P2P lender Folk2Folk gains full FCA authorisation
A UK-based peer-to-peer (P2P) lending platform, Folk2Folk, has received full authorisation from Financial Conduct Authority (FCA).
Banking
HDB in Egypt live with Temenos T24 core banking system
Housing and Development Bank (HDB) in Egypt has gone live with new core banking software, Temenos’ T24. The new system ousted an in-house legacy development that “had been deeply customised to cater for HDB’s specific requirements”, according to Temenos.
40 clients worldwide join IBM Watson for Cyber Security beta programme
IBM Watson has launched a testing programme for its cyber security tech, which includes 40 companies from various sectors worldwide. On the financial services side, participants include Sun Life Financial and Sumitomo Mitsui Banking Corporation.
Global Fidelity Bank implements AMLtrac from iFinancial
UK-based core banking and anti-money laundering (AML) software vendor International Financial Systems (iFinancial) is implementing its AMLtrac solution at Global Fidelity Bank.
Metro Bank joins Faster Payments Scheme
UK-based Metro Bank says it has become the first high street bank to join the Faster Payments Scheme (FPS) since its launch.
Bank of Lithuania promises one-week response to fintech licence enquiries
Bank of Lithuania, the country’s central bank and regulator, promises to provide preliminary answers to financial institution licence enquiries within one week, “the fastest turnaround in the EU”.
Alipay partners with major European banks and payment provider
Alipay, one of the world’s largest online and mobile payment platforms, has inked deals with BNP Paribas, Barclays, UniCredit, and SIX Payment Services to drive the European expansion.
LandlordInvest now fully authorised by FCA
LandlordInvest, a peer-to-peer (P2P) lending platform for buy-to-let and bridging loans, has gained full authorisation from the UK regulator, Financial Conduct Authority (FCA).
Weapons of mass distraction: worrying about the wrong fintech revolution
Reading the technology news these days you could be forgiven for thinking that some seismic revolution is occurring almost every day! Stories abound of Airbnb, Facebook, Uber, Alibaba taking over the world and demolishing our traditional business models – ushering in a new age where the “interface is king”. But are they revolutionary and game changing disruptors? I am not so sure…
Hackers steal $31.4 million from Bank of Russia
Hackers have stolen RUB 2 billion ($31.4 million) from correspondent bank accounts at Bank of Russia, the country’s central bank.
Leveris looks to raise €15 million for core banking software business
A new core banking software vendor, Leveris, looks to raise €15 million from international venture capital firms, and is working with stockbroker Davy on the transaction.
Santander InnoVentures invests in Tradeshift
Business commerce and supply chain finance platform Tradeshift has got an investment from Santander InnoVentures.
Banking Technology Awards 2016 – winners unveiled
Our dazzling event gathered together over 260 banking and financial technology specialists from all over the world – recognising the excellence and innovation in the use of IT in financial services, and of course the people that make it happen!
Amazon Web Services to certify fintech firms
Amazon Web Services (AWS) has launched Financial Services Competency to certify its partners that specialise in the financial services space.
How to get the magic back into our relationship with banks
As with any long-term human relationship, our relationship with banks is complicated. There’s a sense of co-dependence, transgressions that shake our trust, the occasional fleeting thought of escape. How to reignite the magic spark between a bank and its customer?
Fintechs to get bank charters in the US, but there are caveats
The Office of the Comptroller of the Currency (OCC) in the US intends to grant federal bank charters to fintechs.
Digital messaging platform Viber gets banking chatbot
Comtrade Digital Services has built an automated banking platform that enables users of online/mobile messaging platform Viber to perform a range of banking operations entirely through a chatbot.
MyState live with new digital software from Rubik Financial
Australia-based financial services group MyState has gone live with new digital platform, built by domestic vendor Rubik Financial.
MAB awards core banking managed services deal to JMR Infotech
Myanmar-based Myanma Apex Bank (MAB) has selected JMR Infotech as its core banking managed services provider. For its core banking system MAB uses Oracle FSS’s Flexcube.
Top fintech stories this week – 2 December 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
DBS Bank to replace legacy procurement tech with Coupa’s cloud platform
DBS Bank will automate its business spend management with Coupa Software’s cloud-based platform.
Barclays Accelerator open for applications from fintech start-ups
Barclays Africa and Techstars are inviting start-ups to apply for the Barclays Accelerator programme – “an initiative aimed at uncovering the next M-Pesa or Paypal”.
BNY Mellon sets up global innovation group
BNY Mellon’s treasury services business has created a global innovation group and appointed Christopher Mager to lead it.
