Tagged: financial data

Financial Data Streaming Prototype for Handling 2,000 Data Points Per Second Now Being Developed by Bank for International Settlements

The Bank for International Settlements (BIS), a global financial institution that’s owned by reserve banks and aims to “foster international monetary and financial cooperation and serves as a bank for central banks,” is reportedly developing a data-streaming prototype that will be able to handle 2,000… Read More

The Data Revolution has led to Development of New IT Systems for Storing Large Amounts of Unstructured Financial Information

Like many other sectors of the global economy, the financial services industry is experiencing what many consider to be a data revolution. The international banking sector (along with other major industries) generates large amounts of user data when handling hundreds of billions of transactions. Data… Read More

Open Banking: UK Fintechs have Asked FCA to Adopt a More Market-led Approach to Open Finance Services

Fintech companies are reportedly urging the UK’s Financial Conduct Authority (FCA) to “break” banks during 2021. A group of London-based startups is asking the FCA to look into ending the control and dominance of traditional banking institutions, specifically their use of consumer data. The companies… Read More

Fintech Lending Apps are Increasingly Using AI and Machine Learning to Accurately Determine Borrower’s Creditworthiness, According to Researchers

The financial sector is undergoing major technological advancements and changes. Traditional banking institutions now face a lot of competition from online or digital startups that have no physical branches. Social media and other online platforms are branching out into payments and credit. The rise in… Read More

Mark Goldberg, Partner at Index Ventures and Fintech Plaid Investor, Predicts User Data Privacy Will be Major Digital Trend, Digital Banks will be Huge

Mark Goldberg, partner at Index Ventures and an investor in Plaid, Intercom, and Transcend, has shared some interesting predictions around where Fintech might be heading in the next 10 years. 1/ Using the end of year to look ahead — here are 5 predictions around… Read More

Trade Analytics Solution Provider Tradefeedr Secures $3 Million in Early-Stage Funding

IPGL, the private investment firm that’s managed by Michael Spencer, the Founder and former chief executive at Icap and NEX, has reportedly invested in London based Tradefeedr, a trade analytics solution provider. Spencer remarked: “Tradefeedr is a really promising financial technology business, with the right… Read More

Citi Is Creating Marketplace for Third-Party Fintech Platforms, Signs Data Access Agreements with Startups to Customer Approved Accounts

Citi (NYSE:C) is developing a new marketplace of third-party Fintech platforms and services. The bank has reportedly signed data access agreements to customer-approved accounts with 8 startups and data aggregators. Citi’s clients will be offered a secure way to share their account details with various… Read More

Ontology and Litentry, a Blockchain enabled ID Management Layer, to Support Decentralized ID and Credit Scoring Solutions

The developers of blockchain platform Ontology have teamed up with Litentry in order to accelerate the adoption of decentralized identity and credit scoring solutions (both created by Ontology). Through the partnership, both organizations aim to offer greater data privacy and transparency to people using digital… Read More

Fintech Mergers and Acquisitions May Increase in the UK following COVID, Linklaters Exec Predicts

The United Kingdom has maintained its status as a major global Fintech hub. But will the country be able to capture a significant share of the world’s financial technology business after Brexit and can it retain its dominant status despite the challenges created by the… Read More

Singapore Develops Platform that Allows Residents to Consolidate their Financial Data

Singapore has introduced a data exchange platform that allows residents to consolidate their financial data which may be stored across several different databases belonging to various government agencies and banks. The data exchange solution has been developed by local government agencies, including the Monetary Authority… Read More

Open Banking: SMEs in the UK are Increasingly Using Financial Data Sharing Tools following COVID-19 Outbreak, a New Survey Reveals

A new study has found that SMEs are now using Open Banking solutions a lot more frequently than before the pandemic began. Approximately half of the SMEs that took part in a recent survey claim they’re now using Open Banking services providers, according to research… Read More

Taiwan’s Joint Credit Information Center to Provide Database to Fintech Firms so they Can Access Info on Customer Credit Risk Profiles

Taiwan’s Joint Credit Information Center (JCIC) is reportedly planning to provide a database for local Fintech firms so that they can obtain relevant information on consumers’ credit risk profiles. Taiwan’s Financial Supervisory Commission (FSC) made this announcement after Fintech companies held a meeting in June… Read More

InfoSys Chairman Says French Expertise Might Help with Launching Aadhar-like System to Make Data More Accessible to Everyone

Nandan Nilekani, the Chairman at InfoSys, recently noted that French expertise could help with establishing an Aadhar-like system in order to make data more accessible to everyone. The Aadhaar system provides a 12-digit unique identity number that may be obtained voluntarily by India’s residents or… Read More

Mastercard Completes Acquisition of Finicity

Mastercard (NYSE: MA) announced on Thursday it has officially completed its acquisition of Finicity, a real-time financial data and insights access provider. Mastercard previously revealed it was in talks to acquire Finicity for $825 million, with existing Finicity shareholders having the potential for an earn-out… Read More

Open Banking Fintech Nordic API Gateway Launches Aiia Platform to Meet PSD2 Opportunities for Secure Payments

Open Banking Fintech firm Nordic API Gateway has launched a platform, called Aiia, that aims to meet the opportunities of PSD2, which is a European regulation for digital payment services. PSD2 aims to make electronic payments more secure in Europe, support innovation and assist banking… Read More

Digital Banking: Revolut to Support Open Banking for Customers in Germany

Prominent digital bank Revolut has confirmed that it will support Open Banking for its customers in Germany. According to a release, the new Open Banking features will allow Revolut’s German customers to easily connect their accounts at Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse with… Read More

Fintech Firm Afterbanks, which Aggregates Data from Banks in Real-Time, Launches Operations in Mexico

Afterbanks, the Fintech firm that allows users to retrieve and aggregate data from different banks in real-time via an API, has introduced its products and services in Mexico. Afterbanks’ platform has been used to conduct instant and secure payments in Europe and Latin America. Afterbanks… Read More

Australian Fintech Finspo, which Offers Aggregated View of Cost of Banking Services, to Launch Mortgage Brokering Platform

Australia-based Fintech firm Finspo, which offers an aggregated view of the cost of banking services used by consumers, has reportedly decided to branch out into the mortgage broking business. Finspo’s management has confirmed that they’ll introduce a mortgage broking capability as part of the company’s… Read More

Open Banking: Customers of Australia’s Big Four Banks Now Able to Effectively Share Financial Data with Home Loan Providers

Customers of Australia’s four major banks (which includes the Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group, and National Australia Bank) are now able to share their home loan and mortgage offset data with accredited or approved recipients. This option… Read More

“Future Relevance” for Traditional Banks Is No Longer based on Digital Payments Alone: Report

The data economy of the Internet has led to most interactions becoming a transaction, according to a report from InnoPay, a consultancy firm specializing in digital transactions. The report notes that “future relevance” for traditional banking institutions is “no longer based on payments alone.” The… Read More

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