AlgoMe, a London-based start-up offering career development and job placements in asset management, has launched its beta phase. The firm says it’s “rather like a dating app in that you get to determine if the match is right for you before your data is shared”. The web and mobile-based membership community is led by CEO […]
Child & Youth Finance International (CYFI) and Mastercard have released a guide on banking and payment products for minors. The “Safer Payment Products for Minors” guide offers recommended practices on how financial service providers (FSPs) can develop age-appropriate payment products for minors; promoting responsible spending and financial decision-making. Walt Macnee, vice-chairman Mastercard, says: “Today’s minors […]
CaixaBank, Global Payments, Visa, Samsung and BNP Paribas’ subsidiary Arval have joined forces to set up Spain’s “first” payment innovation hub. The objective behind the hub is to “present society with the best possible user experiences in purchases and commerce, both online and offline”. The centre, which will be located in Barcelona, will specialise in […]
The UK’s Current Account Switch Service (CASS) says it meets one of the commitments set out in response to the Competition and Markets Authority’s (CMA) final report into retail banking. As Banking Technology reported in January, the CMA accepted undertakings from the Bacs payment scheme, which owns and manages CASS, that commit it to delivering […]
HSBC and business commerce firm Tradeshift have partnered to offer a supply chain and working capital management platform – usable from any device. The platform will let buyers automate and digitise “paper-heavy” processes from all their suppliers and organise financing in one place. This “game-changing” (sounds familiar) solution will combine electronic ordering and invoices, document […]
VocaLink and BancTec, a part of SourceHOV, a provider of enterprise information management (EIM) and transaction processing solutions, will build the UK’s new image-based cheque clearing system. As Banking Technology reported this month, the Cheque and Credit Clearing Company (C&CCC) launched the industry-wide system to speed up processing for customers across the country. Paul Stoddart, […]
At this week’s Smart Card Alliance Payments Summit, experts looked to mobile and transit for a view of how payments will evolve. Here is a dive into the trends that likely will keep making news in the years to come.
Finantix, a specialist provider of sales and advisory software to financial institutions, is implementing its digital suite at Rothschild Bank.
Dash, a digital currency and an alternative to Bitcoin, has announced two partnerships in Europe and Russia. BitPanda, formerly known as Coinimal, has added a buy option for Dash on its online brokerage, while Moscow’s exchange, MaRSe, has integrated the digital currency in the “wake of a historic price rise and sustained market demand”. Daniel […]
Deloitte, the Hong Kong Monetary Authority (HKMA) and trade finance banks in Hong Kong have developed a distributed ledger technology (DLT) proof of concept (PoC) for trade finance. Industry participants include Bank of China (Hong Kong), the Bank of East Asia, Hang Seng Bank, HSBC and Standard Chartered (Hong Kong). The blockchain project has created […]
Royal Bank of Canada (RBC) has launched a live video service to let its clients connect in real time with its advisors. Called MyAdvisor, it uses an online advice platform to digitally connect a client to an advisor, where both can view and adjust a dashboard showing the client’s savings and investment goals and establish […]
Mastercard will acquire Vancouver-based biometrics firm NuData Security as it looks to make something out of the internet of things (IoT). NuData provides online and mobile anti-fraud solutions using session and biometric indicators. Mastercard will integrate NuData to its suite of fraud management and security products. Ajay Bhalla, president of enterprise risk and security for […]
Natixis, IBM and physical commodities trading group Trafigura have launched the first blockchain solution in commodity trade finance for US crude oil transactions. The distributed ledger platform, built on the Linux Foundation open source Hyperledger Fabric, allows “major steps” in a crude oil transaction to be digitised on the blockchain, ensuring that famous trinity of […]
VocaLink’s Pay by Bank mobile payment app will soon be available to customers of HSBC and its subsidiary, First Direct. Pay by Bank app, created by VocaLink’s payment innovation team Zapp, enables people to make “digital debit” payments for goods and services via their banking app, with payment made directly from a current account. HSBC […]
A little after noon in Brussels March 29, a British ambassador delivered a letter to EU Council President Donald Tusk that set the wheels into motion for the U.K.’s exit from the EU. Today’s announcement makes official the results of the historic vote June 23, when 52 percent of voters in the U.K. stunned many around the world when they opted to leave, or “Brexit,” as it’s commonly called.
The European Commission (EC) has prohibited the proposed merger between Deutsche Börse and London Stock Exchange (LSE) under the EU Merger Regulation. EC commissioner Margrethe Vestager, in charge of competition policy, says the merger “would have significantly reduced competition by creating a de facto monopoly in the crucial area of clearing of fixed income instruments” […]
The UK’s Payment Systems Regulator (PSR) is calling for even more competition and creativity in the sector over the next 12 months. At the launch of its “Annual Plan and Budget for the year 2017/18”, held at the Barbican Centre in London, it summarised its achievements and set out its ambitions to build on the […]
Axion Swiss Bank has fully replaced its legacy tech – ERI’s Olympic core banking system – with Avaloq Banking Suite.
