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.
Malaysia-based payments solutions provider Finexus is building a new real-time gross settlement (RTGS) platform for banks in Asia Pacific. It has partnered with Volante Technologies, which will provide the MT to MX message transition, via its flagship Volante Designer product.
Custodians are being urged to adopt a standardised utility model for the management of standing settlement instructions (SSIs) to resolve ongoing challenges such as high costs and risks for buy-side firms.
Ripple has created the “first” interbank group for global payments based on distributed financial technology – aka blockchain. Bank of America Merrill Lynch (BAML), Santander, UniCredit, Standard Chartered, Westpac Banking Corporation, and Royal Bank of Canada are the founding members of the network, known as the Global Payments Steering Group (GPSG). CIBC will also join […]
The UK’s existing Faster Payments scheme could be consigned to the slow lane as researchers at Royal Bank of Scotland (RBS) claim to have demonstrated blockchain supporting a new banking industry clearing system. In a ten-page technical paper, “Proving Ethereum for the clearing use case”, RBS’s innovation engineering team says it has created a clearing […]
TEB (Türk Ekonomi Bankası) in Turkey has launched a fintech programme and wants the nation’s entrepreneurs and start-ups to get in touch. Why? TEB says: “Because the day will arrive when a technology giant will come from Turkey too.” TEB will provide start-ups with its infrastructure, experience, financial support for their first project, and “even […]
Post-trade firms SIX Securities Services and Clearstream are partnering to potentially provide services to the Swiss and European markets. Both firms recently signed a letter of intent and are now focused on fleshing out the details that will lead to a memorandum of understanding targeted for mid-December. This signing will clear the way for a […]
Nordic payments firm Nets has successfully IPO-ed on Nasdaq Copenhagen Exchange the tune of DKK 30 billion ($4.5 billion).
Overly manicured beard. Check. Clothes that betray blatant narcissism. Check. Holier than thou attitude. Check. Welcome to the world of hipsters as HSBC is looking for office space in trendy tech-focused London neighbourhoods. According to Bloomberg, the bank is seeking to “bolster its fintech capabilities” and has hired real estate broker CBRE Group to find […]
National Australia Bank (NAB) says it has successfully transferred AU$10 ($7.6) – using Ripple’s blockchain tech – from Australia to Canada. It took ten seconds to process.
Allied Irish Banks (AIB) is believed to be in the market for new digital banking software. Banking Technology understands a number of vendors have done their demos for the bank, Infosys with its Finacle digital banking platform among them.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Harrods Bank in search of new core banking system EXCLUSIVE. The FIS Profile project is dead. Long live a new project! Deutsche Bank GTB builds new payments platform EXCLUSIVE. Dovetail to deliver? Misys unveils Platform-as-a-Service strategy Opens up […]
Sibos 2016 will be held in Geneva on 26-29 September. What to do in the city, where to eat and drink, and, importantly, how to get to and from the airport and around Geneva – Banking Technology has it all summed up for you. Useful links, contact details and to-the-point reviews. See you there! A conventional city […]
Tokyo Commodity Exchange (Tocom) has gone live on its new trading system – powered by Nasdaq’s Genium INET technology, as well as Nasdaq pre-trade risk and smarts market surveillance solutions.
Ukrainian start-up Attic Lab has revealed its lofty ambitions with the launch of an open source blockchain platform. The banking platform will offer the issuance of e-money and Attic Lab claims it will be a “full-fledged alternative” to systems like Visa and MasterCard. The company was founded in early 2016 with Sergey Vasilchiuk taking the […]
National Australia Bank (NAB) appears to be entering the final stages of its seven-year Oracle-based “NextGen” core banking overhaul. The bank originally planned to build an in-house mortgage origination platform, beginning with its digital banking subsidiary UBank. But that was scrapped – with the loss of AU$106 million ($81 million) – and Oracle FSS was […]
Deutsche Bank says it is building a new “state of the art” payments platform for its global transaction banking (GTB) business. It will be rolled out across the bank’s operations worldwide, supporting trade finance, securities and cash management businesses. The software is supplied by a specialist payments provider – Banking Technology understands this is Dovetail. […]
The FIS Profile core banking project is dead. Long live a new core banking project! UK-based Harrods Bank is back to market to find a new core banking solution, Banking Technology understands. It is understood to be in talks with a broad number of tech suppliers, including Temenos and Misys (the incumbent provider). The bank […]
Canadian start-up Finn.ai (formerly Payso) has teamed with ATB Financial for the “first ever banking chatbot” on Facebook Messenger. In an interview with Betakit, Finn.ai co-founder and COO Natalie Cartwright says it has been in talks with ATB since Q1 2016, and “after initial work had already begun on design and integration, the organisations are […]
We are pleased to unveil our Readers’ Choice Awards shortlist, as voted by our broad international audience of bankers and financial services professionals.
