Bank of the West in major tech modernisation
EXCLUSIVE: Bank of the West, a large regional bank in the US and a subsidiary of BNP Paribas, is embarking on a major tech overhaul with Infosys, it is believed.
USA
Blooom surpasses $1bn in assets under management
Wealthtech company Blooom says it has surpassed the $1 billion assets under management milestone.
Stockpile raises $30m to boost millennial stock ownership
Millennial-focused brokerage firm Stockpile has pulled in $30 million this week in a Series B funding round led by Fidelity.
What’s hot and what’s not in US fintech
Finovate (Banking Technology‘s sister company) teamed up with the Fintech Cocktail Club earlier this month to play another game of Fintech Tinder (otherwise known as hot or not), writes Julie Muhn. Here are the rules – we shouted out a list of 20 fintech trends and our cocktail-fuelled audience shouted their opinion on whether the […]
Swych seals Series A funding
Digital gifting platform Swych has closed its Series A round with a “major strategic capital investment” from UAE Exchange Group. The amount of the investment was undisclosed, reports David Penn at Finovate (Banking Technology‘s sister company). “Swych’s global gifting technology and vision fits well with our strategy to foster purpose-based money transfers,” UAE Exchange Group […]
Blue chips are down as Deloitte hit by cyberattack
Yet again, another fintech firm has been hit by a cyberattack. This time it’s Deloitte’s turn – with confidential emails and plans of some of its blue-chip clients compromised, according to the Guardian. The cybersecurity attack went unnoticed for months and the Guardian says it understands that Deloitte clients across all of its sectors – […]
P2P lender Prosper’s valuation stands at $550m with new funding
US peer-to-peer (P2P) lending firm Prosper has landed $50 million in a Series G funding round. The capital comes from Hong Kong-based FinEx Asia and LPG Capital and raises the San Francisco-based company’s total equity funding to $410 million.
Kasasa rolls out Kasasa Loans
Fintech and marketing services company Kasasa unveiled its newest offering, Kasasa Loans, which lets consumers pay ahead to reduce debt and take that extra money back if they need it.
AutoGravity teams up with Hyundai Capital America
Thanks to a new partnership between AutoGravity and Hyundai Capital America, California car buyers using AutoGravity have new financing options when looking to buy a Hyundai, Kia or Genesis vehicle.
Fintech funding round-up: 22 September 2017
There was a round-up yesterday because fintech funding won’t go away. More action featuring Tuition.io, Apiax and Etch. Tuition.io, a US-based employer-funded student loan repayment assistance platform, has announced a $7 million Series B funding round led by Wildcat Venture Partners with participation from existing investors Mohr Davidow Ventures and MassMutual Ventures, the corporate venture […]
FinovateFall 2017: a look back at the four-day flow
Adding a pair of discussion days to Finovate’s traditional demo days format, has made it that much easier for FinovateFall attendees to answer the question perennial post-conference question: “So. What did you think?”
Digiliti Money plans to delist from Nasdaq
Digiliti Money (DGLT), which is in merger negotiations with Urban FT, is planning to delist from the Nasdaq, according to its most recent SEC filing.
Malauzai’s digital banking does the business for Somerset Trust
Courtesy of its partnership with Malauzai, Somerset Trust Company is extending its digital banking service to its business customers. The West Pennsylvania-based community bank will use the same MalauzaiOne digital banking platform it rolled out to retail customers last year, giving business users digital access to their accounts and ways to manage payments and receivables, reports […]
Gulf Coast Bank & Trust turns to nCino for cloud-based lending
Louisiana’s Gulf Coast Bank & Trust has gone live with nCino’s cloud-based Bank Operating System, “increasing the efficiency and speed” of the commercial loan process. According to nCino, Gulf Coast Bank & Trust, a 113-year-old bank with branches throughout southeastern Louisiana, identified the need to replace numerous siloed systems with a solution that would automate […]
JP Morgan Chase goes in for the Bill for digital payments platform
JP Morgan Chase has teamed with Bill.com, the largest digital business-to-business (B2B) payments network in the US, for its new paytech platform. This B2B solution, to be rolled out next year, will be integrated into Chase’s digital platform for businesses, used for online and mobile solutions. Andrew Kresse, CEO of business banking at JP Morgan […]
Amplify Credit Union to swap legacy core processing tech for Fiserv DNA
Amplify Credit Union is converting from its legacy core processing software provider to Fiserv and its DNA platform. DNA will become the credit union’s “new foundation for its member-centric technology strategy”, Fiserv says.
Infographic: same-day ACH debits steps for success
Nacha, the backbone for the electronic movement of money and data in the US, has launched the same-day automated clearing house (ACH) debit transactions with its ACH Network.
EU-US Privacy Shield faces its moment of truth
While you were tucking into your ham sarnie European Commission Věra Jourová touched down in the US to start the first annual review of the EU-US Privacy Shield, reports Telecoms.com (Banking Technology’s sister publication). It’s the reason why the internet giants of Silicon Valley can do business in the European bloc, or at least the reason […]
Equifax breach fallout far-reaching
The fallout from Equifax’s data breach, which compromised personal data of 143 million US consumers, continues with an investigation by the US Federal Trade Commission (FTC) and Mastercard and Visa warning issuers that more than 200 million cards are at risk.
Finastra goes on a job cutting spree
EXCLUSIVE: Finastra, which emerged earlier this year from the combination of two banking tech vendors, D+H Corporation and Misys, has made a number of job cuts across its operations.
