Wealth management company Personal Capital has scored $40 million in additional funding. The money comes from existing investors as an add-on to the $75 million Series E the firm received from IGM Financial in May 2016, reports Finovate (Banking Technology‘s sister company). This brings Personal Capital’s total funding to $215 million since it was founded in 2009 […]
This year’s Banking Technology Awards will be taking place on 13 December in London and once again we will be celebrating people that make things happen! The Leadership Awards will recognise individuals and teams that made a considerable contribution to our industry. What are the categories you can nominate in? Woman in Technology (W.I.T.) Award, in partnership with FemTechGlobal, will […]
PayPal is on a tear and looking to significantly boost its P2P payments volume through Venmo, which already posted 103% growth in the second quarter, reaching $8 billion, reports Paybefore, Banking Technology’s sister publication. The company has announced in a blog post that any of the more than one billion people who’ve downloaded the Skype […]
UK Home Secretary Amber Rudd has taken another dim-witted swipe at end-to-end encryption claiming that terrorists are the only ones who care about it, reports Telecoms.com (Banking Technology‘s sister publication). It’s the latest chapter in one of the most short-sighted and ill-informed books available today, as Rudd has continued her moronic quest to make the […]
Pacific Western Bank, a $21 billion institution in California, has gone live with nCino’s cloud-based Bank Operating System, replacing in-house systems.
South African heavyweight Absa Bank has unveiled its own artificial intelligence (AI)-powered online investment platform, Virtual Investor. The self-service platform uses AI and computer algorithms to recommend a product for customers based on their financial attitudes to risk. Armien Tyer, head of Absa Investments, says: “Individuals can either invest a once-off lump sum amount or […]
Big data and text analytics firm Hello Soda has launched Fraud Web, a new software solution built to combat identity fraud committed through the untraceable internet. The company says Fraud Web identifies the risk of consumer data being available for sale on the dark web and issues high, medium and low risk alerts so that […]
The Monetary Authority of Singapore (MAS) says it will establish a Payments Council with the plan to create an “e-payment society” for the city state. The new council will comprise 20 people from banks, payment service providers, businesses, and trade associations. Members are appointed for a two-year term. MAS says the setting up of the […]
The Regulatory Reporting Hub of Deutsche Börse has launched a partnership with Risk Focus and its software subsidiary, RegTek.Solutions, to use its key system components for the hub’s OTC trade reporting solution. The functionality of the components provided by Risk Focus and RegTek.Solutions includes the Validate.Trade product, and interpretation of instrument details of OTC derivatives […]
Amazon Web Services (AWS) continues to dominate the worldwide cloud infrastructure services market with nearly $1.2 billion in revenue growth over the past four quarters, reports Light Reading (Banking Technology’s sister publication). Overall, hyperscale cloud providers are maintaining their lead position in the cloud market – which has steadily grown over 40% each year, according to […]
Banking and insurance provider USAA has opted for Clinc’s artificial intelligence (AI) platform to provide human-like conversations for its customers’ bank accounts. Available as a pilot programme at USAA Labs, its members, who consist of 12 million current and former members of the US military and their families, can use the “non-chatbot AI” to talk […]
India’s most popular electronic wallet and payments bank Paytm is gearing up to add messaging capabilities to its mobile app. Experts believe this is in response to WhatsApp’s plans to add a payments piece to its platform. With mobile payments growing rapidly in India post demonetisation, Paytm is expected to quickly double its user base […]
In a round led by New Enterprise Associates (NEA) and Wing Venture Capital, mobile identity scoring specialist Juvo has raised $40 million in new funding, reports Finovate (Banking Technology‘s sister company). The Series B, which featured participation from SignalFire and other existing investors, takes the company’s total funding to $54 million. Juvo will use the […]
With the launch of its Tap2App merchant payment solution and pilot programme, xPressTap is enabling micro-retailers and small business owners to use their smartphones to accept card payments without a dongle or a portable card reader, reports Paybefore, Banking Technology’s sister publication. The California-based start-up says its patented technology turns any NFC-enabled smartphone or tablet […]
Immediate payments is a key revenue driver for 66% of banks in markets with IP schemes, according to new benchmark data from processor ACI Worldwide and UK consultancy and Banking Technology’s sister company Ovum. Paybefore, Banking Technology’s sister publication, writes that the benchmark report, “2017 Global Payments Insight Survey: Retail Banking,” also found that although […]
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Capital Markets Authority (CMA) Kenya have signed a co-operation agreement for fintech innovation. The agreement provides a framework for information sharing; and keeping abreast of regulatory and relevant economic or commercial developments in the respective markets. They will also support fintech […]
Klarna has unveiled Wavy, a new, free P2P payments service. Available in iOS and Android as well as online, the free app enables users in more than 30 European markets to transfer euros between friends and family.
With the Aug. 1 launch of its Tap2App merchant payment solution and pilot program, xPressTap Inc. is enabling micro-retailers and small business owners to use their smartphones to accept card payments without a dongle or a portable card reader.
What’s in a name? Blockchain solutions company Ripple is about to find out. The company has unveiled a new name for its existing global payments network, as well as a handful of new solutions.
