Displaying items by tag: banking technology

The APAC region Singapore-based cloud native banking technology firm Thought Machine claims there is an “innovation gap” in the Asian banking market and banks which are running on outdated core banking technology and have not upgraded to the latest core banking systems need to do so to remain competitive.

Australian secure payments data platform Eftsure has boosted its coffers with a $2.5 million capital raise, with the additional funding to be used to accelerate growth and to meet the demand for its protection platform for the fight against payment fraud, which cost Australian businesses losses of $1 billion in direct costs alone to cybercrime in 2018, including payment fraud.

In the banking and finance industry you have multiple data silos – customer information, transactions, investments, back office systems and more spaghetti. The major cost and time-consuming issue is data integrity.

The ANZ Bank has signed a five-year, $450 million strategic agreement with IBM which provides the bank with access to IBM’s entire software portfolio, an Innovation Lab, next generation cloud development capabilities and core systems infrastructure.

Australia's big four could lose up to 30% of their business to non-bank Internet operators, predicts a leg investment bank.

Online accounting software company Xero has released its next-generation banking model in the Australian market following on from a joint initiative with the Commonwealth Bank’s New Zealand subsidiary, ASB Bank.

Indian software giant HCL has teamed up with US IT services company CSC to develop banking systems for the cloud. The partnership is intended to allow the two companies to build more responsive and customer oriented systems.

ANZ Bank showed off its new technology yesterday – what it has now and what it is planning. It’s mobility everywhere.

Indian tech giant Infosys has announced a new version of its Finacle banking software. iTWire spoke to the head of the development team of what has been described as the world's best core banking system.

Oracle's FLEXCUBE Universal Banking 12.0 is certified to be compliant with the SWIFT interbank payments standards.

Technology is one of the three pillars holding up the long term strategy of the Commonwealth Bank, according to the chief executive officer Ian Narev - and it, coupled with the productivity benefits that it underpins, means there's 'no need to send jobs overseas'.

Recently minted financial services business ClearView had wanted to put a link to its website on its recently released mobile app. But Apple, which hosts the app on iTunes, wanted to take a clip of the ticket on any insurance that was then sold.

For the coming two years mobility and analytics will be among the dominant technology themes exercising the imagination of Australian financial institutions.

More than 120,000 people have now downloaded the Commonwealth Bank's Kaching iPhone payments app - but it's still not saying how many people have forked out the $54.95 for the iCarte case which allows Kaching users to make contactless payments.

The Commonwealth Bank is aiming for downtime of less than six minutes of downtime a year on its critical computer systems - but acknowledges that there is a high price to be paid for that level of systems reliability, and it isn't always achieved.

The Commonwealth Bank has endured an embarrassing collapse of its ATM and Eftpos network, and while the bank was claiming it was fixed by 8.30am today, major retailers were still making customers sign for Eftpos purchases early this afternoon with transactions not appearing in online statements. NAB has also had one of its major processing platforms collapse today.

Big data is going to prove the next major frontier for ICT researchers who stand poised on the 'cusp of a new age of wonder' according to Hugh Durrant-Whyte, chief executive of NICTA. The national research organisation is currently refining a tool, called Scoobi, now being tested by a range of organisations, including eBay, which allows rapid analysis of massive collections of distributed data.

The Commonwealth Bank, which today announced a record $3.6 billion half year profit, is on track to complete its $1.1 billion core systems revamp by December.

Technology and its resultant automation have been cast as the jobs' bogeyman by regional banking giant ANZ which today announced 1,000 Australian jobs were being axed, and warned that more could follow as a result of further automation.

There's never a good time for bank networks to crash - but Friday, when people are shopping or cashing up for the weekend is about the worst. National Australia Bank was today at full tilt to fix its latest computer headache which saw customers unable to use the ATM or Eftpos network for much of the day.