JPMorgan has joined UK Aid in providing $15 million in support for Boston-based accelerator Catalyst Fund, which aims to back 30 fintech startups in Kenya, Nigeria, South Africa, India, and Mexico over the next three years.
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JPMorgan and UK Aid Pump $15 Million into Catalyst Fund
Tuesday, January 21, 2020 - 05:11
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Financial IT
Bank Cyberattack Could Hit Whole Financial System - NY Fed Research
A cyberattack on a major US bank could have significant spillovers to other lenders, with serious implications for the whole financial system, according to research from the Federal Reserve Bank of New York.
The report models how a cyberattack on a single large bank, a group of smaller banks or a common service provider can be transmitted through the wholesale payments network.
The researchers estimate that a hit on a big five bank would affect more than a third of the assets in the whole network.
Tuesday, January 21, 2020 - 05:08
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Financial IT
Weak Passwords Caused 30% of Ransomware Infections in 2019
As one of the leading types of cyber-attacks, ransomware is expected to dominate cybercrime in 2020. According to PreciseSecurity.com research, weak passwords were one of the most common cybersecurity vulnerabilities in 2019, causing 30% of ransomware infections in 2019.
Weak Passwords Are the Third Most Common Ransomware Cause Globally
Tuesday, January 21, 2020 - 04:58
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Financial IT
Appian Announces Partnership with Celonis
Appian (APPN) today announced a technology partnership and integration initiatives with Celonis, the market leader in AI-enhanced Process Mining and Process Excellence software, to unite Appian’s low-code application development platform with the powerful process mining technology of the Celonis Intelligent Business Cloud (IBC). The partnership will accelerate digital business process transformation and continuous process improvement for joint customers.
Monday, January 20, 2020 - 12:43
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CaixaBank applies artificial intelligence to augment employee training
CaixaBank has started to use artificial intelligence to improve the acquisition of new skills among its employees. The financial institution, chaired by Jordi Gual and with chief executive officer Gonzalo Gortázar, has launched a new version of Virtaula, an online training platform for its entire workforce, incorporating artificial intelligence to identify each employee's areas of interest and recommend courses tailored to their individual profiles.
Monday, January 20, 2020 - 12:36
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Open Banking Customer Numbers Surge
Customer use of Open Banking in the UK has surpassed the one million customer mark for the first time, doubling in the past six months.
The figures, generated by the Open Banking Implementation Entity (OBIE), only represent customers of the CMA9, the nine biggest current account providers in Great Britain and Northern Ireland.
The doubling in customer numbers mirrors similar growth in third party service providers. Currently there are 204 regulated providers, up from 100 at the end of 2018, who are fielding approximately 200 million monthly calls on bank account data.
Monday, January 20, 2020 - 12:04
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Financial IT
Australian Neobank Volt Makes Seamless Move From Series C to Series D Ahead of Planned IPO
With its sights set on an IPO later this year, Australian neobank Volt has closed a $70m Series C round and is now opening up a $50m Series D on a $285m valuation.
The latest round lifts Volt’s total funding to $100 million in equity, and brings the challenger a step closer to a planned listing on the Australian Stock Exchange in late 2020.
The neobanking startup, which recently launched its first deposit product, says the move to an immediate Series D is to meet regulatory capital demands and provide funding for the rollout of additional products.
Monday, January 20, 2020 - 12:02
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Financial IT
TSB to Create 100 IT Jobs at New Digital Banking Centre in Edinburgh
TSB is to create 100 jobs at a new IT centre to be set up in Edinburgh as part of its digital banking strategy to avoid a repeat of its system meltdown.
The new staff in Edinburgh will be IT specialists, data engineers and analysts. The bank has suffered online banking problems under a new system introduced in 2018, with 200 million customer temporarily losing access to their accounts in April of that year.
Monday, January 20, 2020 - 11:57
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Financial IT
Former Standard Life Boss to Take Key Role on HSBC Board
Former Standard Life chief executive David Nish has today been named as senior independent director at banking giant HSBC.
Nish, who has served on the board of the bank since 2016, will take over the role from Sir Jonathan Symonds next month. He will also become chairman of the group’s audit committee.
Monday, January 20, 2020 - 11:52
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Financial IT
Cashaa Opens Broker Account for Crypto Businesses to Enforce New FCA Rules
London-based crypto banking startup Cashaa is announcing the launch of a “Crypto Business/Broker” account to ensure crypto businesses/brokers are compliant with the FCA’s new rules for anti-money laundering and counter-terrorist finance and Fifth Money Laundering Directive (5AMLD).
Monday, January 20, 2020 - 11:44
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Financial IT
