Cryptocurrency


Ripple and Temenos power Deloitte’s payments project

Deloitte is pioneering an integration project combining Ripple’s protocol and Temenos’ core banking software for direct bank-to-bank settlements in real time. Deloitte says the overall objective of the Ripple integration is to enable financial institutions to send payments, either in local or foreign currency, in real time without relying on intermediary banking relationships. Ripple offers […]

Top fintech stories this week – 20 May 2016

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Android Pay now in the UK; Australia and Singapore are next Coming to a country near you… possibly. Vietnam’s Tien Phong Bank stops attempted fraud through Swift system Stop! In the name of the law. Sydney Stock Exchange […]

Blockchain and bitcoin round-up: 9 May 2016

With news on blockchain and bitcoin appearing thick and fast, here’s a round-up of key events to save you time. The Swift Institute has published new research on the practical application of blockchain (or mutual distributed ledger) in securities markets. The paper, “The Impact and Potential of Blockchain on the Securities Transaction Lifecycle”, is based […]

IBM launches “first secure” blockchain services on cloud

IBM has launched a new framework for “securely” operating blockchain networks, as well as new services on the IBM Cloud that are designed to meet existing regulatory and security requirements. Working with teams of security experts, cryptographers, hardware experts and researchers, IBM says it has created new cloud services for “tamper-resistant, trusted” blockchain networks. Jerry […]

Top fintech stories this week – 29 April 2016

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Bank of Ireland ponders major IT overhaul Irish eyes are smiling… or at least weighing up their options. MSB and FDH Bank to merge on Temenos’ T24 core system The die has been cast. Neptune’s Rubikon crossed out. […]

EdgeVerve launches blockchain framework for financial services

EdgeVerve Systems, a product subsidiary of Infosys, has launched a blockchain framework targeted at the financial services sector. Called EdgeVerve Blockchain Framework, it is a permissioned ledger that allows banks to deploy blockchain-based services for “varied” business areas. EdgeVerve says it can “scale to the levels needed to support international, cross-border transactional business”; and therefore […]

Morgan Stanley cools blockchain buzz

Morgan Stanley has brought blockchain back to earth, calling it a “double-edged sword” because while it helps banks reduce clutter, profits could fall or shift to new players. In its 31-page report, “Global Insight: Blockchain in Banking: Disruptive Threat or Tool?”, the company predicts blockchain’s “widespread potential to disrupt financial intermediaries” but says there are […]

When banks leave the front door open

Cyber attacks against the banking industry have soared in the last few years. And financial institutions now face 300% more attacks than any other industry. Comparatively with other industries, the financial services industry isn’t shy where it comes to cyber security investment and generally has a superior level of protection. But this attracts a more […]

Swift Business Forum London 2016: Blockchain – a reconciliation revolution

Blockchain is a revolution in reconciliation but not in payments, is one of the messages coming out of the Swift Business Forum London 2016. For the sixth edition of the show, more than 1,300 delegates were rammed and jammed into Tobacco Dock, London. This morning’s (20 April) sessions were dominated by warm-up speeches that praised […]

Two blockchain start-ups become one as Digital Asset Holdings and Elevence merge

Distributed ledger specialist Digital Asset Holdings has acquired a small Swiss start-up, Elevence Digital Finance. Elevence’s niche is a modelling language for determining rights and obligations in blockchain collaboration agreements. Its takeover provides Digital Asset with a new, verifiable way for parties involved in a transaction to independently prove updates to a distributed ledger while […]

Chain links up with MUFG for blockchain

Chain, a provider of blockchain technology infrastructure, has teamed with Mitsubishi UFJ Financial Group (MUFG) to build blockchain solutions for Japan’s financial sector. Satoshi Murabayashi, CIO, in charge of digital innovation, at MUFG, says it wants to “explore the application of next-generation financial infrastructure that we believe could significantly enhance the experience for our clients”. […]

Money 20/20 Europe: Blockchain rules rule

The blockchain (and bitcoin) industry welcomes regulations, but has to share the limelight with other digital currencies, as regulators look to deal with its rise and implications. At yesterday’s (4 April) afternoon session, “Blockchain and digital currency: Regulatory perspectives” at Money 20/20 in Copenhagen, a panel discussed the burning issues of the day. Present were […]

Banking Technology April 2016 issue out now

The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.

