Nordea Bank has pressed the accelerator on its open banking ambitions with the launch of pilots. As reported in March, the bank released the first version of its open banking portal targeted towards external developers, as it gets ready for the second Payment Services Directive (PSD2) requirements. At the time, it invited developers to sign […]
Copenhagen-based Danske Bank has unveiled its beta open banking service as it joins the fray for API-powered innovation. The bank says open banking is set to be the “most seismic shift in financial services since online banking” and it wants to tap into this market. Danske is looking to push on from its own banking […]
Commerzbank and the Fraunhofer-Institute for Material Flow and Logistics (IML) in Dortmund have teamed up to research and develop the digitisation of trade finance using blockchain. The bank says by using blockchain or distributed ledger technologies (DLT), it will build a decentralised database for internet of things (ioT) applications and smart contracts. This will offer […]
Scottish Building Society has chosen Whistlebrook’s Treasury Management System (WTMS) to replace its existing solution, Parity Treasury Management Software from Manex Treasury Systems. As reported last year, Eurobase International acquired the Parity software from Manex, its flagship product. Parity clients and Manex staff moved to Eurobase as part of the deal. Scottish Building Society was […]
The UK’s Competition and Markets Authority (CMA) is ramping up its efforts for open banking within the nation’s retail banking scene. As reported in February, the CMA published its 766-page final report on the retail banking market and its open banking goals. At that time, it said it will offer overdraft users the opportunity to […]
Barclays Bank has been hit yet again by online and mobile banking glitches. Today (3 July), the bank reported the problem on Twitter saying it’s “aware of an issue with our online banking”. Hi Mark, we’re aware of an issue with our online banking and we’re working as fast as we can to put a […]
New trade association UK Finance – created as a result of the merger between six domestic associations in the banking and payments space – has officially launched. As reported in March, UK Finance brings together the Asset Based Finance Association (ABFA), British Bankers’ Association (BBA), Council of Mortgage Lenders (CML), Financial Fraud Action UK (FFA […]
Alfa-Bank, a top ten bank in Russia by assets and profit, has purchased the source code of its core banking system, Misys Equation. The solution is provided by Finastra (formerly Misys).
Orange has put the brakes on its ambitious plans to venture into the world of mobile banking after finding the proposition doesn’t quite meet the standards.
Following the ruling of the UK’s Competitions and Markets Authority (CMA), Diebold Nixdorf has shed some of its business. Diebold UK & Ireland has been sold to Cennox.
SimCorp has acquired a fellow wealthtech vendor, APL Italiana, for €35 million. APL Italiana specialises investment and portfolio management software for the Italian insurance market.
UK-based high street bank NatWest is trialling Recordsure’s regtech recording and analysis solution “to improve and monitor the quality of information and advice provided during regulated customer conversations”.
UK challenger OakNorth Bank has deployed nCino’s Bank Operating System – the first financial institution outside of the US to use the platform. According to the pair, the bank “liked that” nCino was built on Salesforce.com, allowing it to extend its use of this customer relationship management (CRM) platform. Bank Operating System combines CRM, loan […]
London-based biometric tech vendor Sthaler is working with Nordic payments provider Nets to introduce finger-vein enabled payments to the consumer market in Europe.
BBVA has signed an agreement with Chinese tech giant Ant Financial to enable Chinese tourists to pay in Spanish stores using the Alipay mobile wallet. BBVA is the first Spanish financial institution to be working with Alipay.
US-based InvestCloud is going to launch a fintech incubator and accelerator at its European headquarters in Soho, London. Dubbed InvestCloud Innovation Centre, it will enable start-ups and established firms to create wealth management solutions supported by the InvestCloud platform.
The second Payment Services Directive (PSD2) is creating more questions and issues than the answers it ultimately should offer.
UK-based digital bank Monese has expanded its current account service to 19 countries in Europe, enabling customers to open bank accounts and “bank like a local”, even if they are not a local resident.
A group of seven large European banks, Digital Trade Chain Consortium, have turned to IBM to build and host a new trade finance platform, based on IBM Blockchain powered by Hyperledger Fabric.
Having been a fixture on the regulatory agenda for years, the go-live date for MiFID II is now rapidly approaching. On 3 January 2018, the second iteration of Europe’s Market in Financial Instruments Directive and Regulation will bring in sweeping changes to the financial markets on topics such as product governance and suitability, transaction reporting, commodities position limits and transparency.
