Category: Trade & Industry

The swift collapse of Silicon Valley Bank has shaken the banking industry during the past two weeks.  SVB engaged in risky lending practices and did not have the necessary safeguards in place, leading to a run on deposits that eventually sent the bank into receivership, Mike Sekits, co-founder and managing director of community bank partnership…

Euro1, one of the largest payment systems in Europe, has migrated to the ISO 20022 messaging standard. For European banking, the transition is a step toward a standardized and efficient payment infrastructure.  Euro1 is a real-time gross settlement system operated by EBA Clearing, which processes high-value euro-denominated payments between banks and financial institutions. The system…

Qolo announced a partnership with payouts company PayQuicker. The partnership will combine PayQuicker’s Payouts OS platform with Qolo’s card issuing and payments technology. Headquartered in Fort Lauderdale, Florida, Qolo made its Finovate debut at FinovateFalll 2022. Omnichannel payments and card issuing processor Qolo has teamed up with global payouts company PayQuicker. The partnership will combine…

European technology startups nearly doubled the amount of debt they took on last year, leaving them increasingly dependent on financing that may prove harder to come by in the aftermath of Silicon Valley Bank’s collapse. Private tech companies in Europe took out €30.5 billion ($32.7 billion) in debt last year, up from €15.9 billion in…

Many financial institutions struggle to decide where they should focus their strategic modernization efforts. Should they prioritize back-office and core capabilities or more tactical front-end and point solutions? Trying to choose the best option often leads to significant resource use and major inefficiencies. Combined with the rapidly changing customer expectations driven by generational shifts in…

There is a challenge when it comes to writing about an event like FinovateEurope when you’re busy covering live demos, hosting on-stage fireside chats, and conducting off-stage video interviews. On the one hand, there’s a lot you’re going to hear and see. On the other hand, however, there’s a lot you’re going to miss, as…

UBS Group AG erased losses while investors digested the drawbacks and potential upside of its Credit Suisse Group AG takeover, a deal that forces it to wind down assets and restructure while handing over valuable assets at a bargain price. The government-brokered, 3 billion Swiss franc ($3.2 billion) deal signed late Sunday was intended to…

Conversational AI can assist banks with customer needs while providing savings for the banks that use the technology.  It allows financial institutions to better know and service customers via existing data, Erin Wynn, director of product management at technology company NCR Corp., told Bank Automation News.  “There are the things that [banks] could learn or…

Banking and insights platform FinGoal announced a new investment this week. The amount of the investment was not disclosed. The funding round was led by existing investor Naples Technology Ventures (NTV). FinGoal won Best of Show at FinovateSpring 2022 for its Aggregator Switch Kit, developed in partnership with fellow Finovate alum Envestnet | Yodlee. Digital…

LONDON — HSBC acquired Silicon Valley Bank UK earlier this week, but will those tech clients stay with HSBC or will they turn to neobanks?  That was a question from Chris Skinner, chief executive of The Finanser, on Tuesday at the FinovateEurope event in London.  “HSBC got a very good deal in my opinion as…