Blockchain: why smart contracts need shrewder people

“I’ve forgotten – woe is me! What the magic word may be.” Johann Wolfgang von Goethe, The Sorcerer’s Apprentice (1797) How smart is your code? So-called “smart contracts” are science fiction realised. Executable pieces of code stored on a mutual distributed ledger for future execution bind people and payments to actions and outcomes. Computer scientist […]

DTCC and Digital Asset to develop blockchain solution for repo clearing

The Depository Trust & Clearing Corporation (DTCC) and Digital Asset Holdings have teamed up to develop and test a distributed ledger (blockchain) solution for repurchase agreement (repo) clearing. Blockchain will be used to manage the clearing and settlement of US treasury, agency, and agency mortgage-backed repo transactions. Mike Bodson, president and CEO of DTCC, says: […]

Infographics: the most exciting thing about bitcoin isn’t bitcoin

Bitcoin is a cryptocurrency, but the blockchain protocol behind it can be used for a variety of non-currency purposes. People are using the blockchain to develop everything from ride-sharing services to voting applications to cloud storage. This nifty infographics sums up how the blockchain protocol works and how it’s being used. Source: Who is hosting this?

Top fintech stories this week – 11 March 2016

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! MasterCard mulls VocaLink acquisition There are some things money can buy. US to move to shorter T+2 settlement cycle by September 2017 Make a note, industry target has been unveiled. Big US banks to fight for instant payments […]

Payments in 2016: a pivotal year

With challenges across the board, banks will have their work cut out to keep up with the changing world of payments in 2016. It is shaping up to be a pivotal year for the payments industry as regulation, new technology, major infrastructure overhaul projects and security issues combine to reshape the landscape. According to a […]

Korean stock exchange plans blockchain-powered platform

Korea Exchange (KRX), the securities exchange operator in South Korea, plans to launch a platform powered by blockchain to liven up the off-board trading market. According to The Korean Times, KRX has started “preliminary steps” to introduce the new platform connecting sellers and buyers to trade securities directly. “Though many steps remain before the system’s […]

The force awakens: data science in banking

A quiet revolution powered by the force of data science has begun to deliver significant improvements in many areas including national security, business intelligence, law enforcement, financial analysis, healthcare and disaster preparedness. But are we ready to use the force in banking? Standard Chartered’s global chief innovation officer, Anju Patwardhan, explores the topic. Digital data […]

Mizuho and Cognizant join forces for blockchain-backed record-keeping

Mizuho Financial Group and Cognizant have teamed up to develop a blockchain solution for the “secure” record-keeping of documents among Mizuho Financial Group companies around the world. The agreement is the beginning of Mizuho’s programme to use blockchain for building new work processes for transactions and digital interactions. This engagement will initially focus on New […]

IBM delivers blockchain-as-a-service for developers

Blockchain gets another boost as IBM has made nearly 44,000 lines of code available to the Linux Foundation’s open source Hyperledger Project to help developers build secure distributed ledgers. IBM has also made a range of announcements spanning technology and business consulting to “rapidly advance the use of distributed ledger technology across multiple industries”. These […]

Chainalysis inks deal with Europol and raises $1.6m seed round

Chainalysis, a New York-based cyber security start-up, has signed a memorandum of understanding (MoU) with Europol’s European Cybercrime Centre (EC3) on collaborating to fight online crime. Chainalysis aims to change “negative headlines where digital currencies have been connected to fraud and cybercrime” and is tracking digital identities on the blockchain. The start-up says its software […]

Understanding blockchain and the opportunity for financial institutions

Blockchain has the potential to further disrupt banking in the way that we know it today, transform traditional interbank and even peer-to-peer payments, open up opportunities to replace existing mechanisms for the exchange of financial information, and how customer records are stored and processed.

