Google partners Citigroup for bank accounts
Google is preparing to launch a bank account in partnership with Citigroup next year. Code-named Cache, the Wall Street Journal reported that the current accounts will not be branded as Google.
Allianz partners Microsoft for insurance ‘digital transformation’
Allianz and Microsoft have announced a strategic partnership focused on digitally transforming the insurance industry. The insurance group will move core pieces of its global platform, Allianz Business System (ABS), to the software giant’s Azure cloud and will open-source parts of the solution’s core to improve and expand capabilities.
Facebook launches in-app payments
Facebook is set to launch a new payments feature this week, allowing users to send and receive payments on its social media platforms, including Messenger, Instagram and WhatsApp. The announcement follows months of speculation over the progress of Facebook’s closely guarded plans for an in-app payments feature, as well as the controversial announcement of plans to launch the Libra digital currency and the Calibra digital currency wallet, which are separate to Facebook Pay and are currently scheduled for launch in 2020.
EPA pushes real-time payment benefits
Real-time payments are growing rapidly in the UK, signifying potential for business payments for banks and FinTechs, according to the Emerging Payments Association (EPA). The trade association published original research on how consumer expectations have drastically changed over a short period of time – with delays to fund movement or clearance no longer tolerated.
Standard Chartered invests in Silent Eight
Standard Chartered has invested in a $6.2 million funding round for artificial intelligence-powered anti-money laundering and counterterrorism financing startup Silent Eight. The fresh capital from this round will be used to hire new employees to support a pipeline of customers, comprising large banks and insurance companies. The company is hiring for its offices in Singapore, Warsaw, London and New York, with plans to double the headcount by the end of the first quarter next year.
Open Up 2020 Challenge announces 15 finalists
Nesta Challenges’ Open Up 2020 Challenge has named the 15 FinTechs to secure funding for solutions that use Open Banking to transform how people across the UK manage their finances. Run in partnership with Open Banking Limited (OBL), the prize has awarded each of the different solutions £50,000 of the £1.5 million prize pot. Three of them will also receive an additional £50,000 based on their solution’s emphasis on financial inclusion.
FS workers say AI ‘can transform the sector’
More than two-thirds (67 per cent) of UK financial services workers believe that artificial intelligence (AI) has the potential to transform many industry practices, but companies are still slow to adapt to the technology. This is according to content services firm Nuxeo, which surveyed 501 respondents working in the finance industry last month, finding that 58 per cent also think firms which embrace AI are a more attractive place to work.
Payments Awards 2019 winners announced
SWIFT and Token.io both celebrated double wins at last night’s Payments Awards. Now in its seventh year, the payment sector’s biggest event of the year was celebrated with a glitzy gala dinner at the Marriott in London’s Grosvenor Square.
AFME finds crypto-asset regulatory ‘convergence’
The Association for Financial Markets in Europe (AFME) has called for greater supervisory convergence in European crypto asset regulation. In a new paper, the industry body set out five recommendations intended to encourage collaboration between regulators in Europe, pointing out the areas where divergence in regulation exists between National Competent Authorities.
Funding Options partners DueDil to speed up SME funding
Business finance marketplace Funding Options has partnered with predictive intelligence platform DueDil to simplify its customer journey and speed up finance applications. The partnership aims to improve financing outcomes for customers by improving the fit between customer and lender, therefore speeding up the application process.
HSBC tries to dispel ‘banking dinosaur myth’
A new report from HSBC has argued that the common narrative - which portrays traditional banks as lumbering dinosaurs ripe for extinction by a combination of insurgent FinTech startups and tech giants - is false. Its new Banking in the Future report admitted that this is an attractive analysis, because it pits different types of organisations against one another in a winner takes all scenario. “But change is far more likely to come about through partnerships between the established banks and the technology sector.”