Budapest Bank, a payment cards issuer in the Hungarian market, has selected Italian firm SIA to create and implement a new payment cards management system. The agreement covers the migration of the full debit and credit cards portfolio of Budapest Bank to SIA’s card processing technology platform and the integration of the SIA solution to […]
Too many words can be absurd. A round-up of some key events in fintech funding. UK payments start-up Curve has announced a further tranche of fundraising taking its total investment to $5 million. The firm says this puts it on a “trajectory for a sizeable” Series A round by the end of December ahead of […]
The big four retail and commercial banks in South Africa – Standard Bank, Absa/Barclays Africa, FirstRand and Nedbank – have been upping their games in information technology (IT) expenditure.
Enhancements are coming to Visa’s Verified by Visa (VbV) online authentication service, and the 3-D Secure messaging protocol on which it’s based, the payment network announced Sept. 20.
Singapore-based ride-hailing platform Grab has raised U.S. $750 million in financing, increasing its total capital to more than $1 billion, and will use the funds to expand its transportation services throughout Southeast Asia, the company announced Sept. 20. Grab, which offers private car, motorbike, taxi and carpooling services in six countries and 31 cities in Southeast Asia, also will also use the capital to invest in its GrabPay mobile payments platform.
One of the U.K.’s first-ever class action lawsuits is targeting Mastercard, providing a potential preview of future class actions in the country. The case stems from a 2007 finding by the European Union (EU) Commission that the network’s interchange fees were too high, in breach of EU rules.
Samsung wants to enable consumers to pay with their eyes. The latest update to the company’s Samsung Pay mobile wallet will include a feature that will allow payments via iris scans of consumers’ eyes, according to a Samsung spokesman.
Contactless POS terminal transactions made in-store using cards, mobile devices or wearables will total approximately $500 billion annually by next year, an increase from roughly $321 billion in 2016, according to a recent study by Juniper Research.
JP Morgan Chase and InvestCloud, a California-based fintech firm, are partnering to develop digital capabilities for individual investors at both the JP Morgan and Chase franchises. JP Morgan has also made an equity investment in InvestCloud, but hasn’t revealed the figures. This investment is just one part of JP Morgan’s three-year $300 million digital strategy […]
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 […]
The Clearing House (TCH), the driving force behind the real-time payments modernisation in the US, has opted for IBM’s hardware. IBM’s Power8 based system infrastructure – running Linux and AIX operating systems – was selected as the hosting platform.
What were the most popular mobile banking apps (on Android) in India in August 2016? We reveal the stats for the top ten apps in India, ranked taking into account two engagement metrics – current installs and active app users.
A new challenger has joined the UK’s banking market, Community Savings Bank Association (CSBA). The association is working with an established bank, Airdrie Savings Bank, to set up a UK-wide network of independent, customer-owned, regional banks. These banks will support local communities and businesses.
A computer scientist appears to have broken Apple’s iPhone security by simply opening the phone and replacing the main memory chip with a cloned version. As long as the researcher kept switching the chips, it allowed an unlimited number of password attempts. The researcher said that the technique, which is known and referred to as Nand mirroring, cracked a 4-digit code in 40 hours and a 6-digit code in “hundreds of hours.”
Mastercard on Sept. 19 revealed a deal with Stripe to speed up payments via Mastercard Send, a platform enabling the rapid transfer and receipt of funds by businesses, merchants, governments, nonprofits, card issuers and consumers.
The New York State Department of Financial Services (NYDFS) has proposed new regulations designed to protect against the rising threat of cybercrime targeting financial systems and consumer data. New York Governor Andrew Cuomo unveiled the plan, which would require banks, insurance companies and other financial services providers regulated by the NYDFS to establish a cybersecurity plan that meets standards set by the agency.
In a Sept. 19 ruling in a case over a cyberattacks against JPMorgan Chase and others, a federal judge became the latest to declare that bitcoin qualifies as legal tender. Manhattan District Court Judge Alison Nathan rejected an attempt by Anthony Murgio to dismiss charges that the bitcoin exchange he operated was an unlicensed money transmitting business.
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.
A Dutch international cash management services specialist, Bank Mendes Gans (BMG), is implementing a new cash and liquidity management system, SmartStream’s Corona. It will go live in Q4 2016, managing BMG’s 500,000 transactions per month.
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.
