Nykredit, Denmark’s largest mortgage provider, has invested in a minority stake in a new mobile banking service, Lunar Way, and has become its banking partner. In two months’ time Nykredit will replace Københavns Andelskasse (Copenhagen Cooperative Bank), the start-up’s initial banking partner. Mark Dissing Bækgaard, head of marketing and communications at Lunar Way, tells Banking […]
Mizuho Bank has carried out testing for new banking services through the Facebook bot and Amazon Echo. The tests took place in Silicon Valley, California, in partnership with two other Japanese firms – Information Services International – Dentsu and Nomura Research Institute. The companies are looking to use CUI (conversational user interfaces) to develop platforms […]
Four start-ups will enter ING’s Innovation Studio in September to see whether they can make the big time – the launch of a viable commercial business. Axyon AI, Gekko, Startup Insight and Surance will take part in the bank’s accelerator programme, the third of its type, since it began in July 2015. ING selected the […]
They said it. We read it. We edit. Here’s a round-up of events in the payments space to save you time. Payments platform Payza has expanded the availability of its Payza Prepaid Card to the majority of its account holders worldwide. It was initially launched to a “limited group” in December 2015, but Firoz Patel, […]
R3 and over 15 of its blockchain consortium member banks have “successfully” completed two prototypes using distributed ledger technology for smart contracts. The banks designed and used self-executing transaction agreements – aka smart contracts – on R3’s Corda distributed ledger platform to process accounts receivable (AR) purchase transactions, aka invoice financing or factoring, and letter […]
Bank of America Merrill Lynch, HSBC and the Infocomm Development Authority of Singapore (IDA) have teamed up to develop a blockchain prototype for trade finance innovation. The consortium uses the distributed ledger framework provided by Linux Foundation’s open source Hyperledger Project; and the proof of concept has reduced manual processing in letter of credit transactions. […]
We are all pretty much unanimous that the once IT buzz word “big data” is no longer the awe-inspiring complex beast which can be tamed only by expensive databases and superlative data analytics platforms. Cloud architecture and collaborative open source software brought big data processing within the reach of pretty much all enterprises. Analytics domain […]
BBVA has revealed the 56 finalists for the 8th edition of its Open Talent contest to compete in three separate finals in Mexico, London and New York in September. The start-ups come from 17 different countries, and BBVA says “one of the most noteworthy points” of its 8th edition is the “high number” of finalists […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! RBS scraps Williams & Glyn banking platform plans, writes off £345m Defeated by the IT challenges. W&G is now likely to be sold to Santander. Azimo “industry first” to enable money transfers via Facebook Messenger Sending money should […]
Banking is going digital and instantaneous, which is great news for customers. But it is also a great headache for banks, as fraud is going that way too – the money can disappear into fraudsters’ virtual pockets with a blink of an eye, anytime, anywhere. At the same time, the real-time capabilities of new solutions […]
Since the 2008 financial crisis, the sector has looked to repair reputational damage, lock down compliance in the system and rapidly innovate to serve a new generation. During this period of change, banks must redefine the value they want to provide for their customers. For example, do they want to finance the future dreams a […]
Azimo says it has become the first money transfer operator to enable money transfers worldwide via Facebook Messenger. “Money transfer is now social,” Azimo states. It describes its new functionality as “revolutionary”. It connects senders and receivers through their Facebook friend list, enabling them to exchange details immediately and links them to the Azimo app […]
Blockchain intelligence firm Elliptic and LexisNexis Risk Solutions have partnered for the “first” use of “bank-grade” risk management for Bitcoin. Elliptic has integrated LexisNexis’s anti-money laundering (AML) risk management data into its Bitcoin transaction monitoring and compliance products. The two firms have built a proof-of-concept that uses financial intelligence data from LexisNexis and presents it […]
The United Nations Children’s Emergency Fund (UNICEF) is looking for a developer to work on humanitarian projects, including the use of blockchain for innovation. The role will be based in New York and the UNICEF Innovation Unit wants the developer to create products that solve problems in the developing world. The individual will also work […]
Can social media really drive adoption of financial products? Yes, states a Massachusetts-based community bank, Avidia Bank. Kate Cwieka, Avidia’s marketing specialist, shares the bank’s experience in embracing social media and the results. Oh, and practical advice on this “non-traditional” marketing channel. Want to know more on how to apply Hootsuite and Periscope (or find […]
Thomson Reuters has joined R3’s partnership to design and apply distributed and shared ledger-inspired tech to global financial markets. Thomson Reuters will contribute insights from its work with customers to “drive product innovation and transformation in the financial sector using distributed ledger technologies”. David Rutter, CEO of R3, says the deal is “another significant milestone”. […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Abcul slow on tech modernisation project Exclusive: First credit unions to go live before year-end. New mobile banking for SMEs readies for UK launch Tide will offer a “nimble small business current account”. Top ten retail banking sites […]
Robo-advisors are becoming increasingly commonplace in the UK’s financial sector. Over the last 18 months, high street banks such as Barclays, Lloyds, Santander and RBS have all launched robo-advice platforms, and it’s not only these well-known names that are competing to own the online investment space. Smaller challenger brands like Nutmeg and Wealthfront have also […]
Do you know an outstanding Tech Leader? The Tech Leadership Award, part of our annual Banking Technology Awards, will go to an individual for leading and playing an instrumental role in devising and/or delivering the technology strategy to support the key business objectives of an organisation. The award is open to all industry participants worldwide […]
