Top fintech stories this week – 13 October 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
FinTech
Innovate Finance contest calls for fintech start-ups
Innovate Finance, a UK-based fintech membership association, is seeking start-ups for its latest Pitch360 competition.
Taiwan fines Qualcomm $773m for antitrust violations
US mobile chip giant Qualcomm has been the recipient of yet another fine for claimed anti-competitive business practices, reports Telecoms.com (Banking Technology‘s sister publication). This time it’s Taiwan, where its Fair Trade Commission (TFTC) has concluded that Qualcomm abused its dominant position in the mobile chip market for at least seven years by refusing to […]
nCino is the one for ConnectOne’s cloud-powered lending
New Jersey-based ConnectOne Bank has selected nCino’s Bank Operating System for account opening, lending and portfolio management. According to nCino, Bank Operating System gives ConnectOne a single cloud-based platform, built on Salesforce, that combines customer relationship management (CRM), loan origination, account opening, workflow, enterprise content management, business process management, digital engagement and instant reporting. Frank […]
P2Binvestor launches lending programme for banks
Colorado-based P2Binvestor (P2Bi), a marketplace lending platform, has unveiled its bank partnership programme to let organisations access capital. Krista Morgan, CEO of P2Binvestor, says it’s “enabling banks to lend to businesses they otherwise wouldn’t be able to due to strict lending standards”. P2Bi’s strategy is to “build a lending relationship with banks at an earlier […]
Blockchain and Bitcoin round-up: 12 October 2017
Whether it’s prepaid card time or financial crime, the world of blockchain and Bitcoin is a lively one. This latest round-up features BitFlyer, Visa, Accuity, R3 and SIA. Tokyo-based Bitcoin exchange BitFlyer has unveiled a Visa prepaid card that can be charged with Bitcoin in yen and used throughout Japan. It can be charged via […]
Venture into Accenture’s fintech innovation adventure centre
Fintech start-ups are being invited to apply to Accenture’s sixth FinTech Innovation Lab London, a three-month programme offering mentoring and the chance to accelerate business development. Accenture says this year’s lab has introduced a new stream to help regtech start-ups, because banks are “being compelled to open up their customer data and ensure this data […]
Deutsche Bank jumps on IBM Watson for Germanic AI ambitions
Wunderbar! Deutsche Bank has completed internal proofs of concepts (PoCs) with IBM for the deployment of an artificial intelligence (AI) powered Watson cognitive system in the German language. The system will be used in the bank’s Artificial Intelligence Client Communication Centre (AI-C³), and Deutsche Bank says it will use Watson for the development of a […]
Cloud security start-up ShiftLeft de-stealths
Eyes right. US start-up ShiftLeft has emerged from stealth and wants to shift enterprise cloud security strategy from reactive to preventative. Enterprise Cloud News (Banking Technology‘s sister publication) reports that ShiftLeft is an alternative to finding vulnerabilities and attacks as they crop up and defending against them. Instead, ShiftLeft’s service scans application and microservices source […]
Finastra partners with Vasco to offer customers eSignLive capability
It turns out, banks can gain a lot from business tools. That’s probably why business solutions company Vasco and financial services software company Finastra teamed up.
Alibaba sets aside $15bn R&D war chest to be a world beater
How do you try and become one of the biggest and most influential technology companies in the world? Just move the $15 billion you have stashed away into the R&D business.
Ayondo pursues IPO after reverse takeover deal lapses
Social trading company Ayondo has announced that, despite an earlier reverse takeover bid falling through, it is determined to become the first fintech company to IPO on the Singapore Stock Exchange (SGX).
Trustly teams with Emric to broaden payment options for businesses
Instant payments and real-time authentication checks are coming to business clients of Nordic software provider Emric – courtesy of a new partnership with Trustly.
