Oklahoma-based Encentus Federal Credit Union has chosen Fiserv’s Portico core account processing platform for digital banking and lending services. The credit union is migrating from its current providers to Fiserv; and Misty Potter, president and CEO, Encentus, says Fiserv “will empower our credit union with the progressive and innovative technology to drive a more rewarding […]
HSBC has escaped charges of money laundering by US officials due to fears by the Department of Justice (DOJ) it might create a “global financial disaster”. A US Congressional report shows that UK officials, including Chancellor George Osborne, used their clout to warn the US it could lead to market unrest. According to the BBC, […]
With news on blockchain and Bitcoin appearing thick and fast, here’s a round-up of key events to save you time. In Switzerland, the city of Zug, is piloting the acceptance of Bitcoin for payments. From 1 July, residents could start to pay their taxes, fees and fines with the digital currency. The project is part […]
BNP Paribas Securities Services has become a direct securities participant to the US Federal Reserve through FedLine, its online financial services information and payment service. The company, a subsidiary of the BNP Paribas group, says this completes its direct connectivity to the US market on all securities instruments. BNP uses Torstone Technology’s post-trade securities and […]
Spanish biometrics firm FacePhi has signed a new contract with Mexico’s Banco Inbursa to implement its face recognition technology on mobile banking apps and web platforms. This is the company’s ninth contract in total. FacePhi says Banco Inbursa becomes the first financial institution in Mexico offering facial recognition authentication to its clients, “just by taking […]
Jobs will go as Lending Club reorganises its top brass and looks to rebuild investor confidence following the untimely resignation of former chairman and CEO Renaud Laplanche. Laplanche resigned in May following an internal review of sales of $22 million in near-prime loans to a “single investor”, in contravention of the investor’s express instructions, according […]
Bank of Khartoum (BOK) has opened its first international branch, underpinned by Path Solutions’ iMAL core banking system. The branch is located in Bahrain. Path Solutions is a long-standing tech supplier to the Sudanese bank, but says that iMAL “was chosen over competitors’ systems” for the BOK International project. BOK International focuses on products and […]
Wirecard has reached a definitive agreement to acquire Citi Prepaid Card Services – giving it an expansion into North America. The firm says Citi Prepaid card services have launched over 2,500 client programmes, associated with global companies and brands, but primarily in North America. Subject to the usual regulatory approvals, the deal is expected to […]
FICO, an analytics and decision management software provider, has acquired US cyber risk security scoring firm QuadMetrics. The deal will help FICO further develop its Enterprise Security Score, which ranks an organisation’s level of cybersecurity risk. The transaction has closed and terms have not been disclosed. Doug Clare, vice-president of cybersecurity solutions at FICO, says […]
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 […]
US-based banking software heavyweight Jack Henry has launched JHA Marketplace for shared core customisation. The online store enables banks to access and exchange applications related to workflow automation, “flexible” data integration, and other “performance-driving” functions. JHA Marketplace will be filled with a range of PowerOn applications. PowerOn is Jack Henry’s utility allowing a bank’s IT […]
US-based banking software heavyweight Jack Henry & Associates and its Symitar subsidiary are busy with a number of core software projects across the US. Jack Henry converted Georgia-based Bank of Newington and Wisconsin-based Cleveland State Bank to its Windows-based Core Director platform. Both banks decided to replace their previous core systems and multiple third-party vendor […]
US-based Federal Home Loan Bank of Topeka (FHLBank Topeka) has selected OpenLink’s debt and derivatives solution Findur as it looks to improve operational efficiency. With $45.2 billion in assets, FHLBank Topeka is one of 11 privately-owned, federally-chartered banks and provides wholesale loan services to 768 institutions across four US Midwestern states. The Kansas-based institution, which […]
IBM has opened a new Bluemix Garage in New York, to offer the city’s developers, entrepreneurs, and fintech firms the use of blockchain on the cloud. The garage will be located at Galvanize’s (a network of campuses) newly launched New York campus. IBM says this location in “this tech learning community for students, start-ups and […]
Wells Fargo will launch real-time person-to-person (P2P) transactions in the US – for more than 17 million mobile customers. Beginning 1 August, the service will allow Wells Fargo’s customers to send funds in real-time at “no cost” to any customer of a bank that participates in the real-time service, which operates on Early Warning’s clearXchange […]
Canada’s open-loop prepaid market saw CAD$3.1 billion (US$2.4 billion) in total card loads in 2015, according to a new market-sizing report offering insights into the country’s fast-growing prepaid industry.
