Given the pace of change and innovation underway in traditional industries it would take a brave person to predict how the finance industry will look in five years’ time, however I don’t believe high street banks will disappear and be replaced by online blockchain alternatives, the regulatory hurdles are just too high.
With so much fintech funding activity going on, we’ve summarised the latest fundraising efforts of start-ups. Featuring Lunar Way, FXCH and Polychain Capital.
Fintech start-up Bankjoy has secured two clients for its online and mobile banking software, Georgia Heritage Federal Credit Union and Wepawaug-Flagg Federal Credit Union.
Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 analytics and anti-fraud software) and the forces of evil. Based on real events and guaranteed to keep you on the edge of your seat!
Don’t rage against the machine, just embrace its potential and look at the real world applications. The world of machine learning (ML) came under the spotlight on day two of Mobey Day in the great city of Toronto. At yesterday’s (8 December) sessions at the Four Seasons Hotel, about 300 delegates enjoyed panels and presentations […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Teamwork triumphs in Toronto. The theme of collaboration between start-ups and the big players dominated day one of Mobey Day. While some in the fintech industry say they’re disruptive, it seems that’s no longer true as they all look to work together. At yesterday’s (7 December) sessions at the elegant Four Seasons Hotel in Toronto, […]
Fintech funding stories can be fun if they are brief. Featuring MoneyLion, SETL and Finicity.
Ontario in Canada is calling for more venture capital to come to the region as it looks to boost its fintech industry. This is the main message from a tour of Toronto, given to the international media by the Ministry of Economic Development and Growth (MEDG).
IBM has unveiled a blockchain ecosystem “to help accelerate the creation of blockchain networks”. The programme “is designed for innovators looking to build real networks – venture capitalists, start-ups, systems integrators, independent software vendors and enterprise developers”.
Germany-based mobile bank N26 is taking its business fully across 17 European countries, including Spain, Italy, Greece, Ireland and Slovakia. Until now, some of these locations were in the “soft launch” phase.
Bank of Lithuania, the country’s central bank and regulator, promises to provide preliminary answers to financial institution licence enquiries within one week, “the fastest turnaround in the EU”.
Alipay, one of the world’s largest online and mobile payment platforms, has inked deals with BNP Paribas, Barclays, UniCredit, and SIX Payment Services to drive the European expansion.
Reading the technology news these days you could be forgiven for thinking that some seismic revolution is occurring almost every day! Stories abound of Airbnb, Facebook, Uber, Alibaba taking over the world and demolishing our traditional business models – ushering in a new age where the “interface is king”. But are they revolutionary and game changing disruptors? I am not so sure…
A new core banking software vendor, Leveris, looks to raise €15 million from international venture capital firms, and is working with stockbroker Davy on the transaction.
Business commerce and supply chain finance platform Tradeshift has got an investment from Santander InnoVentures.
Our dazzling event gathered together over 260 banking and financial technology specialists from all over the world – recognising the excellence and innovation in the use of IT in financial services, and of course the people that make it happen!
Amazon Web Services (AWS) has launched Financial Services Competency to certify its partners that specialise in the financial services space.
As with any long-term human relationship, our relationship with banks is complicated. There’s a sense of co-dependence, transgressions that shake our trust, the occasional fleeting thought of escape. How to reignite the magic spark between a bank and its customer?
The Office of the Comptroller of the Currency (OCC) in the US intends to grant federal bank charters to fintechs.
Comtrade Digital Services has built an automated banking platform that enables users of online/mobile messaging platform Viber to perform a range of banking operations entirely through a chatbot.
Australia-based financial services group MyState has gone live with new digital platform, built by domestic vendor Rubik Financial.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Barclays Africa and Techstars are inviting start-ups to apply for the Barclays Accelerator programme – “an initiative aimed at uncovering the next M-Pesa or Paypal”.
BNY Mellon’s treasury services business has created a global innovation group and appointed Christopher Mager to lead it.
