Seeking to increase its foothold among customers who prefer cash, PayPal will spend approximately $233 million to buy Vancouver-based bill payment firm TIO Networks. The acquisition is not PayPal’s first move to gain the business of consumers using cash.
Amazon is rumoured to be pondering the acquisition of Capital One. Banking Technology contacted both parties for a comment but received no response.
Major global transaction banks are now live with Swift’s global payments innovation (gpi) initiative.
With mobile money technology widely available, and so many citizens having access to a mobile phone, how many are actually banking in this way? What are the benefits available to them when using mobile money? And what does the future hold for this fintech innovation?
NatWest (part of the RBS group) is set to launch a new digital platform to allow small and medium sized businesses (SMEs) to quickly obtain unsecured loans of up to £150,000. Called Esme Loans, it is in trial mode and the bank will offer fast decisions on lending applications “potentially within an hour”. There will […]
Bank of Cyprus has selected Dovetail’s payment solution to support Swift, Target2, SEPA credit transfer and direct debits. The project is part of the bank’s ongoing digital transformation programme. Dr Andreas Stylianou, manager organisation and change, Bank of Cyprus, says: ‘Payments are the life blood of our business. We needed a modern, proven payments solution […]
Berlin-based SolarisBank has raised €26.3 million in its series A funding round as it targets European expansion, according to a “confidential source that’s close with the company”. The official press release is expected in the next two weeks, where Solaris will announce its new partners, as well as the products available for these partner companies. […]
US-based mobile banking firm Virtual Piggy will soon begin testing a mobile wallet for consumers aged 17 and younger, the latest move in the parent-supervised world of mobile payments, reports Banking Technology‘s sister publication Paybefore. The test, set for April, will involve a mobile payments platform that enables parents to supervise spending by their children. […]
Australia-based banking software and services vendor Rubik Financial is to be taken over by Temenos. The deal is valued at $50 million.
Hellenic Bank has opened an innovation lab in its home city of Nicosia, Cyprus.
2017 looks set to be the year in which a number of different jurisdictions vie to become the natural home of the financial technology sector. To help ensure that London remains fintech-friendly, the Financial Conduct Authority (FCA) has created the “regulatory sandbox”.
Santander has become the first bank in the UK to allow customers to make payments using their voice. As Banking Technology reported in March 2016, Santander said it was the “first” bank in the UK to launch voice banking technology. Phase one enabled customers to talk to their Santander SmartBank app and ask about their […]
Four big Australian banks haven’t given up the fight to convince the country’s antitrust regulator that they get some concessions from Apple over Apple Pay. With a decision due in a few weeks, the Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Westpac, and Bendigo and Adelaide Bank may have made their final submission […]
The UK’s Co-operative Bank has been put up for sale – with the minority investor Co-op Group saying it is “supportive of the plan to find the bank a new home”. The recent history of Co-op Bank (which markets itself as an ethical bank) has been interesting. It had a disastrous merger with Britannia Building […]
UK-based challenger Jargon Bank has updated its “revolutionary” mobile payments app from version 1.1 to version 1.2. As Banking Technology reported in December, the “game changer” bank launched offering “compelling and innovative” products that left journalists diving for cover… usually to the nearest pubs. Now it’s back with a 2,000-word press release that contains so […]
Fintech zeitgeist! Welcome to our new series of brief reports. Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week we welcome the views of our editor Tanya Andreasyan. Dear PR, we know you […]
Misys is planning another initial public offering (IPO), following last year’s cancellation, according to the Daily Telegraph. As Banking Technology reported in October, Misys had planned a £5.5 billion float but this didn’t go smoothly as planned with its value cut by 20%. At the time it said it “decided not to proceed… at the […]
Last week’s FinovateEurope was full of the broad range of exciting and innovative companies that we have come to expect at the show. Although the 72 companies showcasing their solutions operated right across the fintech landscape, they all sing from a common hymn sheet of improving the customer experience.
