Vermilion Software, a UK-based supplier of client reporting and communications software, has been selected by active equity specialist Martin Currie. Edinburgh-based Martin Currie has chosen its client reporting suite and pitchbook facility as a means of “consolidating” its reporting and marketing materials. In addition to adopting Vermilion’s V4.0 reporting technology, Martin Currie has also purchased […]
The Consumer Financial Protection Bureau released a final rule Oct. 5 to correct “certain clerical and non-substantive” errors it found in Regulation E, which implements the Electronic Fund Transfer Act. The rule was published in the Federal Register Oct. 12 and the corrections take effect Nov. 14, 2016.
With the U.S. rollout of EMV making it harder for fraudsters to target merchant POS systems, thieves increasingly have set their sights on ATMs. But cash machines won’t be such an easy target for long, as the same technology that has increased POS security is steadily making its way to ATMs.
U.K banks don’t report all the cyber attacks directed at them, according to a Reuters report. The U.K.’s Financial Conduct Authority reports at least 75 cyber attacks against financial institutions this year, but the news agency quoted experts who said that total is likely underreported. That’s in part because British banks are not required to report every such attack.
Japan might remove its 8 percent sales tax on bitcoin and other virtual currency transactions, according to reports. The plan stems from the country’s Ministry of Finance and the Financial Services Agency, according to an Oct. 14 report in Japan Today. It said regulators intend to study the issue via a committee; among the questions is what constitutes a virtual currency.
BNP Paribas has selected Fidessa’s derivatives trading platform to underpin the bank’s futures and options agency trading business. The platform will support the workflow requirements across Europe, Asia-Pacific and North America. It will also provide BNP Paribas with a suite of specialised derivatives algorithms, including benchmark algos and advanced synthetic order types to normalise trading […]
Acorn Financial Partners (AFP) has submitted a banking licence application to the UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). On authorisation, AFP will be called Redwood Bank, a new UK-based SME challenger bank, and it anticipates receiving its licence early in 2017 and opening to customers later the same year. AFP’s majority […]
Commonwealth Bank of Australia (CBA) has signed for a “cloud-ready single platform” from its long-standing software supplier Misys to support its corporate banking operations outside Australia.
DZ Bank’s group treasury division has implemented its collateral management operations with the help of Sapient Global Markets. DZ Bank, Germany’s third largest bank by asset size, worked with Sapient to “optimise and automate the collateral allocation process”. This project began with a proof of concept, using anonymised production data, to create a system assessment […]
Provident Credit Union in California and MountainOne Bank in Massachusetts have gone live with new core banking software – PhoenixEFE from D+H Corporation.
UAE-based Islamic Finance House (IFH) has upgraded its core banking system to Temenos’ T24 R14 platform. IFH has been using T24 since its inception in 2004, and says the latest enhancement “has given way to resource optimisation, scalability management and shortened approval processes”.
Friday’s not the best for NatWest. Today (14 October), there have been some issues with its debit card payments and its customers are unable to make purchases. The bank says it is “aware of some issues” and is “working hard to fix them”. On Twitter, customers are either confused or venting their fury. We’re aware […]
Bitcoin wallet provider Blockchain.info has been the victim of a hack attack on its DNS servers. It experienced an outage for several hours while under attack, and Peter Smith, the CEO and co-founder, says its internal systems “alerted our infrastructure team who immediately began to assess the attack” but it “became clear the attackers gained […]
Alibaba has revealed a new payment service that lets virtual reality (VR) shoppers pay just by nodding their heads. Called VR Pay, it’s been developed by Ant Financial’s (Alibaba’s financial arm) incubator F Lab, and it’s another innovation in the lively and overcrowded payments arena. With the tech, shoppers (bovine at the best of times) […]
Validata, a specialist in enterprise software testing and release automation and Temenos’ partner, has announced a number of client wins and go-lives.
Goldman Sachs has unveiled Marcus, an online platform offering unsecured personal loans to consumers. Named after Marcus Goldman, one of the firm’s founders, the platform provides consumers with a way to “consolidate their high-interest credit card debt”. Borrowers can apply for fixed-rate, no-fee personal loans of up to $30,000 for periods of two to six […]
Indian firm Aditya Birla has chosen the Infosys Finacle core banking system for its upcoming joint venture (JV), Aditya Birla Idea Payments Bank. Aditya Birla has got in-principle approval from the Reserve Bank of India and plans to set up the new payments bank by the end of its financial year (2016-17). Aditya Birla will […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! MasterCard to buy French payment firm Stet? EXCLUSIVE. Payments processor could be a target. Brooks Macdonald puts IT revamp with Third Financial on hold EXCLUSIVE. All freeze for wealth management firm. Banks behaving badly in Singapore Monetary Authority […]
Tehran-based Informatics Services Corporation (ISC) is inviting bids for the installation and implementation of an international card payment switch in Iran. ISC says it is considering the procurement of a national merchant management system, card management system, ACS (access control server) and FRM (fraud / risk management) to manage international card payments’ usage within Iran’s […]
The CFPB has announced three leadership changes within the agency.
