Western Union has unveiled its mobile platform in Canada for domestic and cross-border money transfers, available for iOS and Android. The new app allows users “instant, anytime, anywhere” access to Western Union’s physical and digital money transfer infrastructure. So people can send money face-to-face or online. “Whether on a smart phone or at a store […]
Arizon Sourcing has migrated its financial messaging traffic to Bottomline Technologies’ cloud-based solution GTExchange, hosted in Switzerland. Arizon, a joint venture between Raiffeisen Group and Avaloq, says the cloud offers cost transparency and cost reduction. On top of this, the Bottomline Swiss Service Bureau will support all of Arizon’s domestic (SIC) and cross-border (Swift) transactions. […]
Australia’s Queensland Country Credit Union is replacing its core banking legacy systems and going digital with the help of local vendor Data Action (DA). Adelaide-based DA will be supplying its core banking and digital systems, DA CBS and DA Digital Banking respectively. At the front end, the credit union will get a new internet banking […]
The Monetary Authority of Singapore (MAS) and five local polytechnics have teamed up to get students up to speed for fintech jobs of the future. They have agreed to work on a framework to review and improve the polytechnics’ curricula in the next three years to prepare and equip their graduates with the skill sets […]
India-based HDFC Bank has selected Backbase to deliver its new digital omnichannel banking platform, running both its online and mobile banking apps. The mobile banking app, digital banking portal, and web site will run on the Backbase Omnichannel Digital Banking Platform. Backbase will combine HDFC Bank’s existing core banking and back-end applications with its platform. […]
Pokémon Go has taken the globe by storm, capturing the hearts and minds of adults and children alike in their endeavours to “catch ‘em all” in the latest version of the popular computer game, which builds cutting edge augmented reality (AR) technology into its original gameplay. What can banks learn from it?
If you and your partner can never be apart or believe your love has more intensity than Romeo and Juliet, then keep holding hands and read on. US-based Simple, “a tech company, not a bank”, has launched the “Simple Shared” account. It’s a bit like a joint account, but people get two cards and one […]
IBM plans to acquire Promontory Financial Group, a risk management and regulatory compliance consulting firm, to boost IBM Watson’s cognitive technology. Upon close of the deal, Promontory’s employees will train Watson, which will learn by “continuously ingesting regulatory information as it is created and through interaction in real-world applications”. Bridget van Kralingen, senior vice-president, IBM […]
Citi is to offer direct custody and clearing (DCC) services to clients in Denmark from the fourth quarter of this year. The new offering will expand Citi’s proprietary DCC network to 63 markets globally and 36 markets across Emea. Citi will partner with VP Securities, a provider of securities and investor services in Denmark. VP […]
Germany-based Deutsche Apotheker-und Ärztebank (apoBank) is considering the implementation of Avaloq’s flagship core banking system. The two parties have signed a contract to “analyse and elaborate how far the execution of the apoBank IT strategy can be based on the Avaloq Banking Suite”, Avaloq says. The bank – which primarily focuses on servicing the healthcare […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place – and all with a Sibos touch! Blockchain: be ready to ‘fail fast and fail cheap’ Wouldn’t it be better to succeed in the first place? Innotribe plots rise of new fintech hubs A tribe calling for a […]
Tanya Andreasyan, editor of Banking Technology, talks to Sibos TV hosts about various collaborative efforts within the financial services industry, innovation and disruption, and banks’ newly-found love for fintechs. Hug a fintech!
Top pics and captions from Swift’s Sibos 2016 conference in Geneva! A compilation from day 4.
Read our fourth and final Daily News at Sibos edition of the Sibos 2016 conference in Geneva – all the latest news and analysis from Swift’s premier event of the year. Free to read online or pick up a complimentary print copy if you are at Sibos!
