The Competition and Markets Authority (CMA) in the UK has accepted undertakings from the Bacs payment scheme that commit it to delivering the improvements required by the CMA retail banking market investigation within a year.
Payments software and services vendor ACI Worldwide says its latest version of UP Immediate Payments provides “single point of access to all immediate payments schemes globally”.
Global asset manager Schroders has selected Capriza’s enterprise mobility platform “to power its drive to digitisation”, according to the vendor.
HSBC has appointed a technology advisory board of top-level specialists from around the globe as the banking giant is keen to capitalise on opportunities in artificial intelligence (AI), biometrics, blockchain and data science, combat cybercrime and leverage its global infrastructure.
Hong Kong is telling its citizens and the world that fintech start-ups are welcome to do business and capitalise on the nation’s entrepreneurial spirit.
Smooth Commerce and Visa have completed the first integration of Visa’s Developer Programme in Canada and brought to market “a first of its kind innovation” in the mobile commerce space.
They said it. We read it. We edited. A round-up of the latest funding efforts in the fintech and payments space. Featuring Kasisto, BillGO, Gumption Labs and Fraugster.
Our dazzling event gathered together over 260 banking and financial technology specialists from all over the world – recognising the excellence and innovation in the use of IT in financial services, and of course the people that make it happen! Join us at the 2017 awards, which will be held at a 5-star venue in London in Q4 this year.
RosEvroBank, a top-50 bank in Russia, has created a prototype of a blockchain-based system that enables remote verification of customers for other financial institutions. The decentralised system is built on the Microsoft’s Ethereum Consortium Blockchain infrastructure.
Munnypot, a new robo-advice and investment service in the UK, has fully launched with tech support from a number of partners.
The Institute for Development and Research in Banking Technology (IDRBT), set up by the Reserve Bank of India (RBI), has recently issued a whitepaper, “Applications of Blockchain Technology to Banking and Financial Sector in India”. We summarise the report and highlight the key findings.
The National Economic Council (NEC) of the US, part of the Office of White House Policy, has published a whitepaper, “A Framework for Fintech”.
Fintech zeitgeist! Welcome to the first in a new series of brief reports. Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. Anything goes, so here goes. Rome versus Carthage. Britain versus France. History shows […]
According to the UK Cards Association, a trade body for the country’s card payments industry, a quarter of all card transactions are now made via contactless in the UK. 325 million purchases, altogether worth £2.9 billion, were made using contactless debit and credit cards in November 2016.
Seven European banks – Deutsche Bank, HSBC, Natixis, KBC, Rabobank, Société Générale and UniCredit – have agreed in principle to develop a blockchain-based shared platform for domestic and international commerce for SMEs.
BNP Paribas Wealth Management has unveiled its new Client Experience venture co-created with customers and fintech firms. The initiative focuses on digital solutions as the bank is keen to “create a new wealth management experience”.
India’s Yes Bank is inviting fintech start-ups to take part in its Yes Fintech Accelerator Programme. The application process is open until 2nd February 2017.
In November last year, German fintech firm figo completed a financing round that totalled €6.8 million. Figo has developed a banking application programming interface (API) and various products and services related to the Payment Services Directive 2 (PSD2). It is just one of the many fintech firms that are poised to grab the considerable opportunities that PSD2 opens.
How can wearable technology be made popular in investment/wealth management services? We suggest a number of features that can create value and relevance to individual traders and wealth managers, if made available on smartwatch trading apps.
In another example of glacial bureaucracy, a committee from the European Parliament has written a report which recommends a meeting about robots and artificial intelligence (AI).
