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March, 2019
Archive

723

Klarna launches Open Banking platform

via Finextra

Klarna, one of Europe’s leading payment providers and the global market leader in payment initiation services, announces the launch of its own Open Banking Platform.

This platform will enable access to more than 4,300 European banks through a single Access to Account (XS2A) API in line with Payment Services Directive (PSD2). Klarna’s XS2A API is the most established and proven solution that has been developed at scale across markets for almost 15 years through the Klarna Group company Sofort.

(more…)

Fintech news, Open Source/ API, Payment processors/providers/gateways

March 28, 2019

442

Kong raises $43 million to expand its API automation platform

via VentureBeat 

Kong announced that it has closed a $43 million round of venture capital to extend the reach of its API automation service.

The San Francisco-based startup is riding the wave of microservices as companies rethink the way they develop applications for cloud-based computing. Kong says adoption of its platform accelerated in 2018 to reach more than 75 million downloads of its open source API platform and deals with 110 enterprise customers. (more…)

Deals, Open Source/ API

March 28, 2019

553

FICO and Equifax Forge Strategic Partnership

via Finovate blog 

A new strategic partnership between FICO and Equifax will help financial institutions better manage risk, marketing, and fraud. The two companies have introduced the Data Decisions Cloud: an end-to-end data and analytics suite that integrates Equifax Ignite, a data and analytics management solution, with FICO Cloud applications and Decision Management Suite, FICO’s digital decisioning platform. (more…)

AI / Machine Learning / Big Data, Fintech news, Security

March 28, 2019

682

Everest to supply KYC platform in Samoa for cross-border transactions

via FinTech Futures 

Asian Development Bank (ADB) has selected Everest, a California-based firm that uses blockchain for know-your-customer (KYC) purposes, to fix a cross-border issue in Samoa, Australia and New Zealand.

The contract with ADB was signed on 1 March this year, with the implementation starting immediately and expected to be finished in Q3 of this year, Everest CEO and co-founder Bob Reid tells FinTech Futures. Everest was granted the contract after the call for proposals by ADB was made in October. (more…)

Blockchain, Fintech news, InspirAsia, Security

March 28, 2019

296

Rewire helps migrants in Europe with $12m funding

via FinTech Futures 

Rewire, the fintech that developed a banking platform for migrants, has completed a Series A investment round of $12 million.

This latest round, led by venture fund Viola Fintech, is supported by new and existing investors, including BNP Paribas through their venture capital fund Opera Tech Ventures, OurCrowd, Moneta, Professor Yair Tauman, Yaron Lemelbaum, Leon Vaidman and partner Standard Bank of South Africa.

Rewire provides an international banking platform for migrants who transfer most of their income to their countries of origin. (more…)

Banks, Payment processors/providers/gateways

March 28, 2019

564

Inside OakNorth’s plan to take its lending technology global

via Tearsheet

As a challenger bank, OakNorth charts a different course. While Revolut, Monzo, and N26 focus on putting their digital current accounts in the hands of millions, OakNorth doesn’t even offer a current account. While other challengers are racing to acquire banking licenses all over the world, OakNorth is happy with just a UK license.

OakNorth is also posting profits while other challengers aren’t.  The bank announced a £33.9m profit for 2018, up 220 percent from 2017. (more…)

Banks, p2p/online lending, SME

March 27, 2019

395

Hong Kong hands out virtual bank licenses as it disrupts traditional banking

via Tech in Asia 

Hong Kong’s monetary authority handed out three virtual bank licenses to allow financial institutions to operate branchless savings and lending businesses, as the city catches up with other Asian jurisdictions in disrupting traditional banking to move it beyond brick-and-mortar premises.

(more…)

Banks, Hong Kong, InspirAsia

March 27, 2019

432

Bank Negara Malaysia to Pave the Way for Neo Banks

via Fintech News Malaysia 

by Vincent Fong

Bank Negara Malaysia will soon release its requirements for a virtual banking license by end of this year. Virtual banking license seems to be all the rage these days with Hong Kong announcing their 3 approved licensees the same day Malaysia announces its ambitions to regulate this space. (more…)

Banks, InspirAsia, Malaysia, Mobile-first banks

March 27, 2019

1281

Tech Nation Lists 10 Fintech Pioneers In Future Fifty 2019 Cohort

via Forbes 

Revolut, Monzo, Starling Bank, Currencycloud, Aire, Blockchain, MarketInvoice, Quantexa, Nested and Salary Finance were revealed to be among the 24 most dynamic and fast-growing late-stage technology companies to be chosen to join Future Fifty’s 2019 cohort.

