Will everyone really benefit from the real-time payments coming to the US? Can the US regulator mandate the banking sector to adopt it? And what are the chances of this new faster payments system becoming ubiquitous? Banking Technology digs deeper, past the hype. It’s a pretty safe bet that the roll-out of faster payments in […]
With two thirds of people now owning a smartphone in the UK, demand is high amongst consumers to have connectivity at their fingertips. Add to this the fact that 39% of adults have at least one banking-based app, and it presents a real opportunity for banks to serve engaging content to the many consumers who are […]
Nets and Istituto Centrale delle Banche Popolari Italiane (ICBPI) have joined forces to launch an instant payments solution in Italy. The new offering is set to go live in Q1 next year. It will be based on Nets’ RealTime24/7 platform and will serve the Italian payment service providers (PSPs). “We will provide to the Italian […]
Temenos is closing in on a core and digital banking software deal in Iran, Banking Technology understands. The vendor is believed to be in talks with Ayandeh Bank (Future Bank). The bank offers retail and commercial banking services. The systems on offer are the T24 core banking platform and Temenos Connect for digital channels. No […]
A technical outage of the Amazon Web Services (AWS) cloud this weekend left many customers of Australian banks unable to use cards, ATMs and Eftpos terminals. The banks affected include Westpac, ME Bank and Commonwealth Bank of Australia (CBA). Some also pointed the finger of blame at payment providers such as First Data. Just a […]
Emirates NBD is planning to launch the UAE’s “first” digital bank targeted at millennials. The new bank is part of its three-year AED 500 million ($136 million) strategy to improve its processes, products and services. Shayne Nelson, group CEO of Emirates NBD, says this “digital transformation plan” is its “commitment to the future”. The bank’s […]
Nymbus, a US-based core banking software vendor, has acquired fellow supplier R. C. Olmstead (RCO), to gain a foothold in the Midwest credit union market. RCO comes with 46 customers, all in the low-tier segment. These include Wilkes-Barre City Employees CU, Dover-Phila FCU, McDonald Community FCU, Toledo Metro FCU and Yorkville Community FCU. RCO has […]
It’s difficult to avoid writing about distributed ledger technologies, so we won’t. Last month Australian Craig Wright claimed to be the elusive inventor of bitcoin, Satoshi Nakamoto. Displaying uncharacteristic scepticism, many mainstream media outlets doubted his claims. Whether it’s true or not, the story attracted great interest. Distributed ledger, blockchain (some argue the two are […]
“Youth is wasted on the young,” so said George Bernard Shaw. Only recently I read that this wasn’t exactly the quote he gave. To the question of what is the most beautiful thing, the Irishman responded: “Youth is the most beautiful thing in this world—and what a pity that it has to be wasted on […]
The European Commission has approved the proposed acquisition of Visa Europe by Visa Inc. This concludes all regulatory approvals required for this deal to go ahead, as the Jersey and the Turkish competition authorities have already given their stamps of approval. The transaction is expected to close in Visa Inc’s fiscal Q3 2016. The takeover […]
Temenos is believed to be heading towards a new contract for its T24 core banking in the US, Banking Technology understands. Commerce Bank is going to renovate its core processing software – and the system selection is nearing completion. Two vendors are believed to be on the shortlist – Temenos with T24 and Fiserv, which […]
Fifteen years ago, banks were still embracing telephone banking and online payment systems were still in their infancy. At the time, the impact these systems had on the IT manager were minimal. The IT manager’s role might have been to ensure that call centres managed to peak efficiency, or to ensure that the right IT […]
The Banking Industry Architecture Network (BIAN), a not-for-profit fintech industry body, has added three new members to its global network. These are Misys, First Horizon and Al Rajhi Bank, the world’s largest Islamic bank. The total count of BIAN members now stands at 64, comprising banks, software and service providers, and academic partners. Hans Tesselaar, […]
Germany’s largest building society, Bausparkasse Schwäbisch Hall, is modernising its core banking operations with SAP. The building society is implementing SAP’s Deposits Management and Loans Management systems. The project has been underway since late 2015. Bausparkasse Schwäbisch Hall was established in the 1930s. Today, it has 7.5 million customers in Germany and over three million […]
UK-based regulatory reporting and risk management software vendor, AxiomSL, has signed the local operations of Union Bank of India for its flagship product, XBRL. XBRL will automate regulatory reporting to the UK’s regulator, Financial Conduct Authority (FCA), at Union Bank of India (UK). AxiomSL says the project comes as part of the bank’s compliance with […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
The European Central Bank (ECB) has officially launched a procurement tender for a new treasury management system (TMS). The ECB’s current TMS platform is Wallstreet Suite, supplied by Wall Street Systems (now part of Ion Trading). The bank has been using it for many years, Banking Technology understands. According to the ECB, its TMS supports […]
As banks, financial services providers and brands predict and plan for the way consumers will manage their money in the future, artificial intelligence (AI) is high on the business development strategy for 2016 and beyond. Gideon Hyde, co-founder of Market Gravity, explains how and why artificial intelligence (AI) could hold the key to standing out […]
India-based IT heavyweight Tech Mahindra is spending £112 million on Target Group, a UK-based business process outsourcing (BPO) and software vendor. Target focuses on the lending, investment and insurance sectors, claiming around 50 financial institutions in the UK as customers. Among them are Yorkshire Building Society, Shawbrook Bank, Central Trust and Masthaven. It also works […]
Student Loans Company (SLC), a large government-owned lender in the UK, is believed to have halted its IT renovation project as it puts the contract with the supplier under review. SLC embarked on this massive project in early 2014 – awarding the contract to HCL. HCL bid jointly with Deloitte and Misys. HCL would be […]
