Daily News at Sibos 2016 – Day 1
Read our first Daily News at Sibos edition of the Sibos 2016 conference in Geneva – all the latest news and analysis from Swift’s premier event of the year.
Read our first Daily News at Sibos edition of the Sibos 2016 conference in Geneva – all the latest news and analysis from Swift’s premier event of the year.
Join the consortium. PayCommerce, an open cross-border payments network, has launched an instant cross-border payment, clearing and integrated settlement programme for global banks.
Start-up Form3 Financial Cloud will offer payment and core banking solutions through a Software-as-a-Service (SaaS) delivery model. These are the Dovetail payments system and a new core banking system recently launched by Thought Machine.
Momentum is building behind the T2S securities settlement system as it gains critical mass. While expected benefits and outcomes have not fully materialised, the unexpected benefits have captured the imagination of the post-trade industry.
Payments software vendor Dovetail is one of the very few independent fintech beacons in the industry, having not fallen into the hands of a large tech conglomerate. The company pioneered the concept of a “payment services hub” – before analysts coined the term – and has maintained double digit growth over the last decade. So what’s next? Banking Technology talks to Martin Coen, Dovetail’s CEO.
Regulation is likely to be a hot topic at Sibos, both inside and outside of conference sessions. We assesses the main regulatory themes for this year’s event.
The threat of cybercrime shows no sign of diminishing any time soon, but to what extent can market infrastructures and financial institutions protect themselves against hacking attacks?
Custodians are being urged to adopt a standardised utility model for the management of standing settlement instructions (SSIs) to resolve ongoing challenges such as high costs and risks for buy-side firms.
The tectonic plates of the banking sector are shifting faster than ever. High street banks are under stress from the massive competitive threats generated by their leaner, technology-driven fintech rivals and challenger banks. These fintech companies are finding success simply by being more efficient or by taking advantage of emerging and highly effective technologies such […]
Ripple has created the “first” interbank group for global payments based on distributed financial technology – aka blockchain. Bank of America Merrill Lynch (BAML), Santander, UniCredit, Standard Chartered, Westpac Banking Corporation, and Royal Bank of Canada are the founding members of the network, known as the Global Payments Steering Group (GPSG). CIBC will also join […]
Apple Pay, Google Wallet, voice payment, payment in messaging apps, Bitcoin, merchant-led solutions, bank-owned solutions. Payment options — driven by a whirlwind of new technology and shifting consumer preferences — are changing. And banking executives are faced with sorting out if and how to respond with a mobile payment strategy that aligns to their banks […]
Nordic payments firm Nets has successfully IPO-ed on Nasdaq Copenhagen Exchange the tune of DKK 30 billion ($4.5 billion).
National Australia Bank (NAB) says it has successfully transferred AU$10 ($7.6) – using Ripple’s blockchain tech – from Australia to Canada. It took ten seconds to process.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Harrods Bank in search of new core banking system EXCLUSIVE. The FIS Profile project is dead. Long live a new project! Deutsche Bank GTB builds new payments platform EXCLUSIVE. Dovetail to deliver? Misys unveils Platform-as-a-Service strategy Opens up […]
Sibos 2016 will be held in Geneva on 26-29 September. What to do in the city, where to eat and drink, and, importantly, how to get to and from the airport and around Geneva – Banking Technology has it all summed up for you. Useful links, contact details and to-the-point reviews. See you there! A conventional city […]
Since the EU imposed interchange decreases in December, issuers have reduced rewards and increased fees. What might the future hold? Building ways to monetize the vast amounts of data at issuers’ disposal.
As the U.S. payments industry marks the first year of the EMV rollout, questions abound about the spread and use of the technology. Among the concerns is how restaurants will handle tipping.
As regulators increase their focus on financial technology firms, some of those companies are eager to welcome more rules, which could lead to less expensive and complicated businesses. Much depends on one fintech’s application before U.S. regulators for a national charter.
The number of branches operated by major banking groups in the UK has halved over the last 20 years. In fact, Britain’s banks closed more than 600 branches across the UK between April 2015 and April 2016. This is hardly surprising as more and more people move online, often mobile-first, to complete most of their […]
We are pleased to unveil our Readers’ Choice Awards shortlist, as voted by our broad international audience of bankers and financial services professionals.
The technology era has come with its new aesthetic, economic models and philosophy about the meaning of value. It is not going away. And the people who thought economics was theirs to define and aesthetic and values were “hobbies” have a lot of catching up to do. That catching up is your hottest technology trend of 2017.
Too many words can be absurd. A round-up of some key events in fintech funding. UK payments start-up Curve has announced a further tranche of fundraising taking its total investment to $5 million. The firm says this puts it on a “trajectory for a sizeable” Series A round by the end of December ahead of […]
Enhancements are coming to Visa’s Verified by Visa (VbV) online authentication service, and the 3-D Secure messaging protocol on which it’s based, the payment network announced Sept. 20.
