Innovation prevails during times of crisis

[Robin Amlôt]

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

Bi-weekly Newsletter Hi there,  The paradigm for seeking the various banking and financial services are changing. And to respond to that, many banks and FinTechs around the world are looking at different ways and means to tune with their customers' needs.  Innovation prevails in times of crisis! Let's dig in and build on some ideas from these innovators.  Natwest, RBS & Ulster Bank release carer card for vulnerable customers NatWest in collaboration with Royal Bank of Scotland and Ulster Bank has introduced a new companion card in a bid to enable vulnerable customers as well as the ones in isolation to allow volunteers to pay for their essential goods. The Bank states that the card can be topped up to £100 every 5 days and can be given to a volunteer or carer to make purchases on behalf of the individual. Read more Stripe announces major updates to core Payments Platform Stripe, a provider of economic infrastructure for the internet, has announced three major updates to its core payments platform to help its users increase their revenue. The updates are direct connectivity to six major card networks, new revenue optimization engine, and Stripe Issuing, now available to all US businesses. Read more Looking ahead: the Digital Silverline The new world order of social distancing and the touch-me-not code of conduct has also brought down significant changes to the way services are rendered and consumed. The lock-down has a direct impact on the supply chain, and the reduced consumption would have a significant bearing on the cashflows of most industry players, and therefore, their repayment abilities. Which also implies the NPA and provision levels are bound to rise, directly impacting the bottom-line of banks. The steep fall in banking stocks around the world is, but testimony to that. So what can banks really do?  Read the full article ETRONIKA provides Baltic International Bank’s internet banking Baltic International Bank has unveiled a new internet banking platform based on ETRONIKA’s digital banking platform BANKTRON. The project was started in 2019. Head of Digital Channel Development, Product Development Department, Baltic International Bank, Jānis Osis said: “We have introduced a new platform that allows us to be more efficient, faster in our further development, introducing modern and innovative solutions.” Read more SFG becomes a global innovation hub with Plug and Play South Korea’s Shinhan Financial Group (SFG) is becoming an open innovation hub as it expands the global startup ecosystem. SFG and Plug and Play are collaborating together to accelerate the next unicorn. Plug and Play, based in Silicon Valley, is a global startup technology accelerator that is said to have discovered leading global IT startups. Read more IBS JOURNAL As the world comes to terms with social distancing and business and consumer alike embrace remote operating, there may be a distinct silver lining in all of this for banks: the “digital panacea”. Get access to this this full article and more interesting content in the IBS Journal special issue that has also been expanded by 25% to a bumper 60-pages to bring you extra value! Subscribe today at only £9 per issue. Subscribe now Currencycloud introduces payments tracking API Currencycloud has launched a pilot API programme to provide SWIFT gpi tracking capabilities to clients, becoming one of the first non-banks to track cross-border payments directly. The FinTech noted that the API will allow its clients to track cross-border payments directly, like an Amazon parcel, and even pass the service further onwards to their own customers who will be able to track their own payments. Read more SALESVISION Get access to over 12,000+ global banking technology system sales SalesVision, a proprietary tool from IBS Intelligence that helps you anticipate market dynamics and explore opportunities with data of 12,000+ system sales history of 450+ suppliers, covering 5,500+ banks across the globe since 2009. It is regularly used by banks, technology suppliers, consulting & PE firms to make informed decisions for their business and sales strategies. Strategize your next big win BLOG: Ingenico ePayments says wearables, sound, NFC will dominate digital payments in India Demonetisation was a watershed moment in the history of independent India. A decision geared to curb black money provided the platform and impetus to consumers to move to non-cash payment methods, and a slew of initiatives undertaken by the Government of India thereon has catalyzed the e-payment ecosystem in the country, expected to worth USD 135.2 billion by 2023, from USD 64.8 billion in 2019. Read more IBS Intelligence Podcast Cashless after Covid-19?  Most people in the UK still use a traditional bank as their primary account, with digital banks typically used for other secondary activities. However, in the midst of the Coronavirus crisis, we’ve seen people turning to FinTech apps, with usage increasing 72%.  The rise of the contactless payment limit mirrors these behavioral changes, but does this really mean the death of cash in the long term? Here's to Ian Johnson, Head of Europe - Marqeta, sharing insights on this topic. 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!   Wherever you are, stay safe and healthy!    Thanks,  Robin Amlôt Managing Editor - IBS Intelligence    IBS Intelligence, Berkeley Square House, Berkeley Square, London, UK

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