The world has been talking about “mobile payments” for years, but the phrase means different things to different people. So what exactly are mobile payments? And how much more mobile than cash or cards can payments actually get, asks Philipp Nieland, co-founder and CTO of PPRO Group. Some people believe that mobile payments are those […]
There is a lot of activity going on in the UK’s credit union space, as the participants realise they have no choice but to modernise. So who is doing what? Which technology providers are set to gain and who might be a loser? London Mutual Credit Union and TCS Financial Solutions London Mutual credit union […]
Marstone, a New York-based financial services firm, has teamed up with IBM Watson for Wealth Management to offer digital advice assisted by cognitive computing. The plan is for Marstone’s platform, powered by Watson, to use data, patterns and natural language to provide cognitive advice and learn from experience. Margaret Hartigan, chief executive of Marstone, says […]
Google is bringing Android Pay to the UK market – with Bank of Scotland, First Direct, Halifax, HSBC, Lloyds Bank, M&S Bank, MBNA and Nationwide Building Society the first to support it. This latest move follows Android Pay’s launch in the US in September 2015, and it should be available in the UK “in the […]
Sberbank Kazakhstan and OpenWay have launched a cardless cash withdrawal service on the Way4 platform. The bank’s customers can now get cash at more than 900 ATMs without a card. Instead, a “secret” code is entered at the ATM. The new “cash by code” functionality was developed by OpenWay together with an unnamed third party […]
Santander says it has become the “first” bank in the UK to launch voice banking technology. The solution is provided by Nuance Communications. However, last month HSBC announced it was launching voice recognition and touch security services in the UK, which will be available to 15 million banking customers. This project is also being carried […]
Hong Kong start-up Neat is setting its sights on the millennials’ market and will let customers open a payment account with a selfie. Neat founder David Rosa, a former MD at Citi, says the app and payment card will use facial recognition technology to confirm the holder’s Hong Kong identification card is correct. It’s not […]
Data providers IHS and Markit have agreed an all-share merger of equals, with the transaction expected to close in the second half of 2016. The “implied” equity value of the transaction is more than $13 billion and the deal has been “unanimously approved” by the board of directors of each company. Jerre Stead, IHS chairman […]
Bitcoin is a cryptocurrency, but the blockchain protocol behind it can be used for a variety of non-currency purposes. People are using the blockchain to develop everything from ride-sharing services to voting applications to cloud storage. This nifty infographics sums up how the blockchain protocol works and how it’s being used. Source: Who is hosting this?
Traditional banking has taken quite a beating in recent years as more and more customers prefer to handle their banking needs digitally rather than be bogged down by paperwork or wait in lines at a physical bank. In a bid to meet developing customer expectations, many banks have begun offering web-related services such as e-deposits, […]
GMEX Group has partnered with Hanoi-based FPT Information System to launch the first derivatives market and “fully integrated” clearing house in Vietnam. The target go-live date is Q4 2016. Both companies will provide the technology, while the Ministry of Finance (MOF) has entrusted the Hanoi Stock Exchange (HNX) and the Vietnam Securities Depository (VSD) to […]
The United Services Automobile Association (USAA), a financial services group, has partnered with Coinbase to give Bitcoin usage a timely boost. Late last year, USAA launched a Coinbase pilot program, which allowed select USAA employees and members to view their Coinbase accounts on the USAA website and mobile app. Following the successful pilot, all account […]
DNB’s “first” peer-to-peer (P2P) mobile payment solution in Norway has become the number one downloaded app in the country. Dubbed “Vipps”, and launched six months ago with Tata Consultancy Services (TCS), it is now used by 25% of Norway’s population. The app is available for use on all mobile devices and it allows short chat […]
Technology is the most important agent of change today; hardly any industry is immune to both its value-creating and disruptive potential. However, in an April 2011 survey of corporate directors by McKinsey Quarterly, more than half said their boards had only one technology-related discussion a year, or none at all. Since then, the situation has […]
A UK-based challenger bank, Mondo, has partnered with Thames Card Technology for debit card production and personalisation. Beta test cards will be issued to consumers this year. Mondo, which positions itself as a “mobile first” bank, will be offering a contactless debit card paired with a mobile banking app to its customers. The mobile app’s […]
Liechtensteinische Landesbank (LLB) and its subsidiary LLB Invest have launched an investment advisory solution underpinned by the Avaloq and the swissQuant Group software. LLB Invest uses the Avaloq Banking Suite for its software needs – the solution has been running at LLB since 2008 as its main core banking system. SwissQuant Group provides risk analysis […]
