Banking


M&A round-up: 15 September 2016

Welcome to the world of mergers and acquisitions – and our mission to provide a quick round-up. Ant Financial, Alibaba’s payments arm, has bought Missouri-based EyeVerify, a biometric security technology company. The big deal here is that its tech is used by Wells Fargo – and regional banks and credit unions in the US. Also, […]

UBS goes for AI face off

UBS is testing out artificial intelligence (AI) to see if it can assist clients in how best to invest their money – just by looking at their facial expressions. UBS chief investment officer Mark Haefele says the Swiss bank is running several pilot programmes – with one tool able to interpret clients’ facial expressions while […]

Driving traffic to online banking sites: top keywords

Online search is a vital source of traffic generating around 14% of traffic to global banking sites, according to digital market intelligence agency SimilarWeb. So what are the most searched keywords in the global online banking industry and who is winning this important traffic?

Finovate: innovation, collaboration and ten-year anniversary

Finovate – now ten years old (or young) – has celebrated its anniversary with over 1,600 attendees at its New York show. Banking Technology was a media partner, and FinTech Futures Series, Banking Technology’s sister company, took part in the event.

Goldman Sachs goes blockchain for FX sake

All aboard the blockchain bandwagon – Goldman Sachs has filed a new patent application to use it on the foreign exchange (FX) market. The latest development follows on from late last year when Goldman Sachs made a patent application for a new virtual currency, dubbed “SETLcoin”, for “nearly instantaneous execution and settlement” of trades involving […]

CIBC completes phase one of transaction banking tech revamp

Intellect iGTB, the global transaction banking software business of Intellect Design Arena, has implemented its products at CIBC. The project is part of a multi-stage transaction banking and payments tech overhaul at the Canadian banking group.

Harmonising high-value payments

While it sounds like something for which you’d need to visit a doctor, Swift’s HVPS+ will likely be a talking point during the payments industry panels at this month’s Sibos. Announced in mid-August, the high-value payments system task force is an important component of Swift’s ISO 20022 harmonisation initiative. A number of central banks, market infrastructures and banks from around the world are members of the task force.

Taking a nap isn’t a crime, but falling asleep at the switch could cause a disaster

“Give me a solid foundation to stand on, and I will move the Earth.” I am still looking for cement trucks that are pouring foundations – virtual or otherwise – for the new normal of banking, but I can’t find them. Bankers are really confused as to how to succeed in their own business. But like Johnny Lee, I might have been lookin’ in all the wrong places.

GFT and Fidor join forces for mobile banking app development

Following a joint project with O2 to create Germany’s first mobile-only, full-service bank account, GFT Technologies and Fidor have entered a broader “strategic innovation partnership”. The focus is on developing mobile financial and banking apps, and marketing/selling Fidor’s proprietary technology, Fidor Operating Systems (fOS).

Facebook Messenger v1.2 enables native payments in chatbots

Facebook has announced its Messenger bots can now accept payments natively, without redirecting users to external sites. The announcement was made by David Marcus, head of Facebook Messenger, at the TechCrunch Disrupt conference in San Francisco, as he unveiled the launch of the Messenger platform v1.2.

UnifyID launches “holistic implicit authentication” platform, the first of its kind

UnifyID, a California-based fintech start-up, has brought to market its flagship identity and authentication platform. The proposition is “holistic implicit authentication”, i.e. it leverages the individual’s uniqueness to identify and authenticate the person by combining a number of biometric authentication features, analysing the patterns and utilising the machine learning technology.

Fintechs and banks, collaborate to succeed!

Banks and fintech companies need to collaborate to succeed, argue Saxo Bank’s global COO, Søren Kyhl, and Stig Tørnes, head of business management. And that requires a change of mindset on both sides, the sooner the better. Fintech has become the buzzword for a diverse group of companies whose ambition is to bring efficiency to financial […]

Start-up Clinc unveils Finie, AI personal assistant for mobile banking apps

Fintech start-up Clinc says it has created “the world’s first” open source platform for building artificial intelligence (AI) and deep learning-based personal assistants. Clinc calls it “the financial genie” or “Finie”. It is pitched to banks, financial institutions and personal finance managers. The solution was developed by a group of professors at the University of Michigan, […]

Top fintech stories this week – 9 September 2016

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Barclays and Wave pioneer blockchain trade finance transaction What is a fintech day without blockchain? UK challenger banks: who’s who The list has been updated. US credit union consortium plots blockchain use Watch out R3. Smile and an […]

FTR 2015 – EU regulation with global impact

What is FTR 2015 and how does it affect banks operating in the cross-border payments space? Marc Recker, Head of Market Management, Institutional Cash Management at Deutsche Bank, explores. The challenges and complexities of complying with anti-money laundering (AML) and counter terrorist financing (CFT) regulations are certainly not new in the financial industry. Over the past […]

Banking Technology Awards 2016 – shortlist unveiled

Our rejuvenated Banking Technology Awards have received an unprecedented amount of entries this year – from banks, financial institutions, fintech firms and individuals worldwide – and we are happy to reveal the shortlisted candidates. Now in their 17th year, Banking Technology Awards recognise and reward excellence and innovation in the use of IT in financial […]

Swift admits attacks are “here to stay” – so what can banks do?

