Published
- 08:00 am
Path Solutions, the leading Islamic financial software company, has been recognised as ‘Core Banking System Provider of the Year - Islamic Finance’, while its cutting-edge iSHRAQ*Microfinance was selected as ‘Sharia-Compliant Microfinance Solution of the Year’ for the third year running, at the recently concluded ACQ5 Global Awards 2017.
ACQ5 is a leading corporate news magazine that has been serving the financial sector since 2003. The magazine provides a global audience of over 163,000+ subscribers with the information behind the headlines. ACQ Global Awards recognise organisations and individuals who have sustained outstanding innovation performance throughout the year, with a relentless focus on dominating their niche markets.
The industry’s favourite awards have witnessed another record breaking number of votes this year. The total number of nominations received stood at an amazing 83,121 - their highest ever. Having assessed the votes that have been cast by industry peers, Path Solutions was announced an ACQ5 Global Awards 2017 multiple category winner.
The win reflects another strong year for Path Solutions, with new deals concluded in both Morocco and Suriname, the launch of standalone applications, followed by important go lives and system upgrades.
Mohammed Kateeb, Group Chairman & Chief Executive Officer of Path Solutions commented, “Being recognized three years in a row as ‘Core Banking System Provider of the Year - Islamic Finance’ is proof positive that our focus and investments in empowering our clients with technology-led innovations are paying off. Path Solutions helps its clients address the challenges of digitalization and regulations, bring ethical products to market faster, and allow them to adapt to new demands, resulting in improved customer experience. On the other hand, our winning iSHRAQ*Microfinance solution allows microfinance institutions to quickly build profitability by being productive from day one. It also has a full suite of reporting and monitoring tools and provides clarity and accuracy of information”.
“Financial institutions are challenged to adapt and thrive in a dynamic, increasingly unpredictable and complex business environment. Technology is emerging as the single most important differentiator for those geared to succeed. As an industry-driving provider of next-generation software systems, Path Solutions stood out as a thought leader that can effectively tackle market challenges and align its comprehensive suite with clients’ business goals”, said Jake Robson, ACQ5 Editor.
Path Solutions has cemented itself as a leading provider of front-to-back Sharia-based software solutions for the Islamic financial services industry, winning key deals in new geographies and ousting competitors in major Islamic banks. Lately, the company has also been named ‘Islamic Banking Solution Provider of the Year’ at Beacon of ICT Awards 2017.
The full list of category winners in 2017 will be promoted on the following mediums: TIME, BLOOMBERG BUSINESS, CNN, BBC, THE SUNDAY TIMES, and will also appear in a special issue of ACQ5.
- 07:00 am
A multi-million pound investment in digital technology has been announced by the Nottingham Building Society (known as The Nottingham), which will make it easier for members to access the society’s unique advice and service proposition online as well as in branch.
The initial focus will be on replacing the society’s existing digital capabilities, its e-savings and mortgage broking platforms, both of which are approaching renewal. Once completed the new programme will then seek to give members high-quality access to The Nottingham’s advice and services however they choose to contact the society, whether that is face-to-face in a branch, by using a digital format or a combination of both.
Starting next year, the first members to benefit from the digital enhancements will be The Nottingham’s online savings account holders who will experience a faster and more efficient service when opening, viewing, servicing and transacting on their accounts. It will also give enhanced data security and improved self-service options.
The Nottingham generates virtually all of its mortgage business via brokers; therefore it is vital to its success to make it easy for brokers to do business with the society. Following implementation, brokers placing business with The Nottingham will have access to an improved, market-leading mortgage platform. As a result, they will benefit from a more modern and responsive system that will streamline processes to give faster turnaround times and enhanced data security. This is in addition to the excellent personal support brokers have come to expect from The Nottingham.
The Nottingham’s decision to invest in digital transformation demonstrates how technology is changing consumer behaviour and their increasing expectations of flexibility, accessibility and convenience in all aspects of life.
By enhancing its digital capabilities, The Nottingham is seeking to deliver its unique advice and service proposition to its customers online, face-to-face or any combination their customers choose. This will enable the society to be relevant to a far greater number of members and potential new customers throughout its heartland, which already has 60 branches in 10 counties - a branch network that has doubled in the past four years.
