The Bank of England’s (BoE) fintech accelerator has unleashed four new initiatives in the fields of distributed ledger technology (DLT), data storage and analysis, machine learning and cybersecurity. As reported in July, BoE revealed the third stage – such as its work with machine learning Mindbridge AI, DLT darling Ripple, and regtech bouncer Enforcd. Now […]
Helsinki-based credit institution Municipality Finance (Kuntarahoitus) has gone live on Profile Software’s Acumen treasury solution to manage and automate its operations. Acumen will be used to manage deal capture, pricing, middle office, reporting, collateral management, back office and risk management processes. Profile says Acumen can integrate with “numerous” systems and pricing platforms to import real […]
Everyone’s heard the proverbial drill that the cheque is invariably in the mail. But even as we head toward the end of 2017, it’s becoming clear just how true this statement is. In fact, many industries are still processing their customers’ payments using postal mail and paper cheques! This despite the array of accounts payable […]
New technology has been billed as a means to make us more efficient in the work place, but we are actually becoming less productive. So what’s missing from the equation? Telecoms.com (Banking Technology’s sister publication) reports. The point was made by Joshua Meltzer from the Brookings Institute at the “Nordic Digital Business Summit” in Helsinki. […]
Technology breakthroughs are great things; they present the opportunity for ideas, creativity and innovation. But there is always the risk of enthusiasm running away with itself, reports Telecoms.com (Banking Technology’s sister publication). That was certainly evident at this year’s “Nordic Digital Business Summit”, where internet of things (IoT) was at the top of the agenda. […]
Nacha, the backbone for the electronic movement of money and data in the US, and its Payments Innovation Alliance (PIA), have named the first five APIs for their big payments push. The API Standardization Industry Group, created in spring 2017 and sponsored by Nacha’s PIA, is working to further efforts to standardise the use of […]
National Australia Bank (NAB) has unveiled a complete overhaul of its existing business standard loan form contracts that will “benefit” over 130,000 Australian business owners.
What countries among the 20 largest economies are adapting quickest to using cashless systems like phones and contactless cards? New research (and nifty infographics) from global trading site Forex Bonuses reveals that Canada takes the top spot, narrowly edging out Sweden for the top position.
Integration, analytics, and event-processing software company Tibco has agreed to acquire Cisco Data Virtualization (formerly Composite Software), reports Julie Muhn at Finovate (Banking Technology‘s sister company). The solution powers enterprise-scale data virtualisation and offers associated consulting and support services. Tibco will leverage the new solution to “enhance its portfolio of analytics products and will help clients onboard analytics […]
UK based insurer Aviva confirms that it’s acquired a majority stake in robo advisor, Wealthify.
Banking software provider Temenos has teamed up with Mulesoft, a platform provider for building application networks. The move is intended to break down barriers to the open banking initiative by facilitating API connections, reports Julie Muhn at Finovate (Banking Technology’s sister publication). As a part of the partnership, Temenos will develop a core banking adaptor […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
This is a moment to celebrate 20 years of independence during which the Bank of England has been a stabilising force for the UK economy, inspiring others in the world of central banking.
There have been another problematic 24 hours for fintech firms and challenger banks after being hit with a slew of card payments issues.
The Monetary Authority of Singapore (MAS) and the Bank of Thailand are in discussions about connecting their national digital payment systems as officials step up efforts to curb the use of cash, according to Bloomberg. The link would bring together Southeast Asia’s first national digital payment platforms, Singapore’s PayNow and Thailand’s PromptPay, says Naphongthawat Phothikit, […]
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) say that the consortium which they are leading has developed software prototypes for improved payments on blockchain. The prototypes included three different models for decentralised inter-bank payments and settlements with liquidity savings mechanisms. The project, conducted together with 11 financial institutions […]
Internet giant Google’s big gadget unveil is all about positioning itself for the artificial intelligence (AI) era, not becoming an iPhone killer, reports Telecoms.com (Banking Technology’s sister publication). The flagship product is the Pixel 2 – a product so important for Google that it blew a billion bucks on beefing up its R&D team. As […]
One of the big problems of the digital economy is unity. Everyone is out for themselves which could mean no one wins, reports Telecoms.com (Banking Technology’s sister publication). What we’re talking about here are the rules – the legislation and regulation which defines how a company can operate in the connected economy. There sure are […]
Finastra, R3 and seven banks – including BNP Paribas, BNY Mellon, HSBC, ING and State Street – are working together to create a blockchain-fuelled online marketplace for the syndicated loan market. Underpinned by Corda, R3’s distributed ledger technology (DLT) based platform, Fusion LenderComm exposes real-time credit agreement, accrual balances, position information and transaction data to […]
The UK’s Home Secretary, Amber Rudd, is a woman on a mission, and that mission is to mutilate the reputation of platforms like WhatsApp in the pursuit of the destruction of end-to-end encryption, reports Telecoms.com (Banking Technology’s sister publication). It isn’t new. Rudd must have been wronged by an online troll at some point and […]
Standard Chartered is using TradeIX’s TIX blockchain platform and Infor’s GT Nexus Commerce Network for two separate digitalisation efforts in trade finance. The TradeIX platform enabled Standard Chartered’s unnamed client to “help its customers increase their payment terms whilst maintaining the company’s receivables at current terms”. The financing was offered by Standard Chartered with credit […]
Warsaw-based Bank Millennium has launched “Europe’s first issuer wallet” using Visa tokenisation – so its customers can use the mobile app to create a virtual equivalent of their card. The bank says virtualising the card and using the service is free of charge, and cardholders can pay with their phone via HCE (host card emulation). […]
Four of the latest stories in one for a fast fintech funding round-up. Features SalaryFinance, Featurespace, Worldpay, Invoke Capital, ESF Capital and ThinCats.
