The name may not be catchy but “The Japan Bank Consortium to Centrally Provide Domestic and Cross-border Payments” has officially launched with 42 member banks. As Banking Technology reported in August, SBI Ripple Asia, a joint venture between distributed ledger tech provider Ripple and SBI Holdings, announced that a Japanese consortium of 15 banks in […]
10x Future Technologies, the start-up founded by former Barclays CEO Antony Jenkins, is building a digital core banking platform for Virgin Money. It will be delivered in a cloud and will enable Virgin Money to unify its data platforms into a single infrastructure via 10x’s APIs, the vendor says. This new deal follows on from […]
London-based Nimbrix has unveiled its new blockchain platform and the creation of an industry consortium with KPMG and Microsoft. The Nimbrix buy-side platform will use cloud, open API, Software-as-a- Service (SaaS) and blockchain. It will be powered by Microsoft Azure, and Nimbrix says trades can be “executed instantaneously between counterparties, thus reducing the risk of […]
MasterCard has unveiled its own blockchain as it reacts to arch-rival Visa’s partnership with Chain and seeks to use the technology in payments and trade finance. Its version is currently at the testing stage and offers the usual things in this corner of the fintech world. These include smart contracts – scriptable transactions that automate […]
Deutsche Bank is opening its data store to software developers from Germany and abroad as it looks for more digital solutions for its bank clients. Its site, developer.db.com, will from tomorrow (1 November) provide access to the bank’s proprietary development environment, allowing programmers to test their ideas for “digital services of the future”. The bank […]
Singapore-based DBS Bank is buying the retail and wealth business of Australia and New Zealand-based banking group, ANZ, in Singapore, Hong Kong, China, Taiwan and Indonesia for about SGD 110 million ($79 million) “above book value”. The exact figure has not been disclosed, but the portfolio represents total deposits of SGD 17 billion ($12.2 billion), […]
Misys has signed a five-year enterprise license agreement with Deutsche Bank giving it “unrestricted access” to deploy Misys FusionBanking Lending and Misys FusionCapital solutions across the business. Misys’ FusionBanking Lending offering includes the Loan IQ back office platform for syndicated lending and the front-end that originates from Custom Credit Systems (CCS), a US-based provider of […]
The US Department of the Treasury has unveiled an “Office of Innovation” as it looks to assert its control on regulations in this fintech space. The Office of the Comptroller of the Currency (OCC), an independent bureau within the Treasury, says it is “making certain that institutions with federal charters have a regulatory framework that […]
No more drowning in tons of paper and receiving eye-watering bills from lawyers – Drooms introduces a brand new virtual data room, Drooms NXG. The work is a result of a two-year development, says Jan Hoffmeister, managing director and co-founder of Drooms, and features self-learning software and automatic translation from core European languages to English. […]
Antony Jenkins, former CEO of Barclays, is back with a new company called 10x Future Technologies and launched a new core digital banking platform. As Banking Technology reported in June, Jenkins, who was sacked by Barclays in summer 2015 for failing to transform the bank quickly enough, set up 10X Future Technologies. At that time, […]
Tullett Prebon Information (TPI), a provider of real-time price information from the global OTC financial and commodity markets, has signed a deal with Brave New Coin (BNC) to distribute its digital currency data. TPI says this is the “first time such a comprehensive view of the entire digital currency landscape has been made available to […]
India-based Five-Star Business Finance is modernising its lending operations with a new platform, FinnOne Neo, provided by local specialist vendor Nucleus Software. The solution will be delivered in the cloud. Five-Star is a non-banking finance company, and provides small business and small housing loans to “underbanked customers”. It chose FinnOne Neo to “help scale [its] […]
ABLV Bank, a Latvia-based private bank, has selected Wolters Kluwer’s OneSumX to provide regulatory reporting software. The solution will be used for both its Latvian headquarters and its Luxembourg-based subsidiary, including European Banking Authority reporting obligations. The bank is also using the firm’s Regulatory Update Service. This service is maintained by Wolters Kluwer experts who […]
Earthport, a cross-border payments service provider, has revealed its revenues increased 18% to £22.8 million for the full year (FY) 2016 – powered by the rise in payment volume and transaction numbers. For the year ended 30 June 2016, it says payment volume increased to more than $11 billion, a 64% increase prior to the […]