The Nottingham has selected Salesforce, the global leader in customer relationship management (CRM), to deliver the transformation programme which, over time, will incorporate every element of the society’s customer operations.
David Marlow, Chief Executive of The Nottingham, said: “The big driver for moving to an omni-channel solution is feedback from our members who, with access to technologies such as social media, smartphones and tablets, are increasingly demanding a more joined-up experience when they deal with us.
“We also want to be in a position to attract new customers of all ages to take advantage of our unique brand of service, advice and value. We need to offer greater choice in how customers can access our products and services - be that face-to-face, over the telephone, using digital technology, or any combination of all of these.
“The insight we will be able to derive from a single view of our existing membership and their interactions with the society will enable us to more effectively service our members with relevant help and advice to build relationships and to communicate with them in the way they choose.
“It is also really important that our mortgage brokers can access our services quickly and easily and support their clients through a system that provides top quality data security. This is why it will be one of the first deliverables of the programme.
“We are delighted to be working with Salesforce to deliver our transformation programme. Their philosophy of focusing on the customer and harnessing the power of technology to improve the overall customer experience complements our own vision to make the society easier for our customers and members to do business with.”
Gavin Mee, Senior Vice President and Head of U.K at Salesforce, said: “Using Salesforce, The Nottingham will be able to deliver a truly modern and secure omni-channel customer experience that helps drive the next phase of its business growth. We’re excited to be a part of The Nottingham’s comprehensive digital transformation programme and look forward to supporting their vision for delivering service when and where the customer wants.”
- 02:00 am
Tieto has signed a three-year agreement with ICA Banken. The agreement entails Tieto assuming total responsibility for systems, operations and management of ICA Banken’s new financial product Corporate Loans by ICA.
“We are proud and delighted to have been entrusted with this by ICA Banken. I am sure that our Financial BPO combined with our loan platform can support ICA Banken in its offering and also streamline their process for corporate and leasing loans”, says Pedram Tadayon, Business Area Manager at Emric, which is part of Tieto.
The project is already under way, and the full-scale corporate solution dealing with applications and application documents was launched in June 2017. In the field of leasing, Tieto will deliver an application process for leasing cases in which Emric will also manage ICA’s loans throughout the entire life cycle. This service enables ICA Banken to broaden its loan offering to the corporate market.
“The system they have chosen is future-proof, modern and scalable. It’s a platform that allows ICA Banken’s corporate business to grow. The continued trust confirms our role as a long-term partner for our customers in the banking and finance market”, says Pedram Tadayon.
- 08:00 am
Britain’s SMEs are shifting the billions spent each year on hiring traditional experts, such as legal and procurement consultants, to leverage the skills required to survive in an increasingly digital world, including those for cybersecurity and new payments technology.
Small businesses have increased their spending over the last five years on cybersecurity professionals by 43 per cent, and by nearly 31 per cent on payment innovation. SMEs plan to continue investing next year, with spend on cybersecurity expertise set to increase by 32 per cent and payment innovation by 23 per cent.
In contrast, demand for more ‘traditional’ experts is falling. One in three (33 per cent) SMEs have decreased investment in procurement, for example, as they believe it is becoming less relevant for their business. And the 15 per cent of SMEs who cut spending on legal and compliance experts did so to make way for spending on new skills to futureproof their business.
Managing competing demands
With small businesses facing challenges from all directions - including an uncertain economic landscape and changing consumer preferences - more than a third (34 per cent) are worried about their ability to manage these multiple demands and priorities as their business grows.
Such is the concern among SMEs about cybersecurity, for instance, that it is a greater worry for many than the uncertainty surrounding Brexit. Four in ten (44 per cent) small businesses fear being victim of a cybercrime or data breach, compared to three in ten (34 per cent) who are anxious about the impact of Brexit on their business.
The research suggests SMEs can make their budget work harder by hiring experts who provide support across multiple areas, especially when it comes to technology. Of the small businesses that increased spending on fraud prevention, for example, a fifth (23 per cent) subsequently noticed a rise in sales and customer satisfaction, likely due to improved customer confidence.
