Metro Bank launches new online platform with Backbase
Metro Bank has launched a new online banking platform for its commercial banking customers. It is based on the Backbase Onmichannel Banking Platform.
FinTech
Move over, London and Berlin, Singapore’s fintech ecosystem is surging ahead
In her new column for Banking Technology, Devie Mohan, a fintech market strategist, looks at how Singapore has created a fintech ecosystem that is a major threat to the ones in London and Berlin.
Creating a hyperconnected corporate bank of the future
Banks are not competing with banks anymore, but against the ubiquitous, all pervading unified digital experience, which is driving the adoption of digital across the corporate banking value chain. Fintechs are a great example of how innovations in digital can deliver speed to market, a superior customer experience and better pricing.
Bunq and Veridium join hands for mobile banking biometrics
Dutch mobile-only challenger bank Bunq is using Veridium’s hand recognition software for its new app. The app will now use VeridiumID and its software, 4 Fingers TouchlessID. With their collaboration, Veridium and Bunq say this is a “world first” for “safe” mobile banking. Todd Shollenbarger, COO of Veridium, calls Bunq’s banking platform a “market disruptor”. […]
UK’s Financial Conduct Authority kicks some asset management
The UK’s Financial Conduct Authority (FCA) says there is weak price competition in a number of areas of the asset management industry. The FCA launched the market study in November 2015 to assess whether competition is working effectively. The UK’s asset management industry is the second largest in the world, managing almost £7 trillion of […]
Top fintech stories this week – 18 November 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! FNZ to build new BPO centre EXCLUSIVE. For Société Générale’s private banking business Mizuho Bank gears up for new core banking system go-live Keen to modernise after large-scale system failures in 2011. Big three explore blockchain for consumer […]
Société Générale and Oberthur reveal new card trick
Société Générale and Oberthur Technologies (OT) have teamed up to launch a new form of three-digital codes for improved card security. Following “successful” testing among more than 500 people, the solution – called OT Motion Code – replaces the three-digit security code usually printed on the back of the card with a mini-screen displaying a […]
Banking Technology and ISITC Europe team up for AGM
ISITC Europe, a voluntary, non-profit organisation promoting operational efficiency, harmonisation and education in the capital markets space, will turn 25 years old on 26th January 2017.
Payments International: PSD2 the perennial puzzle
The Payment Services Directive (PSD2) still leaves some in the payments industry confused as to where the risks and opportunities lie. This was one of the opinions from Payments International in London – a four-day conference of panel debates, polls and Q&A – that runs 15-18 November. At yesterday’s (16 November) sessions, Banking Technology’s first […]
European Commission launches fintech task force
The European Commission (EC) has set up a fintech task force as it looks to boost innovation in the region. Called the Financial Technology Task Force (FTTF), it brings together services responsible for financial regulation and for the “digital single market”, along with others dealing with competition and consumer protection policy. FTTF will be co-chaired […]
Lender firm Zopa to launch new digital bank
The “world’s first” peer-to-peer lender Zopa plans to launch a new digital-only bank in the UK. The application for a banking licence will be made to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The firm says the regulatory application process should take about 15-24 months. Jaidev Janardana, CEO of Zopa, says […]
Sterling Bank live with new core banking system, Temenos’ T24
Nigeria-based Sterling Bank has gone live with a new core banking system – Temenos’ T24 – in a “big-bang” switchover. The new platform was rolled out across the entire branch network of Sterling – 185 locations. The platform is used to support all main retail and corporate operations of the bank. Temenos refers to the […]
Payments International: show guts to let go of current revenues
Banks need to show courage and radically change their traditional mindsets about payments if they are to deal with start-ups threatening to snatch a share of the spoils. This was one of the messages from Payments International in London – a four-day conference of panel debates, Q&A and presentations – that runs 15-18 November. It’s […]
Three Finnish banks launch real-time mobile payments platform, Siirto
OP Bank, Nordea and Danske Bank have launched a new real-time, multibank mobile payments platform in Finland. The platform was built by Tieto and Automatia (the latter operates the three banks’ shared ATM network).
Wells Fargo turns to SigFig for robo-advisory tech
SigFig, a San Francisco-based fintech start-up, is partnering with Wells Fargo to provide the bank’s clients with its robo-advisory tech and wealth management tools. A pilot version will be rolled out in H1 2017.
ClauseMatch and JWG develop new reg reporting solution at TechSprint
ClauseMatch and JWG have teamed up at the recent TechSprint event organised by the Financial Conduct Authority (FCA) to develop a new regulatory reporting solution.
FNZ to build new BPO centre for Kleinwort Benson, SG Hambros and Société Générale’s private banking business
FNZ, an investment management software specialist, is working on a major technology revamp at the UK-based private bank and wealth manager Kleinwort Benson, Banking Technology understands.
Monitise and MasterCard launch Finkit partner programme
UK-based payments vendor Monitise has launched its Finkit partner programme with founding partner MasterCard to speed up collaboration in banking and payments. For the “first time”, the founding partners – which also include BehavioSec, Currencycloud, Envestnet | Yodlee, Experian, Fastacash, FICO, HID, iGeolise, LivePerson, Mypinpad, Syniverse and WorldFirst – have agreed to make their capabilities […]
XBRL in India’s regulatory reporting: today and tomorrow
Where is India with the adoption of the eXtensible Business Reporting Language (XBRL) so far, and what is the outlook for the future?
