South Africa’s big four banks spend IT big
The big four retail and commercial banks in South Africa – Standard Bank, Absa/Barclays Africa, FirstRand and Nedbank – have been upping their games in information technology (IT) expenditure.
FinTech
JP Morgan Chase invests in InvestCloud for digital wealth management
JP Morgan Chase and InvestCloud, a California-based fintech firm, are partnering to develop digital capabilities for individual investors at both the JP Morgan and Chase franchises. JP Morgan has also made an equity investment in InvestCloud, but hasn’t revealed the figures. This investment is just one part of JP Morgan’s three-year $300 million digital strategy […]
Misys Connect Forum – London: proud of the cloud
Hey! You! Get onto my cloud. This was the main message from the Misys Connect Forum in London as the vendor held a one-day conference of panel debates, Q&As, presentations and demos. At yesterday’s (20 September) event – “the largest Misys conference ever” with 600 attendees – at The Mermaid in Blackfriars, the morning began […]
Top ten mobile banking apps in India – August 2016
What were the most popular mobile banking apps (on Android) in India in August 2016? We reveal the stats for the top ten apps in India, ranked taking into account two engagement metrics – current installs and active app users.
Community Savings Bank Association joins UK challenger bank ranks
A new challenger has joined the UK’s banking market, Community Savings Bank Association (CSBA). The association is working with an established bank, Airdrie Savings Bank, to set up a UK-wide network of independent, customer-owned, regional banks. These banks will support local communities and businesses.
New banking platform for MFIs in Nepal
34 microfinance entities in Nepal have joined forces to set up a fintech company – Nepal Finsoft – to build and maintain a shared core banking platform.
Misys unveils Platform-as-a-Service strategy, opens up core platforms for third parties
Following the launch of Misys’ applications in the cloud – FinCloud – earlier this year, the banking software vendor has unveiled its new Platform-as-a-Service (PaaS) strategy, FusionFabric.cloud. It will be commercially available next year.
Synechron launches cloud-based blockchain accelerator programme
Financial services IT consultancy Synechron has launched six blockchain applications in the cloud, enabling financial institutions “to be up-and-running on a blockchain network or in a ‘sandbox’ environment within weeks”. Synechron says its offering comes with consulting services on the functional and technical side, training programmes as well as the UX design. The applications use […]
Top ten mobile banking apps in the US – August 2016
What were the most popular mobile banking apps (on Android) in the US in August 2016? We reveal the stats for the top ten apps in the US, ranked taking into account two engagement metrics – current installs and active app users.
Online lender AvantCredit now fully authorised by UK regulator, FCA
The full authorisation by Financial Conduct Authority (FCA) covers all of AvantCredit’s credit and lending operations and includes permissions for credit broking, debt collection and debt administration.
East West Bancorp deploys cloud-based risk solutions from SS&C
East West Bancorp is implementing SS&C’s integrated risk and finance solution, Evolv, to manage reserving under current US GAAP and new CECL accounting standards. The solution is delivered in the cloud. The contract was signed with Primatics Financial, a subsidiary of SS&C. “Preparation for CECL is critical for our business,” Sharon Cheung, controller at East […]
Standard Chartered and SuperCharger seeking start-ups for fintech accelerator
Standard Chartered and SuperCharger are inviting applications from start-ups for its SuperCharger Fintech Accelerator 2.0. For the second year running, SuperCharger says it offers access to market entry resources, mentors, technology advice from industry experts and joint venture opportunities. The selection panel is looking for start-ups for supply chain and trade finance, wealth management, distributed […]
Commerzbank processes first live BPO between Germany and China
Commerzbank has processed its first transaction settled by a bank payment obligation (BPO) between Germany and China. The BPO covers the export of chemicals between Commerzbank’s customer (the buyer), Trigon Chemie in Germany. The seller is an unnamed customer of Industrial and Commercial Bank of China in Beijing. Trade business between the two was previously […]
Deutsche Bank has an Axel Springer in its step for start-ups
