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Open Source/ API
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554

Tide, Starling Ramp Up Rivalry Over SMB Customers

via PYMNTS

The rivalry between U.K. challenger banks Tide and Starling continues to heat up as Tide signs on its 100,000th small business customer.

Reports in The Telegraph on Monday (Aug. 5) said the companies continue to compete for the small business customer base. Tide has on-boarded 100,000 small business customers, described by the firm’s chief executive Oliver Prill as a “very significant milestone.” (more…)

Banks, Open Source/ API, SME

August 6, 2019

1393

SmartSearch pioneers first online AML business credit checks

via FinTech Futures

SmartSearch says it is currently the only organisation in the UK with the ability to verify individuals and companies in the UK and internationally, all in a single platform via a browser or API, with full sanction, politically exposed persons (PEP) and adverse media screening and then ongoing monitoring. (more…)

AI / Machine Learning / Big Data, Open Source/ API, Security

July 3, 2019

836

NetSuite’s Scott Derksen on why ERP sits at the center of banking as a service

via Tearsheet

Open banking is happening — it’s just not coming from the big name brand banks. Banking as a service firms are opening up the banking technology stack so that any finance, retail, or travel app can offer financial services without the headache of becoming a bank.

Oracle’s ERP, NetSuite is also a major player here. As a leading cloud system of record for midmarket and growth businesses, NetSuite has its own banking as a service offering which enables banks to deliver financial services where their customers reside — in the ERP. Major financial institutions like JPMorgan, Visa, and the Marco Polo Network are connected to NetSuite’s BaaS offering. (more…)

Banks, Open Source/ API

May 13, 2019

1319

Stripe acquires Touchtech, updates APIs to prep for strong customer authentication in Europe

via TechCrunch 

Stripe, the payments powerhouse that is now valued at $22.5 billion, has made an acquisition to help it gear up for new regulations in Europe that will be rolled out later this year to improve security in online transactions. It has acquired Touchtech Payments, a startup out of Ireland that works with banks to help them build and manage Strong Customer Authentication, a verification process that will typically require customers to provide two different forms of authentication from card holders in order to process transactions. SCA will be required on most transactions in Europe from September 14 of this year.

Alongside this, Stripe itself is updating its APIs, partly in line with these changes. This will include a new default payments API, a new checkout and upgraded billing. (more…)

Open Source/ API, Payment processors/providers/gateways

April 17, 2019

571

India’s Cashfree raises $5.5M from Korea’s Smilegate, Y Combinator and others

via TechCrunch 

Cashfree, an India-based startup that specializes in making corporate banking services more accessible and easier to use, has closed a $5.5 million Series A round to double down on its banking services and build up its presence in Delhi and Bombay. Cashfree helps its customers connect their corporate banking services via a single interface and allows business intelligence that would take hours of manual work using corporate bank services. In the future Cashfree might emerge as a challenger bank.

(more…)

Fintech news, India, InspirAsia, Open Source/ API

April 11, 2019

1462

‘Why would anyone want to become a bank’: Will more challenger banks evolve as banking as a service providers?

via Tearsheet

Starling Bank recently raised £75 million to fund a European expansion. As part of that announcement, the UK-based challenger said it had signed on three new clients to its banking as a service.

According to Starling, it has 20 institutional clients on its BaaS platform, which it launched in August 2018. Payment volume through the service is doubling month over month. (more…)

Banks, Mobile-first banks, Open Source/ API

April 1, 2019

999

NatWest trials money management app

via Finextra

UK bank NatWest is trialling a standalone personal finance app that uses AI, data analytics and Open Banking APIs to help customers better manage their money.

The app, called Mimo, will help customers budget, remind them of the financial tasks they need to do and provide proactive and personal insights into their money, looking at their bills or day-to-day spending, as well as insurance, subscriptions and utilities before offering tips on the best deals on the market.

