Fiserv’s healthy payments segment has boosted its revenue for the fourth quarter and full year 2016. In its latest results, GAAP revenue increased 5% in Q4 to $1.43 billion, driven by 7% growth in its payments segment and 2% growth in its financial segment, compared to Q4 2015. Full year GAAP revenue saw a rise […]
Salem Five, a $4.2 billion mutual bank in Massachusetts, is embarking on a major technology overhaul with Fiserv’s core, digital banking, payments, and commercial solutions.
Reloadable prepaid cards are a hit with Canadian consumers, with 95% of them saying they are satisfied with the products in 2016, reports Banking Technology‘s sister publication Paybefore. The figure represents an increase of 22 percentage points from 2015, and stands as the highest satisfaction rate for all payment tools, according to the second annual […]
San Francisco-based fintech start-up Zikher has unveiled its Software-as-a-Service (SaaS) platform for online lending as it targets small banks’ and credit unions’ business. Mortgage and loan applications are done online and take 15 minutes to fill out. Customers can access their application to get real-time information about their loan or mortgage and talk to a […]
Reloadable prepaid cards are a hit with Canadian consumers, with 95 percent of them saying they are satisfied with the products in 2016. That represents an increase of 22 percentage points from 2015, and stands as the highest satisfaction rate for all payment tools, according to the second annual survey from the Canadian Prepaid Providers Organization.
Banking software vendor Temenos is understood to have laid off a number of staff across its operations in the US, including at the Trinovus and Akcelerant subsidiaries. It is also understood to be eyeing the payments business of DH Corporation, Global Transaction Banking Solution (GTBS, formerly Fundtech).
Wells Fargo has signed an agreement with financial software firm Intuit to help customers import their bank account data to financial management tools such as QuickBooks Online, Mint and TurboTax Online, via their application programming interface (API). Data imported via these APIs is intended to help customers save time and avoid potential data-entry errors. Brett […]
Central 1 Credit Union, a software and services provider to 300 financial institutions in Canada, will overhaul its MemberDirect digital banking platform with Backbase’s tech. This is the first known deal for the Dutch vendor in Canada.
Mirae Asset Securities, a subsidiary of Asia’s Mirae Asset Financial Group, has selected FIS as its technology partner to launch prime brokerage, global securities lending, repo, delta one and correspondent clearing businesses in the US.
BankMobile, a mobile-only bank launched by Customers Bancorp two years ago, is expected to be sold this quarter, according to Customers’ president and CEO, Jay Sidhu.
BBVA Compass has unveiled a “goodwill impairment” charge of $60 million in its latest financial results, attributed to its direct banking service subsidiary, Simple. BBVA bought Simple in 2014 for $117 million. It has since written down $89.4 million.
Canada-based St Stanislaus-St Casimir’s Polish Parishes Credit Union (Polcu) will move to a new core banking platform, Universa, supplied by local banking tech vendor Smartsolution.
Scotiabank has updated the market on how it has adopted the digital technology so far and how it plans to become a “digital leader” in its five key markets.
British and American governments, businesses, and others have formed P20 – a group of “influential leaders” and the “first” Transatlantic payments initiative of its kind. Its inaugural meeting is to be held in autumn 2017 in London, where 20 people in the payments industry, and US/UK government officials and regulators will meet. It will rotate […]
The Wall Street Blockchain Alliance (WSBA), a US-based non-profit trade organisation, has set up a new working group – the Blockchain Assets Working Group (BAWG). It will focus on “native assets riding upon public blockchains, such as Bitcoin, Ethereum, Zcash, and more”, WSBA explains.
US-based personal finance firm SoFi (Social Finance) has acquired mobile banking start-up Zenbanx as it looks to stretch out in the world of financial services. SoFi is paying about $100 million in stock for Zenbanx’s technology, according to Bloomberg and “a person familiar with the agreement”. Zenbanx offers a mobile account in the US and […]
Canada-based Equitable Bank is implementing Wolters Kluwer’s OneSumX regulatory reporting solution.
