Malta’s Izola Bank has chosen Munich-based Finex Solutions to overhaul its digital banking services for retail and corporate customers. The bank will use the Finex Excellence Digital Banking solution, which supports internet, tablet and mobile banking. Andrew Mifsud, CEO of Izola Bank, says it has already “successfully implemented a mobile token solution provided by Finex” […]
Norway-based banking software provider Evry has signed a new five-year agreement with a domestic banking group, Fana Sparebank, to modernise its core banking and payments tech.
Australia’s ME Bank has signed a five-year deal with tech consultancy firm Capgemini to manage its core banking functions. ME Bank says it will still look after the design and security elements of the Temenos’ T24 core banking system, while Capgemini will provide a managed service for its infrastructure. In an interview with the Australian […]
Virgin Money plans to launch a digital bank – VMDB – and is now recruiting for a head of customer experience. As Banking Technology reported in November, 10x Future Technologies, the start-up founded by former Barclays CEO Antony Jenkins, is building a digital core banking platform for Virgin Money. The latter also signed a long-term […]
A group of senior executives in India’s digital sector are looking to create a group of chief digital officers (CDOs) or equivalent in the country.
Centenary Bank in Uganda has gone live with a new core banking platform, Profits, supplied by Intrasoft International.
State Bank of India (SBI) is working on its own digital bank – SBI Digi Bank – which it plans to launch in the next three to six months.
Strategic, credit, operational and compliance risks remain “top concerns” for the financial services industry in the US, according to the latest report by the Office of the Comptroller of the Currency (OCC).
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! The first weekly news round-up of 2017. Happy 2017! Let it be a year of discovery and success.
President-elect Donald Trump will nominate Jay Clayton to head the Securities and Exchange Commission (SEC). A partner with law firm Sullivan & Cromwell specializing in mergers and securities offerings, Clayton has advised on many major investment banking deals, including the record-breaking IPO of Chinese e-commerce giant Alibaba in 2014.
Bitcoin, which has long nursed an outlaw persona, seems to be transforming into a yuppie. In the latest sign that the digital currency is moving into the mainstream, iPayYou, a U.S.-based bitcoin platform, said its technology now will enable coffee and food purchases at Starbucks, a chain typically associated with middle- and upper-class urban and suburban lifestyles.
The federal government wants the public’s help in securing the Internet of Things, an invitation backed by a $25,000 top prize and which comes amid concerns that 2017 will bring a large-scale breach in the emerging Web-connected infrastructure.
The Shanghai Prepaid Card Association is warning consumers about buying prepaid cards from certain merchants because of “malpractice in managing their prepaid card schemes,” according to an announcement on Shanghai’s municipal Website.
S&P Global is selling trading solutions provider QuantHouse to one of its original founders, Pierre Feligioni. “The time is right for QuantHouse to regain focus and flexibility to exploit growing market opportunities in North America, Europe and Asia,” Feligioni states.
Idea Bank in Poland has launched “the world’s first pay-as-you-drive” car loan model – Happy Miles – with the payments calculated according to the travelled distance. A GPS device installed in the vehicle automatically sends the information about the distance covered to the lender.
Moldova Agroindbank (MAIB), a universal bank in Moldova, has completed a major upgrade of its core software. The bank, a long-standing customer of Temenos, has moved from T24 R08 to R15.
For some people in the world of fintech, they find comfort in the language of jargon. Pity these poor souls! Lost, confused and unable to communicate clearly and normally. Here are our top five jargon winners of 2016. You can avoid being on this list next year – just use English! CIBC ends phase one […]
MVB Bank, a $1.4 billion community bank in West Virginia, has signed for a new core banking system, Jack Henry’s Silverlake.
Pakistan-based Samba Bank Limited, a subsidiary of Saudi Arabia’s Samba Financial Group, has gone live with new core banking software, Temenos’ T24 (R15).
Infosys’ flagship core banking offering, Finacle, is live at Sunrise Bank in Nepal. Finacle ousted Temenos’ T24 core banking system (installed at the bank six or so years ago).