The experts of the future
Looking ahead, SMEs will need to engage experts of the future to keep up with nascent trends. This includes ‘next generation’ payment specialists who would advise on emerging technology such as ‘conversational commerce’ - which uses digital assistants to make a purchase - and ‘invisible payments’, where card details are saved in advance of a transaction, such as for one-click ordering. A third (33 per cent) of businesses have never heard of these technologies, despite 44 per cent of consumers being keen to pay in these ways.**
Beyond the evolution of payments, futurologist David Price OBE predicts that British businesses will face even more challenges and will subsequently need a wide range of experts over the next decade. These include:
Social purpose consultants who will work alongside SMEs to ensure they respond to growing demands from millennial customers for a service driven by ethical practices
‘Tech overload’ therapists to support employees who have become overwhelmed by being part of an ‘always on’ society
Online experience designers, responsible for improving user experience by incorporating virtual and augmented reality technology into online interactions
Sharon Manikon, Managing Director of Customer Solutions at Barclaycard, said:
“UK SMEs face immense pressure to keep up with competitors of all sizes. This is all the more challenging in an uncertain political and economic landscape with shifting consumer preferences and new technology that continues to develop at pace.
“As a result, there are more demands on their budget than ever, and these are forcing SMEs to spend smarter. One way to make budgets work harder is to engage suppliers who don't just provide competitively priced products and services - but also offer access to the specialists who provide consultancy to help businesses continue to thrive. This will help SMEs derive the most value from their experts, helping to drive their business forward."
- 05:00 am
Companies that are achieving outstanding success using analytics and decision management solutions from FICO are invited to submit nominations for the 2017 FICO Decisions Awards. These awards shine a spotlight on business leaders who are driving their business forward and improving the customer experience using decision automation, optimisation, predictive analytics, AI and machine learning. Nominations are due 31st August, and the winners will be announced in early October.
For more information and to enter a nomination, visit www.fico.com/decisionsawards.
Awards will be presented in six categories: Artificial Intelligence and Machine Learning, Customer Onboarding and Management, Debt Management, Decision Management Innovation, Fraud Control and Regulatory Compliance.Winners will receive recognition at FICO® World, which will be held April 16-19, 2018, in Miami. Winning implementations will be featured in conference activities, and two representatives of each winning company will receive complimentary conference passes.
A panel of independent judges with deep industry expertise will evaluate nominations based on measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. This year’s judges include:
- Giorgi Alibegashvili – Strategic Project Manager, TBC Bank (2016 award winner)
- Julie Conroy, Research Director, Aite Group
- Doug Gray, Director, Enterprise Data & Analytics Technology, Southwest Airlines (2016 award winner)
- Joy Macknight - Transaction Banking and Technology Editor, The Banker
- Daniel Mayo, Chief Analyst, Financial Services Technology, Ovum
“We have updated this year’s categories to showcase some of the remarkable work our customers are doing with AI and machine learning,” said Wayne Huyard, senior vice president at FICO for Sales, Marketing and Services. “As with past years, we expect our 2017 awards program to uncover impressive projects led by visionary business leaders from around the world.”
Last year’s winning firms were WindFarm Designs (Analytic Excellence), TBC Bank (Customer Onboarding & Management), Thames Water (Debt Management), Southwest Airlines (Decision Management Innovation), ICICI Bank and MedScheme (Fraud Control – tie), and ANZ Bank (Regulatory Compliance).
- 06:00 am
Wealth management software firm, JHC Systems (JHC), has doubled its sales team in response to increasing demand for specialist financial technology in the UK and international markets. Leading the team is Edward Lopez, who joined JHC just over a year ago as Chief Revenue Officer. Other key appointments to the team include Noel Montaigue, Swati Barve and Jane Boorman.
Lopez commented: “JHC’s reputation as a provider of proven technology and the firm’s commitment to clients, was my key reason for joining. Their continual reinvestment in products – JHC Figaro (Figaro) and JHC Neon (Neon) – makes JHC a leader in the wealth management software business and provides a strong foundation for global growth. To ensure that growth, we need the right team. The understanding and expertise the new additions bring will enable the company to stay focused on its core UK market and help us capitalise on significant fintech opportunities overseas.”
Lopez has more than 20 years’ experience in the wealth management and private banking industry in New York, London, Tokyo and Hong Kong. Having previously held the position of Head of Sales & Business Development for OpenLink's EMEA business, it was at SunGard (Now FIS) where Lopez truly learnt his trade. Among other successes, Lopez built the sales faction for SunGard’s newly launched wealth and private banking front and middle office solutions in Asia from scratch and exceeded the first year’s revenue target by 200 per cent. He then focused his attention on SunGard’s asset management group in London and introduced more than a dozen new clients. As CEO for SunGard Global Execution Services, Lopez was the CF1, CF3 and CF30 for SunGard's FCA authorised broker dealer.
