Top fintech stories this week – 31 March 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Innovation
Payments innovation reigns in Spain with CaixaBank hub
CaixaBank, Global Payments, Visa, Samsung and BNP Paribas’ subsidiary Arval have joined forces to set up Spain’s “first” payment innovation hub. The objective behind the hub is to “present society with the best possible user experiences in purchases and commerce, both online and offline”. The centre, which will be located in Barcelona, will specialise in […]
Hong Kong trade finance goes Deloitte-fully blockchain
Deloitte, the Hong Kong Monetary Authority (HKMA) and trade finance banks in Hong Kong have developed a distributed ledger technology (DLT) proof of concept (PoC) for trade finance. Industry participants include Bank of China (Hong Kong), the Bank of East Asia, Hang Seng Bank, HSBC and Standard Chartered (Hong Kong). The blockchain project has created […]
RBC’s video MyAdvisor makes banking clients wiser
Royal Bank of Canada (RBC) has launched a live video service to let its clients connect in real time with its advisors. Called MyAdvisor, it uses an online advice platform to digitally connect a client to an advisor, where both can view and adjust a dashboard showing the client’s savings and investment goals and establish […]
Mastercard buys NuData Security for IoT spree
Mastercard will acquire Vancouver-based biometrics firm NuData Security as it looks to make something out of the internet of things (IoT). NuData provides online and mobile anti-fraud solutions using session and biometric indicators. Mastercard will integrate NuData to its suite of fraud management and security products. Ajay Bhalla, president of enterprise risk and security for […]
How crude! IBM oils up for blockchain threesome
Natixis, IBM and physical commodities trading group Trafigura have launched the first blockchain solution in commodity trade finance for US crude oil transactions. The distributed ledger platform, built on the Linux Foundation open source Hyperledger Fabric, allows “major steps” in a crude oil transaction to be digitised on the blockchain, ensuring that famous trinity of […]
HSBC and First Direct to get VocaLink Pay by Bank app
VocaLink’s Pay by Bank mobile payment app will soon be available to customers of HSBC and its subsidiary, First Direct. Pay by Bank app, created by VocaLink’s payment innovation team Zapp, enables people to make “digital debit” payments for goods and services via their banking app, with payment made directly from a current account. HSBC […]
Fiserv brings the max to PyraMax tech overhaul
Wisconsin-based mutual savings bank PyraMax has chosen Fiserv to modernise its retail banking operations. The bank will move to the DNA account processing platform and add integrated mobile, online and branch banking solutions, including palm-vein biometric authentication. The software will be supplied on an outsourced basis, from a Fiserv data centre. Richard Hurd, CEO and president, […]
BBVA joins Hyperledger blockchain project
BBVA has become an official member of the Linux Foundation’s open-source collaborative blockchain project Hyperledger. The bank joins American Express, the Bank of England, SAP, Wells Fargo and Thomson Reuters. BBVA is already a member of R3, which is also participating in Hyperledger, and of the Ethereum Enterprise Alliance, which supports the creation of blockchain […]
Singapore and France boost fintech ties
The Monetary Authority of Singapore (MAS) has signed agreements with France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) to enhance fintech co-operation between both countries. ACPR is responsible for supervising the banking and insurance sectors in France, while AMF is an independent public authority responsible for ensuring […]
Square launches in UK
San Francisco-based payments specialist Square has landed in the UK. This is the fifth market for Square, following the US, Canada, Australia and Japan.
ClauseMatch right match for Barclays compliance
Barclays has chosen smart document management provider ClauseMatch for handling policies and standards in one place with a new online editor. London-based ClauseMatch, a 2014 graduate of the inaugural Barclays accelerator programme, will provide its editor to the bank. This tool turns a “fragmented workflow” of Word documents, PDFs and e-mails and replaces them with […]
Responsibility isn’t about rules
What can banks learn from the fintech community when it comes to fostering a culture of innovation against a backdrop of regulation?
Citi Digital Money Symposium: financial inclusion – it’s not just CSR
It’s good to do good but it’s even better to do good and make a profit was my takeaway from a lively discussion around financial inclusion at the recent Citi Digital Money Symposium held in London.
Infographics: the new £1 coin
It’s infographics time! This nifty infographics, created by Mastercard, outlines some interesting facts and figures about the new £1 coin, compared to the old one (introduced back in 1983).
Tradeshift’s AI Ada aids commerce
Supply chain finance firm Tradeshift has unveiled Ada – an artificial intelligence (AI) layer on its commerce platform. Ada will learn from user interactions, “improve business processes”, and offer contextual information. It is available to third-party developers and interacts with users platform-wide as a conversational interface. Christian Lanng, CEO and co-founder of Tradeshift, says Ada […]
UK Export Finance looks for IT head, plans to triple tech footprint
UK Export Finance, the country’s export credit agency and a government department, is looking to recruit a new head of IT.
Attic Lab and Bank Alliance to build blockchain-based payments system
Ukrainian fintech start-up Attic Lab has signed its second deal to implement SmartMoney, a blockchain-based digital money system, at a local bank. This is with Bank Alliance.
Raiffeisen Bank Romania in digital tech revamp with Backbase
Raiffeisen Bank Romania, a subsidiary of Austria’s Raiffeisen Group, is modernising its channels delivery with Backbase.
