Nationwide Building Society has “successfully” tested UK start-up Cutover’s release management software during digital banking maintenance releases this month. Cutover’s software provides a platform for teams to plan, rehearse and execute events and gives real-time communications to those involved. Matt Cox, head of insight and innovation, Nationwide Building Society, says Cutover’s prototype “clearly demonstrated the […]
UK-based Route Trading is to unveil Money Router – a solution designed to tackle the problem of “illicit money transfers taking place” in London. Launching on 27 September, Route Trading says the new software enables banks to reduce the risks involved in home remittance. The firm says the solution can “strengthen the safety of global […]
UK-based challenger bank Mondo has got its banking licence. The bank kindly passed the news to the Financial Times first rather than informing anybody else. It then issued a tweet saying it’s an “exciting day” which caused some confusion to its followers. According to the Financial Times, Mondo’s founder Tom Blomfield (formerly chief technology officer […]
UK-based Raphaels Bank has become the “first new fully operational participating financial provider” of Faster Payments, the UK’s 24/7 real-time payment service. The bank says it is the 12th direct participant of the Faster Payments Scheme (FPS), and the first new bank to connect directly to the payment system since it was launched in 2008. […]
The UK’s Competition and Markets Authority (CMA) has unveiled its plans to make banks “work harder for customers” and ensure the “benefits of new technology are fully exploited”. The CMA’s final report on its retail banking market investigation concludes that “older and larger banks do not have to compete hard enough for customers’ business, and […]
Wirecard is working with O2 Czech Republic to offer a unified payments solution to retailers in the country. O2, as the “largest” telecom provider in the Czech Republic, will offer merchants “eKasa” – an online tablet-based fiscal till system together with credit card payment transaction services. This year, a new till system law has been […]
UK-based challenger bank Mondo has reached the £20 million mark for money spent through its service. Since its last spending announcement, published at the end of April, the bank has gone from around £80,000 spent daily to over £200,000. Of the £20 million spent, around a quarter has been spent abroad, with its customers (called […]
Royal Bank of Scotland has scrapped its plans to carve out the Williams & Glyn (W&G) subsidiarity – and instead it is likely to be sold to Santander. W&G has a network of 300 branches, 1.4 million retail and 200,000 SME clients – effectively the country’s seventh largest bank. It has been dormant for a […]
Danish blockchain payment service provider Coinify has raised $4 million in series A investment round from SEB Venture Capital, an entity within the SEB Group and SEED Capital Denmark. Mark Højgaard, co-founder and CEO of Coinify, says it plans to use the investment to sustain its position in Europe and “expand” its blockchain payment and […]
A new challenger is coming to the burgeoning UK banking market – Copernicus Bank. It is founded and backed by Danela Ventures Partners Limited, a London-based advisory firm set up in 2010 by Aidan Brady and Michael Rossman. Danela Ventures Partners “focuses on financial services innovation”, according to Brady’s LinkedIn profile. It is “currently building […]
TransferWise has become the “first” tech firm to get direct access to the UK’s Faster Payments Scheme (FPS) as technical partner to Raphaels Bank. TransferWise and the bank sent their first Faster Payment as part of pre-launch test activity. Later this summer, TransferWise customers’ transfers will be “processed instantly” after the firm has received the […]
Inter-dealer money broker Tullett Prebon has opened a new tech centre in Belfast, Northern Ireland, to boost innovation and increase its IT capacity. The centre will serve as a global hub for the group’s IT operations and is also designed to “accelerate the introduction of new products to market”. It is expected to be fully […]
Mitratech, a provider of legal, compliance, and operational risk solutions, has acquired Hitec Laboratories, a governance, risk, and compliance (GRC) software provider. This is the firm’s fifth acquisition in the past year and the “second major” one in the GRC market. It recently bought CMO Software in June. The financial terms of this latest deal […]
