FinTecSystems fuels Smava automatic credit system
FinTecSystems, Fidor Bank and credit comparison site Smava have teamed up to offer the “first fully” automatic credit system with an “immediate payout” in Germany. Called Kredit2Go, the entire process of requesting, processing and disbursement is digital, and the payment is made immediately after the digital signature. FinTecSystems provides the “building blocks” for the credit assessment […]
Deutsche Börse goes blockchain for cash transfers
Deutsche Börse has developed a concept for the “riskless” transfer of commercial bank money via an infrastructure based on distributed ledger technology (DLT)/blockchain. By combining blockchain with its post-trade infrastructure, Deutsche Börse says the same as everyone else – such as it will “achieve efficiencies” and will investigate “possible new business opportunities”. Via collateralisation at […]
AnaCap to acquire German payments provider Heidelpay
Private equity firm AnaCap Financial Partners is taking over a controlling stake in Heidelpay, an online payment service provider (PSP) in Germany. Heidelpay’s co-founders and existing management will retain a minority stake in the business.
Private equity firms to buy German payments provider Concardis from local banks
Advent International and Bain Capital Private Equity have signed a definitive agreement to acquire Concardis, a German payment services provider currently owned by local banks. It is understood the price tag is around €700 million.
Commerzbank unveils first digital platform for German SMEs
Commerzbank has developed the first digitalisation platform for small- and medium-sized enterprises (SMEs). Called “#openspace”, and located in Berlin-Schöneberg, it offers long-term co-operation between SMEs, “innovation partners”, and start-ups with the objective of “tackling the challenges posed by the digital future together”. Holger Werner, CEO and founder of #openspace, says “digitalisation dominates the media, sciences, […]
Deutsche Bundesbank and Deutsche Börse unveil blockchain prototype
Germany’s central bank Deutsche Bundesbank and Deutsche Börse have unveiled a functional prototype for the blockchain technology-based settlement of securities. It is, however, “purely a conceptual study” and “is far from being market-ready”.
Payments start-up Cookies crumbles
Berlin-based payments start-up Cookies has ended its short life and applied for insolvency. As Banking Technology reported in August, Cookies launched its peer-to-peer (P2P) payment app in Germany. The app was in beta phase and in invite-only mode. However, in a statement, Cookies co-founder Lamine Cheloufi says the other co-founder, Garry Krugljakow, has been dismissed. […]
Mobile payments and European millennials: saying and doing are two different things
Vocalink has unveiled its comprehensive research into the habits and perceptions of millennials when it comes to mobile payments. Turns out, this group is still waiting for the “Uber moment” of payments.
Case study: Consorsbank – the pursuit of app-iness
New retail banking apps are released onto the market daily – from traditional banks entering the app era to new disruptive payments services. What does each one of these apps have in common? The need to perform. When Consorsbank, part of BNP Paribas Germany, launched its retail app, it knew performance mattered. The bank shares how it delivered an app that consumers wanted.
Commerzbank in major job cutting spree
Commerzbank has firmed up plans to lay off nearly 5,000 people. Around 3,000 job cuts will be across the bank’s branch network at home in Germany. Another 1,900+ jobs will be eliminated outside Germany and across Commerzbank’s subsidiaries.
Commerzbank processes first live BPO between Germany and China
Commerzbank has processed its first transaction settled by a bank payment obligation (BPO) between Germany and China. The BPO covers the export of chemicals between Commerzbank’s customer (the buyer), Trigon Chemie in Germany. The seller is an unnamed customer of Industrial and Commercial Bank of China in Beijing. Trade business between the two was previously […]
Evangelische Bank finds Profidata’s Xentis heavenly
Germany-based Evangelische Bank has implemented Profidata’s Xentis as its central platform for portfolio management and for performing depositary functions; and Xpass for automating all order and trade management processes. Swiss firm Profidata says the bank has seen an increase in its number of clients and order volume, so decided on a new portfolio management system […]
SKG Bank launches digital-only lending and consumer credit service
SKG Bank, the consumer finance arm of Deutsche Kreditbank (DKB), has unveiled a digital-only lending and consumer credit service. In co-operation with Munich-based FinTecSystems, DKB says in the future loans can be arranged without submitting documents such as bank statements. Thomas Teuber, director of SKG Bank, says its customers “can close more quickly and completely […]
Volksbank eG pioneers NCR Innovation Experience Room
NCR Corporation has introduced “a completely new concept” – NCR Innovation Experience Room – an “experimental playground” for financial institutions to “build digital literacy among employees and customers”. Germany-based Volksbank eG Schwarzwald Baar Hegau has become the first taker. It has introduced an experiential room where customers and employees can discover and experience new technologies. […]
Payments start-up Cookies launches in Germany
Berlin-based start-up Cookies has launched its peer-to-peer (P2P) payment app in Germany. The app is in its beta phase and currently in invite-only mode. Everyone who registered on its website in the past few weeks and months gets a personal invite code, allowing them to use the Cookies App. It says anyone who’s not yet […]
FinTech Group and Rocket Internet team up for digital banking launch
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, […]
Deutsche Bank gets go-ahead for 3,000 job cuts; invests €750m in digital projects