Singapore-based ride-hailing platform Grab has raised U.S. $750 million in financing, increasing its total capital to more than $1 billion, and will use the funds to expand its transportation services throughout Southeast Asia, the company announced Sept. 20. Grab, which offers private car, motorbike, taxi and carpooling services in six countries and 31 cities in Southeast Asia, also will also use the capital to invest in its GrabPay mobile payments platform.
One of the U.K.’s first-ever class action lawsuits is targeting Mastercard, providing a potential preview of future class actions in the country. The case stems from a 2007 finding by the European Union (EU) Commission that the network’s interchange fees were too high, in breach of EU rules.
Samsung wants to enable consumers to pay with their eyes. The latest update to the company’s Samsung Pay mobile wallet will include a feature that will allow payments via iris scans of consumers’ eyes, according to a Samsung spokesman.
Contactless POS terminal transactions made in-store using cards, mobile devices or wearables will total approximately $500 billion annually by next year, an increase from roughly $321 billion in 2016, according to a recent study by Juniper Research.
JP Morgan Chase and InvestCloud, a California-based fintech firm, are partnering to develop digital capabilities for individual investors at both the JP Morgan and Chase franchises. JP Morgan has also made an equity investment in InvestCloud, but hasn’t revealed the figures. This investment is just one part of JP Morgan’s three-year $300 million digital strategy […]
A computer scientist appears to have broken Apple’s iPhone security by simply opening the phone and replacing the main memory chip with a cloned version. As long as the researcher kept switching the chips, it allowed an unlimited number of password attempts. The researcher said that the technique, which is known and referred to as Nand mirroring, cracked a 4-digit code in 40 hours and a 6-digit code in “hundreds of hours.”
Mastercard on Sept. 19 revealed a deal with Stripe to speed up payments via Mastercard Send, a platform enabling the rapid transfer and receipt of funds by businesses, merchants, governments, nonprofits, card issuers and consumers.
The New York State Department of Financial Services (NYDFS) has proposed new regulations designed to protect against the rising threat of cybercrime targeting financial systems and consumer data. New York Governor Andrew Cuomo unveiled the plan, which would require banks, insurance companies and other financial services providers regulated by the NYDFS to establish a cybersecurity plan that meets standards set by the agency.
In a Sept. 19 ruling in a case over a cyberattacks against JPMorgan Chase and others, a federal judge became the latest to declare that bitcoin qualifies as legal tender. Manhattan District Court Judge Alison Nathan rejected an attempt by Anthony Murgio to dismiss charges that the bitcoin exchange he operated was an unlicensed money transmitting business.
34 microfinance entities in Nepal have joined forces to set up a fintech company – Nepal Finsoft – to build and maintain a shared core banking platform.
A Dutch international cash management services specialist, Bank Mendes Gans (BMG), is implementing a new cash and liquidity management system, SmartStream’s Corona. It will go live in Q4 2016, managing BMG’s 500,000 transactions per month.
Following the launch of Misys’ applications in the cloud – FinCloud – earlier this year, the banking software vendor has unveiled its new Platform-as-a-Service (PaaS) strategy, FusionFabric.cloud. It will be commercially available next year.
Financial services IT consultancy Synechron has launched six blockchain applications in the cloud, enabling financial institutions “to be up-and-running on a blockchain network or in a ‘sandbox’ environment within weeks”. Synechron says its offering comes with consulting services on the functional and technical side, training programmes as well as the UX design. The applications use […]
Deutsche Bank is partnering with start-up accelerator Axel Springer Plug and Play to select, develop and finance up-and-coming firms from sectors such as banking and insurance. Deutsche Bank will be an exclusive Axel Springer Plug and Play partner – the latter a joint venture between the media company Axel Springer and California-based Plug and Play […]
If the student body at the Massachusetts Institute of Technology (MIT) is any indication, it will be some time before bitcoin becomes a common form of payment. A study that began more than two years ago indicates that students preferred to pay with cash, payment cards or mobile wallet apps over the decentralized virtual currency.
The Bank of England, hoping to better fend off cyber-attacks and better serve smaller financial services providers, will upgrade its Real-Time Gross Settlement system. The system, which handles transactions worth about $659 billion per day, will undergo a “comprehensive rebuild” by 2020, according to a provisional goal issued by the bank.
London-based finech startup Curve continues to ramp up toward a full launch, landing £2 million (roughly U.S. $2.6 million) in post-seed investment, which the company said it’s hoping will lead to a larger Series A round later this year. Curve offers a physical smart card equipped with chip-and-PIN, magstripe and NFC technology.