Mastercard saw faster growth than Visa in the Americas in 2015 but, with 43%, Visa still has significantly the largest market share, according to research by Retail Banking Research (RBR). According to RBR’s Global Payment Cards Data and Forecasts to 2021 study, the number of Mastercard cards grew by 6% in the Americas in 2015, […]
Investment management software firm Linedata has acquired Gravitas Technology Services, a provider of middle office and technology services to the asset management industry. Gravitas is based mainly in New York and Mumbai, and the deal is part of Linedata’s ambitions in North America. It follows last year’s purchase of fellow investment management software provider, Derivation. […]
Canada’s Scotiabank has opened its new 70,000 square-feet “digital factory” in Toronto for fintech innovation. It is designed to be an innovation hub and incubator for the 23 million Scotiabank customers across the world, and is one among five centres in a network of such fintech-focused innovation centres. Mexico, Peru, Chile and Colombia will be […]
Citi’s global perspectives and solutions team has issued a 100-page report on digital disruption in the fintech industry. It has analysed venture capital (VC) investments in the fintech industry between 2010 and 2016, as well as the emerging technologies across the globe.
The British Columbia Securities Commission (BCSC) wants to serve the fintech firms in the state better.
Mexico-based CIBanco has signed for a compliance services suite from Swift, which comprises compliance analytics and sanctions screening tools and KYC Registry.
Equifax Canada has launched the first phase of a new multi-million dollar technology platform to provide financial data. The company organises, assimilates and analyses data on more than 820 million consumers and more than 91 million businesses across the globe. The first phase of its new platform is designed to provide predictive insights about consumer […]
Economists worry that artificial intelligence (AI) could make many workers obsolete. Now, AI researchers could be putting their own jobs at risk. Researchers at Google and elsewhere are writing AI software that’s better than humans at writing AI software, reports Light Reading (Banking Technology‘s sister publication). Researchers at the Google Brain artificial intelligence research group […]
Fifth Third Bank is partnering with venture capital (VC) firm QED Investors to bring new products and services to their banking customers. The VC firm will advise the Ohio-based bank and support its NorthStar strategy to “enhance offerings through technology”. Tim Spence, executive vice-president and chief strategy officer for Fifth Third Bank says the partnership […]
Western Union has admitted turning a blind eye as criminals used its money transfer services to launder money and commit fraud. It has agreed to pay a $586 million fine to the US authorities.
Financial services and fintech firms in the US come together to form a new industry group – Consumer Financial Data Rights (CFDR) – “to defend consumers’ access to their data and fuel innovation in fintech”.
Financial Industry Regulatory Authority (Finra), a non-governmental organisation that regulates member brokerage firms and exchange markets in the US, has published an extensive report, evaluating the implications of blockchain for the securities industry.
AxiomSL, a regulatory reporting and risk management software vendor, has added financial services firm Raymond James to its customer list.
Thesys Technologies, trading technologies and analytics software specialist, has won the contract to build a new system for the Securities and Exchange Commission (SEC) to track and store all stock and options orders and transactions.
Payments software and services vendor ACI Worldwide says its latest version of UP Immediate Payments provides “single point of access to all immediate payments schemes globally”.
Aperio Group, $16 billion investment manager in California, has selected investment management software from Linedata.
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.
First Oklahoma Federal Credit Union, the oldest credit union in the state, has embarked on a major tech overhaul. It will implement Fiserv’s Portico core processing system and a suite of digital solutions.
The National Economic Council (NEC) of the US, part of the Office of White House Policy, has published a whitepaper, “A Framework for Fintech”.
A three-way alliance of legal firms is helping Europeans call out financial wrongdoing and benefit from US whistleblower laws. New York-based Meissner & Associates is collaborating with Stuttgart/Berlin-based Naegele and London-based Brahams Dutt Badrick French (BDBF) to create the new transatlantic initiative, the “first of its kind”. The plan is to help employees, suppliers and […]
Kansas-based banking software developer, Data Centre Inc (DCI), has signed a new client, The First National Bank in Falfurrias, Texas. Jack Henry’s Symitar division has completed a core conversion at Sun East Federal Credit Union in Pennsylvania.
LinkedIn founder Reid Hoffman is one of a host of investors bank-rolling a new initiative to develop ethics and governance standards for artificial intelligence (AI), reports Telecoms.com. The $27 million Ethics and Governance of Artificial Intelligence Fund, which also features Omidyar Network as a founder, will be built around not only engineers and corporations, but […]
CSI Kick Start, a start-up incubator founded by Florida-based payments firm CSI GlobalVCard, has opened up its second annual application process for funding. The incubator is offering portfolio companies investments starting at $500,000, mentorship from an advisory board of industry experts, cross-selling opportunities and additional resources. It says its key areas of interest in B2B […]