Entries are now open for the prestigious Banking Technology Awards – the premier event recognising excellence in the use of technology in banking and financial services, strive for innovation, and professional contribution to the industry’s betterment. Highlights A comprehensive list of categories to laud the best of the best across a broad range of IT […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! BBA records dramatic increase in mobile banking usage Digital banking is in a “consumer-led revolution”. MasterCard buys VocaLink for $920 million Current owners Barclays, HSBC, Lloyds and RBS will receive a handy windfall. Cidel Bank implementing ERI’S Olympic […]
Santander InnoVentures, the fintech venture capital fund of Santander Group, has secured a further $100 million in funding from the group’s balance sheet. Launched in 2014, Santander says the fund is now set to deploy a total of $200 million (up from the $100m originally allocated) in minority stakes in fintech start-ups. Santander says this […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Swift seeks stronger network security Strikes back after hacks. IBM to open blockchain innovation centre in Singapore Big Blue stays true to blockchain. Starling Bank gets UK banking licence Aims to launch to customers by January 2017. Unibank […]
In the face of an ever rising digital agenda in Europe, banks are jumping on the fintech bandwagon, hoping to jumpstart innovation. Technology stands today as a catalyst for change in established banking institutions, write Astrid Froidure, digital transformation lead at Open Reply, and Fausto Jori, owner of E-finance Reply. The spark comes in a […]
According to new research from Visa, consumers across Europe are interested in using biometrics when making a payment – especially when integrated with other security measures. About 73% of the 14,000 European consumers surveyed see two-factor authentication, where a biometric is used in conjunction with a payment device, as a secure way to confirm an […]
With news on blockchain and Bitcoin appearing thick and fast, here’s a round-up of key events to save you time. Bitcoin has got some love in Russia when the centre-right Party of Growth says it is open to accepting donations in the digital currency. Boris Titov, head of the party, who also acts as an […]
Avox Data Services, a provider of legal entity reference data and a subsidiary of the Depository Trust & Clearing Corporation (DTCC), has migrated its data servers to Amazon Web Services (AWS). The move is part of a company-wide initiative to implement new technologies to “increase scalability, further enhance the security of the data and reduce […]
Nationwide Building Society has launched a new mobile banking app – and users can now log on using Apple’s Touch ID biometric technology. Barnaby Davis, Nationwide’s divisional director group retail strategy, says: “As a mutual, Nationwide is owned by and run for the benefit of its members. This is why when designing our new mobile […]
Ewan MacLeod is heading to Nordea as co-head of its newly created “Group Digital” unit and is on the lookout for fintech companies, services and ideas to introduce to Nordea. MacLeod will be one of two chief digital officers at the Nordic banking group. The other one is Poul Raaholt, previously head of group IT […]
JP Morgan has launched In-Residence, a new programme for fintech start-ups to use its facilities, systems and expertise. The company says it is inviting start-ups to sit “side by side” with its businesses to develop innovations that could “revolutionise” the sector. Sanoke Viswanathan, chief administrative officer of JP Morgan’s Corporate & Investment Bank, says this […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Brexit threat to UK jobs at Visa Should I stay or should I go? Swift hackers steal $10m from Ukraine bank Massive attack. New challenger bank readies for launch in UK Atten-shun! UK military personnel, veterans and their […]
Swift has revealed 73 banks worldwide have now joined its global payments initiative for cross-border payments. The latest to join are Alfa-Bank, Axis Bank, Banco de Crédito del Peru, Banco do Brasil, Bangkok Bank, Bank of Nova Scotia, Banque Européenne d’investissement, CaixaBank, Canadian Imperial Bank of Commerce, Credit Agricole, CTBC Bank, E.Sun Commercial Bank, Fifth […]
This great infographics, created by BTC Media, maps out the bitcoin and blockchain ecosystem of 2016 – it is a crowded metropolis! Click on the image to enlarge. Source: BTC Media, LLC
American Express is partnering with Facebook to provide an Amex bot for its card members in Messenger. The concept will allow Amex card members to sign up to receive real-time notifications about their purchases, and information about card benefits and services related to those purchases. For example, if a member purchases an airline ticket, the […]
Symitar, a credit union software subsidiary of Jack Henry, has teamed up with a think tank, BIG, for an initiative called Financial Innovations Voice Experience (FIVE). FIVE explores the possibilities that voice-based personal assistants such as Amazon’s Echo and Microsoft’s Cortana can bring to banking. Symitar’s Episys core processing system is being integrated with these […]
Challenger banks have turned their attention to artificial intelligence (AI) as they seek to provide a more personalised approach to banking. German digital bank Number26 has launched Pulse26, a new app that uses AI to provide updates based on the customer’s personal banking history. Number26 says the more a customer uses their account, the “more […]
Canada’s ATB Financial sent €666.67 to ReiseBank in Germany using Ripple technology, with the transaction completing in eight seconds. The participants say this is the world’s first bank transfer using blockchain. SAP, which provides ATB with its core banking software, and Accenture (SAP’s partner and system integrator at ATB) were also involved in the project. […]
Fiserv has launched Notifi, a platform for the delivery of real-time alerts for retail and SME bank customers. Home Federal Bank and C&F Bank are among the first takers. The solution consolidates information from across a financial institution’s systems – including core account processing, online banking and mobile banking, lending software, debit and credit cards […]
A host of major banks have adopted Ripple to improve their cross-border payments, the vendor says, and many have completed trial blockchain projects. The latest banks to join Ripple’s network are Santander, UniCredit, UBS, ReiseBank, CIBC, National Bank of Abu Dhabi (NBAD) and ATB Financial. Ripple says its network now includes 12 of the top […]
