Top fintech stories this week – 10 March 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Partnerships
New global fintech group for standardisation launches
The International Standards Organisation (ISO) Financial Services Committee (TC/68) has unveiled its new global committee, the Fintech Technical Advisory Group (TAG), to act as a sounding board for data and technology standards. The group’s goal is to establish a “proactive dialogue” with financial institutions, their regulators, and supply chain and fintech firm. TAG’s objectives are […]
Top fintech stories this week – 3 March 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Ex-R3 members behind new blockchain alliance
Banco Santander, BNY Mellon, Intel, JP Morgan and Microsoft are some of the big names behind the launch of a new blockchain alliance. Called the Enterprise Ethereum Alliance (EEA), it plans to drive Ethereum blockchain technology best practices – “focusing on security, privacy, scalability and interoperability”. This development creates another rival for the R3 blockchain […]
Survey smiles on worldwide payment schemes
Developing new services, adopting the latest technologies and collaboration are the top priorities among payment schemes worldwide, according to a new study.
IBM in major IoT drive with new partners
IBM has unveiled a large ecosystem initiative as it opens the doors of its new $200 million global headquarters for its Watson Internet of Things (IoT) business in Munich, Germany. BNP Paribas, Capgemini and Tech Mahindra are some of the firms who will place development teams at the IBM centre. Harriet Green, general manager, IBM […]
Swift’s global payments innovation initiative now live
Major global transaction banks are now live with Swift’s global payments innovation (gpi) initiative.
Hellenic Bank unveils innovation lab
Hellenic Bank has opened an innovation lab in its home city of Nicosia, Cyprus.
Banks and UN launch sustainable investment framework
United Nations, together with 19 banks and investors worldwide, have launched “a global framework aimed at channelling the money they manage towards clean, low carbon and inclusive projects”. The framework – The Principles for Positive Impact Finance – is a first of its kind set of criteria for investments to be considered sustainable, says the UN.
Irish Funds and Deloitte power blockchain for regulatory reporting
Irish Funds is working with Deloitte and others to develop a blockchain proof of concept (PoC) for regulatory reporting. The project will focus on the Resident Investment Fund Returns (Money Market and Investment Funds Returns Reporting – MMIF) regulation and will use blockchain and smart contract technology to create a platform for regulatory reporting accessible […]
Barclaycard teams with VocaLink for mobile payments
Barclaycard is partnering with VocaLink to enable its merchants to accept mobile payments through Pay by Bank app. Pay by Bank app, created by VocaLink’s payment innovation team Zapp, will allow shoppers to pay for goods and services on a mobile device, without the need to enter credit or debit card details. Rajiv Garodia, managing […]
Varo Money joins forces with Envestnet | Yodlee to drive fintech innovation
California based technology companies Varo Money and Envestnet | Yodlee have teamed up to drive fintech innovation. Varo Money, a mobile-only banking start-up hopes to leverage Envestnet | Yodlee’s data analytics and aggregation platform to provide customers with a more customised mobile banking experience, and better insights into their financial well-being.
Wipro teams with Tradeshift for source-to-pay processes
India’s IT giant Wipro has teamed with and invested in supply chain finance platform Tradeshift to offer a cloud-based source-to-pay (S2P) business-process-as-a-service (BPaaS) solution. The partnership will provide digitalisation and automation in procurement, finance and accounting functions; and combines Tradeshift’s platform with Wipro’s integrated S2P services. Along with the partnership Wipro Ventures, the strategic investment […]
Arkéa Banking Services first to partner with fintech start-up Railsbank
Fintech start-up Railsbank has signed its first partner, Arkéa Banking Services (Credit Mutuel Arkéa’s subsidiary), to use its platform to deliver SEPA payment services and IBANs across Europe.
New investment firm Motive Partners to focus solely on fintech
New venture Motive Partners plans to invest in fintech firms in the UK and US. It looks to raise $150 million.
Credit Suisse EMEA to outsource structured product business to Delta Capita
Delta Capita has been appointed as managed service provider to Credit Suisse EMEA Structured Products business. A number of existing Credit Suisse team will transfer to Delta Capita as part of the deal.
UBS extends agreement with EPAM Systems worth $300m
The world’s largest wealth manager UBS has extended its long-standing agreement with EPAM Systems, a provider of product development and software engineering solutions. The agreement – worth over $300 million – “supports the bank’s strategic cost reduction programme”, according to EPAM.
Validata and OneAston in strategic partnership for Temenos projects
Validata Group, a specialist in enterprise software testing and release automation, has teamed up with OneAston, a Singapore-based tech services provider to the wealth management industry, to jointly work on Temenos’ WealthSuite projects.
HSBC to capitalise on tech innovation with technology advisory board
HSBC has appointed a technology advisory board of top-level specialists from around the globe as the banking giant is keen to capitalise on opportunities in artificial intelligence (AI), biometrics, blockchain and data science, combat cybercrime and leverage its global infrastructure.
Smooth Commerce and Visa first in Canada for Visa Developer Programme
Smooth Commerce and Visa have completed the first integration of Visa’s Developer Programme in Canada and brought to market “a first of its kind innovation” in the mobile commerce space.
BNP Paribas Securities Services and Calypso team for post-trade services outsourcing
BNP Paribas Securities Services has teamed up with Calypso Technology to bring to market “a full, end-to-end post-trade services offering across asset classes” for investment banks.
