US-based Vibrant Community Credit Union (formerly DHCU) has completed its tech overhaul, with Fiserv’s DNA now supporting its core operations and Alkami’s ORB supporting digital banking activity at the front-end. The project was over a year in the making, and coincided with the brand overhaul at the credit union. It was formerly known as DHCU […]
The United Services Automobile Association (USAA), a financial services group, has partnered with Coinbase to give Bitcoin usage a timely boost. Late last year, USAA launched a Coinbase pilot program, which allowed select USAA employees and members to view their Coinbase accounts on the USAA website and mobile app. Following the successful pilot, all account […]
A great visual of how four US-based conglomerates – JPMorgan Chase, Citigroup, Wells Fargo and Bank of America Merrill Lynch (BAML) – have grown to be the megabanks we know today. Source: American Banker
US-based banking and payments software vendor D+H has joined its rivals FIS and Jack Henry in partnering with The Clearing House (TCH) for real-time payments. D+H will provide US banks and financial institutions with access to TCH’s domestic instant payments system. The system is currently being built, with the “plumbing” provided by VocaLink. The vendor’s […]
US-based Payoneer has acquired Armor Payments as it looks to create a “global alternative” to letters of credit (LCs). Armor Payments, co-founded by former PayPal Director, Scott Reynolds, is the “only licensed B2B payments provider offering Escrow-as-a-Service (EaaS)”. Through the acquisition, the new integrated Armor Payments Payoneer Escrow solution will allow B2B buyers and suppliers […]
SAP Ariba and Discover Financial Services have rolled out their B2B payments service, AribaPay, in Canada. Last month AribaPay was launched in the US (also with the help of Discover). And earlier this year, SAP partnered with First Data for a rollout across Europe and Latin America. SAP Ariba says Canadian businesses and consumers pass […]
Texas-based asset administrator, Virtus Partners, has gone live with new back office lending system, FusionBanking LoanIQ, supplied by Misys. The new platform supports full-service agency administration and bank portfolio loan administration. It covers SME, commercial and syndicated lending. The contract was signed in November last year. The implementation work took around three months and came […]
JHA Payment Solutions, a division of Jack Henry & Associates, has teamed up with The Clearing House (TCH) as they seek to bring immediate payments to the US. TCH is currently working to build a new real-time payment system, which it will own and operate. In partnering with JHA Payment Solutions, TCH says it will […]
Fiserv has added new advisor portfolio management and trading technology to its Unified Wealth Platform. The single platform is used for portfolio management, trading, accounting and reporting for managed accounts. The company says over 5,000 advisors and users supporting rep as portfolio manager (RPM) or rep as advisor (RPA) programmes have migrated to the “enhanced” […]
ExxonMobil is now the “first major” fuel retailer to accept mobile payments at the pump, including Apple Pay, throughout the majority of its US network. The app enables customers to authorise a pump for payment via the cloud. Customers have the option to select Apple Pay as a default form of payment from within the […]
Some of the major US banks are planning to tap into the instant payments market via their digital network, according to Reuters. Banks including JP Morgan Chase, Bank of America, Wells Fargo and US Bancorp will use their jointly-owned network, clearXchange, to let their customers transfer money. “What we are doing now is delivering payments […]
The CFPB’s new no-action letter policy is designed to alleviate regulatory uncertainty for innovative financial services businesses, but asking for one could be a double-edged sword.
Make a note, 5th September 2017 has been unveiled as the industry target for the US to move from a T+3 to a T+2 settlement cycle. The decision on this has been reached by the US T+2 Industry Steering Committee (T+2 ISC), organised by The Depository Trust and Clearing Corporation (DTCC) and co-chaired by the […]
New York-based R3 CEV has finished its trial of five distinct blockchain technologies in parallel in the “first test of its kind”. The trial represented the trading of fixed income assets between 40 of the world’s “largest” banks across the blockchains, using cloud technology providers within R3’s Global Collaborative Lab. The banks, including Barclays, Deutsche […]
New York Stock Exchange (NYSE) Group says Pillar, its integrated trading technology platform, completed a “key phase” in its rollout and is on track in the testing stage. Pillar will allow connection to all equities and options markets using a single specification, and NYSE Group says it has been “designed to reduce complexity”. It says […]
Be mobile, be fast and be ready for the demise of paper currency.
EQ Bank, a new pure-play digital bank in Canada, has opened its virtual doors. It is underpinned by the front-to-back office software from Temenos. The bank is using Temenos’ T24 core banking system at the back-end and Temenos Connect for digital channels at the front-end. It is also using Insight BI for business intelligence and […]
Indiana-based Old National Bank has selected SS&C Technologies’ online customer foreign exchange (FX) trading portal. The move comes on the back of an increase in FX related activities at the bank, and it says it will use SS&C’s web-based solution to provide commercial, corporate and institutional customers with direct market access. The portal will deliver […]
Veridian Credit Union, a $2.95 billion credit union in Iowa, is implementing Alkami Technology’s ORB platform for digital channels. The new solution will replace a legacy set-up, which includes a mobile banking offering from another US provider, Clairmail (now part of Monitise). Clairmail was selected by Veridian back in 2009. In 2012, the vendor was […]
Growing demand for prepaid products of all types in Canada helped drive Vancouver-based issuer Peoples Trust to add 150 new programs in 2015, and led to a 19 percent increase in the bank’s overall prepaid load volume, to CAN$1.2 billion (US$870 million), for the year, Peoples tells Pay News.
