What is the future of banking? Is it a giant menu from which customers (individuals and businesses) choose who is to provide what contingent upon well-informed choice and best value. Or is it a model where banks still rule from the centre, providing customers the simplicity of a range of products through a single provider. Putting aside whether or not this highly competitive state is possible, which is the future direction of banking?
Visa is investing in Klarna, a Swedish payments and banking firm, and the two firms intend “to develop a future strategic partnership”.
Blockchain consortium R3 (which now describes itself as an “enterprise software firm”) and four of its member banks have created a prototype solution for issuance of euro commercial paper (ECP) on R3’s Corda distributed ledger technology (DLT) platform.
Israel’s Bank Leumi has launched its new digital banking subsidiary, Pepper.
Are trends eclectic for artificial intelligence (AI)? Perhaps not as the fintech world is getting more imaginative and calling for the machines to negotiate on behalf of less-than-objective humans. At this morning’s (26 June) sessions at Money20/20 in Copenhagen, the themes of AI use cases in financial services and fraud were discussed.
For the third day in a row we present a fintech funding round-up. The previous two were here and here. Our latest report features Blockchain, Julia Computing and Mswipe Technologies. We’ll begin with a confusing company name. Blockchain (yes, really), a UK-based software platform, has raised a Series B of $40 million with Lakestar and […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
It was only yesterday we did a fintech funding round-up. But as there’s a mad dash for cash, here’s another one. Features Digital Financial Services Lab, TrueLayer and Enterprise Ireland. Digital Financial Services Lab (DFS Lab) will invest $250,000 in four separate fintech start-ups that are building products to help low-income consumers in developing markets. […]
Long-term growth will require the commercial banking industry to embrace digital transformation in a way that benefits the institutions’ stakeholder base and satisfies the needs of its end-user clients. And here are three reasons why a commercial bank should consider transformation.
Facing disruption from fintech providers, traditional banks must embrace APIs and the open-source model to avoid losing their place at the centre of consumers’ financial lives, a new report warns.
Softbank has upped its investment in security firm Cybereason, as the focus on artificial intelligence (AI) continues.
Swift is offering funding of up to €200,000 for the two winning fintech finalists of its industry challenge to develop new overlay services that use its global payments innovation (gpi) platform. The winners will work with banks on collaborative concepts that solve additional industry challenges in cross-border payments on top of gpi. As reported previously, […]
BBVA and start-up Das-Nano have formed Veridas, a new firm specialising in biometrics for client identification and authentication systems. Veridas, which will be directed by Eduardo Azanza, who is also co-founder of Das-Nano, will research and develop software for the digital verification and authentication of personal identity, through facial, voice, image or document recognition, or […]
This year’s Banking Technology Awards are taking place on 13 December in London and once again we will be recognising individuals for leading and playing an instrumental role in devising and/or delivering the technology strategy to support the key business objectives of an organisation. The Tech Leadership Award category is open to all industry participants worldwide – those […]
Fintech zeitgeist! 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. This week, Anita Liu Harvey, VP for strategy and innovation at Barclaycard, fires us in the direction of “the magic bullets of future retail”. […]
American International Group (AIG), IBM and Standard Chartered have piloted the “first” multinational, smart contract based insurance policy using blockchain. The trio converted a controlled master policy written in the UK, and three local policies in the US, Singapore and Kenya, into a smart contract that provides a shared view of policy data and documentation […]
If there is any doubt in which direction the technology world will head next, its being brushed aside by Amazon Web Services (AWS); voice is the natural progression. Telecoms.com (Banking Technology‘s sister publication) reports. Speaking at TechXLR8 in London, David Low, “principal evangelist” at Amazon Alexa EU, highlighted that the voice user interface will be […]
Know any innovative products, inspirational projects, skilled teams or visionary leaders that deserve a special recognistion this year? Nominate them for a Banking Technology Award!
Avaloq has hit back at Temenos’ claims that it is “trapped in a relatively small geography” by pointing to its revenue rise and innovation drive as reasons for something to be cheerful about.
Swiss core banking software vendor Avaloq is prepared to tap into the potential of blockchain and Bitcoin over the next 12 months as it seeks to experiment and innovate more in these areas.
As in-memory computing (IMC) gains momentum across a wide range of applications, from fintech and ecommerce to telecommunications and internet of things (IoT), many companies are looking to IMC solutions to help them process and analyse large amounts of data in real time.
Global funds transaction network Calastone says it has “successfully” completed the first phase of its blockchain distributed market infrastructure proof-of-concept (PoC).