(more…)

Banks, Mobile-first banks, Open Source/ API, PFM/PFP services

April 1, 2019

1066

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

658

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

424

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

1249

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

1036

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

1695

From Book to Bank: How a Fintech Firm Found Its Calling

via Knowledge@Wharton

In the rapidly evolving world of fintechs, cutting-edge intermediaries that seek to disrupt traditional banking or cater to underserved niches, success depends on rigorous customer screening and proactive regulatory compliance, according to Vladislav (Slava) Solodkiy, cofounder and CEO of Puerto Rico-based Arival Bank. Solodkiy is also managing partner at Life.SREDA, a Singapore-based venture capital firm that over the past six years has invested in more than 20 fintech startups and successfully exited from nine. He has documented his journey from a fintech investor to a founder of a digital bank in his book, The First Fintech Bank’s Arival – From Book to Bank in 12 Months.

Arival claims to be the first digital fintech bank to be focused on small businesses, the so-called “gig economy” of entrepreneurs, freelancers and startups, and small and medium-sized business enterprises that use crypto currencies to receive and pay money. While it may be difficult to identify the ‘bad guys’ among those customers — who could be money launderers or others with dubious backgrounds — prompt reporting of problem cases to regulators and remedial action to prevent future occurrences could save fintechs from hefty fines, according to Solodkiy and Arival’s chief operating officer, Jeremy Berger. Arival is now in the process of securing a federal banking license in the U.S. and exploring similar licenses in Europe and Asia. Solodkiy and Berger shared insights into their strategies for Arival Bank and the road ahead for fintechs in an interview with Knowledge@Wharton. (more…)

About, Banks, Cryptocurrencies, Hotnews, Open Source/ API, People of fintech

December 20, 2018

6261

How the Banking Status Quo is Being Challenged in the Age of Fintech and APIs

 

It’s no secret that digital disruption is challenging the status quo in the banking world. The Digital Banking Asia Summit team spoke with Jeremy Berger, Chief Operating Officer at Arival Bank, a venture-backed digital banking startup for SMEs, to discuss new trends, innovating models, APIs and open banking. Jeremy is also the Portfolio Director of Life.SREDA, one of the first fintech only venture capital funds in Southeast Asia.

Additionally, Jeremy helped create (and now advises) Goldbell Investments, the corporate VC arm of the Goldbell Group, focusing on investments in fintech, mobility and automotive innovations. Prior to joining the venture capital and startup scene in Singapore, Jeremy worked for various fintech startups as well as one of the largest wealth management firms in the US.

(more…)

About, Banks, Hotnews, Influences FinTech, Open Source/ API, People of fintech

December 17, 2018

1130

ING opens developer portal

ING has opened its internal developer portal to coders from corporate clients and fintech startups, providing access to simulated APIs for testing and developing new products. (more…)

Banks, Open Source/ API

May 25, 2018

Does Open Banking mean the end of card payments?

By Gavin Scruby – SmartDebit

The first generally useful application of Open Banking is here in the UK. While it will be some time yet before it gets much use, new organisations soon will be able to initiate payments between bank accounts on a consumer’s behalf. This creates a new layer between consumers and banks, hopefully spawning novel ideas and services. Moving the centre of payments away from banks though causes significant shifts in the market, and could well affect the dynamic around banks’ payment card cash cow. (more…)

Global trends, Open Source/ API

March 26, 2018

1270

Japan is open-banking its arms to a fintech revolution

It is a little-known fact that Japan has embraced the notion of open banking, having been inspired by the European Payment Services Directive. In fact, not only has it embraced open banking, it is storming full steam ahead with it. And while an open banking ecosystem has not been mandated in Japan, the banks there are responding as if it had been. If we thought banks had a dire customer interface here in the UK, or anywhere for that matter, those of Japan’s banks were even worse. Yet they have adopted open APIs as a way to overcome this. (more…)

Banks, Fintech news, Global trends, Open Source/ API

March 12, 2018

3054

How open banking will blow core systems out of the water

Banks operating on legacy architecture will find it increasingly difficult to compete in an API-driven business environment, says Hans Tesselaar, executive director at BIAN. (more…)

Hotnews, Open Source/ API

February 26, 2018

GoCompare opens up APIs to fintech firms

UK price comparison site GoCompare is opening up its APIs to fintech firms, letting them pump in anonymised transaction data for analysis.

