“Disruption was the order of the day for 2016 in the payments industry; 2017 is looking to be just as exciting.  New regulation, improved support for non-bank players and increased collaboration are all set to further shake up the status quo.

Non-banks hold the key to the global growth of FinTechs

On 12 December 2016, Arab Bank (Switzerland) Ltd. signed a long-term contract with Avaloq for full Business Process Outsourcing (BPO) services. By partnering with Avaloq, the bank will benefit from the Avaloq Banking Suite, a state-of-the-art solution that includes a fully integrated component for upcoming legal and regulatory requirements. The migration is expected to be completed by the middle of 2017.

The following 24 startups will be competing for their chance at the coveted Best in Show prize of US$10,000 at the Fintech Finals 2017(FF17) pitch competition at PMQ in Hong Kong on January 19, 2017. Each startup will have just 5 minutes to pitch their business in front of industry judges and a live audience.

In April 2016, Atom Bank, the UK’s first bank built exclusively for mobile, became the first of the new breed of challenger banks to open its virtual doors through a controlled roll-out to pre-registered customers. In October they fully opened to the whole of the UK and welcomed customers to their new and innovative banking platform.

Private Export Funding Corporation (PEFCO) is now able to automatically post general ledger entries from Reval directly to Oracle Financials Cloud, leveraging Reval’s cloud-to-cloud integration with Oracle earlier this year.

TBC Bank, a leading Georgian bank, is the first in the country to introduce omni-channel capabilities to improve its originations strategy. TBC customers can start origination processes through a call centre and finish them in an ATM, kiosk or branch for ultimate convenience and efficiency.

SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced that JLL has selected SS&C's Precision LM™ commercial/multifamily loan management solution to support its agency lending operations.

Digital money transfer service WorldRemit and global money transfer brand Xpress Money have partnered to open up new remittance routes to Indonesia, expected to further support the growing demand for instant remittances in the country.

Through Xpress Money’s extensive agent partner network, WorldRemit customers will be able to make secure, instant money transfers to be collected at over 11,000 cash pickup locations at Bank Rakyat branches, one of the largest banks in the country. For a detailed list of all pick up locations in Indonesia please visit the WorldRemit website.