Start-up DiPocket has unveiled its new mobile banking app, which is not dependent on third party IT systems but built on its own platform. As well as “challenging” the traditional high street banks with its technology, DiPocket thinks it “has a thing or two to teach other ‘neo-banking’ start-ups”. Fedele Di Maggio, CEO and co-founder […]
Turkey’s largest bank Isbank and its tech partner Monitise have launched a money transfer service via Apple’s iMessage – a first in the republic. Using Isbank’s new mobile banking app, IsCep, users are now able to request and send money through iMessage. As Banking Technology reported in January, IsCep also allows “for the first time” […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Temenos cuts jobs in US; eyes D+H payments business EXCLUSIVE. US layoffs cited as around 60 by some sources. Ziraat Bank London to replace legacy core banking tech EXCLUSIVE. Misys Fusionbanking moves in. Banks and UN launch sustainable […]
Salem Five, a $4.2 billion mutual bank in Massachusetts, is embarking on a major technology overhaul with Fiserv’s core, digital banking, payments, and commercial solutions.
In-app payments are cannibalizing more traditional payments.
Banks need to do more than just comply with the upcoming revised Directive on Payment Services (PSD2). To survive, banks will need to embrace these changes.
UK challenger Metro Bank has accelerated a data project delivery, cutting provisioning time by 80%, following the deployment of the Delphix Data Virtualisation platform. The bank began working with California-based Delphix to enable it to deliver data to teams better. The idea was to integrate enterprise software into an existing IT stack. Delphix says its […]
PayPal has a new pal—namely its first bot that enables Slack users to move and manage their money in a conversational and casual style. The PayPal bot is available to 5 million Slack users in Australia, Canada, the U.K. and the U.S.
BankUP, a new fintech venture based in Kontich, Belgium, looks to tap into the European SME banking market.
IBM has launched a blockchain initiative for trade finance with telecom operator du, Dubai Customs, Dubai Trade, Emirates NBD and Banco Santander. The plan is to explore the use of logistics solutions for the import and re-export process of goods in and out of Dubai. Using Hyperledger Fabric and IBM Cloud, their blockchain solution transmits […]
PayPal has a new pal – namely its first bot that lets users move and manage their money in a conversational and casual style. It is built on the Slack messaging platform, which has five million daily active users and lets teams centralise conversations. With the bot, people can send money between PayPal accounts without […]
BNP Paribas has unveiled a new 2017-2020 business development plan – building the bank of the future. €3 billion will be invested in the programme.
Moven, the online-only bank founded by Brett King, has launched its finance help app to “make monetary monitoring easy for everyone” in the UK at FinovateEurope. Moven was first launched in the US in 2013, and this new UK app took four weeks to launch. King says this is its “first launch in Europe” and […]
Fire Financial Services – now trading as Fire – has launched and is targeting the UK and Irish markets with a digital account. Colm Lyon, founder and CEO at Fire, says: “It has taken some time for us to reach this day – several years of trying and getting it wrong.” Now the business has […]
CaixaBank’s mobile-only bank, imaginBank, has unveiled a chatbot to help millennials find offers and promotions most relevant to them, based on their preferences or location. Powered by artificial intelligence (AI), the chatbot will be available to users via Facebook Messenger on imaginBank’s Facebook page. Launched in January 2016, imaginBank is a 100% digital and mobile […]
Emirates NBD has launched Cockpit Application, an intelligent new CRM solution for branches. The bank has also introduced biometric digital signatures and straight-through processing (STP) of digital forms.
Modern banking is not limited to banks anymore. It’s not only about online or mobile banking, it’s about all the things you would do in your banking system, but now you can do in apps or other solutions provided by third parties, not banks. Payments are one of such functionalities.
Central 1 Credit Union, a software and services provider to 300 financial institutions in Canada, will overhaul its MemberDirect digital banking platform with Backbase’s tech. This is the first known deal for the Dutch vendor in Canada.
Fintech zeitgeist! Welcome to the third in a new series of brief reports. Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week we welcome the views of guest writer Soumik Roy on India’s latest budget and its implications for e-payments and digital economy.
BankMobile, a mobile-only bank launched by Customers Bancorp two years ago, is expected to be sold this quarter, according to Customers’ president and CEO, Jay Sidhu.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
BBVA Compass has unveiled a “goodwill impairment” charge of $60 million in its latest financial results, attributed to its direct banking service subsidiary, Simple. BBVA bought Simple in 2014 for $117 million. It has since written down $89.4 million.
