Sibos 2016: navigating the payments storm
The payments industry faces a perfect storm with immediate, open and context-based changes emanating from new technology, regulation and infrastructures set to “transform the landscape”.
News
When worlds collide: fintechs vs financial institutions
The opportunity for traditional banking processes to be transformed that is presented by innovative financial technology (fintech) developers is at risk of being squandered in many cases because of cultural differences between large inflexible enterprise culture and the enthusiastic approach of the start-up developer world.
Banif Bank opts for Pelican Transaction Banking platform
Banif Bank in Malta has selected the Pelican Transaction Banking platform. The solution will provide end to end automation of both Swift and single euro payments area payments, including integration with over the counter instructions, Banif’s internet banking system and back office.
Eurosystem updates infrastructure Vision
The European Central Bank has outlined its plans to consolidate the Target2 and Target2Securities (T2S) platforms, introduce a new European-wide instant payments platform by November 2017 and develop a new collateral management system. The Eurosystem’s “Vision 2020” plans were outlined by Yves Mersch, a member of the executive board at the ECB, at Sibos 2016.
The future of money: humans need to keep the robots in check
Udayan Goyal’s vision for the future of money revolves around seamless, instant micropayments being made continuously between autonomous apps and services all triggered by thoughts and actions of humans as they go about their daily lives.
Standards bodies embrace blockchain
A FinTech Technical Advisory Group has been established by the International Standards Organisation (ISO) TC68 Financial Services Committee. ISO has also just recently approved a new blockchain committee.
TAS and targit team up
Italy’s TAS Group and targit GmbH Austria have signed a deal to collaborate on bringing a Software-as-a-Service (SaaS) model for liquidity risk management and reporting within reach of tier two and three banks throughout Central and Eastern Europe, including Austria and Germany.
CSD consortium focuses on fintech for emerging markets
A central securities depositories (CSDs) consortium has been founded to help emerging market CSDs investigate and take advantage of new technologies such as blockchain. Led by Russia’s CSD, National Settlement Depository (NSD) and South Africa’s Strate, the consortium will initially focus on working with CSDs in Africa, the Middle East and Eurasia.
CFPB Targets Credit Repair Company over Illegal Fees, Marketing
The CFPB has filed a federal lawsuit against a credit repair company over what the consumer protection agency called “a series of illegal advance fees” and misrepresentations of the cost and effectiveness of the company’s services.
Report: Open-Loop Prepaid Card Loads Expected to Increase Steadily
The amount of money U.S. consumers are loading onto their open-loop prepaid cards continues to increase, and more consumers are buying open- and closed-loop gift cards for self-use, according to two separate studies by Mercator Advisory Group.
Global Balance Tips to Card Payments over Cash in 2016
Global consumer card payments will surpass cash payments for the first time this year, reaching $23.1 trillion worldwide, according to new data from Euromonitor International. Cash transactions are projected at $22.6 trillion for the year, according to the research firm.
Non-Cash Transactions Grow 8.9 Percent Globally
Global non-cash transactions grew 8.9 percent year-over-year in 2014 to reach 387.3 billion transactions, according to the 2016 “World Payments Report” from Capgemini and BNP Paribas. The report said that “developing markets drove this growth, recording a 16.7 percent increase in 2014 while mature markets grew by 6.0 percent.”
PayCommerce launches instant cross-border payments, clearing and settlement scheme
Join the consortium. PayCommerce, an open cross-border payments network, has launched an instant cross-border payment, clearing and integrated settlement programme for global banks.
New SaaS tech delivery – Form3 Financial Cloud – launched for UK banks and FIs
Start-up Form3 Financial Cloud will offer payment and core banking solutions through a Software-as-a-Service (SaaS) delivery model. These are the Dovetail payments system and a new core banking system recently launched by Thought Machine.
