Banking

FICO UK credit market report shows sharp fall in spending and monthly payments

Global analytics software provider FICO today released its May 2020 analysis of UK card trends, which shows the impact of COVID-19 on the credit market. FICO monitors the UK credit market using data reported by the UK’s leading credit card issuers, through its FICO® Benchmark Reporting Service. FICO’s analysis of May 2020 activity provides a clear picture of the impact of COVID-19. Read more »

Finzly simplifies consumer digital account opening process to advance modern banking experience

 As consumers increasingly leverage digital channels for their banking needs, Finzly, a modern fintech provider of banking applications for foreign exchange, trade finance, payments and digital banking, announced the availability of its contactless consumer digital account opening solutions that empower community financial institutions to deliver convenient, modern banking experiences to account holders while eliminating manual processing and... more Read more »

Chip launches Interest Accounts, a platform that negotiates better rates on your behalf

Chip, the clever savings app that has helped its users put aside more than £150 million to date, has begun the roll-out of Interest Accounts in a move towards democratising savings. The first savings account to be available via the new platform is eligible for the Financial Services Compensation Scheme (FSCS) and offers a highly competitive easy access rate of 0.90% AER (Annual Equivalent Rate). The rate is above inflation and significantly... more Read more »

SEED Group partners with ABAKA to bring the world’s first AI-powered digital saving and retirement platform to the UAE

SEED Group, a subsidiary company of The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, today announced a strategic partnership with ABAKA, the global leader in digital saving and retirement enterprise SaaS solutions, that will allow United Arab Emirates (UAE) financial institutions to integrate ABAKA’s  Read more »

A fifth of Brits consider switching savings account in the next year, making the savings market a key battleground between incumbents and challenger banks

New research by fintech company Deposit Solutions suggests that the country’s largest retail banking brands’ ascendency in the savings account market could be under threat. According to Deposit Solutions’ analysis, a fifth (20%) of British consumers are considering switching savings account provider in the next 12 months. Read more »

Tide strikes strategic partnership with Mastercard as principal issuer

Tide, the UK’s leading business banking platform, has announced the start of a new multi-year strategic partnership with Mastercard to further enhance its innovative SME banking services, with Tide becoming a principle Mastercard issuer.   This partnership cements Tide’s position as a leader in digital business banking, and means Tide will now settle funds directly with Mastercard.   Read more »

Banks must resolve explainability and “black box” risk governance challenges to succeed with AI post-pandemic, says Economist Intelligence Unit report supported by Temenos

Data bias, “black box” risk, and lack of human oversight are the main governance issues for banks using AI, according to the Economist Intelligence Unit (EIU) report “Overseeing AI: Governing artificial intelligence in banking”. The report is based on a review of global regulatory guidance on AI risks and governance in banking carried out by the EIU on behalf of Temenos (SIX: TEMN), the banking software company.   Read more »

Auriga, provider of next-gen banking technology, opens its first offices in Spain and Mexico

 Auriga, an Italian company specialising in omnichannel banking solutions, today announced the opening of two new branches in Spain and Mexico, following its international expansion strategy. The subsidiaries, Auriga Iberia and Auriga Latin América, will manage the integration of Lookwise Device Manager (LDM), the cybersecurity solution acquired from S21sec, into Auriga’s portfolio of omnichannel banking solutions. With this milestone, the... more Read more »

ABAKA Accelerates North American Expansion with Three Senior Executive Appointments

 ABAKA, the global leader in digital saving and retirement enterprise SaaS solutions, has announced three new senior hires in the U.S. Read more »

Backbase expands APAC presence with new ANZ offices

Digital banking software provider, Backbase, has today announced the launch of its new offices in Sydney and Melbourne. With the expansion, Backbase is well positioned to cater to the evolving digital banking landscape in Australia and New Zealand (ANZ). Read more »

Lanistar agrees £150M valuation with fresh £15M VC funding

London Lanistar, the hassle free banking alternative set to revolutionise how customers streamline their money, has today announced that it has agreed terms in its latest funding round, raising £15 million. Milaya Capital’s investment sees the VC value Lanistar at £150 million ahead of its winter 2020 launch, after agreeing terms to contribute £15 million in exchange for a 10% stake in the company. Read more »

Al Ain Finance selects Temenos SaaS to remotely deploy corporate banking solution during Covid-19

Temenos (SIX: TEMN), the banking software company today announced that Al Ain Finance will rapidly deploy Temenos Infinity and Temenos Transact on Temenos SaaS to replace its legacy in-house system and achieve end-to-end digital transformation. The front-to-back SaaS digital banking offering will provide the broadest out-of-the-box functionality for Al Ain Finance to deliver differentiated digital experiences to Small and Medium-sized... more Read more »

New digital-first bank – Monument – coming to the UK, to meet the needs of professionals, property investors and entrepreneurs

Monument reveals that it is in the latter stages of its application for a banking licence.  Monument plans to launch the bank of choice for the overlooked and underserved market of millions of mass affluent clients in the UK who have a net worth of between £250k and £5m. Read more »

Royal Bank of Scotland (RBS) Leverages Mphasis’ Testing Centre of Excellence to Support Business Alignment Objectives

Mphasis (BSE: 526299; NSE: MPHASIS), an Information Technology (IT) solutions provider specialising in cloud and cognitive services, has signed a multi-year deal with Royal Bank of Scotland plc, one of the largest international banking and financial services companies. Read more »

OpenPayd unveils crypto banking and payments proposition amid unprecedented sector growth

OpenPayd, the API-led Banking-as-a-Service provider, today unveils its banking and payments solution for digital currency businesses. The proposition provides cryptocurrency businesses with access to a range of banking and payments networks, at a time when exchanges have been experiencing their highest trading volumes. Read more »

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