NAB has launched its new mobile payment service NAB Pay, designed to enable customers to use their mobile phone to make purchases, without the need for a physical card. Customers with a compatible Android mobile device and a NAB Visa Debit Card have been able to start using NAB Pay from 25 January, available as […]
A survey of more than 3,700 IT security practitioners from more than a dozen major industry sectors found 54% of those firms surveyed had a security or data breach involving payment data, on average four times in past two years. The research, independently conducted by the Ponemon Institute on behalf of digital security firm Gemalto, also […]
In a new whitepaper, the US post-trade infrastructure provider Depository Trust and Clearing Corporation (DTCC), has voiced its belief that the financial services industry “has a once-in-a-generation opportunity to reimagine and modernise its infrastructure” by employing blockchain in a coordinated manner. Blockchain is the transaction model used to transfer ownership of crypto-currency bitcoin. It was developed […]
Cognitive computing specialist CustomerMatrix, a co-founder of forum Cognitive Computing Consortium, has closed US$10.5 million in Series-B funding. The investment, one in a series of investments in artificial intelligence-like technologies in 2016, was led by HSBC, with participation from Aster Capital, and existing investors Newfund and True Global Ventures. CustomerMatrix, which offers a predictive engine called […]
A total of 45 banks including Barclays, Citi, Deutsche Bank and many others have signed up to a new payments innovation initiative headed by Swift, which is due to launch early next year. Announced in December, the initiative aims to dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments.
Financial services are becoming “modular”, with digital distribution platforms, new product providers, alternative sources of capital and a growth in outsourcing likely to reshape the industry, according to a new report by global management consultancy Oliver Wyman.
CaixaBank is launching imaginBank, Spain’s first mobile-only bank providing banking services exclusively through mobile apps and social networks.
New peer-to-peer platforms that match lenders with borrowers are proving to be more efficient than banks at connecting those with money and to those that need money. Known as marketplace lenders, this new industry is still very much in its infancy, currently representing a tiny proportion of total loans compared to bank lending
French telecoms firm Orange is to create a new bank called Orange Bank together with French insurer Groupama, in a move the two firms say will help to break open the banking market using mobile phone technology.
While the mainstay of the financial services industry was busy dealing with the global financial crisis in 2008, start-up organisations in Silicon Valley, New York, London and other major financial and technology hubs were turning their attention away from social media plays and looking to reinvent financial services.
US payments body Nacha has set out to dispel myths about the ISO 20022 financial messaging standard with a new white paper published as part of an education programme as the US looks to convert its ACH network to the standard.
A range of financial services and technology firms are backing efforts by The Linux Foundation to develop “an enterprise grade, open source distributed ledger framework”.
The UK has made a good showing in a new report, the Fintech 100, with 12 start-ups from the UK’s fintech eco-system featuring on the report’s 50 ‘Emerging Stars’ list – the most from any single country – but the Chinese are fast catching up.
Millennials – those highly sophisticated, tech-savvy men and women born between 1980 and 2000 – present enormous opportunities for banks and other financial institutions. Yet to be successful, these businesses must understand and meet the needs of a generation that grew up having it all, seeing it all, and being exposed to it all since early childhood – and that is no easy task.
The US and eurozone countries both look set to have live real-time payment infrastructures by the end of 2017, both using the ISO 20022 for real-time messaging standard.
Outdated legacy IT systems are a major stumbling block for traditional UK high street banks as they look to fight back against their often more agile rivals, widely known as ‘challenger banks’, who unhindered by complex, unwieldy IT infrastructures are typically better positioned to innovate.
Swift is planning to launch a global payment innovation initiative, which it says will dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments. The platform is due to launch early next year.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Financial institutions are increasingly switching their investment towards smaller, shorter, cheaper technology projects rather than large initiatives, according to the results of a new survey published by technology and PR consultancy CCgroup. The results also suggest that uptake of cloud services is rising as cost pressure push firms to lower costs.
Deutsche Börse has renewed its contract with Stockholm-based independent surveillance technology provider Scila, signing a five-year agreement to continue using its software.
Swift’s Innotribe initiative is to expand its programme to support innovation in emerging fintech ecosystems, including Africa and Latin America. It has also announced a new Industry Challenge programme under which the Innotribe team will work with Swift members to identify business areas that could benefit from collaborative solutions.
