Insurtech and the future of financial modelling

May 01, 2019 at 12:01AM Mark Brown, Willis Towers Watson: technology revolution or evolution? While there seems to be a series of insurtech revolutions happening across the industry, it would be fair to say that when it comes to the trio of financial, actuarial and management reporting, the pace of change seems to have been a lot slower. To date, nobody has stood up and said, “I’ve got a great new way to be an actuary” or “hey, I’ve found an app that replaces accountants”. But my contention is that this does not mean nothing has been happening or that … Continue reading Insurtech and the future of financial modelling

Seacoast chooses Talend’s data quality and compliance solution

April 30, 2019 at 11:34AM Florida’s Seacoast Bank has chosen Talend Data Fabric to ensure regulatory compliance, reduce costs with automation and speed up data analysis, reports Jane Connolly. “Responsible data caretakers who can rely on high-quality data to better know and serve our customers” To help streamline review processes and reduce manual tasks, Seacoast Bank built a 0-100 scale index to give an overall indication of data quality. Six factors are considered: accuracy, completeness, conformity, consistency, uniqueness and validity. The index, which can also track data quality over time as the bank evolves, uses Talend to make data quality … Continue reading Seacoast chooses Talend’s data quality and compliance solution

DIT pilots to support UK fintech international expansion

April 30, 2019 at 11:13AM The Department for International Trade (DIT) has announced two Fintech Bridge Pilot Programmes to connect UK businesses with Australia and Hong Kong, reports Jane Connolly. “DIT will continue to support fintech” In partnership with Her Majesty’s Treasury (HMT), the initiatives aim to give 20 high-achieving UK fintechs the chance to receive tailored support, mentoring and networking advice, and to tackle barriers to international expansion. The selected companies, ten in each programme, will visit Australia and Hong Kong during the ten-month duration, which ends in November 2019. Secretary of state for international trade and president of … Continue reading DIT pilots to support UK fintech international expansion

Citi launches NextGen AI compliance project

April 30, 2019 at 10:59AM Global bank Citi has launched an initiative with EY and SAS to use artificial intelligence (AI) to develop an advanced risk analytics scoring engine, reports Jane Connolly. “More efficiently detect transactions with potential compliance concerns up front” NextGen will draw on EY’s business, risk and consulting experience and SAS’ advanced analytics platform to streamline the process of reviewing high volumes of global trade transactions and ensuring regulatory compliance. Many organisations still rely on manual, paper-based processes that are very time-consuming. Citi processes nine million transactions annually – by expanding the use of digitisation, automation and … Continue reading Citi launches NextGen AI compliance project

Sberbank Croatia turns to Token for open banking move

April 29, 2019 at 11:50AM Sberbank Croatia has selected turnkey open banking platform provider, Token.io, to deliver PSD2 compliance and open banking capabilities. “Focused on achieving its strategic goals and growth through innovative new services” Sberbank Croatia, subsidiary of Sberbank, is integrating TokenOS into its banking infrastructure to establish PSD2 compliance and enable the system flexibility required for it to develop new services, such as bank direct payments and account aggregation. The news extends Token’s relationship with Sberbank, which began in 2018 when Token announced a partnership with Sberbank Slovenia, as Token sees increasing interest from the region. Csaba Soos, … Continue reading Sberbank Croatia turns to Token for open banking move

ALTO taps ACI for Indonesian alternative payments growth

April 29, 2019 at 11:03AM ALTO, an interbank switch in Indonesia, is expanding its payments capabilities with the next generation of ACI Worldwide’s UP Retail Payments solution. The company selected ACI to address new regulatory requirements, capture growth in alternative payments and respond to future developments of the national payment gateway within the Indonesian market. The Indonesian firm currently provides digital payment services to banks, payment gateways, billers, corporates and merchants. With this latest implementation, it aims to add new payment endpoints in its market, which is expected to see growth in digital commerce over the next five years. “As … Continue reading ALTO taps ACI for Indonesian alternative payments growth

