One of Russia’s major banking players, MDM Bank, has rolled out a single-tap Mastercard Contactless mobile payments option. The service is underpinned by the WAY4 Host Card Emulation (HCE) technology from OpenWay. MDM Bank’s customers can now pay from their Mastercard account with no need to enter a password or PIN code or even activate […]
Gresham Computing has launched its “Innovation Labs” in Bristol, UK as it looks to tap into local talent and drive more software development. CTO Neil Vernon will lead the team of engineers and developers, and says he is a “big believer in the ‘serendipity of collisions’” – which the new space provides. Vernon adds that […]
BTL Group is partnering with Visa Europe Collab to investigate potential applications for blockchain settlement in financial services. The project will use BTL’s cross-border settlement platform Interbit to explore the ways in which blockchain-based settlements can “reduce the friction” of domestic and cross border transfers between banks. A small number of European banks have been […]
Infosys has partnered with Huawei to bring the Finacle core banking system to the Huawei FusionCloud. The two companies carried out a benchmarking activity under the observation of consultancy firm EY. The test was simulated on a Finacle database size of almost 1 TB, with 6,000+ branches, 33 million+ customers, 61 million+ accounts and 20,000+ […]
Luxembourg-based Lemanik Asset Management has chosen Linedata’s compliance monitoring software – Linedata Compliance. To comply with the Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Fund Managers (AIFM) directives, which impose controls and “transparency discipline”, Lemanik decided to manage its report production by itself and chose Linedata to roll out the tech. […]
Customers of Nationwide Building Society in the UK have taken to Twitter to report a host of problems – with direct debits and standing orders not being paid. According to users on Twitter, the bastion of rage and anger, mortgage bills and other payments have not been made. Nationwide’s Twitter feed is now awash with […]
Brevity is the goal of this. Here’s a round-up of events in the payments space to save you time. Let’s start off small… as in Small World FS. The London-based payment service provider reached a milestone with 50 million transactions processed on behalf of its customers. The firm’s been around for ten tears and says […]
“Silicon Valley is coming,” warned Jamie Dimon, JPMorgan Chase’s boss, in a recent letter to shareholders. It’s a sentiment echoed across much of the banking world at the moment. The idea that fintech is a threat to the financial services sector is bubbling – a 2015 PwC survey found 83% of financial services professionals were […]
Nequi, a financial mobile banking service from Bancolombia, has become the first in Colombia to deploy mobile biometrics for authentication. The technology – the IdentityX platform – is supplied by US fintech specialist Daon. Users will be asked to provide their biometrics when signing up for Nequi. They will be able to authenticate with a […]
Global payments provider Worldpay has teamed up with Consult Hyperion, MongoDB and Visa Europe Collab to host its first internet of things (IoT) hackathon in London in September. The event aims to foster innovation and encourage participants to apply technology to integrating payments. Two themes will flow through the 48-hour hackathon – the “Smart City” […]
Commerzbank London and UniCredit have “successfully” processed the first UK Bank Payment Obligation (BPO) live transaction. The banks say with the backing of the ICC Banking Commission and Swift, there has been a “growing demand for, and an increasing number of”, BPO transactions, as a “proven” digital settlement tool. Raphael Barisaac, global head of trade […]
London-based Currencycloud is partnering with Arkéa Banking Services, a subsidiary of Credit Mutuel Arkea, to offer clients its Euro bank accounts and direct access to European payments systems. This partnership will enable Currencycloud to process international payments through Target2 for real-time payment settlement. It says this builds on and “enhances” existing capabilities that allow cross-border […]
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) is looking for public feedback and comments for its proposed FRSA Regulatory Laboratory (RegLab). The RegLab will provide a “controlled environment to allow the development and testing of innovative fintech solutions”. It will be the “first of its kind” in the Middle East […]