Alongside Lopez, Noel Montaigue has joined as Business Development Manager. Noel has a wealth of global fintech sales experience from his time at OpenLink, Charles River and SunGard, as well as financial institutions Merrill Lynch and Deutsche Asset Management. Swati Barve, an original member of the JHC team, is now Figaro’s Director of Pre-Sales. Ex SunGard SVP of Marketing and Business Intelligence Jane Boorman now heads up the marketing team.
JHC’s CEO, John Blackman, said: “JHC has always been ambitious and the new team reflects this. Ed’s experience across different regions means he can strategically plan the firm’s global expansion while continuing to deliver for our clients, wherever they are based. As we grow, we will continue to make significant investments in our technology to ensure that we—and our clients—stay ahead of the curve.”
Lopez added: “Today, JHC is a truly multi-product fintech firm with a global reach. Our new partner programmes and strategic alliances continue to open doors in international markets. The recent successes with our flagship solution, Figaro, taken up as a managed service by Alliance Trust & Savings and by James Brearley & Sons, proves that wealth management firms are keener than ever to de-risk their investments in technology. If anything, MiFID II and GDPR has increased and accelerated conversations as firms want to ensure that they are compliant and stay on the right side of the regulator! Our instant digital dashboard for wealth management firms—Neon—has also been creating waves in the UK and abroad and has attracted two new clients in recent months. Plus, we’re announcing strategic partnerships with Delta FS in the UK as well as some key global fintech players. All in all, we’re excited about what the next 12 months hold, both in the UK and internationally.”
- 08:00 am
Gresham, the leading software and services company that specialises in providing real-time transaction control and enterprise data integrity solutions, is pleased to provide a trading update for the half year to 30 June 2017.
The Group’s flagship Clareti Transaction Control (CTC) offering continues to drive growth. Gresham expects to report that, for the six months ended 30 June 2017:
- Group revenues will be up 26% compared to the same period in 2016.
- Total Clareti revenues will be up 52% including the contribution from C24 Technologies Ltd (C24) acquired in October 2016 (35% excluding C24).
- Clareti software revenues will be up 136% (101% excluding C24).
- Adjusted EBITDA will be strongly ahead of the same period in 2016 and remains in line with management expectations for the year.
During first half of 2017, the Group signed eight new CTC clients across various industry segments in the US, Canada, Europe and Asia Pacific. Two clients chose to deploy CTC into the cloud with Clareti-as-a-Service. In addition, there were five Clareti 24 Integration Objects sales and two Clareti Analytics sales in the first six months of the year.
The Group is trading in line with market expectations. Management remains confident in the full year outlook.Gresham expects to announce its interim results for the six months to 30 June 2017 on 25 July 2017.
Ian Manocha, CEO, commented:"Clareti licence sales continue to drive the Group forward. We signed eight new Clareti Transaction Control customers in the first half, including three wins in North America. It was particularly pleasing to close several legacy competitor replacement wins alongside new data integrity projects.”
- 06:00 am
A global leader in online multi-asset trading services, OANDA is pleased to announce David Hodge has joined the firm as Chief Executive Officer of Europe and the Middle East and Chief Marketing Officer, based in London. A 15-year industry veteran who has worked with several world-class brokers, he will be responsible for driving OANDA’s continued growth across the region, as well as spearheading the company’s marketing efforts worldwide. Hodge’s appointment further demonstrates OANDA’s ongoing commitment to EMEA, in particular the key markets of Germany, Eastern Europe and the UK.
Vatsa Narasimha, CEO of OANDA Corporation, commented, “We are extremely pleased to welcome David to OANDA. A seasoned professional, his expertise in the CFD and FX market is unrivalled, however he also brings with him a deep-seated understanding of the EMEA region and an unparalleled knowledge of marketing and digital transformation, which will be invaluable as we look to shape the company’s global and regional strategies in the years to come.”
