Top fintech stories this week – 10 November 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
UK
BNP Paribas to handle Janus Henderson’s back office
Janus Henderson Investors has chosen BNP Paribas Securities Services to assume responsibility for most of its back office; fund administration and fund accounting, middle office and custody functions in the US.
Bank of England launches youthful cybersecurity challenge
The Bank of England (BoE) has unleashed a cybersecurity challenge for the young at heart as it seeks to maintain monetary and financial stability. It cites recent cyberattacks on high-profile systems and organisations such as the Bank of Bangladesh as something to be wary of. To that end, it’s calling for people to: “Think big. […]
UK banks join the iPhone X Face ID rush
Customers of TSB and Tesco Bank are now able to use facial recognition technology, Face ID, for mobile banking app and make payments. The new technology is exclusive to Apple’s iPhone X. Carlos Abarca, TSB’s chief information officer, says: “Providing customers with biometrics logon to their mobile banking, such as Face ID, means all of […]
Payments round-up: 7 November 2017
A distinctly European feel in our latest payments round-up. Stars Facebook Messenger, the UK’s Payment Systems Regulator, Concardis and AliPay. The UK will be the first country outside the US to get the Facebook Messenger payments service. Messenger was launched in the US in 2015 and lets people transfer cash during any conversation within the […]
AMX selects InvestCloud to power exchange solution
The Asset Management Exchange (AMX) has selected US-based InvestCloud to build a bespoke digital solution for its client base of asset owners and asset managers. The digital interface will let clients access and monitor some $2 billion of investments already on the exchange. Established by advisory firm Willis Towers Watson earlier this year, AMX is […]
Redline’s lendtech powers new motor finance platform at Shawbrook Bank
UK-based challenger bank Shawbrook has launched a new lending platform for the motor finance marketplace, powered by Cognition Direct, a direct-to-customer loan decisioning engine from Redline.
Starling Bank bolts to Yolt money app
Yolt, the money app backed by ING, has integrated with its first digital challenger bank, Starling Bank. Yolt says its aggregation functionality now enables Yolt users to view their Starling Bank account details and transactions alongside their other bank accounts, together in one place. Since launching in June 2017, Yolt states that its users have […]
No laughing matter as Smile and Co-op online banking goes down
The customers of the UK’s Co-operative Bank and its digital arm, Smile, have been affected by an online banking glitch that is preventing access to accounts. As with all these problems the banks say they are investigating. There are no more details on specifics or when the systems will be back up. However, the mobile […]
Bank of Scotland pilots AI tech for customer iPhone chat
Bank of Scotland, a subsidiary of Lloyds Banking Group, has launched a pilot artificial intelligence (AI) project – a virtual assistant for customers using the iPhone app.
Cashplus licence = new UK challenger bank
London-based financial services provider Cashplus is making the bold move into the challenger bank ring by unveiling its next move: applying for a banking licence.
German mobile challenger bank N26 expands to UK
Germany-based mobile challenger bank N26 will enter the UK market in the first half of 2018. According to N26, the UK is “one of the most advanced markets” in Europe in terms of digital payment methods. It says “non-cash payments and e-commerce are the accepted norm” and reckons there is a demand for a “fully-fledged […]
Lloyds, Halifax and Bank of Scotland hit by system outages
The customers of Lloyds, Halifax and Bank of Scotland have been affected by an online and mobile banking glitch that is preventing access to accounts or telling users they don’t have an account with the bank. The banks say their phone lines are back to normal, but online and mobile banking are facing “intermittent issues”. […]
OneSavings Bank in regtech project with Lombard Risk
UK-based regtech vendor Lombard Risk Management is supplying its regulatory reporting platform, AgileReporter, to OneSavings Bank.
MarketInvoice rebrands, moves into UK business lending
UK-based MarketInvoice has expanded into the business lending space, complementing its suite of invoice finance solutions. The firm says it has rebranded itself into “a business finance company”.
Bank on Dave gearing up for launch in 2018
Burnley Savings and Loans, a lending company based in Burnley, UK, is awaiting a banking licence from the UK regulator for its Bank on Dave challenger bank.
CYBG brings next working day cheque depositing to mobile banking
Clydesdale and Yorkshire Banks (CYBG), through its digital banking service B, is launching new technology in November 2017 to enable customers to pay in cheques using its mobile banking app, B.
Case study: the technology behind P2P
The UK peer-to-peer (P2P) lending market has flourished in the last decade. Lending volumes among the major platforms are increasing rapidly, pushing the cumulative total above £7 billion for the first time, as the understanding of the investment model continues to grow.
WorldFirst’s multi-currency platform puts UK SMEs world in their hands
WorldFirst, an international payments business, has unveiled its new World Account platform for UK corporate customers, providing a range of international banking services to SMEs trading overseas who find it difficult to access through traditional banks.
RBS reaches Landmark for mortgage valuation risk management
Royal Bank of Scotland (RBS) will adopt Landmark Valuation Services’ (formerly Quest) valuation risk model (VRM) service for its mortgage valuation process for both RBS and NatWest. Using property analytics and land and environmental data, VRM helps the banks to apply an automated valuation where the risks are considered “low”. Where a physical inspection is […]
HSBC UK heads towards open banking through fintech partnership
HSBC UK and its First Direct online banking subsidiary have partnered with fintech start-up Bud to provide customers with an integrated selection of financial services products and tools from across the market.
