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The Definitive Source of News and Analysis of the Global Fintech Sector | Dec 2018/Jan 2019

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The Definitive Source of News and Analysis of the Global Fintech Sector | Dec 2018/Jan 2019 The definitive source of news and analysis of the global fintech sector | Dec 2018/Jan 2019 www.bankingtech.com DOES FINTECH DREAM OF ELECTRIC LEAPS? Brightness and brilliance within FOOD FOR THOUGHT The true meaning of “legacy” INFOGRAPHICS: OPEN BANKING Opportunity knocks FINTECH FUTURES IN THIS ISSUE News sites can be confusing. There is too much going on in the world. Sometimes it’s difficult to spot the most important topics. Articles drag on and on before they get to the point. We don’t do that (intentionally). Every day we’ll send you a digest of the industry’s top news and subjects so you don’t have to search for Contents updates anywhere else. NEWS Sign up to the FinTech Futures 04 The latest fintech news from around the globe: free daily newsletter – the good, the bad and the ugly. your go-to resource on all things tech. 16 Infographics: open banking Progress, opportunities, challenges, lessons learnt and more. 24 Focus: challenger banks Sizing up the real threat. 26 Case study: Alfa Bank Belarus How mobile turned the bank into a trusted partner and friend. 30 Comment: open banking A future where everyone can win. 32 Food for thought: what is legacy? Mindset, architecture, data and Dave. 36 Analysis: invisible payments Finding success in a convenience-driven market. 38 Fintech funding round-up Lucky recipients of funds in the tech world. 40 Speaking from experience Five considerations for a successful rebrand. REGULARS 43 Appointments – the movers and the shakers. 43 Industry events – mark your calendars! www.bankingtech.com 44 Out of office – a slice of satire. @FinTech_Futures Interested in advertising and marketing opportunities? Get in touch: Contact Jon Robson Tel: +44 203 377 3327 | Email: [email protected] December 2018/January 2019 | www.bankingtech.com | 01 The FinTech Futures/Banking Technology team would like to thank our readers and supporters for being part of our journey in 2018 and making this year a great one for fintech! May the year ahead be successful, positive, peaceful and kind. See you in 2019 for more news Managing Director & Editor-in-Chief and developments from across the globe – the year promises to be very interesting! Tanya Andreasyan +44 207 551 9010 [email protected] Tanya Andreasyan, Deputy Editor Merry Christmas and Happy New Year! Antony Peyton Editor-in-Chief +44 207 551 9010 Wishing you a relaxing festive break, [email protected] Reporter Henry Vilar +44 207 017 5709 team [email protected] Design & Production Manager David Wurie, Kosh Naran Business Development [email protected] Manager Head of Sales Editor’s note Jon Robson +44 203 377 3327 Jon Robson, [email protected] Head of Sales Business Development Manager David Wurie Welcome to the magazine’s last edition of Meanwhile, another core banking tech +44 207 017 5593 2018 and the first one of 2019! On behalf firm, Netherlands-based Ohpen, hasn’t [email protected] of our team, I’d like to wish our readers had much luck in the UK this year, losing a Marketing Manager and supporters a wonderful year ahead, tech deal with Invesco and making 19 staff Irena Andrisevic bringing new discoveries, interesting redundant. Ohpen said it was hoping to +44 207 017 5379 projects, rewarding ventures and joyful “revolutionise” the UK’s asset management [email protected] events. market, but despite its best efforts and Subscriptions and Renewals A quick look back at the outgoing year’s some “little nudges” by the UK’s Financial Tel: +44 207 017 5533 major happenings reveals plenty of highs Conduct Authority (FCA), nothing has Email: [email protected] and lows. really changed. As a result, the fintech Subscription for one year: UK’s TSB Bank and its Spanish parent stopped part of its services in the UK ■ £495 Sabadell will remember 2018 for a long (see p13). ■ €625 ■ $795 time as the year its core banking tech But there is a bigger revolution on Henry Vilar, migration plan went horribly wrong. its way – open banking. With the PSD2 Reporter Subscription for two years: Meanwhile in the US, core banking and open banking regulation coming ■ £800 ■ €880 software vendor Temenos will celebrate into effect at the start of 2018, the world ■ $1,000 2018 as the year it broke into the domestic of European banking will never be the market with two challenger bank deals – same. It will take time and effort, but as Antony Peyton, Varo Money and Grasshopper Bank. Finovate’s Greg Palmer states on the pages Deputy Editor Also in the US, the Securities and of this magazine (see p30), “open banking Exchange Commission (SEC) will mark is the future”. I doubt anyone would argue its year as clamping down on initial with that. coin offerings (ICOs). The likes