OCBC has become the first bank in Asia Pacific to let customers send cash through Siri. Users can send money with a voice command via Siri, then use the OCBC Pay Anyone mobile e-payment service. It also offers Apple’s instant messaging service – iMessage. No need to stop texting, payments can be made without leaving […]
Fiserv’s GAAP revenue increased 5% in the third quarter to $1.38 billion, with 8% growth in its payments segment and 2% growth in the financial segment, compared to Q3 2015. The firm also released figures for the first nine months of 2016, with GAAP revenue rising 5% to $4.07 billion, with 8% growth in the […]
Cognizant has assisted KeyBank in implementing Oracle Banking Platform (OBP) from Oracle FSS as part of the bank’s tech revamp. Cognizant says it redesigned KeyBank’s core systems, applications, business processes and customer interfaces to “simplify transactions”. Vipin Gupta, EVP and CIO of Key Community Bank (KeyCorp’s division that includes retail, business and commercial middle market […]
The National Bank of Canada will cut 600 jobs as part of its restructuring plans and take a charge of $175 million in Q4. The charge includes severance payments to employees and the expense of moving premises. The bank says the restructuring will bring $120 million in annual savings. As of July this year, it […]
Spire Payments and Spanish savings bank association EURO 6000 have teamed up to launch a mPOS solution called “Pinpago” in Spain. Pinpago uses Spire Payments’ mPOS device, the SPm20. The device is enabled by a payment mobile app which is downloaded to the merchant’s smart device of choice (phone or tablet) allowing payment transactions for […]
Toronto-based Impak Finance plans to launch as Canada’s first ethical bank. This month, its team went crowdfunding with Canadian investor platform FrontFundr to fund the creation of the bank. It raised more than $1 million within two weeks, not including private investment. Co-founder Paul Allard, with ten other bankers, entrepreneurs and financiers in Montreal, Toronto, […]
Misys’ initial public offering (IPO) has been scrapped. It had planned a £5.5 billion float but says in a statement that it “decided not to proceed… at the current time due to market conditions”.
Algebra, Asia’s “first Shariah-compliant robo-advisor”, will be launched this December by Malaysia-based Farringdon Group Private Wealth Managers. It will be open to investors from across the globe, with a minimum investment of $200 per month. Funds will follow basic Islamic principles. For example, no stocks may derive income from gambling, alcohol, tobacco, pork products, adult […]
In an age of increasingly high consumer expectations, driven by ever increasing customer choice, the term “customer experience” has become more than a simple buzzword. Used as a key brand differentiator for all types of industries, it has emerged as a crucial tool in driving customer loyalty in the long-term. Irrespective of whether you are […]
As retailers across the country need to bring innovative customisation and convenience factors to their customers, credit cards are becoming an essential part of delivering value. Co-branded cards continue to play an important role in the retail landscape and can offer a unique point of distinction for retailers in today’s competitive environment.
US-based MemoryBank, a national branchless banking platform, has opened its “digital doors”. Founded this month, it is digital only and targets “generation-X customers” – born between 1965 and 1982 – described as “an often-ignored group, pushed aside by millennials”. The bank is a subsidiary of Kentucky-based Republic Bank & Trust Company. For its tech, Republic […]
The UK-based Co-op has teamed up with forensic technology company SmartWater to roll-out a new deterrent linking criminals back to the scene of an ATM crime. In a “first of its kind”, SmartWater have adapted their dispersal technology to ensure that both the criminals and the stolen cash are marked, regardless of how the ATM […]
Toronto-based payments start-up nanopay has completed its $10 million Series A funding round. With this financing and the MintChip platform, which nanopay recently acquired from The Royal Canadian Mint, it is developing new business partnerships to “expand the global utility and acceptance” of MintChip. Laurence Cooke, CEO and founder of nanopay, says its focus is […]
London-based blockchain firm SETL and Cobalt DL, a private peer-to-peer network, have teamed up to use SETL’s OpenCSD within the Cobalt FX post trade platform. The service is set to launch in 2017, with 15 institutional FX participants “already committed” to the service. Earlier this year, SETL unveiled the OpenCSD platform, its first commercial offering, […]
CardOneBanking, a UK-based current accounts and payments services provider, has launched new mobile banking apps built by Degree 53.
