The definitive source of news and analysis of the global fintech sector | February 2019 www.bankingtech.com

SUPERSTRUCTURES Fintech reaches new heights CASE STUDY: CITIZENS BANK US heavyweight pivots for digital era FOOD FOR THOUGHT: CAREER CHOICES The Venn diagram of doom FINTECH FUTURES IN THIS ISSUE

THEM US

Contents

NEWS 04 The latest fintech news from around the globe: the good, the bad and the ugly.

18 Banking Technology Awards The glamour, the winners and the celebrations.

23 Focus: intraday liquidity Are banks ready to meet the ECB’s latest expectations?

24 Interview: Pavel Novak, Zonky P2P lender on a “mission possible”.

26 Focus: data How DNB uses data to reconnect with customers.

30 Analysis: openfunds Admirable data standardisation efforts for the funds industry.

32 Case study: Citizens Bank US’s 13th largest bank embraces digital era.

38 Food for thought Making career choices and the Venn diagram of doom. They struggle with Fintech complexity. We see straight to your goal. We leverage proprietary knowledge and technology to solve complex regulatory challenges, create new products 40 Comment What would a recession mean for fintech? and build businesses. Our unique “one fi rm” approach brings to bear best-in-class talent from our 32 offi ces worldwide—creating teams that blend global reach and local knowledge. Looking for a fi rm that can help keep 42 Interview: Javier Santamaría, EPC your business moving in the right direction? Visit BCLPlaw.com to learn more. Happy one year anniversary, SEPA Instant Credit Transfer!

REGULARS 44 Appointments – the movers and the shakers. 44 Industry events – mark your calendars!

February 2019 | www.bankingtech.com | 01 LAWYERSOFFICES YEARSBCLPLAW COM ENTRY DEADLINE 5 April

Managing Director & Editor-in-Chief Tanya Andreasyan +44 207 551 9010 [email protected]

Deputy Editor Antony Peyton 5 JULY 2019, THE HAC, LONDON +44 207 551 9010 [email protected]

Reporter Henry Vilar +44 207 017 5709 PAYTECH AWARDS 2019 [email protected] Design & Production Manager NOW OPEN FOR ENTRIES! Kosh Naran [email protected]

Head of Sales Jon Robson +44 203 377 3327 [email protected]

Business Development Manager David Wurie +44 207 017 5593 [email protected] Editor’s note Marketing Manager Irena Andrisevic +44 207 017 5379 [email protected]

Subscriptions and Renewals With the Christmas and New Year holidays (see p11). Oh, and Snoop Dogg invested in Tel: +44 207 017 5533 now behind us and everyone back to Swedish paytech Klarna (see p4). Email: [email protected] the work mode, let’s make 2019 a year of But Europe’s results are notable as well: Subscription for one year: taking fintech to new heights! Germany-based challenger bank N26 has ■ £495 Despite the Brexit turbulence, London raised $300 million to expand to the US ■ €625 ■ $795 and the UK continue to dominate the (see p16), while Ireland-based Payzone is European fintech hotspots – in H1 last a $114 acquisition target of First Data and Subscription for two years: year alone, the country’s fintech industry Allied Irish Banks (AIB). ■ £800 ■ €880 attracted over $16 billion investment, However, these impressive figures have ■ $1,000 according to KPMG, more than any other been dwarfed by a $22 billion takeover of country. the aforementioned First Data by Fiserv Furthermore, over half of the total in the US. A giant will roam the global Now in their second year, PayTech Awards celebrate excellence in the use fintech investment into Europe ($26 billion) banking and payment technology lands of technology in the financial services and payment industries worldwide. was done into UK firms, including four of (see p9). the region’s top ten deals. Revolut raised Perhaps “may you live in interesting We’re on the lookout for the most innovative projects, $250 million, eToro – $100 million, Flender times” is not a curse after all…bt – $60 million, and MoneyFarm – $54 products, services and people of paytech! © Banking Technology 2019 All rights reserved; Banking Technology material million. And, of course, Vantiv’s acquisition may not be reproduced in any form without of WorldPay for $12.9 billion contributed Think you’ve got what it takes to win this year? the written permission of the publisher. significantly to the UK’s leadership Banking Technology is published ten times a year position. In comparison, US firms attracted Enter the Awards today! a combined investment of $14 billion in Address the same period. Maple House 149 Tottenham Court Road This year, too, started with a bang for the London W1T 7AD UK, with alternative investment app Nutmeg WWW.BANKINGTECH.COM/PAYTECHAWARDS UK raising $59 million (and looking east towards Printer Hong Kong for expansion), and invoice and Get in touch to find out more about the sponsorship opportunities Hobbs the Printers Ltd lending specialist MarketInvoice – $73 million Hampshire, UK or to book your seat at the event: (see p10). Meanwhile, Visa and Mastercard are Tanya Andreasyan ISSN 0266-0865 battling it out for UK paytech Earthport, with Editor-in-Chief Jon Robson www.bankingtech.com the latest offer by Mastercard at $305 million Banking Technology e: [email protected], t: +44 203 377 3327 @FinTech_Futures February 2019 | www.bankingtech.com | 03 #PayTechAwards NEWS NEWS

