Harrods Bank up for sale
UK-based high-end department store Harrods is to sell its banking business, Harrods Bank.
News
Piraeus Bank e-branches go Greece lightning
Piraeus Bank has launched three fully automated e-branches, across the region of Attiki – the first of their kind in Greece. Services on offer include a “remote cashier”, where customers can perform 90% of the transactions provided via a video call with a cashier; remote registration of internet banking through a phone service point; a […]
UK’s Financial Conduct Authority champions consumer
The UK’s Financial Conduct Authority (FCA) is calling for an end to consumer vulnerability and more access to financial services in its plans for 2017. In a speech today (18 April) by Andrew Bailey, chief executive of the FCA, the publication of its corporate documents and its role and goals were all outlined. Bailey says: […]
HSBC France revamps core banking software with SAB
HSBC France is in the process of replacing its legacy core banking system with SAB AT, provided by local vendor SAB.
Ant Wins MoneyGram Board Approval after Upping Bid to $1.2 Billion
China’s Ant Financial Services Group appears to have beat back a surprise challenge by Euronet Worldwide to acquire MoneyGram. After raising its offer for the money transfer giant by more than one-third, to $1.2 billion, Ant’s bid has earned the approval of MoneyGram’s board of directors. But the deal still must win regulatory and shareholder approval before Ant officially acquires MoneyGram and gains a massive foothold in the global remittance market.
Zelle Makes Presence Known in P2P Arena
The recent performance of Zelle Network, the P2P payments platform with the funny name, is no laughing matter for competing P2P providers. Early Warning Services, a provider of real-time payments, authentication and risk mitigation services, announced April 17 that its Zelle Network processed more than 170 million P2P payments in 2016, totaling $55 billion in transaction value.
Simple’s move to a new bank API leaves some customers stranded
Moving accounts to Simple’s parent bank’s API is not that simple.
Intesa Sanpaolo, EBA Clearing Complete Pan-European Instant Payment Test
Italy’s largest retail bank, Intesa Sanpaolo, and EBA Clearing have successfully completed their first user testing activities on financial technology provider Dovetail’s solution for EBA’s pan-European real-time payment platform.
Intesa Sanpaolo and EBA Clearing complete first pan-European instant payment test
Italy’s largest retail bank, Intesa Sanpaolo, and EBA Clearing have successfully completed their first user testing activities on Dovetail’s solution for EBA’s pan-European real-time payment platform. Among the institutions funding the new EBA infrastructure, Intesa Sanpaolo is the first one to connect to the test system. The new infrastructure will provide a real-time payment processing […]
Dubai International Financial Centre calls for fintech start-ups
Dubai International Financial Centre (DIFC) is seeking applications for its FinTech Hive at DIFC accelerator programme. The 12-week programme is designed to help early and growth-stage firms accelerate product and business development by gaining exposure to financial institution executives. Successful applicants will be offered the opportunity to develop, test and modify their innovations in collaboration […]
Silicon Valley Bank opens up throttle for API banking
US-based Silicon Valley Bank (SVB) has launched new APIs to let its clients programmatically open bank accounts, and send payments using a credit card network and via the automated clearing house (ACH) network. Dan Kimmerling, director, API banking at SVB, says its goal this year is to “develop a broad array of APIs” and wants […]
Lloyds says Hello to Microsoft Windows 10 biometrics
Lloyds is working with Microsoft to test biometric authentication for customers logging into their Lloyds, Halifax and Bank of Scotland internet banking sites. The three organisations will use Windows Hello to get access to Windows 10 devices using a fingerprint or facial recognition. Devices will recognise the user, “rather than having to remember an assortment […]
Ummah Finance to become first UK-based mobile Islamic bank
Ummah Finance aims to be “the first UK born Islamic bank solely set up and operating from London”, with a fully digital proposition.
Chart: fintech investment in 2016
Fintech investment fell in 2016 for the first time. On the bright side? Banks are becoming much more active in the space, putting money in 61% more start-ups.
Global Payments Launches Mobile Payments, Access Platform for Campuses
A year after diving into the campus card vertical with the $4.3 billion acquisition of Heartland Payment Systems, Atlanta-based technology provider Global Payments has unveiled its new TouchNet OneCard VIP service, which the company describes as a single point of access to campus life.
Google’s Android Pay Gets a Hand from Banks
Google is banking on mobile apps to boost its mobile wallet. The Android Pay parent has linked that service to a handful of banking apps, giving consumers the ability add their cards more quickly to the mobile wallet.
India Meal Vouchers Go Digital: Paytm, Zeta Launch Electronic Alternatives
Competition in the corporate meal voucher market in India is heating up as providers are launching alternatives to paper vouchers, which the Reserve Bank of India will no longer allow beyond 2017. Among them is online commerce platform Paytm and electronic payments provider Zeta.
State Bank of India in major trade finance tech overhaul with Misys
State Bank of India (SBI) has centralised its trade finance operations across 25 countries on Misys’ Fusionbanking Trade Innovation platform. Misys’ partner in India, Encore Theme Technologies, assisted with the implementation.
Southern Hills Community Bank and Ripley Federal Savings Bank to unite on COCC core banking tech
Two small banks in the US state of Ohio, Southern Hills Community Bank and Ripley Federal Savings Bank, are to merge. The consolidated entity (with the assets of $150 million) will outsource its core processing operations to Connecticut Online Computer Centre (COCC).
Top fintech stories this week – 14 April 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Mastercard gets approval to buy VocaLink for $920m Deal expected to close in coming weeks. Bank of England implicated in Libor rigging by secret recording Well, it was secret. FIS sheds Ambit Private Banking business FIS inherited it […]
Al-Ahli Bank of Kuwait swaps Misys’ Equation core banking system for Infosys Finacle
Al-Ahli Bank of Kuwait (ABK) has gone live with a new core banking system at its two branches in the UAE. The new platform is Finacle, supplied by Infosys’ product subsidiary EdgeVerve.