A long-standing user of a host of Misys’ products, The United Bank of Egypt has committed to upgrade to the latest version of software. The project is penned for completion later this year. The bank will upgrade to FusionBanking Equation (core system), FusionBanking Trade Innovation (trade finance) and FusionCapital Opics (treasury and capital markets). It […]
Path Solutions is implementing its flagship core banking offering, iMAL, at Summit Bank in Pakistan and Wifack International Bank in Tunisia. The contracts were signed in December and the roll-out is underway. Summit Bank Pakistan-based Summit Bank is implementing iMAL as it looks to grow its Islamic banking presence. Summit Bank was searching for a […]
Even as I am prepping for my next industry event, observations from the last conference I attended continue to permeate my thoughts. The ATMIA US Conference that was held in New Orleans only recently and yet, three items continue to have me thinking about the durability, indeed longevity, of some of the points raised. In […]
Banking Technology is conducting a survey – short and sweet – to find out the banks’ priorities when it comes to treasury software and solutions. How can technology help treasurers cope with the multitude of regulation, business transformation and industry demands? The treasury function plays a pivotal role within a bank, and with great power […]
A UK-based challenger bank, Atom Bank, has added another system to its bulging IT set-up. This is WDS Virtual Agent, which will answer customer queries from an AI bot within the bank’s mobile app. The solution is supplied by WDS, a subsidiary of Xerox. The vendor says it will “give the customers the power to […]
Croatia-based banking software developer, ABBA, has gained a new taker of its flagship core banking system, NovaDoba. This is a local bank, Banka Kovanica d.d. Varaždin. The agreement was signed in early March, “following months of negotiations”, says the vendor. The work on data migration and the implementation of the new solution has already begun. […]
Finland-based Aktia Bank is implementing Accuity’s Global WatchList to provide regulatory sanctions and other compliance data. The solution covers politically exposed persons (PEPs), companies, vessels, goods, countries and payment information. Accuity says that Aktia’s decision to sign for the Global WatchList was driven by the compliance needs and the need to improve the efficiency of […]
Microsoft has chosen Capitalise to join its latest accelerator, the fifth cohort of its 16-week programme for “high growth” technology companies. Capitalise officially launched at Finovate last month and is the “first” online marketplace using behavioural analytics to match lenders with SMEs seeking finance. The start-up says it features more than 50 institutional lenders, enabling […]
Not a day seems to go by without another innovation of fintech announcement from a bank. While most have now dabbled in an incubator, accelerator or a lab here, and a fintech investment there, they all have one thing in common, argues Leda Glyptis, director at Sapient Global Markets. And that is a lack of tangible […]
JHA Payment Solutions, a division of Jack Henry & Associates, has teamed up with The Clearing House (TCH) as they seek to bring immediate payments to the US. TCH is currently working to build a new real-time payment system, which it will own and operate. In partnering with JHA Payment Solutions, TCH says it will […]
Mizuho Bank, Fujitsu and Fujitsu Laboratories have jointly conducted a three-month operational trial using blockchain, which makes it “practically impossible” to tamper with transaction histories. The trio says this shortens the processing time for cross-border securities transactions, from the current three days to same-day settlement. For the trial, they built a system that “almost instantly” […]
Some of the major US banks are planning to tap into the instant payments market via their digital network, according to Reuters. Banks including JP Morgan Chase, Bank of America, Wells Fargo and US Bancorp will use their jointly-owned network, clearXchange, to let their customers transfer money. “What we are doing now is delivering payments […]
Equiniti Group has completed the purchase of Risk Factor and KYCnet. The acquisitions are part of Equiniti’s strategy of buying specialist technology platforms to provide regulation driven services for its clients. Last year it bought Transglobal Payment Solutions, while back in 2012 it acquired investment system supplier Peterevans. It also purchased a UK-based lending software […]
UK payments provider Tuxedo has launched a “live load” payments technology platform, which removes the need to prepay. The vendor says it is the world’s first. The platform is based upon a single, partner-issued Visa or MasterCard, which is linked to customers’ existing payment sources via Tuxedo’s own platform. The platform is PCIDSS (Payment Card […]
Who, what, where, when of the fintech industry today – this excellent infographics pulls together plenty of useful data, from top specialists, unicorns and start-ups to geographies and M&As. Created by Savvy Beaver and Call Levels.