Make it lean, keep them keen. A round-up of events in the payments space. Nordea is leaving the Swipp collaboration and partnering with Danske Bank’s MobilePay platform in Denmark and Norway. The shared payment solution’s plan is a reaction to “new international players” who “regularly appear in the market”. Danske says it will begin converting […]
San Francisco-based start-up lender Affirm has got a $100 million credit line from Morgan Stanley as it looks to boost its business, according to The Wall Street Journal. The firm is “adding debt” as it “seeks to grow its loans for tickets, trips, and other big online purchases as an alternative to paying with credit […]
TransferWise has “successfully” integrated into the UK’s Faster Payments Scheme (FPS) using ACI Worldwide’s tech at the back-end. As Banking Technology reported in August, TransferWise became the “first” tech firm to get direct access to FPS as technical partner to Raphaels Bank. Prior to that, ACI partnered with the same bank, opening up access to […]
Silicon Valley Bank and MasterCard have selected six start-ups to participate in Class 5 of Commerce.Innovated, a virtual accelerator designed to help commerce, payments and fintech start-ups grow their businesses. The six US start-ups will go through the four-month virtual programme and are in various stages of funding and development: Domuso, a payment financing platform […]
Why limit getting in debt quickly only to the Arcadia Group shoppers? Payments provider Klarna onboards a raft of partners for its retail financing solution. These include Shopify, Worldpay, BigCommerce and CyberSource.
The International Securities Association for Institutional Trade Communication (ISITC) Europe and the Organisation for the Advancement of Structured Information Standards (Oasis) are to jointly define technical standards for blockchain/distributed ledger technology (DLT).
Aziz Bank in Afghanistan has selected JMR Infotech to help it implement a new core banking system, Oracle FSS’s Flexcube. Azizi signed for Flexcube two years ago, but the work is only starting now, following a tender to find a system integrator.
Fintech funding without the tub-thumping. A realistic and brief round-up of key events. ComplyAdvantage, which uses artificial intelligence (AI) and machine learning to help firms manage compliance, has revealed an $8.2 million Series A funding round led by Balderton Capital. The funding will allow the regtech firm to do the usual stuff – growth and […]
ICICI Bank and Emirates NBD say they have successfully executed the “first” banking transactions using blockchain in international trade finance in India and the UAE respectively. The development saw the exchange and authentication of remittance transaction messages as well as original international trade documents related to purchase orders, invoices, shipping and insurance, among others, electronically […]
MasterCard is believed to be mulling the acquisition of French payments processor Stet. MasterCard told Banking Technology it “does not comment on rumours or speculation”. Stet responded saying that “these are unfounded rumours” and that it “has no discussions of this type with MasterCard.” Stet was set up in 2004 and is currently owned by […]
The U.S. Court of Appeals for the District of Columbia Oct. 11 deemed the structure of the Consumer Financial Protection Bureau (CFPB) unconstitutional because of it being led by a single director, calling the bureau a “gross departure from settled historical practice” in which independent agencies are led by commissioners or board members, according to the court’s decision.
The CFPB has fined Navy Federal Credit Union $28.5 million for improper debt collection action. That breaks down to $23 million going to victims and a $5.5 million civil penalty, the federal consumer agency said.
Alipay has partnered with Zapper, the consumer insights and marketing platform, to grab a slice of the Chinese tourism market in the UK. Zapper says the partnership will allow over 250,000 Chinese tourists visiting the UK to pay using the Alipay app in over 1,000 locations nationwide. Rita Liu, head of Alipay EMEA, says merchants, […]
Lloyds has confirmed 1,230 jobs will be cut as part of its continuing restructuring plan. The jobs will go from group operations, retail, customer products and marketing, finance and risk divisions. As Banking Technology reported in April, Lloyds revealed it was to cut 625 jobs – part of its 9,000 job reductions and 200 branch […]
Virtual reality (VR) has been grabbing headlines this year with major players across several industries entering the market. But there is evidence to show that augmented reality (AR) may be a more valuable platform in the years ahead. So what exactly is AR and what are the potential applications that could help take it from a small niche to a multi-billion dollar industry in just a few years?
German insurance firm Talanx and fintech developer FinLeap have founded a joint venture to provide a digital platform for independent asset managers and private banks. Under the name Elinvar, the start-up offers a white-label platform – so asset managers can offer their own brand and corporate design. The solution includes new client onboarding, automatic creation […]
The UK’s Financial Conduct Authority (FCA) has fined Sonali Bank UK £3.25 million for “serious” anti-money laundering (AML) systems failings. It has imposed a restriction, preventing it from accepting deposits from new customers for 168 days, and fined the bank’s former money laundering reporting officer (MLRO), Steven Smith, £17,900 and prohibited him from performing the […]
Finland-based Aurora Exchange, a consumer loans exchange, has teamed with two firms for its P2P lending platform launch. Maiden Life, based in Sweden, brings its payment protection insurance to cover “all loans” against borrower’s death, permanent and temporary disability with lenders as beneficiaries. Mangopay will act as Aurora Exchange’s custodian and payments technology provider. Mangopay […]
Ant Financial Services Group, the online and mobile financial services affiliate of Chinese e-commerce giant Alibaba Group, has appointed current president Eric Jing as its new Chief Executive Officer, effective Oct. 16.
Bink, a soon-to-launch loyalty app that links consumer card payments to loyalty programs, has appointed Bob Wigley as chairman of its board and Steve Perry as a non-executive board director.