Deutsche Bank is partnering with start-up accelerator Axel Springer Plug and Play to select, develop and finance up-and-coming firms from sectors such as banking and insurance. Deutsche Bank will be an exclusive Axel Springer Plug and Play partner – the latter a joint venture between the media company Axel Springer and California-based Plug and Play […]
Six more in the mix for Ripple’s payments network
Standard Chartered, National Australia Bank, Mizuho Financial Group, BMO Financial Group, Siam Commercial Bank and Shanghai Huarui Bank are the latest banks to join Ripple’s blockchain-powered network for cross-border payments. “2016 has proven to be the year where the most forward-thinking financial institutions are actually using blockchain technologies for payments and settlement rather than as […]
Unicredit to launch smartphone-only bank in Italy
UniCredit will launch “Buddybank”, a bank project exclusively designed for smartphones, in early 2017 in Italy. Buddybank will offer current accounts, credit/debit cards and “contextual” and instant personal loans, as well as a 24/7 concierge service, accessible via chat and phone, that “can help with everyday tasks such as restaurant reservations, taxi booking and travel […]
Six start-ups speed up on Barclays NY accelerator programme
Six start-ups have signed contracts with Barclays after using its New York accelerator programme to showcase their innovations. After thirteen weeks of product development, mentoring and networking, the demo day in New York marked the culmination of the second class of the Barclays Accelerator. In total. ten teams were selected from a pool of nearly […]
Top ten mobile banking apps in the UK – August 2016
What were the most popular mobile banking apps (on Android) in the UK in August 2016? We reveal the stats for the top ten apps in the UK, ranked taking into account two engagement metrics – current installs and active app users.
Bank of England to overhaul RTGS service, issues consultation paper
The Bank of England (BoE) has published a consultation paper on the next generation real-time gross settlement (RTGS) service. On the way out is the bank’s legacy 20-year old platform. The BoE is calling on the payments industry specialists to get in touch.
Banking Technology Awards tech leaders, teams and Woman In Technology shortlists unveiled
Having gone through an unprecedented number of high-quality entries for our Tech Leadership and IT Team of the Year Awards, and for our newly-launched Woman In Technology (W.I.T.) Award, we are pleased to unveil the shortlists.
Top fintech stories this week – 16 September 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
M&A round-up: 15 September 2016
Welcome to the world of mergers and acquisitions – and our mission to provide a quick round-up. Ant Financial, Alibaba’s payments arm, has bought Missouri-based EyeVerify, a biometric security technology company. The big deal here is that its tech is used by Wells Fargo – and regional banks and credit unions in the US. Also, […]
Wipro goes with the blockchain flow
IT services integrator Wipro has set up a blockchain research facility at its Bengaluru campus in India to help its engineers build applications. Wipro is working with a number of unnamed start-ups to scale up the business, and with scant regard to detail it says some pilot projects should be completed soon. Being vague is […]
Desert Schools FCU tech modernisation on track
Desert Schools Federal Credit Union is modernising its digital channels with specialist vendor Alkami Technology. Alkami’s flagship digital platform, ORB, will support the credit union’s 22,000 online banking users.
UBS goes for AI face off
UBS is testing out artificial intelligence (AI) to see if it can assist clients in how best to invest their money – just by looking at their facial expressions. UBS chief investment officer Mark Haefele says the Swiss bank is running several pilot programmes – with one tool able to interpret clients’ facial expressions while […]
Siri gives N26 payments a voice
Digital bank N26 (formerly Number26) is now offering voice-powered payments via Siri – the “first” bank in Germany to do so. Users can transfer money by talking to Siri; and can also request money from their N26 contacts using Apple’s instant messaging service iMessage. Valentin Stalf, founder and CEO of N26, says: “Our customers can […]
Finovate: innovation, collaboration and ten-year anniversary
Finovate – now ten years old (or young) – has celebrated its anniversary with over 1,600 attendees at its New York show. Banking Technology was a media partner, and FinTech Futures Series, Banking Technology’s sister company, took part in the event.