FIS, Fiserv and Infosys compete for Robinhood’s core banking tech deal

April 29, 2019 at 12:33AM Robinhood plots a retail bank in the US FIS, Fiserv or Infosys will be providing core processing software to Robinhood Bank once it receives authorisation from the Office of the Comptroller of the Currency (OCC). Robinhood has applied for a national banking charter to launch a consumer-focused bank in the US. “Robinhood currently uses innovative technologies to deliver brokerage services to US retail consumers. It proposes to leverage those same and other innovative technologies to offer banking services in a safe and sound manner to US retail consumers,” it explains in its application to the OCC. … Continue reading FIS, Fiserv and Infosys compete for Robinhood’s core banking tech deal

Unite Global now licensed to issue WOCU currency for banking

April 26, 2019 at 09:55AM EXCLUSIVE. Unite Global, operator of the Unite cross border payments hub, has received a licence to issue WOCU currency into the banking system. WOCU wakes up to a Unite Global partnership The WOCU is a global currency developed and distributed by WOCU, a London based fintech. The WOCU quotation is transparently based on a basket of GDP weighted, real-time exchange rates. Unite plans to issue WOCU currency from 2020, following the establishment of the Unite banking correspondent hub. The WOCU is not a cryptocurrency; it will be reserve backed, regulatory compliant and FX traded and … Continue reading Unite Global now licensed to issue WOCU currency for banking

Judo becomes Australia’s first SME-focused challenger bank

April 24, 2019 at 12:56PM Judo Capital has become Judo Bank after being awarded its full banking licence from the Australian Prudential Regulation Authority (APRA), reports Jane Connolly. “Provides an opportunity for businesses to support business funding at competitive rates” Launched in early 2018 by former NAB bankers, David Hornery and Joseph Healy, the fintech focuses on serving SMEs with annual turnovers of up to $20 million. Last year Judo raised $140 million and secured a $350 million credit line from Credit Suisse, reports Which-50. Judo’s chairman, Peter Hodgson, states the bank will be launching deposit products, starting with term … Continue reading Judo becomes Australia’s first SME-focused challenger bank

How the UK fintech sector is set to fare this year

April 24, 2019 at 12:01AM Jon Dawson, haysmacintyre: fintech will maintain peaked interest from investors Recent reports suggest that investment in UK fintech reached record levels of £2.6 billion since February 2018. So what can we expect in 2019? Can this fast growth industry maintain these peaks in investment, or will investment trends change as the sector matures and more start-ups look to scale up their businesses? First, we need to look further into investment levels. Typically, investment is driven by the attitudes of those investing. When institutional, venture capitalist, high-net-worth and private equity investors see value in a sector, … Continue reading How the UK fintech sector is set to fare this year

Empowering Investment Bankers with Data Science

April 23, 2019 at 03:21PM The Investment Banking industry is driven by customer relationships, which are highly dependent on having a contextual understanding of market developments, the deal cycle, client intent, and any past interactions. While the incredible growth of data supports this understanding, relationship management has not become easier as information resides in disparate data sources. Technology advancements in the areas of Artificial Intelligence (AI), Data Science and cloud-based Customer Relationship Management (CRM) platforms are paving the way to help bankers not only to have information at their fingertips but also recommend next best actions based on predictions drawn … Continue reading Empowering Investment Bankers with Data Science

Stripe acquires Touchtech Payments for SCA compliance

April 23, 2019 at 01:27PM Payments company Stripe has acquired a Dublin-based tech company called Touchtech Payments, intending to address the Strong Customer Authentication (SCA) standards going live on 14 September 2019. “Easy, secure, and fully compliant with the latest regulations” Touchtech Payments provides advanced SCA-ready authentication technology for Europe’s fintechs and challenger banks, like N26, Transferwise, and many others. By providing advanced authentication technology for credit card issuers, Touchtech Payments helps them offer better payments experiences for their customers, without having to choose between security and user experience. More than 300 million European consumers will need to confirm their … Continue reading Stripe acquires Touchtech Payments for SCA compliance

Could graph technology reduce the risk of another economic collapse?