Digital banking software specialist Backbase has teamed with Entersekt to use its authentication capabilities on the Backbase Open Banking Marketplace. Backbase will offer banks push-based authentication and transaction signing integrated in its omni-channel digital banking platform. Its clients can select the authentication solution that “best meets their needs”. Dewald Nolte, Entersekt’s SVP partners and alliances, […]
Digital-only B1NK, part of Capital Bank Kazakhstan, has unveiled the region’s “first” chat and payments bot – using Telegram Messenger. The bank says its customers can send money to friends and manage their cards all via the messenger service. Gani Uzbekov, CEO, Capital Bank Kazakhstan (B1NK), says: “Today only a couple of tier-2 banks in […]
Costa Rica-based BAC San Jose Puesto de Bolsa has chosen Profile Software’s IMSplus platform to manage its investment and client portfolio operations. This is Profile Software’s first client in the Central American region. Following an international vendor evaluation, BAC will use IMSplus for MIS (management information system) and customisable reporting capabilities; and monitoring of portfolio […]
Payments firm PhonePe and Yes Bank have teamed up to launch India’s “first” UPI (Unified Payments Interface) based mobile payments app. UPI was launched in April by the National Payments Corporation of India (NPCI) – with Yes Bank being one of the 21 banks recently going live. UPI offers instant, online bank payments, and is […]
Canada-based Windsor Family Credit Union (WFCU) has unveiled its new line of everyday accounts – Eva – for “unlimited” daily banking. WFCU says Eva provides “unlimited” deposits, withdrawals, transfers, electronic and cheque debits, point-of-sale transactions, ATM transactions worldwide and “unlimited” bill payments online, by phone, in-branch or at an ATM. Account access through online, mobile […]
As a Gen Xer, I have always had difficulty relating to the obsessive appeal social media has to millennials. Tweeting and Facebook posting of mundane daily events seemed like over-sharing and just a little narcissistic to me. This is not an intellectual problem of understanding the concepts or technologies, but a kind of generational disparity […]
French software firm Dassault Systemes is inviting start-ups to apply to its “3D Fintech Challenge” to address anti-money laundering (AML) and Know Your Customer (KYC) issues. As part of its overall 3DExperience Lab initiative, the seven-week programme will identify and help nurture six start-ups that can provide systemic warnings and a 360-degree view of customer/support […]
TerraPay, a mobile-first international network, has bought UK-based Pay2Global Limited to boost its ambitions for European expansion in payments. Pay2Global is being rebranded as Terra Payment Services. In an outright purchase, Netherlands-based TerraPay, which is part of the Mahindra Group, has acquired 100% of Pay2Global for an undisclosed amount. Pay2Global is a digital international money […]
Massachusetts-based community bank, Randolph Savings Bank, has renewed its long-term contract with Fiserv for a host of back and front office solutions. The renewal was spurred on by the bank’s IPO. Randolph Savings Bank floated its shares in July. It also completed the integration of its earlier acquisition – First Eastern Bankshares Corporation and its […]
Hinduja Bank in Switzerland has moved to a new core banking system, supplied by Avaloq, Banking Technology understands. Avaloq Banking Suite replaced the legacy Olympic system from rival vendor ERI. Avaloq declined to comment on the story. Hinduja Bank – part of an India-based conglomerate, Hinduja Group – was set up in the late 1970s […]
A group of volunteers is in the process of setting up a new credit union in the Isle of Man – Manx Credit Union. The Manx Credit Union Working Party has been set up, chaired by David Talbot, a retired accountant. “It is non-political and non-denominational,” the Manx Credit Union website states. The volunteers come from […]
Changing your name from Mondo to Monzo does not warrant a news story – unless a rival challenger bank makes some fun out of it. A trademark dispute with another Mondo entailed the new moniker and much unnecessary fanfare. While Monzo revelled in its new name and ignored media queries, Starling Bank decided to do […]
VisionFund International (VFI), the microfinance arm of World Vision, has selected BankBI’s cloud-based business intelligence and analytics solution. The Microsoft Azure-deployed solution will be used in 32 countries. VFI plans to centralise its data management and reporting efforts across its operational, social performance and financial data, as it wants to “capitalise” on opportunities in rural […]
