In the early days of financial technology (fintech), there was a somewhat distant relationship between fintech startups and traditional banks. Some spoke of how fintechs were going to “disintermediate” banks. Read the full story on Microsoft Industry Blogs.
Banks face some big challenges in the year ahead, according to American Banker, which listed ways technology will change banking in 2019. Some of the steps look pretty basic, which may reflect on the problems with legacy systems, and suggests some of the advantages new banks could enjoy with new technology. Read the full story in The Financial Revolutionist
The idea of sharing data and exposing APIs to third parties was usually routinely dismissed out of hand by financial institutions. But that’s beginning to change, as both regulatory and consumer demands are moving the world in the direction of open banking. Read the full story on Global Banking & Finance Review.
Next-generation payments software technology provider Episode Six today announced Dai Nippon Printing Co., Ltd. (DNP), one of the world’s largest comprehensive printing companies, will license its software for use in a new and innovative Japan-based payments program. With this partnership, advanced ledger and transaction management capabilities offered through Episode Six are being introduced to the broader Asian market, spearheaded by DNP’s adoption. Read the full story on Yahoo Finance.
Millions of retail banking customers already use fingerprint and facial recognition logins for their accounts. Corporate banking clients increasingly want the same features in their enterprise tools too. Read the full story in American Banker.
What’s the holdup on utilizing technology to expedite B2B payments? The short answer is: Change is hard. But, thankfully, due to global regulatory initiatives we can expect financial institutions to adopt new B2B tech sooner rather than later. Read the full story on PaymentsSource.
As the European Union launches its open banking initiatives, EU citizens are already becoming accustomed to further transparency on part of their banks. Agencies in the U.S., however, have yet to adopt such regulations, which is why open banking in the country will be driven by consumer preference. Read the full story in Bank Innovation
The EU Revised Payment Services Directive, or PSD2, came into effect January 2018. While this expansive regulation includes numerous updates, the requirement for financial institutions to participate in an open banking system is arguably the most disruptive. PaymentsJournal
In 2018, China, Japan and South Korea are poised to lead the charge for exciting innovations in fintech . As the year unfolds, here are three trends coming out of Asia to keep an eye on. Read the full story in PaymentsSource.
Preparing for an imminent future when the average customer rarely visits a branch, some banks are diverting additional resources into development of mobile-only services that do a lot more. Read the full story in American Banker.
A report released last year by EY and major Singaporean bank DBS declared China the “undoubted centre of global fintech innovation and adoption”. And China isn’t the only Asian country making waves in the fintech sphere. Read the full story in Banking Technology.
Over the last decade, payment acquirers have made leaps and bounds in FinTech innovation — for instance, major players like PayPal, Intuit, Stripe, and Square have completely reinvented the acceptance process. Meanwhile, payment issuers and retailers are mired in legacy systems that are preventing many transactions from becoming the seamless experience they should be in 2017. Read more in Payments Cards & Mobile.