Top fintech stories this week – 7 July 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
A wide range of technology-driven sectors will be affected by the advent of universal quantum computing many experts say will happen by 2026, but the financial industry has particular reason to be concerned.
The Financial Services Agency of Japan (JFSA) is setting up a hub for fintech start-ups to test new services, according to Nikkei. The hub will help “identify legal complications and risks standing in the way of industry’s growth” and is seen as a precursor to a regulatory sandbox. Nikkei says the sandbox could be in […]
Prepare for cybersecurity impact! IT services corporation Atos has launched the “world’s first commercially available” machine-system capable of simulating up to 40 quantum bits (Qubits). The simulator, named Atos Quantum Learning Machine (Atos QLM), is powered by an ultra-compact supercomputer and a universal programming language. Its uses naturally extend far beyond fintech, such as for […]
A whole swathe of fintech firms and challenger banks have been hit by tech issues – with card payments failing. The names include mobile-only challenger bank Monzo, Revolut, Starling Bank, Curve and payments start-up Fire. The problem is understood to be due to provider Global Processing Services (GPS), which as usual offers no updates on […]
Swift has revealed that 22 additional banks have joined its blockchain proof of concept (PoC), designed to validate whether the technology can help banks reconcile their international nostro accounts in real time. The PoC is part of the Swift gpi (global payments innovation) service, its new standard for cross-border payments. As reported previously, gpi has […]
BNP Paribas Securities Services and SmartAngels have developed a share register management tool using blockchain. The platform enables unlisted companies to digitalise their financial securities and to manage their shareholder register using a decentralised, distributed ledger. It was developed as part of their partnership formed last year. During testing, BNP Paribas Securities Services and SmartAngels […]
Set sail for fintech! The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
This year’s Banking Technology Awards are taking place on 13 December in London and there are plenty of reasons why you and your team should be a part of this prestigious event. Besides having a good chance at winning, entering the Awards also allows you to: Make global headlines in the industry if your entry […]
Aw shucks, even more firms are getting big bucks. Following on from yesterday (4 July), here is another fintech funding round-up. Features Ohpen, MarketInvoice and Huddle Capital. Cloud-based core banking provider Ohpen has secured a €15 million Series B investment round led by private equity firm Amerborgh. The current investment round values Ohpen at €100 […]
There’s no lacking of backing. Our latest fintech funding round-up features Tide, Instarem and IntellectEU. UK-based mobile banking firm Tide, which launched in January, has raised $14 million in its Series A investment round. The round has been led by specialist fintech investor Anthemis, alongside Creandum, the Scandinavian fund that has backed companies including Spotify […]
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Banking Technology’s deputy editor Antony Peyton mulls briefly on the world of fintech events. Having attended what feels like every fintech event […]
Nearly a decade after jumping from the public to the private sector, Green Dot’s Jeff Ross remains as enthused as ever by the new challenges and complexities he faces every day as compliance head for one of the biggest players in an industry with a constantly shifting regulatory landscape and technology that’s advancing at a breakneck pace.
A handy round-up of who’s investing in what in the fintech space. Featuring Revolut, Tango Card and ClauseMatch.
A new microfinance entity in Myanmar, Ruby Hill Microfinance, has signed for the Abacus core banking system, provided by Fern Software.
Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, has issued a report analysing the potential financial stability implications from fintech.
Investors continue to show strong interest in fintech-based payments services providers, as Visa acquires an equity share in fast-growing Swedish e-commerce specialist Klarna, and startups Revolut and Tango Card land significant financing rounds.
For the finale of the final day of Money20/20 Europe, financial inclusion was discussed with resolute optimism for a bright future.
The shift from analogues to digital – according to Michael Meyer, Middlegame Ventures, during a regtech discussion at Money20/20 Europe – a major European bank he spoke with files over 50,000 pages as part of its quarterley regulatory reporting.
The interest from the fintech community in APIs burns brighter than a thousand suns, but where will this technology and the spirit of open banking take us?