Ericsson has joined forces with HomeSend, a joint venture between Mastercard, eServGlobal and Bics that focuses on mobile money remittances in emerging markets. Ericsson’s digital wallet, Ericsson Wallet Platform, is now HomeSend Certified. The product has access to HomeSend’s network of money transfer operators, cash agents and banks in more than 200 countries. Peter Heuman, […]
Sberbank and the Linux Foundation have entered into an agreement on the bank’s participation in the Hyperledger Project. The deal was signed at the Sibos conference in Geneva and Lev Khasis, first deputy chairman of the executive board of Sberbank, said the new development with Hyperledger, and its open source platform based on blockchain, offered “access to […]
The International Bank of Azerbaijan has partnered with Backbase to implement its omnichannel digital banking platform. With the platform, the bank will be able to provide its products and services to customers through multiple channels synchronously, creating a single multimodal touch point. The contract was signed yesterday onsite at Sibos at Backbone’s booth, between Jouk […]
To drive ISO 20022 adoption, the industry is calling for collaboration and for those with the ‘right stuff’ to lead the way. A panel yesterday, ISO 20022 market practice developments, gave a global view of the status of ISO 20022 in the payments and securities markets. Gerard Smith, director collateral services at LCH.Clearnet, said the […]
Correspondent bankers have been advised to “fail fast and fail cheap” when it comes to blockchain technology. During the Blockchain and correspondent banking – The way to go? session yesterday, a panel explored the possible use cases and barriers to adoption of blockchain technology – one of the most talked about technologies at this year’s […]
Online hacks are rapidly replacing the bank heists of old. With banks increasingly at risk, early threat detection is imperative. Eleonore Fournier-Tombs* explains how banks can protect themselves. In a climactic conclusion to an insider threat story that has been developing since 2015, Morgan Stanley agreed to pay a fine of $1 million to the […]
A decade ago, cities fought to be financial hubs; today they fight to be financial technology (fintech) hubs. While London, New York and Silicon Valley claim strong status as fintech hubs, Sibos has proved that there are plenty of emergent centres snapping at their heels. Innotribe’s Startup Challenge, which brings fintech companies to the attention […]
Financial regulators globally are putting pressure on financial institutions to move to real-time solutions in both retail and wholesale banking. Advances in technology and a desire by regulators to reduce risks in the financial system are driving the trend. Discussions about real time technology and solutions span the banking world at this year’s Sibos. While […]
Blockchain innovation for central securities depositories (CSDs) is a slow burn and one that can divide opinion. During the Innovation in CSD space: What about distributed ledger technology? session yesterday, some panellists argued that the technology would hail the end of CSDs while others said there would be no revolution, just a “natural evolution” of […]
There has been a huge amount of hype at this year’s Sibos about financial technology and its role in financial services. Devie Mohan* looks at the technologies that will help financial institutions cross the next frontier of innovation. The world of financial technology has seen a clear and significant shift in the past year – […]
Bank of Palestine debuted at Sibos this year with a colourful booth and much interest from Sibos delegates. “We have been attending Sibos for many years as delegates and as our delegation grew from two or three people to bigger numbers, we decided to have a stand,” said Hashim Shawa, chairman and general manager of […]
If central banks want to retain a large share of payments in central bank money, they must innovate, said Andrew Hauser, executive director for banking, payments and financial resilience, Bank of England (BOE). Speaking during the Towards a single platform for all payments session, he said BOE consultation on a refresh of its real time […]
An era of “unprecedented change” is happening, driven by new regulation and technology, Ginni Rometty, chief executive of IBM, said during a plenary address, Cognitive Business and the Future of Financial Services. “There is a moment of opportunity if you choose to seize it,” she said, referencing artificial intelligence (AI), machine learning, big data and […]
Top pics and captions from Swift’s Sibos 2016 conference in Geneva! A compilation from day 3.
More collaboration is required among members of the correspondent banking community, despite the progress that has been made through efforts such as the Global Payments Innovation (GPI) initiative.
Read our third Daily News at Sibos edition of the Sibos 2016 conference in Geneva – all the latest news and analysis from Swift’s premier event of the year. Free to read online or pick up a complimentary print copy if you are at Sibos!
Blockchain technology has the potential to help ease banks’ profitability pressures, particularly in Europe’s negative interest rate environment, an audience was told at an offsite briefing yesterday morning. Patrick Laurent, a partner at Deloitte, told delegates at a breakfast meeting organised by Temenos that companies such as Ripple had already developed blockchain solutions that could […]
Blockchain and distributed technology have been hot topics at Sibos this year, with a raft of announcements from banks and fintechs alike. One of the areas identified as of most promise is trade finance – an area of banking that is rife with paper-based processes.
Standard Chartered Bank has entered into a One Belt One Road (Obor) strategic alliance with China Merchants Bank (CMB) to accelerate the Belt and Road initiative and help promote economic growth and regional cooperation for countries along the Road. Obor is a development strategy and framework that focuses on connectivity and cooperation among countries, primarily […]
Innotribe’s Industry Challenge – the results of which have been just unveiled – was all about blockchain and disruptive technologies. Three star-ups won the challenge to introduce blockchain to the securities sector: SmartContract, Rise and Coin Sciences.
A pilot project to prove the concept of Swift’s Global Payments Innovation (GPI) initiative has been hailed a success and has cleared the way for a go-live of the service in early 2017. Swift has been piloting the GPI with 21 banks, including Nordea, Citi, Bank of China and Intesa Sanpaolo since February – all […]
Artificial intelligence (AI) isn’t new but the rise of mobile and cloud computing, combined with big data and cheap computing power, is driving a resurgence. Convergent technologies mean AI is finding new uses in financial services.
It is vital that the Swift community learns from cyber attacks and strengthens cooperation, delegates were told yesterday. Chief technology officer (CTO) of Swift, Craig Young, said such attacks were increasing in number and sophistication across all industries. Marco Gercke, director of the Cybercrime Research Institute, said: “The financial industry is lacking co-operation. I know […]
It’s a fintech double as Equiniti has developed a digital banking platform and launched a mobile biometric authentication and identity lifecycle solution.
In the aftermath of the financial crisis, transaction banking was considered a reliable source of income for global banking groups. But nearly a decade on, multiple factors are putting pressure on transaction banks’ revenues. This year’s World Payments Report suggests banks increase their investments in digital solutions to offer more compelling propositions to their corporate treasury clients.
Credit Union Australia (CUA) can now onboard a customer in two minutes, including ID verification, offer generation and account generation to the core. The underpinning solution is provided by a domestic fintech start-up, Cloudcase Software Solutions.