Finexus and Volante to build new RTGS system for Asia Pacific
Malaysia-based payments solutions provider Finexus is building a new real-time gross settlement (RTGS) platform for banks in Asia Pacific. It has partnered with Volante Technologies, which will provide the MT to MX message transition, via its flagship Volante Designer product.
Custodians urged to take up SSI challenge
Custodians are being urged to adopt a standardised utility model for the management of standing settlement instructions (SSIs) to resolve ongoing challenges such as high costs and risks for buy-side firms.
Big banks swell Ripple’s new blockchain payments group
Ripple has created the “first” interbank group for global payments based on distributed financial technology – aka blockchain. Bank of America Merrill Lynch (BAML), Santander, UniCredit, Standard Chartered, Westpac Banking Corporation, and Royal Bank of Canada are the founding members of the network, known as the Global Payments Steering Group (GPSG). CIBC will also join […]
Faster Payments faces history with RBS blockchain test
The UK’s existing Faster Payments scheme could be consigned to the slow lane as researchers at Royal Bank of Scotland (RBS) claim to have demonstrated blockchain supporting a new banking industry clearing system. In a ten-page technical paper, “Proving Ethereum for the clearing use case”, RBS’s innovation engineering team says it has created a clearing […]
Turkey’s TEB calls for fintech start-ups
TEB (Türk Ekonomi Bankası) in Turkey has launched a fintech programme and wants the nation’s entrepreneurs and start-ups to get in touch. Why? TEB says: “Because the day will arrive when a technology giant will come from Turkey too.” TEB will provide start-ups with its infrastructure, experience, financial support for their first project, and “even […]
SIX Securities Services and Clearstream team up for European post-trade boost
Post-trade firms SIX Securities Services and Clearstream are partnering to potentially provide services to the Swiss and European markets. Both firms recently signed a letter of intent and are now focused on fleshing out the details that will lead to a memorandum of understanding targeted for mid-December. This signing will clear the way for a […]
Nordic payments firm Nets to IPO
Nordic payments firm Nets has successfully IPO-ed on Nasdaq Copenhagen Exchange the tune of DKK 30 billion ($4.5 billion).
HSBC goes hipster in London fintech hub hunt
Overly manicured beard. Check. Clothes that betray blatant narcissism. Check. Holier than thou attitude. Check. Welcome to the world of hipsters as HSBC is looking for office space in trendy tech-focused London neighbourhoods. According to Bloomberg, the bank is seeking to “bolster its fintech capabilities” and has hired real estate broker CBRE Group to find […]
NAB completes successful international money transfer using blockchain
National Australia Bank (NAB) says it has successfully transferred AU$10 ($7.6) – using Ripple’s blockchain tech – from Australia to Canada. It took ten seconds to process.
AIB looks to modernise digital banking tech
Allied Irish Banks (AIB) is believed to be in the market for new digital banking software. Banking Technology understands a number of vendors have done their demos for the bank, Infosys with its Finacle digital banking platform among them.
Top fintech stories this week – 23 September 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Harrods Bank in search of new core banking system EXCLUSIVE. The FIS Profile project is dead. Long live a new project! Deutsche Bank GTB builds new payments platform EXCLUSIVE. Dovetail to deliver? Misys unveils Platform-as-a-Service strategy Opens up […]
Sibos 2016: entertainment guide
Sibos 2016 will be held in Geneva on 26-29 September. What to do in the city, where to eat and drink, and, importantly, how to get to and from the airport and around Geneva – Banking Technology has it all summed up for you. Useful links, contact details and to-the-point reviews. See you there! A conventional city […]
Tokyo Commodity Exchange goes live on Nasdaq trading tech
Tokyo Commodity Exchange (Tocom) has gone live on its new trading system – powered by Nasdaq’s Genium INET technology, as well as Nasdaq pre-trade risk and smarts market surveillance solutions.