Founded in 2013, Future Fifty works to champion the best British technology companies and provide support as they embark on their scale up journey on a national and international level. Alongside this, the programmes helps the organizations create jobs and inspire the next generation of entrepreneurs. (more…)

Fintech news

March 27, 2019

197

Behind BBVA’s ramp of its Banking as a Service offering in the US

via Tearsheet 

Tearsheet talked with Brent Baker, the head of growth and operations at BBVA’s Open Platform, which means he’s in charge of bringing new customers and maintaining risk and control. The talk focuses primarily on his work with the firm’s banking as a service offering and how it fits into BBVA’s global strategy of being the bank of billions of people. (more…)

Open Source/ API

March 26, 2019

598

Crypto Exchange Binance Enhances Global KYC/AML Measures With Tools From IdentityMind

via Forbes 

Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, is implementing stronger know-your-customer (KYC) and anti-money laundering (AML) regulations to ensure data security and compliance across their global operations.

Following the launch of Bitcoin Lite in Australia, Binance announced today a new partnership with Medici Ventures portfolio firm, IdentityMind. This collaboration is part of a joint mission to help raise the blockchain industry’s standards by improving existing data protection and compliance measures. (more…)

Blockchain, Cryptocurrencies, Financial Markets / Trading

March 26, 2019

796

Tandem Teams Up With Token.io For Open Banking Opportunities

Via Crowdfund Insider

Turnkey open banking platform provider, Token.io Limited, announced on Monday it has formed a partnership with digital-first challenger bank Tandem Bank to achieve PSD2 compliance and leverage open banking opportunities. According to Token.io, Tandem is now looking to look beyond core compliance, developing innovative new services that make use of new opportunities around payments.  (more…)

Fintech news, Mobile-first banks, Open Source/ API

March 26, 2019

827

Viva Republica finalizes consortium for internet-only Toss Bank

via The Korea Herald 

Viva Republica, operator of mobile payment app Toss, said Monday that it has finalized a consortium to establish Toss Bank, the third internet-only bank here.

The consortium will consist of Silicon Valley-based venture capital Altos Ventures, Goodwater Capital, Brazil’s Nubank, UK fintech player Revolut, and the Korea Electronic Certification Authority, the company said in a press release. (more…)

InspirAsia, Korea, Mobile-first banks

March 25, 2019

638

Fixing The KYC And AML ‘Horse-and-Buggy’ Model

via PYMNTS

Only 1 percent of proceeds from financial crimes are intercepted, which means the bad guys are getting away with hundreds of billions of dollars, even trillions. Trulioo General Manager Zac Cohen tells Karen Webster that AML and KYC efforts can be enhanced if FIs think of compliance as a revenue generator, and seek partnerships with tech-nimble firms in a sandbox environment.

(more…)

Security

March 25, 2019

609

WTF is banking as a service?

via Tearsheet

Like other industries, banking is in the slow process of moving to the cloud. As this happens, banking functionality is becoming available on demand. By working with a banking as a service provider, any app can bolt on a current account or process payments. This move calls into question what a bank really is and who will function as a user’s primary financial institution. (more…)

Banks, Influences FinTech, Open Source/ API

March 25, 2019

602

Apple Card will make credit card fraud a lot more difficult

via TechCrunch

Apple’s new credit card has a curious security feature that will make it much more difficult to carry out credit card fraud.