Poland-based mBank has started to license its mobile and online banking system to other financial institutions outside Poland. The first taker is La Banque Postale (LBP) in France. The implementation will be carried out with the help of Accenture, mBank’s “strategic partner”. Alice Holzman, director of digital at LBP and lead of the bank’s New […]
Fintech zeitgeist! 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, Banking Technology’s editor Tanya Andreasyan looks at one bank that has managed to successfully converge its digital and “brick and mortar” journeys […]
Clark, a German insurance robo-advisor, has inked a deal with mobile bank N26. Clark says its Bancassurance-API will help customers of N26 “to better understand their current tariffs and improve their insurance situation”.
Norway’s Sparebanken Sogn Og Fjordane (SSF) Bank is modernising its digital banking tech with Backbase.
London-based challenger bank Starling has received a banking passport into Ireland. The bank says this is “its first step in its plans to provide services to European markets”.
Job-cutting spree continues at the Royal Bank of Scotland (RBS) – 443 jobs are to go from its business loans department. Many of these will be moved to India.
Wealthsimple, a Canada-based online investment management service, is coming to the UK.
UK challenger bank Starling has launched a “Spending Insights” tool and an online community for its users – and it is setting out its future plans. Spending Insights is probably self-explanatory. It works in the app and the bank says it gives users ideas about where they can save money. It shows customers how much […]
The Governing Council of the European Central Bank (ECB) says it will develop a new service for the settlement of instant payments. The new service, Target instant payment settlement (TIPS), will enable citizens and firms to transfer money between each other in real-time and will be available around the clock, 365 days a year. The […]
Russia’s largest banking group Sberbank has completed the implementation of its bank-wide technology programme focusing on automating its financial market risk management system. As part of the multi-year project, Sberbank built a technology platform which included IT systems and modules allowing the management of various types of risks, namely credit and market risks. The platform […]
Don’t go for broke or a broker – Trading 212 has unveiled the UK’s first zero commission share trading platform. The firm says it allows investors to make ten trades per month and up to £10,000 equity per trade commission free, which it estimates will cover the needs of approximately 90% of its customers. To […]
SIX Payment Services (SIX) has enabled the Vienna Life Ball in Austria to be cashless for the first time in its history. The Life Ball is an annual AIDS charity event, and 110 cashless point of sale (POS) terminals were installed, configured and serviced by SIX, across the whole arena. There were also 30 top-up […]
A British hacker/moron has been jailed for the theft of nearly £100,000 from Clydesdale and Yorkshire Banking Group (CYBG) by exploiting a bug in its online banking system. According to the BBC, 24-year-old James Ejankowski defrauded the bank of more than £99,000 in December 2016. He spent the money on a BMW, a Range Rover […]
Colu, a blockchain-powered platform provider, has unveiled its second currency in the UK – the “Local Pound, East London”. The firm’s idea is to provide people in East London with a digital, localised currency and so create a “closed-loop economy”. It uses Colu’s digital wallet app, and individuals can pay from a smartphone. It is […]
Less than half a year from now, PSD2 will revolutionise consumers’ access to their own financial information. In fintech hubs across Europe, bright young people are planning a consumer revolution. Their financial apps and tools are helping customers manage their money far more easily than they have before. Here are five important ways in which they are changing the face of banking.
The UK’s Serious Fraud Office (SFO) has charged Barclays and four of its former workers with conspiracy to commit fraud over capital raising arrangements with Qatar Holding and Challenger Universal. The charge also includes the provision of unlawful financial assistance contrary to the Companies Act 1985. The charges relate to events in June and October […]
Like a bird of paradise, the UK’s Financial Conduct Authority (FCA) is calling again – and this time for views and evidence concerning consumers’ access to insurance. This FCA’s paper looks more broadly at access issues related to insurance but specifically (and a non-fintech point) seeks views on “how consumers with cancer or those in […]
Amid last month’s extensive ransomware attack, made possible after cyber criminals stole hacking tools created by the US National Security Agency, the European Banking Federation (EBF) again urged the European Commission (EC) not to dismiss recommendations about screen scraping.
Visa is no longer a pleaser as TSB will issue Mastercard debit cards to all its current account customers in 2018 as part of a seven-year agreement. The bank says it will continue to issue Mastercard credit cards over the same term. The agreement means the two organisations “will partner to offer additional payment solutions”. […]
The UK’s Co-operative Bank’s life may not be over just yet as it reveals it is in advanced discussions with existing investors over a rescue package. As reported in February, the bank was put up for sale – with the minority investor Co-op Group saying it is “supportive of the plan to find the bank […]
