Two federal credit unions in the US, People First in Pennsylvania and Greater Alliance in New Jersey, have converted to new core processing software. Both are now live on the Keystone platform supplied by domestic vendor Corelation.
Hong Kong Exchanges and Clearing (HKEX) has chosen Nasdaq to upgrade the technological infrastructure of Hong Kong’s main derivatives market, including trading, clearing and real-time risk management technologies. The agreement also extends the existing relationship for an additional five years. HKEX and Nasdaq have been technology partners since 1994. Under the new agreement, Nasdaq will […]
The Central Bank of Iceland (CBI) has chosen Italian firm SIA to implement and support a new real-time gross settlement system (RTGS) and new instant payment platform. These technology infrastructures developed by SIA, are planned to go live in 2018, and will replace CBI’s current mainframe-based real-time solutions for high and low-value payment systems, which […]
The U.K.’s Competition and Markets Authority gave its blessing April 11, enabling Mastercard to complete its acquisition of 92.4 percent of VocaLink Holdings for $920 million. The deal, which is expected to close within weeks, gives Mastercard control of a large portion of the U.K. transaction processing market.
White-label digital banking services provider Urban FT is joining forces with Sunrise Banks.
No doubt banking on the value consumers will place on integrating online coupons into the purchasing experience, payments provider Harland Clarke has agreed to purchase merchant offers marketplace RetailMeNot Inc., in a deal valued at around $630 million.
Fintech entrepreneurs still have a few weeks left to win financial backing from two big players in the payment space. The Center for Financial Services Innovation (CFSI) and JPMorgan Chase’s Financial Solutions Lab (FinLab) plan to award $250,000 to programs that help consumers build financial health, “with a special focus on those communities that are frequently underserved, such as older Americans, communities of color, people with disabilities and products that address the gender wealth gap.”
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 […]
As fintech regulators across the world begin to set up their own sandboxes, with different models and standards, the UK’s Financial Conduct Authority says a “Wild West” version could emerge. But hang on folks, we got a new sheriff in town. Speaking at the Innovate Finance Global Summit in London, Christopher Woolard, executive director of […]
Make the most of your limited time with this brief blockchain and Bitcoin round-up. Featuring Commercial Bank of Qatar, Russia, Waves Platform, and a farmer. The Commercial Bank of Qatar has completed an initial pilot phase using the “first ever” blockchain network to process international transfers in partnership with ABank in Turkey, National Bank of […]
US-based Silicon Valley Bank (SVB) and First Data are calling on US start-ups to apply for their latest Commerce.Innovated accelerator programme. The four-month virtual programme provides participants with operational mentorship from the pair’s respective networks. Reetika Grewal, head of SVB’s payments strategy and solutions group, says its “small class size allows us to work closely […]
Visa has expanded its Everywhere Initiative innovation programme into Europe as it looks for the “next big thing” in payments. Entrants in Visa’s first-ever European Everywhere Initiative can win up to €50,000 to support a development programme with Visa, or through business partnership with Visa’s clients, and potentially have access to Visa APIs, mentors and […]
QxBranch, the quantum computing and data analytics software company, has created a quantum computing simulator for the Commonwealth Bank of Australia (CBA).
Financial consultancy firm DeVere Group has launched an app-only e-money service as it pushes deeper into the banking and fintech sector. As Banking Technology reported last month, the group took advantage of Lithuania’s ambitions to attract fintech firms and set up a new office in the capital Vilnius. This was preceded by the unveiling of […]
Mastercard has welcomed five new start-ups to its Start Path Global programme – its initiative to boost its share of the commerce market. The programme is open to all start-ups who focus on banking and payments and have raised a “significant seed” or Series A round of investment. Three out of the five firms joining […]
Across the world, branches are disappearing or even getting smaller, but Alawwal Bank, with the help of financial services IT consultancy Synechron, has opened a new digital branch in Saudi Arabia in the form of a coffee shop. The Ibda café is located in the Nakheel mall in Riyadh. The bank says customers can open […]
The CFPB accepted comments on its proposed delay of the effective date for its final rule on prepaid accounts through April 5. Rep. Scott Tipton (R-Colo.) likes the idea of a delay so much, he’s proposing giving the industry even more time.