Bitcoin has split in two as a breakaway group of Bitcoin miners and developers plan to create a new network that increases its transaction capacity. After two years of disagreements over network scalability issues, a user-initiated hard fork occurred, creating two versions. The one we know it as today still exists (BTC), and the new […]
Commerzbank is pushing hard on its mortgage lending business ambitions with the launch of a digital financing app. The app is free and users can carry out house and apartment purchases on their smartphones. Included in the app are a budget calculation tool and access to over 200,000 properties in Germany. “We are the first […]
Fiserv has acquired PCLender, a US-based provider of “simple, elegant, internet-based mortgage solutions for community banks, credit unions and mortgage bankers”.
Massachusetts-based software provider LogMeIn has acquired Nanorep, a chatbot and virtual assistant company, for $45 million to boost its artificial intelligence (AI)-powered ambitions in customer engagement. Headquartered in Herzliya, Israel, Nanorep uses AI and patented natural language processing technologies for self-service solutions. A number of companies, such as financial software firm Intuit, Vodafone, and non-fintech […]
The world of blockchain and Bitcoin rumbles on with patents, platforms and positives. Our latest round-up features Bank of America, Blackmoon Financial Group, and research from Cognizant. Bank of America (BofA) has filed three new patents using blockchain. On the US Patent & Trademark Office’s website it now reveals the details. Some of the patents […]
German fintech firm figo’s technology is the backbone for the launch of Consorsbank’s open-minded MultiBanking service. The bank, which is part of BNP Paribas Germany, says its customers can now use accounts and deposits they have with other banks after logging into their online banking. Figo says it brings the technical foundation via its business […]
Samsung has launched its latest assault on the world of internet of things (IoT), launching a brokering service for hardware manufacturers and service providers on its Artik IoT platform, reports Telecoms.com (Banking Technology‘s sister publication). It’s a trend which we are likely to see more of as the digital economy takes hold, but Samsung has […]
The Central Bank of Belize has chosen Swift’s Sanctions Screening solution to combat financial crime and put in compliance controls. The bank says: “Implementing the right compliance controls within an organisation is not only a regulatory responsibility, but also a priority for global security.” Juan Martínez, managing director Latin America and the Caribbean, Swift, says […]
Artificial intelligence (AI) detractors have just been given a bit more ammo after Facebook has had to shut down one of its programmes after it invented its own language, reports Telecoms.com (Banking Technology‘s sister publication). While it would not be considered realistic for AI to rise up and take-over the world in the near future, […]
Berlin-based mobile bank N26 has teamed up with credit marketplace Auxmoney to offer loans in Germany. The deal builds on N26’s current range of consumer loans – and with this new partnership, N26 says it will soon be able to offer loans to those such as students, the self-employed or freelancers. The bank already offers […]
The UK’s Financial Conduct Authority (FCA) has published the outcome of its review into high-cost credit, which includes its assessment of the effectiveness of the payday loan price cap. With a generous amount of back-slapping, the review provides “clear evidence that FCA regulation of high-cost short-term credit (often known as ‘payday lending’) has delivered substantial […]
Prospera CU, a 63,000-member credit union in British Columbia, Canada, has launched Open Anywhere, a real-time application processing across all of its digital and physical channels. The solution is provided by Central 1 Credit Union in partnership with Canadian tech heavyweight CGI.
Toronto-based NextBlock Global, a new digital asset investment company, has got itself off to a good start with the closing of an “oversubscribed” $20 million financing round. Like many other start-ups, NextBlock says it’s “disruptive” – and is setting its targets on the new digital asset economy. It says these assets, like Bitcoin and Ethereum, […]
The Berlin-based duo of peer-to-peer lending provider Lendico and fintech firm SolarisBank are working together on a long-term collaboration for financing SME loans. To begin with, SolarisBank is providing an “eight-digit sum” for financing loans via Lendico – with unspecified plans to expand this commitment in the medium-term. Dr. Clemens Paschke, co-founder and managing director […]
Reserve Bank of India (RBI), the country’s central bank and regulator, has asked banks in the country to work towards implementing a system that allows users to port their account from one bank to another, without changing the account number.
Fujitsu Laboratories says it has accelerated transaction processing for Hyperledger Fabric, one of the Hyperledger blockchain frameworks hosted by the Linux Foundation. In its latest development, Fujitsu says the processing of communications between applications and the blockchain platform, which had been the source of bottlenecks, is now “more efficient”. In a trial where this technology […]
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, Soumik Roy, a digital marketing and technology specialist, brings us his perspective from within India – and all about the UI and […]
Kakao Bank, one of South Korea’s first digital only banks, says it has attracted KRW 535 billion ($477 million) worth of business in deposits and loans in just four days since its launch.
The Payments Strategy Forum, created by the UK’s Payment Systems Regulator (PSR) in 2015, has launched a consultation on its blueprint for a new payments system for the UK. Calling it “the most radical change to the payments industry since the 1960s”, the Forum says the New Payments Architecture (NPA) is designed to “provide simpler […]
In the beating business heart of London, Banking Technology met Ben Brabyn, head of tech hub Level39, for an exclusive interview on Brexit, rivalry and how success isn’t a zero-sum game.
Several major payments companies have released Q2 earnings, including The Bancorp, Discover, Mastercard and PayPal. Overall, payments volume is on the rise and partnerships are proving particularly important for PayPal, which has been on tear with recent strategic announcements.
