The National Bank of Canada will cut 600 jobs as part of its restructuring plans and take a charge of $175 million in Q4. The charge includes severance payments to employees and the expense of moving premises. The bank says the restructuring will bring $120 million in annual savings. As of July this year, it […]
Toronto-based Impak Finance plans to launch as Canada’s first ethical bank. This month, its team went crowdfunding with Canadian investor platform FrontFundr to fund the creation of the bank. It raised more than $1 million within two weeks, not including private investment. Co-founder Paul Allard, with ten other bankers, entrepreneurs and financiers in Montreal, Toronto, […]
Toronto-based payments start-up nanopay has completed its $10 million Series A funding round. With this financing and the MintChip platform, which nanopay recently acquired from The Royal Canadian Mint, it is developing new business partnerships to “expand the global utility and acceptance” of MintChip. Laurence Cooke, CEO and founder of nanopay, says its focus is […]
SS&C Technologies will acquire customer relationship management (CRM) software provider Salentica. Canada-based Salentica will become a platform partner to the firm’s Black Diamond wealth platform and so provide more support to SS&C – such as its Global Wealth Platform. The latter recently went live at Seattle-based Smead Capital Management. Dave Welling, managing director and co-general […]
Western Union has unveiled its mobile platform in Canada for domestic and cross-border money transfers, available for iOS and Android. The new app allows users “instant, anytime, anywhere” access to Western Union’s physical and digital money transfer infrastructure. So people can send money face-to-face or online. “Whether on a smart phone or at a store […]
Canada is one of many countries around the world striving to make payments fast, frictionless and data rich. The country’s approach to payments system modernisation is rooted in collaboration and research, with an eye to the international experience and a deep dive into the needs and capabilities of the Canadian market, including an investigation into blockchain and cryptocurrencies.
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 […]
Deloitte has unveiled its first Bitcoin ATM in its Toronto office in Canada – as it looks to promote cryptocurrency technology. The Toronto office, home to its Rubix blockchain division, initially offered the bitcoin ATM to employees only. But this was quickly followed by a public launch. Deloitte’s Rubix strategy director, Iliana Oris Valiente, says […]
McKinsey has bought PriceMetrix, a Toronto-based data and analytics company focused on the wealth and asset management sector. McKinsey says that “PriceMetrix will retain its management team, brand and identity, and will work in close collaboration with McKinsey’s wealth and asset management team”. PriceMetrix’s tools – ValueOne, CommissionCheck and FeeCheck – are complementary to McKinsey’s […]
Canada-based Windsor Family Credit Union (WFCU) has unveiled its new line of everyday accounts – Eva – for “unlimited” daily banking. WFCU says Eva provides “unlimited” deposits, withdrawals, transfers, electronic and cheque debits, point-of-sale transactions, ATM transactions worldwide and “unlimited” bill payments online, by phone, in-branch or at an ATM. Account access through online, mobile […]
One of Canada’s ten largest credit unions, Meridian CU, is looking to launch a new digital bank and has applied for a banking licence. “We believe, and our research shows, that there is a clear desire in the marketplace for an innovative digital bank that offers a true full-service alternative to the big banks,” states […]
Integris CU, a credit union in Canada’s British Columbia, is implementing a new core banking platform, Banking Technology understands. This is Temenos’ T24. In addition, the credit union will also deploy Temenos Connect (digital channels) and Insight BI (business intelligence), it is understood. No comment was available from Integris. Integris was formed in 2005 as […]
Services firm Vanbex Group and payments provider NetCents Technology have teamed up to speed up the adoption of blockchain to Canadian banks. NetCents will be integrating Vanbex’s Genisys product, a blockchain-integrated payment platform that offers a turn-key transaction messaging system for cross-border payments, to work in conjunction with the Swift and Clearing House Interbank Payments […]
Canada’s major exchange, depository and clearing group – TMX – has unveiled a new initiative that is set to transform the company into “a client-driven solutions provider to the Canadian and global capital markets”. TMX states that “the objective of the initiative is to align, simplify and integrate relevant systems and operations to both lower […]
Canada’s newest stock exchange, Aequitas NEO Exchange, has implemented the hosted version of OneTick platform, supplied by OneMarketData. The new platform underpins the exchange’s data and advanced analytics service, OneTickCloud. OneTickCloud supports global equities and futures tick history, reference data, and adjustment factors, and provides on-demand analytics for creating custom datasets. Karl Ottywill, COO at […]
Bank of Montreal has signed onto Kyc.com’s service to streamline the collection and management of KYC (Know Your Customer) information. Kyc.com, a joint venture between IHS Markit and Genpact, says it standardises and centralises operations around client onboarding and due diligence. Michele Trogni, executive vice-president, consolidated markets and solutions for IHS Markit, says the addition […]
The Canadian payments space needs to have more flexible and secure systems to promote innovation, according to a public consultation carried out by Payments Canada (formerly the Canadian Payments Association, CPA), the operator of the nation’s payment clearing and settlement system. In its “Vision for the Canadian Payments Ecosystem” report, done in collaboration with more […]
Canada-based Cidel Bank & Trust is implementing ERI’s flagship Olympic core banking system. Banking Technology understands that the deal was inked at the start of 2016. The implementation has already begun, and will equip the Cidel group with portfolio management and reporting tools, an automated transaction processing capability and an omni-channel client service architecture. Craig Rimer, […]
BMO Bank of Montreal has introduced a new service that allows customers to open an account using their smartphone, without having to go to a branch or download an app. The bank says this “first-of-its-kind account opening capability” allows customers to search, select and open a new account with BMO “in minutes”. Niti Badarinath, head […]