The sensors built into mobile devices offer a whole new way of identifying their users though biometric techniques, according to security expert Uri Rivner.
Just under two-thirds of the world’s top nations in capital markets have now adopted international best practices, according to a new report on financial market infrastructures, but more work is needed on trade repositories.
Financial market infrastructures must work with the “broader ecosystem” to improve the resilience of the international financial system in the face of “inevitable” cyber-attacks. The latest guidance document from the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions – Guidance on cyber resilience for financial market infrastructures – looks to […]
Post-trade technology company Kynetix has launched a blockchain consortium, focused on using distributed ledger technology in commodities markets. The move comes as financial institutions increasingly explore ways to integrate the blockchain concept into mainstream financial services.
Non-profit organisation the FIX Trading Community has started posting its projects on developer repository GitHub, as part of a drive to get all of the important resources freely available in one place using a single sign-on. The move was done to encourage wider access and to speed up the development of standards for high-performance trading applications.
It is a well-known fact that banks have two types of technology: Cold War-era IBM mainframes running Cobol-based batch programmes and Evil Genius HFT systems. The mundane truth is that any financial services operation will have a range of hardware and software systems of different vintages and spend a lot of time and money living with the consequences.
Italian payments company SIA is expanding its P2P service Jiffy into Germany, together with IT firm GFT Technologies. The move is part of SIA’s plan to roll out real time money transfer via mobile phone to 400 million European current account holders.
Financial network BT Radianz has added Volante Technologies’ tools to the BT Radianz Cloud, in a move the two firms say will improve the reliability of clearing, settlement and payment transaction processing while cutting costs.
Banking and disruptive change go hand in hand. There was the era of deregulation. Then the 2008 crisis and the era of re-regulation. Then PPI. Now there is digital, and no sector is secure from its transformative power, not even a heavily fortified one …
Banks from around the world were in attendance at the 16th Annual Banking Technology 2015 Awards ceremony in London last night to hear the names of the winners that had been selected from more than 120 entries, all of which were submitted to the scrutiny of an expert panel of judges. Hopeful entrants travelled from as far […]
UK regulator the Financial Conduct Authority is planning to launch a ‘regulatory sandbox’ that will allow businesses to test out new products and services without ‘incurring the normal regulatory consequences’. The move is part of the FCA’s year-old Project Innovate, which aims to boost competition and growth in financial services.
There is no doubt that IT and IT projects are becoming increasingly critical to banks’ success, yet a recent survey by Accenture found that only 6% of the directors of the world’s largest banks have any IT experience …
Tim Fitzpatrick has been appointed as the new chief executive of CHAPS, the UK’s same day high-value payment system. Currently HSBC’s Global Payments and Cash Management chief operating officer and group head of payment services.
Santander has launched a competition to support startups using distributed ledger technology in financial services. Through its subsidiary InnoVentures, the bank hopes to promote distributed ledger tools that could improve banking processes.
The threat of competition from technology companies, startups and non-banks is causing serious worry to nearly three-quarters of retail banks, causing four-fifths of them to invest in so-called ‘disruptive’ technologies, according to a new study by Infosys and non-profit organisation Efma.
Standard Chartered is to invest $3 billion in “strategic opportunities” and its technology infrastructure as part of a wholesale reorganisation of the bank in the wake of a $139 million third-quarter loss. The restructuring will see 15,000 jobs – 17% of its workforce – go over the next three years.
Global regulatory body the Financial Stability Board has released two guidance papers which aim to solve the “too big to fail” scenario and prevent a re-run of the financial crisis by promoting the resolvability of systemically important financial institutions.
Major global IT vendors – including hardware, systems software, ecommerce, big data, cloud, network, telco and systems integrator companies – have little wisdom, advice or vision to offer their customers and prospects when it comes to blockchain technology, according to a survey just conducted by enterprise IT specialist consulting firm Lighthouse Partners.
Deutsche Börse strengthened its links with mainland China this week with the establishment of a partnership with the Shanghai Stock Exchange and China Financial Futures Exchange to create new marketplace for the trading of renminbi-denominated offshore products under the new brand of the China Europe International Exchange.