Plaid buys Snoop Dogg gets “smoooth” Emirates NBD upgrades payments Tide rides with fintech rival Quovo for Klarna system with TCS ClearBank on UK SME Klarna, a payment excited about Emirates NBD has picked Tata Consultancy The solution is designed on ISO for $200m Snoop Dogg banking market hunt provider and this partnership,” Services’ TCS Bancs for Payments as its core 20022-based data and process models, San Francisco-based fintech app provider bank, has brought says Snoop processing platform to standardise and and includes real-time payments and open SME bank Tide has teamed up with the UK’s Plaid has made its first major acquisition rapper Snoop Dogg. streamline payments operations across India, APIs. newest clearing bank, ClearBank, as they with the purchase of competitor Quovo Dogg into the Snoop Dogg Egypt, Saudi Arabia, Singapore, UK and its The deal is interesting as Emirates NBD look for big action amongst small businesses. for $200 million. team to… bring will acquire the home market, the United Arab Emirates. is a major user of Infosys Finacle. For its With Tide’s support, ClearBank has Plaid hasn’t got public on the price, “Smoooth” to the shares from an “We found TCS Bancs to be a future- underlying technology, the bank uses the applied for a grant from Pool A of but a source familiar with the deal spoke next level – yeah, existing Klarna ready solution that best supports our Finacle core system at home and across its the Capability and Innovation Fund with CNBC to spill the financial beans. with three “o”s. shareholder. transformation goals – to standardise international locations. that forms part of the £775 million The rest of the details are freely Snoop Dogg Klarna’s CEO the core payments processes across In addition, the group also has an RBS Alternative Remedies Package, a available, and Plaid reckons the will become Sebastian our different markets, to simplify our Islamic banking subsidiary, Emirates Islamic government-backed competition. acquisition will make it easier for Smoooth Dogg and the face of a major Siemiatkowski confirmed the partnership IT payments landscape, to support the Bank, which went live on Finacle on 2016, Tide will provide the customer facing developers to build products that campaign called “Get Smoooth”, as on Twitter. launch of innovative payments products Banking Technology understands. This was side and its digital banking platform, while incorporate investment and brokerage well as Snoop Dogg becoming a minor “Snoop is not only a rap legend, but also and enhance the digital experience for our the first Islamic site for the Infosys core ClearBank brings its payments infrastructure data. shareholder in Klarna. a successful businessman, with a genuine customers,” says Abdulla Qassem, group platform. as they seek to be a “genuine alternative to New York-based Quovo offers The campaign aims to remove friction interest in tech, retail and e-commerce. He chief operating officer, Emirates NBD. But Emirates NBD didn’t turn to Finacle’s the high street banks”. investment, insurance, and loan account from the world of pay later payments. Thus, has a great understanding of consumer The payments solution includes order own payments tech. Meanwhile, Qatar Oliver Prill, CEO of Tide, says: “The RBS coverage. Its platform is used by such it has recruited “arguably the smoothest behaviour and is exceptional when it management and clearing and settlement, National Bank (QNB) implemented the Alternative Remedies Package is a golden firms as Betterment, Wealthfront and man alive, on his journey to become even comes to branding and marketing,” according to TCS. Finacle Payments Hub as part of its digital opportunity to inject competition and SoFi, as well as wealthtech ones like Stifel, smoother”. You couldn’t make this up. “From Siemiatkowski continues. TCS Bancs provides direct debit and transformation strategy (see p6). innovation into the business banking Vanguard, Empower Retirement, and smooth to smoooth”, the campaign says. For context, this man once said in a song: credit transfers, including domestic In other news, MUFG Bank, one of market. Banks have traditionally viewed John Hancock. For Snoop Dogg, this is part of his “I love you so, how much you’ll never know. and international variations, on a single Japan’s largest financial institutions, serving SMEs as a marginal and low- Some of Plaid’s users include European investment strategy. Cause you took your dope away from me.” platform. It is certified with the Swift-ready also selected TCS Bancs for its payments revenue activity, which is why they have cryptocurrency exchange Coinbase, “I’ve been looking for an opportunity Following the Get Smoooth campaign, label for the payments market and the operations. terrible customer satisfaction ratings.” robo-advisors Betterment and to expand my tech investment portfolio to Snoop Dogg and Klarna will announce a Swift gpi-ready label. Henry Vilar If the bid is successful, the funds will Wealthfront (same as Quovo), trading Europe and seeing the way Klarna operates range of unique items enabling anyone to be used for a variety of plans. app Robinhood and PayPal’s digital wallet and how they challenge the status quo, I “Get Smoooth”. South Korea all clear for fintech sandbox One is to improve the “perceived Venmo. think it’s a match made in heaven. I’m very Henry Vilar difficulties” for SMEs to open a new Plaid plans to build a single platform South Korea is set to unleash a financial In principle, financial companies are business current account (BCA). Tide to let users “build any financial regulatory sandbox this April as it urges prohibited from investing in non-financial reckons opening a BCA is typically a application – from payments to lending Coventry Building Society chucks out the nation’s sector onwards and upwards. companies, except ones closely related to “lengthy and cumbersome process, to wealth management”. Choi JongKu, chairman of the Financial financial services. fraught with the danger of things going This deal follows on from December Accenture from core banking project Services Commission (FSC), reckons this Currently, financial companies are wrong and payments being missed”. when Plaid enjoyed a $250 million Series year will be an “opportune time” for its allowed to invest in fintech companies, It says 4% of SMEs switched their C funding round. With that investment The UK’s Coventry Building Society has outcome for the society and its members. fintech industry to take a step forward, as based on the FSC’s legal interpretation that business current accounts in the last year, the start-up was valued at an impressive decided to drop Accenture from its core Product suppliers, Temenos and Iress, are the groundwork for regulatory, budgetary fintech falls into a category of businesses and 0.4% used the “little-known” Current $2.65 billion. banking project. engaged in this review but it’s not necessary and institutional support has been set out. closely related to financial services. Account Switching Service (CASS) to do so. Back in October 2018 it linked up with As reported in June 2018, the society for Accenture, in their role as systems He adds: “The FSC will spare no effort to To help investment in fintech, the FSC Another is what Tide thinks is a “low JP Morgan Chase to help the bank make a chose Temenos’ T24 system for a digital integrator, to be involved at this stage.” support fintech companies to come with says it will amend relevant regulations for awareness of alternative offerings to move toward open banking by enabling revamp. That followed on from 2016, We also contacted Accenture but it did globally competitive services and spread clarification on the scope of business in which the high street banks”. It may want to account holders to share their financial when Coventry BS embarked on a tech not respond. fintech innovation across the financial sector.” financial companies are allowed to invest. consider advertising. data with third-party fintech applications. modernisation project and was looking The society is the third largest in the UK, The sandbox will let firms test their It will overhaul formal and informal Anyway, according to Tide, in less Prior to that, in May 2018 it expanded for the new system. with total assets of more than £34.1 billion services with regulatory exemptions for a regulations that hinder fintech innovation. than two years, it has gone from zero to Canada as its first international market. Accenture was selected as and 1.4 million members. Coventry BS is a certain (but unspecified) period of time. Currently, more than 200 regulations are customers to a 1% market share of the The firm was founded in 2013 and implementation partner for the T24 long-standing user of the Mortgage and Preliminary applications for participation under review for regulatory reforms. The UK’s 5.6 million SMEs, with a new business has got the backing of some big names. project. Although another consultancy, Savings Suite (MSS) from Sopra Banking opened at the end of January. result of these reviews will be announced signing up every eight minutes. These include Goldman Sachs, Amex, Citi Cognizant, helped with system selection. Software for its core processing; and FIS/ The FSC will provide KRW 4 billion in the first quarter of 2019. Banking Technology understands that and Google Ventures. About two years Banking Technology contacted the Sungard’s Ambit Treasury Management/ ($3.5 million) to support the programme. The FSC will also hold a weekly meeting ClearBank has onboarded around 20 clients. ago it got a handy $44 million in funding building society and it responded on the Quantum system for treasury operations, The idea is to remove regulatory with businesses to gather their suggestions Known clients are Ecology Building Society, led by Goldman Sachs. same day: “We’re currently reviewing the Banking Technology understands. uncertainty that restricts financial companies and opinions. Allpay and Transactive Systems. Antony Peyton programme to ensure we deliver the right Antony Peyton from investing in fintech companies. Antony Peyton Antony Peyton

04 | www.bankingtech.com | February 2019 February 2019 | www.bankingtech.com | 05 NEWS

OCC fights for US fintech charter in court The US Office of the Comptroller of the year” has “acted prematurely and has Currency (OCC) wants to dismiss the once again filed a lawsuit that should be lawsuit that opposes its decision to create dismissed due to lack of standing pursuant a special purpose charter for fintechs. to Federal Rule of Civil Procedure 12(b)(1)”. As reported in September 2018, the At the present time, the OCC says it Conference of State Bank Supervisors has not approved any application for this (CSBS) said it will renew its litigation efforts “Special Purpose National Bank Charter” or against the OCC concerning the charter. “SPNB Charter”, the “regulatory milestone That followed on from the OCC that the court held must first be reached accepting applications for national bank before CSBS has standing to sue”. charters from non-depository fintech firms. As mentioned above, Ryan reckons Back in April 2018, John W. Ryan, OCC was going beyond its authority. The CSBS president and CEO, said: “The OCC’s OCC says it is allowed to use “new ways” to action is an unprecedented, unlawful its authority. We are confident that we will conduct “the very old business of banking”. expansion of the chartering authority prevail on the merits.” The OCC wants the US District Court to given to it by Congress for national banks. In the latest round of fighting, the OCC see that its “longstanding special purpose If Congress had intended it to be used for wants to dismiss this CSBS action “for lack bank chartering regulation” is a “reasonable another purpose, it would have explicitly of jurisdiction and for failure to state a construction of the National Bank Act that authorised the OCC to do so.” claim upon which relief can be granted is entitled to Chevron deference”. He added: “If the OCC is allowed to under Rules 12(b)(1) and 12(b)(6) of the The latter is a reference to a landmark proceed with the creation of a special Federal Rules of Civil Procedure”. case in 1984 – and means agencies can purpose nonbank charter, it will set a In the 110-page civil action it gets interpret laws, instead of judges. dangerous precedent that any federal complex. But the main part is that the OCC The battle is not over. agency can act beyond the legal limits of argues that CSBS “for the second straight Antony Peyton QNB revamps payments systems with Infosys Finacle Qatar National Bank (QNB) has massive shift globally, with new industry single platform. implemented Infosys’ Finacle Payments initiatives, non-traditional competition, In subsequent phases, the bank’s Hub for a major revamp. and technology developments. Many foreign operations are also being on- QNB operates across more than 31 institutions, with their legacy applications boarded and integrated with the hub. countries in Africa, Asia and Europe, and is and payment process siloes, are finding The hub, based on ISO 20022, supports consolidating its payment engines with this it a challenge to effectively sail through existing Swift MT formats and delivers unified enterprise payments hub – allowing these shifts.” interoperability across various global and real-time payments and scalability. Finacle is part of EdgeVerve Systems, a local payment networks. It also provides Venkatramana Gosavi, SVP and global subsidiary of Infosys, and its hub enables clearing services and supports multiple head of sales, Infosys Finacle, says: the bank to consolidate local payment payment instruments. “The payments space is undergoing a systems QIPS, and QATCH in Qatar into a Henry Vilar

