A startling 46% of American adults would be unable to come up with $400 to meet an unexpected expense without borrowing or selling something. We are so used to thinking about financial exclusion in terms of the un- or under-served that we are overlooking the financial vulnerability of nearly half the US adult population.
Palestine-based The National Bank (TNB) has gone live with Temenos’ T24 core banking platform. The project has been underway since 2014.
Payment outages have caused major problems to cardholders and fintech services provides in the UK and internationally. This is understood to be down to payments processor Global Processing Services (GPS).
Cyprus-based Hellenic Bank is readying the first project by its recently unveiled innovation lab – open application programming interfaces (APIs).
Kenya-based banking tech provider and integrator NLS Banking Solutions has won the bid to supply an integration platform to Madison Finance Company (Mfinance) in Zambia.
Guaranty Trust Bank (GTBank), a Nigeria-based bank operating across multiple countries in Africa, has extended the roll-out of its core banking system, ICS Banks, to Tanzania. The solution is supplied by ICS Financial Systems (ICSFS).
UBS Wealth Management has launched its new digital platform, SmartWealth, to tap into “a new audience” in the UK. The banks says it’s the first of its kind in the country.
Late last year, Visa fired a volley – unlikely to be the last – over new rules that it and all providers of online transactions will soon need to follow as part of the EU’s revised Payment Services Directive (PSD2). It has some doom-laden predictions.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
UK challenger bank Atom plans to raise almost £113 million in equity investment to support its ambitions for growth. As Banking Technology reported late last year, Atom opened for all customers in the UK. Its “invitation only” phase is over and people can download the Atom App, both in IoS and Android, and open an […]
Banks are stumbling along amidst the cumulative financial penalties of $321 billion handed out to them since the financial crisis. In a new report by the Boston Consulting Group (BCG) – “Global Risk 2017: Staying the Course in Banking” – it says “prudent operations will be required to avoid the errors of the past” and […]
Credit Suisse has launched two solutions in the digital space to keep up with consumer expectations: digital client on boarding for private banking and automated account aggregation and reporting.
Alphapoint, a San Francisco-based financial services infrastructure firm, has completed a blockchain proof-of-technology trial for Scotiabank, leveraging its Alphapoint Distributed Ledger Platform.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
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 […]
The man who claimed to be Satoshi Nakamoto, the creator of Bitcoin, is now working on filing patents for the currency, according to Reuters. In a lengthy investigative report, Reuters says Craig Wright is “working with a fugitive online gambling entrepreneur to file scores of patents relating to the digital currency and its underlying technology, […]
Australia-based banking tech provider Rubik has signed wealth management company Yellow Brick Road (YBR) for its scaled advice solution, Provisio.
Nordea has released the first version of its open banking portal targeted towards external developers, as it gets ready for the Payment Services Directive (PSD2) requirements. Currently the site has “limited functionality” but unspecified pilot activities will be conducted through the portal during 2017, in advance of a full launch in Q1 2018. Jarkko Turunen, […]
Recently I have been recruiting for a senior analyst position. We have reviewed over 40 CVs for a senior analyst position, and only two have been from women.
Banco Santander, BNY Mellon, Intel, JP Morgan and Microsoft are some of the big names behind the launch of a new blockchain alliance. Called the Enterprise Ethereum Alliance (EEA), it plans to drive Ethereum blockchain technology best practices – “focusing on security, privacy, scalability and interoperability”. This development creates another rival for the R3 blockchain […]
Switzerland-based Crypto Valley Association has launched as the nation looks to boost its blockchain and cryptographic ecosystem. Headquartered in the Swiss canton of Zug, Crypto Valley is an independent, government-supported association which aims to foster the development of digital technologies in Switzerland and internationally. The association will support start-ups and established enterprises through policy recommendations, […]
Mastercard and the Land Transport Authority (LTA) in Singapore have teamed up to launch a pilot programme enabling commuters to pay for transit fares using contactless payment cards through an account-based ticketing (ABT) system.
Developing new services, adopting the latest technologies and collaboration are the top priorities among payment schemes worldwide, according to a new study.
UK-based regtech and risk management vendor Lombard Risk has extended its “global strategic partnership” with Société Générale. The bank will roll out Lombard Risk’s collateral management system, Colline.
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’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 […]
Tokyo Stock Exchange (TSE) and Japan Exchange Regulation (JPX-R) revealed that they have been reviewing artificial intelligence (AI) technologies developed by NEC Corporation and Hitachi to improve market intelligence operations.
UK-based Harrods Bank is implementing a new core banking system, having abandoned the FIS Profile project, Banking Technology understands.
Nordea Cash Management and Nordea Markets have launched AutoFX, an automated FX handling tool. Nordea says it is the first bank in the Nordics to offer this type of solution. AutoFX was developed in collaboration with a “large Nordic customer in the media industry”, in an effort to help modern treasury functions automate their daily […]
French fintech Lemon Way has launched an e-commerce payment solution across seven countries in Europe to rival Stripe.
Switzerland-based WIR Bank has launched a new payment card for domestic SMEs, with tech provided by SIX Payment Services. It combines the existing functions of the proprietary WIRcard and internationally accepted Visa’s V PAY debit card.
Switzerland-based insurance provider Baloise Group has forged an investment partnership with Anthemis Group, a digital financial services investment and advisory firm. Together, they will curate European and American tech start-ups developing insurance (insurtech) and risk management solutions, with a mandate is to invest CHF 50 million ($50 million).
The Depository Trust and Clearing Corporation (DTCC) announced that the proof-of-concept to improve the netting process for repo transactions using distributed ledger technology (DLT) has been successfully completed.
Bank of Baroda, a public sector bank in India, has launched a fellowship programme to support fintech, rural, agricultural and financial inclusion start-ups.
The committee on payments and market infrastructures at the Bank for International Settlements (BIS), an international financial institution owned by central banks, has issued an analytical framework on distributed ledger technology (DLT) in payment, clearing and settlement.
There’s a newcomer on the U.K. challenger bank scene, but it’s not wooing consumers. As a bank for banks, other FIs and fintech companies, ClearBank will offer customers access to U.K. payment systems and core banking technology to support current account capabilities.
As first reported by Banking Technology, there is a newcomer on the UK challenger bank scene, ClearBank. The bank has now gone on the record about its focus and strategy. ClearBank will be a bank for banks, FIs and fintechs, i.e. a clearing bank, offering customers access to UK payment systems and core banking technology to support current account capabilities.
An app is no longer a “nice to have”. As consumers expect businesses to engage with them at the right time, in the right manner, and over the right channel, a bank’s mobile app will be a crucial first point of contact for many customers. But it’s important to remember that an app by itself is not some wonder-cure that will instantly give a financial organisation perfectly satisfied customers.
IBM’s MobileFirst for iOS apps will be used by Santander as the bank looks to revamp its digital banking services and help its employees work better. The custom-built, native apps made for iOS will be rolled out across more than 11,000 iOS devices, and will be used by Santander’s commercial network employees, including those supporting […]
Credit Union of Southern California, Brazosport Teachers Federal Credit Union and Rosedale Federal Savings & Loan Association are undergoing tech modernisation.