The UK’s Financial Conduct Authority (FCA) is calling for feedback on the potential for future development of distributed ledger technology (DLT) / blockchain in the markets it regulates. It says it is “particularly interested to explore where the balance of risk and opportunities may lie” for DLT and wants to boost innovation that advances it […]
UK challenger bank Starling has unveiled its developer portal to enable third parties to access customer data and build on top of its platform using APIs. As Banking Technology previously reported, Starling launched its mobile app and is welcoming the first customers through its digital doors to join a beta testing programme. It also recently […]
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 […]
From his current role as senior vice president of mobile innovations at Digiliti Money (formerly Cachet Financial Solutions), Walt Granville has the perfect vantage point to see the transformative power of mobile for prepaid programs. Find out more from the former pro runner, including which apps are on his must-list, where he sees prepaid in five years and the trend he’s watching most in 2017.
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 deputy editor Antony Peyton briefly reflects on last week’s visit to Morocco for HPS Worldwide’s PowerCARD Users Meeting 2017. At […]
A secret recording that implicates the Bank of England (BoE) in Libor rigging has been uncovered by the current affairs programme, BBC Panorama. Libor (London Interbank Offered Rate) is used by banks to set prices of financial products. Last year, several ex-Barclays workers were found guilty of manipulating the Libor interest rate between 2005 and […]
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 […]
Morocco-based payments firm HPS Worldwide is setting its sights on growth through the use of APIs and extensive collaboration with start-ups. At its PowerCARD Users Meeting 2017, held 5-7 April, in the lively city of Marrakesh – about 400 people from over 50 countries listened to presentations from the company and its partners. The message […]
Bank for Development and Foreign Economic Affairs – VEB – a state-owned development bank in Russia, has selected a new core banking system. The contract was awarded to Diasoft, one of Russia’s biggest core banking software providers.
Fintech vendor Naqoda has launched its new development, Naqoda Core Banking Platform, which is “set to compete with new start-ups and legacy vendors alike”.
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.
UBS is selling its risk and performance analytics service, UBS Delta, to StatPro Group, a provider of cloud-based portfolio analysis and asset pricing services for the global asset management industry.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Payments companies are used to defending themselves against fraud from all sorts of angles, but they would do well to mind the phones. By 2020, 75 percent of omni-channel, customer-facing companies will face a targeted attack, with the contact center as the primary point of compromise, according to Gartner research.
WeChat is on the move again. The China-based social messaging and mobile wallet platform plans to expand its presence in Europe and the U.S., efforts that could bring it better relationships with advertisers, brands and payment providers.
Facing increased competition from mobile P2P services, money transfer giant Western Union has made a move to bolster its own mobile offerings. U.S.-based users of Western Union’s mobile app now can use Apple Pay to send money from within the app domestically, or to more than 200 countries and territories.
The agreement between Alipay and UniCredit has now entered the operational stage. Technological infrastructure for this has been provided by SIA.
Anwar Tameez has joined The Bancorp as managing director, head of operations.
Cachet Financial Solutions is working with Central Bank of Kansas City (CBKC) to bring mobile-optimised prepaid programmes to community banks. The two companies have also teamed with Rebar Interactive to provide Select Mobile Money-Express, a platform that includes a Mastercard-branded prepaid card.
Spain-based financial services group BBVA has officially joined Hyperledger, a global coalition working to advance blockchain technologies in various corporate sectors.
Mobile money and remote deposit capture specialist Cachet Financial Solutions Inc. has changed its name change to Digiliti Money Inc.
Edge Consultancy has hired Ray Seefeldt to lead its e-security and risk management practices.
Mastercard has appointed Sandy Arkell as executive vice president, corporate controller and principal accounting officer, effective May 5.