Japanese tech conglomerate SoftBank continued its drive to take centre stage in the evolution of the tech industry with the acquisition of Boston Dynamics from Google/Alphabet. Telecoms.com (Banking Technology‘s sister publication) reports that Boston Dynamics has been a fairly high profile robotics pioneer in recent years, specialising in humanoid and quadrupedal machines apparently designed to […]
With its increase in innovation BBVA has created a Global Patent Office (GPO) to protect its intellectual property (IP) – particularly in biometrics and artificial intelligence (AI). The GPO will put the bank’s IP work in a single office and offer collaboration between departments, agents and training. Don Relyea, director of the BBVA global patent […]
It wouldn’t quite be June if we didn’t have rain or Cisco’s annual visual networking index (VNI) forecast. We’ve had plenty of rain, now it’s time to tuck into some stats! Telecoms.com (Banking Technology‘s sister publication) reports that you probably didn’t need us to tell you, but internet traffic is going to grow. The total […]
TradeIX has launched its TIX Platform, the “first open platform” for trade finance powered by blockchain. The platform provides banks, alternative funders, business-to-business (B2B) networks, technology providers and corporates with a way to finance trade-related assets. Like everyone else commenting on trade finance, Rob Barnes, CEO of TradeIX, says the market has “high-cost, high-maintenance, time-consuming […]
Tata Consultancy Services (TCS) has unveiled its Bancs app development kit (ADK) to let banks design and build their own apps. The firm says the ADK enables financial institutions to build their digital offerings without the need for mobile development skills. The ADK comes with its own array of widgets, controls and components; and the […]
For those worried about artificial intelligence (AI) taking over the world, the University of California has got your back with an idea to make robots neurotic to stop them getting too cocky, reports Telecoms.com (Banking Technology‘s sister publication). One of the concerns which has been raised through the implementation of AI, and also the advancement […]
Anders la Cour, CEO of ground-breaking payments utility Saxo Payments Banking Circle, which is underpinning the service propositions of a growing number of payments businesses, reports on the payment pain points currently faced by merchants who have ambitions to trade globally.
HSBC Commercial Banking has launched its Connections Hub, a digital platform to connect buyers and sellers around the world. Businesses in Canada, China, Hong Kong, India, Mexico, Singapore, the UK and the US can sign up to the multi-lingual hub for free. The service will be available to customers in France in the coming weeks […]
Apple has unveiled Pay Cash as it looks to fight it out with PayPal, Square and Venmo in the overcrowded peer-to-peer (P2P) payments market. In a range of updates to its mobile operating system, iOS 11, new features to the iPhone and iPad are coming this autumn. Apple Pay users will be able to make […]
The Centre for Finance, Technology and Entrepreneurship (CFTE), a new educational platform for the finance industry, has been unveiled. “In a tech world, we bet on people,” CFTE states.
Ask most people about their experience with insurance, grudge purchase par excellence, and they’ll say it leaves a bitter taste in the mouth. Enter Lemonade, the New York-based insurtech combining the power of artificial intelligence (AI) and an approach founded on behavioural economics and customer centricity to offer homeowners and renters protection with a difference.
Fintech zeitgeist! 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. This week, we sum up the predictions made by Google’s illustrious chief futurist, Ray Kurzweil, on what awaits us this century. 2019 Farewell cables. […]
Banking Technology and BearingPoint conducted a survey to find out the industry view on regtech and its implications for all parties involved. The findings are now available in this nifty infographics.
An explosive growth in data and information, coupled with advances in technology and a boost in methods of communication, have given rise to an empowered and aware global customer. And to provide legendary experience to their customers, maintain a competitive edge and to make better and sound decisions, organisations need to harness insights from this ever growing “big data”.
Sterling Bank and Trust, a new bank in the Bahamas, has selected the BankWare core system from UK-based International Financial Systems’ (iFinancial). The bank will be using the multi-currency accounting, exposure management, current accounts, deposits, loans, payments, and Swift modules from the BankWare portfolio of retail and wholesale banking solutions. The bank is part of […]
HSBC is entering the robo-advice market with the launch of a new online service for wealth management advice The service will use data and algorithms and will make personal recommendations based on an individual’s circumstances. It is expected to be available by the end of the year. The bank says this will “open up wealth […]
DLA Piper’s John D. McGonagle speculates on what the rise of blockchain technology might mean for the future of banking, the feedback which the UK regulator FCA may receive from interested stakeholders, and some of the regulatory and legal hurdles which blockchain technology may need to negotiate in the near future.
There is no question that the commercial card sector is growing strongly. According to Research and Markets, the US commercial card market in particular is outstripping other B2B payment types. For banks and banking services providers, this presents a huge opportunity to grow revenues while improving customer experience – a vital component in customer retention and increased lifetime value.
