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Market Intel

• A new US-based challenger bank, booyah! has launched to provide mobile and online banking – The booyah! debit card is issued by Surety Bank pursuant to a licence from Discover Financial Services and may be used where booyah! Discover Debit Cards are accepted. Read More
• The rise of Fintech – over a third of Brits use finance apps – New data has been released that gives a snapshot of how Brits use Fintech apps – as well as the reasons why some people avoid them. The study shows that overall, 76% of people surveyed use a finance app. 27% of women use an app every day vs. 20% of men Read More
• Digital banks are coming to Southeast Asia – Five years ago, the idea of parking your money with a bank that has no physical branch whatsoever would have been considered crazy—but that’s changing as consumers throughout Asia Pacific are becoming familiar with digital banking. Read More
• N26 officially launches in the US – Following a successful recent beta phase, German challenger bank N26 has officially launched in the US with open registration, writes Jane Connolly. N26 has also unveiled a new sub-account sharing feature called Shared Spaces. This is an extension of the existing Spaces feature. Read More
• India to decide fate of crypto entities within two weeks – In an ongoing case related to the banking ban of crypto-currency in India, the country’s top court has said that it will pass judgement with or without a response from the banking regulator Reserve Bank of India (RBI). Read More

Client Intel

• Barclays customers suffer most internet banking incidents – Barclays current account holders endured the most incidents that affected their use of internet banking over a year, writes Jane Connolly. Barclays reported 21 such incidents to the Financial Conduct Authority (FCA) between 1 July 2018 and 30 June 2019. Read More
• HSBC becomes first bank to complete financing transaction on we.trade blockchain platform – HSBC has financed a transaction on we.trade, a blockchain-based platform for open account trade in Europe, becoming the first to do so since the banks behind the solution started live pilots in July last year. Read More
• BookMyForex and YES BANK launch co-branded forex card on Visa – Indian FinTech startup for foreign exchange and remittances BookMyForex.com (BMF) has tied up with private lender YES BANK to launch a co-branded multi-currency forex travel card. Read More
• JP Morgan to shut down Chase Pay app in early 2020 – JP Morgan Chase has notified customers of its Chase Pay mobile payments solution that the service will soon be unavailable for in-store use. The bank began to notify existing customers of the change via email. Read More
• Federal Bank Ties Up with Lulu Money, Hong Kong to Offer Instant Money Transfer to India – Federal Bank has entered into a tie-up with LuLu Money to facilitate instant money transfer to India from Hong Kong. LuLu Money is part of the Abu Dhabi based LuLu Financial Group. Read More
• Emirates NBD to leverage SAP Financial Services Data Platform – Emirates NBD has partnered with SAP to implement SAP Financial Services Data Platform. SAP HANA and can now deliver customer intelligence across all Emirates NBD Group market segments, entities and countries. Read More
• Bank Indonesia launches single QR Standards to power payments – Bank Indonesia has recently launched a Quick Response (QR) Code standard for payments, to power its payment technology. The nationwide QR Code Indonesian Standard (QRIS) implementation will be effective from January 1st, 2020. Read More
• Westpac debuts cloud-based procurement via Coupa – Westpac has delivered an Australian first in e-procurement, by partnering with Coupa, a leader in Business Spend Management (BSM), to help businesses more efficiently manage their spending within a comprehensive cloud platform. Read More

Competition Intel

• Banque Morval and Intesa Sanpaolo unite on Avaloq’s core banking tech – The core banking solution, provided on a Business-Process-as-a-Service (BPaaS) basis by Swiss vendor Avaloq, replaced the Ambit Private Banking system from another Swiss vendor, New Access, FinTech Futures understands. Read More
• Raiffeisenverband Südtirol Depends on Advisory Software From Crealogix – Crealogix has successfully rolled out its Financial Advisory Workbench to the regional banks of Raiffeisen Landesbank Südtirol AG in the South Tyrol region. The software will be used across its retail and private banking consulting service. Read More
• Alterna Bank partners with nCino – Alterna Bank and nCino has formed a new partnership to enable small businesses in Canada to take advantage of a their digital banking solutions, as reported by Finovate‘s, David Penn. The agreement marks nCino’s first Canadian credit union customer. Read More
• Oracle to help UK banks, building societies in mortgage origination process – Oracle Financial Services has announced the availability of its Oracle Banking Enterprise Originations solution to the UK market. The new solution is expected to assist banks and building societies. Read More
• Major South Africa Bank Upgrades to Surecomp’s IMEX 8 – Surecomp announced that a major pan-African bank has entered into an agreement to upgrade of its trade finance back-office system to IMEX® 8 as part of their preparations for SWIFT 2020 messaging standard changes and ongoing digitalization. Read More
• NEFCU Moves to Fiserv to Accelerate Digital Transformation – Fiserv announced that Long Island, New York-based NEFCU has selected Fiserv to help transform the credit union’s member experience and drive innovation in an increasingly digital banking environment. Read More
• Shift Technology Joins Guidewire PartnerConnect Alliance Program – Shift Technology, a provider of AI-native solutions for the global insurance industry, and Guidewire Software announced that Shift has joined Guidewire PartnerConnect™ as a Solution partner. Read More

Barclays customers suffer most internet banking incidents
26.Aug.2019

Barclays current account holders endured the most incidents that affected their use of internet banking over a year, writes Jane Connolly.