MUFG launches new $185m fintech fund

MUFG has established MUFG Innovation financial and non-financial institutions. MUFG and such start-ups. Around 30% to Partners (MUIP), a JPY 20 billion ($185 The bank believes that, unlike previous 40% of the investment funds will go toward million) fund to accelerate open innovation smaller investments by its different Japanese start-ups, according to the firm. and partnerships with fintech start-ups. entities, a larger, collaborative and more MUIP will take advantage of “The MUIP will manage corporate venture sophisticated framework for strategic Investment Specialised Subsidiary” status capital funds of MUFG, as the bank believes investments is needed to adapt itself to under the Japanese Banking Act, which that the financial services industry is rapid marketplace changes and enhance allows MUIP to acquire more than 5% being transformed by fintech start-ups open innovation. ownerships of investees under certain that have scaled up rapidly and have MUIP says it will promote investments in conditions. raised substantial amounts of capital from start-ups and business “synergies” between Henry Vilar

06 | www.bankingtech.com | February 2019 WELCOME TO THE NEWS

Citi tests out TCS Bancs for core system revamp

Citi has chosen the TCS Bancs core platform around the world. in Citigroup in India, and Oracle then LIBRARY for an overhaul of its consumer banking Banking Technology contacted Citi and acquired a 41% stake in i-flex for $593 systems, it is believed. TCS for more details. Both declined to million in August 2005. At the first stage, the bank is testing the comment. After a few more nibbles, Oracle platform in Singapore, Banking Technology On the corporate side, Citi runs increased its stake in i-flex to around 83% understands. If that goes well, the next Flexcube for its international operations in 2017. A year later, Oracle changed the step will be Banamex, Citi’s subsidiary (i.e. global transaction banking). name of the company to Oracle Financial in Mexico. Then, if all that goes well, the Flexcube actually originated from Citi, Services. system will be rolled out to the rest of Citi a long time ago. I-flex was incubated Antony Peyton

Fiserv to acquire First Data for $22bn A giant will roam the fintech land as account enrollment capabilities can be Fiserv intends to refinance the $17 Fiserv will acquire First Data in an all-stock integrated into its digital banking solutions. billion of debt that First Data is expected transaction of $22 billion. The new entity expects to invest an to have at the time of closing, and With the combined power, Fiserv will incremental $500 million over five years. has entered into a committed bridge be able to offer a range of payments Fiserv reckons growth will come from areas financing arrangement in connection and financial services, including account such as bank merchant services and Clover, with the transaction. processing and digital banking solutions; credit processing, and additional biller Yabuki will serve as CEO and card issuer processing and network services. chairman of the board of directors of services; e-commerce; integrated The programme, when up and running, the combined company. Bisignano payments; and the Clover cloud-based will focus on a series of new and existing will assume the role of president and point-of-sale solution. technologies, including merchant chief operating officer, and will serve as Jeffery Yabuki, president and CEO of solutions, digital enablement, risk director of the board of the combined Fiserv, says: “We admire First Data for management, and data-focused solutions. company. its excellence in merchant acquiring The new company expects to generate The transaction, to close during and global issuing services, and the free cash flow exceeding $4 billion in the the second half of 2019, is subject to tremendous progress they have made third year following close, and generate customary closing conditions and under Frank’s [Bisignano, CEO] leadership.” $900 million of run-rate cost savings, regulatory approvals, including the Some deals from last year for First Data “driven primarily by the elimination of approval of shareholders of both include Ellie Mae, Mastercard and SIA. duplicative corporate structures”. The latter companies. The transaction is not As an example of how they will link up, of course means job cuts. Firms always say subject to any financing conditions. Fiserv says First Data’s digital merchant it so coldly. Antony Peyton

Spanish neobank Bnc10 readies for launch Bnc10 is a new digital bank gearing for The bank has touted its offering investors who were able to advise and Introducing a brand new section on our website, launch in Spain, and has just made its through its fully digital service, with support the project. waiting list available. “intuitive design” and social features. “We’ve seen what there is in the UK, where you can find a compilation of books from the world of business, finance and technology. The Barcelona-based bank was The extent of these hasn’t been Germany etc and we were impressed,” We’ll be adding new books regularly that we feel are relevant, founded by Jordi Dominguez, now unveiled though. Dominguez says. “We asked ourselves, CEO; William McCahey, COO; and David So far, we know that chat banking why can’t we do have the same in useful and of interest to you, our readers. Montanyà, pathfinder. Tito Español and WhatsApp banking are available Spain?” Happy reading! Gamón is the bank’s CTO. through the app. The CEO says that the firm, which Dominguez has worked in the metals Talking to Dominguez, he confirmed hasn’t unveiled its tech systems, was and mining department of Societe that the bank had been able to find a officially registered in July 2018, and Generale and HSBC, both in New York, “seven-digit figure” of funding from an has 12 full-time employees at the www.bankingtech.com/library as well as for asset management firm undisclosed lead investor. The bank, moment. Its waiting list has 2,000 USAA. McCahey has worked for NAB which doesn’t have a licence, but is people in it so far. in Melbourne and Clydesdale Bank in using an undisclosed bank’s licence, Henry Vilar Do you know of a book that should be on our virtual library’s shelf? Contact: London. also has the support of group of minor Tanya Andreasyan e: [email protected] February 2019 | www.bankingtech.com | 09 and we’ll be happy to consider it. If our team deems the book suitable, it will be included in our library for free. NEWS NEWS

