The full authorisation by Financial Conduct Authority (FCA) covers all of AvantCredit’s credit and lending operations and includes permissions for credit broking, debt collection and debt administration.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Misys says Swedbank will use the vendor’s flagship commercial lending system, FusionBanking Loan IQ, as “its full-service agency administration and bank portfolio loan administration platform”.
SKG Bank, the consumer finance arm of Deutsche Kreditbank (DKB), has unveiled a digital-only lending and consumer credit service. In co-operation with Munich-based FinTecSystems, DKB says in the future loans can be arranged without submitting documents such as bank statements. Thomas Teuber, director of SKG Bank, says its customers “can close more quickly and completely […]
Our rejuvenated Banking Technology Awards have received an unprecedented amount of entries this year – from banks, financial institutions, fintech firms and individuals worldwide – and we are happy to reveal the shortlisted candidates. Now in their 17th year, Banking Technology Awards recognise and reward excellence and innovation in the use of IT in financial […]
Fintech vendor Mambu says it has added 25 new clients to its portfolio this year and is set to double this figure by the end of 2016. It will also more than double the size of its team by the year-end. “All [of Mambu’s new customers] are focused on servicing consumers and businesses poorly reached by […]
Lend me your ears… and eyes. LendIt and Capital One are to co-host PitchIt @ LendIt, a competition to “find a future star of the fintech world”. The competition is aimed at firms innovating within the online lending and fintech space. It provides a showcase for eight firms to pitch their business case to a […]
It only lasted six weeks but Amazon and Wells Fargo Education Financial Services have ended their partnership to offer US college students a discount on private student loans. The deal, launched in July, was Amazon’s first venture into the lending market for college students. For Wells Fargo, it was an attempt to build up its […]
Banking technology vendor Temenos says 16 financial institutions in the US have signed for its account and loan origination, collection and recovery software in the last six months. The suite of products originates from a local specialist vendor, Akcelerant, which Temenos acquired in early 2015; and 600+ credit union clients with it. Jay Mossman, formerly […]
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 […]
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 […]
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, […]
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 […]
Who is leading the digital way among the lending companies in India? We have put together some nifty stats for India’s 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 picture […]
Let’s put the fun in funding by keeping it mercifully brief. A round-up of some key events. Finova Financial’s cloud and mobile-based consumer auto title lending platform raised $52.5 million in a combination of equity and a credit facility, one of the “largest initial rounds in fintech industry history”. The funding round was led by […]
Lending Club has experienced a double blow – with a net loss of $81.4 million and the departure of its CFO. These latest developments follow in the wake of the recent jobs cuts and reorganisation of its top brass. That was all initiated as the firm is looking to rebuild investor confidence following the untimely […]
Pennsylvania State Employees Credit Union (PSECU) has gone live with Temenos’ Lifecycle Management Suite’s account origination module. Temenos says PSECU was looking for a method to “streamline” the account opening process for both deposit and loan-based accounts. Andrew Coy, AVP of lending, PSECU, says the account origination solution goes “hand-in-hand with the other Temenos Lifecycle […]
Russia-based banking tech vendor Diasoft has landed its second deal in Vietnam, with TienPhongBank (TPBank). TPBank will implement Diasoft’s loan origination and debt collection solutions, part of a broader Flextera software suite. Diasoft’s first contract in Vietnam (and the vendor’s first in South East Asia) – signed in 2013 – is with Vietnam International Bank […]
India-based Shubham Housing Development Finance Company has implemented Nucleus Software’s FinnOne Neo, a loan lifecycle management solution in the cloud. Nucleus says Shubham is one of the first dedicated housing finance companies in India to set up their lending platform on cloud infrastructure. Ajay Oak, chief operating officer of Shubham, says Nucleus was chosen “because […]
Dakota Plains Credit Union has replaced its existing system with an integrated technology suite from Fiserv, including XP2 for core account processing. The North Dakota-based credit union will also use Fiserv’s Virtual Branch for online banking, Mobiliti for mobile banking, CheckFree RXP for electronic payments, Statement Advantage for statements and e-statements, Wisdom for comprehensive accounting […]
John Davies, CEO of The Just Loans Group, an alternative lender to UK businesses, argues that rather than being disruptive, fintech is enabling a return to how business banking used to be: a business would have a dedicated account manager who was genuinely interested in a customer’s business and had the time to give it guidance. Clever […]
Oklahoma-based Encentus Federal Credit Union has chosen Fiserv’s Portico core account processing platform for digital banking and lending services. The credit union is migrating from its current providers to Fiserv; and Misty Potter, president and CEO, Encentus, says Fiserv “will empower our credit union with the progressive and innovative technology to drive a more rewarding […]
As first reported by Banking Technology in early May, Phoebus Software has gained a new customer – UK challenger bank Atom. The five-year deal will see Phoebus’ lending software supporting Atom’s secured business lending and account servicing for Atom’s residential lending. The new platform will be used by the bank’s team to originate loans for […]
Jobs will go as Lending Club reorganises its top brass and looks to rebuild investor confidence following the untimely resignation of former chairman and CEO Renaud Laplanche. Laplanche resigned in May following an internal review of sales of $22 million in near-prime loans to a “single investor”, in contravention of the investor’s express instructions, according […]
BookingBug says Yorkshire Building Society (YBS) has become “the first truly omnichannel mortgage provider” with its new system that enables booking appointments in branch, online, mobile and call centres. UK-based BookingBug specialises in appointment scheduling and event management software. The new system has centralised data across 3,000 staff in 200 branches at YBS, and cut […]
Oracle has launched its cloud-based Oracle Banking Collections tool – offering lenders a look at debtors’ total financial pictures and features. The firm says each year financial institutions (FIs) “waste millions of dollars attempting to solve their debt collection problem with the age-old tactic of throwing third party debt collection agents who may use decades-old […]
This nifty infographics, courtesy of MBNA, is a whistle-stop tour of credit wonder and woe over the last 4,000 years – from ancient Babylon to modern Britain – and what people had to do to get a little credit.
