News

IT for financial services

• November 12, 2021 12 Nov'21

  CaixaBank to complete IT integration of Bankia in two days

  Spanish bank embarks on a massive migration of customer accounts following merger

• November 11, 2021 11 Nov'21

  Finance ombudsman overturns more than three-quarters of bank decisions on APP fraud

  The financial services ombudsman is siding with customers in over 75% of complaints against banks that refuse to repay losses to authorised push payment fraud

• November 11, 2021 11 Nov'21

  Bank of England loses 161 computing devices in three years

  Bank cannot account for phones, laptops and tablets that have gone missing over the past three years

• November 11, 2021 11 Nov'21

  Financial Conduct Authority chooses Aiimi for improved information discovery

  The Financial Conduct Authority has awarded a three-year contract to UK enterprise search firm Aiimi to enable the regulator’s staff to find documents more easily and collaborate better

• November 10, 2021 10 Nov'21

  Traditional banks could get revenue boost if they copy digital challengers

  Traditional banks could see huge sales increases if they adopted the business models of their digital challengers

• November 09, 2021 09 Nov'21

  Standard Chartered picks Starling Bank tech for product launch

  Standard Chartered able to quickly launch new product through fintech platform

• November 09, 2021 09 Nov'21

  Blockchain technology will help banks will cut cross-border payment costs by $10bn in 2030

  The use of blockchain technology in cross-border payments will save global banks $10bn in 2030, according to research

• November 09, 2021 09 Nov'21

  Singapore ups ante in AI with sectoral programmes

  Singapore launches two national AI programmes to bolster adoption of AI by financial institutions and the public sector

• November 08, 2021 08 Nov'21

  CME Group signs 10-year cloud and product innovation deal with Google

  CME Group, one of the world’s largest financial derivatives exchange operators, has signed a multi-year infrastructure migration deal with Google Cloud

• November 07, 2021 07 Nov'21

  Technology spending reaches record levels, fuelling jobs boom

  Spending on IT has reached its highest levels for a decade but a shortage of skilled IT professionals could dampen growth

• November 05, 2021 05 Nov'21

  Inside Krungsri Bank’s open API journey

  Thailand’s Krungsri Bank has been harnessing open application programming interfaces to enable its partners to build new services in a strategy that has won over customers from rival banks

• November 04, 2021 04 Nov'21

  Women grossly underrepresented in global fintech

  Women are CEOs at less than 6% of global financial technology firms and even fewer hold top tech jobs

• November 03, 2021 03 Nov'21

  Quarter of people don’t plan to visit a bank branch again

  A quarter of people have no intention of visiting a bank branch again after experiencing the benefits of digital banking when branches were closed during Covid-19 lockdowns

• November 02, 2021 02 Nov'21

  HSBC standardises on DevOps platform

  HSBC to standardise and automate software development through CloudBees platform

• November 01, 2021 01 Nov'21

  Payments through open banking could end card dominance

  Payments made through open banking will eat into those made using cards as the next five years sees an acceleration in adoption

• October 27, 2021 27 Oct'21

  TechUK slams government gift to big banks that will disadvantage fintechs

  The government will put challenger banks at a disadvantage through its reduction in the bank profit surcharge, says TechUK

• October 27, 2021 27 Oct'21

  TSB opens 100-seat tech centre in Scottish capital

  TSB has opened its latest tech centre in Scotland while IT services provider CGI announces the creation of hundreds of UK tech jobs

• October 26, 2021 26 Oct'21

  Thought Machine: Google-inspired banking fintech to unicorn and beyond

  UK fintech unicorn Thought Machine is transforming the IT of large traditional banks, while working with fledgling digital-only challengers

• October 21, 2021 21 Oct'21

  German regulator imposes limit on number of new customers digital bank can sign each month

  BaFin limits the number of new customers that digital bank N26 can enrol until it is reassured on issues it has raised about the company

• October 20, 2021 20 Oct'21

  Lloyds Bank closes more branches as customers migrate to digital channels

  Banking group has announced more closures as part of the ongoing reduction of its branch network

• October 20, 2021 20 Oct'21

  Oracle NetSuite embeds HSBC corporate banking services into ERP

  Oracle Netsuite integrates HSBC corporate banking services into its latest software

• October 20, 2021 20 Oct'21

  American Express announces global hybrid working model

  US credit card giant is latest corporate to formalise hybrid working following the success of informal policies introduced during the Covid-19 pandemic

• October 19, 2021 19 Oct'21

  Zopa becomes unicorn with latest funds to go to bank operation

  Zopa will invest in its growing digital bank operation after becoming a unicorn in its latest fund-raising round

• October 15, 2021 15 Oct'21

  Global IT outsourcing sees record spending and no sign of slowing

  Cloud services are being taken up by enterprises rapidly as they accelerate digital transformations

• October 14, 2021 14 Oct'21

  Darlington Building Society invests in platform for digital transformation

  Building society is looking to satisfy existing customers and attract new ones by meeting their digital service-level expectations

• October 14, 2021 14 Oct'21

  FCSA clarifies anti-tax avoidance stance of offshore Charter change for umbrella firms

  The Freelancer and Contractor Services Association (FCSA) has published a revised version of its membership Charter to reinforce its commitment to ensuring its members do not operate offshore tax avoidance schemes

