Banks raise their game with technology

[Robin Amlôt]

Hi , Here's your bi-weekly roundup of our best FinTech stories.

Bi-weekly Newsletter Hi there,  Banks and financial institutions are looking to raise their game using technology. Social distancing is here to stay and FinTechs respond accordingly.  Today's newsletter includes top stories around adoption of blockchain technology, Biometrics technology in digital payments, use of AI to enhance customer experience and more. Let's dig in.   EXCLUSIVE: Tribe Payments to launch Open Banking module Tribe Payments, the London-based payments processor, is launching an Open Banking module this summer, allowing partners to deliver suitable consumer or corporate products, IBS Intelligence has learned. In an interview, Alex Reddish, CCO of Tribe, revealed that the FinTech intends to use its position in the payments ecosystem to embrace Open Banking and its opportunities within data aggregation. Read more SIA launches blockchain infrastructure for Italian banks Technical tests have been successfully completed on more than 7 million transactions on real data, according to SIA. So far, a first group of 32 banks have already digitalised the entire process of reconciliation of the flows of transactions that generate accounting entries in the reciprocal accounts in Italy and of management of pending transactions. Another 23 banks will start operating next month, with a third migration wave scheduled for October 2020.. Read more 7 steps for organizational transformation in a COVID-19 era In continuation of the recent article on 'Ten Steps to manage your business in a COVID-19 era', Sanjiv Anand - Chairman at Cedar and IBS Intelligence shares the 7 steps for organizational transformation. He says, "Even if we have been wary in the past to right-size our organizations,we have been left with no choice now. It is survival of the fittest. Compensation is a critical cost for any organization – from 30%-60%. So, unless this is forcefully addressed, you are underwater. I have always said that people are important, but not at the cost of progress. Unfortunately, the time has now come to save the ship and most of your organization."  Read the full article Messaging app WhatsApp to tap into India’s online lending opportunity soon Social messaging app WhatsApp, which has received a nod from India’s central bank to launch mobile payments in the country, also wants to tap into the massive lending opportunity that the country offers, according to a media report. The Facebook-owned app had done beta testing of the payments feature about two years ago but hit a roadblock over regulatory approvals. Read more Fenergo launches cloud-based RAO solution in APAC amid COVID-19 Greg Watson, Head of APAC, Fenergo encapsulated, “Businesses across the region should not be delayed in opening accounts or accessing emergency funding. In the current circumstances where physical branches are closed and customers aren’t able to attend in-person meetings, it has never been more important to have a digital-first strategy that facilitates remote account opening. Our Remote Account Opening solution makes this possible.”  Read more IBS JOURNAL The April edition of the IBS Journal has been published. We have expanded the Journal by 25% to a bumper 60-pages to bring you extra value! This special issue includes 32 pages of comment and analysis on the impact of the Coronavirus/Covid-19 and the opportunity and challenge that it represents for the banking and financial technology sectors. Subscribe today at only £9 per issue. Subscribe now Sperax to enable Decentralized Financial Services Silicon Valley-based Sperax, a blockchain company, providing secure BDLS Consensus Protocol for the Open Internet has announced that the company is aiming to enable Decentralized Financial (DeFi) services enhancing efficiency, flexibility and self-governance than the traditional economic model. Read more IBS INTELLIGENCE RESEARCH  Cybersecurity in Financial Services The COVID-19 pandemic is posing various challenges. While the world is focused on dealing with health and economic threats first for obvious reasons, cyber criminals are alert too and busy capitalizing on the crisis. As we are moving to a digital payments world at a much faster rate now than before, banks need to be on their guard. This research report on cybersecurity in banking includes profiles of 14 leading suppliers in this space, 5 case studies of successful implementations, insights from industry experts and more.  Stay on guard. Buy report today. NatWest Markets to accelerate AI journey with Dataiku NatWest Markets announced today a partnership with Enterprise AI platform, Dataiku in a bid to enhance customer experience with the latter’s self-service analytics and machine learning. The collaboration also aims to bring new efficiencies across trade execution and drive business solutions for analysts. The bank is expected to utilise Dataiku’s’ centralised data platform for fueling collaboration between its technical and front office users.Read more IBS Intelligence Podcast Unveiling Biometrics technology to the payments industry The password is a dying breed, and biometrics and digital identities are taking its place. However, consumers are still cautious when it comes to using fingerprints, facial recognition and voice to authenticate payments. In this episode, reporter Sunniva Kolostyak speaks to Daniel Kornitzer at Paysafe about embracing the benefits of biometrics and raising awareness. Listen here Get your monthly dose of trends, predictions, exclusive interviews, news analysis, rankings, expert views and insights on global banking technology and FinTech markets here. Subscribe to the IBS Journal now!   Stay safe and healthy.    Thanks,  Robin Amlôt Managing Editor - IBS Intelligence    IBS Intelligence, Berkeley Square House, Berkeley Square, London, UK Unsubscribe Manage preferences

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