UK challenger bank Aldermore in acquisition talks with FirstRand
South Africa’s financial services group FirstRand is in takeover talks with Aldermore, a UK-based challenger bank focused on SMEs.
Challenger bank BFC edges towards 2018 launch
BFC Bank, a subsidiary of the Bahrain Financing Company money transfer group, has completed its mobilisation process and is preparing for a launch in early 2018. As reported last year, BFC received authorisation from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). After an initial “soft launch” for selected companies (such as SMEs […]
Lloyds Banking Group in major paytech overhaul with SAP
UK-based Lloyds Banking Group is modernising its payments technology for corporate and institutional clients with SAP. The bank has signed for SAP’s cash management and payments platform, powered by SAP HANA.
Venture into Accenture’s fintech innovation adventure centre
Fintech start-ups are being invited to apply to Accenture’s sixth FinTech Innovation Lab London, a three-month programme offering mentoring and the chance to accelerate business development. Accenture says this year’s lab has introduced a new stream to help regtech start-ups, because banks are “being compelled to open up their customer data and ensure this data […]
TSB Bank awards five-year services contract to NCR
NCR Corporation has signed a five-year deal with UK’s TSB Bank to look after the bank’s 900+ ATMs and IDMs as well as provide service desk support for its employees across its branch network.
UK’s Faster Payments Scheme seeks tenders for infrastructure competition
The UK’s Faster Payments Scheme (FPS) is asking for expressions of interest for the renewal and management of its infrastructure – the services that enable the nation’s 24/7 real-time payment service. This is the first of a three-phase competition for the infrastructure for up to ten years. The renewal will migrate the Faster Payments Service […]
Infographic: the world’s most cashless countries
What countries among the 20 largest economies are adapting quickest to using cashless systems like phones and contactless cards? New research (and nifty infographics) from global trading site Forex Bonuses reveals that Canada takes the top spot, narrowly edging out Sweden for the top position.
Aviva acquires majority stake in Wealthify
UK based insurer Aviva confirms that it’s acquired a majority stake in robo advisor, Wealthify.
UK government continues quest to ruin reputation of encryption
The UK’s Home Secretary, Amber Rudd, is a woman on a mission, and that mission is to mutilate the reputation of platforms like WhatsApp in the pursuit of the destruction of end-to-end encryption, reports Telecoms.com (Banking Technology’s sister publication). It isn’t new. Rudd must have been wronged by an online troll at some point and […]
Fintech funding round-up: 5 October 2017
Four of the latest stories in one for a fast fintech funding round-up. Features SalaryFinance, Featurespace, Worldpay, Invoke Capital, ESF Capital and ThinCats.
Uber takes SoftBank investment and drives changes
Uber is to accept an investment of up to $1.25 billion from Japan’s SoftBank and usher in new governance rules aimed at reining in former CEO and co-founder Travis Kalanick.
Turn gaming into investing with Invstr’s newest app
Invstr, the social and investment game app, has launched a new product which will give UK members the ability to trade fractional shares.
Credit Kudos receives FCA authorisation to shake up credit bureau market
Credit Kudos, a challenger credit bureau, has received the green light from the UK’s regulator, Financial Conduct Authority (FCA), to operate as a credit reference agency.
Cloudy with a chance of Microsoft for TSB’s digital banking
TSB has selected Microsoft 365 Enterprise and Dynamics 365 cloud solution as part of its digital banking revamp for its eight corporate centres and 550 branches. Microsoft 365 integrates Office 365, Windows 10, and Enterprise Mobility + Security into a solution to help the bank’s 8,500 employees. Dynamics 365 delivers a cloud-based suite of applications […]
No excuses from Revolut after server issues
The last 24 hours for payments start-up Revolut haven’t been kind after its services went down due to a server failure. Not only was it painful for the engineers working to ensure the services are back up, but also painful to the customers who at the time couldn’t access their accounts. Revolut CEO, Nikolay Storonsky, […]
Banking Technology October 2017 issue out now
Oh brave new world! Where transparency reigns. The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
UK insurtech start-up Nimbla seeks SME market shake-up
Nimbla, a London-based insurtech start-up, has launched a platform offering UK SMEs credit control and single invoice insurance using cloud accounting, as well as underwriting rules agreed upon by Munich Re’s new business unit Digital Partners. The firm says it is looking to tap into the UK’s SME market that has a reported £5.8 billion […]
UK regulator unleashes new hub for sweet asset management
The UK’s Financial Conduct Authority (FCA) is setting up an asset management authorisation hub to support start-ups entering the lively market. In a speech at the “FT Investment Management Summit Europe 2017”, Megan Butler, executive director of supervision – investment, wholesale and specialist, FCA, says the hub will help start-ups as they move between pre-authorisation […]
HSBC UK takes first step into open banking
HSBC UK is taking steps in a new direction with its first foray into open banking. Starting with the introduction of a new testing platform, HSBC Beta, this allows HSBC to get its feet wet before diving in with a fully fleshed out app for customers in 2018. Still, the testing platform won’t be no […]