April 23, 2019 at 12:01AM Yu Xu, TigerGraph: exploring the potential of graph technology Ten years ago, the world was in the grips of the Great Recession. Foreclosures mounted, the Dow had lost more than half its value in 17 months, and the unemployment rate reached double digits for the first time since 1982. No one knows when the next recession will hit, but many experts are sounding alarms over extremely high private debt levels that could explode much the way the $8 trillion housing bubble burst a decade ago. The world is swimming in a near-record $244 trillion in … Continue reading Could graph technology reduce the risk of another economic collapse?

Temenos Community Forum 2019: gone to the cloud

April 22, 2019 at 12:01AM Jean-Paul Mergeai, Temenos FinTech Futures’ correspondent spoke to Jean-Paul Mergeai, managing director Middle East and Africa for Temenos at the company’s recent Temenos Community Forum (TCF) in The Hague. I asked him about the growth of the cloud and services market in various geographies. “America is more mature on the cloud on the servicing model. That’s clear. But in terms of highlights in the last period, Europe has grown a lot over the last few years in the tier one space. To enable that growth we have added a lot in terms of investment and experienced staff,” he … Continue reading Temenos Community Forum 2019: gone to the cloud

Payfone raises $24m in round led by TransUnion

April 19, 2019 at 08:00AM Digital identity authentication provider Payfone has closed a $24 million funding round, reports Julie Muhn at Finovate. Credit reporting agency TransUnion led the round, while existing investors Synchrony, MassMutual Ventures, and Wellington Management also contributed. The investment brings the New York-based company’s total funding to $117.6 million. TransUnion’s investment comes in conjunction with a partnership between the two companies, which have been doing business together since 2017. The Chicago-based company will integrate Payfone’s Trust Platform and Trust Score into its “IDVision with iovation” suite of products. “Within this new strategic partnership, we anticipate supporting Payfone’s … Continue reading Payfone raises $24m in round led by TransUnion

Top fintech stories this week – 18 March 2019

April 18, 2019 at 04:01PM Catch up on FinTech Futures’ top five fintech stories of the week – all in one place! Temenos Community Forum 2019 Lemonade valued at $2bn following $300m funding round The fintech company has raised $480 million to date. TCF 2019: Temenos locks and loads digital banking offerings Exclusive coverage from the vendor’s event. Europe’s biggest IPO of 2019 sees Nexi raise €2bn More than 340 investors, including 100 from Italy, bought the mix of new and existing shares. N26 under German regulator’s microscope German regulator BaFin has found several deficiencies that the bank must address … Continue reading Top fintech stories this week – 18 March 2019

New cryptocurrency exchange eToroX unveiled

April 18, 2019 at 01:00AM Social trading and investment platform eToro has unveiled the launch of eToroX at Paris Blockchain Week today, reports Julie Muhn at Finovate.  The new platform is a digital asset exchange regulated by the Gibraltar Financial Services Commission. Doron Rosenblum, Managing Director of eToroX, says, “We are one of the first companies in the world to obtain a license for crypto assets, and one of only a handful of regulated exchanges in the crypto space.” The exchange supports six cryptocurrencies: Bitcoin, ether, ripple, dash, bitcoin cash, and litecoin. EToroX will also support eight fiat stablecoins, including: eToro New Zealand … Continue reading New cryptocurrency exchange eToroX unveiled

New challenger Xpats kicks off from Mexico

April 16, 2019 at 05:26PM Xpats Challenger Bank is a new Mexican venture targeting, as you can imagine, expats around the word, with a digital and mobile offering. FinTech Futures understands that the new digital bank was set up by Ictineo Plataforma, which offers financial solutions for productive sectors of the population with low incomes. The company is a financial institution regulated by the CNBV. From this company, only Robert Monturiol is mentioned as a founding partner at Xpats. It is also understood that Xpats uses technology provided by Evolve Fintech, a Mexico-based fintech platform which provides regulated white labelled … Continue reading New challenger Xpats kicks off from Mexico