AI is the only option in the future of cyber security – Ericsson
The cybersecurity wars of the future will be fought by good artificial intelligence (AI) bots and bad ones, with the rest of us just watching to see who wins.
Savings get real with Starling Bank and Moneybox
UK challenger bank Starling has teamed up with Moneybox to give its customers access to a suite of saving and investing tools. Starling says it is the first digital challenger to join the list of banks supported by the Moneybox app for its “round ups” feature. The service will be available to Starling customers at […]
UK regulators call for PSD2 feedback
The UK’s Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) are calling for input on their approach to applying the second EU Payment Services Directive (PSD2). PSD2 is required to be in place in the UK by 13 January 2018, and the nation’s HM Treasury will transpose PSD2 into UK legislation in the Payment […]
Deputy editor replaced by robot
Banking Technology’s deputy editor, Antony Peyton, has been replaced by an artificial intelligence (AI) powered robot – paving the way for scintillating journalism free from acidic remarks and unfettered bouts of sarcasm. With the relentless rise of AI and robots, it was only a matter of time before a journalist would be thrown on the […]
More banks get mobile with Android Pay
Like an astute player of the Risk board game, Android Pay’s global expansion plans continue apace as it is working with several banks to let their customers add cards to its service from a mobile banking app. The latest banks include Bank of America, Bank of New Zealand, Discover, mBank and USAA. They follow on […]
Quash the queue with WoraPay’s Masterpass coup
We all love food and drink, and mobile service WoraPay has got in-sync and integrated Masterpass, the digital payment service from Mastercard. WoraPay’s service allows customers to buy food and drink, and pay in advance with their mobile. This means customers can order their morning coffee or tea (or whisky if you have a crappy […]
Aegon is Ohpen to savings and investment tech overhaul
Financial services provider Aegon is partnering with core banking engine provider Ohpen to develop a new platform for its Dutch services. The platform will be used for the administration and distribution of its savings, pension and investment products. The firms say they are merging their domain knowledge within pensions and technology. Aegon will plug into […]
Fintech boosts UK economy by £6.6bn
Oh UK fintech firms, you pretty things. The industry brings £6.6 billion to the nation’s economy, employs 61,000 people, and was showered with praise at the UK government’s inaugural International Fintech Conference in London. At yesterday’s event (12 April), Chancellor of the Exchequer Philip Hammond, like any smart politician, latched himself like a limpet onto […]
Coca-Cola Credit Union in front-to-back office tech revamp
Coca-Cola Credit Union in the US state of Georgia is modernising its online and mobile banking with Bankjoy, and its back office tech with Corelation.
The CFPB and Dodd-Frank Could Face another Congressional Threat
Congressional Republicans hoping to hobble the CFPB and unwind the law that supports it, the Dodd-Frank Act, have another tool at their disposal.
PayPal’s TIO Offer Wins Shareholder Approval
PayPal’s bid to acquire Vancouver-based bill payment specialist TIO Networks has been approved by TIO shareholders, who overwhelmingly voted in favor of the proposed sale at a special meeting this week.
SWIFT Strengthens Security with New Payment Controls
SWIFT has launched a real-time payment controls service to add to its customers’ existing fraud controls. The fraud and cybercrime prevention service permits its customers to screen their payment messages according to their own chosen parameters, “enabling them to immediately detect any unusual message flows before transmission,” according to an April 12 company announcement.
Swift calling time on cybercrime with new payment controls
Swift has unveiled a new real-time payment controls service to add to its customers’ existing fraud controls. The new fraud and cybercrime prevention service will enable its customers to screen their payment messages according to their own chosen parameters, “enabling them to immediately detect any unusual message flows before transmission”. Yawar Shah, chairman of Swift, […]
R3 and Acord launch DLT-ful insurtech centre
Consortium R3 has partnered with Acord (Association for Cooperative Operations Research and Development) to launch a virtual “centre of excellence” for distributed ledger technology (DLT) in the insurance industry. R3 counts a number of insurance companies amongst its member base, including MetLife, AIA and Suncorp Group, as well as other financial services members that have […]
TSB turns to First Data for bank portfolio services
First Data has been appointed by Sabis, the IT arm of Spanish banking group Sabadell, to provide processing and acquiring services across its subsidiary TSB. First Data will migrate TSB’s credit and debit card portfolio onto its FirstVision platform. Additionally, First Data will power TSB’s digital payments and provide merchant acquiring services for money and […]
TCS Bancs wins AU$13.6m core banking system contract with Reserve Bank of Australia
Reserve Bank of Australia (RBA), the country’s central bank, has made a decision to overhaul its core banking technology with TCS Financial Solutions’ Bancs system.
Contactless payments ramp up in 2017
Following the announcement WhatsApp will enter into the mobile payments arena, new estimates from Juniper Research claims Apple Pay contactless users will nearly double over 2017.
FIS sheds Ambit Private Banking core software business
FIS has sold its Swiss core banking software business, Ambit Private Banking, which it inherited with the acquisition of Sungard, to New Access Banking Software.
Standard Chartered supercharges two Asian start-ups
Standard Chartered has given a big boost to two Asian start-ups with two proof of concept (PoC) projects. Bambu, a Singapore-based robo-advisory for wealth management firm, and KYC Chain, a Hong Kong-based digital identity management firm using distributed ledger technology, were selected from SuperCharger FinTech Accelerator 2.0 – a 12-week accelerator programme in Hong Kong […]
