The shift from analogues to digital – according to Michael Meyer, Middlegame Ventures, during a regtech discussion at Money20/20 Europe – a major European bank he spoke with files over 50,000 pages as part of its quarterley regulatory reporting.
The interest from the fintech community in APIs burns brighter than a thousand suns, but where will this technology and the spirit of open banking take us?
The CFPB receives more than 20,000 complaints every month, according to Director Richard Cordray, and the bureau’s latest installment of its Monthly Complaint Report highlights consumer complaints at the state level. As of June 1, the CFPB has received more than 1.2 million complaints across the country since it began accepting them in 2011. The top three states with the most complaints are California, Florida and Texas with 159,158, 111,559 and 93,472 complaints, respectively.
Banking Technology is on the lookout for all the best FinTech projects of the year! Recognising excellence, innovation and the use of IT in banking and financial services, the Banking Technology Awards will be taking place on 13 December in London. Think your achievements deserve a special recognition? Or know projects that do? Nominate today […]
Bank of America is rolling out Oracle’s cloud-based ERP system and financial applications for its international general ledger and broker-dealer systems.
Baxter Credit Union (BCU) is launching a network of unmanned, video-only branches this year, and will be using Vidyo’s cloud-based video collaboration technology.
The CFPB on June 27 filed two complaints and proposed final judgments in federal court against four California-based credit repair companies and three individuals for “misleading consumers and charging illegal fees.”
Verizon’s venture capitalist arm has started throwing its weight around the security arena, pumping cash into artificial intelligence (AI) start-up SparkCognition.
SnoCope CU, a small credit union in the US state of Washington, is revamping its core processing technology with CUProdigy. The new cloud-based platform will replace Fiserv’s Galaxy solution.
What is the future of banking? Is it a giant menu from which customers (individuals and businesses) choose who is to provide what contingent upon well-informed choice and best value. Or is it a model where banks still rule from the centre, providing customers the simplicity of a range of products through a single provider. Putting aside whether or not this highly competitive state is possible, which is the future direction of banking?
On June 26, artificial intelligence captured the imagination of some at Money20/20 in Copenhagen. But during the June 27 sessions on the second day, it was like I had stepped back in time to November 2016, reported Deputy Editor Antony Peyton. Last year, at the Payments International conference in London, PSD2 left some in the payments industry confused as to where the risks and opportunities lie.
Visa is investing in Klarna, a Swedish payments and banking firm, and the two firms intend “to develop a future strategic partnership”.
Retail payments have taken another step into the future. Payment processor Payscout has launched a virtual reality system that employs Visa Checkout and enables consumers to examine products before ordering them for delivery to shoppers’ homes.
Cross-border payments and receivables specialist Flywire has added PayPal to its platform as a funding option, enabling businesses, students and patients to fund cross-border payments via PayPal accounts. PayPal now is available as a payment method for Flywire users in the U.S., Canada, U.K. and European Union, Flywire said.
One-fourth of Americans say they have too much debt, with 96 percent of them reporting they are financially stressed, according to a survey by the Center for Financial Services Innovation to gauge Americans’ financial well-being. While those statistics are bleak, they should signal an opportunity for banks, credit unions, fintechs and other companies to provide products, services and guidance to improve consumers’ financial stability, according to Jennifer Tescher, founder and CEO of CFSI.
The second Payment Services Directive (PSD2) is creating more questions and issues than the answers it ultimately should offer.
UK-based digital bank Monese has expanded its current account service to 19 countries in Europe, enabling customers to open bank accounts and “bank like a local”, even if they are not a local resident.
Blockchain consortium R3 (which now describes itself as an “enterprise software firm”) and four of its member banks have created a prototype solution for issuance of euro commercial paper (ECP) on R3’s Corda distributed ledger technology (DLT) platform.
A group of seven large European banks, Digital Trade Chain Consortium, have turned to IBM to build and host a new trade finance platform, based on IBM Blockchain powered by Hyperledger Fabric.
Israel’s Bank Leumi has launched its new digital banking subsidiary, Pepper.