Indian payments fintech Cashfree closes $5.5m Series A round

April 16, 2019 at 12:54PM India-based start-up Cashfree has raised $5.5 million in a Series A round led by Smilegate Investment, reports Jane Connolly. “API banking is the future of business banking in India and we are at its forefront” US accelerator programme Y Combinator – from which Cashfree graduated in 2017 – also participated in the round, along with previous investors Vellayan Subbiah, former managing director of Cholamandalam Investment, and ex-UK Chancellor, George Osborne. Having originally launched as a payment gateway, Cashfree also focuses on moving money in India and connects its customers’ corporate banking services via a single … Continue reading Indian payments fintech Cashfree closes $5.5m Series A round

Canadian challenger Mogo merges with Difference Capital

April 16, 2019 at 10:46AM Mogo Finance Technology, the Canadian challenger bank, has signed a definitive arrangement to merge the bank with Difference Capital Financial. “This transaction enables Mogo to continue to invest in new products and innovation” Under the terms of the agreement, each common share of Mogo will be exchanged for one Difference common share. Upon completion of the transaction, former Mogo shareholders will own approximately 80% of the combined entity on a fully diluted basis. The transaction is subject to Mogo shareholder approval, regulatory approval and satisfaction of other customary conditions. The transaction is expected to close … Continue reading Canadian challenger Mogo merges with Difference Capital

Vision Blue acquires Cardiff-based SamePage

April 15, 2019 at 02:23PM Vision Blue, the regtech for credit and debt recovery sectors, has acquired Cardiff-based fast growth fintech company SamePage Group, provider of loan origination software platforms. Financials details for the transaction remain undisclosed. The acquisition of SamePage by Vision Blue comes after a recent partnership which saw both companies deliver a full lifecycle Loan Origination and Account Management System (LMS) for the Green Deal Finance Company (GDFC). Colin Brown, managing director at Vision Blue says: “Lenders are increasingly transitioning from cumbersome and inflexible legacy lending platforms to newly developed digital cloud-based solutions utilising current technologies and … Continue reading Vision Blue acquires Cardiff-based SamePage

N26 under German regulator’s microscope

April 15, 2019 at 01:43PM German challenger N26 is going under scrutiny by German regulator BaFin, which has found several deficiencies that the bank must address as soon as possible. “We’ve increased our workforce from 500 employees in August 2018 to more than 1,000 today” Valentin Stalf, CEO of N26, has released a statement highlighting its commitment to fixing those issues: “As all licensed banks, N26 is subject to regular internal and external independent audits, including those by the German financial regulatory body BaFiN. Like all German banks, we are under BaFin’s supervision and have a very close working relationship … Continue reading N26 under German regulator’s microscope

Australian challenger 86 400 partners with Vow Financial for home loans

April 15, 2019 at 11:08AM Australian challenger bank 86 400 has secured national distribution with Vow Financial, one of the largest aggregators in Australia and part of the Yellow Brick Road Group, which will enable the challenger to deliver home loans via Vow Financial’s network of over 1,200 brokers. This development prepares 86 400 for its home loan offering, pending a full banking licence from the Australian Prudential Regulation Authority (APRA). Robert Bell, CEO of 86 400, says: “We didn’t set out to create a standard home loan product — we are building an entirely new approach to the home … Continue reading Australian challenger 86 400 partners with Vow Financial for home loans

Seven strategies to crush your self-doubt and take the driver’s seat in your STEM career

April 15, 2019 at 12:01AM Imagine after working hard and excelling in school, you finally get your dream engineering role or you find your passion in fintech and cybersecurity and you have great motivation to apply your knowledge to solving global challenges. It’s Monday morning and you are surrounded by male colleagues. A stakeholder enters the room but instead of acknowledging your contribution, he undermines you and does not take you seriously. He isn’t used to seeing many women in your field and this is your turn to attempt to present your big idea. Suddenly, the self-confidence you thought you … Continue reading Seven strategies to crush your self-doubt and take the driver’s seat in your STEM career

