UK challenger bank Tandem is axing 30 jobs after its £29 million in funding fell through earlier this year. A source has told Business Insider that Tandem has “reduced its staffing levels from around 110 to close to 80. The headcount reduction includes both redundancies and contractors who have not been renewed”. As Banking Technology […]
The technology incubation activities of Japanese conglomerate Softbank show no sign of slowing after it pumped $502 million into UK cloud VR start-up Improbable, reports Telecoms.com (Banking Technology‘s sister publication). Virtual reality is fast becoming more than just a futuristic gimmick, with the likes of Facebook perceiving it as a new frontier of human interaction. […]
Moneycorp in the UK has signed an agreement to acquire US-based payments firm Commonwealth Foreign Exchange (Commonwealth FX). The acquisition, subject to regulatory licensing approvals, will allow Moneycorp to “extend the geographical reach of its payments platform”. Nick Haslehurst, chief financial and operating officer at Moneycorp, says it sees “huge potential in the US among […]
A UK judge has taken a swipe at contactless card payments because they make life too easy for criminals. According to the BBC, Exeter Crown Court recorder David Bartlett says it is “quite ludicrous that the banks have allowed this to happen”, after hearing how a card was used by a thief to buy goods […]
Like that lacklustre movie Braveheart, the UK’s Financial Conduct Authority (FCA) says you will never take away our freedom and the chances of a free-for-all for regulations will never happen. In a speech that had more repeats than the UK TV channel Dave, Christopher Woolard, FCA’s executive director of strategy and competition, told the audience […]
FIS and the Arkansas-based entrepreneur support organisation Venture Center have revealed the ten start-ups for their 2017 VC Fintech Accelerator, now in its second year. The 2017 programme received 295 applications from across the US and 39 other countries. The selected companies (all American, bar one) will participate in a 12-week programme designed to accelerate […]
As Temenos is now setting its sights on US banks and FIs with assets over $1 billion, smaller community banks using Trinovus’ Trinisys core system need to find new providers. Trinisys will be sunsetted in June next year.
Rabobank and Signicat have joined forces to launch a new digital identity service provider (DISP) for the Netherlands, Rabo eBusiness.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Apple Creek Bank, a $140 million financial institution with six branches in the US state of Ohio, is modernising its technology with Fiserv. The bank will implement the Precision core processing platform, delivered on a hosted basis, plus a host of auxiliary solutions from Fiserv.
HSBC is rolling out its virtual platform for business customers, LinkScreen, across its operations worldwide. The platform is already available in the UK, US and Mexico, with Canada, France and Hong Kong to follow in the coming months.
The glorious rags to riches tale of a UK start-up has caught the cold, beady eye of Hollywood and been transformed into a well-polished and formulaic movie. Charon Ferries, a London-based payments firm, is the brainchild of the husband and wife team of Mark and Michelle Morrison. (Recently married, and still happy. Give it a […]
Misys has announced the availability of its solutions for German retail banks in the cloud. Diebold Nixdorf will deliver infrastructure services out of its certified data centres in Germany.
With the cost of system memory dropping 30% every 12 months, in-memory computing has become the first choice for a variety of workloads within the financial services industry. In-memory computing can provide a lower TCO for data processing systems while providing an unparalleled performance advantage.
Dubai-based Mashreq is planning its future as a branchless bank, according to a speech by CEO Abdul Aziz Al Ghurair at its 50th anniversary ceremony. With the rise in digital banking, Al Ghurair used the speech to express his understanding of the real world; and set out the bank’s vision of job cuts and embracing […]
Swedbank has acquired payment provider PayEx as it seeks to enter new markets and add more services. PayEx is a privately-owned group comprising several companies in Sweden, Norway, Denmark and Finland. It offers payment solutions for internet, mobile and physical commerce and administrative services within billing, account management and debt collection. The company also offers […]
Current, a startup comprised of a small team of New York-based fintech entrepreneurs, has launched a prepaid card program and mobile app for kids and parents that goes beyond dispensing allowances
What President Trump’s record on regulatory reform means for payments and financial services so far, and what comes next.
Royal Bank of Scotland (RBS) is cutting nearly 250 jobs as part of a back-office ops shake-up – with claims that some roles will end up in India. The bank says 92 full-time staff will be affected, while 154 contractor roles will go later this year. Most of these positions are technology-related and are based […]
Delaware-based Dover Federal Credit Union has opted for the Episys core system for in-house processing from Jack Henry’s Symitar subsidiary. According to Symitar, Dover FCU’s chief innovation officer, Travis Frey, had encountered Episys at two prior credit unions, and was “confident in the flexibility and scalability of the system”. Frey says its core selection process […]
Whether it’s blockchain, lending or core banking – everyone likes a bit of cash. Our latest funding round-up – featuring Coinsilium Group, Coindash, Kreditech, PayU and Finxact. Blockchain accelerator Coinsilium Group has completed its investment of $75,000 in Coindash, which is developing a social trading platform for cryptocurrency investors. Coinsilium will also receive an entitlement […]
Pennsylvania-based AmeriChoice Federal Credit Union has launched a new online banking platform based on the Symmetry e-banking software from Wescom Resources Group (WRG).