F10 accelerator programme calls for fintech start-ups
F10, a Swiss incubator and accelerator, is offering two six-month programmes for up to 20 start-ups to turn their prototypes into sellable products. Participation for the selected start-ups is free. After opening its “prototype to product” (P2) programme’s winter session on 7 November, F10 now wants applications for its next round in 2017. Markus Graf, […]
Stellar offers sponsorship for fintech start-ups
Stellar Development Foundation is offering sponsorships for fintech start-ups, and those who educate developers or represent an NGO. Sponsorship is available in the forms of “lumens” – Stellar’s unit of digital currency, similar to a Bitcoin. The firm says its goal is to support new products and ideas, and for those enabling that goal via […]
Fujitsu teams with fintech five to launch new customer onboarding tech
Fujitsu has launched its customer onboarding technology, Smart Origination, developed in partnership with ImageWare Systems, InAuth, Intelligent Environments, Mitek and Trunomi. The tech enables financial institutions to collect, process and verify documents and the identity of new applicants in “less than five minutes”. Gary Fegan, head of digital financial services solutions at Fujitsu, says Smart […]
Infographics: the inevitable blockchain
It’s blockchain infographics time!
IBM and KYCK! go blockchain for KYC
IBM has unveiled a blockchain-powered Know Your Customer (KYC) project with Singapore start-up KYCK! to help financial services providers onboard customers quicker and cheaper. Using the open source Hyperledger Project Fabric, IBM says immutability, traceability and privacy of the information is provided on a permissioned distributed ledger which is “critical” in a highly regulated environment. […]
AmBank in mobile banking “quantum leap” with Backbase
AmBank will be launching “a new phase of mobile banking very soon”, according to the bank’s new group CEO, Dato’ Sulaiman Mohd Tahir. The solution is provided by Backbase.
Metro Bank, SETL and Deloitte explore blockchain for consumer payments
SETL, Deloitte and Metro Bank say they have completed “a series of firsts”. SETL provided a contactless smartcard for digitised payments (based on blockchain), Deloitte applied its Smart Identity blockchain ID system, and Metro Bank hosted a connected client account.
OCBC first in Southeast Asia for interbank blockchain payments
OCBC says it is the first bank in Southeast Asia to use blockchain for local and cross-border interbank fund transfers. A successful pilot payment transaction was carried out between the bank and its subsidiaries, OCBC Malaysia and Bank of Singapore, using a payment blockchain solution designed by OCBC and local payments firm BCS Information Systems […]
Cash back after Bangladesh Bank cyber hack
Bangladesh’s central bank is hoping to get back $30 million more of the $81 million stolen from its account at the New York Federal Reserve in February, according to Reuters. As Banking Technology reported earlier this year, Bangladesh Bank said a total of $101 million was “wrongly transmitted”, of which $20 million went to a […]
V-Key teams with Ant Financial for mobile payments
V-Key, a Singapore-based digital security firm, and Ant Financial have teamed up for mobile payments. Under the partnership, V-Key will provide its virtual software solution, V-OS, for Ant Financial to help secure transactions on AliExpress, one of Alibaba Group’s retail ecommerce platforms. (Ant Financial is an affiliate company of Alibaba Group). V-Key will also provide […]
DBS unveils Singapore innovation lab
DBS has launched its Singapore innovation lab – DBS Asia X (or DAX) – as it looks to speed up change in its organisation. Neal Cross, chief innovation officer at DBS Bank, says the bank is “not known for taking huge risks or making massive pivots” but now it wants to “inculcate start-up mindsets”. DAX […]
ANZ launches innovation lab in Singapore
Australia and New Zealand-based banking group, ANZ, has launched an innovation lab, called ANZ BlueSpace, in Singapore as it looks to work with fintech participants from industry, academia and government. ANZ will tap into Singapore’s “thriving fintech community” and develop capabilities for its institutional customers. David Green, ANZ CEO Singapore and head of South East […]
Shinhan Bank and Streami to launch Bitcoin remittance service
South Korea’s Shinhan Bank is launching a Bitcoin remittance service between Korea and China, with Hong Kong as an intermediary. The service will be available in December.
Lakshmi, India’s first banking robot, unveiled by City Union Bank
City Union Bank (CUB) has become the first bank in India to introduce a robot to deal with customer queries. Called Lakshmi, the robot is based on the IBM Watson artificial intelligence (AI) engine.
Copenhagen Fintech opens doors
Copenhagen Fintech, a collaborative venture between the Danish Bankers Association, Financial Services Union Denmark, and the City of Copenhagen, has officially opened for business.
Citi unveils Citi Pay; launches global API developer portal
US banking giant Citi is launching its own branded mobile wallet – Citi Pay – to take on rivals such as Android Pay, Samsung Pay and PayPal.
31 banks and credit unions in Australia to get Apple Pay
Cuscal, a major payments provider to Australia’s credit unions and smaller banks, has signed a deal with Apple to bring Apple Pay to its customers. The service will be available to nearly four million Australians that bank with 31 entities (which work with Cuscal).
A boringly good guide to cryptocurrencies
Here is a boringly good guide to cryptocurrencies, courtesy of MBNA. It is not boring at all really!
Top fintech stories this week – 11 November 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
R3 and ten member banks develop KYC service proof-of-concept
The R3 consortium and ten of its member banks have developed a proof-of-concept (PoC) for a know your customer (KYC) registry “that addresses the challenges associated with satisfying KYC requirements and allows identities to be managed by their owners”.
Fintech start-ups in Europe to get up to €1.6bn in funding from EIF
The European Commission (EC) has pledged up to €400 million to the European Investment Fund’s (EIF) new fund-of-funds – for the money to be spent on start-ups in Europe, including in the fintech space. The EC will also look for three times more investment from institutional investors to make up to €1.6 billion available.
