Prepaid complaints to the Consumer Financial Protection Bureau (CFPB) in the US hit 2,500 in 2016, accounting for about 0.9% of the 291,400 complaints in agency’s latest Consumer Response Annual Report.
North Carolina-based North State Bank has gone live with nCino’s Bank Operating System to centralise and automate its commercial loan process. nCino’s cloud-based solution is built on Salesforce.com. The vendor says it combines customer relationship management, loan origination, workflow, enterprise content management, business process management and instant reporting on a single platform. Last month, Valley […]
Redwood Bank, a new UK-based SME challenger, has secured a banking licence following approval from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). As Banking Technology reported in October last year, Acorn Financial Partners (AFP) submitted a banking licence application. Now that it has authorisation, AFP is called Redwood Bank. Redwood says it […]
UK-based payday loan company Wonga says there may have been illegal and unauthorised access to the personal data of some of its 270,000 customers. In a statement, the firm says information stolen may have included one or more of the following: name, e-mail address, home address, phone number, the last four digits of a card […]
O-Bank (formerly Industrial Bank of Taiwan), is keen to transform itself into “a nimble and digitally-focused boutique lender” as it gears on for an IPO.
Distributed ledger technology (DLT) consortium R3, together with five of its members and financial resource management specialist HQLAX have built a collateral lending solution for liquidity transfers. The solution is based on R3’s flagship platform, Corda, and is “an operating model for a digital collateral receipt (DCR) lending marketplace”.
The world is not short of money… for some. Our latest fintech funding round-up features Aeries Financial Technologies, CASHe, Perfios and Ayopop. There’s never a shortage of fintech news in India. Aeries Financial Technologies, which owns the app-only lending platform CASHe, has raised $3.8 million in Series A funding from an investor group led by […]
Boiled down and brief. The best bits of blockchain and Bitcoin in one round-up. Features Waves Platform, Ripple and Synaps Loans. Fresh from its ZrCoin commodities deal success, the blockchain Waves Platform is launching its decentralised exchange (DEX) and leased proof-of-stake on the Bitcoin network mainnet. DEX can be accessed via a full node or […]
Iroquois Federal Savings & Loan Association, a $580 million entity in the US state of Illinois, is modernising its front-to-back office technology with Fiserv.
Valley National Bank, a $23 billion financial institution in New Jersey, is implementing nCino’s Bank Operating System for commercial lending.
Wells Fargo will pay $110 million to settle a class action lawsuit brought by U.S. consumers over a scandal about fake accounts its employees set up for customers without their knowledge. But the trouble continues for the financial institution, which has received a dim evaluation from a federal regulator.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Nedbank, one of South Africa’s largest banks, is implementing a new syndicated lending system, Fusionbanking Loan IQ, supplied by Misys.
Ontario-based Alterna Bank says it has launched “Canada’s first and only end-to-end digital mortgage”.
TSB Bank in New Zealand is rolling out a new lending solution from Australia-based fintech start-up Cloudcase.
Yes Fintech, the accelerator programme of India’s Yes Bank, has unveiled its 12 finalists.
China-based CredEX Fintech says its mobile lending app’s total credit extended has exceeded CNY 30 billion ($4.3 billion) since its launch ten months ago. According to the firm, its user base has gone beyond five million, daily credit has been extended up to CNY 100 million ($14.4 million), and the average credit extended stands at […]
Turkey-based QNB Finansbank, a subsidiary of QNB Group and one of the top five privately owned banks in the country, has enabled its customers to use digital signatures for account opening and loans in the bank’s branches.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Al Etihad Leasing Company, a new venture launched by Jordan-based Bank Al Etihad, has completed its technology set-up. It has implemented ICS Banks Finance Lease System from regional vendor ICS Financial Systems (ICSFS).
Fintech is developing a distinctly British accent and the US is in danger of losing out, according to remarks made by Congressman Patrick McHenry, a member of the House Financial Services Committee, at the LendIt USA conference in New York.
Pakistan-based Mobilink Microfinance Bank (MMBL, formerly Waseela Microfinance Bank) is implementing a new loan origination system, supplied by Path Solutions.
Chinese fintech firms Dianrong and FnConn have launched Chained Finance, the “first-ever” blockchain platform for supply chain finance. According to the pair, supply chain finance companies have been limited by existing technology and, to date, have only served about 15% of suppliers needing financial resources. They claim the vast majority of the 40 million SMEs […]
A startling 46% of American adults would be unable to come up with $400 to meet an unexpected expense without borrowing or selling something. We are so used to thinking about financial exclusion in terms of the un- or under-served that we are overlooking the financial vulnerability of nearly half the US adult population.
