IBS Journal April 2017


49


Customers first log into the Wells Fargo mobile app, select Card-Free ATM access under Account Services, and request a one-time-use, eight-digit access code. Upon arriving at the ATM, they enter the code and their debit or ATM card PIN, then proceed to the main menu to perform their transaction. Later this year, they will also be able to sign into a mobile wallet (Wells Fargo Wallet, Apple Pay, Android Pay or Samsung Pay) and hold their phone near an NFC-enabled ATM terminal. Once authenticated, the customer will input their debit or ATM card PIN and complete their transaction. Around 5,000 Wells Fargo ATMs are currently NFC-enabled.


850,000… US digital banking venture, Moven, has announced a five-year extension of its TD Bank partnership which brought TD MySpend to market in Canada last year.


Under the terms of the agreement, the FI continues to have the exclusive Canadian distribution rights to Moven’s technology, and extends this to the US market. “We launched TD MySpend to help our customers save and increase their level of engagement with us, and it’s clearly working,” says Rizwan Khalfan, Chief Digital Officer, TD. “Within nine months we’ve already exceeded 850,000 registered users. Moreover, we are seeing customers who are using the app reduce their spending by around 4 to 8%, with most frequent users seeing the greatest impact. We are thrilled the app is adding value to our Canadian customers in such a meaningful way and we’ll continue to evaluate our opportunities in the US.”


Moven started life as a mobile-only challenger bank, but now concentrates on a SaaS solution enabling other FIs to accelerate their digital transformation initiatives. Its service is already live in four geographies (Canada, New Zealand, UK, and US) with over one million users, and Moven expects that to increase to more than five million users in six geographies by the end of this year.


300,000 … German digital-only bank, N26, is now available in 17 different European countries and has 300,000 customers, with 1,000 people signing up every day.


“Within just two years of our 2015 product launch, N26 has evolved from an emerging FinTech to become a fully licenced bank,” the company says, adding that it has become Europe’s leading mobile-only bank. The majority of its user base lives in Germany and Austria, but the new entrant, formerly known as Number26, is also gaining traction in France, Spain and Ireland. It has processed €3 billion in transaction volume in total, with 60% of this volume in 2016 alone. N26 processed 10 million card transactions in 2016, and is currently doing 1,900 transactions per hour.


44.5% … Tata Power is selling its 44.5% stake in Indian banking technology outfit, Nelito Systems, to Japan’s DTS Corporation. Terms of the deal were not disclosed.


Punit Jain, CEO at Nelito Systems, says: “We are amongst a few Indian IT companies to have developed niche capabilities across products and services in the BFS space. The relationship with DTS will augment the organic growth opportunities for Nelito in the banking and financial services sectors globally. In addition, we are uniquely placed to help DTS serve its customers better in English speaking countries. Our association will further strengthen our focus on providing affordable excellence to all our clients.”


Nelito Systems was founded in 1995 and its FinCraft suite of solutions has been implemented by more than 150 banks and FIs. 3.5 MILLION…The first ever Current Account Switch Service (CASS) annual report has been published,


showing that during the last three and a half years over 3.5 million UK current accounts have been switched, while the number of banks and building societies participating in the service has grown to 47, with the first mobile-only bank (Starling Bank) joining in March.


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