SAP shows the world how digital transformation is done
While many traditional tech giants have been struggling to come to terms with the connected economy, SAP’s latest earnings indicate it is adapting well to the world of cloud computing.
Cloud
D+H unveils simulated tests for real-time payments
DH Corporation (D+H) is now offering banks a cloud-based testing environment to simulate connectivity to The Clearing House’s (TCH) real-time payments system. D+H says it is the first payments hub vendor to provide banks in the US “easy and low-risk” access and with “minimal investment”. It offers an optional open API layer, where banks can […]
InvestCloud acquires Babel Systems for $20m
California-based InvestCloud has acquired Babel Systems in London for $20 million. Babel provides a modular and API-based trade and accounting platform, while InvestCloud has over 660 clients with “accounting needs served by legacy accounting systems that were designed in the last century”. This acquisition links InvestCloud’s digital platform with Babel’s capabilities. InvestCloud will also continue […]
Top fintech stories this week – 6 January 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! The first weekly news round-up of 2017. Happy 2017! Let it be a year of discovery and success.
Turicum Private Bank swaps ERI’s Olympic for Temenos’ T24 core banking system
Turicum Private Bank in Gibraltar is live with new core banking software, Temenos’ T24. The system is delivered on Microsoft Azure cloud.
TBI Bank automates credit decision-making with Provenir Cloud
TBI Bank is implementing Provenir Cloud “for rapid risk decision-making and streamlined processing of customer applications”.
FCA green lights cloud technologies
We are constantly connected to the cloud (iPhone, DropBox, Google Drive just to name a few) and yet, in financial services, the adoption has been tremendously slow. In part, this is due to a lack of guidance from regulators, especially where cloud-based regulation technology is concerned. But finally there is forward progress.
Drooms acquires Swiss fintech firm DealMarket
Drooms, a provider of virtual data rooms, has agreed a deal to acquire DealMarket with effect from 1 January 2017 to boost its service portfolio for the entire asset lifecycle. Zurich-based DealMarket has developed a cloud-based software package for private equity investors, family offices and corporate finance experts, allowing them to manage the deal flow […]
SNS Bank selects Ohpen for BPO core processing services
Amsterdam-based banking software vendor Ohpen has signed a long-term outsourcing agreement with Dutch state-owned bank SNS to deliver its business process outsourcing (BPO) solutions to support the investment propositions of ASN Bank, BLG Wonen, RegioBank and SNS. The services, underpinned by Ohpen’s Microsoft.Net-based core banking platform, will start by the end of 2017. Ohpen CCO […]
AWS data centre launch implies all is not well following Brexit
Amazon Web Services (AWS) has announced a new availability zone in London which indicates all is not well in the UK following Brexit, reports Jamie Davies at Telecoms.com. The new data centre creates the 16th availability zone worldwide for the public cloud leader, and is the first available in the UK. To date, customers in the […]
Metro Bank moves IT infrastructure to Rackspace cloud
UK-based challenger bank Metro Bank has moved its IT infrastructure to a Rackspace managed cloud solution. Rackspace says this has reduced the bank’s close-of-business processing time by 50% and report production time by two-thirds.
London Mutual Credit Union live with new core banking and debit card systems
India-based core banking tech provider TCS Financial Solutions has gained its third live site among the UK credit unions for its Bancs core banking system, London Mutual Credit Union.
Amazon Web Services to certify fintech firms
Amazon Web Services (AWS) has launched Financial Services Competency to certify its partners that specialise in the financial services space.
DBS Bank to replace legacy procurement tech with Coupa’s cloud platform
DBS Bank will automate its business spend management with Coupa Software’s cloud-based platform.
Monitise and MasterCard launch Finkit partner programme
UK-based payments vendor Monitise has launched its Finkit partner programme with founding partner MasterCard to speed up collaboration in banking and payments. For the “first time”, the founding partners – which also include BehavioSec, Currencycloud, Envestnet | Yodlee, Experian, Fastacash, FICO, HID, iGeolise, LivePerson, Mypinpad, Syniverse and WorldFirst – have agreed to make their capabilities […]
Mizuho Bank gears up for new core banking system go-live
Japan’s Mizuho Bank is going to move to a new core banking platform in early 2017, Banking Technology understands. The cost of the project is believed to be JPY 300 billion ($2.8 billion).
