BNP Paribas Securities Services has teamed up with Calypso Technology to bring to market “a full, end-to-end post-trade services offering across asset classes” for investment banks.
First Oklahoma Federal Credit Union, the oldest credit union in the state, has embarked on a major tech overhaul. It will implement Fiserv’s Portico core processing system and a suite of digital solutions.
A Texas Republican under consideration to lead the CFPB met with President-elect Donald Trump last week, Trump Spokesman Sean Spicer confirmed on a Jan. 12 call with reporters, according to The Huffington Post. Former U.S. Rep. Randy Neugebauer, a long-time critic of the bureau and a proponent of repealing the Durbin Amendment and other aspects of Dodd-Frank, could please financial services providers, while putting retailers on edge.
Gift cards are very good for business, and getting better: 75 percent of U.S. consumers using the payment devices in 2016 spent more during their shopping trips than the value stored on those cards, according to a First Data study. That compares with 69 percent in 2015. The average extra spending stands at $27.74 more than the value of the card, the report said.
With last year’s Brexit decision casting uncertainty on U.K.-based e-money passporting, the Emerging Payments Association (EPA) has released a new report recommending the best options for U.K.-licensed fintech and financial services companies in danger of losing their European Union passporting rights following the U.K.’s exit from the EU.
Following the OCC’s plans for a special fintech bank charter, which has state regulators and a few Democratic senators up in arms, the National Economic Council (NEC) of the U.S., part of the Office of White House Policy, has published a whitepaper, “A Framework for Fintech,” reports Paybefore’s sister publication Banking Tech.
Business automation software vendor Automic Software has inked a deal with Temenos to make its Automic Workload Automation available on the Temenos MarketPlace store.
They said it. We read it. We edited. A round-up of the latest funding efforts in the fintech and payments space. Featuring Kasisto, BillGO, Gumption Labs and Fraugster.
RosEvroBank, a top-50 bank in Russia, has created a prototype of a blockchain-based system that enables remote verification of customers for other financial institutions. The decentralised system is built on the Microsoft’s Ethereum Consortium Blockchain infrastructure.
Munnypot, a new robo-advice and investment service in the UK, has fully launched with tech support from a number of partners.
The Institute for Development and Research in Banking Technology (IDRBT), set up by the Reserve Bank of India (RBI), has recently issued a whitepaper, “Applications of Blockchain Technology to Banking and Financial Sector in India”. We summarise the report and highlight the key findings.
Advent International and Bain Capital Private Equity have signed a definitive agreement to acquire Concardis, a German payment services provider currently owned by local banks. It is understood the price tag is around €700 million.
The National Economic Council (NEC) of the US, part of the Office of White House Policy, has published a whitepaper, “A Framework for Fintech”.
Fintech zeitgeist! Welcome to the first 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. Anything goes, so here goes. Rome versus Carthage. Britain versus France. History shows […]
According to the UK Cards Association, a trade body for the country’s card payments industry, a quarter of all card transactions are now made via contactless in the UK. 325 million purchases, altogether worth £2.9 billion, were made using contactless debit and credit cards in November 2016.
Seven European banks – Deutsche Bank, HSBC, Natixis, KBC, Rabobank, Société Générale and UniCredit – have agreed in principle to develop a blockchain-based shared platform for domestic and international commerce for SMEs.
BNP Paribas Wealth Management has unveiled its new Client Experience venture co-created with customers and fintech firms. The initiative focuses on digital solutions as the bank is keen to “create a new wealth management experience”.
No more texting or using messaging apps such as WhatsApp on company issued phones, Deutsche Bank tells its employees. According to a memo issued by COO Kim Hammonds and chief regulatory officer Sylvie Matherat, the functionality will be switched off this quarter.
India’s Yes Bank is inviting fintech start-ups to take part in its Yes Fintech Accelerator Programme. The application process is open until 2nd February 2017.
Target Group, a UK-based business process outsourcing (BPO) and software vendor, has purchased the operating business of Commercial First, a provider of commercial and residential mortgage servicing, due diligence and property valuations. Commercial First, also based in the UK, provides clients with services in the real estate lending market ranging from loan administration through to […]
A three-way alliance of legal firms is helping Europeans call out financial wrongdoing and benefit from US whistleblower laws. New York-based Meissner & Associates is collaborating with Stuttgart/Berlin-based Naegele and London-based Brahams Dutt Badrick French (BDBF) to create the new transatlantic initiative, the “first of its kind”. The plan is to help employees, suppliers and […]
Kansas-based banking software developer, Data Centre Inc (DCI), has signed a new client, The First National Bank in Falfurrias, Texas. Jack Henry’s Symitar division has completed a core conversion at Sun East Federal Credit Union in Pennsylvania.
