Efforts by three different parties to defend the CFPB were thwarted Feb. 2 when a federal appeals court denied the motions to submit briefs on behalf of the CFPB in PHH Corp., et al.v. Consumer Financial Protection Bureau.
Clearstream Banking Frankfurt and LuxCSD have migrated to the European Central Bank’s (ECB) Target2-Securities (T2S) platform. “The first business day is already in process and runs smoothly,” Clearstream states.
The Depository Trust and Clearing Corporation (DTCC) has agreed to sell its Clarient Global and Avox businesses to Thomson Reuters.
Mirae Asset Securities, a subsidiary of Asia’s Mirae Asset Financial Group, has selected FIS as its technology partner to launch prime brokerage, global securities lending, repo, delta one and correspondent clearing businesses in the US.
Fintech zeitgeist! Welcome to the third in a new series of brief reports. 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 we welcome the views of guest writer Soumik Roy on India’s latest budget and its implications for e-payments and digital economy.
United Nations, together with 19 banks and investors worldwide, have launched “a global framework aimed at channelling the money they manage towards clean, low carbon and inclusive projects”. The framework – The Principles for Positive Impact Finance – is a first of its kind set of criteria for investments to be considered sustainable, says the UN.
Sweden-based payments provider Klarna has acquired a fellow payments company in Germany, BillPay. The deal is understood to be worth £60 million.
BankMobile, a mobile-only bank launched by Customers Bancorp two years ago, is expected to be sold this quarter, according to Customers’ president and CEO, Jay Sidhu.
Game-changing innovations, paradigm shift and synergy… Buzzwords no more! The Rainmaking Summit tapped a frustration with the kind of language that obfuscates more than it clarifies, initiatives that pay lip service to innovation while skirting around the edges, and the cultural, organisational, and technological blockers to change that define many large corporates.
Turkey’s banking group, Ziraat, is to modernise core banking software at its London branch, Banking Technology understands. The new solution will be supplied by Misys.
Barclays is embarking on a major back office operations overhaul, with the creation of a standalone company, Barclays Services.
Synergy Research has released its latest findings for the global cloud computing market, painting a worrying picture for any challengers looking to cash in on the craze.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
BBVA Compass has unveiled a “goodwill impairment” charge of $60 million in its latest financial results, attributed to its direct banking service subsidiary, Simple. BBVA bought Simple in 2014 for $117 million. It has since written down $89.4 million.
Swiss online bank Swissquote has developed a virtual reality (VR) trading application that enables users make trades with a glance. The VR headset creates a 360° trading wall for users to monitor the markets.
SIX Payment Services brings to market PayLife 0100, Austria’s first mobile credit card.
Canada-based St Stanislaus-St Casimir’s Polish Parishes Credit Union (Polcu) will move to a new core banking platform, Universa, supplied by local banking tech vendor Smartsolution.
Switzerland’s Federal Council has issued a consultation paper on amendments required to its Banking Act and Banking Ordinance, to create an environment that helps fintech start-ups thrive in the country.
Scotiabank has updated the market on how it has adopted the digital technology so far and how it plans to become a “digital leader” in its five key markets.
Citi’s institutional e-banking platform, CitiDirect BE, will now use MobilePASS which lets corporate users replace their physical login tokens with their personal mobile devices for authentication.
The New Zealand Tech Industry Association (NZTech) is launching a new working group, FinTechNZ, which will focus on financial innovation and technology. This working group will be inaugurated in Christchurch, Wellington and Auckland next week.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
For those disappointed that President Trump’s regulatory relief executive orders wouldn’t extend to prepaid providers—and others covered under the CFPB’s final prepaid accounts rule—Sen. David Perdue (R-Ga.) may be coming to the rescue. On Feb. 1, Sen. Perdue, along with six co-sponsors, introduced joint resolution 19 that provides “congressional disapproval” for the rule, and which says that “such rule shall have no force or effect.”
The CFPB is “putting the prepaid industry on notice that companies will face the consequences if consumers are denied access to their money or to the services they pay for and on which they have the right to depend.” In its first enforcement action against prepaid providers, the bureau on Feb. 1 announced that UniRush and Mastercard will pay a combined $13 million for a 2015 service disruption that left cardholders without access to their funds.
