Innovation


Standard Chartered bringing biometrics to Asia, Africa and Middle East

Standard Chartered is rolling out a suite of fingerprint and voice biometric technologies across Asia, Africa and the Middle East. The bank says the launch reaches more than five million clients, and is the “most extensive rollout of fingerprint biometric technology by any international bank and a first in most markets”. It is on a […]

Amazon and Facebook power Mizuho innovation

Mizuho Bank has carried out testing for new banking services through the Facebook bot and Amazon Echo. The tests took place in Silicon Valley, California, in partnership with two other Japanese firms – Information Services International – Dentsu and Nomura Research Institute. The companies are looking to use CUI (conversational user interfaces) to develop platforms […]

Digital games banks got to play – part 1

Today, most banks want to be digital leaders because that is where the customers are! This has brought in a change in the attitude of many traditional banks. Arun S. Padaki, a seasoned corporate banker, credit risk and business process management consultant, explores what it takes to become a digital leader and who is already ahead in […]

Four to score in ING innovation studio

Four start-ups will enter ING’s Innovation Studio in September to see whether they can make the big time – the launch of a viable commercial business. Axyon AI, Gekko, Startup Insight and Surance will take part in the bank’s accelerator programme, the third of its type, since it began in July 2015. ING selected the […]

UK challenger bank Mondo gets banking licence

UK-based challenger bank Mondo has got its banking licence. The bank kindly passed the news to the Financial Times first rather than informing anybody else. It then issued a tweet saying it’s an “exciting day” which caused some confusion to its followers. According to the Financial Times, Mondo’s founder Tom Blomfield (formerly chief technology officer […]

Payments round-up: 11 August 2016

They said it. We read it. We edit. Here’s a round-up of events in the payments space to save you time. Payments platform Payza has expanded the availability of its Payza Prepaid Card to the majority of its account holders worldwide. It was initially launched to a “limited group” in December 2015, but Firoz Patel, […]

Apps open up in South Korea for personal finance

The South Korean government is launching an open platform designed to let firms develop and test apps for personal finance management. According to Korea Joongang Daily, the platform will be available at the end of this month. The Financial Services Commission in South Korea announced today (10 August) that 16 banks and 25 brokerage firms […]

R3 blockchain consortium gets smart on trade finance

R3 and over 15 of its blockchain consortium member banks have “successfully” completed two prototypes using distributed ledger technology for smart contracts. The banks designed and used self-executing transaction agreements – aka smart contracts – on R3’s Corda distributed ledger platform to process accounts receivable (AR) purchase transactions, aka invoice financing or factoring, and letter […]

Bank of America Merrill Lynch and HSBC team up for blockchain-based trade finance innovation

Bank of America Merrill Lynch, HSBC and the Infocomm Development Authority of Singapore (IDA) have teamed up to develop a blockchain prototype for trade finance innovation. The consortium uses the distributed ledger framework provided by Linux Foundation’s open source Hyperledger Project; and the proof of concept has reduced manual processing in letter of credit transactions. […]

UK watchdog pushes for open banking revolution

The UK’s Competition and Markets Authority (CMA) has unveiled its plans to make banks “work harder for customers” and ensure the “benefits of new technology are fully exploited”. The CMA’s final report on its retail banking market investigation concludes that “older and larger banks do not have to compete hard enough for customers’ business, and […]

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 […]

Westpac backs Reinventure start-ups with another $50m

Australian bank Westpac has doubled its investment in venture capital firm Reinventure – with $50 million for start-ups. This is the second fund to be managed by Reinventure. Simon Cant and Danny Gilligan, the co-founders and managers of the first fund, are seeking to add another venture partner and some new staff to identify and […]

BBVA picks its 56 for innovation start-up contest

BBVA has revealed the 56 finalists for the 8th edition of its Open Talent contest to compete in three separate finals in Mexico, London and New York in September. The start-ups come from 17 different countries, and BBVA says “one of the most noteworthy points” of its 8th edition is the “high number” of finalists […]

Top fintech stories this week – 5 August 2016

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! RBS scraps Williams & Glyn banking platform plans, writes off £345m Defeated by the IT challenges. W&G is now likely to be sold to Santander. Azimo “industry first” to enable money transfers via Facebook Messenger Sending money should […]

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 […]

The future of banking is here: cognitive banking

Since the 2008 financial crisis, the sector has looked to repair reputational damage, lock down compliance in the system and rapidly innovate to serve a new generation. During this period of change, banks must redefine the value they want to provide for their customers. For example, do they want to finance the future dreams a […]

Azimo “industry first” to enable money transfers via Facebook Messenger

Azimo says it has become the first money transfer operator to enable money transfers worldwide via Facebook Messenger. “Money transfer is now social,” Azimo states. It describes its new functionality as “revolutionary”. It connects senders and receivers through their Facebook friend list, enabling them to exchange details immediately and links them to the Azimo app […]

Singapore start-ups soar with OCBC support

OCBC Bank’s fintech accelerator programme, the Open Vault, will pilot tests with three start-ups – Fincast, BondIT and CogniCor. The tests involve wealth management and artificial intelligence (AI) solutions and will begin in the fourth quarter of this year, and will last for three months. Samuel Tsien, OCBC Bank’s group CEO, says: “Deploying these solutions […]

SEB invests $4m in blockchain payment provider Coinify

Danish blockchain payment service provider Coinify has raised $4 million in series A investment round from SEB Venture Capital, an entity within the SEB Group and SEED Capital Denmark. Mark Højgaard, co-founder and CEO of Coinify, says it plans to use the investment to sustain its position in Europe and “expand” its blockchain payment and […]

Elliptic and LexisNexis team up for Bitcoin risk management

Blockchain intelligence firm Elliptic and LexisNexis Risk Solutions have partnered for the “first” use of “bank-grade” risk management for Bitcoin. Elliptic has integrated LexisNexis’s anti-money laundering (AML) risk management data into its Bitcoin transaction monitoring and compliance products. The two firms have built a proof-of-concept that uses financial intelligence data from LexisNexis and presents it […]