NYMBUS Inc., a provider of the world’s most current mission-critical core banking technology, today announced CHROME Federal Credit Union selected NYMBUS SmartCore to help the company realize its digital-first transformation. NYMBUS will enable CHROME to deliver compelling, modern digital services – from secure online and mobile banking, to rapid digital on-boarding, lending, and remote deposit capture – to its more than 18,000 customers nationwide.

CHROME, formally Washington Community Federal Credit Union, is in the process of transforming its business to a digital-first credit union, addressing the rapid shift in consumers’ needs and growing competition from outside the financial services industry.

“A critical pillar of our transformation is redesigning the holistic digital experience for our customers,” said Christopher George, president and CEO, CHROME. “The role of the branch and digital services is reversing, and we needed a trusted partner that shares our vision, creativity and urgency. NYMBUS’ core banking platform is years ahead of the legacy vendors that have traditionally owned the market. Until now, the only option for financial institutions had been to move from one legacy platform to another. After a two- year search, NYMBUS SmartCore was the only selection by far to help CHROME achieve its business plan of reaching $500 million in assets by 2020.”

The core banking platform is the most important technology of any financial institution. NYMBUS SmartCore is a full-stack core banking platform that unifies all the required functions in one system with one data set. This allows CHROME to automate and simplify workflows, while modernizing existing software and hardware infrastructure. CHROME is assigned its own dedicated private cloud, ensuring the highest levels of security as well as compliance with the latest industry standards in a faster, easier and most affordable manner. Additionally, SmartCore quickly and seamlessly integrates with CHROME’s third-party partners Geezeo, MeridianLink, Zendesk, and dozens more, providing additional value while improving the customer experience.

“NYMBUS and CHROME have a shared vision of the modern customer experience. CHROME is at the forefront of innovation and together we believe we’ll be able to enhance that experience, add customer value, and help drive business growth,” said David Mitchell, president & chief revenue officer at NYMBUS.

Scott Sharp, chief operating officer at NYMBUS, continued, “CHROME’s business transformation is an industry best practice for how consumers experience and relate to a brand and its services, offline and online. We’re honored CHROME has entrusted NYMBUS to handle the wide range of digital functions and scalability required to realize its business plan.”

• Case Studies
• 30.11.2016 10:38 am

Branch banking is the fulcrum of banking activity. But with the growth of alternate banking channels and steep overheads banks are severely challenged to maintain branches. They are constantly exploring ways to optimize branch costs while rethinking their customer engagement strategy. In the highly competitive financial services market, it is now imperative for banks to provide superior, consistent and effortless customer experience at the physical branch level touch points.

Path Solutions, a global provider of cutting-edge software solutions for the Islamic financial services industry today announced that the panel of judges for KLIFF Islamic Finance Awards 2016 has selected Path Solutions as a recipient of the ‘Most Outstanding IT Company for Islamic Finance’ award.

For the past 12 editions of KLIFF Islamic Finance Awards, many outstanding individuals and institutions in the field of Islamic finance have been honored and recognized for their contribution and significant efforts in developing the Islamic finance industry.

“We’re tremendously pleased that KLIFF has identified Path Solutions as ‘Most Outstanding IT Company for Islamic Finance’ for the second consecutive year. Over the past 25 years, Path Solutions has built an unbeatable record of success delivering advanced technologies for the Islamic financial services sector, and we will continue to focus on execution and differentiate ourselves in the marketplace”, commented Mohammed Kateeb, Group Chairman & CEO of Path Solutions. “Considering the current economic climate, it is truly remarkable to be able to innovate, prosper and grow in the way we have done. Regulations, competition, customer demand, and innovations are driving fintech evolution at an incredible pace. We can’t always predict the future, but we assure our clients and partners that we are always ready for it”.

Held in conjunction with the 13^th Kuala Lumpur Islamic Finance Forum (KLIFF 2016), the KLIFF Dinner & Industry Awards Presentation took place on Monday 21 November 2016 at Hotel Istana in Kuala Lumpur, Malaysia in the presence of Y.B. Dato’ Othman Abdul Aziz, Timbalan Menteri Kewangan I, and local and international bankers, lawyers, financiers, practitioners, and academicians. 

The inaugural Scottish Cyber Awards have taken place and the successful ceremony has seen an Edinburgh firm land the award for International Contribution to Cyber Security. Edinburgh-headquartered ZoneFox were announced as the winners in the category after also scooping the Champion of Champions award. Speaking at the ceremony, James Graves, Chief Executive of ZoneFox, believes it is an honour to have received such prestigious new awards.
 
He said: “It was a great night for the industry and everyone in the room, not just the winners. We absolutely loved it and it was a real opportunity to discuss with fellow professionals and get out there to show what we have achieved.