Teradata Universe Madrid 2019: Teradata agrees that less is more

April 12, 2019 at 09:58AM Last year the San Diego group declared much analytics investment by banks and corporates was wasted and it was consolidating its offerings so they could achieve answers from data, reports Graham Buckley.  Teradata caused something of a stir last October at its annual event in Las Vegas, when it urged financial institutions and corporates to “stop buying analytics”. A self-defeating command it might seem, given that data management solutions for analytics (DMSA) has been the company’s core business for much of its 40 years and ever since it gained its independence from NCR Corporation back in … Continue reading Teradata Universe Madrid 2019: Teradata agrees that less is more

A five-year crypto plan: here’s what we can expect

April 12, 2019 at 12:01AM Mike Rymanov, DSX Technologies: fintechs must stop squabbling with the regulators Since its inception in 2009 crypto has had a turbulent but lucrative existence. Its $200 billion valuation and evident success is partly due to the bolshy fintech firms uprooting this legacy sector with shiny new initiatives. And, while the advent of crypto has caused conflicts along the way, cryptocurrency remains an enticing investment option. So what exactly does the future hold for crypto? Here’s my thoughts: Tech brands will try their luck at crypto This year alone we’ve already seen two tech giants eyeing … Continue reading A five-year crypto plan: here’s what we can expect

Nasdaq announces purchase of shares in Oslo Stock Exchange

April 11, 2019 at 01:37PM Nasdaq has acquired 844,071 shares in the Oslo Stock Exchange (Oslo Børs VPS), advancing what it calls “the best solution” to support the Norwegian capital market, reports Jane Connolly. “The best solution” to support the Norwegian capital market Following the purchases, made at NOK 158 ($18.58) per share, 37% of Oslo Børs VPS shares are now owned by Nasdaq or are subject to pre-commitments to accept the offer. The news comes three days after the Financial Supervisory Authority of Norway made a recommendation to the Ministry of Finance to approve both Nasdaq and rival Euronext … Continue reading Nasdaq announces purchase of shares in Oslo Stock Exchange

Finicity Partners accelerates Pulte Mortgage’s asset verification

April 11, 2019 at 12:02PM Real-time financial data access and insights provider Finicity has a new partner in the mortgage space. The company is teaming up with Pulte Mortgage to help the firm improve the home financing process for borrowers, reports David Penn at Finovate. “Today’s consumers have come to expect simple and rapid experiences enabled by digitisation,” Finicity CEO Steve Smith says. “Pulte is an innovator that is embracing digital solutions to further deliver a superior borrower experience by giving their loan consultants more time to engage with their buyers.” Pulte Mortgage will leverage Finicity’s technology to accelerate asset verification, … Continue reading Finicity Partners accelerates Pulte Mortgage’s asset verification

New funding set to make Monzo second-largest UK fintech startup

April 11, 2019 at 11:42AM After reportedly closing a £100 million funding round, digital challenger bank Monzo will see its valuation double to nearly £1.9 billion and become the UK’s second most valuable fintech startup, Jane Connolly reports. Monzo secured £85 million in funding to take its valuation above £1 billion Following the deal with a US investor – which has yet to be approved by the Prudential Regulation Authority – the unicorn will eclipse rival Revolut and will be second only to business lending bank Oaknorth, reports the Sunday Times. Just six months ago, Monzo secured £85 million in funding to … Continue reading New funding set to make Monzo second-largest UK fintech startup

New petition calls out big banks for stifling competition

April 10, 2019 at 11:24AM A petition demanding government action against high street lenders has been started by the director of UK credit reference agency LendingMetrics. The growing number impacted by this issue suggests that the problem is anti-competitive The petition alleges that some clearing banks are systematically discriminating against challenger start-ups by refusing to open business current accounts for them. Signatories claim there is a growing number of non-mainstream lenders who are being turned down for accounts despite meeting all the usual requirements and not requiring finance. The petition states that the growing number impacted by this issue suggests … Continue reading New petition calls out big banks for stifling competition