New CFO at SmartStream
SmartStream has hired Richard Bowler as chief financial officer (CFO).
Data & Analytics
Case study: Credit Suisse and SmartStream – fees and expense management
How a vendor’s acquisition of a big bank’s platform has led to the development of a utility. Credit Suisse talks about its fees and expense management transformation journey.
Atidot unveils big data platform for insurtech
Israel’s insurtech provider Atidot has launched the “first” Software-as-a-Service (SaaS) based predictive analytics platform for the life insurance sector. The firm says its big data modelling and decision making tools will “accelerate the pace” at which life insurance executives can use intelligence in their decision making. Existing company data is loaded to the proprietary Atidot […]
UK faces relegation battle in fight for digital dominance
If data is going to define the digital economy the UK is screwed, according to fresh research from Teradata.
Verifone Investigates Breach that Targeted U.S. Merchants
Terminal maker Verifone says it’s investigating a breach that involved an attempt to get into its corporate network and targeted U.S. merchants. The company, which sells point-of-sale technology, says the Jan. 17 incident has not resulted in any misuse of data.
Abu Dhabi, Singapore to Promote Fintech Innovation
The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) have signed an agreement to assist fintech entrepreneurs and support financial services innovation in Singapore and Abu Dhabi, according to Paybefore sister publication Banking Technology.
White paper: data science for banking and insurance
The disruptive threat is real, but the battle is not lost. Download this white paper for practical advice on surviving and thriving in the era of internet giants and fintech start-ups.
8th Circuit Tells Lower Court to Take another Look at Target Data Breach Settlement
The case creates new issues surrounding standing and how to resolve and settle class action claims in the context of privacy and data protection suits, where some members of a group have not suffered concrete harm and thus may not be able to meet the concrete and particularized injury prong of the test for standing.
Haier Finance opts for Bloomberg’s FX electronic trading platform
China-based Haier Finance has adopted Bloomberg’s foreign exchange (FX) electronic trading platform (FXGO) and multi-asset risk system (MARS) for trading and risk management. Bloomberg FXGO provides access to liquidity from over 300 providers worldwide and commission-free trading for financial institutions, corporations, money managers and hedge funds across “all major” FX instruments including spot, forwards, options, […]
Data gets greater with new Singapore group
The Monetary Authority of Singapore (MAS) has set up a new Data Analytics Group (DAG) with effect from 15 March 2017 as it looks to improve the financial sector and digital economy. DAG will use data analytics for insights, “enhance the supervision” of financial institutions, make regulatory compliance better for financial institutions, and improve work […]
Varo Money joins forces with Envestnet | Yodlee to drive fintech innovation
California based technology companies Varo Money and Envestnet | Yodlee have teamed up to drive fintech innovation. Varo Money, a mobile-only banking start-up hopes to leverage Envestnet | Yodlee’s data analytics and aggregation platform to provide customers with a more customised mobile banking experience, and better insights into their financial well-being.
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.
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.
Equifax Canada unveils new financial data platform
Equifax Canada has launched the first phase of a new multi-million dollar technology platform to provide financial data. The company organises, assimilates and analyses data on more than 820 million consumers and more than 91 million businesses across the globe. The first phase of its new platform is designed to provide predictive insights about consumer […]
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”.
Thesys awarded major tech contract to track all US stock and options orders
Thesys Technologies, trading technologies and analytics software specialist, has won the contract to build a new system for the Securities and Exchange Commission (SEC) to track and store all stock and options orders and transactions.
Industry views: ushering in a New Year
To kick off 2017, we asked industry leaders to tell us what happened in 2016 that will most affect their businesses and where they will be investing in 2017 and why.
Westpac picks Oracle and Accenture to build new enterprise-wide customer data hub
Westpac has embarked on a major project to roll out a new data integration solution – Oracle Customer Hub – bank-wide. It is understood that SAP was Oracle’s main contender for the deal.
Top ten fintech opinion pieces in 2016
Look back at some of the most interesting and thought-provoking opinion pieces on all matters fintech published by Banking Technology in 2016.
Implementation of market abuse rules exposes gaps in communications monitoring
Since the Market Abuse Regulation (MAR) came into effect in July 2016, our ongoing conversations with banking organisations indicate that whilst the regulation is aimed at improving market integrity, it has also exposed inefficiencies within some banking monitoring systems.
Inside job
Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 analytics and anti-fraud software) and the forces of evil. Based on real events and guaranteed to keep you on the edge of your seat!
E-book: Regulatory compliance for banks – using data to unblock the road ahead
Your bank faces more competitive pressures than ever before. Regulations nowadays regularly cost financial institutions billions. You know this. What may be unclear is how IT can help, not hinder, your competitive position. As data becomes the roadblock for compliance, so too it can become your competitive advantage. The latest techniques for handling compliance processes […]
BCEE selects SmartStream for custodian data and IRS regulations
Banque et Caisse d’Epargne de l’Etat, Luxembourg (BCEE) has implemented SmartStream’s Corona Universal Data solution to help complete audit trails and meet US regulatory requirements. SmartStream says in order to comply with the IRS (Internal Revenue Service), banks “only have a few weeks to reconcile annual data before the legal cut off”. It says its […]
SmartStream’s Corona Cash & Liquidity gains new live site, Raiffeisen Bank International
Austria’s Raiffeisen Bank International (RBI) has gone live with new cash and liquidity reporting software, SmartStream Technologies’ Corona. The bank has taken “a proactive approach to Basel III” – being the first in the region to do so, said the vendor. The new centralised solution will help to monitor and manage cash positions on an intraday basis, throughout the RBI group.