US asset management firm Navient will acquire education finance company Earnest for $155 million in cash as it hunts out new markets. As part of Navient, Earnest will continue as a “distinct brand” and will be led by its current management team, including founders Louis Beryl and Ben Hutchinson. Navient says Earnest clients will continue […]
New10, ABN Amro’s newly launched fintech firm, has selected Mambu’s Software-as-a-Service (SaaS) engine to power a range of SME lending products in the Netherlands. Like many start-ups, speed is part of the sales pitch, and New10 says it aims to provide credit decisions for SMEs within 15 minutes and offers a fully digital application process. […]
If you ask the world of technology to slow down a bit, you’re instantly branded as a technophobe. But perhaps a bit of reflection is needed in the artificial intelligence (AI) arena, reports Telecoms.com (Banking Technology’s sister publication). Google’s Deepmind is one of those which is starting to think a bit deeper about the big, […]
In an exclusive interview with Vijay Oddiraju, co-founder and CEO of payments processing software provider Volante Technologies, speaks on the topics of agility, automation and how the ambitious company intends to prosper in the fast moving and competitive world of payments.
Tech giant IBM has partnered with five banks – UBS, Bank of Montreal, CaixaBank, Commerzbank and Erste Group – to launch a blockchain-based trade finance platform. The new platform, called Batavia, is built to be accessed by organisations of all sizes anywhere in the world.
The European Commission (EC) has ruled that Luxembourg illegally let Amazon off €250 million of taxes and must now get them back, reports Telecoms.com (Banking Technology’s sister publication). This is the latest round of a general purge by the EC of European countries effectively bribing US tech companies to use them as their European hub by dangling […]
Japan-based Saxo Bank Securities has selected Torstone Technology’s Inferno to replace its legal ledger and comply with regulatory reporting requirements. It will initially use Inferno to improve its post-trade reporting processes and is looking to add additional features in future unspecified phases. Torstone says Inferno is a modular solution, giving organisations the “opportunity to incrementally […]
The Center for Financial Services Innovation recently released its 2017 FinLab Snapshot paper. And, if you think you know fintech, what we found may surprise you.
Salesforce has unleashed “Financial Services Cloud for Retail Banking”, a new application that lets bank employees have a “complete view” of their customers and work collaboratively. New features in the application comprise a retail banking data model and console. This includes all customer data – such as bank accounts and personal identification documents – which […]
Uber is to accept an investment of up to $1.25 billion from Japan’s SoftBank and usher in new governance rules aimed at reining in former CEO and co-founder Travis Kalanick.
Bank of Ireland’s new CEO is understood to be reviewing its five-year €900 million modernisation initiative – aka Project Omega – according to the Irish Times. As Banking Technology reported last year, the new set-up will be hosted by Capgemini. The bank was known to be evaluating a joint Software-as-a-Service (SaaS) offering from Temenos and […]
Social investing platform Voleo has teamed up with Nasdaq to launch its Voleo Equity Trading Competition – with winning investors and investing teams getting $10,000 in real cash portfolios, reports David Penn at Finovate (Banking Technology‘s sister company). “The goals of the competition are to improve financial literacy, to break down the knowledge barrier, and […]
Invstr, the social and investment game app, has launched a new product which will give UK members the ability to trade fractional shares.
Credit Kudos, a challenger credit bureau, has received the green light from the UK’s regulator, Financial Conduct Authority (FCA), to operate as a credit reference agency.
Snapsheet, a virtual claims insurtech provider, is partnering with KeyBank for the launch of Snapsheet Transactions, a payment solution for insurance claims. Instead of insurance carriers sending claimants a cheque in the mail once a claim is settled, Snapsheet Transactions provides carriers a hub for issuing claims and expense payments. CJ Przybyl, president of Snapsheet, […]
A new bi-weekly podcast is coming to the financial services sector – DiverCity Podcast – the first to showcase the industry’s progress and shortcomings in diversity and inclusion.
What would you do with $339 million? London-based mobile operator Truphone gets to answer that question today as it closes its $339 million (£255 million) private equity round.