Top fintech stories this week – 15 September 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
LarrainVial finally goes live with Temenos’ T24 core banking system
Chile-based LarrainVial has implemented Temenos’ T24 platform – seven years on from signing the contract – as it seeks growth throughout the Americas including in Chile, Colombia, Peru, and the US.
FinovateFall 2017: Best of Show winners revealed
The seven companies that earned not just the admiration of FinovateFall 2017 attendees, but their votes for Best of Show, as well, have been revealed, reports David Penn at Finovate (Banking Technology’s sister company). With more than 70 companies demonstrating their technologies live on stage over the course of two days, some diversity in theme […]
Fintech accelerator round-up: 13 September 2017
Around the world, the calls for start-ups ring loud and clear. Our fintech accelerator round-up features F10, Commerce.Innovated and Huge Thing. F10, a Swiss incubator and accelerator, is calling for applications from start-ups in fintech, regtech, and insurtech for its P2 programme. Applications close on 15 December. The P2 programme will start on 5 March […]
New deals and go-live for Corelation’s Keystone core banking system
Western Vista, a credit union in the US state of Wyoming, has converted from its legacy tech to a new core processing platform, Keystone. The system is supplied by domestic vendor Corelation.
Blockchain firms R3 and Ripple locked in legal tussle
The blockchain duo of R3 and Ripple are suing each other over an options contract to purchase Ripple’s digital currency XRP, according to Reuters. In September 2016, the two companies entered an agreement giving R3 the right to purchase up to five billion XRPs for $0.0085 per unit until September 2019, according to a lawsuit […]
Cyberattack on Equifax threatens 143m US consumers
Information specialist Equifax has revealed a cybersecurity incident potentially impacting approximately 143 million US consumers. It says criminals exploited a US website application vulnerability to gain access to certain files. Based on the company’s investigation, the unauthorised access occurred from mid-May through July 2017. The company has found “no evidence of unauthorised activity on Equifax’s […]
Square wants to be a bank, sort of
Mobile point-of-sale pioneer Square Inc. is applying for an Industrial Loan Company (ILC) charter to support the expansion of its lending business, the volume of which grew 68 percent year-over-year in Q2 to $318 million.
IBM and MIT team up for AI research
IBM will make a ten-year, $240 million investment to create the MIT–IBM Watson AI Lab as the duo seek to unlock the potential of artificial intelligence (AI). The collaboration with Massachusetts Institute of Technology (MIT) aims to advance AI hardware, software and algorithms related to deep learning and other areas, increase AI’s impact on industries, […]
Amazon’s Alexa speaks to US Bank customers
More than a year after Capital One unveiled the feature, US Bank customers still are among the first in the US to be able to complete banking tasks, such as checking an account balance or paying a credit card bill, by speaking a command to an Amazon Alexa device.
HSBC makes a GT Nexus for digital trade
HSBC’s customers in the US can now access GT Nexus’s digital commerce platform for managing supply chain processes. Vinay Mendonca, global head of product and propositions, global trade and receivables finance at HSBC, says: “We, and a number of our customers, identified GT Nexus as a platform that could help our customers improve their financing […]
Three US credit unions move to Fiserv’s Portico core software
Fiserv’s Portico core processing system has gained three new takers in the US: Montana Health Federal Credit Union, Port Conneaut Federal Credit Union and Southwest Oklahoma Federal Credit Union.
NextLabs and NIST team for access rights management framework in financial services
National Institute of Standards and Technology (NIST), an agency of the US Department of Commerce promoting innovation and industrial competitiveness, and cybersecurity tech specialist NextLabs have partnered to develop a framework for implementing and administering access rights management (ARM) in the financial services sector.
Top fintech stories this week – 1 September 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Wells Fargo fake bank account scam gets bigger
The scandal of employees at Wells Fargo creating 2.1 million fake bank accounts and credit card numbers to boost sales figures has just got bigger. After an expanded third-party review of retail banking accounts dating back to the beginning of 2009, Wells Fargo reveals that the number is in fact 3.5 million accounts. As reported […]
Baxter Credit Union takes Temenos’ Lifecycle Management Suite to the cloud
Baxter Credit Union (BCU) has become the first taker of Temenos’ Lifecycle Management Suite in the cloud. The Illinois-based credit union is now live with the system delivered in the Microsoft Azure cloud. The functionality includes collection, service and loan origination. The project, which was completed in four months, also incorporated an upgrade spanning four […]
Digiliti Money rejects Urban FT offer
Prospective buyer Urban FT, which first announced its desire to acquire mobile app technology company Digiliti Money (DGLT) on 16 August, reports that its revised offer for the company has been rebuffed. DGLT has been silent since 14 August when it announced the delay of its second-quarter earnings report, pending an internal investigation and floating […]
Mortgage tech innovator Blend picks up $100m investment
The continued rise of mortgage technology is set to be one of the biggest fintech success stories of 2017, predicts Julie Muhn, senior research analyst at Finovate (Banking Technology’s sister company).
Heartland State Bank in core and digital banking tech revamp with CSI
Heartland State Bank, a community bank in the US state of North Dakota, is modernising its front-to-back office technology. The new tech supplier is Computer Services Inc (CSI).
Apple chases $200m tax incentives with Iowa data centre
It was a promise on the campaign trail from President Trump, and at least this one is coming true. Apple has been teased into opening a data centre on US soil with the promise of $207.8 million in tax incentives, reports Telecoms.com (Banking Technology‘s sister publication). As part of the project, Apple will purchase 2,000 […]