Barclays and Lloyds thinks with Thought Machine Chetwood Financial gets full UK banking licence and new cash Santander join Job losses could be on the way as Lloyds As you’d expect, there are concerns Chetwood Financial has acquired a full focus is on identifying market failings adapts the lending rates as the consumer’s is planning to save hundreds of millions about job cuts. banking licence from the UK’s Prudential and developing specific products that lending score improves. For every 25 £56m funding in of pounds in annual technology costs by Mark Brown, general secretary of BTU Regulation Authority (PRA), following a £40 can really make a difference for targeted points of improvement in credit score, 2% switching its computer systems to a new (formerly Banking Trade Union), says: “The million investment from Elliott Advisors groups of people.” is shaved off the rate. MarketInvoice platform. bank knows when and where jobs will be lost as part of a £150 million debt and equity He adds: “Using technology to make The bank is based in Wrexham (Wales) It is understood the bank has started as a result of the implementation of Thought commitment made in early 2018. people better off is at the heart of what and claims to operate at much lower discussions with regulators about Machine’s core banking platform and it The bank claims to differ from the we do – we’ve already proven this with costs, and was founded in 2016 by ex- transferring data on about 500,000 should publish that information immediately.” traditional banking model of “owning LiveLend, our dynamic loan, and we have HSBC senior banker Mielczarek and Mark customers of its old Intelligent Finance In an internal Lloyds’ presentation, it says customers” and cross selling products, really exciting plans to follow that with a Jenkinson. Chetwood operates on cloud- brand to test a new core banking system, “incremental improvements” to existing IT focusing instead on serving distinct range of new, fair and innovative products based technology platform Yobota. Vault, built by start-up Thought Machine. infrastructure “can only go so far”. customer segments that are currently that serve the needs of our customers.” The bank has also been developing and Intelligent Finance is a sunsetted According to Financial Times (FT), underserved by the market, with products This news come with Chetwood’s latest testing its first savings product, which will business so it just services existing Lloyds spends about £2.2 billion a year on designed specifically for their needs. consumer lending product, LiveLend launch in early 2019. customers, not new ones. IT running and improvement, meaning the Its CEO, Andy Mielczarek, says: “Our Reward Loan – “the dynamic loan”, which Henry Vilar To keep a long story brief, back in 2014 estimated 35% to 40% reduction in costs the firm – which is owned by Lloyds – from using Vault would save it more than asked its savings customers to think about £750 million annually. Banking platform Joust-s for freelancers’ attention Barclays and Santander InnoVentures moving their accounts to TSB. Lloyds was Lloyds is aiming to go from spending Denver-based banking platform Joust has themselves from client late payment and Joust, which was founded in 2017, have led a new equity funding round of asked to close Intelligent Finance to new close to £47 of every £100 in revenue it unveiled its financial app for freelancers, non-payment with PayArmour, which says the app for iOS is available for free £26 million in UK-based business lender business by the European Commission to earns on day-to-day operations to the “low entrepreneurs and independent guarantees invoices up to $5,000. download. The Android app is scheduled MarketInvoice. reduce its market share. 40s” by the end of 2020. contractors. “With Joust, we’re aiming to eliminate for release on 1 February 2019. This Series B round also had As Banking Technology reported back in The Thought Machine project is The Joust app – developed in the pain points independent workers feel Cambr integrates what’s known as the “significant” participation from European November 2018, Lloyds partnered with and designed to match digital banks such as partnership with financial services toolkit by creating an ethical banking system StoneCastle Deposit Network – a deposit venture fund Northzone, an existing invested in Thought Machine, a UK-based N26 and OakNorth, which can operate at Cambr – enables users to open a free, for freelancers and entrepreneurs,” says platform of more than 800 community investor in the company. banking tech company, to accelerate the cost-income ratios of less than 30%. Federal Deposit Insurance Corporation Lamine Zarrad, Joust co-founder and CEO. banks across the country – with Q2 Open’s Technology credit fund Viola Credit, digital transformation of the bank’s business. The presentation noted that (FDIC) insured deposit account backed by a “We’ve brought together our freelancing, CorePro digital processing platform, and who also participated in the equity round, Lloyds’s £11 million investment represents “rationalisation” of its existing systems community bank. product design, and regulatory experience uses relationships with partner financial will provide a debt facility of up to £30 a 10% stake, part of its Series A £18 million would affect employee numbers, In addition, it offers a merchant account to tailor Joust to the needs and values of institutions like NBKC that serve as banks million – taking MarketInvoice’s grand round. The fintech firm has developed Vault, triggering alarm among trade unions – to process credit and debit card payments those workers historically shut out of the of record. total to £56 million. its cloud-native core banking technology. such as BTU above. for their products and services; and protect banking system.” Antony Peyton Anil Stocker, co-founder and CEO, In the latest development, if the Lloyds has previously pledged to MarketInvoice, says: “Now more than ever, platform move is successful, Lloyds could retrain as many staff as possible to avoid businesses need access to stable lines of carry out a similar transfer across all of its compulsory redundancies as part of its Mastercard and Visa battle for paytech Earthport funding as they navigate choppy political businesses over the next few years. investments in new technology. and economic conditions. Our invoice Lloyds has cut more than 30,000 jobs and A person close to Lloyds stressed to the It’s a bidding war as Mastercard is looking to Mastercard deal instead. Gross profit was broadly flat year-on- finance solutions are designed to bridge the closed almost a third of its branches in the FT that any moves to a new platform would see off Visa with a £233 million offer for cross- The board has also proposed that a year at £20.3 million. gap in cash flow requirements and keep UK past eight years. Like other banks it’s trying to go ahead at a “cautious” pace. border payments firm Earthport. meeting scheduled for 21 February 2019, at Cash and cash equivalents at 30 June businesses growing and exporting.” adapt digitally to cope with the competition. Antony Peyton In January, Visa made an £198 million offer. which shareholders would have voted on the 2018 were £28.3 million (FY2017: £11.9 He explains that the firm will use this At that time, the board of UK-based Earthport Visa deal, be adjourned. million), following its capital raising in funding to invest in risk automation and was recommending shareholders vote in October 2017 of £24 million. data models, scale-up its business loans Bank of America embarks on corporate favour of the deal. BACK ON EARTH(PORT) This new team is its desire for a change solution, and grow its team. banking tech modernisation However, in the latest development, With a planned change of focus Earthport of fortune from 2017 when its losses In addition, the company is planning Mastercard has stepped in. has brought in a new team. doubled in H2 – and it lost a UK line of to launch cross-border fintech-bank Bank of America (BofA) is understood to Infosys and Oracle, but they all provided a Earthport’s interim chairman, Sunil Amanda Mesler joined on 1 July 2018 business with a major e-commerce client. partnerships to support businesses with have selected Infosys and its Finacle suite “no comment” on the above. Sabharwal, says: “The board of Earthport is as CEO, followed by Alexander Filshie who In terms of its outlook, Earthport says: access to lending solutions. of products for its corporate banking In H2 2017, another US-based bank, Bank pleased to recommend bidco’s cash offer joined on 25 July 2018 as chief financial “Since the end of June 2018, we have Since 2011, MarketInvoice says it has technology modernisation project in the of the West, opted for Finacle for its corporate for Earthport, which is at a 10% premium officer. They have been joined by Helen signed a contract with BNPI, went live with funded invoices and business loans to UK US and globally. banking, digital banking, and payments hub. to the Visa proposal. This offer provides our Smith (chief operating officer) and John Indusind Bank and expanded route usage companies worth more than £2 billion. This large-scale deal is believed to be Elsewhere in the US, Discover Financial shareholders with even greater value in cash Farrell (CTO). for multiple key clients.” Back in August 2018, Barclays worth around $600 million. Services, Marcus (a digital lending platform for their shares.” In its latest financial results (ended In addition, it says two new routes have took a “significant” minority stake in It is understood that Oracle FSS also bid from Goldman Sachs) and Eastern Bank are In a statement, the board of Earthport 30 June 2018), it revealed that total been enabled to existing customers with MarketInvoice. Details were not disclosed. for the deal with its Flexcube offering. also on the Finacle user list. withdrew its recommendation for Visa’s revenues grew by 5.3% to £31.9 million. By more to come in the current year. Antony Peyton Banking Technology contacted BofA, Henry Vilar offer and urged shareholders to back the comparison, FY2017 was £30.3 million. Antony Peyton

10 | www.bankingtech.com | February 2019 February 2019 | www.bankingtech.com | 11 NEWS

