Getting to experience thinking
“We’ve got a great idea we think you’re going to love.” Despite its manifest flaws, this is the approach that has long dominated the development of new products and services. While introducing products that people love is an exemplary goal, real omniscience has proven to be distressingly rare.
Podcast: Amazon is everywhere
11:FS Fintech Insider podcast featuring FinTech Futures’ Tanya Andreasyan.
SME lender Kabbage collects $250m investment from Softbank
Online small business lender Kabbage has raised $250 million in funding from Japan’s SoftBank Group. The capital, which takes Kabbage’s total funding to more than $488 million, will be used to support new lending products for small businesses, as well as “exploring non-lending products and services” for its customers, the company says.
Strands lands digital money management deal with US bank
Personal financial management (PFM) firm Strands has secured a deal with Ohio-based Huntington National Bank. The bank will use Strands’ PFM and business finance management (BFM) solutions. Banking Technology understands that the solutions will integrate with the core banking system, Hogan, provided by DXC Technology (formerly Computer Science Corporation or CSC). Mark Sheehan, payments and […]
Blockchain and Bitcoin round-up: 3 August 2017
Following on from Tuesday’s (1 August) round-up, here’s more action from the busy blockchain and Bitcoin scene. Features Gwyneth Paltrow (yes, really), Abra, Gibraltar Stock Exchange and WannaCry. Actress and food writer Gwyneth Paltrow has joined Abra, a Bitcoin-based digital wallet app, as an advisor. In an episode of American reality show “Planet of the […]
La dolce vita for mobile payments service Jiffy in Italy
Jiffy – the instant mobile payments service developed by SIA – is now available in over 150 outlets in Milan, Rome and Turin. As reported last year, the person-to-business (P2B) project was piloted in Milan and Bergamo, allowing customers to pay via app at participating retail outlets authorised by UBI Banca. SIA said at the […]
US community bank rallies banking industry to address core software needs
Jim Kisch, president and CEO of Passumpsic Savings Bank, a community bank operating in the US states of Vermont and New Hampshire, is calling on the banking industry to support its request to core banking software vendors.
Commerzbank processes first BPO live transactions in Austria
Commerzbank has processed the first bank payment obligation (BPO) transactions in Austria, covering the import of bus components from Germany and Italy. The buyer, a customer of Commerzbank Austria, is TAM-Europe, located in Slovenia. The suppliers are MAN Truck & Bus, headquartered in Munich, and ISAF Bus Components, an Italy-based supplier and customer of UniCredit. […]
Barclays Africa looks for innovation heads-up with nine start-ups
Barclays Africa will collaborate with nine firms to explore new technology-based solutions to improve its banking services. The nifty nine are not just fintech but include Abe.ai and Kapitalwise from the US; FOMO Group and Byte Money from South Africa; and FlexPay, Spatialedge, Sun Exchange and Avenews-GT. Details below if you want the full show. […]
Bank Islam plans digital Islamic banking roll-out
Bank Islam Malaysia Berhad is working with consulting firm Cognizant to lay the foundation for its digital banking platform roll-out across its entire network. Encik Khairul Kamarudin, CEO of Bank Islam, says the move will bring “greater accessibility to our customers as well as simplifying and improving their banking experience with us”. According to the […]
Payments round-up: 3 August 2017
Take the pain out of paytech with this brief round-up. Features Seven Bank, BDO Unibank, Earthport, Kotak Mahindra Bank, Payconiq and Digicash Payments.