of Airfox, There are so many more stories, so Paragon and Centra Tech experienced do keep an eye on our website for all the © Banking Technology 2018/2019 All rights reserved; Banking Technology material SEC’s deserved wrath (see p9). The news and exclusive stories – the good, Banking TechnologyIrena Andrisevic, team may not be reproduced in any form without Centra case involved celebrities Floyd the bad and the ugly – from the financial Marketing Manager the written permission of the publisher. Mayweather Jr. and music producer services tech world. Banking Technology is published ten times a year Khaled Khaled, known as DJ Khaled, paid Happy 2019! bt by the firm to promote it. Both were hit Address with hefty fines and a ban to promote any Maple House 149 Tottenham Court Road securities for a number of years. London W1T 7AD Talking about court cases, a UK Kosh Naran, UK start-up banking software tech firm, Design & Production Manager Printer Thought Machine, settled its dispute with Hobbs the Printers Ltd consultancy firm Capco over the IP of its Hampshire, UK flagship offering, Vault. It also received an Tanya Andreasyan ISSN 0266-0865 investment from Lloyds Banking Group Editor-in-Chief Happy www.bankingtech.com and signed a deal with Atom Bank (see p5). Banking Technology Holidays! December 2018/January 2019 | www.bankingtech.com | 03 NEWS NEWS BCS calls on AIB opens up to APIs Atom Bank in tech refresh with Bankgirot awards Calypso for asset Ireland’s AIB has spread its arms open immediate domestic payment from a Thought Machine wide with the launch of its API developer customer’s account and comprises three $77m IT contract management tech portal. elements. These are setup of the payment UK-based challenger Atom Bank has Atom’s current technology set-up to Evry More and more banks are getting into instruction; submission; and ability to agreed a multi-year deal with start-up tech consists mainly of older generation BCS Global Markets, the global markets and the API scene, and AIB’s portal will offer retrieve a status of the payment. firm Thought Machine to put its personal systems, such as FIS’s Profile for core, Swedish clearing house Bankgirot is investment banking division of Russia’s BCS the usual things you’d expect. On its portal, the bank offers a sandbox and business banking products onto Phoebus for mortgages and FIS/Sungard’s outsourcing its IT operations to Nordic Financial Group, has implemented Calypso The bank says it wants to “drive to let developers test their app before Thought Machine’s Vault platform. Ambit for treasury and risk management. tech vendor Evry in a seven-year deal Technology’s solution for end-to-end asset innovation and create opportunities by building in production. Edward Twiddy, Atom’s chief innovation Paul Taylor, CEO of Thought Machine, worth SEK 700 million ($77.1 million). management. collaborating with us using our APIs”. Its rival, Ulster Bank, unveiled its own officer, says the deal will combine “the says the two firms have been working Evry says the agreement “will enable “The emerging markets, including Russia At present there are two options – API portal last year. customer focus and experience of Atom together for a couple of years now, but Bankgirot to adopt a more dynamic and the CIS, are strategic for Calypso, and accounts and payments. In the UK, where AIB Group (UK) is with the engineering skills and ambition of have just gone public on this. delivery organisation and will modernise we will continue to invest in these regions to The accounts endpoints will enable trading as First Trust Bank in Northern Thought Machine”. Set up in 2014 and based in Durham, its technical infrastructure”. provide solutions that bring global-standard users to access information, balances Ireland, it has already been involved in the He elaborates: “The coherence and UK, Atom is now in the “unicorns” The vendor will take responsibility market practices with local conventions,” says and transactional history on customer open banking craze. It is part of the CMA9 elegance of Thought Machine’s Vault club with an over $1 billion valuation for Bankgirot’s platform operations and Didier Bouillard, CEO of Calypso. accounts. – the nine largest banks and building platform offers Atom a radically innovative (according to CB Insights). It employs 310 will enable the delivery of “simple and The two companies first started working For payments, the endpoints societies in the UK. and agile alternative to traditional banking people. Among its investors is Spanish efficient payments”. together in 2013, Banking Technology will enable users to initiate a single Antony Peyton technologies. banking heavyweight BBVA. Atom offers It adds that it “beat strong understands, on a project at BCS Broker in Vault’s unique features such as its smart savings and lending products (including international competition” to win this Russia.
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