BBVA has reached a global agreement with Amazon Web Services (AWS) as it looks to cloud computing to boost its digital banking services. The agreement, which is part of a series of accords that the group is making with providers, turns AWS into its “preferred” cloud infrastructure services provider. AWS will execute the migration of […]
Bank of America has unveiled its new artificial intelligence (AI) chatbot to help customers make decisions on their finances. Called Erica, a nod to the name America, it will be available inside the bank’s mobile app in 2017. Customers can do the usual AI stuff – chat via text or voice – and it’s all […]
UK-based Raphaels Bank has chosen FIS’s reconciliation solution to help extend access to Faster Payments. Earlier this year, Raphaels Bank became the first new member of the Faster Payments Scheme (FPS) since its inception in 2008, stating its “aim was to improve access to the scheme”. The bank offers a sponsorship model for “instant connectivity” […]
New retail banking apps are released onto the market daily – from traditional banks entering the app era to new disruptive payments services. What does each one of these apps have in common? The need to perform. When Consorsbank, part of BNP Paribas Germany, launched its retail app, it knew performance mattered. The bank shares how it delivered an app that consumers wanted.
Nebraska-based Farm Credit Services of America (FCSAmerica) has chosen Fiserv’s DNA core account processing platform to support its agricultural lending operations. After evaluating 20 systems, FCSAmerica selected DNA to replace its existing core system. Banking Technology understands the lender has been using Misys’ FusionBanking Loan IQ system for the last five years or so, for […]
Verifone is partnering with Alipay to enable retailers in North America and Europe to accept payments from Chinese tourists. According to Verifone, nearly 100 million Chinese consumers annually travel abroad and use Alipay to make purchases. This latest partnership follows quickly on Alipay’s deals with Zapper and Ingenico – both for the same reason as […]
Commonwealth Bank of Australia (CBA), Wells Fargo and trading firm Brighann Cotton have completed the “first” global trade transaction between two banks using blockchain, smart contracts and the Internet of Things (IoT). The transaction involved a shipment of cotton from Texas to Qingdao, China, using a distributed ledger – Skuchain’s Brackets system – for all […]
Mahindra Finance has launched a global SME challenge with KPMG and fintech matchmaking service Matchi. Companies are invited to respond with a solution that fits any of the SME-focused categories listed below. Balaji Rangachari, head of SME finance at Mahindra Finance, says the challenge is a “step towards finding existing solutions which we can adapt […]
French software firm Dassault Systemes has named the seven finalists for its “3D FinTech Challenge” 2016 to address anti-money laundering (AML) and Know Your Customer (KYC) issues. This is its fourth annual accelerator programme in collaboration with senior finance executives, regulators and “influencers”. As Banking Technology reported in August, Dassault Systemes invited start-ups to apply. […]
Pan-African banking group Ecobank has launched its Ecobank Mobile App across the continent – the “first unified app delivered by any institution for use in 33 countries”. Ecobank says the app will give it the “scale and capacity” to achieve its target of attaining 100 million customers. Ecobank Group CEO Ade Ayeyemi says the app […]
European Association for Biometrics (EAB) has recently conducted a one-day seminar in London on what’s hot in the world of European banking biometrics. The seminar was supported by Banking Technology and hosted by Citi. It gathered a good haul of UK banks, including Lloyds, Santander, Virgin Money, Tesco Bank, Metro Bank and RBS and TSB.
