US networking gear giant Cisco has announced it will be cutting 5,500 jobs to reinvest the consequent savings on strategic growth areas like IoT, cloud, data centres and collaboration, reports Scott Bicheno at Telecoms.com. The announcement was made as part of the company’s quarterly earnings announcement, which revealed flat revenue growth but improved profitability. It […]
Seattle-based Smead Capital Management has gone live with a new wealth management platform – Global Wealth Platform (GWP) – provided by SS&C Technologies. The solution is delivered in the cloud. GWP replaced Smead Capital’s legacy solution supplied by a third party. SS&C says Smead Capital was looking to increase automation “simply and cost-effectively” and to […]
Two US credit unions have selected Fiserv’s integrated OnCU core account processing solution suites. Badlands Federal Credit Union, based in Montana, and Danville City Employees Federal Credit Union, based in Virginia, will use the Software-as-a-Service (SaaS) suites. The solutions will be customised for each of them. Lisa Tickle, manager of Danville City Employees FCU, says: […]
NCR Corporation has revealed US-based Bank of Oak Ridge and Gorham Savings Bank are the latest financial institutions (FIs) to deploy its Interactive Teller technology – taking the total number of customers beyond 300. With the tech, consumers can interact via video and audio with their banks’ remote-based video teller. NCR says its software gives […]
Lending Club has experienced a double blow – with a net loss of $81.4 million and the departure of its CFO. These latest developments follow in the wake of the recent jobs cuts and reorganisation of its top brass. That was all initiated as the firm is looking to rebuild investor confidence following the untimely […]
Visa says more banks and companies in the US have chosen Visa Direct to expand their real-time payment services, including PayPal, Fiserv and Square. Visa Direct is a payments platform designed to allow financial institutions, developers and partners to offer real-time person-to-person (P2P) payments and business disbursements such as insurance claims payments, contractor payments, tax […]
Kansas-based banking software developer, Data Centre Inc (DCI), has onboarded nine new clients for its flagship iCore360 core banking system. The new banks have joined over the last ten months, says the vendor. These are: Oregon Pacific Bank, Oregon Star Bank, Minnesota First National Bank of Steeleville, Illinois Millennium Bank, Kansas First State Bank of […]
Wyoming-based Meridian Trust FCU has converted to a hosted version of its core processing system, Symitar’s Episys. The credit union originally installed it in 2010 in-house. Symitar (a subsidiary of one of the “big four” core processors in the US, Jack Henry) says that as the time came to update its servers, Meridian Trust decided […]
MasterCard says 80% of its US consumer credit cards have chips, an 88% increase in their adoption since the 1 October 2015 liability shift started to bring EMV-secured payments to the country. The company has had to do this due to the change in law. It says it also sees 1.7 million chip-active merchant locations […]
Banc Intranets, a US provider of enterprise content management software, has onboarded Frontier Bank for its DirectorsLink web-based board portal. The Texan bank “sought to reduce time and costs associated with its board processes”, according to the vendor. DirectorsLink was chosen at the recommendation of Frontier Bank’s IT security vendor, Solis. The bank is now […]
Pennsylvania State Employees Credit Union (PSECU) has gone live with Temenos’ Lifecycle Management Suite’s account origination module. Temenos says PSECU was looking for a method to “streamline” the account opening process for both deposit and loan-based accounts. Andrew Coy, AVP of lending, PSECU, says the account origination solution goes “hand-in-hand with the other Temenos Lifecycle […]
Boston Trust & Investment Management Company has selected SS&C Technologies’ Advent Outsourcing Services for hosting and data management. As part of the agreement, SS&C will provide portfolio accounting and reporting, trade order management, compliance and revenue management via products such as Advent Portfolio Exchange (APX), Moxy, Advent Rules Manager, and Advent Revenue Center. Kenneth Pickering, […]
Who is leading the digital way among the US retail banks? We have put together some nifty stats for the top ten online banking sites in the US for the past month (data courtesy of SimilarWeb). We’ll be publishing regular updates on a monthly basis, to track the changes, developments and trends – to bring you a fuller […]
Dakota Plains Credit Union has replaced its existing system with an integrated technology suite from Fiserv, including XP2 for core account processing. The North Dakota-based credit union will also use Fiserv’s Virtual Branch for online banking, Mobiliti for mobile banking, CheckFree RXP for electronic payments, Statement Advantage for statements and e-statements, Wisdom for comprehensive accounting […]
NCR Corporation and Wells Fargo have established a team focused on research and development in ATM and retail banking customer experience. Over the past eight years, NCR and Wells Fargo have worked together on other projects. These range from cash- and check-processing to self-service devices. The latest agreement expands the relationship to a “more strategic […]
Bank Leumi USA, part of the Bank Leumi Group, has replaced its legacy technology platform with FIS’s banking and payments solutions, including core processing, branch, digital and mobile banking, compliance, risk and back office systems. FIS says it was a “big bang” project implementation and large in size and scope for a mid-sized banking institution. […]
FIS and Payment Alliance International (PAI) have teamed up to offer cardless cash services across the US. The partnership connects mobile solution FIS Cardless Cash to PAI – the nation’s “largest”, privately-held provider of ATM processing and maintenance services. FIS says the deal will “ultimately” expand to 70,000 ATMs in the PAI ATM network. Anthony […]
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 […]
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 […]
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 […]
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 […]
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). […]
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 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 […]