The modern trade landscape: banks and digitalisation
Innovative technologies are increasingly sparking enhancements to trade processes. BNY Mellon Treasury Services’ Dominic Broom, global head of trade business development, and Joon Kim, head of global trade product, discuss how the industry – with banks at the helm – can drive forward new capabilities and help to support trade growth through digitalisation.
Ovamba and Microsoft team for first African language driven chatbot
Fintech firm Ovamba says it is working with Microsoft to create “the first African language driven chatbot designed to serve the millions of African SMEs who face exclusion from financial services due to the challenges of functional and business literacy”.
Salesforce launches CRM/IoT starter kit
Salesforce is stepping up its internet of things (IoT) game, launching a low-code service to help enterprises get started using IoT to improve customer relationships.
apoBank opts for Avaloq Banking Suite
Deutsche Apotheker- und Ärztebank (apoBank) has selected the Avaloq Banking Suite as it looks to increase operational efficiency via a digital strategy. As reported last year, apoBank was considering the implementation of Avaloq’s flagship core banking system. The two parties signed a contract to “analyse and elaborate how far the execution of the apoBank IT […]
O-Bank goes all-digital with Avaya’s tech
US-based tech company Avaya says it has helped O-Bank to become “Taiwan’s first, all-digital, online-only bank”.
Corporate client self-onboarding
Know this feeling when you are asked by a check-in clerk where you’d like to sit on a plane? A torrent of thoughts rushes through your head: being able to see the actual seat map with available options would make your choice much easier. Otherwise it’s kind of like a child describing his/her favourite movie.
Microsoft Ventures seeks AI-merican Idol
Microsoft Ventures has partnered with Madrona Venture Group to launch their Innovate.AI global start-up competition as they seek out machine learning and artificial intelligence (AI) firms. Madrona says the convergence of cloud computing, specialised chips for machine learning and new advances in algorithms has created a “unique opportunity for start-ups to build high value intelligent […]
La Caisse and Desjardins Group launch fintech and AI in finance fund
Canada’s La Caisse de dépôt et placement du Québec and Desjardins Group have set up an investment fund dedicated solely to the fintech sector and to artificial intelligence (AI) applied to finance.
Wells Fargo launches mobile “tap and pay” functionality at 5,000 ATMs
More than 5,000 ATMs of Wells Fargo (40% of its ATM network) now have near-field communication (NFC) enabled mobile wallet capability – i.e. the bank’s debit card customers can now “tap and pay”.
Openbank goes for Temenos T24 core banking system
Openbank, a digital banking subsidiary of Santander, has made its new core banking system decision – the bank has opted for Temenos T24. Infosys with its Finacle offering lost out in the final.
IBM combining data science and AI for analytics advance
IBM is looking to offer big data number crunchers and data scientists a way to add more machine learning and deep learning technology into the analytics process by combining two of the company’s platforms developed specifically for artificial intelligence (AI) and scientific research. Enterprise Cloud News (Banking Technology’s sister publication) reports that two IBM executives, […]
SocietyOne tops $350m in loans
Australian P2P lender SocietyOne has revealed it has issued more than $350 million in loans on its platform since 2012, reports Julie Muhn at Finovate (Banking Technology’s sister company). Additionally, the company has the highest number of current loans, setting a record for itself with $200 million in its books. “Our growth in 2017 underlines […]
Baker Hill forges partnerships with Allied Solutions and Experian
With a pair of newly-announced deals, Baker Hill continues to deliver what company president and CEO John M. Deignan calls “the cutting-edge technology and comprehensive analytical intelligence our clients need to compete and win in today’s lending environment”. David Penn at Finovate (Banking Technology‘s sister company) reports that Baker Hill has partnered with Allied Solutions, which will refer […]
Bill.com discloses September investment round, doubles total funding
Business payments network Bill.com has updated the news regarding the $100 million in funding it landed last month. The round was lead by JP Morgan Chase and Temasek.
