07 Nov

Fintech & Banking News 7th November, 2017

Market Intel

Australia’s fintech industry grows Based on survey results from 166 fintech companies –it was found that the nation’s ecosystem has boomed over the past 12 months, seeing rapid growth with firms revelling in a 208% (or 3.1 times) annual median revenue jump. Read More

Paytm takes on messaging apps with chat feature Indian mobile wallet giant Paytm has added a chat feature to its app as it seeks to defend its ground against messaging outfits, such as Whatsapp, entering the payments space. Initially only available on Android, Inbox lets users send each other audio, video, pictures and text, as well as money. Read More

Digital, connected, client-centric: a new model for corporate bankingCorporates have made massive leaps in digitally transforming their services and it is ringing change within the corporate banking ecosystem. A new research paper explores the need for a new ecosystem. Read More

Three of Australia’s largest banks partner to create payment platform BeemThree of Australia’s largest banks, The Commonwealth Bank (CBA), National Australia Bank (NAB) and Westpac have partnered to create Beem –a new mobile peer-to-peer (P2P) payments platform. Read More

Mobile apps replace bank branches for UK millennials More than half of millennial Brits now regularly use their mobile phones to keep on top of their financial affairs, according to a Visa survey.Of more than 2000 Brits quizzed, 38% carry out banking via an app on a regular basis, with this rising to 53% for 18 to 34 year olds. Read More

20+ banks and R3 plan DLT-based cross-border payment platform Blockchain consortium R3 and 22 of its member banks have collaborated on the development of a cross-border payments platform built using distributed ledger technology (DLT). Read More

German mobile challenger bank N26 expands to UKGerman-based mobile challenger bank N26 will enter the UK market in the first half of 2018. According to N26, the UK is “one of the most advanced markets”in Europe in terms of digital payment methods. It says “non-cash payments and e-commerce are the accepted norm”. Read More

Visa rolls out real-time payments platform in EuropeVisa is to bring its real-time payments platform to market in Europe after experiencing strong growth in other key markets globally. Visa Direct enables P2P, B2C, and B2B payments with funds transfers to recipient accounts taking place within minutes. Read More

Client/Prospect Intel

Cashplus licence = new UK challenger bank London-based financial services provider Cashplus is making the bold move into the challenger bank ring by unveiling its next move: applying for a banking licence. Cashplus says it has positioned itself to become the “now generation”bank, with its “instant”online decisions, “anytime”banking services and lending products. Read More

Orange Bank launches in FranceOrange is launching its new banking offer in mainland France today. This 100% mobile-based offer is provided by Orange Bank and will be the only French bank to offer for free a service that provides real-time balances, mobile payment, innovative uses and a virtual adviser that is available 24-hours a day, 7-days a week. Read More

Al Rajhi Bank Launches Exclusive Payment Services Solution in Collaboration With Accenture – The new Hub is aimed at maintaining Al Rajhi Bank’s leadership in the payments market in Saudi Arabia, providing a unique payment solution for all the bank’s payment products & services. Read More

Westpac to work with iconic design gurus for wearable payments play Westpac is to work with top lifestyle designers to create a range of wearable tap and go payment attachments that can be fitted to consumer accessories. With Westpac’s PayWear range, customers will be able to tap and pay in the same way they regularly do with their debit card. Read More

Lloyds, Halifax and Bank of Scotland hit by system outagesThe customers of Lloyds, Halifax and Bank of Scotland have been affected by an online and mobile banking glitch that is preventing access to accounts or telling users they don’t have an account with the bank. Read More

Mizuho to test wallet app for smartphones – Mizuho Financial Group, Inc. and Mizuho Bank, Ltd. have begun proof-of-concept testing of pring*, a wallet app for smartphones. They jointly developed pring, and this proof-of-concept testing process will examine pring’s ability to perform a variety of transactions using electronic money drawn from the user’s bank account.  Read More

YES Bank fined $1 million over massive ATM breach The Reserve Bank of India has hit YES bank with a $1 million fine for failing to promptly report a breach of its ATM network. Hitachi Payment Systems in February admitted culpability for the YES Bank breach that spawned a massive recall of debit cards by the nation’s banks. Read More

Competition Intel

Lloyds Bank Invests In Payments Platform Technology From FinastraLloyds Bank announced the implementation of its payments platform, powered by Finastra. Finastra has a long history of working with Lloyds Bank, with the organization already benefitting from its corporate banking, payments and capital markets technology. Read More

Dime Community Bank signs with Fiserv –  Fiserv,announced that Dime Community Bank, a $6.44 billion asset financial institution based in Brooklyn, New York, will accelerate its transformation to a robust community commercial bank model by moving to a modern, real-time core banking platform and integrated suite of digital banking solutions from Fiserv. Read More

Bar Harbor Bank converts to Jack Henry SilverLake Jack Henry Banking division announced that Bar Harbor Bank & Trust has implemented the SilverLake System for its robust processing power and mastered flexibility. Bar Harbor was running a competitive platform in-house and was simultaneously facing an imminent investment to its IT infrastructure. Read More

Nine NZ credit unions shift to Oracle Flexcube for core bankiing – Aotearoa Credit Union was the first of the nine to go live on Flexcube in August, after 18 months of planning and implementation. NZCU Baywide is the second of nine New Zealand credit unions to shift to Oracle’s core banking offering, Flexcube. Read More

Central Securities Clearing System (CSCS) Plc plans deployment of TCS BaNCS – The CSCS Plc plans to increase automation and efficiency of the Nigerian capital market with the deployment of TCS BaNCS, a multi-asset class solution for securities depository, clearing and settlement. The new solution replaced the NASDAQ Equator. Read More

Regions Bank completes wealthtech modernisation project with SEI (underpinned by the TCS ) US-based Regions Bank has gone live with the SEI Wealth Platform, following an 18-month transition of its private wealth, asset management and institutional services businesses to the new platform. SEI Wealth Platform is underpinned by the TCS Bancs solution. Read More

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