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EURO1/STEP1 ISO 20022 migration delayed to align with T2-T2S timetable

/payments

EURO1/STEP1 ISO 20022 migration delayed to align with T2-T2S timetable

In a confidential letter sent to the participants of EURO1 large value payments and the STEP1 platform Wednesday, EBA Clearing announced delays to testing and live implementation dates.

2010 revisited: Opportunity to move quickly and stay in front of the market

/payments

2010 revisited: Opportunity to move quickly and stay in front of the market

As Sibos 2020 approaches, we look back to some of the predictions and forecasts made in 2010 and pick through what other lessons can be learnt from the post-financial crisis world to inform strategy in the not dissimilar economic environment of today.

2010 revisited: Looking beyond the traditional negotiated financial crisis

/payments

2010 revisited: Looking beyond the traditional negotiated financial crisis

As Sibos 2020 approaches, we look back to some of the predictions and forecasts made in 2010 and pick through what other lessons can be learnt from the post-financial crisis world to inform strategy in the not dissimilar economic environment of today.

Migrating Capital Markets Applications and Data to Cloud in Uncertain Times

/Coronavirus

Migrating Capital Markets Applications and Data to Cloud in Uncertain Times

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ClearBank dances on the cloud’s silver lining thanks to Covid-19

/payments

ClearBank dances on the cloud’s silver lining thanks to Covid-19

For the latest feather in its cap, the cloud-based ClearBank became the first clearing bank to offer multi-currency bank accounts via API. Partnering with JP Morgan, ClearBank will offer clients the ability to move funds between accounts through an API-based connection to JPMorgan, but this is just one step in what promises to be a period of strong growth for the firm.

How to combat payments fraud with machine learning in the cloud

/cloud

How to combat payments fraud with machine learning in the cloud

Financial services customers are operating with faster speed and greater agility in the payments space, now more than ever with the incremental volume of card-not-present transactions, accelerated adoption of contactless payments, and new financing options at the point-of-sale, among other key trends.

ICO’s new code to protect ‘datafied’ children

/regulation

ICO’s new code to protect ‘datafied’ children

Having come into effect on 2nd September, the ICO’s Age Appropriate Design Code has dealt firms a new raft of cumbersome data protection requirements to implement within a 12-month transition period.

Look beyond London for the UK fintechs that will lead post-Covid recovery

/covid-19

Look beyond London for the UK fintechs that will lead post-Covid recovery

Echoing Prime Minister’s Boris Johnson pledge to 'double down on levelling up' the UK economy, Citi Bank’s Tony McLaughlin believes the country can become an even more friendly environment for fintech and should be looking outside “a small perimeter around Old Street”.

Monzo, Starling and the lessons for challengers post-Covid

/retail

Monzo, Starling and the lessons for challengers post-Covid

Recent weeks have brought news of differing fortunes for two of the UK’s flagship digital challenger banks. With Starling confidently announcing it would break even by the end of 2020, Monzo has described “the significant doubt” that Covid-19 had cast on the bank’s ability to continue.

Neobank for landlords Hammock raises £1 million funding

/startups

Neobank for landlords Hammock raises £1 million funding

Hammock, a new neobank built specifically for landlords, has raised £1 million in seed investment from Fuel Ventures and Ascension Ventures, ahead of the planned launch of its current account in the coming weeks.

Starling: Two thirds of UK SMEs optimistic about Covid-19 recovery in 2021

/covid-19

Starling: Two thirds of UK SMEs optimistic about Covid-19 recovery in 2021

According to a survey of over 300 UK SMEs conducted by Starling Bank and the Great British Entrepreneur Awards (GBEA), 68% of small to medium-sized businesses believe they will return to pre-Covid levels of success in early 2021.

Viva Wallet seeks €500 million fundraising – Reuters

/payments

Viva Wallet seeks €500 million fundraising – Reuters

Greek payments firm Viva Wallet has hired investment bank Jeffries to advise on the €500 million fundraising just weeks after officially acquiring Praxia Bank’s banking license.

/payments

Mastercard and AlRaedah Finance launch payment solutions for SMEs in Saudi Arabia

Mastercard has signed a Memorandum of Understanding (MoU) with AlRaedah Finance, to launch a unique ‘SME in a Box’ payment solution for small and medium sized businesses (SMEs) in the Kingdom of Saudi Arabia.

/covid-19

Icici Bank provides Covid-19 testing vehicles and PPE to Odisha

ICICI Bank announced that it has taken a series of measures to assist authorities in Bhubaneswar in the fight against the COVID-19 outbreak. The Bank has contributed a mobile COVID-19 testing vehicle to the Bhubaneswar Municipal Corporation (BMC) to help BMC to collect swab samples swiftly from people, including the differently-abled and those who are unable to visit hospitals for testing, across the city. The Bank has also provided 30 threewheelers to differently-abled persons in Bhubaneswar to support their mobility who have been identified by the Department of Social Security & Empowerment of Persons with Disability (SSEPD), Government of Odisha.

Drawing up the correlation between the evolution of the fintech ecosystem and Covid-19

/startups

Drawing up the correlation between the evolution of the fintech ecosystem and Covid-19

How important is fintech in perpetuating and augmenting financial inclusion in emerging markets? Matthew Blake, head of financial services and member of the executive committee at the World Economic Forum believes that the fintech sector’s role in banking the unbanked and underserved is vital.

Discerning the impact of Covid-19 on fintech firms and their role in financial inclusion

/startups

Discerning the impact of Covid-19 on fintech firms and their role in financial inclusion

While the fintech industry is still evolving, the evidence so far indicates that it has a key role to play in financial inclusion, according to Ana Fiorella Carvajal, lead financial sector expert at World Bank. This role comprises not just the provision of basic services, such as payments mechanisms, but more recently also the provision of financing to consumers and SMEs.

AFME: Support banks in reducing investment in high carbon emitting sectors, don’t punish them

/sustainable

AFME: Support banks in reducing investment in high carbon emitting sectors, don’t punish them

In light of the European Commission’s call for comment on the Renewed Sustainable Finance Strategy, the Association for Financial Markets in Europe (AFME) posited that the cornerstone of future policies should be transition in the real economy – non-financial sectors – and banks should encourage and support them to reflect on uptake, effectiveness and identify issues and gaps in their current approach.

Crafting a unique instant payments business case by shifting mentalities

/payments

Crafting a unique instant payments business case by shifting mentalities

As fully-digital customer experiences and faster funds transfer are now essential elements of business continuity and resiliency, it is clear that the global impact of Covid-19 is working to accelerate instant payments adoption.

Covid-19 will ignite new agendas for payment trends and regulations

/payments

Covid-19 will ignite new agendas for payment trends and regulations

With the Covid-19 pandemic bringing to the fore long-term trends in the banking and payments industries, professionals shared their views on what lies ahead as part of PayExpo’s digital event.

UNICEF turning to cryptocurrency in fight against Covid-19

/crypto

UNICEF turning to cryptocurrency in fight against Covid-19

Global children’s charity UNICEF is looking to greatly expand its use of cryptocurrency as it aims to respond to the demands of donors and better support companies around the world in their fight against the effects of Covid-19.

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