Société Générale is partnering with Smartkarma, a curated online platform, for investment insight focused on the Asian markets. Under this global agreement, Société Générale will provide its institutional clients access to a “new form” of equity research based on “demand driven and customised content”. Société Générale says it is the first global investment bank to […]
Mastercard has teamed with Verifone to roll out a new instalment pay application at retailers across the UK. Called Mastercard Instalments, it is designed for shopping online or in-store, and cardholders can choose their instalment option upon checking out. For example, when purchasing a new TV or flight, customers could repay it in fixed instalments. […]
Bank Leumi’s new mobile banking subsidiary, Pepper, is working with digital authoring platform Playbuzz “to enhance user experience and engagement through personalised content”. Content created with Playbuzz’s suite of interactive formats, such as polls, quizzes and flip cards, will be embedded into Pepper’s banking app (to be launched in Q1 2017).
Australia and New Zealand-based banking group, ANZ, has launched its payments system for business customers, ANZ BladePay, alongside six point-of-sale (POS) vendors who are developing customised applications for the platform. Developed in partnership with payments tech company ThumbzUp, ANZ BladePay is a handheld Android-based payment device which is capable of integrating third party applications. ANZ […]
Chrome Federal Credit Union (formerly Washington Community Credit Union) has become the first known taker of the SmartCore core banking system supplied by Nymbus.
Rising cybercrime in India is no secret. According to a report by Symantec, India now ranks third in the world, after the US and China, as a source of malicious activity. In fact, the National Crime Records Bureau data reveals that in the three years up to 2013, registered cases of cyber crime were up 350%, from 966 to 4356. Dubious distinctions both, and give banks and the financial sector in India cause for worry.
Tokyo Stock Exchange (TSE), Osaka Exchange OSE) and Japan Securities Clearing Corporation (JSCC) will form a blockchain consortium of Japanese financial institutions. All three are part of Japan Exchange Group (JPX) and will continue to conduct proof-of-concept (PoC) testing based on past findings and discuss the possibility of applying blockchain or distributed ledger technology (DLT) […]
Marcus, a newly launched online lending platform of Goldman Sachs, is running on Infosys’ Finacle core software. As Banking Technology exclusively reported earlier this year, Goldman Sachs has been working with Infosys on a new digital venture. The solution, which supports “the complete consumer loan-servicing lifecycle” at Marcus, is deployed in the cloud and hosted […]
Customers of Valartis Bank in Liechtenstein are being held to ransom by hackers, according to German tabloid Bild. The blackmailers are demanding 10% of their account balances in Bitcoin or the customers face their personal details being sent to the media and financial watchdogs. An unusual threat but the hackers might feel the bank’s customers, […]
The UK’s Royal Mint will issue Royal Mint Gold (RMG) in mid-2017, a blockchain based digital record of ownership for gold stored at its bullion vault storage facility. CME Group, a derivatives marketplace, will develop, implement and operate the product’s digital trading platform which will see gold traded on an exchange using blockchain. The Royal […]
The European Payments Council (EPC) has unveiled its Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme. European payment service providers (PSPs) now have one year to get ready to process the first SCT Inst transactions in November 2017. Javier Santamaría, chair of the EPC, says the launch is a “new era in […]
Stockholm Fintech Hub – an independent not-for-profit innovation hub – will open its doors in Q1 2017. Its aim is to promote and accelerate the development of fintech, insurtech and regtech start-ups.
Royal Bank of Scotland (RBS) has failed a Bank of England (BoE) stress test on how it would cope with another financial crisis. Two other banks – Barclays and Standard Chartered – also failed on some measures but do not have to submit revised capital raising plans. The tests were put in place by BoE […]
Treasury professionals are finally adopting mobile cash management, says Melissa Zajac, vice-president and senior product manager, Key Total Treasury, KeyBank’s corporate online channel. Slowly but steadily. So what are the best practices?
Payments Strategy Forum, the first industry-wide initiative of its kind in the UK, has unveiled a new strategy for the country’s payments industry. The Forum was created by the UK’s Payment Systems Regulator (PSR) in March 2015 and is tasked with planning the future of the payments sector. Last year, the current UK payment systems […]