Bank of Bhutan goes live on TCS Bancs’ core banking system
Bank of Bhutan, the country’s oldest and largest bank, has ditched Oracle FSS’s Flexcube and gone live on TCS Financial Services’ Bancs core banking system. TCS says all existing customers, accounts, lending and internet banking subscribers were migrated from Flexcube (which was originally installed at the bank in 2008) to TCS Bancs. The bank selected […]
Tramonex teams with Saxo Payments for cross-border transfers
Finserv provider Tramonex is partnering with Saxo Payments for segregated client accounts in 25 currencies, and foreign exchange (FX) liquidity. Tramonex has joined the Saxo Payments Banking Circle, and says it is now able to offer its clients individual, physical and virtual accounts with their own unique International Bank Account Numbers (IBANs). Tramonex previously offered […]
Goldman Sachs goes blockchain for FX sake
All aboard the blockchain bandwagon – Goldman Sachs has filed a new patent application to use it on the foreign exchange (FX) market. The latest development follows on from late last year when Goldman Sachs made a patent application for a new virtual currency, dubbed “SETLcoin”, for “nearly instantaneous execution and settlement” of trades involving […]
CIBC completes phase one of transaction banking tech revamp
Intellect iGTB, the global transaction banking software business of Intellect Design Arena, has implemented its products at CIBC. The project is part of a multi-stage transaction banking and payments tech overhaul at the Canadian banking group.
Swedbank overhauls commercial lending tech with Misys’ Loan IQ
Misys says Swedbank will use the vendor’s flagship commercial lending system, FusionBanking Loan IQ, as “its full-service agency administration and bank portfolio loan administration platform”.
PayU acquires India’s Citrus Pay for $130m
PayU has bought Citrus Pay for $130 million – the “largest ever M&A cash deal” in India’s fintech space. The deal is part of PayU’s growth plans and it claims its number of customers in India will grow to more than 30 million, processing a forecasted 150 million transactions in 2016 worth a combined $4.2 […]
Harmonising high-value payments
While it sounds like something for which you’d need to visit a doctor, Swift’s HVPS+ will likely be a talking point during the payments industry panels at this month’s Sibos. Announced in mid-August, the high-value payments system task force is an important component of Swift’s ISO 20022 harmonisation initiative. A number of central banks, market infrastructures and banks from around the world are members of the task force.
Taking a nap isn’t a crime, but falling asleep at the switch could cause a disaster
“Give me a solid foundation to stand on, and I will move the Earth.” I am still looking for cement trucks that are pouring foundations – virtual or otherwise – for the new normal of banking, but I can’t find them. Bankers are really confused as to how to succeed in their own business. But like Johnny Lee, I might have been lookin’ in all the wrong places.
Banking Technology September 2016 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
New NAB mobile banking app feast for control freaks
National Australia Bank (NAB) will launch a new mobile banking app later this year – which promises to give customers more control over how, when and where they use their cards. The new app will include card transaction controls to self-manage personal Visa debit and credit cards through a mobile device. And, in an “Australian […]
Evangelische Bank finds Profidata’s Xentis heavenly
Germany-based Evangelische Bank has implemented Profidata’s Xentis as its central platform for portfolio management and for performing depositary functions; and Xpass for automating all order and trade management processes. Swiss firm Profidata says the bank has seen an increase in its number of clients and order volume, so decided on a new portfolio management system […]
Android Pay gets four UK OKs
Natwest, Royal Bank of Scotland, Santander and Ulster Bank have all launched on Android Pay in the UK today (13 September), with TSB “coming soon”. The development follows hot on the heels from last week, when US-based Chase Bank customers were able to add their eligible Chase Visa cards to Android Pay. The cards include […]
GFT and Fidor join forces for mobile banking app development
Following a joint project with O2 to create Germany’s first mobile-only, full-service bank account, GFT Technologies and Fidor have entered a broader “strategic innovation partnership”. The focus is on developing mobile financial and banking apps, and marketing/selling Fidor’s proprietary technology, Fidor Operating Systems (fOS).