Banking Technology is on the lookout for all the best FinTech projects of the year! Recognising excellence, innovation and the use of IT in banking and financial services, the Banking Technology Awards will be taking place on 13 December in London. Think your achievements deserve a special recognition? Or know projects that do? Nominate today […]
Bank of America is rolling out Oracle’s cloud-based ERP system and financial applications for its international general ledger and broker-dealer systems.
Verizon’s venture capitalist arm has started throwing its weight around the security arena, pumping cash into artificial intelligence (AI) start-up SparkCognition.
What is the future of banking? Is it a giant menu from which customers (individuals and businesses) choose who is to provide what contingent upon well-informed choice and best value. Or is it a model where banks still rule from the centre, providing customers the simplicity of a range of products through a single provider. Putting aside whether or not this highly competitive state is possible, which is the future direction of banking?
On June 26, artificial intelligence captured the imagination of some at Money20/20 in Copenhagen. But during the June 27 sessions on the second day, it was like I had stepped back in time to November 2016, reported Deputy Editor Antony Peyton. Last year, at the Payments International conference in London, PSD2 left some in the payments industry confused as to where the risks and opportunities lie.
Visa is investing in Klarna, a Swedish payments and banking firm, and the two firms intend “to develop a future strategic partnership”.
Blockchain consortium R3 (which now describes itself as an “enterprise software firm”) and four of its member banks have created a prototype solution for issuance of euro commercial paper (ECP) on R3’s Corda distributed ledger technology (DLT) platform.
Israel’s Bank Leumi has launched its new digital banking subsidiary, Pepper.
Are trends eclectic for artificial intelligence (AI)? Perhaps not as the fintech world is getting more imaginative and calling for the machines to negotiate on behalf of less-than-objective humans. At this morning’s (26 June) sessions at Money20/20 in Copenhagen, the themes of AI use cases in financial services and fraud were discussed.
For the third day in a row we present a fintech funding round-up. The previous two were here and here. Our latest report features Blockchain, Julia Computing and Mswipe Technologies. We’ll begin with a confusing company name. Blockchain (yes, really), a UK-based software platform, has raised a Series B of $40 million with Lakestar and […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Curve and its all-cards-in-one Curve Mastercard and accompanying banking app apparently has struck a chord with small businesses and freelancers. More than 50,000 SMEs have signed up for the London-based startup’s program, which recorded £50 million (US$63.3 million) in user spending since the beta period began last year.
It was only yesterday we did a fintech funding round-up. But as there’s a mad dash for cash, here’s another one. Features Digital Financial Services Lab, TrueLayer and Enterprise Ireland. Digital Financial Services Lab (DFS Lab) will invest $250,000 in four separate fintech start-ups that are building products to help low-income consumers in developing markets. […]
Long-term growth will require the commercial banking industry to embrace digital transformation in a way that benefits the institutions’ stakeholder base and satisfies the needs of its end-user clients. And here are three reasons why a commercial bank should consider transformation.
Facing disruption from fintech providers, traditional banks must embrace APIs and the open-source model to avoid losing their place at the centre of consumers’ financial lives, a new report warns.
Softbank has upped its investment in security firm Cybereason, as the focus on artificial intelligence (AI) continues.
Swift is offering funding of up to €200,000 for the two winning fintech finalists of its industry challenge to develop new overlay services that use its global payments innovation (gpi) platform. The winners will work with banks on collaborative concepts that solve additional industry challenges in cross-border payments on top of gpi. As reported previously, […]
Rabobank is modernising and centralising its cross-border payments operations. The software supplier for the new payments hub is Finastra (formerly Misys and D+H).
Some people have got deep pockets, because the funding fun never ends. Our latest round-up features Soldo, Atom Bank, British Business Bank, BlackRock and Scalable Capital. Multi-user spending account, Soldo, has reported a Series A funding round of $11 million, led by Accel and includes participation from Connect Ventures, InReach Ventures, U-Start and R204 Partners. […]
Facing disruption from fintech providers, traditional banks must embrace APIs and the open-source model to avoid losing their place at the center of consumers’ financial lives, a new report warns. Capgemini’s 2017 World Retail Banking Report polled thousands of retail banking customers around the world to gauge how the rise of fintech-based financial services has changed the game when it comes to banking.