South Africa-based Mercantile Bank has implemented a new digital channels platform, TCS Bancs Digital, supplied by TCS Financial Solutions.
KeyBank, Fifth Third Bank and JP Morgan Chase are funding and backing a new Ohio-based accelerator, Fintech71 – a nod to the cross-state highway I-71 connecting Ohio via its three largest cities, Cincinnati, Columbus and Cleveland. The accelerator will focus on growing entrepreneurial activity in Ohio and offer mentor and partnership options. Finalist teams will […]
Say goodbye to long reads with this brief round-up of the latest buys in the fintech world. Features KPMG, Matchi, Ancoa, Cinnober, Valitor, International Payment Services and AltaPay. KPMG has acquired Matchi, a matchmaking platform that connects financial institutions with fintech companies. The pair have worked together since 2015, so the deal “cements” their relationship. […]
Good days and good times have come to Australia’s fintech scene with the 2017-18 Australian budget bringing in some useful initiatives. Some of the positives include open financial data reforms, reduced barriers for banking licences, an expanded regulatory sandbox and digital currency tax cuts – all welcomed by Fintech Australia, a national industry association. Australian […]
The Bank of England (BoE) has released its blueprint for a renewed real-time gross settlement (RTGS) service for payments in the UK – with plans to interface with blockchain and deal with APIs. On an average day, BoE says RTGS settles around £500 billion between banks – around a quarter of the UK’s annual GDP […]
Hong Kong’s government has come under fire for perceived failings in the further development of fintech in the region. The Financial Services Development Council (FSDC) today (9 May) has released two research reports that look at the fintech scene in Hong Kong and it urges the government to step up the action. Chairperson of the […]
Kansas-based CrossFirst Bank has implemented nCino’s Bank Operating System for its commercial loan process. nCino’s cloud-based solution is built on Salesforce.com. The vendor says it combines customer relationship management, loan origination, workflow, enterprise content management, business process management and instant reporting on a single platform. Amy Fauss, chief operating officer at CrossFirst Bank, says nCino’s […]
Alipay is teaming up with First Data in North America as it looks to take a bite out of Apple’s market share. As Banking Technology previously reported, Alipay has been gaining plenty of traction around the globe – with HelloPay Group in Asia merging with Ant Financial (which runs Alipay); and inking deals with European […]
“The first thing I do in the morning is brush my teeth and sharpen my tongue.” The acidic words of American writer Dorothy Parker. But sharp tongues will now come under the scrutiny of a new digital reputation management service. Be nice everyone and form a giant group hug. Geezeo Interactive, the marketing arm of […]
Centralway Numbrs is launching a B2B portal, enabling banks to integrate their financial products into its Numbrs Store in Germany digitally and free of charge. The firm says its store is Germany’s first financial products distribution platform, run independently of a bank. The store is part of its Numbrs app, which has got 1.5 million […]
In a matter of days, financial institutions in the UK will make their first Common Reporting Standard (CRS) transmittal to HMRC. It promises to be a significant event and we’re keen to hear from the industry how its preparations are going and what its predictions are. So we’ve teamed up with compliance solution provider Sovos […]
Switzerland’s Hypothekarbank Lenzburg is opening up its Finstar core banking system to fintech firms with the use of APIs. The bank has signed an agreement with German software firm NDGIT, which supplies the APIs, and the implementation at Hypothekarbank Lenzburg will be completed by the end of May. Once implemented, its data and services will […]
WorldFirst has unveiled World Account, an international payments platform for SMEs and online sellers. The company states the account offers international banking functionality on one platform. It says “many businesses waste time and money” trying to open up bank accounts in new currencies. These accounts are also often held in the UK resulting in “additional […]
Everyone loves a dreamer, except in the world of banking – where digital aspirations are swiftly cut down to size by the reality of legacy systems. That is until Luis Uguina, chief digital officer for Macquarie’s Banking and Financial Services Group, comes along and challenges everything you thought you knew about banks’ digital offerings.
The loss problems for India’s Intellect Design Arena have abated as it has revealed a profit after tax of INR 106 million ($1.65 million) in its Q4 results. As Banking Technology reported last year, Intellect’s lack of profit worsened as it disclosed a loss after tax of INR 138 million ($2 million) for the quarter […]
Peer-to-peer lending start-up Flender is seeking to get €1 million in funding and is targeting a UK launch after getting full authorisation from the Financial Conduct Authority. As Banking Technology reported last year, Flender launched its crowdfunding campaign on 21 November 2016, to raise £500,000 in exchange for 10% equity in the firm. The firm […]
Deutsche Bank and a variety of German and European companies have teamed up to establish a joint, pan-industry platform for online registration, e-identity and data services. The initiative was set up by the bank, Allianz, Axel Springer, Daimler, Postbank, technology think tank Core, and location services provider Here Technologies. Their aim is to “make online […]
Score one for London. Even as the U.K. prepares to leave the European Union through Brexit, the British capital and banking and investment center stands as the global hub of fintech, according to Paybefore readers.