ACI Worldwide scores big in Hungary and Malaysia

HUNGARY under the platform is DuitNow, IT services company T-Systems an instant credit transfer with a and Hungarian processor national addressing database Takarékinfo have selected that links mobile numbers and ACI Worldwide’s UP portfolio national ID numbers to account of solutions to enable 17 numbers. IFF Hungarian banks to offer real- DuitNow allows bank time payments services as part customers to send money to of their digital transformation accounts that are addressed projects. by identifiers, such as mobile ACI’s UP Immediate phone numbers, identity card or Payments solution connects passport numbers, and business FINANCIAL the 17 banks to the country’s registration numbers. domestic real-time payments The service aims to displace scheme, set to launch in June cash with internet and mobile 2019. payments, to transform Malaysia’s The ability to provide payments ecosystem with customers’ balances in real- immediate funds availability. TRAINING time is a “crucial” compliance “PayNet’s vision goes beyond THE WORLD’S LEADING PROVIDER requirement of the nation’s just Malaysia – we aim to build links real-time payments scheme. in the US and serves on the ISO 20022 Real- across the ASEAN region to enable cross- OF FINANCIAL TRAINING SOLUTIONS “The launch of a real-time scheme Time Payments Group and the EPC Instant border instant credits and P2P payments, in Hungary means banks will be able to Payments Technology Group. with an initial focus on our neighbouring offer their customers new and innovative Additionally, ACI has customers countries,” says Peter Schiesser, group CEO, services; we are proud to support using UP Immediate Payments to access PayNet. Hungary’s financial institutions with their Singapore FAST, and the Australian NPP Following the launch of DuitNow, New Courses launched on: digital transformation projects,” says Zoltan (New Payments Platform). PayNet and ACI are now focused on the Kozma, CIO, Takarékinfo. progressive introduction of new payments Artificial Intelligence in Banking In the UK, the solution has been used MALAYSIA services, including QR payments as well as by financial institutions to access the UK Payments Network Malaysia (PayNet), request-to-pay, e-mandates and real-time Blockchain in Banking Faster Payments scheme since its launch the central infrastructure provider, has debit. in 2008. Currently more than 50% of the implemented Malaysia’s Real-Time Retail Corporate customers will get DuitNow’s Understanding Fintech scheme’s payments are being processed by Payments Platform (RPP) also using the extended message service that can carry ACI solutions. UP solution, a project that has been a long information needed to complete business ACI is also implementing The Clearing time in the making. transactions. Delivery Methods: House RTP system and Zelle for customers The first service offered to the public Henry Vilar Classroom RBS secures 25% stake in current account Loot The Royal Bank of Scotland’s (RBS) new provided with a pre-paid debit card out on its restructuring. In-Company / Bespoke digital-only retail bank Bó has invested £2 and offered personal insights into Neil Mitchell, a Scottish businessman, On-Line million in the digital current account Loot spending patterns. has paid four months up front on a – taking its total stake to 25%. Mark Bailie, CEO of Bó, says: “Through £5,000 a month billboard in Croydon, Distance Learning This follows an initial investment of [Loot’s] innovative use of technology south London, which reproaches the £3 million in July 2018 by Bó. This bank is and intention to change the status quo, bank’s wrongdoings. being developed by NatWest – part it’s quickly built a following of loyal The billboard shows a fake of RBS. customers, with potential for rapid newspaper with the RBS and Natwest Loot launched in 2014 to help students future growth.” logo dripping blood, and says these and young people manage their finances Bó is currently in private beta testing, banks have caused “austerity, suicides, and says it now has more than 175,000 with a view to launch in 2019. bank’s crimes, economic destruction”. Learning Partner of sign-ups. All verified customers are In other recent news, RBS was called Antony Peyton

www.iff-training.com February 2019 | www.bankingtech.com | 13

IFF A4 Advert.indd 1 24/01/2019 11:27 NEWS

Galeo Bank preps for UK launch UK digital challenger Galeo Bank is a-Platform (BaaP) model. It is deploying customers on demand via an application. preparing to launch its banking services. digital infrastructure where Galeo provides It was founded by Sergey Sukhikh in early The bank says its app will offer a cost-free basic banking and payment 2018, with Aleksey Zhdanov as chief design “new paradigm” in banking, “providing services, while financial products are officer. On their LinkedIn profiles, they show free digital banking globally”. It says this provided to customers by authorised third- limited experiences in the financial industry. includes credit cards, lending, savings and parties plugged into the platform. The Galeo Beta is scheduled to be insurance. The bank claims that all products released in Q2 2019. Galeo says it’s based on the Bank-as- and services will be available for Galeo’s Henry Vilar

Unite Global to launch real-time correspondent hub

Norway’s Unite Global has emerged from to any other bank in the network through FX facility where the partners continuously stealth with plans to unleash a centralised an API. compete (with each other) to provide the platform for global real-time payments and To reach banks outside the network, the “best rates”. Only the best rate for each settlement between banks. platform will automatically route payments currency pair is showing to the connected Tord Coucheron, Unite’s CTO, tells through the national presence of the banks, and related settlement/finality occur Banking Technology that it has been partners (between 160-180 countries instantly, making automated processes developing the system “under the radar” depending on the final partner selection), possible. since 2007. as well as through the SEPA and Swift The firm explains that since many small Coucheron describes its tech as “fully networks. and smaller-to-medium banks may not centralised” but it “does not involve The new network has been called the have a BIC, the connected banks will be blockchain in any way”. “Global Correspondent Hub” by several issued a designated Unite “BIC” to assure The Fredrikstad-based company is in banks, as according to Unite they discover bank identification. The connected banks discussions with about 30 larger banks that the network will reduce the number may still use their current BIC if they want, worldwide, where up to a dozen of these of correspondent relationships needed to since the network will keep track of both will be selected as full partners in the new just one, “dramatically reducing the related versions. global network. He doesn’t want to go compliance costs”. According to Unite, facilities like unique public on the names at present. The way the network is constructed is payment identifier, payment tracking, cash The network will, after the operational giving connected banks the ability to hold management and currency trading are all start expected later this year, allow any any currency of the total network (100+). built in, and available from the start. bank to connect and get real-time access The network also includes a competitive Antony Peyton

RIP Microsoft Wallet Dear firms and fintech, we are gathered rebranded Microsoft Wallet to Microsoft here to mourn in silence the end of Pay and allowed payments to be Microsoft Wallet. processed through it on Edge. That said, With support ending for the Windows the site still says Microsoft Wallet. 10 Mobile on 10 December this year, the The wallet did work with a lot of big wallet has been put to bed early. names – such as Bank of America, TD In a brief statement on the wallet’s Bank and US Bank. website, it merely says: “Starting on 28 The death of the Windows 10 Mobile February 2019, the Microsoft Wallet app is perhaps not a surprise as it never will be officially retired.” got a massive share of the market as it It was initially launched on 21 June struggled to compete with Android or 2016 in the US. iOS platforms and devices. It was made available to the general Its market share for December 2018 public in August in that year with the was 0.33%, according to Statcounter release of the Windows 10 Mobile figures. Compare that to Android, which Anniversary Update. got a massive 74.36%. In November 2017, Microsoft Antony Peyton

