2018 will mark a new era for action due to a new EU directive — the Revised Payment Services Directive— that will go into effect in January.
Financial & Payments Technology
Stripe leads the biggest fintech firms list — and with a $9.2 billion USD valuation is worth more than twice as much as second-place finisher SoFi.
PwC report: “Traditional institutions are transforming themselves at a pace not seen before with greater urgency than in most other markets."
“YellowPepper has the skill set and existing footprint in the region to help us accelerate time to market for our clients," said Allen Cueli of Visa.
"PayPal customers will be able to pay for App Store, Apple Music, iTunes and iBooks purchases across iPhone, iPad and iPod Touch devices using their PayPal account," said the company.
Unisys recently launched its new banking solution Elevate, an onmichannel platform that aims to improve the customer experience.
"We use Apple Pay in apps, we use it in the web, and there was one final frontier we wanted to conquer," said Craig Federighi of Apple.
“It is a consortium network, collaborative and useful for all," said Álex Puig, head of Spain's new multi-sector tech platform Red Lyra.
Though Mizuho will only take up to a 15% stake in the new venture, it believes the endeavor will help it innovate outside of the stuffy culture within the bank.
KPMG's new innovation center in New York aims to help serve clients build better technology-based solutions in disruptive sectors.
Uniken's CEO says being selected for the Wells Fargo Startup Accelerator program "is a great validation of our innovation in delivering great security.”
According to the coffee company, today's disruption was related to an internal technology update malfunction — not the global WannaCry cyberattack.
"Cognitive computing has the potential to dramatically simplify digital trust processes throughout the financial services industry," said Ankit Ratan of Signzy.
With Rise London, Barclays hopes to create new fintech-based products and services, experiment with emerging technologies, and spot early trends.
"In two years’ time, we expect this to look like a completely different company,” said Ravi Tewari of Guardian Group.
"Devices will recognize the user rather than having to remember an assortment of letters and numbers that are forgotten or could be guessed," said Lloyds.
The award, handed out annually by Celent, aims to honor the best use of technology in different areas critical to success in banking.
"Amazon Connect is simple enough to be configured and run directly by business decision makers," according to Jeff Barr of AWS.
"The presence of the World Economic Forum in our city will help accelerate innovative science and technology policies," said San Francisco Mayor Ed Lee.
The new IMF working group will study the many economic and regulatory implications of the technological developments that are changing the world of finance.
"We are strengthening our commitment to simplifying processes and experiences, empowering users, and facilitating digital interactions," said Miki Migdal of NICE.
"Our customers want to do more of their banking through digital channels," said Brian Porter, Scotiabank chief executive
Though most now see the importance of omnichannel, more than half of the financial companies surveyed "have not begun substantive efforts."
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"Daimler's new payment system underscores our ambition...to make the products and services we offer even more appealing," said the company's Bodo Uebber.
Company president calls the onmi-channel offering "analytics with no limits."
“We know our customers value their time and like to do everything through their cell phones," said Cristina de Parias, head of BBVA Spain.
"As the software gets smarter it just creates more and more opportunities to add value," says Rod Drury of Xero.
NICE Trading Recording solution allows financial institutions to use the same secure means to capture calls in their back office that they use on their trading floors.
With blockchain, "we may see the financial services industry becoming more streamlined and efficient," says the U.K. actuary department.
Banking Technology will be handing out its Banking Technology Awards 2016 in December at Tower Hotel in London
A person's voice pattern is as unique as their fingerprint, so Barclays is ditching security passwords in favor of voice biometrics.
A new survey reveals that, in nearly three-fourths (72%) of all enterprises, the CIO is the person leading migration to the cloud.
Automation is helping organizations deliver innovation in business and IT services while cutting costs, improving service, and optimizing processes.
The transfers occur instantaneously and come at no cost, with the sender only needing the recipient's email address or phone number.
“We’re open for business as it relates to fintech and partnering with other companies,” said Scotiabank's Jeff Marshall.
Banks must be proactive if they hope to survive in a world where fintech startups can offer the same services at a fraction of the speed and cost.
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