“It’s been a cracking year so far for us, having grown significantly abroad, especially in the United States and both award wins were really the icing on the cake.

James added: “The whole night was completely motivational for our team and has given us further drive to repeat our success and keep the momentum going.”

The awards, hosted by the Scottish Business Resilience Centre and supported by Scottish Enterprise and PwC, set out to mirror the excellent work of the IT sector in Scotland – with ground-breaking work taking place at major organisations, by individuals in the education sector, as well as within Scotland’s many fast-moving smaller firms.

Chief Executive of the SBRC, Mandy Haeburn-Little, was thrilled with the ceremony and the buzz around the awards.

She said: “The night was a superb showcase of talent in what is a growing and increasingly vital part of the Scottish economy as the threat of cyber crime impacts every single person.

“Scotland has a proud history of innovation and we are making great strides to continue this tradition by becoming an international leader in cyber resilience - and to seize the opportunities that being at the forefront of cyber security can bring to our nation.

“The launch of the first Scottish Cyber Awards was a perfect platform to showcase and celebrate the great work that is happening in Scotland.

“We’d like to thank everyone that entered and attended the awards and made it the success it was. We hope it’s the start of something special for years to come.”

The event, which enjoyed huge interest and demand and benefitted from a packed attendance, was held at the Waldorf Astoria Hotel in Edinburgh, with other categories including: ‘Outstanding Woman in Cyber’, ‘Community Impact Award’ and ‘Cyber Teacher of the Year.’

Colin Slater, partner and cyber security lead in Scotland for award sponsor PwC Scotland, said: "Firstly congratulations to all the winners. There's been an incredibly strong body of work put across not only by the finalists but all of the entrants. It's reassuring that while cyber security may be a nascent sector in Scotland, it has a strong bedrock to build from in the future. That's comforting, not only as someone with a passion for the field but also as someone who uses digital services and has concerns about the risks and security of these services. 

"We need people like the entrants not only to raise the standard for those who follow but to be the ambassadors, encouraging interest and adoption at all levels - from the average person in the street to the C suite. Cyber security is only as good as its weakest point and together we can make that weakest point a tougher nut to crack.

"Scotland can show the way in cyber security and organisations like Scottish Enterprise and the SBRC are to be praised for their efforts in not only raising awareness but also in what they are doing to offer solutions to those out there. This event is just one part of how Scotland can continue to shine a light in this field to help others across the globe."

Cyber crime continues to be a massive concern in Scotland, costing an estimated £3bn every year. As the first awards to recognise Scotland’s ever-growing reputation as a world leader in countering the threat of cyber crime, the Scottish Cyber Awards will seek to showcase Scotland’s commitment towards the cyber security excellence and acknowledge the place Scotland has within this industry.

Scottish Enterprise (SE), Scotland's main economic development agency, were supporting this event as part of their Cyber Security Network Integrator project. SE aims to deliver a significant, lasting effect on the Scottish economy by identifying and exploiting the best opportunities for economic growth.

Kim Robertson, Project Manager for Sector Delivery at SE said: “Cyber crime continues to be a massive concern in Scotland - costing an estimated £3b per year – and its importance is reflected in the Scottish Government’s national Cyber Resilience Strategy which was launched this time last year. “

“Well done to all the superb winners and impressive nominees - their track record in innovation demonstrates Scotland’s position as a leader in cyber resilience technology. Scottish Enterprise is proud to have supported this event - it is significant, not just because of the pivotal role that cyber resilience plays in the security and health of all businesses, across all sectors, but also because of Scotland’s role at the forefront of cyber technology.”

The awards were timed around the anniversary of the launch of the Scottish Government’s national Cyber Resilience Strategy, which enshrined the ambition that Scotland should become a lead nation for cyber resilience. The ceremony will also become a core part of an ongoing cyclical programme of cyber activity including an annual cyber conference and the well-established Christmas lectures for schools.

SBRC is taking forward the scoping of the concept of a cyber hub for business in Scotland which would act as one trusted source of advice and cyber security services at an affordable cost.
 

• 22.11.2016 -- 09:36 am

Financial IT speaks with Bruno Cambounet,VP Finance Services and Insurance industries global programs at Axway​.

• 21.11.2016 -- 11:45 am

Financial IT speaks with Vivek Bajaj,Vice President, Global Banking & FM, IBM Cognitive Solutions at Sibos 2016. Vivek speaks about how cognitive might help financial institutions to combat fraud and comply with regulatory standards,

• 18.11.2016 -- 12:08 pm

Financial IT speaks with Nicholas Brewer, Global Head of Solution Consulting, Finacle,  Infosys about the blockchain technology and company's solutions at Sibos 2016 .

