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Established 1995
Thursday 18 July 2019

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Temenos buys AI startup Logical Glue for £12m

Banking software firm Temenos has acquired artificial intelligence (AI) platform Logical Glue for £12 million, as the industry responds to demand for “explainable” AI banking products. Temenos said Logical Glue’s software-as-a-service (SaaS) platform would bolster its AI offering, giving banking clients enhanced transparency and explainability when it comes to automated decisions.

Payments FinTech SumUp raises €330m

Payments FinTech SumUp has raised €330 million to grow its network of merchants across 31 markets worldwide. The funding round was led by Goldman Sachs Private Capital, Bain Capital Credit, HPS Investment Partners and TPG Sixth Street Partners.

N26 valued at $3.5bn after $470m raise

German digital bank N26 has seen its valuation climb to $3.5 billion after extending a Series D funding round to $470 million.The Berlin-based mobile bank, which launched in the UK in October, has added a further $170 million into its coffers as it prepares to launch its services in the US over the summer. The extension is a bolt on to a $300 million raise in January.

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Facebook ‘won’t launch Libra until regulators approve’

Facebook is prepared to postpone the launch of its Libra digital currency until global financial regulators are satisfied that it meets security, data privacy and consumer protection standards. In an appearance before the United States Senate Banking Committee, David Marcus, a former PayPal executive who is leading Facebook’s Libra unit, told lawmakers that the company had heard concerns raised by governments and policymakers “loud and clear”.

Finix raises $17.5m for payments solution

Finix, a payments infrastructure platform built by the former PayPal, First Data and Worldpay executives, has landed $17.5 million funding from investors including Visa and Bain Capital Ventures. The US-based company, co-founded by Richie Serna and Sean Donovan, launched its payments processing solution in 2015.

Open Banking 'kick starts' Open Data future

The Open Banking Implementation Authority (OBIE) has published a report on the progress of the data sharing reforms, paving the way for expanding them into other areas of finance. Research for the report, commissioned from Fingleton and the ODI, was carried out with stakeholder interviews among third party providers (TPPs), representatives of banks, the OBIE, Competition and Markets Authority and Financial Conduct Authority staff and consumer representatives.

BCR names final switching scheme bank

Banking Competition Remedies (BCR) has announced the results of the second Incentivised Switching Scheme application process, with only Habib Bank Zurich applying and meeting the eligibility criteria. Its offer will go live in mid-August 2019, while existing eligible applicant Nationwide Building Society has met all eligibility criteria, but is yet to launch a business current account offering. It has plans to do so in early 2020.

Assessing the cloud migration landscape
FStech editor Peter Walker sits down with Rackspace solutions director Rhys Sharp to discuss cloud adoption challenges - skills shortages, cultural barriers, legacy systems - and the solutions that the company offers, as well as trends within cloud migration and regulatory attitudes towards the industry.
DIGITAL SHOCKWAVES
Mark Evans of FStech talks to Gerard Gibney of OpenText about the need for digital transformation in UK financial services

FinTech Curve lands $55m for European expansion

FinTech startup Curve has secured $55 million (£43.9 million) in a Series B funding round that valued the company at $250 million.The Open Banking platform, which consolidates multiple cards and accounts into one smart card controlled by an app, launched out of its Beta phase in February 2018 and has since acquired more than 500,000 customers.

PayPal launches money transfer service in UK

PayPal has launched Xoom, its international money transfer service, in the UK and 31 other European markets. Users can send up to £8,800 in a single transaction to more than 130 markets internationally. Existing PayPal customers can use their account to access Xoom’s services, and use their bank accounts to transfer funds, in addition to the debit and credit card options available through Xoom.

FCA demands consideration of AI ethics

The use of artificial intelligence (AI) in financial services is still only at a “nascent” phase, with a number of firms yet to ask themselves fundamental questions around ethical use, according to the Financial Conduct Authority’s executive director of strategy and competition. Announcing the launch of the FCA’s partnership with the Alan Turing Institute at a conference this morning, Christopher Woolard said the project would focus on the practical challenges of transparency and explainability of AI in the financial sector.

FStech editor Peter Walker sits down with Rackspace solutions director Rhys Sharp to discuss cloud adoption challenges - skills shortages, cultural barriers, legacy systems - and the solutions that the company offers, as well as trends within cloud migration and regulatory attitudes towards the industry.

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FStech talks to Tony Reid of Hitachi Vantara about the compliance issues facing financial institutions and FinTech firms