Wirecard AG has launched a new POS service that integrates self-learning technology to help retailers increase customer conversion, reduce attrition rates, predict future consumer behavior and link points of sale with e-commerce.
The U.K. needs more competition in its retail payments infrastructure. That’s the conclusion of a new report from the country’s Payment Systems Regulator.
Are trends eclectic for artificial intelligence (AI)? Perhaps not as the fintech world is getting more imaginative and calling for the machines to negotiate on behalf of less-than-objective humans. At this morning’s (26 June) sessions at Money20/20 in Copenhagen, the themes of AI use cases in financial services and fraud were discussed.
Poland-based mBank has started to license its mobile and online banking system to other financial institutions outside Poland. The first taker is La Banque Postale (LBP) in France. The implementation will be carried out with the help of Accenture, mBank’s “strategic partner”. Alice Holzman, director of digital at LBP and lead of the bank’s New […]
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Banking Technology’s editor Tanya Andreasyan looks at one bank that has managed to successfully converge its digital and “brick and mortar” journeys […]
Clark, a German insurance robo-advisor, has inked a deal with mobile bank N26. Clark says its Bancassurance-API will help customers of N26 “to better understand their current tariffs and improve their insurance situation”.
Norway’s Sparebanken Sogn Og Fjordane (SSF) Bank is modernising its digital banking tech with Backbase.
London-based challenger bank Starling has received a banking passport into Ireland. The bank says this is “its first step in its plans to provide services to European markets”.
Job-cutting spree continues at the Royal Bank of Scotland (RBS) – 443 jobs are to go from its business loans department. Many of these will be moved to India.
Venmo is planning to introduce a physical debit card to supplement its payments app.
Wealthsimple, a Canada-based online investment management service, is coming to the UK.
UK challenger bank Starling has launched a “Spending Insights” tool and an online community for its users – and it is setting out its future plans. Spending Insights is probably self-explanatory. It works in the app and the bank says it gives users ideas about where they can save money. It shows customers how much […]
The Financial Services Agency of Japan (JFSA) and Australian Securities and Investments Commission (ASIC) will work together to promote innovation in financial services in Japan and Australia. Both have completed a framework and they will share information and support the entry of fintech firms into each other’s markets. ASIC says this framework will “help open […]
India-based HDFC Bank has selected Silicon Valley start-up ZineOne to improve its digital banking offerings. The bank will deploy ZineOne’s Customer Interactions Hub (CIH), which will establish a single customer identity and “bring real-time, contextual, and omni-channel functionality” to interactions across businesses, applications and digital properties including web applications, mobile apps, digital wallets, website, kiosks […]
Banco de Mexico, the country’s central bank, is replacing its legacy risk management software with Finastra’s Fusionrisk.
For the third day in a row we present a fintech funding round-up. The previous two were here and here. Our latest report features Blockchain, Julia Computing and Mswipe Technologies. We’ll begin with a confusing company name. Blockchain (yes, really), a UK-based software platform, has raised a Series B of $40 million with Lakestar and […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Greater Wyoming Federal Credit Union has ditched its incumbent core software provider for Fiserv. The credit union has implemented Fiserv’s Portico core processing and digital banking system on a hosted basis.
The NBPCA’s Power of Prepaid Conference kicked off in Washington, D.C., on June 22, with discussion of the prepaid industry’s most pressing challenge, regulatory uncertainty. One of the highlights of the morning sessions, however, was the presentation of the third annual Terrence P. Maher Prepaid Influencer Award to Walt Henderson, director of EFT strategy division at the U.S. Department of Treasury. Henderson has managed the Treasury’s benefits disbursement prepaid program from its inception, overseeing substantial growth and consistently high customer satisfaction.
A new report indicates that retailers and brands have a powerful channel to distribute digital coupons and loyalty cards via mobile wallets: wallet users themselves. An analysis of Apple Wallet users by mobile engagement specialist Urban Airship found that every digital coupon or loyalty card a user installed on the wallet was shared to an average of 3.3 other mobile devices.