The aptly named Apple Card is a new credit card, built into your iPhone Wallet app, which the company says will help customers live a “healthier” financial lifestyle. The card is designed to replace your traditional credit card and give you perks, such as daily cash. Chief among the benefits is a range of security and privacy features, which Apple says — unlike traditional credit card providers — the company doesn’t know where a customer shopped, what they bought or how much they paid. (more…)

Credit/Debit/Prepaid cards, Hotnews, Security

March 25, 2019

1195

World’s fastest growing SME neo-bank announces Middle East expansion

via FinTech Magazine

Open, a neo-banking startup which offers business banking solutions for startups and SMEs, has announced that it will expand into the Middle East market. (more…)

Banks, Fintech news, Mobile-first banks, SME

March 22, 2019

620

Monzo and OakNorth join forces to offer savings accounts in challenger bank tie-up

via AltFi

Savings accounts will launch for Monzo’s 1.6m customers on Monday, powered by fellow fintech unicorn OakNorth.

The partnership will see Monzo launch seven types of savings ‘pot’, ranging from an easy-access account offering 1% AER all the way to a 12-month fixed-term account boasting a 1.53% AER.

Two of the accounts are available in a cash ISA, with an easy-access account at 1.14% AER and a 12-month fixed account at 1.38% AER. (more…)

Banks, Fintech news, Mobile-first banks

March 21, 2019

336

BOC goes live with Epic Lanka’s Clari5 AML Solution to battle sophisticated financial threats

via The Daily FT

Technical advancement in transaction monitoring and futuristic risk-based approach of Clari5 AML system to help Sri Lanka achieve discipline in global financial space.

(more…)

InspirAsia, Security

March 21, 2019

929

Tandem Bank launches ‘Autosavings’ account

via TechCrunch

Tandem Bank, the U.K. challenger bank, is launching a new savings account powered by its “Autosavings” feature designed to make it easier to save.

Paying 0.5 percent interest, the Tandem Autosavings account is effectively a flexible savings bank account built on top of Tandem’s existing bank account aggregation app and the various credit cards it offers. Using a number of rules, it will automatically put money aside based on your spending habits and what its algorithm deems you can afford. (more…)

Banks, Fintech news

March 20, 2019

226

Open Banking Is a Reality for Some Commercial Banking Customers

via Accenture 

Open Banking is now a major global initiative. European Union regulations including the second Payment Services Directive (PSD2) are pushing banks to provide access to account information and to make it possible for third-party suppliers of payment services to make direct connections with banks’ customer accounts. (more…)

Analytics, Influences FinTech

March 19, 2019

617

Singapore fintech startup Instarem closes $41M Series C for global growth

via TechCrunch

Singapore’s Instarem, a fintech startup that helps banks and consumers send money overseas at lower cost, has closed a $41 million Series C financing round to go after global expansion opportunities.

The four-year-old company announced a first close of $20 million last November, and it has now doubled that tally (and a little extra) thanks to an additional capital injection led by Vertex Ventures’ global growth fund and South Korea’ Atinum Investment. Crypto company Ripple, which has partnered with Instarem for its xRapid product, also took part in the round, Instarem CEO Prajit Nanu confirmed to TechCrunch, although he declined to reveal the precise amount invested. More broadly, the round means that Instarem has now raised $59.5 million from investors to date. (more…)

Deals, InspirAsia, Remittances, Singapore

March 19, 2019

1558

How fintechs are revolutionizing the customer onboarding process

via Finextra

As per a recent CNBC report (1), In US, fintech companies accounted for 38 percent of all US personal loans in 2018. That’s a revolutionary growth from just 5 percent in 2013. On the other hand, traditional banks’ share of these loans has fallen down to a mere 28 percent that used to be 40 percent in 2013.

Fintechs are surely heading in the right direction and are proving to be real challengers to incumbent banks. One of the biggest factors that differentiate fintechs from traditional banks is that they do not carry a burden of multiple legacy systems that banks often struggle to get rid of. Fintechs have been able to adapt to latest technologies and processes much faster than the banks. Apart from that, banks live with huge silos like silos within different lines of businesses, amongst various channels and even processes. Fintechs being smaller in size leverage data or experiences in one part of the company in the other part much more effectively. (more…)

Fintech news

March 19, 2019

719

Jumio Partners with ComplyAdvantage to Reduce AML Risk Exposure

Jumio, the leading AI-powered trusted identity as a service provider, today announces the launch of Jumio Screening. This is a fully automated anti-money laundering (AML) screening solution that integrates ComplyAdvantage, a dynamic real-time database of people and companies that pose financial crime risk. (more…)

Credit scoring, Security

March 18, 2019

740

Banking Startup Launching Visa Card That Lets You Spend 7 Cryptos

via CoinDesk

Banking startup 2gether is launching a prepaid Visa debit card that allows users to spend cryptocurrencies.