There’s a cultural misconception that security equals lockdown in the financial sector; disclosure runs counter to that perception. Banks are less inclined to share intimate details of attacks because they don’t want to damage market confidence and that makes cyber security a major challenge for the sector. Swift has recently sent a letter out to customers […]

Avaloq in tune as iTunes for finserv

“We can be the iTunes for finserv,” was one of the messages from Avaloq CEO Francisco Fernandez on company strategy and software functionality. This morning at today’s (7 September 2016) Avaloq Community Conference at the Seminarhotel Bocken in Horgen, Switzerland, the private banking software specialist is holding an open day as it looks to the […]

Barclays and fintech start-up Wave pioneer blockchain trade finance transaction

Barclays and fintech start-up Wave claim to have become the first organisations to complete a global trade transaction using distributed ledger/blockchain technology. Barclays is now calling on other banks to adopt Wave’s platform. “This can develop into an industry-wide improvement in how trade documentation is managed,” Barclays urges. The letter of credit (LC) transaction between […]

Mambu plans to onboard 50 new clients by year-end

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 […]

Shadow data – robbing cloud’s silver lining

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 […]

Barclays Wealth enlists Tech Mahindra for tech modernisation

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. […]

Erste Bank Hungary updates retail payments hub with ACI Worldwide

Erste Bank Hungary is implementing ACI Worldwide’s UP Retail Payments solution, upgrading from the older versions of ACI’s solutions. The bank will also deploy ACI Proactive Risk Manager (a fraud management solution) and ACI Interchange (central monetary transaction manager) to calculate interchange fees. Erste and ACI have been working together since 2003. Tamás Foltányi, COO […]

BNP Paribas Investment Partners live with Commcise commission management solution

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 […]

BGL BNP Paribas centralises securities ops on ERI’s Olympic core system

BGL BNP Paribas, a Luxembourg-based subsidiary of BNP Paribas, has gone live with a new centralised hub for securities processing. The technology that underpins it is the Olympic core banking system, supplied by banking tech vendor ERI. ERI is a long-standing supplier of core banking software to BNP Paribas’ wealth management and private banking businesses. […]

Banking on collaboration

The disruptive forces of technology and legislation are forcing banks to become open and collaborative, things which they historically found challenging. A friend who owns a small business recently went through what I call a “connected and choreographed” experience to get a loan. iWoka, a digital lending company, simply asked him to log on to […]

Smile and an HSBC account smiles with you

HSBC business customers can now open accounts using “selfie” verification, giving them the option to complete ID security checks on their mobile device. It says ID verification can be completed in a “few clicks” on an Apple or Android device. Once the initial headshot or selfie of a customer is captured, it is then assessed […]

Dai-ichi Life Vietnam Fund Management live with SS&C’s Portia

SS&C’s Portia platform now supports middle and back office operations at Dai-ichi Life Vietnam Fund Management. Portia is a long-standing investment management solution. It came SS&C’s way in 2012 via the acquisition of the Portia business from Thomson Reuters. SS&C paid $170 million for it. Dai-ichi Life was looking for “a proven investment management solution […]

Finacle core banking system available on Huawei FusionCloud

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+ […]

Defining fintech as an opportunity, not as a threat

“Silicon Valley is coming,” warned Jamie Dimon, JPMorgan Chase’s boss, in a recent letter to shareholders. It’s a sentiment echoed across much of the banking world at the moment. The idea that fintech is a threat to the financial services sector is bubbling – a 2015 PwC survey found 83% of financial services professionals were […]

Virtual bank accounts: forget what you thought you knew

Virtual bank accounts (VBAs) are a hot topic among the treasury community today. While you may have heard of VBAs before, their usage is rapidly evolving – and their benefits for treasurers continue to grow. Dick Oskam, global head of sales for transaction services at ING Bank, explains what VBAs are all about. In an increasingly […]

Backbase and Entersekt partner for digital banking authentication

Digital banking software specialist Backbase has teamed with Entersekt to use its authentication capabilities on the Backbase Open Banking Marketplace. Backbase will offer banks push-based authentication and transaction signing integrated in its omni-channel digital banking platform. Its clients can select the authentication solution that “best meets their needs”. Dewald Nolte, Entersekt’s SVP partners and alliances, […]

Investments for real-time payment systems and migration to ISO 20022

Traditionally there weren’t any obligations for financial institutions to provide complete information on all parties in a payment process. Today, it is quite a different story. The initiator and receiver are responsible for reporting account numbers, names and addresses of remitters. There are even cases now where regulators may prevent banks from processing transactions when […]

Nordea and DNB to unite banking ops in Baltics

Nordea and DNB will bring together their operations in Estonia, Latvia and Lithuania to create a new bank. The two banks say their Baltic operations are “a great match”, with Nordea’s strength being in the large corporate segment, while DNB’s is in the SME segment. Both banks also have significant presence in the retail space. […]

Famous five unsettle Bitcoin with utility settlement coin

BNY Mellon, Deutsche Bank, ICAP and Santander have joined UBS and Clearmatics to advance their utility settlement coin (USC) concept, and plan tests in a real-market environment. USC is a digital cash model for payments and settlement. It will run on blockchain and be another rival to Bitcoin. The group plan to build on the […]