Nedbank is getting closer to selecting a new core banking system, Banking Technology understands. The South African heavyweight has been in system selection mode since last year – looking to modernise its domestic banking operations. It is currently running a number of in-house and third party solutions, including CSC’s Hogan. The renovation project is estimated […]
Changes to regulatory reporting requirements and their impact on investment management companies have made the implementation of regulatory enterprise risk management (RegERM) systems crucial. Mark Weir, head of data management at Maples Fund Services, explores the issue. A RegERM system should be established within a company to provide accurate and timely compliance and regulatory reporting, with the […]
Laurentian Bank of Canada (LBC) and its subsidiary, B2B Bank, are implementing new core banking software, Temenos’ T24. The bank will also deploy Temenos’ Insight tools for reporting and analytics. Together, the systems are branded by Temenos as RetailSuite. Montreal-based LBC offers retail and commercial banking services in Quebec. It also has one branch in […]
HSBC India is closing 24 branches across the country due to the rise in digital banking. Following a “strategic review” of its retail banking and wealth management business in India, it says it will move from 50 branches across 29 cities to 26 branches across 14 cities. HSBC India says: “This change reflects changes in […]
UK-based start-up Kerv and its payments ring won the Innovation Jam at the Temenos Community Forum (TCF) 2016, held at the Palau De Congressos, in Barcelona from 17-19 May. About 1,200 delegates were at the event and part 1 of our review looked at Temenos’ ambitions in the US. The event enables customers, potential customers, […]
Germany-based subsidiary of Turkey’s banking group, Isbank, has migrated to a new core banking system, Avaloq Banking Suite. The system supplier, Avaloq, is known as a private banking and wealth management specialist, but the Isbank project is the first for the vendor in the retail/corporate banking space outside its home market of Switzerland. Isbank selected […]
Bank of Montreal Asia Pacific, part of Canada’s BMO Financial Group, will implement Temenos’ flagship core banking system, T24. The bank is based in Hong Kong and focuses on the high-net-worth segment in Hong Kong and Singapore. It has around 1,000 clients. It is understood that the bank went through a selection process prior to […]
Temenos is going all out in its plans to grow its US market share with a top 25 bank expected to implement the T24 core banking system soon. About 1,200 delegates were at the Temenos Community Forum 2016, held at the Palau De Congressos, in Barcelona from 17-19 May. The event enabled vendors, potential vendors, […]
The World Bank Group is implementing the AC Plus data management platform supplied by specialist vendor Asset Control. AC Plus will underpin the World Bank Group’s Market Data Review solution, for creating and storing a “golden copy” of market data, explains Asset Control. AC Plus will replace a legacy in-house system. Robert O’Boyle, MD for […]
Sydney Stock Exchange (SSX, formerly Asia Pacific Stock Exchange) is building a settlement system based on the distributed ledger technology. Specialist consultancy firm Bit Trade Labs is assisting with the project. To begin with, the new blockchain system will be used to settle trades in private companies, but SSX hopes that once the regulator grants […]
Texas-based community bank TransPecos Bank is implementing a new core banking system, i2Core, supplied by local vendor IBT. “Following a months-long hunt and seemingly endless research into a new core provider, TransPecos’ seminal moment was at IBT’s annual user conference,” says the vendor. The bank saw that IBT was “significantly different than big box providers”, […]
Vietnam’s mid-tier banking player, Vietnam Prosperity Bank (VPBank), has implemented a new digital solution, SAP’s Omnichannel Digital Platform. Omnichannel Digital Platform stems from the Sybase 360 product that came SAP’s way with the acquisition of Sybase in 2010. The new solution was deployed in one year at VPBank, with online and mobile components for retail […]
Digital disruption has made its mark, changing how consumers interact with and consume banking services. For banks there is no way back from digital. A new landscape has been forged and they must find their place within this new operating environment. Ever evolving consumer needs, the curse of legacy systems, the relentless march of fintechs […]
UK-based RISE Financial Technologies claims to be “the first technology firm to launch the second generation of blockchain for the post-trade sector”. The solution is now undergoing testing with a number f banks, custodians and CSDs. The results will be published in H2 2016. RISE develops multi-asset class, multi-currency distributed financial ledger technology for the […]
Bangkok Bank has launched new mobile banking functionality, based on Fiserv’s Mobiliti Edge mobile banking and payments platform. The bank’s mobile solution is known as Bualuang mBanking. It enables Bangkok Bank’s customers to access financial services via a mobile phone, tablet or the Apple Watch. Fiserv and Bangkok Bank have been working together for a […]
Two Philippines-based credit union networks, National Confederation of Cooperatives (NATCCO) and Philippine Federation of Credit Cooperatives (PFCCO) will build a common banking and payments platform based on Temenos’ software. The new platform will underpin the service known as the ACCU Payment Platform (APP). ACCU stands for “Asian Confederation of Credit Unions” – both NATCCO and […]
Unisys, Sandstone Technology and Payment Card Technologies (PCT) are bringing to market a new digital banking solution. The solution, called USP, will consist of the “best of breed” products from each vendor, all “seamlessly” integrated. USP is aimed at new market entrants and established players. The participating vendors describe it as “cost-effective”. It will support […]
Android Pay is now available in the UK, and more countries are on the way. Banking Technology first reported on this initiative in March this year. UK consumers can now pay for goods and services with their Android smartphones. Retailers like Boots, Waitrose and Starbucks are already onboard, and so is Transport for London (underground, […]
UK-based investment company Standard Life and ING’s Australian subsidiary are working with IBM on a range of digital and data management initiatives. Standard Life: it’s personal Standard Life is personalising its financial services capabilities “to each of its 3.8 million UK customers”, IBM states. Using IBM’s analytics tools Standard Life “can accurately track a person’s […]