Caught on the defensive: why the financial sector needs to reevaluate its approach to cyber risk

Contrary to popular belief, the financial sector is now far more aware and better prepared for cyber attacks. The Bank of England’s Financial Stability Report, issued 1 July, states that threat awareness has grown exponentially and the sector is leading efforts to combat cybercrime. Perhaps this isn’t surprising given 90% of large businesses across the sector had suffered a malicious attack over the past year. But what is worrying is that the financial sector is falling into a familiar trap: by focusing so much on defence, it has failed to make provisions for an effective recovery

CBEST will help UK financial institutions lead in IT security

Banks will always be targeted by criminals and cyber attacks have become their most vulnerable attack surface. It isn’t simply about technology. It extends through people and process, and reaches from the central infrastructure all the way out to end users conducting online banking or financial transactions on laptops, tablets or smart phones. Because banks and financial firms have very large and sophisticated systems, this means that end-to-end security is notoriously difficult

Europol takes down botnet in international action

In a joint international operation Europol’s European Cybercrime Centre seized servers said to have controlled the Ramnit botnet that had infected 3.2 million computers internationally. The operation involved investigators from Germany, Italy, the Netherlands, and the UK – which led the operation – along with partners from private industry.

Sharing threat intelligence is challenging the industry, but it’s the only way forward

Protecting your banking infrastructure from cybercriminals is one of the toughest IT challenges in banking. It keeps getting harder, even though banks are working tirelessly to protect both customers and assets. Attacks are growing in size, and new developments such as the Internet of Things mean attack surfaces are growing, as well as the number of endpoints that can be used to launch attacks.

Value of cryptocurrency transactions ‘to half this year’

The value of all cryptocurrency transactions will more than half this year, falling from $71 billion in 2014 to just over $30 billion. The decline was attributable to the combined impact of exchange collapses, Bitcoin theft and regulatory concerns.

The critical 48 hours after a cyber attack

A range of social, political, cultural and economic factors drives cyber attacks. How well banking and financial institutions understand the drivers for an attack and how effectively they respond in the 48 hours following the discovery of an attack has a major effect on the resultant impact.

Bitcoin capitalises on Black Friday and Cyber Monday shopping frenzy

Following its success during the Black Friday and Cyber Monday shopping frenzy this year, alternative currency Bitcoin is gaining popularity and could be poised for major growth in 2015. But the currency still has a long way to go before it catches up with rivals such as PayPal, Visa and MasterCard.

Banking on a holistic approach to combating financial crime

Fraud and financial crime are growing substantially in their nature and complexity as we continue to evolve into an ever more connected world. New technologies, particularly the spread of mobile devices, have opened up different avenues of attack for technically sophisticated and well organised gangs of fraudsters and criminals. The social and economic costs of organised crime in the UK alone are estimated to be £24bn, of which £8.9bn are associated with fraud.

Cyber-security top issue for systemic risk says DTCC

Greater information sharing and closer collaboration between the public and private sectors are needed to combat cyber-attacks, which are now the principal concern of the financial services industry, according to the DTCC. A top priority should be the creation of global industry working groups to engage with national regulators on the development of cyber-security regulations that address the real-time and evolving nature of cyber-threats.

Bitcoin needs infrastructure

Besides mounting enthusiasm for Bitcoin and other crypto currencies, momentum is gathering to develop the infrastructure needed to turn what some see as a technology into a universally accepted currency.

Banks have a role to play in crypto currencies

When a new payment system such as Bitcoin arises it tends to be successful “in areas where a need is not being met”, Gottfried Leibbrandt, Swift chief executive told delegates yesterday. He said his fascination with Bitcoin – “both a currency and an innovation” – had not changed in the past 12 months.