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. […]
Acquisitive banking software start-up Nymbus takes over yet another fellow vendor, Sharp BancSystems (SBS). SBS is a long-standing fintech provider in the US, having been set up in Texas back in 1987. This is Nymbus’ largest acquisition to date – earlier this year, the company bought R. C. Olmstead (RCO) and KMR. Alex Lopatine, founder and CEO […]
Welch State Bank, a small bank in Oklahoma with assets of $227 million, is implementing a range of Fiserv’s solutions. These include the Precision core processing platform; Source Capture Solutions for image capture; and Director for enterprise content management. The bank will also use Fiserv’s electronic fund transfer and card services. According to Fiserv, Welch […]
US-based Silicon Valley Bank (SVB) and MasterCard are calling on US start-ups to apply for their Commerce.Innovated accelerator programme. The application process closes on 10th July, and the programme will run September to December. Commerce.Innovated is a four-month, bi-annual virtual accelerator, and this will be the fifth time it is held. Its organisers say it […]
IEX Group has gained approval from the Securities and Exchange Commission (SEC) to launch a stock exchange. IEX will become the 13th official stock exchange in the US. The company has already been operating as a private trading pool, attracting around 1.6% of all daily trading volume recently. Notably, IEX is run by the prominent […]
A new alliance of US community banks, credit unions and other financial institutions – Golden Contract Coalition (GCC) – launches to stand up to IT providers. GCC’s aim is to ensure fair market deals from the technology suppliers to its members. “GCC is the first alliance of its kind where a group of like-minded institutions […]
Bank of America is shrinking its consumer banking division by 8,000 people as it prepares to go digital. The bank has already considerably reduced the staffing numbers: from 100,000 in 2009 to 68,400 in Q1 2016. Thong Nguyen, Bank of America’s president of retail banking and co-head of consumer banking, expects the numbers to go […]
Hot on the heels of the R. C. Olmstead (RCO) acquisition, core banking software start-up Nymbus takes over another fellow vendor, KMR. KMR was founded in 2007 and focuses on the US credit union space. Its flagship suite, AgilityFOUR, consists of two products: AgilityWeb (a remote banking solution) and AgilityOrg (credit union management and compliance software). […]
DST Systems, a provider of business data services to the financial services and healthcare markets, is selling its North American Customer Communications (NACC) unit to Broadridge Financial Solutions. The deal is valued at $410 million in cash and is expected to close in July. The NACC business generated $1.1 billion in revenue in 2015, or 40% […]
Goldman Sachs has recently launched a new digital bank, GS Bank. It accepts deposits from consumers and institutional clients, starting from just $1. Goldman Sachs is understood to be working with Infosys and its EdgeVerve division on this project, with the vendor’s e-Finacle platform as the underlying tech for GS Bank. Infosys’ spokesperson provided a […]
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 […]
US-based Swirlds has launched its hashgraph distributed consensus platform, an alternative to blockchain, and free for public download and use by developers. Swirlds says it has “emerged from stealth” with the launch and says its hashgraph “goes beyond blockchain”. Dr. Leemon Baird, founder and CEO of Swirlds, says: “Current stock markets are fair in matching […]
Will everyone really benefit from the real-time payments coming to the US? Can the US regulator mandate the banking sector to adopt it? And what are the chances of this new faster payments system becoming ubiquitous? Banking Technology digs deeper, past the hype. It’s a pretty safe bet that the roll-out of faster payments in […]
Nymbus, a US-based core banking software vendor, has acquired fellow supplier R. C. Olmstead (RCO), to gain a foothold in the Midwest credit union market. RCO comes with 46 customers, all in the low-tier segment. These include Wilkes-Barre City Employees CU, Dover-Phila FCU, McDonald Community FCU, Toledo Metro FCU and Yorkville Community FCU. RCO has […]
Temenos is believed to be heading towards a new contract for its T24 core banking in the US, Banking Technology understands. Commerce Bank is going to renovate its core processing software – and the system selection is nearing completion. Two vendors are believed to be on the shortlist – Temenos with T24 and Fiserv, which […]
With the dollar down and prepaid use up in Canada, the U.S.’s top trading partner presents fertile ground for expansion.
US-based Friess Associates, which manages around $1 billion for institutional and private investors, is automating its ops with Linedata Longview. The new investment management platform will support portfolio management, trading and compliance at Friess Associates. Linedata highlights asset-specific workflows of its offering, an interface that can be tailored to the various roles of disparate users, […]
Credit Suisse has opted for FIS’s Derivatives Utility for its post-trade futures and cleared over-the-counter (OTC) derivatives operations and technology. The utility provides customers with derivatives clearing operations and technology services for trade clearing, trade lifecycle management, margin processing, brokerage, reconciliation and data management. John Dabbs, global head of prime derivatives services, Credit Suisse, says […]
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 […]
Branch Banking & Trust (BB&T), one of the largest financial services groups in the US, is taking a “leap of faith” with a new core banking system from SAP. Speaking at SAP’s annual Sapphire conference in Orlando, Will Shupe, BB&T’s executive vice-president responsible for IT and operations, said the bank opted for a gradual renovation […]
Texas-based community bank TransPecos Bank is implementing a new core banking system, i2Core, supplied by local vendor IBT. “Following a months-long hunt and seemingly endless research into a new core provider, TransPecos’ seminal moment was at IBT’s annual user conference,” says the vendor. The bank saw that IBT was “significantly different than big box providers”, […]
Fitbit Inc. is acquiring the wearable payments platform of startup Coin, with an eye on developing contactless payment features for future Fitbit fitness bands. The deal includes “key personnel and intellectual property” related to Coin’s wearables business, but does not include Coin’s core product—an electronic smart card that can be loaded with multiple payment, gift or loyalty cards, Fitbit said.
PayNearMe is enabling Dallas commuters to pay transit fares in cash at nearly 800 retail locations through a partnership with Dallas Area Rapid Transit (DART). Fares can be loaded onto the existing DART GoPass app or the new DART GoPass card, the transit agency’s first reloadable NFC-enabled transit card designed and distributed by PayNearMe and Blackhawk Network.