US-based tech provider FLEX has moved eight credit unions to its core processing software over the last year and made inroads “into the warmer climes of Hawaii”.
Wisconsin-based mutual savings bank PyraMax has chosen Fiserv to modernise its retail banking operations. The bank will move to the DNA account processing platform and add integrated mobile, online and branch banking solutions, including palm-vein biometric authentication. The software will be supplied on an outsourced basis, from a Fiserv data centre. Richard Hurd, CEO and president, […]
BBVA has become an official member of the Linux Foundation’s open-source collaborative blockchain project Hyperledger. The bank joins American Express, the Bank of England, SAP, Wells Fargo and Thomson Reuters. BBVA is already a member of R3, which is also participating in Hyperledger, and of the Ethereum Enterprise Alliance, which supports the creation of blockchain […]
Members of a Danish banking collective, Bokis, have become the first in the country to offer mobile payments using Dankort, the national debit and credit card. Bokis includes 62 banks that form the small to mid-sized banks segment of Lokale Pengeinstitutter (the Association of Local Banks, Savings Banks and Co-operative Banks in Denmark), together with […]
The Monetary Authority of Singapore (MAS) has signed agreements with France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) to enhance fintech co-operation between both countries. ACPR is responsible for supervising the banking and insurance sectors in France, while AMF is an independent public authority responsible for ensuring […]
The UK’s Financial Conduct Authority (FCA) has chosen Cognizant for an overhaul of its core IT applications and quality assurance processes related to the agency’s market surveillance, supervisory analysis, reporting and risk management functions. This three-year agreement builds on the FCA’s ongoing relationship with Cognizant which began in 2011, when it was selected as one […]
San Francisco-based payments specialist Square has landed in the UK. This is the fifth market for Square, following the US, Canada, Australia and Japan.
Enjoy a word-lite delight with our brief fintech funding round-up. Features Clarity Money, The Glue and OOjiBO. US-based Clarity Money, a personal finance app, has announced a $11 million Series B funding round led by RRE Ventures and Citi Ventures. This financing comes three months after Clarity Money launched its product and eight months after […]
Barclays has chosen smart document management provider ClauseMatch for handling policies and standards in one place with a new online editor. London-based ClauseMatch, a 2014 graduate of the inaugural Barclays accelerator programme, will provide its editor to the bank. This tool turns a “fragmented workflow” of Word documents, PDFs and e-mails and replaces them with […]
Pakistan-based Khushhali Microfinance Bank is to overhaul its technology with Temenos. The project will be delivered by National Data Consultants (NDC), Temenos’ partner and integrator in the region.
What can banks learn from the fintech community when it comes to fostering a culture of innovation against a backdrop of regulation?
Path Solutions and its iMAL core banking system have beaten Temenos and Oracle FSS to a core banking software deal at Trustbank in Suriname.
It’s good to do good but it’s even better to do good and make a profit was my takeaway from a lively discussion around financial inclusion at the recent Citi Digital Money Symposium held in London.
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, Kate Bolton, head of PR and communications at Temenos, explains “Collaboration for Good” – the world’s first banking industry charity challenge. Collaboration, it […]
Supply chain finance firm Tradeshift has unveiled Ada – an artificial intelligence (AI) layer on its commerce platform. Ada will learn from user interactions, “improve business processes”, and offer contextual information. It is available to third-party developers and interacts with users platform-wide as a conversational interface. Christian Lanng, CEO and co-founder of Tradeshift, says Ada […]
A greenfield bank in Iraq, International Islamic Bank (IIB), has signed for the ICS Banks core banking system from ICS Financial Systems (ICSFS).
KfW, a German government-owned development bank, which gained publicity for erroneously transferring more than €300 million to Lehman Brothers the day it filed for bankruptcy, has done it again, according to Bloomberg. KfW mistakenly transferred more than €5 billion to four banks because of a technical glitch that repeated single payments multiple times, according to […]
UK Export Finance, the country’s export credit agency and a government department, is looking to recruit a new head of IT.
Ukrainian fintech start-up Attic Lab has signed its second deal to implement SmartMoney, a blockchain-based digital money system, at a local bank. This is with Bank Alliance.
Raiffeisen Bank Romania, a subsidiary of Austria’s Raiffeisen Group, is modernising its channels delivery with Backbase.
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, presents his latest “Automation in Banking” report (#31!), which looks at the US core banking and ancillary software market.
The House of Lords Financial Exclusion Committee is calling for the UK Government, the Financial Conduct Authority (FCA) and banks to give greater priority to tackling financial exclusion. In its new report, “Tackling financial exclusion: A country that works for everyone?”, the Lords want an end to the “scandal of the poorest being excluded from […]
