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 […]
Deloitte has launched a blockchain lab in New York’s Wall Street. 2017 could be its “make-or-break year” for blockchain, says Eric Piscini, principal with Deloitte Consulting. Joe Guastella, another principal with Deloitte Consulting, says its “ecosystem for education, ideation [we missed you jargon], strategy, application prototyping and development is there to support Deloitte’s clients and […]
Go big or go home: Fifth Third on Wednesday (11 January) said that its customers can now use five major mobile wallet providers, with debit and credit card purchases via the recently added Android Pay and Microsoft Wallet, along with previous partners Apple Pay, Samsung Pay and Masterpass. The deal comes amid a heady time […]
Credit card surcharges came before the US Supreme Court on 10 January in a case that concerns how much freedom retailers have in telling consumers they are being charged extra for the payment method. Comments from justices suggested that the Supreme Court might send the case back to New York for further review, though it […]
Discover Financial Services and PayPal have signed an agreement making PayPal more widely available to Discover cardmembers, acquirers and merchants. The agreement provides PayPal with access to Discover’s tokenisation services, so PayPal customers in the US can pay with their Discover cards at all of the contactless-enabled merchants that accept Discover. As part of the […]
A skirmish over the future of US fintech is underway in the new US Senate, with two Democratic senators this week saying a new federal charter governing the industry “could weaken consumer protections, limit competition and threaten financial stability”, reports Paybefore. Late last year, the Office of the Comptroller of the Currency (OCC) released a […]
Honda and Visa are testing a system that enables a driver to pay for fuel and parking from inside Web-connected cars, the latest development in the emerging Internet of Things (IoT), and yet another sign that more payments are moving beyond physical payment cards, reports Paybefore. The announcement, made from the Consumer Electronics Show in […]
Municipal Credit Union (MCU), a $2.5 billion credit union in New York, is implementing a new digital payments platform supplied by Payveris.
DH Corporation (D+H) is now offering banks a cloud-based testing environment to simulate connectivity to The Clearing House’s (TCH) real-time payments system. D+H says it is the first payments hub vendor to provide banks in the US “easy and low-risk” access and with “minimal investment”. It offers an optional open API layer, where banks can […]
Capital One Spark Business has announced “strategic partnerships” with two fintech companies, Bill.com and Gusto. The aim is “to build and deliver better financial management, HR and cash flow tools designed for small businesses”, Capital One says.
Washington-based Industrial Credit Union has converted to a new core banking system, Keystone from Corelation.
Data analytics and artificial intelligence are on nearly everyone’s 2017 trend-watch lists, but US-based Clarity Money wants to put those same tools directly into consumers hands with an app it says will improve financial well-being and increase users’ financial literacy, reports Paybefore. “Clarity fills in the role of an advocate with a personal finance management […]
Prepaid cards accounted for 9.9 billion transactions and $270 billion in spending volume in the US in 2015 – an increase of $600 million since 2012 – but according to a study from the US Federal Reserve, prepaid growth is slowing as the products become more mainstream, reports Paybefore (Banking Technology‘s sister company). Based on survey […]
Strategic, credit, operational and compliance risks remain “top concerns” for the financial services industry in the US, according to the latest report by the Office of the Comptroller of the Currency (OCC).
MVB Bank, a $1.4 billion community bank in West Virginia, has signed for a new core banking system, Jack Henry’s Silverlake.
Corelation, a California-based core banking software vendor, has recently signed new takers for its flagship platform, Keystone. These are FivePoint Credit Union in Texas, Coca-Cola Credit Union in Georgia, and CommunityWide Federal Credit Union in Indiana.
North American banking and payments tech vendor DH Corporation (D+H) has set up a committee to review its possible sale, it is understood.
Get straight to the core of US core banking systems projects with this brief round-up. Oklahoma-based Green Country Federal Credit Union has selected Fiserv’s Portico core account processing platform for digital and mobile banking, and functionality for commercial lending. Green Country is transferring its technology from an array of providers to Fiserv, and the latter […]
Temenos has gone on the record about its core banking software deal with US-based Commerce Bank. As reported exclusively by Banking Technology in June, Temenos was heading towards a contract with Commerce Bank – competing with Fiserv and its DNA offering.
US-based Charles Schwab has launched its Schwab Intelligent Advisory, a hybrid advisory service that combines people and a robo-advisor. Schwab Intelligent Advisory will provide investors with a financial plan, guidance from “certified financial planner professionals”, and a fully automated portfolio using algorithm driven technology. The service is expected to launch in the first half of […]
Oklahoma-based Mabrey Bank has migrated its IT infrastructure and core processing to an outsourced delivery model with US-based banking software heavyweight Jack Henry. The bank moved its IT infrastructure to the cloud computing environment, Gladiator Hosted Network Solutions, and then migrated its CIF 20/20 core processing system to JHA OutLink Processing Services. Carlisle Mabrey, IV, […]
Who is investing in what? Our latest fintech funding round-up, mercifully brief as usual. Featuring ApplePie Capital and Firepay.
Online Banking Solutions (OBS), an Atlanta-based provider of cash management software, is being taken over by banking tech giant Fiserv.
Fintech start-up Bankjoy has secured two clients for its online and mobile banking software, Georgia Heritage Federal Credit Union and Wepawaug-Flagg Federal Credit Union.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
The Office of the Comptroller of the Currency (OCC) in the US intends to grant federal bank charters to fintechs.
Chrome Federal Credit Union (formerly Washington Community Credit Union) has become the first known taker of the SmartCore core banking system supplied by Nymbus.
Marcus, a newly launched online lending platform of Goldman Sachs, is running on Infosys’ Finacle core software. As Banking Technology exclusively reported earlier this year, Goldman Sachs has been working with Infosys on a new digital venture. The solution, which supports “the complete consumer loan-servicing lifecycle” at Marcus, is deployed in the cloud and hosted […]
IBM has completed the acquisition of Promontory Financial Group, a risk management and regulatory compliance consulting firm. As Banking Technology reported in September, IBM planned the purchase to boost IBM Watson’s cognitive technology. IBM adds that the acquisition complements its industry platforms business. These platforms will integrate IBM Cloud, Watson and capabilities from across “digital […]
Apple could be adding Siri’s functionality into its iMessage service for P2P payment transactions, according to a recent patent published by the US Patent and Trademark Office. The patent says that “one or more of the participant users can select to utilise a virtual assistant to assist the participant users with tasks during the communication […]
Goldman Sachs has dropped out of the R3 blockchain consortium, according to the Wall Street Journal. The bank was one of nine original members of R3, but let its membership lapse. A spokeswoman for Goldman Sachs told the Wall Street Journal that it will continue to work with blockchain. No other details were forthcoming. As […]
SigFig, a San Francisco-based fintech start-up, is partnering with Wells Fargo to provide the bank’s clients with its robo-advisory tech and wealth management tools. A pilot version will be rolled out in H1 2017.
US banking giant Citi is launching its own branded mobile wallet – Citi Pay – to take on rivals such as Android Pay, Samsung Pay and PayPal.
As an online retailer heading into the holidays with approximately $105 billion in sales up for grabs, competing for spend is a top priority.
Where do major US banks and FIs place their digital adverts and how much they spend on these? We look at the digital marketing habits of Citigroup, Capital One and Chase (data courtesy of Pathmatics).