Innovation accelerator Startupbootcamp FinTech has announced the nine finalists selected to join its London programme. The firms come from across Europe, America and Asia-Pacific, and are Enterprise Bot – offering an AI-customer relationship tool; EuropeOne – a pan-European mobile bank; Kyolab – providing mobile compliance for regulated institutions; MoBILLity – designed to let customers switch […]
Czech bank ČSOB and Italian payments firm SIA have launched the first mobile wallet for NFC payments in the Czech Republic. The new app, NaNákupy (literally “go shopping”), supports both MasterCard and Visa, and enables ČSOB’s customers to make contactless payments by smartphone. Petr Hutla, member of the ČSOB board of directors in charge of […]
Passwords are past it, as Barclays plans to launch voice recognition technology for phone banking. From tomorrow (2 August), customers will no longer need to answer a variety of questions to gain access to their accounts on the telephone. Steven Cooper, CEO personal banking and executive director at Barclays, says: “We have been testing it […]
Accenture has acquired 100% of the shares in Amsterdam-based start-up Mobgen. Mobgen says with Accenture it can expand its “end-to-end mobile approach”. The Dutch firm will be part of Accenture Digital, but will keep the same brand, culture and operate from its offices in Amsterdam, London, and A Coruña and Malaga in Spain. It has […]
BPCE, the second largest banking group in France, has acquired German challenger bank Fidor. Fidor will remain as an independent business and says it will “capitalise on the support” of BPCE to expand and continue the development of its proprietary digital banking technology. Founder and CEO Matthias Kröner will continue as the chief executive of […]
UK-based start-up Monizo is planning to launch the “first” banking service targeted solely at freelancers. In an exclusive interview with Banking Technology, CEO and co-founder Samuel O’Connor says the firm caters for the particular needs of freelancers across the UK. He says: “The rules are getting more onerous for freelancers and by the end of […]
The UK’s Payment Systems Regulator (PSR) says the nation’s payments infrastructure needs to undergo reform to increase competition and to better meet consumer needs. The announcement was made as the PSR unveiled the final conclusions of its market review into the ownership and competitiveness of the infrastructure that supports three payment systems – Bacs, Faster […]
UK-based challenger Shawbrook Bank is working with a credit risk analytics firm, Jaywing, to meet the International Financial Reporting Standards (IFRS) 9 modelling requirements. Jaywing is helping the bank through the build of a credit risk modelling programme that will underpin credit management, impairment forecast and capital requirement including stress testing and Internal Capital Adequacy […]
Project Sentinel, a collaborative initiative by a group of banks to mutualise the cost of MiFID II implementation in the OTC front office, has completed the detailed business requirements that meet MiFID II regulatory obligations. The project is now focused on finding the right vendors to deliver the solution. “Once the vendor assessment is complete, […]
UK-based Tide will offer a “nimble small business current account”, with a swift set-up and no monthly fees. It claims to be among the “world’s first” mobile-first banking services for SMEs. Tide’s CEO George Bevis says the company will open its virtual doors for business in autumn this year. Tide is currently in the “private alpha […]
DH Corporation (D+H) has onboarded UK’s Lloyds Banking Group for its white-labelled Bacs payment service. Lloyds “sought to provide new payment services to enhance clients’ payables and receivables processes”, says D+H. To begin with, Lloyds will offer the vendor’s Bacs capabilities to SMEs and mid-market clients, but D+H hopes this will be subsequently scaled up […]
The UK’s challenger bank sector is set to gain another player. Unicredit’s subsidiary, FinecoBank, is coming to the UK this autumn, according to City AM. FinecoBank has been around since the late 1990s and today has over 1.1 million clients in its home market of Italy and €55 billion of assets. Alessandro Foti, CEO and […]
FinTech Group and Rocket Internet have formed a technology partnership, with the first step to launch a digital bank. Based on the banking licence of its subsidiary bank Biw, FinTech Group will provide Rocket Internet the infrastructure such as its own, proprietary core banking system and automated processes. In addition, XCOM, FinTech Group’s technology supplier, […]
Xenomorph, a provider of data management technology to banks, investment managers and insurance companies, has received new funding from HSBC. The firm says the funding has enabled it to “accelerate global go-to-market plans” for its TimeScape EDM+ financial analytics and data management platform. TimeScape EDM+ is designed to manage the complete lifecycle of financial data […]