A former Infosys senior exec and venture capitalist has unveiled his new India-based lending start-up, Billionloans. V Balakrishnan, formerly in charge of BPO, Finacle and India business units at Infosys, has founded the firm with Rangan Varadan. The latter is also CEO of Indian peer-to peer microcredit firm MicroGraam – and Balakrishnan is an independent […]
Bharti Airtel, through its subsidiary Bharti Airtel Services, has acquired a stake in Seynse Technologies, an India-based fintech start-up. In a regulatory filing to the Securities and Exchange Board of India, the telecommunications company revealed that it was interested in the firm’s digital lending platform, Loan Singh. The solution provides loans to “credit-worthy yet underserved” […]
Egypt-based El Taamir Mortgage Finance Company has gone live on Intellect Design Arena’s lending suite. Intellect says the implementation was completed in seven months including data migration. The suite equips El Taamir with automation of regulatory reports for the central bank as per Egyptian mortgage laws and generation of receipts for cash payments. Hassan Hussein, […]
TSB has chosen Iress’ mortgage sales and originations (MSO) solution – with the first deployment due to be rolled out to TSB’s intermediary channel in the summer. Branch, telephony and digital will follow in a phased rollout at unspecified times. Ian Ramsden, mortgages director, TSB, says Iress is a “natural fit to support our technology […]
There is pressure for CEOs to decide how distributed ledger technology (DLT) fits into their business strategy. Regulators also recognise that blockchain could advance their own processes. So what is all the excitement about? Blockchain is an exciting innovation but the technology has flaws…
NatWest (part of the RBS group) is set to launch a new digital platform to allow small and medium sized businesses (SMEs) to quickly obtain unsecured loans of up to £150,000. Called Esme Loans, it is in trial mode and the bank will offer fast decisions on lending applications “potentially within an hour”. There will […]
San Francisco-based fintech start-up Zikher has unveiled its Software-as-a-Service (SaaS) platform for online lending as it targets small banks’ and credit unions’ business. Mortgage and loan applications are done online and take 15 minutes to fill out. Customers can access their application to get real-time information about their loan or mortgage and talk to a […]
Private equity firm AnaCap Financial Partners will acquire a portfolio of Italian performing and non-performing corporate secured loans from Barclays. The portfolio, which has a gross book value of €177 million, comprises loans to primarily small and mid-sized corporates secured against real estate located mostly in the north of Italy. The agreement follows AnaCap’s Credit […]
The Dubai Financial Services Authority (DFSA) has issued a consultation paper, “Crowdfunding: SME Financing Through Lending”. The paper proposes a regulatory framework for anyone looking to operate a loan-based crowdfunding platform in the Dubai International Financial Centre (DIFC).
FinTecSystems, Fidor Bank and credit comparison site Smava have teamed up to offer the “first fully” automatic credit system with an “immediate payout” in Germany. Called Kredit2Go, the entire process of requesting, processing and disbursement is digital, and the payment is made immediately after the digital signature. FinTecSystems provides the “building blocks” for the credit assessment […]
Spotcap, an online lending company headquartered in Berlin, Germany, has announced it is now operating in Auckland, New Zealand, as a registered financial services provider and is accepting applications for credit of up to NZD 250,000 ($182,000) from eligible businesses.
Nava Finance has been granted approval by the UK’s Financial Conduct Authority (FCA) to begin offering personal loans to consumers. The company says it is now focused on working towards an initial launch date, which will be announced when all testing and other preparations are fully completed. Nava sources loan funding from institutional investors and […]
Pakistan-based Samba Bank has signed for BenchMatrix’s retail loan origination system, RiskNucleus LOS. The solution will automate the bank’s consumer lending processes across its entire network of 37 branches and facilitate “moving towards a fully paperless environment”, BenchMatrix says.
India’s Yes Bank is inviting fintech start-ups to take part in its Yes Fintech Accelerator Programme. The application process is open until 2nd February 2017.
The financial services authority (Otoritas Jasa Keuangan or OJK) of Indonesia has issued a new law affecting all fintech P2P lending firms in the country. The new law, applicable to all such business units operating in or intending to set-up in Indonesia, is aimed at protecting the consumer. The new law stipulates that such business […]
Idea Bank in Poland has launched “the world’s first pay-as-you-drive” car loan model – Happy Miles – with the payments calculated according to the travelled distance. A GPS device installed in the vehicle automatically sends the information about the distance covered to the lender.