Ex-Barclays CEO back with new firm and digital banking platform
Antony Jenkins, former CEO of Barclays, is back with a new company called 10x Future Technologies and launched a new core digital banking platform. As Banking Technology reported in June, Jenkins, who was sacked by Barclays in summer 2015 for failing to transform the bank quickly enough, set up 10X Future Technologies. At that time, […]
Five-Star for Nucleus Software’s lending solution in the cloud
India-based Five-Star Business Finance is modernising its lending operations with a new platform, FinnOne Neo, provided by local specialist vendor Nucleus Software. The solution will be delivered in the cloud. Five-Star is a non-banking finance company, and provides small business and small housing loans to “underbanked customers”. It chose FinnOne Neo to “help scale [its] […]
BBVA favours Amazon Web Services for cloud drive
BBVA has reached a global agreement with Amazon Web Services (AWS) as it looks to cloud computing to boost its digital banking services. The agreement, which is part of a series of accords that the group is making with providers, turns AWS into its “preferred” cloud infrastructure services provider. AWS will execute the migration of […]
Payments round-up: 21 October 2016
Jargon defeated. Unnecessary words deleted. A brief payments round-up. LeFinance, a division of Beijing-based tech firm LeEco, has partnered with the Stellar Development Foundation for cross-border payments on the latter’s blockchain network. The deal means Stellar expands into China. LeFinance will also use Stellar’s network to monitor credits for usage across their various devices and […]
Wipro to buy cloud firm Appirio
IT services integrator Wipro has signed a definitive agreement to acquire US-based Appirio, a cloud services company, for $500 million. With the acquisition, Wipro will get Topcoder, a crowdsourcing marketplace for designers, developers and data scientists; and expand its cloud offerings. Abidali Neemuchwala, CEO and member of the board at Wipro, says it will “consolidate” […]
Fintech funding round-up: 13 October 2016
Fintech funding without the tub-thumping. A realistic and brief round-up of key events. ComplyAdvantage, which uses artificial intelligence (AI) and machine learning to help firms manage compliance, has revealed an $8.2 million Series A funding round led by Balderton Capital. The funding will allow the regtech firm to do the usual stuff – growth and […]
Arizon moves financial messaging to Bottomline’s cloud solution
Arizon Sourcing has migrated its financial messaging traffic to Bottomline Technologies’ cloud-based solution GTExchange, hosted in Switzerland. Arizon, a joint venture between Raiffeisen Group and Avaloq, says the cloud offers cost transparency and cost reduction. On top of this, the Bottomline Swiss Service Bureau will support all of Arizon’s domestic (SIC) and cross-border (Swift) transactions. […]
New SaaS tech delivery – Form3 Financial Cloud – launched for UK banks and FIs
Start-up Form3 Financial Cloud will offer payment and core banking solutions through a Software-as-a-Service (SaaS) delivery model. These are the Dovetail payments system and a new core banking system recently launched by Thought Machine.
Misys Connect Forum – London: proud of the cloud
Hey! You! Get onto my cloud. This was the main message from the Misys Connect Forum in London as the vendor held a one-day conference of panel debates, Q&As, presentations and demos. At yesterday’s (20 September) event – “the largest Misys conference ever” with 600 attendees – at The Mermaid in Blackfriars, the morning began […]
Misys unveils Platform-as-a-Service strategy, opens up core platforms for third parties
Following the launch of Misys’ applications in the cloud – FinCloud – earlier this year, the banking software vendor has unveiled its new Platform-as-a-Service (PaaS) strategy, FusionFabric.cloud. It will be commercially available next year.
Synechron launches cloud-based blockchain accelerator programme
Financial services IT consultancy Synechron has launched six blockchain applications in the cloud, enabling financial institutions “to be up-and-running on a blockchain network or in a ‘sandbox’ environment within weeks”. Synechron says its offering comes with consulting services on the functional and technical side, training programmes as well as the UX design. The applications use […]
East West Bancorp deploys cloud-based risk solutions from SS&C
East West Bancorp is implementing SS&C’s integrated risk and finance solution, Evolv, to manage reserving under current US GAAP and new CECL accounting standards. The solution is delivered in the cloud. The contract was signed with Primatics Financial, a subsidiary of SS&C. “Preparation for CECL is critical for our business,” Sharon Cheung, controller at East […]
Lombard Risk launches cloud-based collateral management system, AgileCollateral
UK-based specialist vendor Lombard Risk has launched a cloud-based collateral management platform, underpinned by its long-standing development in this space, Colline. The new solution is known as AgileCollateral.
