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Established 1995
Friday 20 October 2017

LATEST NEWS

PayKey secures $10m funding

Israeli-based startup PayKey has secured $10 million in a funding round led by MizMaa, with other investors including SBI Group, Siam Commercial Bank’s FinTech subsidiary Digital Ventures, SixThirty and FinTech71. PayKey enables customers to make secure peer-to-peer payments on all social network mobile platforms such as Facebook’s Messenger, WhatsApp and Twitter. The technology used enables banks to support the payments where consumers want them most.

Sberbank signs cooperation deal with SWIFT

Sberbank and SWIFT have signed a memorandum of cooperation regarding the development and piloting of high-tech products, created and promoted by SWIFT. The parties agreed to coordinate steps to assess the potential application of blockchain technology in interbank settlement platforms. In particular, Sberbank joined the international group of financial institutions testing the prototype of SWIFT’s distributed ledger technology platform, which has been developed as part of SWIFT gpi (global payments innovations).

RBS partners with Landmark

RBS has entered into an agreement with Landmark Valuation Services to adopt its Valuation Risk Model (VRM) service, to deliver greater risk insights and efficiencies in its mortgage valuation process for both Royal Bank of Scotland and NatWest. Using property analytics and a wealth of land and environmental data, Landmark’s VRM will assess the potential risks relating to a property for every mortgage application processed by the lender. In doing so, it enables the Royal Bank of Scotland and NatWest to apply the best fit valuation approach on each and every case.

Other News Stories...

Many global FS firms ‘lacking a FinTech strategy’

Only 46 per cent of global financial institutions have a FinTech strategy in place, despite 57 per cent of institutions claiming that FinTech is the greatest source of disruption, according to a new report from KPMG. Furthermore, less than half of those believe that their strategy is well aligned with the challenges posed by FinTech.

LatAm Startupbootcamp secures 30 pilot projects

The first Startupbootcamp FinTech programme in Latin America, a joint venture with Finnovista, saw startups collectively secure 30 pilot projects and collaborations with financial entities and corporate partners of the programmes. The 11 startups showcased their innovation story and evolution during their acceleration process in front of key players from the financial industry and across the entrepreneur community in Mexico City.

JPMorgan Chase set to acquire WePay

JPMorgan Chase has announced its plans to acquire WePay in an effort to make it easy for business app makers and independent software vendors (ISVs) to integrate payments into the software commonly used by small businesses. The partnership aims to ease payment friction for both software providers and merchants. Software providers will be able to provide instant onboarding to small business clients no matter how they take payments - in store, online, or on-the-go, with the backing and fraud protection of Chase.

HSBC UK explores Open Banking with Bud

HSBC UK, through its first direct brand, has announced a partnership with FinTech startup Bud to trial a new business model, which provides customers with an integrated offering of financial services products and tools from across the market, including those from other providers. The trial forms part of HSBC UK’s Open Banking strategy, and follows the recent announcement of its beta trial. Over the coming months the group will be evaluating new opportunities brought by Open Banking across its different brands in order to continue to provide the latest in customer-centric services and digital banking offerings.

Compliance
FStech talks to Tony Reid of HDS about the compliance issues facing financial institutions and FinTech firms
Data & regulation
MarkLogic’s Chris Atkinson discusses how data affects your ability to comply with regulation with FStech

Societe Generale hires new UK head of innovation

Anthony Wooley has been announced as the new head of innovation for the UK arm of Societe Generale. In his new role, Wooley will be responsible for strengthening connections between Societe Generale and the FinTech sector in order to accelerate the adoption of emerging technologies across the organisation and to leverage the bank’s financial services expertise with industry innovations in financial technology.

ECB to host payments app competition

The European Central Bank (ECB) is preparing to launch TARGET Instant Payment Settlement (TIPS) for settling instant payments in euros, and has challenged service providers to develop an app that can be used to initiate transactions for settlement. TIPS will be compliant with the SEPA Instant Credit Transfer scheme developed by the European Payments Council to accommodate instant credit transfers across the Single Euro Payments Area.

GLEIF identifies $650m savings with LEI

The Global Legal Entity Identifier Foundation (GLEIF) and McKinsey have examined the potential use cases of the Legal Entity Identifier (LEI) in streamlining verification processes, finding that its application could save entities around $650 million annually. Across different systems and organizations, the LEI can simplify and expedite reconciliation among different systems or networks, enabling faster identity verification when using multiple data sources.

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CROSS-BORDER PAYMENTS
Kerry Agiasotis of Western Union Business Solutions talks to FStech’s Michelle Stevens about the company's WU EDGE payments platform