SWIFT’s payments initiative attracts 73 banks
More than 70 banks have signed up to SWIFT’s global payments innovation initiative, designed to improve the cross-border payments experience with greater speed, transparency and end-to-end tracking. Following a strict set of business rules designed by SWIFT, participating banks will be able to provide corporate clients with same day use of funds, transparency of fees, end-to-end tracking and the transfer of rich payment information.
Banco Bradesco joins the R3 consortium
Banco Bradesco, one of the largest banking and financial services companies in Brazil, has joined the R3 consortium, which aims to design and apply distributed and shared ledger-inspired technologies to global financial markets. Bradesco will join more than 50 of the world’s largest financial institutions and R3’s team of blockchain and cryptocurrency experts to help advance this type of technology to meet the requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems within the finance sector.
DBS Bank adopts cloud productivity technology
DBS Bank has become the first Singapore bank to go live with cloud-based productivity technology, designed to help employees improve mobility, efficiency and productivity in the workplace. The bank will pilot the Office 365 programme among 1,000 staff, with a view to including its entire 22,000-strong workforce across 18 markets over the course of the next year.
SOSafe targets mobile data management
Serial entrepreneur Hamish Ogston has ploughed £10 million into a new mobile platform called SOSafe, which allows consumers to manage their accounts and financial data. With SOSafe, the aim is for consumers to use their smartphones or laptops to manage everything concerning the use and security of their payment cards, alternative accounts, digital identity and personal data.
BMCE Bank rolls out new reporting system
BMCE Bank International, a subsidiary of Morrocco’s BMCE Group, has begun using a regulatory platform from AxiomSL to automate calculations and reporting in the UK. The new system complies with the Bank of England’s statistical reporting requirements, including FSA 047/048, ELS and balance sheet returns.
Quoine closes $20m Series A funding round
Bitcoin exchange Quoine has successfully completed a $20 million Series A funding round, led by Japan’s largest venture capital firm JAFCO. The investment comes after the Japanese government recently passed a bill that officially recognises and regulates digital currency exchanges – working towards the full legitimacy of digital currencies.
BankID pilots new authentication technology
Norway’s BankID is to trial a new smart authentication platform from Encap Security, which removes the need for key fobs by enabling authentication within a smartphone app. Developed originally to simplify access to online banking, BankID is now used by 80 per cent of all adults in Norway to prove identity to various organisations, including all government departments and all of the country’s banks and mobile operators.
Number of EMV chip payment cards hits 4.8bn
There was sustained growth in the worldwide adoption of EMV chip technology last year, according to the latest figures from EMVCo. The number of EMV payment cards in global circulation increased by 1.4 billion during 2015 to reach 4.8 billion by the end of the year. Furthermore, EMVCo reported that 35.8 per cent of all card-present transactions conducted between January and December 2015 used EMV chip technology, up from 32 per cent for the same period in 2014.
FIs set to invest $1bn in blockchain in 2016
Financial service firms and technology providers will spend more than $1 billion on blockchain development in 2016, according to a new report from Greenwich Associates. This investment highlights the race to bring distributed ledger technology (DLT) to capital markets, said the research, which assessed the growing adoption of blockchain across banks, brokers, asset managers, exchanges and blockchain technology firms.
An expert panel, including Lloyds, Metro and Dell, discuss how banks can grow their business in the digital age
Michelle Stevens talks to Carl Churchill, the MD of NetPay, about technology trends in the payments industry and the company’s expansion plans