HSBC’s customers in the US can now access GT Nexus’s digital commerce platform for managing supply chain processes. Vinay Mendonca, global head of product and propositions, global trade and receivables finance at HSBC, says: “We, and a number of our customers, identified GT Nexus as a platform that could help our customers improve their financing […]
Fiserv’s Portico core processing system has gained three new takers in the US: Montana Health Federal Credit Union, Port Conneaut Federal Credit Union and Southwest Oklahoma Federal Credit Union.
National Institute of Standards and Technology (NIST), an agency of the US Department of Commerce promoting innovation and industrial competitiveness, and cybersecurity tech specialist NextLabs have partnered to develop a framework for implementing and administering access rights management (ARM) in the financial services sector.
Two reports ranking U.S. consumer prepaid cards were released in August. Find out which cards made the lists and why.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
The scandal of employees at Wells Fargo creating 2.1 million fake bank accounts and credit card numbers to boost sales figures has just got bigger. After an expanded third-party review of retail banking accounts dating back to the beginning of 2009, Wells Fargo reveals that the number is in fact 3.5 million accounts. As reported […]
Baxter Credit Union (BCU) has become the first taker of Temenos’ Lifecycle Management Suite in the cloud. The Illinois-based credit union is now live with the system delivered in the Microsoft Azure cloud. The functionality includes collection, service and loan origination. The project, which was completed in four months, also incorporated an upgrade spanning four […]
Prospective buyer Urban FT, which first announced its desire to acquire mobile app technology company Digiliti Money (DGLT) on 16 August, reports that its revised offer for the company has been rebuffed. DGLT has been silent since 14 August when it announced the delay of its second-quarter earnings report, pending an internal investigation and floating […]
The continued rise of mortgage technology is set to be one of the biggest fintech success stories of 2017, predicts Julie Muhn, senior research analyst at Finovate (Banking Technology’s sister company).
Heartland State Bank, a community bank in the US state of North Dakota, is modernising its front-to-back office technology. The new tech supplier is Computer Services Inc (CSI).
It was a promise on the campaign trail from President Trump, and at least this one is coming true. Apple has been teased into opening a data centre on US soil with the promise of $207.8 million in tax incentives, reports Telecoms.com (Banking Technology‘s sister publication). As part of the project, Apple will purchase 2,000 […]
Accenture has acquired Verax Solutions, a Toronto-based technology and systems-integration consulting firm. Financial terms were not disclosed. Verax is a privately-owned company founded in 2003 that employs around 180 people at offices in Toronto and Halifax. Its service areas include IT strategy, enterprise architecture consulting, project and programme management, financial risk and compliance solutions, as […]
Fraud prevention and identity verification firm Emailage has raised $10 million in new funding. The round was led by Anthos Capital, and featured the participation of Mucker Capital, Radian Capital, Tallwave Capital, and Wipro Ventures, reports Finovate (Banking Technology‘s sister company). “This investment will allow us to continue our rapid growth, enhance our leadership position […]
USAmeriBank has implemented Finastra’s hosted payments hub for US domestic and international wire transfers. As reported in April, USAmeriBank announced its payments hub plans – with the software supplier revealed as DH Corporation (D+H). In June, Misys and D+H joined forces to create Finastra, the third largest financial services technology company in the world. Finastra […]
Google and Walmart are teaming up to take on Amazon (and Alexa) with voice-activated commerce and more plans for 2018, reports Banking Technology‘s sister publication Paybefore. Starting in late September, the retail giant will be working with Google to offer hundreds of thousands of items for voice shopping via Google Assistant – the largest number […]
Utah-based Mountain America Credit Union (MACU), with $6.7 billion in assets, will deploy a new digital banking platform courtesy of Alkami Technology, reports Finovate (Banking Technology‘s sister company). The new platform will integrate with Mountain America CU’s existing core system and enable the 650,000 member institution to provide a variety of digital banking services including billpay and PFM. […]
Bank of America Merrill Lynch (BAML) is launching a new solution – intelligent receivables – that uses artificial intelligence (AI) and other software to help companies “vastly improve” their straight-through reconciliation (STR) of incoming payments to help them post their receivables faster, reports Banking Technology‘s sister publication Paybefore. Intelligent receivables is designed for large or […]
Card control firm Ondot Systems has released its multi-interface card control integration platform. The California-based company has combined a server-side API, mobile apps, and an HTML5 framework to give financial institutions (FIs) the ability to add card control technology to their mobile banking solutions, reports Finovate (Banking Technology‘s sister company). “Much as Facebook Messenger fits […]
Plagued by delays, threatened by US Congressional repeal and finally opened to further comment and changes, the Consumer Financial Protection Bureau’s (CFPB) final rule on prepaid accounts now has some consumer groups calling for the bureau to “strengthen” consumer protections with additional changes, while one credit union association wants the rule rescinded. To refresh your […]
It’s a rare ray of sunshine for the under-fire Uber, as it won a key battle as the US Second Court of Appeals ruled its Terms and Conditions (T&C) were legally binding, reports Telecoms.com (Banking Technology‘s sister publication). Uber has proved to be a difficult ally to have in recent months with the firm facing […]
KeyBank is putting its money where its mouth is. The bank isn’t just partnering with fintech companies, it’s also investing.