According to a report by Money Saving Expert, Barclays reported 21 such incidents to the Financial Conduct Authority (FCA) between 1 July 2018 and 30 June 2019.

Next in line were Lloyds Bank and Santander, who both reported 15 incidents. The FCA’s figures revealed that 24 banks had at least one ‘operational and security incident’ related to online banking.

Banks must report online banking glitches to the FCA if they meet certain criteria. These include incidents that, at the lower impact level, affect more than 10% of the payment service provider’s regular level of transactions, or 25% at the higher impact level.

A Barclays spokesperson tells Money Saving Expert that the bank welcomes transparency and reports every incident to the regulator, even minor glitches. They add that incident numbers have fallen quarter-on-quarter for the last four reporting periods.

Barclays says: “We are pleased to have seen a consistent reduction in our operational and security incidents throughout the course of the last year, and remain focused on continuing this progress.”

Link:https://www.fintechfutures.com/2019/08/barclays-customers-suffer-most-internet-banking-incidents/

Emirates NBD to leverage SAP Financial Services Data Platform
26.Aug.2019

Emirates NBD has partnered with SAP to implement SAP Financial Services Data Platform, the platform is powered by SAP in-memory data platform, SAP HANA and can now deliver customer intelligence across all Emirates NBD Group market segments, entities and countries.

Abdulla Qassem, Emirates NBD’s Group Chief Operating Officer, said, “Harnessing the power of Hadoop and SAP HANA has brought significantly increased capability to our Enterprise Data Platform which is ultimately aligned with Emirates NBD’s vision to drive data-driven decision making holistically across the bank.”

The lender stated that the implementation was completed in 10 months and marks the second phase of expansion for Emirates NBD’s Enterprise Data Platform (EDP).

The EDP, which leverages Hadoop Big Data technology, was launched in November 2018 and aims to enhance Emirates NBD’s customer experience by increasingly leveraging data-driven intelligence.

SAP Financial Services Data Platform will allow the bank’s EDP to deliver a standardised, consistent representation of complex data from all Emirates NBD systems and applications.

Additionally, Emirates NBD plans to further expand usage of the Enterprise Data Platform across other critical business functions including trade finance, assets as well as liabilities and human resources to ultimately advance its application of analytics and reporting.

Link: https://www.islamicbusinessandfinance.net/en/home/articles/emirates-nbd-to-leverage-sap-financial-services-data-platform

Westpac debuts cloud-based procurement via Coupa
Source: Finextra21.8.2019

Westpac has delivered an Australian first in e-procurement, by partnering with Coupa, a leader in Business Spend Management (BSM), to help businesses more efficiently manage their spending within a comprehensive cloud platform. The partnership enables customers to reduce risk, improve compliance, automate manual and inefficient tasks, and ultimately, deliver cost savings to the business.

Westpac is the first bank in Australia to transform payables and purchasing through cloud-based procurement solutions for its customers. Coupa’s industry-leading Business Spend Management platform has been deployed by over 750 organisations, including MGM Resorts International, Salesforce, and Unilever.

“Corporates have invested heavily in improving the way they receive payments from customers; however, we haven’t seen the same advancements in how payments are made to suppliers. In many cases, the payables process remains inefficient, paper-based, and prone to errors. Our partnership with Coupa is the first major step towards frictionless supplier payments and delivering end-to-end automation across the working capital cycle.” said Di Challenor, Westpac Institutional Bank’s General Manager, Global Transaction Services.

“By combining the Coupa BSM Platform with Westpac’s eInvoicing, payments and reconciliation solutions, CFOs have real-time oversight into their organisations’ spending behaviour, allowing them to proactively identify and address small problems before they turn into big issues,” Ms Challenor said.

Organisations with large procurement spend or complex supplier relationships will get real-time visibility on budgets, increased purchasing power, and more efficient processes.

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Taiwan issues three digital banking licences
1.8.2019

In a first for the island, Taiwan’s Financial Supervisory Commission has issued virtual banking licences to three consortiums – the latest development in the battle between Asian internet firms and the region’s legacy banks for a stronghold over consumer finances.

According to Reuters, Japanese app operator LINE Group’s LINE Financial Taiwan and Taiwan telecom operator Chungwa Telecom’s Next Commercial Bank were granted licences, as well as Rakuten International Commercial Bank, operated by Japanese e-commerce firm Rakuten Inc and
Taiwan’s IBF Financial Holdings.

Following in the footsteps of other Asian regulators, this move supports non-bank competitors who want to compete with traditional financial services and leverage their user databases to provide digital-first products and services.

While the Commission says it has no plan to issue more licences, this announcement comes soon after Hong Kong issued eight new online-only banking licences to groups such as Alibaba Group Holding Ltd and Standard Chartered Plc.

Singapore, Thailand, Malaysia and Korea are also expected to issue virtual banking licences this year, but if digital banks gain significant market share, Asian banks’ average return on equity could drop to as low as 6.4% by 2023, from 10.1% last year, according to McKinsey.

Link: https://www.finextra.com/newsarticle/34185/taiwan-issues-three-digital-banking-licences