People on the Move: David Tate, Blackhawk Network
Blackhawk Network has named David Tate as senior vice president of the company’s U.S. retail business.
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People on the Move: Safdar Khan, Mastercard
Mastercard has named Safdar Khan to the role of division president for Indonesia, Malaysia and Brunei. Khan will be based in Jakarta and be responsible for leading the implementation of the company’s digital payment technologies in those markets.
People on the Move: Bill Ready, PayPal Inc.
PayPal Inc. has named Bill Ready Chief Operating Officer, the first time that position has been filled since PayPal became an independent company in July 2015.
People on the Move: Madhur Deora, Paytm
India-based online commerce platform Paytm has appointed Madhur Deora as its Chief Financial Officer and senior vice president.
LendingWell wins LendIt start-up contest
LendingWell, a single-platform P2P lending partner, is the winner of the first PitchIt @ LendIt Europe, a competition aiming to find a future star within the online lending and fintech space. LendingWell provides access for retail investors and independent financial advisors to the broader P2P lending market. Co-founded with Liberum Alternative Finance, it provides customers […]
Symantec reveals more hack attempts on Swift network
Symantec has found evidence that the Odinaff group has mounted attacks on Swift users, using malware to hide customers’ own records of Swift messages relating to fraudulent transactions. The tools used are designed to monitor customers’ local message logs for keywords relating to certain transactions. They will then move these logs out of customers’ local […]
Bolero powers Bank of China’s first-ever electronic credit
Bank of China (Hong Kong) (BOCHK) has used Bolero’s ePresentation solution for its first-ever electronic back-to-back documentary credit, reducing the time required to help a large iron ore shipment from Australia to China. The transaction was arranged jointly with NAB (National Australia Bank) and China Guangfa Bank.
Intense Industry Reaction Quickly Follows CFPB Prepaid Rules
The CFPB might have taken two years to release its final rules on prepaid accounts, but it took little time for payments industry players and observers to weigh in on them. Within a day of the rules’ release, which go into effect Oct. 1, 2017, prepaid services giant Green Dot Corp., the Independent Community Bankers of America (ICBA), the Consumers Union and the Network Branded Prepaid Card Association (NBPCA) all had issued official comments, covering the spectrum of support for the new mandates.
Wirecard Launches Prepaid Card for European Truck Drivers
A new European prepaid product from Wirecard will help truck drivers pay for repairs and fuel. The program, launched in Germany, involves Europe Net, a subsidiary of ADAC Truck Service. Its European Net Service Card also enables fleet mangers to add value to the card so that drivers can make emergency payments.
Vodafone, PayPal Team for U.K. Contactless Payments
Vodafone customers in the U.K. now can make NFC payments funded from their PayPal accounts via Android smartphones. A new deal between Vodafone and PayPal enables PayPal to be used as a funding source for transactions made with Vodafone Pay.
Facebook Co-Founder among Targets in Jumio Lawsuit
A shareholder of ID verification startup Jumio Inc. has sued company officials over alleged mismanagement and misrepresentation of the firm, which filed for bankruptcy in March 2016. In a lawsuit filed in Delaware, Bloso Investments Ltd., alleges that Jumio directors, including Facebook co-founder Eduardo Saverin, made deliberately misleading statements about the company’s prospects, duping Bloso into investing $5 million in Jumio.