In another example of glacial bureaucracy, a committee from the European Parliament has written a report which recommends a meeting about robots and artificial intelligence (AI).
Blockchain incubator Adel has unveiled its project framework for people to create a peer-to-peer (P2P) network in retail banking. The firm says it will work in the “same way as Airbnb and Uber revolutionised the hospitality and taxi industries”. “Anyone with a car can be a taxi. Anyone with accommodations can be a hotel. Anyone […]
LinkedIn founder Reid Hoffman is one of a host of investors bank-rolling a new initiative to develop ethics and governance standards for artificial intelligence (AI), reports Telecoms.com. The $27 million Ethics and Governance of Artificial Intelligence Fund, which also features Omidyar Network as a founder, will be built around not only engineers and corporations, but […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Airtel Payments Bank, India’s “first” payments bank, has started national operations with services now live across the country. As Banking Technology reported in July 2016, telecoms giant Airtel was planning its own bank. It says it is a “fully digital and paperless” bank, and from today (12 January), over 250,000 neighbourhood Airtel retail stores across […]
CSI Kick Start, a start-up incubator founded by Florida-based payments firm CSI GlobalVCard, has opened up its second annual application process for funding. The incubator is offering portfolio companies investments starting at $500,000, mentorship from an advisory board of industry experts, cross-selling opportunities and additional resources. It says its key areas of interest in B2B […]
Deloitte has launched a blockchain lab in New York’s Wall Street. 2017 could be its “make-or-break year” for blockchain, says Eric Piscini, principal with Deloitte Consulting. Joe Guastella, another principal with Deloitte Consulting, says its “ecosystem for education, ideation [we missed you jargon], strategy, application prototyping and development is there to support Deloitte’s clients and […]
HSBC will unveil a new payment app in Hong Kong in early 2017 aimed at millennials and offering a social aspect in addition to just payments. Called PayMe, it is “available to everyone in Hong Kong”, regardless which local bank the customer uses. However, the small print says it is only eligible to users with […]
The financial services authority (Otoritas Jasa Keuangan or OJK) of Indonesia has issued a new law affecting all fintech P2P lending firms in the country. The new law, applicable to all such business units operating in or intending to set-up in Indonesia, is aimed at protecting the consumer. The new law stipulates that such business […]
The bustling UK challenger bank scene has grown by another addition, ClearBank. It is a brainchild of Nick Ogden, founder and former CEO of WorldPay.
Go big or go home: Fifth Third on Wednesday (11 January) said that its customers can now use five major mobile wallet providers, with debit and credit card purchases via the recently added Android Pay and Microsoft Wallet, along with previous partners Apple Pay, Samsung Pay and Masterpass. The deal comes amid a heady time […]
Credit card surcharges came before the US Supreme Court on 10 January in a case that concerns how much freedom retailers have in telling consumers they are being charged extra for the payment method. Comments from justices suggested that the Supreme Court might send the case back to New York for further review, though it […]
The Japanese government is sending 55 SMEs and start-ups abroad as part of its new innovation programme. Called the Hiyaku Next Enterprise programme, it is part of the Silicon Valley-Japan Bridge Project, set up by the Ministry of Economy, Trade and Industry (METI). That project was announced by Prime Minister Shinzo Abe in April 2015 […]
BMW Group Financial Services (BMW FS) has selected UK-based fintech vendor Sword Apak to support the planned harmonisation of its European core operating systems. Called the Ideal Programme (integrated delivery of a European application landscape), it was launched in November 2016. It is designed to integrate three key modules: commercial finance, dealer front-end and the […]
Belgium is making overtures to London’s fintech scene as it looks a build a bridge between both communities. Innovate Finance, a UK-based fintech membership association, held talks today (11 January) in London with a delegation from Belgium’s digital finance community led by the Minister of Finance Johan Van Overtveldt. As part of this meeting, Overtveldt […]
Discover Financial Services and PayPal have signed an agreement making PayPal more widely available to Discover cardmembers, acquirers and merchants. The agreement provides PayPal with access to Discover’s tokenisation services, so PayPal customers in the US can pay with their Discover cards at all of the contactless-enabled merchants that accept Discover. As part of the […]
Discover and PayPal have reached a deal that will expand PayPal’s POS presence while making Discover a more visible payment option within the PayPal mobile wallet. Under terms of the pact, PayPal will gain access to Discover’s tokenization services, enabling U.S. PayPal customers to use their Discover cards within the PayPal wallet app to make contactless purchases at contactless-enabled merchants that accept Discover.
Credit card surcharges came before the U.S. Supreme Court on Jan. 10, in a case that concerns how much freedom retailers have in telling consumers they are being charged extra for the payment method. Comments from justices suggested that the Supreme Court might send the case back to New York for further review, though it was unclear when a decision would be announced, according to news reports.