• October 14, 2021 14 Oct'21

  SocGen to cull thousands of jobs and move to single IT platform in merger with subsidiary

  French bank’s move to a single banking platform will enable it to cater for changing customer demands

• October 12, 2021 12 Oct'21

  Morgan Stanley brings diverse fintech innovation to London

  US bank expands its diversity-focused fintech accelerator programme to Europe with an initial £1m investment

• October 12, 2021 12 Oct'21

  Nearly half of finance firms will acquire or partner fintechs in next year

  UK financial services firms are preparing to acquire or partner fintechs as they target business growth

• October 11, 2021 11 Oct'21

  Sensitive documents to stay with whistleblower after deadline for agreement for their return passes

  A deadllne to agree the safe return of the sensitive banking details of former and current NatWest Group customers has passed without agreement

• October 08, 2021 08 Oct'21

  NatWest admits to weaknesses in anti-money laundering systems

  Bank pleads guilty to failures concerning the laundering of hundreds of millions of pounds, but says it has since improved its anti-money laundering systems

• October 06, 2021 06 Oct'21

  US lawmakers propose ransomware reporting rules

  Former presidential candidate Elizabeth Warren lends her support to a bill that would require corporate ransomware victims to disclose more information about their attacks to the authorities

• October 06, 2021 06 Oct'21

  Tech Nation adds 30 fintech scaleups to growth programme as funding continues to rise

  UK government-backed startup network adds 30 fintechs to its growth programme amid record investments in finance tech sector

• October 05, 2021 05 Oct'21

  Microsoft’s financial services cloud available next month

  Financial finance sector-focused cloud service will be available at the beginning of November

• October 04, 2021 04 Oct'21

  Mastercard acquisition of Aiia is a further sign of open banking’s big future

  Mastercard’s acquisition of Denmark-based open banking fintech Aiia follows rival’s takeover of Sweden’s Tink

• October 01, 2021 01 Oct'21

  IR35: Giant Group cyber attack prompts renewed calls for statutory regulation of umbrella companies

  As details about the fallout from the cyber attack on the Giant Group umbrella company emerge, stakeholders say the incident should prompt the government to expedite regulating contractor payroll processing firms

• September 30, 2021 30 Sep'21

  Digital bank fined by regulator due to weak anti-money laundering controls

  German digital bank is fined by financial services regulator for failing in relation to its anti-money laundering practices

• September 30, 2021 30 Sep'21

  Starling Bank takes its banking-as-a-service into European Union

  API-based banking-as-a-service offering means customers can access services such as current accounts or debit cards without the need for heavy tech development or regulatory approval

• September 29, 2021 29 Sep'21

  Dedicated number for victims of fraud launched amid national security threat

  Consumers that suspect they are being targeted by fraudsters can call 159 to be directly linked to their bank, as part of a 12-month pilot

• September 29, 2021 29 Sep'21

  Women in fintech welcome Barclays initiative and demand more from the sector

  Women in UK financial technology have welcomed bank’s new female-focused lab and funding initiative and call for more like it from the sector

• September 29, 2021 29 Sep'21

  JP Morgan Chase digital investment good for UK IT sector, but what’s in it for the bank?

  JP Morgan Chase’s digital bank allows it to start from scratch in the UK, with no legacy infrastructure to overhaul

• September 29, 2021 29 Sep'21

  UK consumer trust in banks, retailers and telcos declines as scams increase

  Consumers are blaming banks, retailers and social media for the huge increase in online scams, survey shows

• September 28, 2021 28 Sep'21

  Dutch IT firm transforms HR policy built on lessons from pandemic

  Software firm rips up human resources rule book and replaces it with a hybrid working policy

• September 27, 2021 27 Sep'21

  Giant Umbrella contractors suffer salary payment delays following suspected ‘data breach’

  Following the discovery of “suspicious network activity” in its systems, payroll processing firm Giant Umbrella has taken itself offline, leaving contractors to fume over missing salary payments

• September 24, 2021 24 Sep'21

  IR35 reforms: HMRC confirms compliance checks under way in financial services, oil and gas sectors

  Less than six months after the roll-out of the IR35 reforms to the private sector, HMRC has confirmed it has started writing letters to companies requesting details of their compliance procedures

• September 23, 2021 23 Sep'21

  Regulator concerns about resilience and security could slow cloud adoption in financial services

  Report by Association for Financial Markets In Europe highlights the pressure financial services firms face as they seek to balance the need for innovation with regulatory requirements

• September 23, 2021 23 Sep'21

  Fresh alert over Conti ransomware surge

  Conti ransomware crew appears increasingly active, prompting fresh warnings from the US authorities

• September 23, 2021 23 Sep'21

  Authorised push payment fraud sees huge increase as criminals switch tactics

  Criminals tricking people into making payments through channels such as fake emails and websites have stolen more money than payment card fraudsters

• September 22, 2021 22 Sep'21

  JP Morgan Chase to replace core banking system with Google-inspired cloud platform

  JP Morgan Chase is the latest bank to acquire the cloud-native core banking technology of UK fintech Thought Machine

• September 22, 2021 22 Sep'21

  Mastercard invests in digital competence training for five million very small businesses

  Mastercard is working with suppliers to embed training for small businesses onto their digital platforms