MKB Bank, Hungary’s fourth largest commercial bank has today announced it is the first in the country to take a leap towards digital and open banking after transforming its entire technology system. Its transformation has included a full replacement of its core banking system, the retirement and consolidation of roughly 10 additional systems, and the modernization of its entire IT architecture.

Vayana Network, India’s largest 3^rd party Short-Term Trade Finance (STTF) platform, today announced crossing the USD 1 billion mark of trade financing on its network.  Vayana’s simple, cloud-based Network enables businesses and their trade partners get easy, digital and fast access to financing from Financial Institutions (FIs), such as Banks and NBFCs, at better than market rates.

National Settlement Depository (NSD), Russia’s central securities depository, has signed an agreement to connect Kyrgyzstan’s Bank of Asia to SWIFT via NSD’s service bureau.

Token.io Limited announces that its technology has been implemented by Sberbank in Slovenia as of today, 17 July 2018. Token is an open banking platform provider that allows a global ecosystem of banks, bank customers and developers to move money and information securely, instantly and without friction. Token’s Application Programming Interface (API) for banking infrastructure ensures that Sberbank Slovenia complies with PSD2.

FSS, a Payments and Fintech leader, today, announced the launch of FSS eFinclusiv, a second-generation financial inclusion solution that leverages the India Stack to promote financial deepening among underbanked customers.

Fonetic, a global leader in voice processing, compliance and surveillance technology, has selected three industry veterans to create a new product advisory board.  Nick Child, Sandy Broderick and Oliver Blower will provide Fonetic with expert advice on regulatory compliance, surveillance and technology.

The purpose of the advisory board is to ensure each solution that Fonetic develops has industry relevance and leverages each board member´s market exposure and regulatory and trading floor expertise.  

In the wake of the TSB IT debacle, the Bank of England (BoE) and the FCA have given financial services firms three months to explain how they would deal with technology failure. The discussion paper outlines the importance of operational resilience and warns that banks could face fines if service disruptions lasts longer than two days.

  Hassan Suffyan joins Excelian Luxoft from Coutts as a Director & Head of Wealth Practice in the UK

Excelian, Luxoft Financial Services, the financial services division of Luxoft Holding, Inc (NYSE:LXFT), today announced that Hassan Suffyan has joined as a Director & Head of its Wealth Practice in the United Kingdom.

Earlier this year, Starling Bank and Monzo became the top two banks in terms of customer satisfaction in the UK, knocking incumbent First Direct from the number one spot[1]. Interestingly, this news coincided with a decline in interest in app-only start-up banks, with lack of trust being one of the key deterrents.

nexo standards, the international industry association dedicated to enabling fast, interoperable and borderless payments acceptance, today announced that Discover Global Network has joined its membership as a Principal Member.