Good Smartkarma for Société Générale’s investment research
Société Générale is partnering with Smartkarma, a curated online platform, for investment insight focused on the Asian markets. Under this global agreement, Société Générale will provide its institutional clients access to a “new form” of equity research based on “demand driven and customised content”. Société Générale says it is the first global investment bank to […]
New mobile bank Pepper goes interactive with Playbuzz
Bank Leumi’s new mobile banking subsidiary, Pepper, is working with digital authoring platform Playbuzz “to enhance user experience and engagement through personalised content”. Content created with Playbuzz’s suite of interactive formats, such as polls, quizzes and flip cards, will be embedded into Pepper’s banking app (to be launched in Q1 2017).
Nymbus unveils first core banking system client, Chrome FCU
Chrome Federal Credit Union (formerly Washington Community Credit Union) has become the first known taker of the SmartCore core banking system supplied by Nymbus.
How can RBI’s latest guidelines help Indian banks combat cybercrime?
Rising cybercrime in India is no secret. According to a report by Symantec, India now ranks third in the world, after the US and China, as a source of malicious activity. In fact, the National Crime Records Bureau data reveals that in the three years up to 2013, registered cases of cyber crime were up 350%, from 966 to 4356. Dubious distinctions both, and give banks and the financial sector in India cause for worry.
Infosys Finacle underpins Goldman Sachs’ new lending business, Marcus
Marcus, a newly launched online lending platform of Goldman Sachs, is running on Infosys’ Finacle core software. As Banking Technology exclusively reported earlier this year, Goldman Sachs has been working with Infosys on a new digital venture. The solution, which supports “the complete consumer loan-servicing lifecycle” at Marcus, is deployed in the cloud and hosted […]
Sofgen assists Bank of Singapore with integration of Barclays’ wealth business
Bank of Singapore has completed the acquisition of the wealth and investment management business of Barclays in Hong Kong and Singapore. The combined entity has more than $75 billion of assets under management (AUM) and nearly 400 specialist bankers.
Virgin Money extends card processing agreement with TSYS
Virgin Money has signed a long-term deal with TSYS for debit card processing in the UK. The bank is already using the payments vendor’s TS2 solution for its credit card operations.
Sweden to launch fintech hub
Stockholm Fintech Hub – an independent not-for-profit innovation hub – will open its doors in Q1 2017. Its aim is to promote and accelerate the development of fintech, insurtech and regtech start-ups.
RBS fails Bank of England stress test
Royal Bank of Scotland (RBS) has failed a Bank of England (BoE) stress test on how it would cope with another financial crisis. Two other banks – Barclays and Standard Chartered – also failed on some measures but do not have to submit revised capital raising plans. The tests were put in place by BoE […]
Case study: KeyBank – treasure the moment
Treasury professionals are finally adopting mobile cash management, says Melissa Zajac, vice-president and senior product manager, Key Total Treasury, KeyBank’s corporate online channel. Slowly but steadily. So what are the best practices?
Cognizant to acquire digital agency Mirabeau
Amsterdam-based digital marketing and customer experience agency Mirabeau and its 260 staff will join Cognizant’s digital business once the acquisition is completed.
ING cans Twyp mobile payments app in the Netherlands, but keeps it going in Spain
ING is pulling a plug on its peer-to-peer (P2P) mobile payments app, Twyp, in the Netherlands due to the lack of customer uptake. However, the app will continue to function in Spain.
It’s a no to collective bank bargaining on Apple Pay, says Australia’s antitrust regulator
Australian Competition and Consumer Commission (ACCC), the country’s antitrust regulator, is likely to deny four domestic banks permission to jointly bargain with Apple over Apple Pay.
Deutsche Bundesbank and Deutsche Börse unveil blockchain prototype
Germany’s central bank Deutsche Bundesbank and Deutsche Börse have unveiled a functional prototype for the blockchain technology-based settlement of securities. It is, however, “purely a conceptual study” and “is far from being market-ready”.
Fix8 Market Tech to provide global market connectivity to Saxo Bank
Saxo Bank has opted for Fix8 Market Tech’s Fix8Pro solution as part of its new market connectivity engine.
Calypso deploys collateral management system at AIMco; partners with R3 for blockchain post trade system
Treasury and capital markets (TCM) vendor Calypso has implemented its collateral management system at Alberta Investment Management Corporation (AIMco). It has also joined forces with the R3 blockchain consortium to build TCM applications on R3’s Corda distributed ledger technology platform.
Fintech funding round-up: 29 November 2016
We’ve summed up the latest funding efforts and results in the fintech space – so you don’t have to! Featuring Billon Group, Stripe, figo and Finimize.
