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Tag Archives: Open Banking

Alfa-Bank leading Belarus into a fintech future

Andrey Kosach, top manager and board member of Belarus’s Alfa-Bank, has observed that fintech in Belarus has been gaining traction in recent years and believes that this momentum will continue. He hopes that his bank will remain at the forefront of this movement. To this end, Alfa-Bank was one of …

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Payments via instant messengers to be allowed in the U.K.

The United Kingdom has passed new rules, called Open Banking rules, that will force large banks to implement APIs in order to standardize safe access to customer data. The effect of these rules will mean that banks will be forced into allowing payments to be made via Facebook Messenger, Google …

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Mastercard takes blockchain mainstream with API

Mastercard has tested and validated its own blockchain and will be opening access to it via a set of three APIs published on the Mastercard Developers website. The APIs include the blockchain core API, the smart contracts API and the fast pay network API. The blockchain solution aims to offer …

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The future of banking lies in APIs

One of the main problems faced by financial companies today is their traditional linearity. In the era of digital transformation, the lack of alternative business models and the high cost of owning a “closed” IT infrastructure has brought traditional financial service providers to a crisis and allowed others (PayPal, Apple, …

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Open banking important to the future of banking services

Financial institutions are becoming more client-focused than ever before. And open banking is providing banks with the means and opportunities to reorganize their products and services in accordance with the experiences and expectations of their customers. Furthermore, it is envisioned that, in the future, there will be two main types …

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HSBC moves to open banking

HSBC is testing a platform that allows customers to see all their accounts on the same screen, regardless of their providers. The platform will also allow users to view loans, mortgages and savings accounts, with more features expected to be added in the next few months. Expected features in the …

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Open Banking Lab launched in Ukraine

1991 Open Data Incubator, the National Bank of Ukraine and OTP Bank JSC have announced the launch of a joint incubation program for OpenTechnology start-ups called Open Banking Lab. The program is aimed at promoting the open banking standard in Ukraine. As part of the program, Open Data Incubator will …

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What’s hot and what’s not in the U.S. Fintech

Finovate and the Fintech Cocktail Club joined up to determine what’s trending and what’s not in U.S. Fintech. Regtech was found to be the hottest trend, with artificial intelligence, open banking, mobile account opening, blockchain, gamification, augmented reality challenger banks and insurtech also among the hottest trends in U.S. Fintech. …

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Traditional banks increasingly embracing Fintech

Once seen as a disrupter, Fintech is now being embraced by many traditional banks as the fast-track to digital and cultural transformation that is necessary to attract and keep customers (especially millennials). Moreover, working with Fintech has enabled these banks to sidestep any agility issues with legacy systems while also …

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TBC launches new innovative services and products for businesses

TBC Bank in Georgia has announced the launch of brand new innovative products and services for corporate clients. Corporate clients will have the chance to register and open accounts remotely, either online or by phone, within five minutes. After opening an account remotely by phone, the necessary documents are delivered …

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How banks can compete against an army of FinTech startups

Most retail banks are very much behind in digitalization and the rise of FinTech, focusing instead on only allowing the most routine customer transactions online. A recent analysis conducted by Bain and SAP found that only 7% of bank credit products are digital from start to end. While, the big …

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Ameriabank launches a new payment application called Drops

Ameriabank has teamed up with Drops LLC to develop the new Drops application, which allows for automated payments to be made using a payment card. The Drops application works by charging user payment cards the amount due and then transferring the funds to operators. This allows users to manage all …

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11 FinTech trends to follow in 2017

Keep an eye on the following trends to stay ahead of the curve. Removing friction from the customer journey – “smoother customer experience”; Rise of insurtech According to Meaghan Johnson, “There are so many opportunities for an easy cross-sell based on data from customer spend, but also by using the mobile …

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