Lloyds can hear a Pindrop with anti-fraud tech
Lloyds says it is set to become the “first” organisation in Europe to introduce new fraud prevention technology, helping protect its 30 million customers from telephone fraudsters. The patented “Phoneprinting”, developed by call centre fraud firm Pindrop, creates an “audio fingerprint” of each call by analysing 147 unique call features – such as location, background […]
MasterCard and SolarisBank partner for digital banking push
MasterCard and Berlin-based SolarisBank have teamed up to bolster their digital banking ambitions. SolarisBank has got principal membership status, and will now operate at MasterCard’s “highest issuer level”, with access to its entire product portfolio. Dr. Andreas Spengel, vice-president at MasterCard, says it is “excited by the outlook of working together with a young, visionary […]
Banks behaving badly in Singapore
The Monetary Authority of Singapore (MAS) is withdrawing the merchant bank status of Falcon Private Bank’s Singapore branch for “serious failures” in anti-money laundering (AML) controls and “improper conduct” by senior management at the head office in Switzerland as well as the Singapore branch. MAS is also imposing financial penalties on DBS Bank and UBS’s […]
LzLabs to buy Eranea’s IP and tech assets
Swiss software start-up LzLabs will acquire the intellectual property (IP) and technology assets from compatriot Eranea. The tech, that specifically enables the conversion of Cobol to Java, has been acquired as LzLabs looks to boost the growth of its software-defined mainframe. Banking Technology reported on the mainframe’s launch in March and LzLabs’ partnership with Cobol-IT. […]
Mitek solutions now available through Backbase Open Banking Marketplace
Digital banking software vendor Backbase has teamed up with Mitek, a mobile capture and identity verification specialist. Mitek’s OCR and document validation capabilities are now available through the Backbase Open Banking Marketplace.
Payments round-up: 10 October 2016
Wasting your time is a crime. Here’s a round-up of key events in the payments space. Absa has teamed up with South African start-up Walletdoc to let its Absa Rewards customers earn cash rewards each time they use Walletdoc to pay their monthly accounts. Walletdoc works by sending reminders when payments are due, notifying users […]
Handbag stars in Starling Bank debit card debut
“We have the licence, we have the technology, now we have the card.” New UK challenger bank Starling has got its first batch of debit cards as it continues to build its infrastructure. Like some kind of shopaholic’s symbolic frolic, the bank detailed its London shopping adventure with a blog post. This had a point […]
Selfies healthy for Lloyds and Bank of Scotland account opening
Lloyds has launched selfie technology to enable customers of its subsidiary, Bank of Scotland, to open a current account online.
Brooks Macdonald puts IT revamp with Third Financial on hold
UK-based wealth and investment management firm Brooks Macdonald is believed to have scrapped its plans to implement a new wealth management system. The project was underway for some time, with domestic software developer Third Financial to deliver its Tercero platform, front-to-back office, to Brooks Macdonald.
Georgia’s TBC Bank finds time for FICO credit application software
Georgia-based TBC Bank has opted for FICO’s Origination Manager 4.5 software, used for decision making on credit applications. As a result, the bank says it has cut credit decisions and disbursement down from a day to 15 minutes. Giorgi Alibegashvili, strategic project manager at TBC Bank, says FICO Origination Manager gives it a “competitive advantage, […]
Capital One buys online price tracker Paribus
Capital One continues its fintech acquisition spree with the purchase of price tracking service Paribus. Emilia Lopez, managing vice-president, US Card at Capital One, says its “focus right now is on merging Paribus into the broader Capital One family”. Paribus will also be added into its broader set of technology and tools, such as CreditWise […]
ITSS upgrades Temenos’ T24 core banking system at Suez Canal Bank
Banking software provider and integrator ITSS has completed the upgrade of Temenos T24 core banking system at Suez Canal Bank (SCB) in Egypt.
Core banking system & consultant selection at NRS Sacco in Kenya
A savings and credit co-operative society in Kenya, NRS Sacco, is looking to renovate its core software, and has issued a call for a new software provider. It is also looking to procure consultancy services to help it with system selection.
Top fintech stories this week – 7 October 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Deutsche Bank pledges commitment to GTB and digital
“Transaction banking will undergo a change of character,” states the global banking giant.
