Vacuumlabs, the global provider of full-stack fintech solutions, recently announced a global partnership with Thought Machine, the cloud native core banking technology company, following the two firms’ successful cooperation in Asia. Vacuumlabs recently completed the first-ever installation in Asia of Thought Machine’s core banking engine Vault. „ „This significant project has enabled a new virtual bank to launch in Hong Kong – along with Asia’s first numberless payment card. The […]
AI in Europe: not all decisions can be reduced to ones and zeros, says the European Economic and Social Committee (EESC). In two reports on draft EU legislation on artificial intelligence, the EESC calls for an all-out ban on social scoring in the EU and for a complaint and redress mechanism for people who have suffered harm from an AI system. At its September plenary, the EESC welcomed the proposed […]
Italian payment provider consortium CBI has appointed existing partners Nexi and SIA to redesign the architecture that links its Payment Service Provider (PSP) clients to banks. It is expected the new architecture will be ready for testing by the end of 2022. CBI, the hub for technological innovation and digitalization of the financial industry, has entrusted Nexi and SIA to redesign the technological architecture of interconnection between all banks and […]
LUXHUB announced that it has successfully obtained both AISP (Account Information Service Provider) and PISP (Payment Initiation Service Provider) licenses – becoming Luxembourg’s first 360-degree Open Banking provider. The new licenses will enable the award-winning Fintech to extend Open Banking solutions to all actors in the economy, beyond the financial sector. Founded in 2018, with the mission of providing banks with a mutualized solution for PSD2 compliance, LUXHUB has since […]
Tink survey of financial executives shows open banking is more popular than ever. The share of executives feeling positive towards open banking increased from 55% in 2019 to 71% in 2021. More importantly, it is now widely considered a higher priority area with 8 out of 10 financial executives (83%) saying that it represents a revolution (rather than an evolution) for the industry. In spite of growing positivity, the complete […]
Micro-deposits have long been used as the main method for bank account ownership verification and customer identification. The process works by transferring small amounts of money to or from a bank account to verify that a person owns this account. Even though the process is simple, it’s far from ideal, especially considering the alternatives currently available. Micro-deposits can work in two ways: when a company makes a transfer to a […]
Today we mark two years since PSD2 went, at least was supposed to, into full power across Europe and in the UK, on September 14, 2019. And as a tradition already, this year we’ve thoroughly analysed the performance of 2500 PSD2 APIs in 31 European countries, and the overall open banking journey they offer – both for a third party and an end-customer, and compiled the identified insights into a report. […]
As part of the launch of the new SEPA Request-to-Pay (SRTP) scheme and following the publication of its first rulebook on 30 November 2020 and of a dedicated Request for Proposal (RfP), the European Payments Council (EPC) selected the homologation body to which the EPC outsources the homologation of applicants to the SRTP scheme. The Sopra Steria Group and its subsidiary Galitt are the Homologation Body officially mandated by the EPC for the new SRTP scheme. The Sopra Steria Group and Galitt will act as the independent homologation body […]
Mastercard will extend its capabilities deep into the field of digital assets with an agreement to acquire CipherTrace, a leading cryptocurrency intelligence company with insight into more than 900 cryptocurrencies. As digital assets, including cryptocurrencies and non-fungible tokens (NFTs), become more intertwined with everyday activities — from the way people pay and get paid to how they invest — trust and security will be critical enablers to ensure broad adoption and […]
Buy now and pay later (BNPL) start-up, Scalapay, today announced that it has raised $155 million in equity funding as part of its Series A investment round – „the largest round ever raised in Europe” according to Finextra. The latest funding round brings the total amount raised by the firm to $203M in the two years since its launch. It’s already been a big week for BNPL — Revolut announced it was dipping […]