No longer are the mid-tier banks doomed to be extinct! The arrival of open application programming interfaces (APIs) will enable them not just to survive but to prosper, states Chris Truce, director of platform development at Saxo Bank.
It’s infographics time! A great compilation of fintech companies, showing how we’ve gone from graph paper to personal data algorithms – and everything in between.
Startupbootcamp FinTech London will host its Demo Day on 1 December for the third year with ten firms lined up for action. The ten companies taking the stage will showcase their fintech, ranging from SME banking, regtech, chatbots, artificial intelligence (AI) and blockchain. Francisco Lorca, MD of Startupbootcamp FinTech London, says the variety of the […]
Morgan Stanley and National Australia Bank (NAB) are understood not to be renewing their membership with the R3 blockchain consortium.
The economy of the future will need a vastly different platform for making payments. Consumers and corporations will need access to easier, faster and flexible platforms. I have entered the market with the bold objective of bringing to South Africa and Africa, the revolutions underway in global payments infrastructure – and the necessity of re-design to keep up with the “payments Joneses”.
Fundinfo says its new cloud-based fund selection system, Digital Advisor, considers “investor’s emotional preferences” in addition to analysing active and passive funds.
Apple could be adding Siri’s functionality into its iMessage service for P2P payment transactions, according to a recent patent published by the US Patent and Trademark Office. The patent says that “one or more of the participant users can select to utilise a virtual assistant to assist the participant users with tasks during the communication […]
Barclays is launching the UK’s “first” contactless mobile cash service. Customers can withdraw up to £100 in-branch, with a tap of their Android smartphone or contactless debit card. Ashok Vaswani, CEO of Barclays UK, says its customers “now expect to be able to use their smartphone to make their everyday purchases” and “we want taking […]
Android Pay is now live in Poland – the first country on continental Europe to launch the service.
Santander has decided to leave the R3 blockchain consortium, which it joined last December. Meanwhile, R3 has slashed its fundraising target to $150 million from the original $200 million.
Israel-based Bank Leumi’s credit card subsidiary, Leumi Card, will launch a “first-of-its-kind” integration of a mobile security product based on behavioural biometrics. Using Israeli start-up SecuredTouch’s solution embedded in the Leumi Card app, it will eliminate the need for passwords. SecuredTouch’s technology allows user identification based on a “unique” personal usage profile within the mobile […]
HSBC business customers in the UK can now use Touch ID fingerprint technology to access their account and balance information through the HSBCnet mobile app. The feature uses a recognised fingerprint instead of passwords. It is now available for UK businesses using the app, before the service is expanded to include business internet banking mobile […]
Goldman Sachs has dropped out of the R3 blockchain consortium, according to the Wall Street Journal. The bank was one of nine original members of R3, but let its membership lapse. A spokeswoman for Goldman Sachs told the Wall Street Journal that it will continue to work with blockchain. No other details were forthcoming. As […]
Metro Bank has launched a new online banking platform for its commercial banking customers. It is based on the Backbase Onmichannel Banking Platform.
In her new column for Banking Technology, Devie Mohan, a fintech market strategist, looks at how Singapore has created a fintech ecosystem that is a major threat to the ones in London and Berlin.
Banks are not competing with banks anymore, but against the ubiquitous, all pervading unified digital experience, which is driving the adoption of digital across the corporate banking value chain. Fintechs are a great example of how innovations in digital can deliver speed to market, a superior customer experience and better pricing.
Dutch mobile-only challenger bank Bunq is using Veridium’s hand recognition software for its new app. The app will now use VeridiumID and its software, 4 Fingers TouchlessID. With their collaboration, Veridium and Bunq say this is a “world first” for “safe” mobile banking. Todd Shollenbarger, COO of Veridium, calls Bunq’s banking platform a “market disruptor”. […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! FNZ to build new BPO centre EXCLUSIVE. For Société Générale’s private banking business Mizuho Bank gears up for new core banking system go-live Keen to modernise after large-scale system failures in 2011. Big three explore blockchain for consumer […]
Société Générale and Oberthur Technologies (OT) have teamed up to launch a new form of three-digital codes for improved card security. Following “successful” testing among more than 500 people, the solution – called OT Motion Code – replaces the three-digit security code usually printed on the back of the card with a mini-screen displaying a […]
The European Commission (EC) has set up a fintech task force as it looks to boost innovation in the region. Called the Financial Technology Task Force (FTTF), it brings together services responsible for financial regulation and for the “digital single market”, along with others dealing with competition and consumer protection policy. FTTF will be co-chaired […]
OP Bank, Nordea and Danske Bank have launched a new real-time, multibank mobile payments platform in Finland. The platform was built by Tieto and Automatia (the latter operates the three banks’ shared ATM network).