February 2019 | www.bankingtech.com | 15 NEWS

News sites can be confusing. There is too much going on in the world. ATB Financial looks on Brightside with new challenger bank Sometimes it’s difficult to spot the most important topics. Articles drag on and on before Canada’s ATB Financial wants to bring things we are doing at ATB Financial.” SAP’s systems for core banking.) sunshine to the world of fintech with its There are a few details as to what In terms of sign ups, the company says: they get to the point. very own digital challenger bank. the digital entity will offer. It will offer “We would like to have a few thousand Called Brightside, it is still being built automatic round-ups to let users save Albertans, who are interested in being We don’t do that (intentionally). and is calling for early sign-ups. There is no and provide automated transfers for among the first to try Brightside as part of exact data for launch. savers. our soft launch phase.” Every day we’ll send you a digest of the industry’s Curtis Stange, ATB president and CEO, Banking Technology contacted It’s a “couple of months out” from its says: “We’ve been listening to Albertans Brightside for more details and the firm soft launch or beta phase and is targeting top news and subjects so you don’t have to search for and we are hearing there is a growing says it has partnered with Technisys Alberta only. It has about 125 staff, which updates anywhere else. need to offer a new type of digital banking to build an entirely new tech stack for includes a team from Technisys. experience to complement all the great Brightside. (ATB itself is a major user of Antony Peyton Sign up to the FinTech Futures UniCredit on edge of tomorrow with new innovation team free daily newsletter – UniCredit wants to make the “bank of debriefing the main board of directors. intelligence company Fortalice Solutions your go-to resource on all things tech. tomorrow” with the creation of a new The advisory board will include four and co-founder of the cybersecurity transformation and innovation advisory external technology and “innovation product firm Dark Cubed. board. thought leaders” who will join internal staff Ratti is a practicing architect and a It will be a mixture of internal and external members as permanent members. professor at the Massachusetts Institute of specialists. Unicredit says this follows on These are Eileen Burbidge, Theresa Technology (MIT) where he founded the from the recent appointment of Finja Kütz as Payton, Dr. Carlo Ratti and Dr. Katia Walsh. Senseable City Lab, which investigates and group chief transformation officer. Burbidge you will probably know anticipates how digital technologies are Kütz says it is an “exciting initiative well. She is a special fintech envoy to Her changing the way people live in cities. which aims to actively deliver tangible and Majesty’s Treasury. She is a co-founder and Walsh is Vodafone’s first chief global constructive solutions to yet unknown partner at Passion Capital, an early-stage data and analytics officer where she challenges”. venture capital firm. In 2015, Burbidge was built the group’s big data and artificial The board will meet quarterly to debate awarded as a member of the Order of the intelligence (AI) capability. Before and review critical topics for the banking British Empire (MBE) for her contribution to Vodafone, she led “data-driven and industry such as technology and data, entrepreneurship. customer-centric cultures” for the financial consumer trends, fintech innovation, Payton was the first woman ever to hold services sector. and security and risk mitigation, with the office of White House chief information It’s fair to say they know what they are the objective of “proposing tangible officer within the executive office of the doing and UniCredit must be a happy development opportunities” to the president. She is president, CEO and bunny to get them on its side. UniCredit CEO, as well as regularly chief advisor of the cybersecurity and Antony Peyton

N26 plots delayed US launch with $300m funding

Germany-based mobile challenger bank To date, the bank has raised more than N26 is talking about its US launch again $500 million from investors including thanks to $300 million in a Series D funding Tencent, Allianz X, Peter Thiel’s Valar round. Ventures, Li Ka-Shing’s Horizons Ventures, The round was led by Insight Venture Earlybird Venture Capital, Redalpine Partners and takes N26’s valuation to Ventures and Greyhound Capital. a mighty $2.7 billion. It also includes N26’s ambition is to build the “first www.bankingtech.com participation from GIC, Singapore’s global mobile bank”. Currently operating sovereign wealth fund, and several existing in 24 markets across Europe, it says it has @FinTech_Futures investors. banking industry; the company is ideally more than tripled its customer base in the Harley Miller, principal at Insight positioned to expand to the US market this last 12 months to more than 2.3 million Interested in advertising and marketing opportunities? Get in touch: Venture Partners, comments: “N26 is the year, and build a formidable global digital customers. clear market leader in the European mobile consumer brand.” Antony Peyton Contact Jon Robson Tel: +44 203 377 3327 | Email: [email protected] 16 | www.bankingtech.com | February 2019 BANKING TECHNOLOGY AWARDS 2018

The 19th annual Banking Technology Awards took place on 13 December 2018 at the London Marriott Hotel Grosvenor Square. The show was hosted by stand-up comedian Sean Collins and it was a night to remember! Gathering over 450 professionals from across the world, the glamorous event once again awarded the best of the best and recognised excellence in the use of IT in financial services, and the people who make it happen. We would like to thank everyone who attended and celebrated with us, as well as our judges for their major contribution. A big thank you also to our sponsors and partners: Dimension data, Femtech Global and Comms for Good! Now is the time to start planning for next year’s Banking Technology Awards. Attend as a finalist, a supporter or a sponsor and take advantage of the fantastic networking opportunities with top leaders in the industry. Visit www.bankingtech.com/awards for more information. Congratulations to all the winners and highly commended and we hope to see you on 5 December for the 2019 event! bt

18 | www.bankingtech.com | February 2019 February 2019 | www.bankingtech.com | 19 BANKING TECHNOLOGY AWARDS 2018 BANKING TECHNOLOGY AWARDS 2018

BEST FINTECH BEST USE OF IT IN BEST USE OF IT IN TOP DIGITAL Itaú Unibanco S.A. PARTNERSHIP PRIVATE BANKING/ TREASURY & CAPITAL INNOVATION WEALTH MANAGEMENT MARKETS Winner: Winner: JUDGED AWARDS EcoCash, Steward Bank & Comviva Winner: Winner: BMO EcoCash Saxo Bank JP Morgan BMO Quickpay OCBC RoboInvest Asset Management Strategic BEST TECH OVERHAUL Highly Commended: Hedge of Seed Capital Highly Commended: Bud Highly Commended: Deposit Solutions PROJECT “artha” by First Direct, Raiffeisen Bank International Highly Commended: Open banking platform powered by Bud Wealth Management HSBC Winner: Platform – Dorsum MyDeal Siam Commercial Bank Arion Bank HSBC SCB Easy Digital Future Accelerator HSBC & Tradeshift Partnership BEST USE OF IT IN BEST USE OF IT FOR BEST USE OF CLOUD Highly Commended: RETAIL BANKING LENDING Credit Suisse BEST USE OF Winner: Risk & Finance Workflow Product BIOMETRICS Winner: Winner: Redwood Bank & DPR Consulting BEST USE OF DATA DBS Bank Arion Bank Redwood Bank: Born in the Cloud BEST USE OF EMERGING Winner: Customer-centric Digital Experience Mortgages & Refinancing of Winner: Albaraka Turk Participation Bank Mortgages Itaú Unibanco S.A. OR INNOVATIVE Biometric Signature Project Highly Commended: Highly Commended: Morgan Stanley Digital Analytics Centre of Excellence TECHNOLOGY Deutsche Bank Highly Commended: MIFID II ISIN/TOTV Services Highly Commended: API Programme Ezbob Highly Commended: Winner: Tinkoff Digital lending-as-a-service platform Tinkoff DBS Bank Ltd Zopa Tinkoff Voice Biometry BEST USE OF IT IN Biggest cloud call centre in Europe SMART Ops Programme Kafka Quotation Pipeline: Industry iwoca First Implementation BEST CONSUMER CORPORATE BANKING iwoca small business loans Société Générale PAYMENTS INITIATIVE SDS: SGCIB Data Services Highly Commended: Winner: BEST USE OF REGTECH leveraging GigaSpaces in-memory Pikcio AG OP Financial Group BEST DIGITAL INITIATIVE Winner: computing platform Compliance Wallet powered by OP Invoice Credit Winner: National Bank of Greece PikcioChain Winner: Bank of England i-bank Pay & i-bank Pay4B Highly Commended: Vocalink Regulatory Data Project SARB Israel Discount Bank PromptPay BEST USE OF AI Highly Commended: Project Khokha Banking Website Redesign Highly Commended: St1 Finance & New App Launch Highly Commended: ClauseMatch & Barclays Winner: AIB RegTech Solution for Policy Morgan Stanley AIB Mobile App Management Next Best Action (NBA) Zopa Curve İşbank BEST CORPORATE Highly Commended: Digital Transformation Programme HSBC PAYMENTS INITIATIVE GBM Big Data Programme BEST MOBILE INITIATIVE Winner: SWIFT Winner: SWIFTgpi FINTECH FOR Curve GOOD Curve with Wirecard Highly Commended: Sberbank of Russia Winner: Highly Commended: Business Profile for Sberbank Deutsche Bank Bank Cler AG Business Online Users CommunITy Hackathons Zak BNY Mellon Highly Commended: DBS Bank Enabling RTP for the first time in the The Mifos Initiative DBS Lifestyle app history of the USA Mifos X

20 | www.bankingtech.com | February 2019 February 2019 | www.bankingtech.com | 21 BANKING TECHNOLOGY AWARDS 2018 SPOTLIGHT: REGULATION

EDITOR’S CHOICE AWARDS

Mambu BEST CORE BANKING SYSTEM PROVIDER Winner: New European Central Bank guidelines extend Mambu active monitoring to intraday liquidity – but are BEST DIGITAL BANKING SYSTEM PROVIDER banks ready to meet the ECB’s latest expectations?