Mambu plans to onboard 50 new clients by year-end
Fintech vendor Mambu says it has added 25 new clients to its portfolio this year and is set to double this figure by the end of 2016. It will also more than double the size of its team by the year-end. “All [of Mambu’s new customers] are focused on servicing consumers and businesses poorly reached by […]
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 […]
BNP Paribas Investment Partners live with Commcise commission management solution
Commcise has implemented its flagship cloud-based commission management software, CommciseBuy, at BNP Paribas Investment Partners (BNPP IP). The project covers the investment manager’s international network across Europe, North America and Asia Pacific. The new solution comprises “a complete multi-broker, multi-asset, integrated commission sharing agreement (CSA) and share-of-wallet hosted service”, says the vendor. Commcise also provided […]
Top fintech stories this week – 2 September 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Tier 1 US bank live with Temenos core and payments software Part of its American dream. Swift reveals more cyber thefts Private letter goes public. PhonePe and Yes Bank unveil India’s “first” UPI-based payments app Unified Payments Interface […]
Finacle core banking system available on Huawei FusionCloud
Infosys has partnered with Huawei to bring the Finacle core banking system to the Huawei FusionCloud. The two companies carried out a benchmarking activity under the observation of consultancy firm EY. The test was simulated on a Finacle database size of almost 1 TB, with 6,000+ branches, 33 million+ customers, 61 million+ accounts and 20,000+ […]
VisionFund International opts for BankBI’s business intelligence solution
VisionFund International (VFI), the microfinance arm of World Vision, has selected BankBI’s cloud-based business intelligence and analytics solution. The Microsoft Azure-deployed solution will be used in 32 countries. VFI plans to centralise its data management and reporting efforts across its operational, social performance and financial data, as it wants to “capitalise” on opportunities in rural […]
Cisco to cut 5,500 jobs in order to refocus on IoT and the cloud
US networking gear giant Cisco has announced it will be cutting 5,500 jobs to reinvest the consequent savings on strategic growth areas like IoT, cloud, data centres and collaboration, reports Scott Bicheno at Telecoms.com. The announcement was made as part of the company’s quarterly earnings announcement, which revealed flat revenue growth but improved profitability. It […]
SS&C’s Global Wealth Platform live at Smead Capital
Seattle-based Smead Capital Management has gone live with a new wealth management platform – Global Wealth Platform (GWP) – provided by SS&C Technologies. The solution is delivered in the cloud. GWP replaced Smead Capital’s legacy solution supplied by a third party. SS&C says Smead Capital was looking to increase automation “simply and cost-effectively” and to […]
DBS heads to cloud with Amazon Web Services
Singapore-based DBS Bank has signed an agreement with Amazon Web Services (AWS) to use its cloud technology. The bank envisages shifting up to 50% of its computer workload to cloud within a two-year period. With this deal, DBS will create a hybrid cloud environment “optimised” for rapid changes of capacity and functionality, which is “complementary” […]
Shubham Housing Finance opts for Nucleus’ FinnOne lending platform in the cloud
India-based Shubham Housing Development Finance Company has implemented Nucleus Software’s FinnOne Neo, a loan lifecycle management solution in the cloud. Nucleus says Shubham is one of the first dedicated housing finance companies in India to set up their lending platform on cloud infrastructure. Ajay Oak, chief operating officer of Shubham, says Nucleus was chosen “because […]
Cloud tech: how to support cross-border M&A
Merging tech, avoiding “turf wars”, embracing change, careful planning and ensuring alignment between the companies – there is plenty to think about in any merger and acquisition (M&A) deal to ensure its success. Some relief, however, might come in the form of a cloud. When and how should this technology be applied? Banking Technology contributor, Graham Jarvis, […]
