New Currency in Financial Services
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Established 1995
Tuesday 19 March 2019

LATEST NEWS

ForgeRock launches Open Banking sandbox

Digital identity provider ForgeRock today has launched an Open Banking Sandbox-as-a-Service platform.The firm said the cloud-based testing environment for Application Programming Interfaces (APIs) is aimed at helping firms ahead of the 14 September deadline for financial services firms to achieve compliance with the next phase of the second Payment Services Directive (PSD2) regulation.

Standard Chartered launches FinTech Bridge

SC Ventures, the FinTech investment unit of Standard Chartered, is launching a market-first platform to connect startups, investors and accelerators with the bank.The FinTech Bridge is aimed at combining its own innovation drives with the best solutions from the wider FinTech ecosystem.

N26 appoints general manager to drive UK expansion

German challenger bank N26 has appointed a general manager to boost its plans for further expansion in the UK, ramping up the competition with the likes of Starling and Monzo. Will Sorby has been appointed UK general manager with a brief to lead the next stage of N26’s expansion following the launch of its mobile banking app in the UK in November last year. The company claims to have seen more than 1,000 new customers register on a daily basis since the roll out began.

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First Direct launches customer co-creation lab

First Direct is giving customers a co-creation platform within its app, enabling direct involvement in developing new products and services. The new feature, called fdesign Mobile, means first direct can share updates with ‘fdesigners’, who can feedback on any proposed changes.

One Savings Bank confirms £1.75bn merger

Challenger banks One Savings Bank and Charter Court have announced the terms of a £1.75 billion merger set to create one of the UK’s largest specialist lenders. The deal will hand 55 per cent of shares in the combined company to One Savings Bank shareholders, while One Savings Bank’s chief executive Andy Goulding and chief financial officer April Talintyre will retain their roles in the new company.

BIS issues crypto exposure warning to banks

Cryptocurrencies could pose a risk to financial stability and increase the number of risks faced by banks, according to the Bank for International Settlements (BIS). In a statement, the BIS’ Basel Committee, which develops regulatory standards for central banks around the world, said that the increasing in bank exposure to the spread of crypto asset trading platforms and crypto currencies such as Bitcoin is heightening the level of risk for financial institutions.

Experts agree banks ‘must share data to survive’

Incumbent players in the financial services industry must commit to open data protocols and collaboration with challengers if they are to survive, according to experts at the HPS Powercard Users Meeting in Marrakesh. Speaking on a panel assessing new trends in the payments space, HPS chief executive Abdeslam Alaoui Smaili commented: “Proper industry architecture is crucial – it has to be fully open or it will fail.”

DIGITAL SHOCKWAVES
Mark Evans of FStech talks to Gerard Gibney of OpenText about the need for digital transformation in UK financial services
Compliance
FStech talks to Tony Reid of Hitachi Vantara about the compliance issues facing financial institutions and FinTech firms

Barclaycard partners with Alipay in UK

Barclaycard has announced a new agreement with Alipay, which will allow retailers to accept Alipay transactions in stores across the UK. Retailers will now be able to accept in-store Alipay payments without replacing their existing point of sale systems. Building on a pilot over the past two years, the new deal will enable UK retailers to take advantage of the growing volume and buying power of Chinese visitors.

Network International considers IPO

Network International, the digital payments company operating across over 50 countries in the Middle East and Africa, has announced that it is considering proceeding with an Initial Public Offering (IPO) on the London Stock Exchange’s (LSE) main market. The company has also appointed former Worldpay chief executive Ron Kalifa as its new chairman.

BoE 'years out of date' on IT and compliance: MPs

The Bank of England’s failure to enforce compliance and modernise its IT systems risks undermining its credibility, according to MPs. A report into working culture and modernisation programmes at the central bank by the Commons Public Accounts Select Committee found that the 325-year-old institution is “years out of date”, dealing a blow to its ability to demand compliance from the industry.

DIGITAL SHOCKWAVES
Mark Evans of FStech talks to Gerard Gibney of OpenText about the need for digital transformation in UK financial services

Expert Views
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Data & regulation
MarkLogic’s Chris Atkinson discusses how data affects your ability to comply with regulation with FStech

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