BNP Paribas Wealth Management goes for digital client experience and “pizza” teams
BNP Paribas Wealth Management has unveiled its new Client Experience venture co-created with customers and fintech firms. The initiative focuses on digital solutions as the bank is keen to “create a new wealth management experience”.
Will Starbucks make Bitcoin mainstream?
In the latest sign that Bitcoin is moving into the mainstream, iPayYou, a US-based 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, reports Paybefore. The partnership comes as Bitcoin approaches new highs, with its price shooting past $1,100 […]
DTCC selects IBM, Axoni and R3 to develop blockchain for derivatives
The Depository Trust & Clearing Corporation (DTCC) has chosen IBM, in partnership with Axoni and R3, to provide a blockchain/distributed ledger technology (DLT) framework to drive improvements in derivatives post-trade lifecycle events. The firms will work on DTCC’s Trade Information Warehouse (TIW), building a derivatives distributed ledger solution for post-trade processing. The TIW service currently […]
Infosys Finacle core banking system live at Sunrise Bank in Nepal
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).
Alpari Bank and Attic Lab embark on blockchain-based e-money project
A Ukrainian fintech start-up, Attic Lab, has signed a deal with a local bank, Alpari Bank, to implement blockchain-based banking system SmartMoney.
Top ten fintech opinion pieces in 2016
Look back at some of the most interesting and thought-provoking opinion pieces on all matters fintech published by Banking Technology in 2016.
Fidor teams with Token for digital payments
Token, a Silicon Valley-based crypto-payment software provider, and digital bank Fidor have signed a memorandum of understanding (MoU) for digital payments. The MoU will see Token’s software made available within Fidor OS, its digital banking and open community middleware solution. Steve Kirsch, founder and CEO of Token, says its software enables banks to “call the […]
A sea of penguins
I am blind as a bat, and there are times when it’s an advantage to be blind, or deaf, or even dumb to certain insults, certain situations, certain obstacles. Clearly it’s a double-edged sword because being deaf, dumb, and blind to impediments, pitfalls, and danger zones is just asking for disaster.
Citi and FIS get pally with PayPal
Citi and FIS have formed separate agreements with PayPal for Citi cardmembers and FIS linking payment cards. For Citi, its customers will be able to use their Citi Cards with PayPal – online, in-app and in store – in 2017. Terms of the agreement are not being disclosed. With this agreement, Citi says it is […]
IBM launches blockchain ecosystem on Hyperledger Fabric
IBM has unveiled a blockchain ecosystem “to help accelerate the creation of blockchain networks”. The programme “is designed for innovators looking to build real networks – venture capitalists, start-ups, systems integrators, independent software vendors and enterprise developers”.
BNY Mellon sets up global innovation group
BNY Mellon’s treasury services business has created a global innovation group and appointed Christopher Mager to lead it.
More banks to opt out of R3 blockchain consortium
US Bancorp, Macquarie and JP Morgan are understood to be in the “leave” camp as they have opted out of the upcoming fundraising effort of the R3 blockchain consortium.
APIs: open for business
No longer are the mid-tier banks doomed to be extinct! The arrival of open application programming interfaces (APIs) will enable them not just to survive but to prosper, states Chris Truce, director of platform development at Saxo Bank.
Creating a hyperconnected corporate bank of the future
Banks are not competing with banks anymore, but against the ubiquitous, all pervading unified digital experience, which is driving the adoption of digital across the corporate banking value chain. Fintechs are a great example of how innovations in digital can deliver speed to market, a superior customer experience and better pricing.
Monitise and MasterCard launch Finkit partner programme
UK-based payments vendor Monitise has launched its Finkit partner programme with founding partner MasterCard to speed up collaboration in banking and payments. For the “first time”, the founding partners – which also include BehavioSec, Currencycloud, Envestnet | Yodlee, Experian, Fastacash, FICO, HID, iGeolise, LivePerson, Mypinpad, Syniverse and WorldFirst – have agreed to make their capabilities […]
Fujitsu teams with fintech five to launch new customer onboarding tech
Fujitsu has launched its customer onboarding technology, Smart Origination, developed in partnership with ImageWare Systems, InAuth, Intelligent Environments, Mitek and Trunomi. The tech enables financial institutions to collect, process and verify documents and the identity of new applicants in “less than five minutes”. Gary Fegan, head of digital financial services solutions at Fujitsu, says Smart […]
Citi and Deutsche Bank join open-standard bond network, Neptune
Citi and Deutsche Bank have joined Neptune Networks, an open-standard network for bond pre-trade real-time AXE indications. The have also taken stakes in the venture and joined its board.
Four banks team up to standardise repackaging transactions
Deutsche Bank, Morgan Stanley, Nomura International and Societe Generale have teamed up to produce documentation for use in listed and unlisted repackaging transactions. According to the banks, repackaged products provide the investor exposure to the underlying credit of an issuer and are specifically designed for the investor’s risk-return needs. In addition, cash flows can be […]
Brave new Bitcoin for Tullett Prebon
Tullett Prebon Information (TPI), a provider of real-time price information from the global OTC financial and commodity markets, has signed a deal with Brave New Coin (BNC) to distribute its digital currency data. TPI says this is the “first time such a comprehensive view of the entire digital currency landscape has been made available to […]
