Three local Chinese commercial banks have joined Swift’s global payments innovation initiative (gpi), bringing the number of Chinese banks involved to 16, the most in the world, according to Xinhua. The new trio are Yinzhou Bank and Bank of Ningbo in eastern China’s Zhejiang province; and the Bank of Jiangsu, in the eastern Jiangsu province […]
The partnership between central securities depositary Euroclear and Paxos for a blockchain-powered gold settlement service is over, according to Reuters. As Banking Technology reported last year, the pair completed their first pilot for the service for London bullion – with a go-live planned for this year. Over 600 OTC test bullion trades were settled on […]
Following a successful quarter, Intel has raised revenue outlook across the full-year owing to solid performance in artificial intelligence (AI) and driverless tech, reports Telecoms.com (Banking Technology‘s sister publication). Quarterly figures were looking pretty impressive too. Total revenue was reported at $14.8 billion, a year-on-year increase of 9%, while net income stood at $2.8 billion, […]
UK-based DueCourse, a cloud-based invoice financing start-up, has run its course with the revelation that it has gone into administration. The bad news comes less than a year after it received £6.25 million in funding from investors, including the founders of TransferWise, and non-fintech firms such as LinkedIn, Zoopla and Lovefilm. According to online publication […]
The riches rounded up. Following on from the brief report on 26 July, here’s our latest fintech funding round-up. Features Brolly, Callsign and Aquiline Capital Partners. Insurtech start-up Brolly has got itself some lolly – with the closing of a £1 million seed round. The round, led by Valar Ventures, Pi Labs and Entrepreneur First, […]
Banking Technology is producing the AI in Financial Services supplement for the AI Summit in San Francisco.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Mobile financial services company Vipera is acquiring SoftTelecom. The deal is expected to close for $1.5 million (€1.3 million).
Abu Dhabi Global Market (ADGM), the International Financial Centre of Abu Dhabi, Labuan International Business and Financial Centre (Labuan IBFC) and Labuan Financial Services Authority (Labuan FSA) have partnered to boost their financial ecosystems in Malaysia and Abu Dhabi. Labuan is a federal territory of Malaysia – and its capital, Victoria, is used as an […]
Two US banks, CBI Bank and F&M Bank, have implemented Jack Henry’s Silverlake core banking system. The banks’ parent, Central Bancshares Inc (CBI), initiated the project.
Visa and Marqeta, the open API payment card issuing platform, have formed a multiyear, global partnership to “drive further innovations in commercial and consumer payments”. What’s more, Visa has made a strategic investment in Marqeta to support the company’s domestic and international growth. Initially, the partnership will involve expanding opportunities for virtual, physical and tokenised […]
Fintech is coming on strong in Hong Kong with the unleashing of a career accelerator scheme to tap into the juicy veins of young blood. The Hong Kong Monetary Authority (HKMA) and the Hong Kong Applied Science and Technology Research Institute (ASTRI) have launched their Fintech Career Accelerator Scheme (FCAS) induction day today (27 July), […]
Paytech firm Viva Payments is bringing Alipay to Greece. A strategic partnership between the two companies will see Alipay users “access the service for the first time” while visiting the country.
Bank of Cyprus has selected IBM as its “strategic partner” for its digital transformation plan.
Legal & General Insurance (LGI) has created a new business to build and buy into a range of fintech companies. LGI says its fintech subsidiary Investments Discounts Online (IDOL), which was established in 1999, will form a key part of the new fintech business area. Nick Frankland, who’s been with LGI since 2010, will take […]
Facebook CEO Mark Zuckerberg has cast his sights on monetising his OTT platforms Messenger and WhatsApp, but don’t expect miracles any time soon, reports Telecoms.com (Banking Technology‘s sister publication). The financial performance of the company is exactly what you would expect; another quarter of monstrous growth. Total revenues hit $9.164 billion, a year-on-year increase of […]
Blockchain technology investor Medici Ventures has teamed up with Symbiont, providing investment to the company and announcing a collaboration involving both Medici and its parent company Overstock, reports Finovate (Banking Technology’s sister company). The partnership will enable Medici Ventures to become the first company to register corporate ownership shares using the blockchain. The news follows on […]
Visa is expanding its transaction-processing capabilities with two data centres in Singapore and the UK, reports Paybefore, Banking Technology‘s sister publication. The new global processing hubs will “increase the speed, resilience and geo-diversity of Visa’s infrastructure, while strengthening the company’s ability to deliver new and more sophisticated ways to pay in today’s hyper-connected global economy,” […]
The Risk Management Association of Australia (RMA) has partnered with KPMG and match-making firm Matchi to offer three fintech companies the opportunity to pitch their solutions to forty chief risk officers (CROs) from various Australian banks. KPMG is arranging this year’s CRO roundtable event for the RMA members with the theme “Generation Next”. Matchi says […]
Italy’s largest bank UniCredit has been the victim of a security breach due to unauthorised access through an Italian third-party provider to customer data – with up to 400,000 customers potentially affected. The incident is confined to Italy and relates to personal loans only. The bank says a first breach seems to have occurred in […]
The delightful duo of big data and cybersecurity have fuelled the revenue rise for IT services corporation Atos. In its first half 2017 results, Atos’ “strongest H1 ever”, the firm revealed a revenue in big data and cybersecurity of €357 million – a rise of 13.8% organically. Thierry Breton, chairman and CEO, says: “Either on […]
Bread but with the bluster removed. Following on from yesterday’s concise report, our latest fintech funding round-up keeps it brief. Features Cleo, Skype, ItzCash, Ebix and research from Innovate Finance. The “Siri of personal finance,” Cleo, a virtual money assistant, has received £2 million in funding from Skype’s co-founder Niklas Zennström and venture capital (VC) […]
For any organization regularly processing card-not-present (CNP) payments, boarding the fintech bandwagon is a must. There are three key fintech developments—APIs, regtech and cybersecurity strategies—you need to embrace (or face disruption).
The Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) and the Australian Securities and Investments Commission (ASIC) have signed a co-operation agreement for financial innovation. This agreement, which follows on from recent deals with Hong Kong and Japan, expands ASIC’s network to the Middle East and North Africa (MENA) – which are “currently […]
Cantilan Bank is set to become “the first bank in the Philippines to use cloud-based core banking technology in its operations”.
This open letter from German fintech figo is not about the usual pros and cons of this debate, but intends to provide the European Council with actual solutions, i.e. smart trade-off ideas that could mean an end to the everlasting screen scraping debate and eventually the RTS process.
France’s Worldline is buying 100% of the share capital of First Data’s fully owned subsidiaries in Lithuania, Latvia, Estonia (aka First Data Baltics or FDB) for around €73 million, financed by available cash. This latest deal follows on from earlier this month, when Worldline announced a definitive agreement to acquire 100% of the share capital […]
Visa Inc. is expanding its transaction-processing capabilities with two data centers in Singapore and the U.K. to “increase the speed, resilience and geo-diversity of Visa’s infrastructure, while strengthening the company’s ability to deliver new and more sophisticated ways to pay in today’s hyper-connected global economy.”
FinovateSpring 2017 alumnus Layer has released a new customer engagement-enabling solution as the latest reminder of a trend toward more and better engagement options for businesses, reports Finovate (Banking Technology’s sister company). The San Francisco-based company has launched its Conversation Design System, giving enterprises new tools to build and customise conversational experiences for their customers “in […]
IBM’s security arm is launching testing services for the internet of things (IoT) – with Watson IoT offering configuration and management capabilities for IoT environments, reports Finovate (Banking Technology’s sister company). IoT technologies are on the rise – in fact, Gartner predicts that connected things will reach 20.4 billion by 2020. This flood of new capabilities comes with the […]
Payably, which offers a platform that integrates mobile payments with QuickBooks Online data in real time, is working with CardConnect to “simplify and speed up” mobile payments for merchants, including initial onboarding and processing and receiving payments, reports Paybefore, Banking Technology‘s sister publication. The strategic partnership also gives Payably the ability to offer “competitive” card […]
Payably, which offers a platform that integrates mobile payments with QuickBooks Online data in real time, is working with CardConnect to “simplify and speed up” mobile payments for merchants, including initial onboarding and processing and receiving payments.
The UK’s Financial Conduct Authority (FCA) has launched proposals to help people compare the service levels for personal and business current accounts. The FCA proposes that firms offer information on how long it takes to open an account; how long it takes to replace a lost, stolen or stopped debit card; and the number and […]
Don’t expect silence or tumbleweeds blowing down the street in the world of blockchain and Bitcoin. Our latest round-up features Microsoft, LedgerX and Bank of America Merrill Lynch. Microsoft is introducing enterprise smart contracts as it delves deeper into the blockchain arena. This announcement, in a long blog post, follows on from last year’s launch […]
Sofgen, a Switzerland-based IT consultant and integrator in the financial services and banking space, is undergoing major organisational restructuring. As a result, it will be completely absorbed into its parent, Tech Mahindra, Banking Technology understands.
Whether you call it dinero or dough, the fintech funding does flow! This latest round-up features Revolut, Constellation Digital Partners, Paytm, Mobiquest Mobile Technologies and Wesleyan Bank. Following on from the $66 million raised in a Series B round, UK-based payments start-up Revolut is looking for an additional £4 million in exchange for shares in […]
US-based core banking software vendor Corelation has inked a deal with its largest customer to date, Pennsylvania State Employees Credit Union (PSECU). The credit union will replace its legacy Symitar core processing platform with Corelation’s Keystone.
Googlers are still swimming in cash as the latest quarter brought in $26.01 billion, and not even a $2.74 billion fine from the European Commission could dampen the mood at this party, reports Telecoms.com (Banking Technology‘s sister publication). The uplift in revenue, accounting for a 21% year-on-year boost, should not really come as a huge […]
Nasdaq will acquire Sybenetix, a surveillance provider that uses behavioural analytics and cognitive computing. The addition of Sybenetix to Nasdaq’s risk and surveillance suite of solutions, including Smarts and TradeGuard, will allow Nasdaq to “bring deeper technology savviness and expertise to buy-side compliance officers across the global capital markets who require future-focused surveillance capabilities to […]
UK-based Private & Commercial Finance Group (PCFG) has had its banking licence restrictions lifted. It has gone live with a new core banking system, Temenos’ T24, a front-end digital platform from Sandstone Technology and the ICS lease and loan administration solution from Sopra Banking Software.
