Statistics released today by Tesco Bank, revealing that 55% of banking customers have no idea how much their so-called “free” traditional bank account costs, come as no surprise. The word “free” used by traditional banks is misleading – in reality, banks rely on stealth charges and punitive overdraft fees to make current accounts profitable.

In order to remain competitive in this globalised, connected 24/7 and strongly regulated era, banks need to deploy digital assets and capabilities to create new and compelling service propositions for their customers.

So much is certain. The problem is how. What is the best way of doing so in the face of a market fracturing as a result of the rise of new competition from Google, Amazon, PayPal and others.

 Traxpay, pioneer in business-to-business (B2B) Dynamic Payments, today announced that its CEO, John Bruggeman, was named “Gamechanger of the Year (Fintech)” by ACQ Magazine. The magazine and its 119,000 readers also named Traxpay’s B2B Dynamic Payments Platform “2015 B2B Payments Platform of the Year.” The leading monthly publication annually honors “industry leaders, eminent individuals, exemplary teams and distinguished businesses, which we believe represent the benchmark of achievement and best practice.”

OpenLink, the global leader in trading and risk management solutions to the energy, commodities, corporate, and financial services industries, today announced that Energetický a Průmyslový Holding (EPH) has selected its flagship energy trading and risk management solution, Endur, for gas and power as EPH seeks to capitalize on increased opportunities in the European wholesale and retail markets.

Temenos (SIX: TEMN), the market leading provider of mission-critical solutions to the financial services industry, today announces an agreement with Bank Leumi to commence a major project to renovate its existing outdated core systems with Temenos’ T24, its core banking software, and Temenos Connect, its solution for digital channels.

PowertoPay has been awarded the 2015 SWIFT Corporate Cash Management Label for the second consecutive year. All validations to qualify the PowertoPay Corporate Payment Hub for the Corporates Cash Management label have been completed and proven to be successful.

Lombard Risk Management plc (Lombard Risk), a leading provider of regulatory reporting and collateral management solutions for the financial services industry, is pleased to announce the expansion of its senior management team with the appointment of Kieran Lees as Global Sales & Marketing Director, based at the company’s London headquarters in Gracechurch Street, with effect from Monday 3rd August.

PayPoint, an international leader in payment technologies, today announces its 3^rd generation ‘Advanced Payments’ platform for mobile and online merchants. Four years in the making, the entirely new digital platform has been designed from the ground-up to address the needs of fast growing businesses through robust, innovative and highly flexible features.

SoVesTech, a leading developer of social investment technology, today announced the launch of the broker-agnostic TradeShare mobile app. SoVesTech has partnered with CQG, a leading provider of high-performance trade routing, global market data, and trade routing, who provides market connectivity for the app.

 SNL Financial has released its annual ranking of the world’s largest banks by total assets, finding that China now has four of the five largest banks in the world after weakening currencies pushed French and Japanese companies out of the top five this year.