The Association of British Credit Unions (Abcul) is yet to go live with its new shared core platform for its members, a project it has been working on for over two years. The UK government is behind the Abcul project, as part of the Department of Work and Pensions’ Credit Union Expansion Programme. The overall […]
EBA Clearing, a provider of payment infrastructure solutions owned by 53 major banks in Europe, has published the specifications for its future pan-European real-time payments solution. The new solution is set to go live in November 2017. It will comply with the SCT Inst Scheme of the European Payments Council (EPC). The document, which can […]
With digital banking (and particularly mobile) sharply on the rise in the UK – according to the latest figures released by the British Bankers Association – who is leading among the UK retail banks? We have put together some nifty stats for the top ten online banking sites in the UK for the past month (data […]
It has been a couple of weeks of important announcements in the challenger banking space, with some interesting long-term trends emerging in the sector. Two new challenger banks have received their banking licences in the past week. Berlin-based Number26 renamed itself N26 and received its full banking licence from the European Central Bank and German […]
Italian payments firm SIA has invested in a 3.17% stake in technical university Politecnico di Milano (MIP). SIA is the third new partner to join in 2016 after Microsoft and Whirlpool, and says it has already been collaborating with MIP for several years on international innovation and development projects. “Being close to companies and to […]
European financial services companies must close the gap between vision and execution in their digital strategies, and here are the findings to support this statement. Whilst major European banks and insurance companies appear ready to embrace digital as a solution for maintaining both revenues and relevance, research from Accenture shows they will need to work a […]
Telefónica Germany, in association with Fidor Bank, has launched its mobile banking offering, “O2 Banking”, in Germany. As Banking Technology reported in May, Matthias Kröner, CEO of Fidor Bank, said the collaboration offers “the best of two digital worlds” – banking services via a mobile app and additional services from an O2 mobile contract. The […]
Global payments provider WorldPay says it has put an end to two weeks of turmoil which saw millions of payments affected through one of its gateways. The company had experienced a fretful fortnight which saw many customers unable to receive cash from e-commerce sites (and other non-fintech ones). This led to a boisterous backlash and […]
The UK’s second largest building society, Yorkshire Building Society Group (YBSG), has opted for Unisys’ Stealth product to secure customer data and achieve compliance with the new Payment Card Industry Data Security Standards (PCI DSS). This is a five-year deal. YBSG will use Stealth to micro-segment its network to create secure communities of interest (COIs), […]
British Bankers Association (BBA) says digital banking is in a “consumer-led revolution”. Its latest report – Way We Bank Now – shows a drastic increase in consumers using digital channels to manage their money. Changing customer habits and major technological advances in banking have resulted in the following: Customers are using mobile banking apps more […]
John Davies, CEO of The Just Loans Group, an alternative lender to UK businesses, argues that rather than being disruptive, fintech is enabling a return to how business banking used to be: a business would have a dedicated account manager who was genuinely interested in a customer’s business and had the time to give it guidance. Clever […]
Firms operating dark pools have made “significant progress” in addressing the promotion and the management of conflicts of interest, according to the UK’s Financial Conduct Authority (FCA). Dark pools are trading venues with no-pre trade transparency where the price and volume of all orders are hidden and anonymous. Andrew Bailey, chief executive of the FCA, […]
MasterCard has entered into a definitive agreement to acquire 92.4% of VocaLink for $920 million. As Banking Technology reported in March and April, MasterCard was in “exclusive” talks with VocaLink over the acquisition. VocaLink’s existing shareholders have the potential for an earn-out of up to an additional $220 million, if performance targets are met. This […]