The UK Competition and Markets Authority (CMA) says its banking “final order” is giving people greater control over their money and reckons the open banking revolution is getting closer. As Banking Technology reported in August, the CMA unveiled its plans to make banks “work harder for customers” and ensure the “benefits of new technology are […]
Barclaycard is partnering with VocaLink to enable its merchants to accept mobile payments through the Pay by Bank app. The app, created by VocaLink’s payment innovation team Zapp, will enable shoppers to pay for goods and services on a mobile device, without the need to enter credit or debit card details, according to Paybefore sister publication Banking Technology.
Amid India’s recent boom in m-wallet transaction volume following a government discontinuation of two popular currency notes, the government now is considering developing an insurance framework for mobile wallet and electronic transactions. Government officials from the IT Ministry already have begun discussions with m-wallet providers and insurance companies on how to insure money in the wallet apps, according to The Financial Express.
British and American governments, businesses, and others have formed P20 – a group of “influential leaders” and the “first” Transatlantic payments initiative of its kind. Its inaugural meeting is to be held in autumn 2017 in London, where 20 people in the payments industry, and US/UK government officials and regulators will meet. It will rotate […]
Irish Funds is working with Deloitte and others to develop a blockchain proof of concept (PoC) for regulatory reporting. The project will focus on the Resident Investment Fund Returns (Money Market and Investment Funds Returns Reporting – MMIF) regulation and will use blockchain and smart contract technology to create a platform for regulatory reporting accessible […]
The future of commercial banking may well lie in being “curators”, according to Australia and New Zealand-based banking group, ANZ. In an interview with the Australian Financial Review, Mark Hand, managing director, corporate and commercial banking at ANZ says commercial bankers will “morph into ‘curators’ for their business clients by linking customers with reputable, external […]
India Post Payments Bank (IPPB) has launched and is rolling out pilot services in Raipur and Ranchi. IPPB is the third payments bank to be authorised in India, and follows on the heels of Paytm (launched last year) and Airtel (opened for business this year). IPPB’s chief executive officer, A P Singh, says: “The idea […]
Barclaycard is partnering with VocaLink to enable its merchants to accept mobile payments through Pay by Bank app. Pay by Bank app, created by VocaLink’s payment innovation team Zapp, will allow shoppers to pay for goods and services on a mobile device, without the need to enter credit or debit card details. Rajiv Garodia, managing […]
The Wall Street Blockchain Alliance (WSBA), a US-based non-profit trade organisation, has set up a new working group – the Blockchain Assets Working Group (BAWG). It will focus on “native assets riding upon public blockchains, such as Bitcoin, Ethereum, Zcash, and more”, WSBA explains.
US-based personal finance firm SoFi (Social Finance) has acquired mobile banking start-up Zenbanx as it looks to stretch out in the world of financial services. SoFi is paying about $100 million in stock for Zenbanx’s technology, according to Bloomberg and “a person familiar with the agreement”. Zenbanx offers a mobile account in the US and […]
Turkey’s largest bank Isbank has launched a new P2P money transfer service, called “social account”, available for the “first time” in the republic. The launch quickly follows on from the release of its new app, IsCep, to allow “for the first time” banking and stock exchange transactions through one application with real-time data. With the […]
Canada-based Equitable Bank is implementing Wolters Kluwer’s OneSumX regulatory reporting solution.
The world moves fast, so you need a fast read. A round-up of key events to save you time. PayCommerce, an open cross-border payments network, has completed its real-time, cross-border payment, clearing and settlement testing. It is the first phase of its multi-country global roll out strategy and was done between the US and India. […]
The dynamic and successful world of UK fintech has left the British public shocked as they’ve become numbed to shoddy customer service, invisible trains and useless politicians. Banking Technology took to the litter-strewn and phlegm-coated streets of London to inform the citizens about the nation’s start-ups, innovation, energy and can-do attitude. And to gauge the […]
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).
California based technology companies Varo Money and Envestnet | Yodlee have teamed up to drive fintech innovation. Varo Money, a mobile-only banking start-up hopes to leverage Envestnet | Yodlee’s data analytics and aggregation platform to provide customers with a more customised mobile banking experience, and better insights into their financial well-being.