Winner: November 2018 saw the publication of the ECB’s final guides on banks’ internal capital and liquidity management. The Meniga non-legally binding guidelines, which came into effect on 1 January 2019, focus on financial institutions’ internal capital and liquidity adequacy assessment processes (ICAAPS and ILAAPS). BANKING TECH VENDOR OF THE YEAR The new guidelines make clear the ECB’s Over the past few years, there has been as measuring, monitoring and managing it. desire for banks to strengthen their a tendency for banks to concentrate on Such a solution may be built in house, Winner: capital and liquidity adequacy assessment developing advanced solutions to support although the cost of development and Redline Trading Solutions processes. Turning to the case of liquidity their customers’ cash management maintenance tends to be high. Another adequacy, they mark a shift in approach by needs – for example, online dashboards option is to invest in best-in-class the ECB: assessment of liquidity adequacy which display all the balances at the third party technology. Such a system is set to change from a task undertaken banks a client holds accounts with – will be able to integrate data from on a periodic basis to satisfy a regulatory while, due to other priorities, the same disparate systems and create a single, obligation, to an activity carried out level of sophistication has not been a comprehensive, up-to-the-minute view regularly and proactively, as an essential focus for banks’ own operations. All too across nostros and financial accounts. This LEADERSHIP AWARDS part of good management. often, information on cash flows is held provides an immediate update on intraday The ECB reminds institutions that the in disparate IT systems, rather than in liquidity, allowing decision-making based JP Morgan Adina Eckstein Orla Dunne ILAAP is an integral part of the overall one central repository, while liquidity on real-time information and facilitating management function, pointing to Article requirements are shared between different active cash management. The ability to 86(1) CRD IV: “Competent authorities business lines and treasuries using generate cash ladders is another useful shall ensure that institutions have robust spreadsheets. feature, enabling accurate forecasting of strategies, policies, processes and systems As data on cash flows is frequently held short-term liquidity and further promoting for the identification, measurement, by banks in a web of IT systems that do active cash management. management and monitoring of liquidity not connect with each other, the picture In conclusion, it is important that risk over an appropriate set of time these companies have of their financial financial institutions do not view meeting horizons, including intraday, so as to position is far from real-time. Institutions the new ECB guidelines just as a box- ensure that institutions maintain adequate are likely to struggle to understand, in a ticking exercise. Where intraday liquidity is TEAM LEADERSHIP TECH LEADERSHIP WOMAN IN TECHNOLOGY levels of liquidity buffers.” timely fashion, how demands on liquidity concerned, there are powerful economic AWARD AWARD (W.I.T.) AWARD Furthermore, the ECB guide adds: “In are generated, making both active intraday arguments for getting one’s house in order. addition to an adequate quantitative liquidity monitoring and management, Introducing advanced technology which Winner: Winner: Winner: framework for assessing liquidity and delivering accurate reporting on it, allows a clear, comprehensive, real-time JP Morgan Adina Eckstein Orla Dunne adequacy, a qualitative framework needs difficult to accomplish. view of liquidity enables a bank to operate Asset Movement Engine Global Head of Mobile Delivery MD, Global Co-head of Engineering to ensure that liquidity adequacy is actively Treasury teams currently do not have more efficiently and cost-effectively. It HSBC Deployment, Runtime & Architecture, managed. This includes the monitoring of the luxury of time to collate, monitor and reduces reliance on expensive intraday Highly Commended: Goldman Sachs liquidity adequacy metrics to identify and manage intraday liquidity data efficiently. overdrafts, allows the identification of BNP CIB Highly Commended: assess potential threats over different time Increasing headcount is not the way idle balances which can then be made IV2 Digital Platform Snejina Zacharia Highly Commended: horizons, including intraday, in a timely ahead, either: it does not provide the available for use, and enables reporting Founder & CEO Anabel Perez manner, drawing practical conclusions and necessary speed and, in any case, banks to be carried with far less operational cost Insurify CEO & Co-Founder taking preventive action to ensure that are under pressure to reduce operational than traditional approaches. And in today’s NovoPayment regulatory and internal liquidity buffers overheads. Companies would do well, tough financial markets, these are surely Matthias Kroener remain adequate.” when looking to meet the ECB guidelines, powerful incentives. bt CEO Lea Tarnowski So are financial institutions in a position to consider the potential offered by an Fidor Bank COO & President to monitor and manage intraday liquidity advanced cash and liquidity management By Nadeem Shamim, Strategic Advisor, Averon adequacy as actively as regulators would solution – one which rapidly identifies and Cash & Liquidity Management, like them to? consolidates cash flow information, as well SmartStream Technologies

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accelerate February 2019 | www.bankingtech.com | 23 your ambition INTERVIEW: PAVEL NOVAK, ZONKY INTERVIEW: PAVEL NOVAK, ZONKY

It did have 150 staff, but it’s now got is Czech company Blindspot Solutions. The In his view, Prague and Brno (a city in 170 people. Its market share is up to 4% second is undisclosed. The only moment the southeast) have the potential to be from 3%, with the idea to get 10% by he had to hold back on the details. great fintech hubs due to their technical next year. universities. Novak also believes these Novak explains: “We’re preparing STATE OF THE NATION cities’ universities have talent in AI. a new investment product and a Our chat wasn’t just about Zonky as it was It’s a good point about the quality of new mobile app. We will also grow intriguing to learn more about the Czech personnel. While the nation’s population investment in marketing. We spent €5 lending market. Such as in terms of what is around 10.5 million, the Czech Republic million last year – this year is more. So, makes people tick and where the nation is has always punched well above its weight we have two main priorities – marketing headed. compared to more populated European and an attitude to products. Meaning He says: “In terms of the market, people countries. Think of the great writers, artists, we will shorten the time to market.” are more educated about online matters musicians and sports stars it has produced The company uses cloud in the financial sector. They see these over the years. technologies and 70% of its tech is products and firms as more trustworthy.” developed in-house. Zonky has 60 However, Novak is honest enough to TWO TOO developers with plans for 90 by the end note that “competition is strong and the When it comes to the future, Novak again is of this year. market is saturated”. As a result, interest very clear about Zonky’s goals. When it comes to artificial rates had to go down for lenders. But he’s It has “two core priorities”. intelligence (AI) for its products, the not downbeat about this as believes this The first is to expand in Europe. The firm is firm works with two partners. The first year “will be slower but no recession”. mulling whether to go for Germany or Spain. Or “ideally both by the end of the year”. Zonky is doing a feasibility study on this A fintech fable plan and may do a pilot in one or both of those countries. It’s a big deal and it will be intriguing to see how its model and investment community works outside the Czech Republic. In an exclusive interview with Pavel Novak, CEO of Czech Speaking of that community, the second target is to develop it – meaning it P2P lender Zonky, FinTech Futures learned about its helpful wants to double the number of investors community and which country the firm might target next. up to 48,000 by the end of the year. Once that happens, that will be another story to share… to all the fintech In life in general it’s good to have It works by letting people lend to community. bt ambitions. But a wild fantasy – while people. It does this via its community of IT department Antony Peyton potentially enjoyable and dreamy – may users in the Czech Republic. With a cool – achieve nothing. It’s better to have almost literary – touch, those who need Chillout zone strength of character, and to know where a loan can express their stories to attract Pavel Novak, Zonky you’re headed and how you will get there. investors. For Novak, and the firm he leads, this For example, an individual could be is very much a “mission possible”. Every looking for some funding to get their question posed to him was answered coffee shop up and running. They could ask “We have two directly and clearly. Nothing seemed to others how they achieved success and get faze him and there was no talking around practical advice. Note that this community main priorities – any issue. There’s a plan – and it all looks comprises 24,000 investors and 31,000 marketing and very attainable. borrowers. That’s a lot of help on hand. If you didn’t know, the company is part At present, Zonky does 2,000 loans an attitude to of consumer finance provider Home Credit per month. Its target is huge – but the – aka the “world’s biggest fintech”. The timeline is logical. It wants 400,000 users products. Meaning latter is active in ten countries, including by 2028. we will shorten the Russia, Kazakhstan, China, India, Indonesia, Philippines and the US. ATTITUDE GOES A LONG WAY time to market.” But Zonky is independent. It has its In the lively interview, Novak rattles off the own office in Prague, dynamic team, and stats to show how over the last few months Pavel Novak, Zonky progressive mindset. it has stepped up a gear.