They said it. We read it. We edit. A round-up of some key events in funding. Singapore-based MC Payment has raised SGD $6 million ($4.5 million) in a Series B round. The funds will be used to “drive market expansion” into Australia and in southeast Asia, as well as “enhance” its product offerings, including Xaavan, […]
Samsung Group could be turning its eyes toward blockchain, according to the Korean Times. The CEOs of Samsung Group subsidiaries attended a lecture on blockchain at Seoul National University, which could be a sign that the group is looking to jump on the crowded blockchain bandwagon. Local media in South Korea also reported Samsung Group […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Temenos and BACB go public on core banking software project We knew back in February. Al Hilal Bank’s new CIO looks to collaborate with fintechs Let’s talk. Famous five unsettle Bitcoin with utility settlement coin Arrival of a […]
Who is leading the digital way among the lending companies in the US? We have put together some nifty stats for the US top ten online lending sites for the past month (data courtesy of SimilarWeb). We’ll be publishing regular updates on a monthly basis, to track the changes, developments and trends – to bring you a fuller […]
The Monetary Authority of Singapore (MAS) has released a consultation paper on proposed changes to the payments regulatory framework and establishment of a National Payments Council. Jacqueline Loh, MAS deputy managing director, says this is an “important step for MAS and the payments industry to co-create the future of Singapore’s payments landscape; one where payments […]
Nordea and DNB will bring together their operations in Estonia, Latvia and Lithuania to create a new bank. The two banks say their Baltic operations are “a great match”, with Nordea’s strength being in the large corporate segment, while DNB’s is in the SME segment. Both banks also have significant presence in the retail space. […]
International microfinance entity Microcred plans to become a fully-fledged retail bank and grow its presence from nine to 17 countries by 2020. It has opted to keep its long-standing technology provider, Temenos, and upgrade to a single instance of the vendor’s flagship system, T24. It will be operated from Dakar, Senegal. Microcred has recently signed […]
US Bank Wealth Management is partnering with FutureAdvisor to offer automated investing capabilities to clients of its affiliate US Bancorp Investments. FutureAdvisor, an investment advisory firm owned by BlackRock, expects the service to be available to US Bancorp Investments clients in 2017. Mark Jordahl, president of US Bank Wealth Management, says: “Moving forward we believe […]
Innotribe, Swift’s innovation arm, and membership organisation Innovate Finance have launched a Global FinTech Hubs Federation (GFHF) to help foster innovation. To date, more than 20 countries – including Canada, China, Germany, Mexico, Switzerland, and the UK – are participating in the GFHF, with more countries expected to join in the coming months. Lawrence Wintermeyer, […]
The Monetary Authority of Singapore (MAS) has opened its purpose-built fintech innovation lab – known as Looking Glass @ MAS. MAS says the lab will allow it to experiment with financial institutions, start-ups, and technology vendors. In addition, Looking Glass @ MAS will help consultations between start-ups and industry experts in areas such as legal […]
With digital financial services sharply on the rise in the UK, who is leading among the UK lenders? We have put together some nifty stats for the top ten online lending sites in the UK for the past month (data courtesy of SimilarWeb). We’ll be publishing regular updates on a monthly basis, to track the changes, […]
Welcome to the bundle. South Africa’s First National Bank has launched its own-branded smartphones as it looks to mobile banking growth. The ConeXis X1 and A1 phones will be available from 380 branches around the country and come bundled with FNB’s smartphone banking app. Jan Kleynhans, CEO of the FNB Consumer Segment, says the initiative […]
BNY Mellon, Deutsche Bank, ICAP and Santander have joined UBS and Clearmatics to advance their utility settlement coin (USC) concept, and plan tests in a real-market environment. USC is a digital cash model for payments and settlement. It will run on blockchain and be another rival to Bitcoin. The group plan to build on the […]
UAE-based Reem Finance has overhauled its core software with French vendor SAB and its flagship core banking system, SAB AT. This is the first taker of the system in the UAE, to Banking Technology’s knowledge. Banking Technology understands that on the way out is the Ethix system from regional vendor International Turnkey Systems (ITS). It […]