Dallas Capital Bank, a local, independent bank is adding mobile banking, digital banking and electronic payments to its customer service functions. The firm has begun integrating its bank’s new digital services with its existing FIS backend core and payments systems. It is also adding a suite of digital banking systems, from digital account origination to […]
Popular Community Bank and Oriental Bank are to deploy FIS Cardless Cash, a mobile banking app to withdraw money from many ATMs in the US. Financial services technology provider FIS and PayPal launched Cardless Cash in January 2015, as a mobile ATM solution that avoids the plastic debit card. This technology provides banks with a revenue opportunity from transactions […]
Canada’s payments system is undergoing a rapid transition, with mobile P2P, e-wallet and contactless transactions on the rise, according to a report from the Canadian Payments Association.
The Linux Foundation, a non-profit organisation geared to promoting open source technology has announced 30 members from across the finance and technology industries have joined its new Hyperledger Project. Hyperledger is an open source project intended to advance blockchain digital technology for recording and verifying transactions. The founding members of the initiative represent a diverse […]
A common approach to the rules governing central counterparties (CCPs), the key infrastructure for reducing counterparty risk in derivatives trading, have been agreed between Europe and the US. The European Commission (EC) intends to adopt an equivalence decision with respect to Commodity Futures Trading Commission (CFTC) requirements for US CCPs which will allow the European Securities […]
FIS, the financial services technology provider which acquired SunGard at the end of 2015, has predicted organic revenue growth of between 3% and 4% in 2016. It reports that 2015 revenue grew by 3% over 2014 to reach US$6.6 billion. “The resilience of our business model characterised by highly recurring revenues and operational efficiencies allowed us […]
Markit has acquired systems integration software developed by JP Morgan. The provider of financial information services will make the software available to buy- and sell-side institutions seeking to integrate with major systems used in the syndicated loan market, including agent servicing platforms and Markit’s trade settlement services. Facilitating systems integration is an important step toward […]
Fifth Third Bank is introducing Touch ID biometric capabilities to its mobile banking app for the iPhone. Touch ID allows fingerprint authentication for enabled devices, letting customers log into their Fifth Third app with their fingers or thumbs instead of a password. The Bank’s fast mobile app allows people to check balances, transfer funds and […]
Fixed income market operator Tradeweb has launched an electronic over-the-counter (OTC) marketplace for US-listed exchange traded funds (ETFs). The firm says the platform tackles some of the challenges inherent in institutional OTC trading such as pre-trade price transparency, operational efficiency and access to institutional-size liquidity. Tradeweb clients will be able to use the platform to […]
Two online lending platforms – Spotcap and Credibly – have separately raised a total of £71.8 million in capital facilities, lending support to the sector’s prospects in the eyes of investors. Berlin-based, online lending platform Spotcap has raised €31.5 million (£23.8 million) in new funding led by international private equity firm, Finstar Financial Group, with participation from […]
The US division of RBC Wealth Management is working with BlackRock-owned digital wealth management provider FutureAdvisor on a pilot program for select clients in the United States. Called RBC Investor Gateway, the new service will provide RBC Wealth Management financial advisors with the opportunity to reach a broader range of clients through FutureAdvisor’s digital advice platform. […]
Financial software provider Misys has appointed Rob Binns as its chief financial officer. Binns joins Misys from HP where he was head of treasury and investor relations. He joined Hewlett-Packard in 2007 from Mercury Interactive and has held a number of senior finance positions in the company including VP Software Field Operations and VP Investor […]
Morgan Stanley has appointed Naureen Hassan as chief digital officer for Wealth Management, a new position in which she will lead the strategy and marketing of digital tools and platforms serving the firm’s 16,000 financial advisors and 3.5 million clients. Naureen Hassan served most recently as executive vice president, Investment Services Segments and Platforms at […]
Emprise Bank, based in Kansas in the US, has selected FIS as its new core banking provider. The bank, which has $1 billion in assets and 37 branches, selected FIS on the basis of its need for high levels of support, and capacity to provide a single platform that would integrate a set of technologies. That in turn allowed […]
Market operator Nasdaq has seen revenues from its technology sales increase, with its Technology Solutions division, which makes up 27% of total net revenues reach $146 million in the fourth quarter of 2015, up from $4 million from the fourth quarter of 2014. The exchange’s Market Technology unit, which accounts for 13% of total net revenues, […]
Global investment and private bank, UBS, has signed an agreement to expand its use of the AppDynamics Application Intelligence Platform across its critical applications to supports its digital transformation initiatives. “Using AppDynamics we have been able to improve the speed at which we identified and remediated application issues, as well as avoid incidents in the […]
Payments provider TSYS is predicting high single-figure growth following its acquisition of merchant solutions provider Transfirst in a $2.35 billion all-cash transaction. The deal, announced as TSYS reports its full-year 2015 results, will create a firm with that TSYS claims will be the third largest integrated payments provider in the US – according to a […]
In a new whitepaper, the US post-trade infrastructure provider Depository Trust and Clearing Corporation (DTCC), has voiced its belief that the financial services industry “has a once-in-a-generation opportunity to reimagine and modernise its infrastructure” by employing blockchain in a coordinated manner. Blockchain is the transaction model used to transfer ownership of crypto-currency bitcoin. It was developed […]
Americana Community Bank (ACB) is working with RAI Stone Group, the provider of the RAI Stone Analytics platform to supports its small-to-medium business (SMB) teams, which focus on organisations employing between one and 100 people. “Using this service is adding significant, measurable return-on-investment (ROI) that might have happened over time, sure. But we didn’t see […]
Cognitive computing specialist CustomerMatrix, a co-founder of forum Cognitive Computing Consortium, has closed US$10.5 million in Series-B funding. The investment, one in a series of investments in artificial intelligence-like technologies in 2016, was led by HSBC, with participation from Aster Capital, and existing investors Newfund and True Global Ventures. CustomerMatrix, which offers a predictive engine called […]