Israel’s largest bank, Bank Hapoalim, is believed to be in system selection mode. The bank is looking for a new core banking system, Banking Technology understands. It is believed that Temenos with its T24 offering, SAP with SAP for Banking and TCS Financial Solution with Bancs are among the contenders. TCS has recently made inroads […]
As Europe’s biggest e-commerce market, the UK’s e-money and payment services industries are thriving. But with the EU referendum right around the corner, are things likely to change? Craig James, founder and CEO of Neopay, explores the potential of a Brexit-shaped disruption. On 23rd June 2016, the UK public will take to the polls for […]
Standard Chartered is bringing its mobile and online banking platform to eight countries in Africa. After the roll-out to Botswana, Ghana, Kenya, Nigeria, Tanzania, Uganda, Zambia and Zimbabwe in the first half of 2016, the bank will launch fingerprint recognition technology in these markets later in the year. Karen Fawcett, Standard Chartered’s CEO for retail […]
Swedbank has restructured its management team and launched a digital banking group. The new “Group Function Digital Banking” will be responsible for digital sales support, development and innovation. The bank is looking for a permanent head of digital banking. Birgitte Bonnesen, president and CEO of Swedbank, says the changes are a “natural step” and meet […]
Financial industry has reached the point of no return: new start-ups and technologies are disrupting the traditional world of banking. All the things that were either unavailable, limited, expensive or poorly designed, now can be accessible from the third parties, which are not even close to banks. Small fintech companies are doing the job the […]
Central Bank of Somalia is embarking on a major tech overhaul, with sponsorship from the World Bank. The bank will implement a new core banking system, Temenos’ T24, and a new ERP system from Oracle FSS. Swiss IT consultancy firm Sofgen has been recruited to deliver the project. The first phase is estimated to cost […]
The Reserve Bank of India (RBI) plans an overhaul of the country’s ATMs to enable the processing of EMV chip and PIN cards by 2017. The RBI says while India’s POS infrastructure accepts and processes EMV chip and PIN cards, the ATM infrastructure, “on the whole”, continues to process card transactions based on data from […]
Greed, gluttony, anger, envy and more. The seven deadly sins of quantitative data analysts put into a nifty graphics, courtesy of Quandl.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Swift hacks sees 12 more banks under attack A fast moving chain of events. High five for Apple Pay in Singapore Big banks onboard include OCBC and Standard Chartered. NYSE launches new trading tech platform, NYSE Pillar The […]
Sri Lanka-based Amãna Bank has gone live with new treasury and asset management software, supplied by Path Solutions. The new products, iMAL Islamic Treasury and iMAL AssetManagement, replaced a legacy treasury and equity management platform at Amãna. Banking Technology understands that this was Sungard’s Ambit Treasury Management. The new software interfaces to Swift and supports […]
Santander says it is the “first” UK bank to introduce blockchain for international payments through a new app. It is currently being rolled out as a staff pilot, with the intention to expand the technology “at a later date”. Sigga Sigurdardottir, head of customer and innovation at Santander, says: “The need for finance has evolved […]
OakNorth says it has become the “first cloud-based bank” in the UK, eight months after launching. The bank, which provides loans of between £1 million to £15 million to “entrepreneurs and fast-growth” businesses, has been working with Amazon Web Services (AWS) and the UK’s Financial Conduct Authority (FCA) for six months on policies related to […]
UK start-up Ormsby Street has launched its credit-checking tool CreditHQ in Germany, as part of a new partnership with Deutsche Bank. CreditHQ allows a small business to check the financial health and credit status of any customer or partner and will be available to small business customers of Deutsche Bank. Its German launch is the […]
A new stage of interactive banking is here. Santander recently announced a new app that will let consumers speak to their phone about their spending habits. Lloyds announced a video interview mortgage service, allowing customers to apply without setting foot in a branch. And HSBC released an app which replaces a pin number for voice biometrics. This […]
BBVA is partnering with Red Hat to speed up innovation and digital banking growth. The agreement, which turns Red Hat into a “priority partner” for BBVA, is part of a series of alliances that BBVA is aiming to forge. Earlier this year, it signed an alliance with Cisco, also allowing it to become a “priority” […]
Apple Pay support is expanding beyond American Express to Visa and MasterCard credit and debit cards from five of Singapore’s major banks. The big banks include POSB, DBS, OCBC, Standard Chartered and UOB. This latest deal is a significant development for Apple as it now has more than 80% of the Visa and MasterCard credit […]
This week marks exactly two years until the General Data Protection Regulation (GDPR) comes into force. It will fundamentally change the way that companies capture, manage and store information. To comply with the GDPR, financial institutions face the prospect of having to completely overhaul legacy systems and practices in just 24 months. Customer is truly […]
New York Stock Exchange (NYSE) has launched its new integrated trading technology platform, NYSE Pillar. The new platform enables NYSE participants to connect to all of its equities and options markets using a single specification. The new platform is underpinned by a matching engine – the core exchange software that runs trading – developed by […]
Swift has unveiled a five-part plan to reinforce security across its network after three hacking incidents. The attacks comprised a $101 million cyber heist in Bangladesh; Vietnam’s Tien Phong Bank stopping an attempted wire fraud; and Ecuador’s Banco del Austro losing around $9 million. At the 14th annual European Financial Services Conference in Brussels, Swift […]
Poland-based subsidiary of the BNP Paribas group, Bank BGŻ BNP Paribas, is automating its risk management ops with Wolters Kluwer’s OneSumX solution. OneSumX will support asset and liability management (ALM), liquidity risk management and funds transfer pricing (FTP) at Bank BGŻ BNP Paribas. The parties already have a long-standing relationship – BNP Paribas has been […]
