Market Intel & Client Intel – 27.Aug.2019

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