The Competition and Markets Authority (CMA) has found that Mastercard’s acquisition of VocaLink gives rise to competition concerns.
The CFPB’s emphasis on fee disclosures and marketing practices was highlighted in a major way this week, as the bureau levied a $23.1 million enforcement action against credit reporting agencies Equifax and TransUnion over allegedly misstating the cost and usefulness of their products and “luring” customers into recurring payments. Although targeted at credit bureaus, the enforcement action offers key takeaways for payments providers shaping their own compliance efforts to stay out of the CFPB’s cross hairs, according to industry observers.
The U.K. Competition and Markets Authority (CMA) is worried that Mastercard’s billion-dollar deal to acquire VocaLink could hinder competition, and the CMA is giving the two companies until Jan. 11 to address a concern or face an “in-depth investigation,” according to the authority.
The financial services arm of car manufacturer Volkswagen Group has bought parking payments firm PayByPhone, a deal that underscores the appeal of mobile payments and bolsters the automotive company’s presence in the parking transactions space.
India-based Paytm is growing up fast. The online commerce platform, which launched its mobile wallet in 2014, has received permission from the Reserve Bank of India to operate a digital bank. The move comes as digital transaction rates in India—where the country’s popular 500 (US$7) and 1,000 (US$15) rupee notes were recently taken out of circulation—have increased as much as 1,000 percent since early November.
Nigeria-based Keystone Bank has selected the FraudGuardian solution from NetGuardians for protection from online banking fraud.
Turicum Private Bank in Gibraltar is live with new core banking software, Temenos’ T24. The system is delivered on Microsoft Azure cloud.
TBI Bank is implementing Provenir Cloud “for rapid risk decision-making and streamlined processing of customer applications”.
Look back at some of the top-read feature articles on all matters fintech published by Banking Technology in 2016.
Monese, a mobile-only bank founded by Norris Koppel, an Estonian expat in London, has raised $10 million in Series A funding round as it looks to go pan-European.
Prepaid cards accounted for 9.9 billion transactions and $270 billion in spending volume in the U.S. in 2015—an increase of $600 million since 2012—but prepaid growth is slowing as the products become more mainstream, according to a study from the Federal Reserve.
China has made it loud and clear it intends to position itself as a global fintech leader. A group of state and privately held companies launched a $1.44 billion investment fund called the Asia FinTech Merger and Acquisition Fund of Funds (Asia FinTech FoF). The fund will focus on fintech mergers and acquisitions, and “nurture” initiatives in the fintech industry, according to a Dec. 28 announcement by Credit China FinTech Holdings Ltd., which led the investment.
Complaints about prepaid products dropped 59 percent from September through November in 2016 compared with the same period the previous year, according to the latest CFPB Monthly Complaint Report. That drop, to 183 complaints on average per month, represents the largest percentage decrease in complaints among all the products tracked by the federal agency, and comes as the CFPB in its new report focuses on debt collection.
To kick off 2017, we asked industry leaders to tell us what happened in 2016 that will most affect their businesses and where they will be investing in 2017 and why.
ICICI Bank goes for Twitter, while HDFC Bank banks on Facebook Messenger.
Bank Clearly, a new digital banking service, is being set up in the UAE. Clearly will offer account opening “in seconds, completely online”.
SIX Payment Services says it has completed the enterprise-wide upgrade of payment terminals of Swiss Post four months ahead of schedule. The new “smart” payment terminals – Ingenico’s iSC250 – are “particularly good” and “among the most innovative ones on the market”, SIX says.
Libya-based Sahara Bank has gone live with new core banking software, Temenos’ T24 (R14). The project was carried out by Pakistan-based National Data Consultants (NDC), Temenos’ regional partner.
A Ukrainian fintech start-up, Attic Lab, has signed a deal with a local bank, Alpari Bank, to implement blockchain-based banking system SmartMoney.
St George Bank, Sydney-based subsidiary of Westpac, has finally gone live with new core banking software, CSC’s Celeriti. The project has been underway since 2010.