Fintech funding round-up: 6 October 2016
When time is tight, the reading can be light. A round-up of key events in fintech funding. US-based Payoneer has completed the first closing of a growth equity financing. Proceeds from the $180 million financing will be used to “accelerate global growth”. This year, the firm opened new offices in India, Japan and the Philippines, […]
AI at RBS for TLC
Royal Bank of Scotland (RBS) has installed advanced “human” artificial intelligence (AI) to help its staff answer customer queries. The bank says a two month trial has been “successful “and the AI, known as ‘Luvo’, is to be rolled out more widely to support employees, and perhaps bring some tender loving care (TLC) with it. […]
Bakhtar Bank opts for Oracle Flexcube core banking system
Bakhtar Bank, a wholly owned subsidiary of Azizi Bank in Afghanistan, has selected JMR Infotech to implement Oracle FSS’s Flexcube core banking system. Banking Technology understands that Flexcube will replace Malaysia-based Infopro’s ICBA, which had been in use since 2009. Azizi Bank also selected Flexcube as its core system. The deal was signed in 2014. Amer Khalil […]
Atom Bank opens doors to all UK customers
There’s nothing better than going all the way. Challenger bank Atom is now fully open for all customers in the UK. Atom initially launched with an “invitation only” phase, but as of today (6 October) anyone can download the Atom App, both in IoS and Android, and open an account. The App is available to […]
Finleap and Mohan launch Burnmark
Berlin-based fintech incubator FinLeap has teamed up with fintech analyst Devie Mohan to launch Burnmark, an independent research company focusing on trends in the financial technology industry. Finleap will support Burnmark with network, knowhow and research capabilities. Mohan works closely with traditional banks, consulting firms, innovation teams, start-up accelerators and investors, advising them on fintech […]
BCEE selects SmartStream for custodian data and IRS regulations
Banque et Caisse d’Epargne de l’Etat, Luxembourg (BCEE) has implemented SmartStream’s Corona Universal Data solution to help complete audit trails and meet US regulatory requirements. SmartStream says in order to comply with the IRS (Internal Revenue Service), banks “only have a few weeks to reconcile annual data before the legal cut off”. It says its […]
JP Morgan Chase unveils new blockchain
JP Morgan Chase is developing its own blockchain, called Quorum, on the Ethereum network. Amber Baldet, program lead, blockchain centre of excellence, JP Morgan Chase, says it is working with Ethereum “because it has been around a while and banks are familiar with it”. With Quorum, the firm says all public and private smart contracts […]
Misys to float on London Stock Exchange
Misys plans to proceed with an initial public offering (IPO) on the London Stock Exchange in early November 2016. As Banking Technology reported in August, Misys – currently residing in the hands of US-based Vista Equity Partners – was understood to be gearing up for this IPO with a £5.5 billion float and appointed investment […]
Bank of Lithuania and Revolut team up for payments
Bank of Lithuania, the country’s central bank and regulator, has signed a memorandum of understanding with UK-based payments and fintech start-up Revolut. Revolut intends to set up a financial institution in Lithuania and obtain a banking licence. Bank of Lithuania will provide Revolut with access to its managed payment systems enabling cross-border payments in euro. […]
SEB deploys IPsoft’s virtual agent, Amelia, for customer facing ops
SEB will be the first bank to use IPsoft’s cognitive technology for customer-facing operations in the Swedish language. The artificial intelligence (AI) solution, known as Amelia, will be integrated into the front-office set-up at SEB by the end of this year.
Thomson Reuters launches new blockchain tech for developers
Thomson Reuters has launched BlockOne ID to let developers build applications in a controlled environment with blockchain. BlockOne ID (for Ethereum) is an experimental user-entitlement framework through which decentralised app (DApp) owners can manage access to their blockchain contracts. Thomson Reuters says it uses traditional methods to authenticate users and provides a mechanism for DApp […]
Idaho Central Credit Union opts for Alkami ORB platform
US-based Idaho Central Credit Union (ICCU) has launched on Alkami Technology’s ORB digital banking platform – integrating with ICCU’s Fiserv DNA core platform. The new platform offers features such as automated clearing house (ACH), wires, bill pay, external transfers, dual authorisations, entitlements and payment templates. Shannon Marshburn, ecommerce product manager at Idaho Central Credit Union, […]
Kohl’s Launches Mobile Payments Tied to Private Label Card
Kohl’s on Oct. 5 launched a mobile payment option that “integrates the Kohl’s Charge private label credit card into the popular Kohl’s mobile app,” the retail chain said. Called Kohl’s Pay, the service enables some 25 million U.S. holders of that private label card to pay for in-store purchases directly from mobile devices.
Swift smart modules seek stronger security
Swift has published a series of eLearning modules as it ramps up its cybersecurity defences in the face of hacking threats. The SwiftSmart modules will help its customers operate their Swift environment “securely and in-line with best practice”. The move is also a “critical part” of its Customer Security Programme launched in May 2016. That […]