Hodge commented, “I am delighted to be joining OANDA at such an exciting stage in the firm’s 21-year history. Backed by a world-class brand and a legacy of integrity, the company has enjoyed tremendous success in EMEA in recent years and I am confident we can further build on the foundation of this success by pursuing untapped opportunities that remain in the region, driving OANDA into a new era of growth.”
- 09:00 am
Bank of Ireland to Facilitate Competitive Start Fund Programme
A total of €500k in funding for Fintech start-ups is available from Enterprise Ireland, the government organisation responsible for the development and growth of Irish enterprises in world markets, through its Fintech-dedicated Competitive Start Fund (CSF).
Up to 10 successful Fintech start-ups will receive high-level business development support and an investment of up to €50,000 each through the Fintech CSF.
Applications to the €500k Fintech CSF are currently being accepted from early-stage companies offering a Financial Technology (Fintech) product or service.
Enterprise Ireland’s CSF is designed to accelerate the growth of start-ups and enable companies to reach key commercial and technical milestones. This year’s programme will be facilitated in the new Bank of Ireland Fintech startlab based on Camden Street, Dublin.
Joe Healy, Divisional Manager, High Potential Start-Ups, Enterprise Ireland said: “Ireland is a hub for Fintech innovation and a key focus of Enterprise Ireland is to encourage and support more entrepreneurs through the Fintech CSF in the areas of Payments, Banking, RegTech, Security, and InsurTech as well as Fintech solutions that leverage Blockchain, IoT, AI and Data Intelligence technologies. Up to 10 companies will receive up to €50k each through this fund and we are also delighted to announce that this year’s Fintech CSF will be accompanied by a programme of tailored business development supports and incubation space in partnership with Bank of Ireland’s innovation team”.
David Tighe, Head of Innovation at Bank of Ireland added, “Bank of Ireland are delighted to provide incubation space to this year’s Enterprise IrelandFintech CSF, our new startlab based in Camden Street will incubate these high potential start-ups and alongside desk space also provide access to a full range of tailored business supports including mentorship and support from our dedicated Innovation and Enterprise team. We look forward to welcoming the Fintech CSF companies to Camden Street as we continue to support the innovative and thriving Fintech and start-up community today in Ireland.”
In addition to written online applications, companies will be asked to prepare an online video pitch. Companies must meet certain eligibility criteria and applicants may apply for either the Regional Entrepreneurship or Fintech CSF, but not both.
Successful overseas applicants will be required to move to Ireland. Enterprise Ireland will assist entrepreneurs who need a visa to live and work inIreland. Successful applicants from outside the EU will be eligible for a Startup Entrepreneur Visa which permits the holder and his/her family members to reside and work in Ireland - see details here for rules of the scheme
The competition will close at 3pm on Wednesday 5 July 2017.
- 04:00 am
Midclear S.A.L., the Custodian and Clearing Center of financial instruments for Lebanon and the Middle East, has selected GMEX Group wholly owned subsidiary, GMEX Technologies, to provide and implement its innovative AvenirClear CCP product as the core system of the first derivatives central counterparty (CCP) in Lebanon.
Since the inception of the Capital Market Authority (CMA), led by the Central Bank of Lebanon, important work has been carried out by the CMA to draw up the financial market rules and regulations to best international standards, paving the way for a strong capital markets development in the region. The addition of a CCP will ensure the efficiency and effectiveness of the operations in this market, and provide safeguards for members, traders and investors.
AvenirClear CCP provides Midclear with an advanced real time risk management, and clearing and settlement platform that is fully compliant with the CPMI-IOSCO Principles for Market Infrastructures (PFMIs). Compliance with these principles is part of the Qualifying Central Counterparty (QCCP) criteria, and is recognised as the highest global standard for managing risk and communication in in the industry.
Hirander Misra, Chairman & CEO of GMEX Group, commented, “We are delighted to be working with Midclear to implement the AvenirClear CCP solution across multiple asset classes including options and excited to be supporting the development of the capital markets in Lebanon.” He added, “GMEX Group works in partnership with clients using agile project management. Our ability to deliver robust solutions within tight timeframes is key for market infrastructure decision makers.”
Fouad El Khoury, CEO of Midclear, stated, “The AvenirClear CCP solution and the business knowledge and flexibility of the GMEX team in meeting our requirements are important to us. The Derivatives CCP will be a key piece in the future landscape of Lebanese capital markets and it will need to meet all international