Ovamba Cameroon Solutions (“Ovamba”), an online African funding and logistics services provider for SMEs (small and medium sized businesses), has been recognised as the ‘Best African Lending & Finance company’ of 2016 at the African FinTech Awards and secured a spot in the top-15 for the African FinTech 100. The awards are part of the largest exhibition and conference for finance professionals, Finance Indaba Africa, held annually in Johannesburg, South Africa.

Marvin Cole, Co-Founder and President of Ovamba, said, “It’s so important that we collectively work to modernise banking and financial services in Africa so that more entrepreneurs have access to capital and are able to scale their businesses sustainably. We want to thank the judges and individuals who voted for us, it’s an honour to win the financing category amongst such an innovative group of peers”.

The judges remarked that Ovamba is a disrupter that provides “a much-needed service in West Africa” for SMEs and is “solving a real problem that will enable Africa to grow and give opportunity to some seriously bright individuals and business ideas”. The company’s ability to deliver capital quickly and efficiently within an affordable structure further distinguished its proposition from the other two finalists in the category, FarmDrive and Mobicred.  

The winners for each category are determined by an independent panel of judges that include leaders in the industry from investors to visionaries as well as by popular vote (25% of a company’s final score) which amounted to input from more than 30,000 individuals this year. The judges panel identified the winners based on innovation, customer satisfaction, value, delivery and traction.

Khaleeji Commercial Bank, one of Bahrain’s leading Islamic banks, has recently launched a range of innovative and leading products including the “I’teman” account, the “Easy36” credit card and the “Thabet” account.

The “I’teman” account is compliant with Shari’a principles and works as an alternative to the conventional overdraft where this inventive product provides corporate customers with a revolving credit limit. Through this account, businesses can manage their cash flows, general expenses and recognize any potential mismatches, in addition to also offering customer comfort of being able to have a standby reserve of emergency cash on hand, transfer through telex, money transfers upon request and various other financial benefits. 

The “Easy36” credit card operates as a financial solution in compliance with the Shari’a, where the credit card is designed for customer ease with all transactions purchased using the card. The credit card holders can repay the same over 36 easy monthly installments. This in addition to being able to change the installment period within 48 hours by contacting the call center. The “Easy36” credit card also provides travel insurance to holders of basic and additional cards with the advantage of receiving additional cards on-demand. Lastly, card holders can collect travel miles with Gulf Air and Qatar Airways with any travel bookings made with the card.

It is worth mentioning that both “I’teman” and “Easy36” received prestigious awards by the well-renowned Global Banking & Finance Review Awards for Best Islamic Credit Card Program (Easy36) and Best Islamic Banking Product (I’teman Account) in Bahrain for being unique and pioneering financial products and services that provide customers with a matchless banking experience.

Finally, the “Thabet” account is a Shari’a compliant account that’s considered to be a unique investment opportunity based on Murabaha principle with guaranteed capital profits with a minimum of BD 5,000. The account gives the bank’s clients the opportunity to enjoy 3.25% profit rate over 2 years with monthly profit distribution.

On this occasion Mr. Khalil Al Meer, CEO of KHCB said, “The launch of these products mark another milestone in our quest to make banking truly simple and Shari’a compliant for our customers. We remain firm on our objective to deliver banking products and services tailored to meet the diverse needs of our ever-growing customer base by leveraging technology to make banking faster, safer and more accessible for all our customers”.

“KHCB has always had a strong focus on improving customer experience. We strive to deliver not only fast and reliable services, but also innovative products in full compliance with the Shari’a, so that our customers feel very comfortable and satisfied with us”, continued Mr. Al Meer.

Mr. Al Meer added, “The success of KHCB has been based on providing the services that our corporate customers want, and in the way they want to use them. We are fully aware that with fierce competition for customer acquisition and retention, KHCB could not afford to make any mistakes in launching Islamic products and services based on leading-edge technology. Working closely with Path Solutions has allowed us to develop innovative, feature-rich and integrated services tailored to the specific needs of our customers and what they have come to expect in the modern Islamic banking landscape”.

KHCB, a long-standing partner of Path Solutions, has signed an agreement with the latter to implement iMAL Islamic Banking & Investment System in 2002, to help launch new Shari’a compliant products quickly and easily, improve the bank efficiency and reduce operational costs. KHCB has consistently played a leading role in Bahrain’s Islamic banking industry. The bank serves as a role model within the Islamic financial services industry due to its bias for world-class innovative alternative banking products combined with excellent service quality and the highest level of security.

In a world that is moving faster than ever before, Path Solutions helps clients to accommodate to local needs and variances in Islamic banking practice and culture. With over 100 successful implementations completed, Path Solutions is uniquely qualified to help Islamic banks stay ahead of the competition while remaining Shari’a compliant.