Microfinance organisation Finca and credit scoring specialist First Access have unveiled “the world’s largest microfinance fintech collaboration”. The two companies say this partnership “will create the largest and most sophisticated alternative credit-scoring approach by a microfinance institution (MFI) in the world.” It will also vastly improve Finca’s outreach to excluded populations. First Access will analyse existing […]
Capital One UK is inviting fintech start-ups to join its newly launched Capital One Growth Labs – “an accelerator programme for early-stage start-up and high-growth companies”. The initiative is supported by technology investor L Marks. The aim, states Chris Owen, programme leader, is to discover and partner with the new fintech talent and “and unlock the truly […]
IDBI Capital, a subsidiary of India-based IDBI Bank, has gone live on a new securities trading and processing system, Bancs. The system is supplied by TCS Financial Solutions. Bancs supports online brokerage operations at IDBI Capital. It provides front-to-back office functionality and replaced IDBI Capital’s multiple trading and trade processing platforms. According to TCS, IDBI […]
Russia’s banking giant, Sberbank, has unveiled a new digital product, Sberbank Messenger – a communication platform for users to interact with friends and colleagues as well as with services providers, shops and businesses. It can be a person-to-person communication or by using artificial intelligence (AI) applications. The solution will be in beta testing later this […]
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, pulls no punches in this opinion piece. Digital technology evangelists, read it at your peril. The past 50 years I have known only three bank CEOs who […]
UBS Wealth Management Americas (WMA) and tech company SigFig has formed a “strategic alliance” to develop digital technology for UBS WMA, its financial advisors and their clients. San Francisco-based SigFig specialises in wealth management software. It will create and customise digital tools and services for UBS WMA’s 7,000 advisors. UBS WMA’s remit is domestic US and […]
Australia-based financial services group, MyState, is gearing up to launch a new digital banking system, provided by domestic vendor Rubik Financial. The new solution is set to go live in August and promises to transform MyState’s digital channels and customer experience, according to Rubik. It will provide “superior digital experience” to customers, the vendor says, […]
Following outages at some of the UK’s leading banks including Barclays and, most recently, HSBC which left customers unable to access funds for up to two days, means system failures are a hot topic. The amount and frequency of these damaging failures emphasises the growing issue of poor software quality management in the UK banking […]
The treasury function plays a pivotal role within a bank, and with great power comes great responsibility… and the need for automation. Misys and Banking Technology conducted a survey to find out about the changing role of the banks’ treasury and the degree of support received from current systems. How can technology help treasurers cope […]
HSBC is to cut 850 information technology jobs in the UK today (16 May), the first stage of its restructuring plan that will see 8,000 British jobs terminated by the end of 2017. The employees are based in London, Sheffield, Leeds and Birmingham and all the jobs will disappear by the end of this year, […]
With so many new banks trying to muscle into the UK banking sector, spurred on by the reduced barriers to entry and calls for competition, Banking Technology wonders: will this boom be followed by a bust? In the meantime, make hay whilst the sun shines! Here is our guide to who’s who in the UK […]
Banking Technology and Misys conducted a survey to find out about the changing role of the banks’ treasury and the degree of support received from current systems. The results are in our infographics – great contents that is easy on the eye and easy to digest.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Perception brings to market new core platform UK credit unions, lenders and start-up banks take note. ING adds some zing to start-up ring It’s working with 45 start-ups on banking innovation. Punjab National Bank to modernise enterprise data […]
Many will be surprised by where the biggest transformations in fintech actually come from in the next few years. A true disruption probably won’t stem from a tech start-up that gets hot and rides the wave to a new normal in banking. No, it’ll actually be those old card-issuing behemoths, Visa and MasterCard, which will […]
Vietnam-based subsidiary of France’s major financial group, BPCE, is implementing a new core banking system, Sopra Banking Amplitude. The new solution will cover front-to-back office operations of the bank, including digital banking functionality. The system is supplied by Sopra Banking Software. The project follows the reorganisation of BPCE’s operations in Vietnam, with the business moved […]
Banking giant Barclays has announced the launch of its own mobile contactless on Android, and confirmed it will not be joining Android Pay, reports Tim Skinner at Telecoms.com. The bank has been one of the UK’s more innovative financial institutions harnessing mobile payments, and specifically the integration of payment technology into wearable or alternative devices. […]
Royal Bank of Scotland (RBS) is planning to cut around 200 more jobs at its UK retail bank, according to sources close to the development. The latest round of job cuts follows the announcement last month that 600 jobs were to go in the UK. Rob MacGregor, national officer at the Unite trade union, says: […]
The fear of missing out (FOMO) forever clashes with the fear of failure (FOF) when it comes to innovating in banks. Lee Cameron, CEO of Monitise, explores the FOMO versus FOF conflict and how to resolve it. FOMO is commonly cited as being characteristic of the Instagram-driven millennial generation, but how does this relate to […]
Royal Bank of Scotland (RBS) is powering its new Open Experience centre with Red Hat technologies, including the Red Hat Mobile Application Platform and OpenShift Enterprise, Red Hat’s web-scale container application platform. Open Experience was launched by RBS in February at its HQ in Edinburgh (UK) to pursue “innovative new technologies for the bank and […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Swift has rejected the allegations made by Bangladesh Bank and Bangladesh Police’s Criminal Investigation Department (CID) officials to Reuters about the cyber fraud scandal in February. A few months ago, hackers stole more than $100 million from the country’s foreign currency reserves. In the ensuing furore, the head of Bangladesh’s central bank, Atiur Rahman, resigned; […]