SigFig, a San Francisco-based fintech start-up, is partnering with Wells Fargo to provide the bank’s clients with its robo-advisory tech and wealth management tools. A pilot version will be rolled out in H1 2017.
F10, a Swiss incubator and accelerator, is offering two six-month programmes for up to 20 start-ups to turn their prototypes into sellable products. Participation for the selected start-ups is free. After opening its “prototype to product” (P2) programme’s winter session on 7 November, F10 now wants applications for its next round in 2017. Markus Graf, […]
Stellar Development Foundation is offering sponsorships for fintech start-ups, and those who educate developers or represent an NGO. Sponsorship is available in the forms of “lumens” – Stellar’s unit of digital currency, similar to a Bitcoin. The firm says its goal is to support new products and ideas, and for those enabling that goal via […]
It’s blockchain infographics time!
AmBank will be launching “a new phase of mobile banking very soon”, according to the bank’s new group CEO, Dato’ Sulaiman Mohd Tahir. The solution is provided by Backbase.
SETL, Deloitte and Metro Bank say they have completed “a series of firsts”. SETL provided a contactless smartcard for digitised payments (based on blockchain), Deloitte applied its Smart Identity blockchain ID system, and Metro Bank hosted a connected client account.
OCBC says it is the first bank in Southeast Asia to use blockchain for local and cross-border interbank fund transfers. A successful pilot payment transaction was carried out between the bank and its subsidiaries, OCBC Malaysia and Bank of Singapore, using a payment blockchain solution designed by OCBC and local payments firm BCS Information Systems […]
DBS has launched its Singapore innovation lab – DBS Asia X (or DAX) – as it looks to speed up change in its organisation. Neal Cross, chief innovation officer at DBS Bank, says the bank is “not known for taking huge risks or making massive pivots” but now it wants to “inculcate start-up mindsets”. DAX […]
Australia and New Zealand-based banking group, ANZ, has launched an innovation lab, called ANZ BlueSpace, in Singapore as it looks to work with fintech participants from industry, academia and government. ANZ will tap into Singapore’s “thriving fintech community” and develop capabilities for its institutional customers. David Green, ANZ CEO Singapore and head of South East […]
South Korea’s Shinhan Bank is launching a Bitcoin remittance service between Korea and China, with Hong Kong as an intermediary. The service will be available in December.
City Union Bank (CUB) has become the first bank in India to introduce a robot to deal with customer queries. Called Lakshmi, the robot is based on the IBM Watson artificial intelligence (AI) engine.
Copenhagen Fintech, a collaborative venture between the Danish Bankers Association, Financial Services Union Denmark, and the City of Copenhagen, has officially opened for business.
US banking giant Citi is launching its own branded mobile wallet – Citi Pay – to take on rivals such as Android Pay, Samsung Pay and PayPal.
Cuscal, a major payments provider to Australia’s credit unions and smaller banks, has signed a deal with Apple to bring Apple Pay to its customers. The service will be available to nearly four million Australians that bank with 31 entities (which work with Cuscal).
Here is a boringly good guide to cryptocurrencies, courtesy of MBNA. It is not boring at all really!
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
The R3 consortium and ten of its member banks have developed a proof-of-concept (PoC) for a know your customer (KYC) registry “that addresses the challenges associated with satisfying KYC requirements and allows identities to be managed by their owners”.
The European Commission (EC) has pledged up to €400 million to the European Investment Fund’s (EIF) new fund-of-funds – for the money to be spent on start-ups in Europe, including in the fintech space. The EC will also look for three times more investment from institutional investors to make up to €1.6 billion available.
PayPal is bringing its users “an early holiday present” – the integration of Siri into PayPal.
