IBS Journal August 2017
07
UK challenger Monzo rolls out current account
After receiving the full banking licence last April, challenger bank Monzo has started rolling out its free current account product. Aiming to have all its customers on board by the end of the year, the process is giving priority to seasoned Monzo customers and investors, with a target of 20,000 current accounts in the first month. The bank has posted information for customers and a live feed counting the number of accounts granted.
PayPal strikes deal to offer debit cards in Europe
PayPal and Visa have entered into an agreement that will see the internet payments giant issue debit cards in Europe. The two firms will collaborate in offering payment services across Europe. Card companies have been struggling with the pressure from PayPal’s meteoric rise, so this deal will likely take some of the heat off Visa. PayPal, which already has a banking licence in Europe, will be able to offer users PayPal-branded Visa debit cards.
Zions Bancorporation moves to TCS software
Tata Consultancy Services has announced that Zions Bancorporation has gone live on TCS BaNCS for Core Banking, with the successful transition of Zions Bancorporation’s Consumer Lending business over to the TCS BaNCS platform. The core transformation programme, titled FutureCore, is divided into phases and Consumer Lending for the seven affiliate banks is the first phase to go live.
IBM plots to end data breach with upgrade
IBM has pulled the red cord, revealing its latest mainframe version, IBM Z. Furnished with new data encryption tools, Big Blue expects it to address “the global epidemic of data breaches”. IBM Z is capable of handling more than 12 billion encrypted transactions per day. It will also feature a new “breakthrough” encryption engine that enables data protection across “any” application, cloud service or database.
Finxact unveils plug-and-play Open Core API
Finxact, a new core banking player based in the US, has released its Open Core API. Earlier this year the firm raised $12 million in seed funding for its cloud-based core banking system, Finxact Core. The Open Core API is “transparent and granular”, and will enable banks to gain “full access” to their customer data. The vendor has also become the first core banking provider to join the Open API Initiative.
Indian banking industry on the rocks in 2017
The profitability and capital of many Indian banks may be under threat in the latter half of 2017. The Reserve Bank of India’s June Financial Stability Report warns that the country’s gross bad loan ratio will increase across the year. According to the report, the bad loan ratio will hit 10.2% by March 2018, up from 9.6% in March 2017. Estimates also predict the figure could reach as high as 11.2% and even 14.2% for public sector banks.
Cambridge Building Society turns on mobile app
The Cambridge Building Society has introduced its first mobile app giving customers the flexibility of being able to check their accounts on the move. The Cambridge money app will allow customers to view up-to-date account information wherever they are with options to update personal details and transfer money. The solution was provided by DPR Consulting.
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