Samsung makes your wedding ring a payments plaything
Samsung, Smartlink and Ingenico have unveiled their “contactless companion platform” (CCP) to let people pay for things using anything they’re wearing — such as a watch or a wedding ring. It has been built with a dual interface smart card chip for multiple applications and form factors. Users tap the wearable on an NFC card […]
Accenture, IBM and Microsoft fuel blockchain market growth
The global blockchain market will experience massive growth during the next five years – powered by the activities of “key vendors” Accenture, IBM and Microsoft. According to Research and Markets’ report, “Global Blockchain Technology Market 2017-2021”, the market will increase at a compound annual growth rate (CAGR) of 55.59%. One trend in the market is […]
Citi Digital Money Symposium: learning to swim during a tsunami
At yesterday’s Citi Digital Money Symposium, the question of a strategic response to fintech and the broader innovation challenge was posed to speakers from a number of large incumbent firms in the financial services sector.
Accenture to acquire payments consulting firm First Annapolis
Accenture will acquire First Annapolis, a privately held payments consulting and advisory firm. Alan McIntyre, senior managing director, and head of Accenture’s Banking practice, says the acquisition “will enhance our capabilities in the payments sector”. Terms of the transaction were not disclosed. The acquisition, which is subject to customary closing conditions, is expected to close […]
Top fintech stories this week – 24 March 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
UnionBank launches New EON, the first “selfie” banking in the Philippines
UnionBank of the Philippines (UnionBank) has launched the New EON, a new digital banking platform (a revamped version of the original EON, launched at the start of the millennium). The mobile biometric authentication tech is provided by Daon.
SEC says “no” to Winklevoss Bitcoin exchange-traded fund
The US Securities and Exchange Commission (SEC) has dashed the hopes of internet entrepreneurs and venture capitalists Cameron and Tyler Winklevoss, who were hoping to create an exchange-traded fund (ETF) for the virtual currency Bitcoin.
European Commission calls for fintech feedback
The European Commission (EC) has unveiled its action plan for consumers and is asking for feedback on its fintech ambitions. The EC wants to prise open national barriers as only 7% of consumers currently buy financial services from another EU member state. Valdis Dombrovskis, vice-president responsible for financial stability, financial services and capital markets union, […]
District of Columbia takes top US tech innovation spot
The District of Columbia (DC) can claim bragging rights as it has been deemed the most innovative part of the US, according to a study by personal finance website WalletHub. WalletHub says innovation is a principal driver of US economic growth. In 2016, the country spent an estimated $514 billion on R&D – “more than […]
EdgeVerve calls for fintech’s magnificent seven
EdgeVerve Systems, a product subsidiary of Infosys, has launched Finacle FinTech Connect and the chance for firms to integrate their solutions into Finacle’s banking suite. Companies are invited to register for a partnership evaluation process and stand a chance to present at its event Infosys Confluence 2017 in May in San Francisco; along with joint […]
Isbank does good deed with fully digital mortgage service
Turkey’s largest bank, Isbank, has introduced a digital mortgage process where users can follow up credit pre-approval, the actual appraisal and overall credit process 24×7. In the bank’s “instant transaction” area, users’ mortgage applications are pre-approved within a “few seconds” and users can upload title deed images and pay the appraisal fee online to start […]
Nesta calls for SME innovation with £5m prize fund
UK-based innovation foundation Nesta has launched its “Open Up Challenge” as it looks for services, apps and tools for SMEs. The competition is now open for entries. A £5 million prize fund is on offer and it is looking for 20 entries from anywhere in the world that will use open banking APIs – “newly […]
Diamonds and blockchain are forever for SAP Ariba
SAP Ariba has unveiled its plans to use blockchain across its cloud-based applications and business network for trading goods and services. Among the first applications that SAP Ariba sees potential in involves the tracking and tracing of goods. SAP Ariba will join forces with Everledger, a London-based fintech firm. The latter captures the defining characteristics […]
Brexit could see UK influence over AI dramatically decline
Despite numerous assurances to the contrary, as the UK lumbers towards Article 50 there are still concerns about the negative impact on the technology sector.
Why we need diversity before AI takes over
We hear a lot about how artificial intelligence (AI) has the potential to displace jobs, especially those held by women in tech, but should we also worry about a future overrun with sexist, racist machines?
Samsung Pay makes its India debut
Digital payments app, Samsung Pay, has been launched in India. Access is limited to those who signed up for the early access programme and available only on its mid-segment and flagship Samsung Galaxy devices.
Illinois regulator joins global distributed ledger consortium R3
The Illinois Department of Financial and Professional Regulation (IDFPR) has become the first US regulatory agency to join the R3 Consortium, a global partnership of banks and other parties working to develop distributed ledger-based applications for financial services.
Mutual distributed ledger: at the speed of need
Professor Michael Mainelli, executive chairman of Z/Yen Group, and Vinay Gupta, founder of venture capital firm hexayurt.capital, discuss mutual distributed ledger economics.
Samsung moves on Siri with Bixby AI
Watch out Siri and Alexa, Samsung has unveiled its own artificial intelligence (AI) solution called Bixby. This will be a new interface on Samsung’s devices – with the imminent Galaxy S8 getting it first – and when an application becomes Bixby-enabled, it will be able to support “almost every task” that the application is capable […]
Deutsche Bank opens innovation lab in New York
Deutsche Bank has opened an innovation lab in New York, its fourth globally. The lab is part of its five-year plan for €1 billion investment in digital initiatives. It is sited in Lower Manhattan’s Fulton Center and will explore new technologies focused on several areas, including artificial intelligence, cloud technology and cybersecurity. Elly Hardwick, head […]
IBM turns up heat in cloud pricing war
The last couple of months have been relatively quiet for the major cloud players, though it looks like the lurking pricing war is just beginning to heat up, reports telecoms.com (Banking Technology‘s sister publication). Speaking at IBM InterConnect in Las Vegas, the team announced a horde of new offerings, as well as a number of […]