The Machine Learning for Fintech project will give free access to APIs focused on transaction categorisation, merchant identification and insight on predicted spending.

(more…)

Global trends, Open Source/ API

January 31, 2018

1219

TrueLayer connects with Monzo API

By Truelayer

TrueLayer, a leading provider of financial APIs, has integrated with challenger bank Monzo. (more…)

Mobile-first banks, Open Source/ API

January 30, 2018

What does Open Banking mean for Direct Debit – and how does it tie in to Star Wars?

By Gavin Scruby – SmartDebit

I went to see the new Star Wars film recently. At the time, I had Open Banking on my mind. I was thinking about its effects on Direct Debit, as the two could easily seem to conflict in a galactic, well UK-wide, struggle. It made me think back to the original films and ask myself: is Open Banking Vader to Direct Debit’s Obi Wan Kenobi? And, will Direct Debit also rise up after being struck down to become more powerful than we can possibly imagine? I was thinking tentatively that it just might. (more…)

Banks, Global trends, Open Source/ API

January 22, 2018

2130

Open Banking: What Will Next Christmas Bring?

Last Christmas I had two permanent bulges in my trouser pockets thanks to my ever present wallet and mobile phone. I bought presents with my traditional bank account card using online and contactless services and I used the ATM to withdraw cash to go to the Christmas parties I attended.  (more…)

Government activities, Hotnews, Open Source/ API

December 26, 2017

1866

Barclays begins preparations for Open Banking

With just a month to go until the arrival of Open Banking in the UK, Barclays has moved to take advantage with the publication of a primer for consumers on what the new rules mean. (more…)

Banks, Hotnews, Open Source/ API

December 20, 2017

2128

Starling Bank connects with Railsbank

Starling Bank has hopped on to the Railsbank platform, providing a firm footing for businesses to issue UK bank accounts and access Faster Payments via the Railsbank Open API. (more…)

Banks, Global trends, Open Source/ API

December 8, 2017

Open Banking – Consumer Impact

By Kunal Patel

I have read quite a lot on Open Banking over the last couple of years, what it means to the industry, the players and more importantly the consumer. The revised Payment Services Directive (PSD2) is required to be implemented in the UK by 13 January 2018. (more…)

Banks, Global trends, Open Source/ API

December 5, 2017

1634

Mobile payment and loyalty platform Yoyo Wallet integrates with Starling Bank

By Steve O’Hear for Tech Crunch

In another example of Starling Bank jumping on the Open Banking/PSD2 train before legislation in the U.K. and Europe next year will force banks to do so, it is launching its latest API partnership: this time with Yoyo Wallet, the U.K.-based mobile payment and loyalty platform. (more…)

Hotnews, Mobile payments/banking, Open Source/ API

November 23, 2017

1390

AI implementation in AML at HSBC sees a considerable reduction in compliance costs

Current AML Techniques

In today’s world, we tend to combat money laundering efforts with regulation-based account surveillance and ordinary KYC systems, when in all honesty these techniques will not hold up in the ever-changing world of financial delinquency. For one, the Risk Based Approach (RBA) used by financial institutions for AML compliance purposes causes a high rate of false positives. (more…)

Banks, Global trends, Hotnews, Open Source/ API

November 16, 2017

1852

To change how you use money, Open Banking must break banks

By Roland Manthorp for Wired

On January 13, 2018, the UK’s big banks will be forced to show startups their most precious data. But is Open Banking too revolutionary for its own good?

(more…)

Global trends, Hotnews, Open Source/ API

October 18, 2017

Temenos Teams Up with MuleSoft to Accelerate Open Banking

 

 

(more…)

Banks, Fintech news, Global trends, Open Source/ API

October 6, 2017

1983

Open banking; who to choose

The question is… who will the customer choose to be their banking confidant in this new, open connected banking marketplace starting from January? The answer is the one you trust the most with your money and data. (more…)

Banks, Fintech news, Global trends, Hotnews, Open Source/ API

October 5, 2017