SAP shows the world how digital transformation is done
While many traditional tech giants have been struggling to come to terms with the connected economy, SAP’s latest earnings indicate it is adapting well to the world of cloud computing.
Banking
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.
Viva la open banking revolution!
As with any revolution, open banking will have winners and losers. How to stay competitive in the digital era?
Rakuten Europe Bank opens for business with Temenos front-to-back office tech
Luxembourg-based Rakuten Europe Bank, a subsidiary of Japan’s e-commerce and internet company, Rakuten, has gone live with Temenos’ T24 core banking system and Temenos Connect for digital channels.
Commonwealth Bank and Queensland Treasury Corporation create world’s first blockchain-based government bond
Commonwealth Bank of Australia (CBA) has issued a cryptobond for Queensland Treasury Corporation (QTC) using its capital markets blockchain platform. CBA says it is “the first blockchain bond issuance by a government entity both in Australia and in the world”.
Arkéa Banking Services first to partner with fintech start-up Railsbank
Fintech start-up Railsbank has signed its first partner, Arkéa Banking Services (Credit Mutuel Arkéa’s subsidiary), to use its platform to deliver SEPA payment services and IBANs across Europe.
Erste Bank: video identify yourself!
Austria’s Erste Bank und Sparkassen can now verify new customers’ IDs via video. The functionality has been developed with specialist provider IDnow and introduced just a few weeks following the approval by the country’s Financial Market Authority (FMA).
Vancouver’s capital markets regulator surveys fintech firms
The British Columbia Securities Commission (BCSC) wants to serve the fintech firms in the state better.
CIBanco deploys Swift’s compliance services suite
Mexico-based CIBanco has signed for a compliance services suite from Swift, which comprises compliance analytics and sanctions screening tools and KYC Registry.
Job cuts loom as HSBC closes 62 UK branches
HSBC plans the closure of 62 of its UK branches in 2017, with the loss of up to 180 jobs. This will bring the number of branches it has in the country to 625 by the end of 2017. It says it has no intention to close any further branches in 2017 and this marks […]
Siam Commercial Bank to invest $1.1 billion in fintech
Siam Commercial Bank (SCB) intends to invest about THB 40 billion ($1.1 billion) in creating, acquiring and developing its technology infrastructure over the next three years. The Thailand-based bank says this investment will help it provide products and services that are better suited to serving its younger and more affluent clients. SCB’s innovation-focused subsidiary, Digital […]
Hellenic Bank selects Backbase for digital banking revamp
Hellenic Bank, the second largest bank in Cyprus, has chosen the Backbase Omnichannel Banking Platform for its banking systems upgrade. The revamp will start with the public domain landing pages and web content projects, followed by mobile banking. In fact, its mobile banking app was “highly commended” in the Banking Technology Awards 2016. Natasha Kyprianides, […]
Fintech funding round-up: 23 January 2017
Want to save some time but be in the know of the latest funding initiatives in the fintech space? Then read on. Featuring Habito, Dwolla and H2 Ventures.
Starling Bank first digital challenger to join Faster Payments
UK-based Starling Bank has become the “first of the digital-only challengers” to join Faster Payments this week. It is the 13th direct participant of the Faster Payments Scheme, and Starling says its customers will be able to see where their money is flowing and when in real-time, 24/7. Joining the board of Faster Payments, Julian […]
IBM: AI needs more than just technology
Artificial intelligence (AI) on its own isn’t enough to compete – companies need industry-specific solutions to business problems. So said Martin Schroeter, IBM’s senior vice-president and chief financial officer, on the company’s quarterly earnings call.
Lloyds, Halifax and TSB hit with online banking outages
Customers of Lloyds, Halifax and TSB are unable to access their online accounts after a major outage. Based on Twitter feeds and the website monitoring service, Down Detector, there are problems across the UK. Many Twitter users, no strangers to tedious whinging at the best of times, are saying they can’t access accounts online or […]
Samba Bank to go paperless with BenchMatrix
Pakistan-based Samba Bank has signed for BenchMatrix’s retail loan origination system, RiskNucleus LOS. The solution will automate the bank’s consumer lending processes across its entire network of 37 branches and facilitate “moving towards a fully paperless environment”, BenchMatrix says.