AnaCap Financial Partners, a private equity firm based in the UK, has acquired non-performing loans (NPLs) of Royal Bank of Scotland (RBS) and GE Capital Real Estate in Italy. It is also understood to be crystallising a strategy to launch a new digital bank in the UK. The acquisitive PE firm has gained over €2 […]
Lloyds Banking Group has created an in-house digital analytics team in the UK. This was in “partnership” with ASI (Advanced Skills Institute) and Google. However, the Lloyds’ team does not include any staff from Google. The bank tested Google’s big data platform technologies and analytics on non-personal behavioural data using a “secure” Lloyds account on […]
Long considered an impenetrable space dominated by a few, the financial services industry is currently riding a giant wave of entrepreneurial disruption, disintermediation, and digital innovation. Recent industry developments such as the regulatory pressure as well as the criticality of business intelligence (BI) and customer experience are impacting banks more than ever before. Financial institutions […]
Al Ahli Bank of Kuwait (ABK) has picked Infosys’ Finacle suite to replace Misys’ products as part of its technology revamp. The bank will deploy the complete suite of Finacle solutions, including core banking, trade finance, wealth management, CRM, e-banking, payments, treasury, alerts, SMS banking, liquidity management, retail and corporate loan origination. Abdulla Alsumait, deputy […]
Dutch state-owned bank, ABN Amro, is partnering with US-based First Data for payments and will offer services through its joint venture European Merchant Services (EMS). EMS has been processing credit card and debit card payments for businesses for over 25 years, and ABN Amro says entrepreneurs and small business owners will be able to add […]
Mark Bands, head of product & regulatory intelligence, iMeta Technologies: When speaking with prospective financial institution customers of our client lifecycle management (CLM) platform I am surprised at how often an “in-house” build solution has either already been chosen or is being seriously considered as an option. Surprised, that is, that firms’ in-house technology functions are confident […]
Can applying semantics make BCBS 239 reporting consistent and comparable across all regulatory bodies? Rupert Brown explores the options when best practice isn’t good enough… Regulatory vagaries and the punitive fines make these tense times for bank risk officers. On the one hand, regulators are asking for a whole lot of architectural work to be […]
North American software provider, D+H Corporation, has made optimistic noises over its Global Transaction Banking Solution (GTBS) unit in its latest financial results. The vendor claims to have “won a majority of payment hub RFPs” as well as “surpassed the Fundtech [now GTBS] backlog record” in generating revenue from the existing projects. Gerrard Schmid, CEO […]
Banks and fintechs should collaborate rather than compete, leveraging their respective strengths to revolutionise the B2B payments space and create sustainable business models in today’s digital era. As the next stages of digital structural change continue to transform financial services, the focus of technological developments will shift. Most recent developments in business models have been […]