In an announcement, 2gether said customers will be able to use the card to pay with either euros or any of the following seven cryptocurrencies: bitcoin (BTC), ether (ETH), XRP, bitcoin cash (BCH), EOS, Stellar (XLM) and litecoin (LTC). The card “instantly” converts the cryptos to fiat currency and, it said, and can be used fee-free by customers in any of the 19 eurozone nations. (more…)

Cryptocurrencies, Fintech news, Payment processors/providers/gateways

March 18, 2019

701

Digital futurist Brett King on why credit cards will disappear

via The Australian Financial Review

Mr King, an adviser to local neo-bank Xinja, worries that traditional banks’ conservative cultures have created an “iterative” – or incremental – approach to making money that has put them years behind rapidly emerging digital disrupters famous for their willingness to take risks and break through.

“Banks can survive but have to become part of this new ecosystem,” said Mr King, who is based in Manhattan and visiting Australia. (more…)

Banks, People of fintech

March 18, 2019

1013

Passbase is building a full-stack identity engine with privacy baked in

via TechCrunch

Digital identity startup Passbase has bagged $600,000 in pre-seed funding led by a group of business angel investors from Alphabet, Stanford, Kleiner Perkins and EY, as well as seed fund investment from Chicago-based Upheaval Investments and Seedcamp.

The 2018-founded Silicon Valley-based startup is building what it dubs an “identity engine” to simplify identity verification online.

Passbase offers a set of SDKs to developers to integrate into their service facial recognition, liveness detection, ID authenticity checks and ID information extraction, while also baking in privacy protections that allow individual users to control their own identity data. (more…)

Deals, Fintech news, Influences FinTech, Security

March 18, 2019

727

Puerto Rico Financial Commissioner George Joyner: “There’s a space for virtual assets that won’t go away”

via Crowdfund Insider

George Joyner has Puerto Rico in his blood. The Commissioner of the Office of Financial Institutions is a veteran player who has spent his whole career in the fast-growing banking and, latterly, FinTech industry in the US territory of Puerto Rico, with the exception of two years in Florida. Born on the mainland, he was brought to San Juan as a six-month-old baby. Bilingual in Spanish and English, Joyner is an American and a passionate Puerto Rican.

Puerto Rico’s tax-favored status has proved attractive to both mainstream finance and players from cryptoland. Joyner understands and shares the local passion for growth, but as the gatekeeper of Puerto Rican standards, he will only allow growth to occur in the fashion he considers prudent.

Crowdfund Insider caught up with him at the recent financial summit organised by one of Puerto Rico’s newest financial institutions, Kinetic International. (more…)

Blockchain, Cryptocurrencies, Global trends, Government activities, People of fintech

March 18, 2019

426

Stock Exchange Operator Pilots Collateral Pledges Digitization on Blockchain

via Cointelegraph

Major Spanish stock market operator Bolsas y Mercados Españoles (BME) has completed its first blockchain pilot for electronic certificates of collateral pledges, according to an official press release published on March 15.

Implemented along with Renta 4 Banco, which is the only investment services firm listed on the BME, the new pilot intends to eliminate the use of physical certifications by digitizing all processes and providing network participants with real-time access to data.

The pilot’s proof-of-concept (PoC) consisted of the release of collateral pledged by Renta 4 Banco to cover customer’s positions at BME Clearing, BME’s central counterparty.

(more…)

Blockchain, news

March 15, 2019

493

Where The UK Fails On Anti-Money Laundering

via PYMNTS

Hundreds of billions of pounds’ worth of criminal funds are laundered through the U.K. each year, while the non-compliant corporations and FIs that enable this receive little more than a “parking penalty” level fine. That’s according to Susan Hawley, Corruption Watch’s director of policy, who explains in this month’s AML/KYC Tracker how weak enforcement, toothless fines and lack of political will to scrutinize foreign investment all stand in the way of a cleaner system. (more…)

Global trends, Government activities, Influences FinTech

March 15, 2019