Finovate Alumni News

On Finovate.com

  • CuneXus Starts New Year Signing its 100 Customer.
  • Credorax Partners with Temenos to Enhance Payment Services.

Around the web

  • Zurich Topas Life, part of Zurich Group, selects Vymo as its sales productivity solution.
  • Modo powers new loyalty solution from FIS, Pointopia.
  • Baker Hill announces major 2018 milestones.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Temenos Teams Up with Bloomberg to Boost Buy-Side Oversight

Temenos is partnering with Bloomberg to deliver contingency net asset value (NAV) calculations to buy-side institutions, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The company will make its Temenos Multifonds Global Accounting product accessible via the Bloomberg Terminal, so it operates with data, analytics, and other investment workflow services Bloomberg offers.

According to the firms, this offering allows asset managers to generate NAV estimates independent of and in parallel to their fund administrators, enabling “accurate daily oversight,” and ensuring continuity of operations in the event of outages.

“By combining Temenos’ distinctive accounting capabilities with Bloomberg’s data and services, we will provide asset managers with a more comprehensive investment lifecycle workflow, support their relationships with fund administrators, and pave the way to deliver additional innovative solutions to buy-side institutions in the future,” said Jean-Paul Zammitt, global head of financial products, Bloomberg.

“We will offer an easy, plug and play solution with a low TCO, starting with NAV oversight and contingency through Bloomberg’s Terminal customers, with a view to unlocking further opportunities into the front and middle office over time,” added Max Chuard, Chief Financial Officer and Chief Operating Officer for Temenos.

Initially focused in the U.S. and Europe, Bloomberg hopes to build relationships within the buy-side industry to provide sales, marketing, and services support. Temenos hopes this opens up new business opportunities.

NAV calculations can be impacted by errors and outages with detrimental results for a firm’s fund operations, performance and reputation. Delivered via Bloomberg, this solution delivers shadow NAV oversight, with no need for onsite infrastructure or associated overhead.

The firms said this gives asset managers and other buy-side institutions a way to validate calculations provided by third-party fund administrators, combining Bloomberg’s buy-side reach and Temenos’ fund accounting software.

Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. Founded in 1993 and headquartered in Geneva, Switzerland, the company is also an alum of our developers conference. Temenos presented its B2B Financial Apps Marketplace at FinDEVr Silicon Valley 2015.

Finovate Alumni News

On Finovate.com

  • Finding Fintech’s Future in Emerging Europe.
  • Vymo Joins Bangkok Bank Accelerator Program.

Around the web

  • Temenos forges strategic collaboration with Bloomberg.
  • Optimove unveils Streams, a new solution to help measure the impact of marketing campaigns.
  • Entersekt adds digital identity and business development expert, Jennifer Singh.
  • Former head of trade and supply chain finance at Finastra David Hennah joins iGTB.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

PayPal Chooses Core Banking Technology from Temenos

PayPal has selected Temenos T24 core banking system, delivered in the cloud, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The system will support several of PayPal’s businesses across multiple geographies, namely the U.S., U.K., Germany, and Australia.

Temenos said this signing is important for the firm, as it highlights its momentum in the U.S. market with banks and disruptors. Earlier this year, it inked two deals with U.S. banking challengers, Varo Money and Grasshopper Bank.

It is understood that PayPal was first looking to get a new core system back in 2014, but halted the project as it spun off from eBay.

At that time, it was considering the FIS Profile system, according to FinTech Futures’ sources. (Incidentally, FIS has recently beat Temenos to a core banking tech deal at MUFG Union Bank in the U.S.)

In other recent news, the U.K.’s Competition and Markets Authority (CMA) is snooping around and says that PayPal’s takeover of Swedish start-up iZettle could lead to higher prices or reduce the range of services for customers.

Elsewhere, Volt, a new challenger bank in Australia, recently went live on Temenos T24. Happy days for the supplier.

PayPal made its most recent Finovate appearance at FinDEVr Silicon Valley 2014, presenting a workshop titled Making Payments Fun and discussing its PayPal/Braintree Developer program. Temenos is also an alum of our developer’s conference, introducing its B2B Financial Apps Marketplace as part of FinDEVr Silicon Valley 2015.

Both PayPal and Temenos have demonstrated their technologies on the Finovate stage: PayPal at FinovateEurope 2012 and Temenos at FinovateEurope 2015.

Finovate Alumni News

On Finovate.com

  • De Novo for the New Year: Mi BANK Teams Up with Fiserv.

Around the web

  • Sberbank enables users of its Sberbank Online app for Android to apply for loans without visiting a bank office.
  • National Bank of Kuwait (NBK) unveils SWIFT Global Payments Innovation (gpi) services courtesy of partnership with ACI Worldwide.
  • PayPal chooses Temenos T24 core banking in the cloud to support its operations in the U.S., the U.K., Germany, and Australia.
  • Russian MVNO Tinkoff Mobile now covers 43 regions.
  • Ping Identity reports that the top 12 U.S. banks by assets use its Ping Intelligent Identity Platform.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Neobank Volt Goes Live with Temenos Core Banking Technology

Australian challenger Volt Bank has gone live with Temenos T24 core banking system, financial crime mitigation and analytics on the cloud, reports Henry Vilar of FinTech Futures (Finovate’s sister publication).