Commerzbank says it’s the first major bank in Germany to develop this type of digital financing marketplace. Main Funders is aimed at SMEs. Main Funders enables clients of Commerzbank’s Mittelstandsbank (MSB) business division (which caters for SMEs) to present concrete investment projects to potential investors and secure financing. The financing volumes are between €200,000 and […]
A savings and credit co-operative society (Sacco) in Kenya, Puan Sacco Society, has issued an RFP for new banking solutions. The Sacco is looking for core banking, SMS banking and mobile lending software, and a payroll management system. Provision of point-to-point connectivity services and office internet services, plus hardware maintenance are also included in the […]
India’s government has given the green light to the State Bank of India (SBI) to merge with its five associate banks. SBI is already among the largest an India and a sizeable international player, with the total assets of $400 billion and a network of 16,500+ branches (including over 190 international locations across 36 countries). […]
Israel-based specialist vendor ThetaRay has implemented its Advanced Analytics Solution at ING Netherlands for fraud detection. The vendor says that combining its tech with ING’s standing risk engine will enable the bank to detect new instances of SME lending fraud hidden within massive amounts of transactional and organisational data – in real-time and with industry-low false […]
The banks know they need to do better for their millions of UK customers, but the pressing question is how? One answer is to form partnerships with some of the fintech companies that are now gathering momentum as powerful players in the market. Can these potential competitors be the banks new best friends? Jurgen Hutter, […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! ECB goes to tender for new treasury management system After many years it’s time for a change. Microsoft unveils blockchain-based identity system Inspired by the United Nations’ ID2020 Summit on Identity. Student Loans Company puts IT contract with […]
Nucleus Software has released its mobile loan self-sourcing solution – mApply – for the Australian market. The firm says mApply helps banks digitise their loan origination lifecycle. Customers and mortgage brokers can view pre-approved loan offers from a bank, select the best offer and submit a paperless loan application “within minutes” and “without any need […]
UK-based HPD Software has launched Aquarius Construction Finance aimed at lenders who fund construction sub-contractors. The company is targeting its module at finance providers who want to enter or expand into the construction sector, which it says is “traditionally a ‘no-go zone’ for commercial lenders”. Kevin Day, COO at HPD Software, says: “The construction sector […]
India-based IT heavyweight Tech Mahindra is spending £112 million on Target Group, a UK-based business process outsourcing (BPO) and software vendor. Target focuses on the lending, investment and insurance sectors, claiming around 50 financial institutions in the UK as customers. Among them are Yorkshire Building Society, Shawbrook Bank, Central Trust and Masthaven. It also works […]
Student Loans Company (SLC), a large government-owned lender in the UK, is believed to have halted its IT renovation project as it puts the contract with the supplier under review. SLC embarked on this massive project in early 2014 – awarding the contract to HCL. HCL bid jointly with Deloitte and Misys. HCL would be […]
Ipreo, a fintech firm headquartered in New York, and Misys have signed an agreement to integrate Debtdomain and Misys FusionBanking LoanIQ for syndicated loan arrangers and agents. Mutual clients of Debtdomain and FusionBanking LoanIQ have previously integrated the products, but this deal will be the “first” that is jointly developed and supported by both Ipreo […]
Advanced Payment Solutions (trading as APS Financial) has secured a credit licence from the UK’s Financial Conduct Authority (FCA). This development allows APS to carry out consumer credit lending (including high-cost short-term credit lending) to its customer base of micro SMEs, sole traders and consumers. Rich Wagner, CEO and founder, APS Financial, says: “This credit […]
Italy’s Banca Popolare di Sondrio and Helpline have implemented NICE’s Robotic Automation solutions for loan approvals and credit card fraud prevention. Banca Popolare di Sondrio, which has 350 branches across the country, decided to implement NICE Robotics to speed up its online loan and credit approvals process. As a result, NICE says average handle time […]
