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Established 1995
Saturday 22 July 2017


Nottingham Building Society to open new branches

Nottingham Building Society is bucking the digital trend after announcing that later this year it will open seven new branches in market towns across the Midlands, Cambridgeshire and Norfolk. The new branches will be unveiled in November and Dec ember this year, with many banks choosing to close branches in the wake of a more digital age. The Nottingham Building Society said that branches can have a future if banks and building societies ‘reinvent’ their role and make them more relevant to the needs of customers today.

OCBC targets money laundering with AI tech

OCBC Bank has piloted two FinTech solutions to enhance its competency in fighting money laundering and terrorism financing. The two FinTech companies involved – BlackSwan Technologies and Silent Eight – were part of the second FinTech Accelerator Programme run by The Open Vault at OCBC. The companies leverage artificial intelligence to conduct research on individuals and entities suspected of illegal financing. This is done by searching for information on individual profiles, and mapping how suspicious transactions may be linked to one another to see if they are indeed fraudulent or illegal.

ANZ opens first cashless branch in Brisbane

ANZ has opened its first entirely cashless branch in Brisbane, as the Australian bank’s customers continue to choose online and digital banking options instead of cash. The new branch in George Street, Brisbane is ANZ’s seventh cashless branch across Australia since it opened the first one in Sydney’s Bondi Junction in March last year. The new George Street branch does not offer traditional telling or over-the-counter cash handling, but staff are available to help customers deposit and withdraw cash through the bank’s SMART ATMs.

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FCA raises online currency converter concerns

The Financial Conduct Authority (FCA) has raised concerns about payment and e-money institutions using currency converter tools in relation to their currency transfer services in a “misleading way”. The FCA has commenced investigations into a number of payment institutions whose promotions it considers to be potentially misleading as a result of their use of the interbank rate in an online currency converter tool and in other promotional material.

Ingenico acquires Bambora for €1.5 billion

Ingenico has announced the acquisition of payment services outfit Bambora from Nordic Capital in a deal worth €1.5 billion. The transaction, which will be “fully financed through available cash and debt”, is in line with Ingenico’s mission to provide a more integrated client offering and omnichannel solutions. Headquartered in Stockholm, Bambora employs more than 700 people across Europe, North America and Australia and delivers in-store, mobile and online services through end-to-end payment solutions for over 110,000 merchants and enterprises globally.

Third of UK card payments now contactless

A third of all UK card payments are now contactless, a sharp rise from the 18 per cent figure posted in May 2016, the latest UK Finance statistics show. A total of £4.5 billion was spent via contactless in May 2017, compared to £3.9 billion in April 2017. The number of card payments in total continued to grow to 1.4 billion, an increase of 12 per cent over the past year.

Wells Fargo pilots online ‘Control Tower’

Wells Fargo has unveiled a new digital banking experience to provide customers with a single view of their ‘digital financial footprint’. The new ‘Control Tower’ will provide customers with a view of where their Wells Fargo card or account information is connected (such as recurring payments, third parties, mobile wallets, devices, subscriptions etc) — and will enable customers to control when and where their Wells Fargo account is shared via an on/off function from one single, convenient, and secure place.

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

Non-bank PSPs set for RTGS account access

The Bank of England has announced that it will be opening direct access to RTGS accounts to non-bank payment service providers (PSPs). This enables non-bank PSPs to apply for direct access to the UK’s sterling payment systems that settle in sterling central bank money, including Faster Payments, Bacs, CHAPS, LINK, Visa, and the new digital cheque imaging system, when it goes live.

TSB to roll out iris scanning technology

TSB is set to introduce iris scanning technology to its mobile app, as the bank’s digital transformation gathers pace. In what TSB claims is a first in Europe, customers with a Samsung Galaxy S8 or S8+ will be able to unlock their TSB mobile banking app using the Samsung Pass iris scanner. This means TSB’s customers can access their banking using either the fingerprint or the iris scanner, so there is no need to remember lengthy IDs or passwords.

Finstar earmarks $150m for FinTech investment

The Finstar Financial Group has unveiled a $150 million fund that it will use to invest both in new FinTech startups and its in-house research and development of financial technology. The international private equity group said its five-year investment plan was part of a wider strategy to expand and improve its FinTech offering, particularly in its primary markets of Europe, Latin America and Southeast Asia.

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