Deutsche Bank has got the green light from its work council to cut 3,000 full-time jobs. The cuts mainly impact retail and commercial business lines, with separate talks to be held regarding job cuts across other divisions. This development is part of Deutsche Bank’s major initiative to turn its fortunes around, announced last autumn. 9,000 […]
Commerzbank launches peer-to-peer lending platform for SMEs, Main Funders
Commerzbank says it’s the first major bank in Germany to develop this type of digital financing marketplace. Main Funders is aimed at SMEs. Main Funders enables clients of Commerzbank’s Mittelstandsbank (MSB) business division (which caters for SMEs) to present concrete investment projects to potential investors and secure financing. The financing volumes are between €200,000 and […]
Interview: Ramin Niroumand, co-founder of FinLeap
Berlin-based fintech incubator FinLeap and solarisBank have created the first global banking platform, called Solaris – a Banking-as-a-Platform (BaaP) service. What is it all about and how is it going to make its mark on the fintech industry? Devie Mohan interviews FinLeap’s co-founder, Ramin Niroumand. The solarisBank launch has been in the press quite a […]
New digital bank for SMEs gearing up for launch in Germany
Penta Bank is a new digital banking player in Germany working towards a spring 2017 launch. Penta’s initial target market will be German and French SMEs. “Our target businesses are funded start-ups and SMEs that are cashless,” says Luka Ivicev, Penta’s head of product. Penta has been in the making since February this year. Usability […]
New major IT renovation project for SAP in Germany
Germany’s largest building society, Bausparkasse Schwäbisch Hall, is modernising its core banking operations with SAP. The building society is implementing SAP’s Deposits Management and Loans Management systems. The project has been underway since late 2015. Bausparkasse Schwäbisch Hall was established in the 1930s. Today, it has 7.5 million customers in Germany and over three million […]
Germany: the sparkasse of innovation
As established banks migrate to a digital era, new entrants in the German market are threatening to seize the moment. “We see a change in society; in the way that smart phone adoption feeds back into the way we run our business,” says Andreas Vollmer, chief IT architect of Commerzbank. “It is not just about […]
SIA sets sights on German P2P mobile payments market
Italian payments company SIA is expanding its P2P service Jiffy into Germany, together with IT firm GFT Technologies. The move is part of SIA’s plan to roll out real time money transfer via mobile phone to 400 million European current account holders.
Algo tagging: where’s the logic in that?
When the requirement brought about by the German high frequency trading act to tag algorithms comes into force this month, market participants may well feel hamstrung by the complexity of the regime – and some might wonder whether this requirement goes one step too far …
Germany’s Eurex to support new SL-x securities lending platform
Eurex clearing, the post-trade arm of Germany’s Eurex derivatives exchange, is to act as the clearing house for new securities borrowing and lending venue SL-x Trading Europe when it launches in Q4 this year.
Boerse Stuttgart taps Nasdaq OMX trading engine
Germany’s Boerse Stuttgart has chosen Nasdaq OMX to provide it with a new trading engine, which it says will decrease latency and increase throughput for members on the exchange. The Stuttgart exchange is focused on corporate bonds and investment funds for private investors, and has an average volume of €370 million per day. The exchange […]
DAB Bank adopts Push tools for real-time streaming to mobiles
Germany’s DAB bank has chosen a new data distribution tool called Diffusion from vendor Push Technology, which it says will help it to deliver real time data to customers. DAB Bank is an internet bank and direct broker. Founded in 1994 and based in Munich, the bank calls itself Germany’s first discount broker. The bank […]
Eurex inks FX deal with Moscow Exchange
German derivatives exchange Eurex has signed an agreement with Russia’s Moscow Exchange that will allow it to launch Euro-Russian Rouble and US Dollar/Russian Rouble FX futures in Q4 2013.
Deutsche Börse opens doors to ‘dark pool’ Liquidnet
German exchange Deutsche Börse is to launch a new block trading service in partnership with Liquidnet, the buy-side crossing network.
Deutsche Börse launches first public vendor-neutral cloud marketplace
German exchange group Deutsche Börse has announced what it claims to be the world’s first vendor-neutral marketplace for cloud services.
Funds managers sign with Eurex for OTC derivatives clearing
Next month, the European Commission’s EMIR regulation on the central clearing and reporting of OTC derivatives is due to take effect in Germany. Investment managers Insight Investment and OFI Asset Management have begun clearing OTC derivatives on Eurex via its new service, EurexOTC Clear.
MiFID II faces national challenges
Proposals in Germany that would affect the country’s capital market structure could create problems of regulatory arbitrage when the European Commission’s MiFID II arrives in 2015-16, according to Mark Spanbroek, general secretary at the FIA European Principal Traders Association.
French regulator raises temperature of debate in London
A heated argument that erupted between panellists at an event in London yesterday signals deep divides in Europe over the role that financial regulators should take as France and Germany introduce their own national rules.
German HFT proposals earn buy-side support
Market participants have expressed support for controversial new proposals in Germany to control high-frequency trading, including a requirement to obtain a licence or stop trading.
Singapore Exchange reaches out to Germany
The Singapore Exchange has stepped up its efforts to connect to international market participants, with a deal between itself and German derivatives exchange Eurex that will allow traders in Europe to access the Singapore market more easily.