Attic Lab unveils open source blockchain platform
Ukrainian start-up Attic Lab has revealed its lofty ambitions with the launch of an open source blockchain platform. The banking platform will offer the issuance of e-money and Attic Lab claims it will be a “full-fledged alternative” to systems like Visa and MasterCard. The company was founded in early 2016 with Sergey Vasilchiuk taking the […]
End is nigh for NAB core banking revamp
National Australia Bank (NAB) appears to be entering the final stages of its seven-year Oracle-based “NextGen” core banking overhaul. The bank originally planned to build an in-house mortgage origination platform, beginning with its digital banking subsidiary UBank. But that was scrapped – with the loss of AU$106 million ($81 million) – and Oracle FSS was […]
Deutsche Bank GTB builds new payments platform
Deutsche Bank says it is building a new “state of the art” payments platform for its global transaction banking (GTB) business. It will be rolled out across the bank’s operations worldwide, supporting trade finance, securities and cash management businesses. The software is supplied by a specialist payments provider – Banking Technology understands this is Dovetail. […]
Harrods Bank in search of new core banking system
The FIS Profile core banking project is dead. Long live a new core banking project! UK-based Harrods Bank is back to market to find a new core banking solution, Banking Technology understands. It is understood to be in talks with a broad number of tech suppliers, including Temenos and Misys (the incumbent provider). The bank […]
Finn.ai and ATB Financial first for Facebook Messenger banking chatbot
Canadian start-up Finn.ai (formerly Payso) has teamed with ATB Financial for the “first ever banking chatbot” on Facebook Messenger. In an interview with Betakit, Finn.ai co-founder and COO Natalie Cartwright says it has been in talks with ATB since Q1 2016, and “after initial work had already begun on design and integration, the organisations are […]
Readers’ Choice Awards 2016 shortlist unveiled
We are pleased to unveil our Readers’ Choice Awards shortlist, as voted by our broad international audience of bankers and financial services professionals.
Budapest Bank chooses SIA for new payment cards system
Budapest Bank, a payment cards issuer in the Hungarian market, has selected Italian firm SIA to create and implement a new payment cards management system. The agreement covers the migration of the full debit and credit cards portfolio of Budapest Bank to SIA’s card processing technology platform and the integration of the SIA solution to […]
Fintech funding round-up: 21 September 2016
Too many words can be absurd. A round-up of some key events in fintech funding. UK payments start-up Curve has announced a further tranche of fundraising taking its total investment to $5 million. The firm says this puts it on a “trajectory for a sizeable” Series A round by the end of December ahead of […]
South Africa’s big four banks spend IT big
The big four retail and commercial banks in South Africa – Standard Bank, Absa/Barclays Africa, FirstRand and Nedbank – have been upping their games in information technology (IT) expenditure.
Visa Amps up Authentication Tools
Enhancements are coming to Visa’s Verified by Visa (VbV) online authentication service, and the 3-D Secure messaging protocol on which it’s based, the payment network announced Sept. 20.
Grab Nabs $750 Million in Latest Funding Round, Will Focus on Indonesia
Singapore-based ride-hailing platform Grab has raised U.S. $750 million in financing, increasing its total capital to more than $1 billion, and will use the funds to expand its transportation services throughout Southeast Asia, the company announced Sept. 20. Grab, which offers private car, motorbike, taxi and carpooling services in six countries and 31 cities in Southeast Asia, also will also use the capital to invest in its GrabPay mobile payments platform.
Mastercard Litigation Could Provide Example for Future U.K. Class Actions
One of the U.K.’s first-ever class action lawsuits is targeting Mastercard, providing a potential preview of future class actions in the country. The case stems from a 2007 finding by the European Union (EU) Commission that the network’s interchange fees were too high, in breach of EU rules.
Samsung Offers Payments via Consumers’ Eyes
Samsung wants to enable consumers to pay with their eyes. The latest update to the company’s Samsung Pay mobile wallet will include a feature that will allow payments via iris scans of consumers’ eyes, according to a Samsung spokesman.
