Banking Technology March 2017 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
USA
Silvergate Bank overhauls front-to-back office tech with FIS
California’s Silvergate Bank has implemented a suite of systems from FIS in a major tech overhaul – from a new core banking system to branch, digital and mobile banking, compliance and risk. The new core banking platform – FIS’s Horizon – will let the bank “streamline” its third party systems, such as account opening and […]
Kraken acquires Cryptowatch for digital asset trading
San Francisco-based digital asset exchange Kraken has acquired the charting and trading platform Cryptowatch. According to Kraken, Cryptowatch is used by traders to chart over 150 markets in real-time and trade up to 22 digital assets. Over the past two years, Cryptowatch also increased its active user base by 700%. As part of the deal, […]
InvestCloud launches US innovation centre
California-based InvestCloud has opened its first fintech accelerator and incubator, the InvestCloud Innovation Centre, at its Pacific Design Centre headquarters in Los Angeles. The new 10,747-foot centre gives banks, wealth managers and other financial services firms “residences” to accelerate the development of new apps through access to InvestCloud’s full technology platform, in collaboration with a […]
USAA gives development rights to Persistent Systems
USAA, a provider of banking and insurance services to the US military personnel and their families, has granted intellectual property (IP) rights to Persistent Systems for the development of its banking tech. Through this agreement, India-based Persistent will look and attempt to extend USAA’s technologies to identify and verify members. Persistent says it will focus […]
Citi unveils APIs for treasury services
Citi’s Treasury and Trade Solutions (TTS) has launched an application programming interface (API) solution for payment initiation, payment status and account balance inquiries through its connectivity platform CitiConnect. As Banking Technology reported late last year, Citi unveiled a new global API developer portal, which it claimed to be the most comprehensive to date in the […]
US challenger Clear launches AI-powered bank
Clear, a New York City start-up, has launched the “first” artificial intelligence (AI) powered bank for start-ups. The Clear account is designed specifically for start-ups and small business owners to manage their finances through a single banking portal. Its platform lets users ask questions and receive answers without having to look at any spreadsheets or […]
Three US FIs in tech revamps
Credit Union of Southern California, Brazosport Teachers Federal Credit Union and Rosedale Federal Savings & Loan Association are undergoing tech modernisation.
R3 turns its back on blockchain?
Is the R3 consortium going to wave goodbye to $53 million in research and abandon blockchain? In a presentation on its Corda platform, R3 says it doesn’t need “block chain”. (No space is usually used, but I don’t want to be too much of a grammar Nazi.) Credit for this spot must go to Twitter […]
Clean sweep for NCR Interactive Teller tech in US
Alaska-based Matanuska Valley Federal Credit Union (MVFCU) has begun deploying NCR Corporation’s Interactive Tellers at its branch locations – meaning its machines are being used in every US state. The ATM lets users interact with their financial institution’s remotely located video teller via video and audio. NCR says this tech is of “particular value to […]
Bank of America zooms in on Zelle for mobile banking
Bank of America has chosen the person-to-person (P2P) Zelle service within its mobile banking app as part of its digital drive. Zelle will let clients send, receive and request money, allowing them to use the existing contacts on their mobile device to transfer money to (or request money from) “almost anyone within minutes, regardless of […]
Accenture in German digital and US innovation drives
Accenture will acquire German digital agency SinnerSchrader to boost its Accenture Interactive services in the country. Also, the company plans to launch ten new innovation hubs in the US in the next three years. Accenture has agreed to purchase a 62% majority of SinnerSchrader shares from co-founder and CEO Matthias Schrader, CFO Thomas Dyckhoff, and […]
Boston Firefighters CU in tech overhaul with COCC
Boston Firefighters Credit Union has outsourced its core processing to Connecticut Online Computer Centre (COCC).
Chase to launch new self-service mortgage platform with Roostify
Chase is planning to launch a new self-service mortgage platform for its 43 million digital users, and will allow customers to digitally track their application – from start to finish.
Joy for Bankjoy as three credit unions sign contracts
Fintech start-up Bankjoy has signed three credit unions for its digital banking software: CommunityWide Federal Credit Union in Indiana; Advantage Plus Federal Credit Union in Idaho, and One Detroit Credit Union in Illinois.
Kaiperm Diablo FCU chooses Nymbus core banking system
California-based Kaiperm Diablo Federal Credit Union has selected Nymbus’ SmartCore core banking system as part of its technology revamp. Leslie Chan, chairman, board of directors, Kaiperm Diablo FCU, says: “Only Nymbus was positioned to deliver the technology innovation with the speed, agility and urgency we required.” SmartCore is supplied on a hosted basis, and will […]
Amazon looking to buy Capital One?
Amazon is rumoured to be pondering the acquisition of Capital One. Banking Technology contacted both parties for a comment but received no response.
SCE Federal Credit Union outsources with Jack Henry’s Symitar Ease
California-based SCE Federal Credit Union has chosen Jack Henry and its Symitar subsidiary’s Ease as an outsourced delivery model of the Episys core processing platform. SCE FCU, a $650 million-asset institution, chose outsourcing to give it “all of the benefits of Episys while alleviating the need to manage on-premise systems or hardware updates”. Dan Rader, […]
This Virtual Piggy went to market for young mobile consumers
US-based mobile banking firm Virtual Piggy will soon begin testing a mobile wallet for consumers aged 17 and younger, the latest move in the parent-supervised world of mobile payments, reports Banking Technology‘s sister publication Paybefore. The test, set for April, will involve a mobile payments platform that enables parents to supervise spending by their children. […]
Global ATM hacker gets eight years in prison
The ringleader of three highly organised, global cyberattacks on ATMs resulting in $55 million in losses has been sentenced to eight years in prison and ordered to pay more than $55 million in restitution, reports Banking Technology‘s sister publication Paybefore. Turkish citizen Ercan Findikoglu had pleaded guilty last March to computer intrusion conspiracy, access device […]
First Data and KeyBank team up for payments and merchant services
US-based First Data and KeyBank have teamed up to offer merchant services to the latter’s commercial, business and government clients across the country. The partnership will allow KeyBank to offer First Data’s entire portfolio of business tools, including the Clover platform which lets business owners accept payments, manage inventory, track sales, and access analytics and […]
Payments drive Fiserv revenue growth
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 Bank in major tech overhaul with Fiserv
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.
US start-up Zikher launches online lending platform
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 […]
Temenos cuts jobs in US; eyes D+H payments business
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 teams with Intuit for data exchange
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 […]
Mirae muscles into US market with new services; tech provided by FIS
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 to be sold this quarter; delays relaunch of mobile app
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 writes down $89.5m for Simple in three years since $117m acquisition
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.
Anglo-American alliance aims to advance payments
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 […]
Wall Street Blockchain Alliance launches Blockchain Assets Working Group
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.
SoFi buys mobile banking start-up Zenbanx for $100m
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 […]
Citi analyses VC investments in fintech for fresh insights
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.
Google’s AI software beats humans at writing AI software
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 teams with QED Investors for fintech innovation
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 to pay $586m fine for money transfer fraud
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.
FIs and fintechs set up new industry group, Consumer Financial Data Rights
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”.
Finra highlights possibilities of blockchain tech for the securities industry
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 adds Raymond James to customer list
AxiomSL, a regulatory reporting and risk management software vendor, has added financial services firm Raymond James to its customer list.
Thesys awarded major tech contract to track all US stock and options orders
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.
