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 […]
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 […]
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” […]
One of Ireland’s “big four” banking players, Bank of Ireland, has embarked on a five-year €500 million modernisation venture – aka Project Omega. It includes a front-to-back office technology overhaul, with Temenos providing new solutions.
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 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. […]
Axion Swiss Bank, a private bank focusing on asset management and consultancy, is migrating its technology to Avaloq’s BPO centre, Avaloq Sourcing Switzerland. On the way out is ERI’s Olympic core banking system.
Italy’s TAS Group and targit GmbH Austria have signed a deal to collaborate on bringing a Software-as-a-Service (SaaS) model for liquidity risk management and reporting within reach of tier two and three banks throughout Central and Eastern Europe, including Austria and Germany.
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.
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 […]
34 microfinance entities in Nepal have joined forces to set up a fintech company – Nepal Finsoft – to build and maintain a shared core banking platform.
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.
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 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 […]
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.
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 […]
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 […]
Tech Mahindra and its specialist banking IT consultancy and integration subsidiary, Sofgen, have been recruited by Barclays Wealth for its tech modernisation initiative. Barclays has been rolling out a new core banking platform – Avaloq Banking Suite – for a number of years, as well as a new front-office investment management platform, Charles River’s IMS. […]
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 […]
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 […]
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+ […]
Commerzbank London and UniCredit have “successfully” processed the first UK Bank Payment Obligation (BPO) live transaction. The banks say with the backing of the ICC Banking Commission and Swift, there has been a “growing demand for, and an increasing number of”, BPO transactions, as a “proven” digital settlement tool. Raphael Barisaac, global head of trade […]
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 […]
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 […]
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 […]
Wyoming-based Meridian Trust FCU has converted to a hosted version of its core processing system, Symitar’s Episys. The credit union originally installed it in 2010 in-house. Symitar (a subsidiary of one of the “big four” core processors in the US, Jack Henry) says that as the time came to update its servers, Meridian Trust decided […]
Specialist vendor Charles River has supplied its flagship Investment Management Solution (IMS) to Bangkok Bank’s subsidiary, Bangkok Capital Asset Management (BCAP). The IMS front-to-middle office system, supplied on a Software-as-a-Service (SaaS) basis, has automated BCAP’s investment process, says the vendor, “from portfolio management through trading, compliance, and settlement”. Charles River is also providing its Data […]
Boston Trust & Investment Management Company has selected SS&C Technologies’ Advent Outsourcing Services for hosting and data management. As part of the agreement, SS&C will provide portfolio accounting and reporting, trade order management, compliance and revenue management via products such as Advent Portfolio Exchange (APX), Moxy, Advent Rules Manager, and Advent Revenue Center. Kenneth Pickering, […]
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” […]
The Association of British Credit Unions (Abcul) is yet to go live with its new shared core platform for its members, a project it has been working on for over two years. The UK government is behind the Abcul project, as part of the Department of Work and Pensions’ Credit Union Expansion Programme. The overall […]
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 […]
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, […]
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 […]
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 […]
UK-based start-up Thought Machine has emerged from two years in stealth mode with a new cloud-based core banking software, VaultOS. The company was founded by a core of ex-Googlers, and VaultOS was built from the ground up. The system was created with private blockchain-style technology and has cryptographic ledgers for “watertight” security. Paul Taylor, CEO […]
DBS Bank says it is the first Singapore bank to adopt cloud-based productivity technology, Office 365, in the workplace. The bank says its “early” adoption of cloud among financial sector players comes amid Singapore’s “smart nation drive as well as a digital revolution that is redefining the banking industry”. DBS says fintech pose an “increasing […]
Banque Privée Edmond de Rothschild (EDR) is implementing a new core banking solution, Avaloq Banking Suite. It will be provided on a hosted basis by Avaloq, supporting EDR’s operations in Switzerland, Luxembourg and Monaco. Banking Technology understands that the contract was signed at the end of last year. EDR specialises in private banking and asset […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Brexit threat to UK jobs at Visa Should I stay or should I go? Swift hackers steal $10m from Ukraine bank Massive attack. New challenger bank readies for launch in UK Atten-shun! UK military personnel, veterans and their […]
Oracle has launched its cloud-based Oracle Banking Collections tool – offering lenders a look at debtors’ total financial pictures and features. The firm says each year financial institutions (FIs) “waste millions of dollars attempting to solve their debt collection problem with the age-old tactic of throwing third party debt collection agents who may use decades-old […]
IBM has opened a new Bluemix Garage in New York, to offer the city’s developers, entrepreneurs, and fintech firms the use of blockchain on the cloud. The garage will be located at Galvanize’s (a network of campuses) newly launched New York campus. IBM says this location in “this tech learning community for students, start-ups and […]