Starling Bank First Digital Challenger to Join Faster Payments
U.K.-based Starling Bank has become the “first of the digital-only challengers” to join Faster Payments this week. The 13th direct participant of the Faster Payments Scheme, Starling says its customers will be able to see where their money is flowing and when in real-time, 24/7.
Singapore’s POSB launches banking chatbot
POSB, one of Singapore’s oldest banks and part of the DBS Banking Group, has launched an online virtual assistant. It is powered by the KAI conversational bot/AI platform from a New York-based fintech start-up, Kasisto.
DeVere Group launches private bank
Financial adviser firm DeVere Group has unveiled its own private bank, DeVere Group Bank St Lucia. The company says the launch “has been facilitated” by the acquisition of St Lucia-based Arton Bank for an undisclosed sum. Arton Bank was set up and licensed in 2014 under the Offshore Banking Act 1996. Founder and CEO of […]
Bank of Valletta signs for Oracle FSS’s Flexcube core banking system
Malta-based Bank of Valletta (BOV) is modernising its core banking software with Flexcube from Oracle FSS. Flexcube will replace Intrasoft International’s Profits core banking system.
New investment firm Motive Partners to focus solely on fintech
New venture Motive Partners plans to invest in fintech firms in the UK and US. It looks to raise $150 million.
GDPR and Brexit: be prepared!
The General Data Protection Regulation (GDPR) comes into full effect in the UK in May 2018. Even if the UK triggers Article 50 of the Treaty of Rome in March 2017, it has to give two years’ notice to leave the European Union (EU), and therefore cannot escape the new data privacy provisions.
VEB issues core banking system tender
Russia-based Bank for Development and Foreign Economic Affairs (VEB), a state-owned development bank, has issued a tender for new core banking software.
FairFX gains e-money licence with takeover of digital banking service for SMEs, Q Money
FairFX, a London-based multicurrency payments service, has acquired Q Money and its e-money licence.
Fintech Acquisition Corp team returns to Nasdaq to raise $153m
The Fintech Acquisition Corp I team that raised $100 million through an IPO in February 2015, has returned a new blank check company – Fintech Acquisition Corp II. It seeks to raise $153 million.
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”.
Misys out, Temenos in, at Persia International Bank
London-based Persia International Bank, a joint venture of two Iranian financial services groups, Bank Mellat and Bank Tejarat, is undergoing a tech revamp.
Airdrie Savings Bank goes out of business
Airdrie Savings Bank (ASB), the only remaining independent savings bank in the UK, is closing down for good.
Fintech tour Hong Kong: Blueprint for start-up success
Hong Kong-based tech accelerator Blueprint is calling out to the region and the world for start-up applicants.
Top fintech stories this week – 20 January 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Fintech tour Hong Kong: Ayannah triumphs in start-up final
Philippines-based Ayannah, a provider of financial services to migrants and the unbanked, was the overall start-up winner in the Next Money Fintech Finals 2017 in Hong Kong.
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.
Blockchain can help investment banks save $8bn per year, Accenture says
Accenture and operations benchmarking consultancy firm McLagan evaluate the applications of distributed ledger technology (DLT) in investment banking operations in the “Banking on Blockchain” report.
Credit Suisse EMEA to outsource structured product business to Delta Capita
Delta Capita has been appointed as managed service provider to Credit Suisse EMEA Structured Products business. A number of existing Credit Suisse team will transfer to Delta Capita as part of the deal.
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.
Daimler Financial Services buys PayCash Europe
Daimler Financial Services is acquiring e-payments services provider PayCash Europe, based in Luxembourg. This will enable Daimler to launch its own e-payments service under the Mercedes Pay brand.
Rabobank to modernise payments ops with ACI Worldwide
Rabobank is implementing ACI Worldwide’s UP Immediate Payments solution to support SEPA instant payments.
Financial innovation – a lifeline for SME funding
Financial innovation is unlocking additional funding for small businesses that have been declined by their bank. Katrin Herrling, co-founder and CEO of Funding Xchange, explores.