Payments round-up: 10 October 2017
Payment services are all the rage this week, here’s a rundown with this week’s round-up. Featuring Paynear, GoSwiff, BBVA, Omnia Pay and Huawei.
Circle centres itself for digitally connected wallets
Payments services provider has introduced Centre, an open source project built on blockchain and designed to connect multiple digital wallets to process money transactions.
Peer Mountain aims high with data trust solution launch
Luxembourg-headquartered start-up Peer Mountain has unveiled a peer-to-peer self-sovereign identity, compliance and commerce delivery solution as it seeks to exploit the Equifax data breach episode. The firm says it gives users control of their data across blockchain. Consumers can choose who can access the data without the need for third party involvement. Peer Mountain says […]
Around Fintech in 8 Hours – new online course launched by CFTE
Centre for Finance, Technology and Entrepreneurship (CFTE) has launched a fintech foundation course – Around Fintech in 8 Hours – “designed to give professionals working in the finance industry a solid understanding of how technology is redefining the provision of financial services”.
India’s fintech valley gets pally with Mastercard for smart city plan
Mastercard has partnered with the Andhra Pradesh government in India to bring its digital payments into the Fintech Valley Vizag’s smart city plan. Under the agreement, Mastercard will help Andhra Pradesh in its ambitions to be a cashless society and develop the city concept. Mastercard president and CEO Ajay Banga says it can do this […]
EBA Clearing’s RT1 payments system gets Swift access
Users of EBA Clearing’s instant payment system, RT1, will be able to access the platform via Swift’s SwiftNet Instant solution from November 2018. According to Swift, its solution will address all RT1 customer requirements, including instant messaging, file transfers and a browse solution. Erwin Kulk, head of service development and management, EBA Clearing, says: “RT1 […]
Fujitsu to trial blockchain payments with three Japanese banks
Fujitsu will work with Mizuho Financial Group, Sumitomo Mitsui Financial Group (SMFG) and Mitsubishi UFJ Financial Group (MUFG) to conduct a joint field trial of a person-to-person (P2P) money transfer service using blockchain. The trial will begin in January 2018 and last for about three months. Fujitsu says it has already initiated development of the […]
Utkarsh Small Finance Bank goes live with Intellect’s core banking system
Utkarsh Small Finance Bank, a microfinance institution in India, has rolled out Intellect Design Arena’s core banking system. The bank received its licence last year, and according to Intellect, one of the key requirements for Utkarsh was to have a joint liability group solution that would enable it to provide group loans to the microfinance […]
PSD2 – the tip of an Open Banking API iceberg?
It’s been over a year since I first blogged on the subject of open banking and it is fair to say, mainly driven through the regulatory pressures of PSD2 and the UK Competition and Markets Authority (CMA) led UK Open Banking initiative, that across Europe, much progress has been made in moving the banking industry to adopt APIs.
Q&A with Michael Parlotto, InComm
Michael Parlotto, VP, Emerging Technologies, InComm, gives the lowdown to Paybefore on the evolution of prepaid and what the future might hold for the industry.
Payments: I spy gpi
Much of the focus for correspondent bankers at this year’s Sibos will again be Swift’s global payments innovation (gpi) initiative. More than 110 transactions banks from Europe, Asia Pacific, Africa and the Americas have signed up to the initiative, which opened for live payments in January 2017.
Innovate Finance contest calls for fintech start-ups
Innovate Finance, a UK-based fintech membership association, is seeking start-ups for its latest Pitch360 competition. The contest is open to any start-up in the following sectors: Distributed ledger technology (DLT) Financial inclusion Cybersecurity Cross-border payments Peer-to-peer and alternative funding Regtech Personal finance management and robo-advice Artificial intelligence (AI) and machine learning Sandboxes The winner will […]
Earthport brings Swiss banks Swift cross-border payments
Earthport, a cross-border payments service provider, has been appointed by Swiss Euro Clearing Bank (SECB), a clearing hub for Swiss banks, to provide Swift processing services.
