Payments Awards 2017: winners announced
Vocalink, Starling Bank, Nationwide, ClearBank, Barclaycard, Currencycloud and Paysafe were among the companies who collected trophies at the fifth annual Payments Awards last night.Recognising excellence and innovation across the payments sector, the 2017 awards received a record number of entries, reflected in this year’s closely fought categories. The winners were revealed at a glittering gala dinner and awards ceremony at the London Marriott Hotel in Grosvenor Square, hosted by actor and presenter Chris Barrie.
FIs ‘must improve KYC efficiency’
Financial institutions need to improve the efficiency of their KYC and sanctions remediation processes or risk losing business, a new report has found. The study from LexisNexis Risk Solutions revealed that seven in 10 professionals in financial institutions are worried that customer friction caused by inefficiencies in these practices is resulting in lost business.
OakNorth upgrades cyber defence systems
OakNorth has selected a new cyber security solution from Illusive Networks to defend its systems from targeted attacks and Advanced Persistent Threats (APTs). The new Deception Cybersecurity system detects and analyses attacks in real-time with no false positives, minimising manpower required to monitor alerts. The ability to mitigate attacks at the earliest opportunity accompanied by detailed forensic evidence at the time of the alert was also a priority for OakNorth.
AmEx introduces DLT cross-border payments
American Express today announced the introduction of blockchain-enabled, business-to-business cross-border payments. American Express’ FX International Payments (FXIP) business is working with Ripple, provider of enterprise global blockchain solutions, to make blockchain payments commercially available, reducing the time and cost of settlement, while maintaining the level of security that American Express customers know and expect. Santander UK is the selected partner to initiate this new transaction channel, which has the potential to expand substantially over time.
Monzo brings NFC to sign-up process
Monzo customers can now activate their new current account service by tapping their card on their mobile phone. Once the card arrives in the post, customers simply have to open the app and tap their card to activate it, rather than having to type in the card number or take a picture. The new feature uses near field communication (NFC), which uses a specific radio frequency to allow information to be shared between different devices at close range.
MAS launches $27m AI and data analytics grant
The Monetary Authority of Singapore (MAS) has announced the launch of a new $27 million artificial intelligence and data analytics grant. The grant, which was unveiled by Ravi Menon, managing director of MAS, at the Singapore FinTech Festival, is part of the MAS Financial Sector Technology and Innovation scheme (FSTI). The new grant aims to promote the adoption and integration of artificial intelligence and data analytics in financial institutions.
Digital innovation in FIs ‘hampered by the board’
Technology departments in financial services firms are unable to innovate with technologies like artificial intelligence and blockchain because they have lost influence in boardrooms, according to a new report. A survey of over 200 European IT decision makers commissioned by Excelian, Luxoft Financial Services reveals that 86 per cent of respondents have recently championed a major digital project that failed because it did not get past the boardroom.
Major US banks form third-party risk company
A consortium of major US banks has announced the formation of a new company, TruSight, which will provide third-party risk assessment services.The consortium includes American Express, Bank of America, JPMorgan Chase and Wells Fargo. TruSight aims to simplify the process of conducting third-party risk assessments of suppliers and partners across the financial services industry.
Vocalink powers real-time payments in the US
The Clearing House has launched a new real-time payments system in the US, which leverages technology from UK payments firm Vocalink. The new platform, labelled RTP, enables consumers and businesses to send and receive immediate payments domestically, with financial processes that used to take days now concluded within seconds. Two banks – US Bank and BNY Mellon – have completed the first live transactions.
MAS releases DLT prototypes for better payments
The industry consortium led by the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) has released the report and source-codes on distributed ledger prototypes for inter-bank payments. The report describes the prototypes developed on three Distributed Ledger Technology (DLT) platforms (Corda, Hyperledger Fabric and Quorum) and shares the findings and observations from the project.
DIFC launches $100 million FinTech fund
Dubai International Financial Centre (DIFC) has announced the launch of a $100 million FinTech-focused fund to accelerate the development of financial technology by investing in startups from incubation through to growth stage. The new fund will leverage the DIFC’s FinTech ecosystem, which consists of experimental licenses and several collaborative spaces.