UK banks to set up cyber security centre
Britain’s leading banks and insurers will join forces to fortify the financial system against cyber attacks with the launch of a dedicated cyber security body. More than 20 of the UK’s largest banks, insurers and securities exchanges are planning the launch of the Financial Sector Cyber Collaboration Centre (FSCC) early next year, in a bid to counter the growing threat to private sector institutions from cyber criminals, the Times has reported.
UK FinTech launches AI-driven investing
UK-based asset intelligence firm Bridgeweave has announced the launch of an artificial intelligence (AI) powered trading insights product for individual investors. The Investment Insights proprietary platform has been built using CognitiveScale’s Augmented Intelligence software to process large amounts of historical, transactional and real-time data.
G4S creates cryptocurrency vaults
Security giant G4S is entering the cryptocurrency market with a new service offering high security offline storage that aims to keep digital assets out of the clutches of hackers. The firm, best known for its cash storage and prison services, is launching a secure storage vault to help financial services firms and crypto traders guard their holdings in Bitcoin, Ethereum, Litecoin and other cryptocurrencies from the “wild west” of currency exchanges.
PayPal agrees American Express deal
PayPal has announced new partnerships with American Express and Walmart, as its third quarter results reveal revenue growth of 14 per cent to $3.68 billion. The global payments platform’s statement also showed that 2.5 billion payment transactions were made during the three months to the end of September - up 27 per cent - while 9.1 million active accounts were added - up 15 per cent.
Société Générale launches biometric bank card
Société Générale (SocGen) is trialling a bank card with a fingerprint sensor, becoming the first French bank to experiment with biometric-enabled cards. It launched the technology following the successful roll out of a new generation card equipped with a dynamic card verification code to 400,000 clients, which the bank suggests is proof of growing appetite for additional card security features.
Blockchain to enter the mainstream by 2025
Blockchain will enter the mainstream as a leading supply chain technology in 2025, according to a new study by the Capgemini, which found that investment in the distributed ledger technology (DLT) is likely to grow by 30 per cent in the next three years.A survey of 450 financial services organisations worldwide found that far from taking the slow-start approach to the DLT, early adopters of blockchain are doubling down on their investments, with 60 per cent saying that blockchain has transformed the way they collaborate with partners.
Pay.UK seeks payment infrastructure partner
Pay.UK, the retail payments authority formerly known as the New Payment System Operator (NPSO), has today published a procurement prospectus with the aim of finding a strategic partner to help deliver retail payment infrastructure. The publication marks the starting point of a competitive process to appoint an organisation to define, deliver and operate the New Payments Architecture (NPA), which will safely and securely process trillions of pounds worth of payments every year.
Deutsche Bank demands forward-thinking regulation
For FinTech to truly be transformative, a global regulatory approach which accepts the ‘new realities’ created by emerging solutions is needed. This is according to a new white paper from Deutsche Bank, which argues that the emergence of new technology relating to Open APIs, the cloud, blockchain and artificial intelligence (AI) has driven increasing volumes of digital data, new market players, business models and evolving client expectations.
NatWest puts syndicated loans on blockchain
NatWest has integrated with a new blockchain-based platform that aims to streamline the global syndicated loans market – worth over £3.5 trillion in loan deals last year. The Fusion LenderComm platform - due to go live in November - aims to revolutionise communication between lenders and agents using blockchain to ensure messages are secure and confidential.
Ex-Barclays boss: All banks will adopt AI
All banks will have to adopt artificial intelligence (AI) within the next five years to keep up with the demands of the next generation of customers, according to a former Barclays wealth manager. Akshaya Bhargava, who today launched AI FinTech platform Bridgeweave, also told City AM that banks will need to deploy new technologies in order to meet the expectations of the Millennials who will soon take over from the Baby Boomer generation as part of the $30 trillion “great wealth transfer”.
UK SMEs demand Open Banking services
New research has shown that UK-based small to medium-sized enterprises (SMEs) encounter regular problems with digital services at the traditional banks they use and are considering moving to mobile-only challengers. A survey of over 450 SME owners by Unisys Corporation also found that Open Banking has the potential to shake up the market and facilitate innovative new propositions SMEs are looking for.