This will enable Volt Bank to accelerate the deployment of its banking products.

The bank said that “the agility, scalability and security” of the Temenos software running on the Temenos Cloud combined with the Temenos Australian Model Bank approach provided pre-configured country-specific functionality.

Martin Frick, managing director for APAC at Temenos, said: “By combining our Australian Model Bank functionality with the latest cloud technology, we were able to rapidly deploy a next generation banking solution for Volt Bank which will enable the bank to deliver experiences to challenge the status quo.”

Volt Bank uses Temenos and Microsoft Azure cloud technologies and aims to drive an API architecture for quick time-to-market and integrations, as open banking regulation aims to hit Australia in 2019.

In May 2018, the Australian Prudential Regulation Authority (APRA) granted Volt Bank the first restricted authorized deposit-taking institution (RADI) license in Australia. Temenos has since worked with the bank to help it meet its regulatory obligations.

Recently, Isracard , a credit card firm, also signed up for Temenos.

Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. Founded in 1993 and headquartered in Geneva, Switzerland, Temenos acquired fellow Finovate alum Avoka earlier this month in a deal valued at $245 million. More than 3,000 companies around the world, including 41 of the top 50 banks, use Temenos’ solutions to process the daily transactions of 500+ million banking customers.

Finovate Alumni News

On Finovate.com

  • OnDeck Expands to Equipment Financing.

Around the web

  • Australia’s Volt Bank goes live with Temenos digital banking platform.
  • Finastra taps Eric Duffaut as President and Global Head of Operations.
  • BlueRush reports record level of business activity in its fiscal 2019 Q1 report.
  • Sezzle earns a spot on American Inno’s list of the Top Minnesota Startups Fundings of 2018.
  • Coinbase adds four Ethereum tokens – Dai (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL) to its Coinbase Pro platform.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Expensify Celebrates Profitability, Cash Flow Positivity at Year’s End.
  • Quantum-Safe Security Specialist ISARA Raises $10 Million.

Around the web

  • Tradeshift acquires cloud integration technology innovator, Babelway.
  • Myanmar’s biggest privately-owned bank, Kanbawza (KBZ) Bank picks Finastra’s treasury management solution, Fusion Treasury.
  • Temenos secures core banking deal with Israel’s largest credit card company, Isracard.
  • Onfido reports sales growth of 342% in 2018.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Latin America and the Caribbean

  • Brazil’s Nubank announces debit options for its digital savings account.
  • Infocorp spinoff Bankingly raises $5.25 million in Series A funding in round led by Elevar Equity.
  • Vocalink to modernize Peru’s electronic payments infrastructure courtesy of new deal with the company’s automated clearinghouse, Cámara de Compensación Electrónica (CCE).

Asia-Pacific

  • UNPay expands QR code payments.
  • Indonesian lending and payments firm, Pohon Dana, picks up investment from Mayapada Group.
  • PaySend launches transfers to bank accounts and Napas cards in Vietnam.
  • Fenergo wins Fintech Exporter of the Year award from Asia Matters.
  • Juvo expands across Asia with regional headquarters in Singapore.

Sub-Saharan Africa

  • Experian purchases South African credit information and analytics firm Compuscan for $263 million.
  • Ecobank partners with MFS Africa to offer cross-platform digital payments to customers.
  • Emergent Technology acquires Ghana-based Interpay Africa.

Central and Eastern Europe

  • Sberbank offers clients new strategies for investment life insurance.
  • Finastra opens new offices in Romania.
  • Backbase powers omni-channel digital services for Poland’s BGŻ BNP Paribas bank.
  • International Bank of Azerbaijan (IBA) to deploy technology from FICO to fight money laundering.

Middle East and Northern Africa

  • UAE and Saudi Arabia launch blockchain-powered, cross-border payments proof of concept.
  • Temenos announces partnership with Tunisia’s Banque de l’Habitat.
  • Token brings open banking to MENA region.

Central and South Asia

  • James Finance, Ocrolus, Hydrogen, and iProov shortlisted for India FinTech Awards 2018.
  • Currencies Direct taps Ripple’s xCurrent for real-time remittances to India.
  • Fintech News Singapore features BankBazaar in its round up of 10 Hot Fintech Startups from India to Watch Closely.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Accenture Acquires Select Assets from Banking Software Provider Zafin.
  • Equifax Launches Ignite Solution in the U.K.

Around the web

  • Enveil brings data in use security to the Azure Marketplace.
  • City of Charlotte and Charlotte Douglas International Airport upgrade to Passport’s real-time, connected platform.
  • Australia’s largest credit union, CUA, launches new chat app powered by Kony’s DBX.
  • Equifax unveils its integrated portfolio of data, analytics, and visualization tools, Equifax Ignite, in the U.K.
  • Temenos announces partnership with Tunisia’s Banque de l’Habitat.
  • GreatHorn meets SOC 2 standards for security, availability, and confidentiality after completion of attestation report.
  • Gitlab’s Kathy Wang and James Ritchey talk with HackerOne about why they decided to launch a bug bounty program.
  • Digital gifting solution provider Swych brings blockchain technology to its platform.
  • Fenergo wins Fintech Exporter of the Year award from Asia Matters.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.