A distinctly cheerless round-up as we highlight some key moments regarding fintech layoffs. Features Simple and Royal Bank of Scotland (RBS). US-based digital banking service Simple has fired 33 staff members (about 10% of its workforce), including several executives, according to The Oregonian. Simple’s CMO, chief people officer, VP of operations, and VP of engineering […]
P2P lending roboadvisor LendingRobot will join NSR Invest, creating what it calls “the largest independent roboadvisor in the alternative lending space”, reports Finovate (Banking Technology‘s sister company). LendingRobot explains in its blog that the “websites, operating, and trading systems” of each platform will continue to function as usual for the time being as the companies prepare […]
Canada’s banking group CIBC has unveiled Simplii Financial, its new direct banking brand, signalling the end of its President’s Choice (PC) Financial consumer banking business with retailer Loblaw. Mike Boluch, EVP, direct banking, innovation and payments, CIBC, says Simplii will deliver “straightforward, no-fee everyday banking” and offer services by telephone, online, or through mobile and […]
When roboadvisor firm Jemstep was acquired by investment management company Invesco a year and a half ago, Invesco CEO Martin Flanagan highlighted the importance of combining technology and human insight to produce better investment outcomes for customers. Now Jemstep has partnered with KeyBank’s Key Investment Services (KIS), to provide another opportunity for Invesco’s roboadvisor to […]
As expected, US Senator Elizabeth Warren (D-Massachusetts) is not going to let the Consumer Financial Protection Bureau’s (CFPB) final rule on arbitration agreements go down without a fight. The ranking member of the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protections wants big banks – not just their lobbyists – to address the […]
Samsung will launch a pilot programme that enables Bank of America (BofA) customers to log into their mobile banking app by taking a picture of their eye, reports Finovate (Banking Technology‘s sister company). According to a report from American Banker’s Penny Crosman, half of BofA’s customers are using fingerprint authentication to log into their app, […]
Hot on the heels of the Fed’s Faster Payments Task Force final report and call for the industry to implement faster payments in the U.S. by 2020, SWIFT is offering a gateway.
Utah-based FinWise Bank, a subsidiary of All West Bancorp, has partnered with alternative small business lender Behalf.
SEFCU, a top-50 credit union in the US, is modernising its core processing software with Fiserv.
Peer-to-peer (P2P) lender Prosper released its second quarter earnings recently, just days after the company shuttered its consumer-facing bill management system.
Since 2012, the top ten US banks (by assets under management) have participated in 72 rounds totaling $3.6 billion to 56 fintech companies, according to CB Insights. While investment activity dropped on a quarterly basis in Q1 2017, four of the last five quarters have seen over $1 billion invested into fintech start-ups in the US backed by venture capital firms.
Morgan Stanley’s new innovation lab, which aims to support multiculturalism and diversity in financial services, has onboarded five start-ups for its three-month accelerator programme.
Managing a relationship is stressful enough without introducing unnecessary miscommunications about day-to-day spending. This is one reason why many couples maintain separate spending accounts with pre-defined responsibilities (e.g. you pay the rent, I’ll pay the utilities, etc).
Digital currency wallet Coinbase has taken the leap to become a unicorn. The San Francisco-based company announced it has received $100 million in Series D funding led by IVP.
Colorado-based Public Service Credit Union (PSCU), the state’s third largest credit union with more than $2.3 billion in assets, 28 branches and 219,00 members, has completed the roll-out of its new digital banking platform – powered by Malauzai Software.
US-based Network Branded Prepaid Card Association (NBPCA) submitted its comment letter to the Consumer Financial Protection Bureau’s (CFPB) on the bureau’s proposed changes to the final prepaid accounts rule. The trade group is calling for additional revisions to the rule as well as an extended implementation period.
Alternative lending platform StreetShares raised $10.3 million in a venture round this week. The funds come from an undisclosed investor and bring the Virginia-based company’s total funding to almost $20 million since it was founded in 2013.
TransferMate, a global B2B payments platform, announced the expansion of its senior management team following its achievement of full U.S. regulatory approval.
Green Dot Corp. reported strong numbers for the quarter ended June 30, 2017, including a 140 percent increase in GAAP net income to $19.3 million, up from $8.0 million over Q2 2016.