New cash and liquidity management system at Bank Mendes Gans
A Dutch international cash management services specialist, Bank Mendes Gans (BMG), is implementing a new cash and liquidity management system, SmartStream’s Corona. It will go live in Q4 2016, managing BMG’s 500,000 transactions per month.
PriceMetrix acquired by McKinsey
McKinsey has bought PriceMetrix, a Toronto-based data and analytics company focused on the wealth and asset management sector. McKinsey says that “PriceMetrix will retain its management team, brand and identity, and will work in close collaboration with McKinsey’s wealth and asset management team”. PriceMetrix’s tools – ValueOne, CommissionCheck and FeeCheck – are complementary to McKinsey’s […]
Shadow data – robbing cloud’s silver lining
Welcome to the dark, scary world of “shadow data”, which can easily turn into a nightmare for enterprises from data governance, compliance, reputation and financial losses points of view… Are you sitting comfortably? Yamini Kona, principal consultant, financial services at Infosys, is going to tell a chilling tale. Imagine a scenario where an employee shares […]
eBook: In-Memory Computing Helps Applications Achieve Extreme Speed and Scale
Download this eBook now to learn how an in-memory computing platform can address your company’s demanding current and future regulatory and client requirements.
Stagnant interest rate environment offers opportunity for deposit book growth
The importance of a stable deposits base has increased exponentially in the post-financial crash era. Since the 2007/8 crisis, retail banks have been forced to address huge balance sheet deficit, brought about by the freezing of mechanisms such as wholesale funding. The reaction amongst the major banks has been to stabilise income sources, growing retail […]
Big data is no longer a big deal but smart data is sure a smart strategy
We are all pretty much unanimous that the once IT buzz word “big data” is no longer the awe-inspiring complex beast which can be tamed only by expensive databases and superlative data analytics platforms. Cloud architecture and collaborative open source software brought big data processing within the reach of pretty much all enterprises. Analytics domain […]
Interview: Rivi Varghese, CEO of CustomerXPs Software
Banking is going digital and instantaneous, which is great news for customers. But it is also a great headache for banks, as fraud is going that way too – the money can disappear into fraudsters’ virtual pockets with a blink of an eye, anytime, anywhere. At the same time, the real-time capabilities of new solutions […]
FICO quarterly income and revenue up
FICO, an analytics and decision management software provider, has reported a rise in revenue and income for its third fiscal quarter. For the period ended 30 June 2016, net income totalled $35.0 million, or $1.08 per share, versus $19.9 million, or $0.62 per share, reported in the prior year period. Non-GAAP net income for the […]
HSBC funds Xenomorph for data management boost
Xenomorph, a provider of data management technology to banks, investment managers and insurance companies, has received new funding from HSBC. The firm says the funding has enabled it to “accelerate global go-to-market plans” for its TimeScape EDM+ financial analytics and data management platform. TimeScape EDM+ is designed to manage the complete lifecycle of financial data […]
Optimal execution and the human-machine interface
In recent years we have seen a strong trend for institutional trading desks to leverage their data to improve trade execution results and become more recognised as active participants in portfolio performance. Two important applications of predictive analytics have arisen, both aiming to improve the manner in which trading algorithms are used and controlled. It […]
Why staying compliant and generating returns are not mutually exclusive for funds
As regulatory pressures mount, Jon Hallam of GoldenSource explains why removing the burden of data management from the shoulders of fund managers can help deliver absolute returns for investors. From investors wanting more bang for their buck to increasing regulatory reporting requirements, it’s fair to say that asset managers have had a fair bit to […]
DTCC’s Avox adopts Amazon Web Services cloud
Avox Data Services, a provider of legal entity reference data and a subsidiary of the Depository Trust & Clearing Corporation (DTCC), has migrated its data servers to Amazon Web Services (AWS). The move is part of a company-wide initiative to implement new technologies to “increase scalability, further enhance the security of the data and reduce […]
Delivering true personalisation in the age of big data
Big data is a promise. In theory, banks can now know more about every single one of their customers than ever before. There is a real opportunity for them to cement their customer relationships; to create targeted offers and personalised experiences that attract new, and retain existing, customers. UK’s retail banks have increasingly been using […]
FICO acquires QuadMetrics for cyber risk score development
FICO, an analytics and decision management software provider, has acquired US cyber risk security scoring firm QuadMetrics. The deal will help FICO further develop its Enterprise Security Score, which ranks an organisation’s level of cybersecurity risk. The transaction has closed and terms have not been disclosed. Doug Clare, vice-president of cybersecurity solutions at FICO, says […]
Big data: bridging consumer experience & increased revenues in financial services
While the benefits of big data are well understood for compliance and fraud prevention, the technology can also deliver very useful insights into customer behaviour. Thanks to big data analytics, retail banks can monitor how customer behaviour evolves and any significant patterns that can inform which products to market and offer. In the UK, Lloyds […]
ING deploys ThetaRay’s analytics solution for fraud detection in SME lending
Israel-based specialist vendor ThetaRay has implemented its Advanced Analytics Solution at ING Netherlands for fraud detection. The vendor says that combining its tech with ING’s standing risk engine will enable the bank to detect new instances of SME lending fraud hidden within massive amounts of transactional and organisational data – in real-time and with industry-low false […]