Blockchain incubator Adel has unveiled its project framework for people to create a peer-to-peer (P2P) network in retail banking. The firm says it will work in the “same way as Airbnb and Uber revolutionised the hospitality and taxi industries”. “Anyone with a car can be a taxi. Anyone with accommodations can be a hotel. Anyone […]
LinkedIn founder Reid Hoffman is one of a host of investors bank-rolling a new initiative to develop ethics and governance standards for artificial intelligence (AI), reports Telecoms.com. The $27 million Ethics and Governance of Artificial Intelligence Fund, which also features Omidyar Network as a founder, will be built around not only engineers and corporations, but […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
CSI Kick Start, a start-up incubator founded by Florida-based payments firm CSI GlobalVCard, has opened up its second annual application process for funding. The incubator is offering portfolio companies investments starting at $500,000, mentorship from an advisory board of industry experts, cross-selling opportunities and additional resources. It says its key areas of interest in B2B […]
Deloitte has launched a blockchain lab in New York’s Wall Street. 2017 could be its “make-or-break year” for blockchain, says Eric Piscini, principal with Deloitte Consulting. Joe Guastella, another principal with Deloitte Consulting, says its “ecosystem for education, ideation [we missed you jargon], strategy, application prototyping and development is there to support Deloitte’s clients and […]
The bustling UK challenger bank scene has grown by another addition, ClearBank. It is a brainchild of Nick Ogden, founder and former CEO of WorldPay.
The Japanese government is sending 55 SMEs and start-ups abroad as part of its new innovation programme. Called the Hiyaku Next Enterprise programme, it is part of the Silicon Valley-Japan Bridge Project, set up by the Ministry of Economy, Trade and Industry (METI). That project was announced by Prime Minister Shinzo Abe in April 2015 […]
Belgium is making overtures to London’s fintech scene as it looks a build a bridge between both communities. Innovate Finance, a UK-based fintech membership association, held talks today (11 January) in London with a delegation from Belgium’s digital finance community led by the Minister of Finance Johan Van Overtveldt. As part of this meeting, Overtveldt […]
FinTech Hive, to be housed at the Dubai International Financial Centre (DIFC) in Dubai’s Central Business District (CBD), is set to launch this quarter. Accenture runs fintech innovation labs in New York, London, and Hong Kong; and has been tasked with setting up and operating the accelerator. Aimed at providing better financial services technology to […]
India-based HDFC Bank is about to introduce its first “humanoid” branch assistant – Ira. The human-sized robot was built together with artificial intelligence (AI) company Asimov Robotics.
Honda and Visa are testing a system that enables a driver to pay for fuel and parking from inside Web-connected cars, the latest development in the emerging Internet of Things (IoT), and yet another sign that more payments are moving beyond physical payment cards, reports Paybefore. The announcement, made from the Consumer Electronics Show in […]
I was recently asked who the biggest winner would be to emerge post-PSD2, the banks or the fintech firms. If we ignore for a moment that the biggest winners are clearly you and I, the end consumer of these services, it did reveal an interesting thought process and dynamic at play.
Axis Bank has become the first bank in India to use Ripple’s blockchain network for cross-border payments. The bank, the third largest in the private sector, will use the network for real-time settlement as it targets future growth. Amit Sethi, president and CIO at Axis Bank, says: “We will come out with solutions for our […]
Capital One Spark Business has announced “strategic partnerships” with two fintech companies, Bill.com and Gusto. The aim is “to build and deliver better financial management, HR and cash flow tools designed for small businesses”, Capital One says.
Microsoft and Qualcomm have invested in Team8, an Israel-based cybersecurity company. Team8 also revealed a strategic partnership with Citi to assist with developing its products, and says this latest investment brings the total raised to more than $92 million. Team8 was founded by Nadav Zafrir, Israel Grimberg and Liran Grinberg, all former members of the […]
The Depository Trust & Clearing Corporation (DTCC) has chosen IBM, in partnership with Axoni and R3, to provide a blockchain/distributed ledger technology (DLT) framework to drive improvements in derivatives post-trade lifecycle events. The firms will work on DTCC’s Trade Information Warehouse (TIW), building a derivatives distributed ledger solution for post-trade processing. The TIW service currently […]
A group of senior executives in India’s digital sector are looking to create a group of chief digital officers (CDOs) or equivalent in the country.
Artificial intelligence (AI) interfaces and chatbots could be revolutionary for financial institutions – but only if they strike the right balance between human and machine interaction.
Banking Technology explores a less known – but a noteworthy – destination for fintech in Europe, Lithuania, and its capital Vilnius. Whilst it is realistic that it cannot compete with the European Goliaths such as London or Paris, it wants to carve its own niche in the fintech space, and has quite a lot to offer.
State Bank of India (SBI) is working on its own digital bank – SBI Digi Bank – which it plans to launch in the next three to six months.