Toronto-based Overbond, a bond issuance market provider, has launched an end-to-end platform and support framework for primary bond origination – the “first” fully-integrated platform to connect bond market issuers, dealers, and fixed-income investors. The digital platform provides transparency, price discovery and investor diversification for all counterparties in the primary bond market, the firm says. “We […]
Toronto-based start-up, nanoPay, which acquired the assets of the digital currency business of the Royal Canadian Mint (RCM), MintChip, in early 2016, launches new digital cash. The first commercial application of MintChip is in Toronto’s Liberty Village neighbourhood, where consumers shopping or dining at participating merchants can use MintChip to pay for goods and services. […]
US-based Gemini Bitcoin exchange has expanded its services to Canada. Gemini, founded by the Winklevoss twins (Cameron and Tyler, who were memorably depicted in the film The Social Network), says registered customers in Canada can trade bitcoin (BTC) and ether (ETH) on Gemini’s ETH/BTC order book. Cameron Winklevoss says this is “just the beginning of […]
Object Trading, a multi-asset trading infrastructure provider, says its Direct Market Access (DMA) Service Platform is now available at TMX Group’s co-location centre for access to the Montreal Exchange (MX). With fully managed services provided at TMX Group’s co-location centre, Object Trading says it improves relationships between the buy-side and sell-side, enabling them to access […]
Laurentian Bank of Canada (LBC) and its subsidiary, B2B Bank, are implementing new core banking software, Temenos’ T24. The bank will also deploy Temenos’ Insight tools for reporting and analytics. Together, the systems are branded by Temenos as RetailSuite. Montreal-based LBC offers retail and commercial banking services in Quebec. It also has one branch in […]
UBS Wealth Management Americas (WMA) and tech company SigFig has formed a “strategic alliance” to develop digital technology for UBS WMA, its financial advisors and their clients. San Francisco-based SigFig specialises in wealth management software. It will create and customise digital tools and services for UBS WMA’s 7,000 advisors. UBS WMA’s remit is domestic US and […]
One of Canada’s largest credit unions, Coast Capital Savings CU, is looking for a full-time software developer experienced in Temenos’ T24 core banking system. What’s the job? Writing code, developing and customising the credit union’s core processing platform, T24. “That sounds pretty simple but working on the software platform that powers our core banking operations […]
Nissan Motor Acceptance Corporation (NMAC) will install a new leasing solution, Wholesale Floorplan Finance System (WFS), supplied by specialist vendor Sword Apak. It will be delivered on a Software-as-a-Service (SaaS) basis. NMAC was looking for a new solution “that would provide an outstanding level of service to dealers”, says Sword Apak. The company is also […]
The Canadian Payments Association (CPA) has adopted ISO 20022, as it looks to modernise Canada’s payment system. Gerry Gaetz, president and CEO of the CPA, says ISO 20022 will “enable the Canadian financial community to provide better service, both domestically and across borders, to their customers”. The CPA says recent research indicates that cost savings […]
SAP Ariba and Discover Financial Services have rolled out their B2B payments service, AribaPay, in Canada. Last month AribaPay was launched in the US (also with the help of Discover). And earlier this year, SAP partnered with First Data for a rollout across Europe and Latin America. SAP Ariba says Canadian businesses and consumers pass […]
EQ Bank, a new pure-play digital bank in Canada, has opened its virtual doors. It is underpinned by the front-to-back office software from Temenos. The bank is using Temenos’ T24 core banking system at the back-end and Temenos Connect for digital channels at the front-end. It is also using Insight BI for business intelligence and […]
Alternative trading system Chi-X Canada has been bought by Nasdaq, as part of a push by the global exchange group to grow its presence in North America’s largest country. The deal is expected to go through in Q1 next year.
The UK Faster Payments experience is providing some guidance for the US Federal Reserve’s efforts to move beyond its slow ACH system, but it should take a different approach, according to a speaker at the Nacha Payments 2015 conference in New Orleans this week.
Royal Bank of Canada has made the first cross-border Renminbi payment on Canada’s new RMB Trading Hub through the hub’s designated clearing bank, Industrial & Commercial Bank of China (Canada).
New Canadian exchange Aequitas NEO has gone live for the first time, using the MillenniumIT trading platform built by the London Stock Exchange’s Sri Lanka-based subsidiary.
Banks in North America are ramping up IT spending on retail banking services and digital channels this year, with total IT spend expected to reach $64.8 billion by 2016, according to a new report by analyst firm Celent. The figures represent a 4.5% increase this year, as financial institutions increasingly turn to external software provider and specialists to bolster their abilities.
A new exchange is planning to begin trading in March, with a platform focused on long-term investors and issuers. Chief executive Jos Schmitt says the new venue has some unusual features which should help keep unwanted high-frequency traders at bay.
Canadian ‘challenger’ exchange Aequitas, which plans to favour long-term investors by discouraging HFT, has chosen a trading engine and several other tools from MillenniumIT, the Sri Lanka-based technology company owned by the London stock Exchange.
Canadians are in a hurry to get rid of their cash – at least as a method of payment, nor are they content with the contactless tap-and-go cards currently in use; they are anxious to replace cards with contactless smartphone technology, writes Aaron Rosland, senior economic counsellor for the Government of Ontario, Canada.
A new Canadian stock exchange aimed at retail and long-term investors is planning its debut next year, offering a service designed to curb high-frequency trading and support capital raising.
Former Alpha ATS chief Jos Schmitt is planning a new stock exchange for Canada, to be called Aequitas Exchange, which will take on incumbent TMX Group.