24 | www.bankingtech.com | February 2019 February 2019 | www.bankingtech.com | 25 FOCUS: DATA FOCUS: DATA

their customer relationships digitally. The cultural challenge has been an would meet today’s heightened customer Data driving The success of the channel shift is interesting one, says Millar, with a need expectations, which stem from the advent clear. DNB is Norway’s largest internet to constantly adjust the storyline. At of the on-demand, frictionless mobile bank, with more than 1.3 million active the outset, the tendency was to be too economy. users, and the country’s largest mobile detailed, so that the strategic messages Staff need to be mobilised and banking service provider, with 864,000 became lost. Over time, there were a few empowered to leverage the current data In the first of a series of articles looking at how the financial services sector is meeting users (it has 2.1 million retail customers taglines that resonated. assets, with the creation of a governance the challenges of data, Martin Whybrow talks to DNB’s chief data officer, Aidan Millar, in total). In benchmark analysis of the One of the key messages was that structure to facilitate this. Each DNB about how this Norwegian bank is seeking to use data to reconnect with customers. international banking sector by Finalta, “customers are talking to us every second business unit now has one or more DNB was ranked number one in the world of the day via digital channels, but we are data stewards, new posts that provide based on the efficiency of its branch not listening”. Also emphasised was the ownership for data and data models and The Nordic banking sector has pushed network, and number two based on the fact that while the bank has clearly made ensure that the data value chains are further than more or less any other in termination of manual services in its tremendous progress with digital channels, documented. moving customers from branches to online branch offices. it now needed to use those channels to and mobile channels. However, this has led “However, we recognised that we reconnect. THE TECHNOLOGY to a loss of contact with customers and an needed to reconnect with our customers,” Digitalisation has brought an explosive INFRASTRUCTURE erosion of loyalty. Can better use of data says Aidan Millar, DNB’s chief data officer growth in data, which means challenges DNB is moving to an enterprise-wide data allow the banks to reconnect? (CDO). In fact, the creation of the CDO and opportunities. For DNB, the aim is to platform which will better support the The largest Norwegian bank, DNB, is post at the end of 2017 was one of the ensure the bank is relevant to customers in bank itself as well as allowing third-parties seeking to do just that. The bank’s senior first steps in a three-year data strategy. their daily lives. The best user experience is to provide services to its customers. executives recognised the problem in the invisible one, where a need is identified There is the construction of a cloud- 2017, having implemented the biggest CHANGING THE CULTURE and solved as part of the customer’s overall based platform that will be connected ever restructuring of the bank’s The starting point, says Millar, is a cultural commercial interaction. Such a capability to the bank’s data sources across all of distribution network. transformation. This requires people to its main business areas – retail, wealth DNB reduced the number of branch understand the data strategy, to commit management, SMEs, large corporates, and offices in Norway from 116 to 57 in to its success and for this culture change Aidan Millar, DNB markets, taking in risk and finance data as 2017. The reason for this was changes in to then become embedded within the well as commercial data. customer behaviour. As a result of new business units. That main platform is Insights Platform technology and digital services, use of Linked to this, there is an emphasis on for Analytics (IPA), running on AWS and digital services has exploded in recent ensuring ethical use of data, which means leveraging Hadoop Clusters, linked to a years, continuing a prolonged decline in meeting regulatory requirements but also suite of advanced analytics toolsets. the number of visitors to DNB’s branch best practice, says Millar. This includes An initial task was to build an inventory offices. better communication and transparency of the data, beginning with the most Across Norwegian banks as a whole, with customers about how their data is frequently accessed and time-relevant 90% of customers no longer use branch being used. For GDPR, why wouldn’t you data. The work includes identifying any offices for their daily banking needs. At be compliant, he asks – the regulations manual, time-consuming data processes DNB, the number of visits to its mobile call for practices that should be followed (such as tagging, cleansing) for potential bank has increased from 700,000 to 17 anyway. The emerging Basel Committee replacement with machine-learning million per month during the last three regulations on data (BCBS239) are also algorithms. The data siloes within the years. important, he says, setting out where bank needed to be identified, along with Furthermore, changes in customer data comes from, how it is manipulated corresponding data needs that were not behaviour are not unique to the personal and how it is used. currently met across the business. >> customer market – corporate customers also want to use the bank in new ways. Nine out of ten companies now establish “Customers are talking to us every second of the day via digital channels, but we are not listening”. Aidan Millar, DNB

26 | www.bankingtech.com | February 2019 February 2019 | www.bankingtech.com | 27 FOCUS: DATA

DNB Hovedkontor i Bjørvika, Oslo

Millar, the bank might run an artificial intelligence algorithm over five billion transactions in a 90 day period to identify patterns of behaviour around potential customer churn, allowing the bank to then take steps to try to improve customer retention.

QUICK WINS AND LONGER TERM GOALS The work is ongoing but a fair amount has been achieved in the last year or so. Indeed, it was felt that quick wins were important, to validate the data strategy. Millar believes that banks are laggards in using data. In part, he feels this is because they have not been put under pressure to compete in the past. However, “Data should be driven from the business, this is definitely changing, with the arrival of challengers and fintechs. The this is not an IT-driven exercise.” complexity and friction between systems Aidan Millar, DNB within banks has also worked against better use of data, with often hundreds or thousands of applications that do not talk to each other. The first year, says Millar, has been about the culture and laying down The next stage is to simplify access six months, almost 30 systems have been the foundations for data quality and to trusted data and define a strategy for connected, with many more to follow in regulatory compliance. Year two will standardising data access via the data 2019. be about “extending the framework as platform. While building the platform, the The first task for a new connection is to much as we can across the business bank has also start to look for external scan the meta data. For this, a data quality and industrialising it”. Eleven initial user data sources that might be incorporated tool was fundamental, says Millar. To better cases have been defined and planning is to complement existing internal data and understand how data is being used, DNB underway to implement these in the first would help bring more complete insights. opted for a data governance and catalogue quarter of 2019. One will be mortgage The enterprise data management tool from specialist data solutions provider, pricing and approvals. system will hold all customer channel Collibra. While there are those “quick wins” in and transactional data in one place. It The bank went through a rigorous the interim, year three will be where the is intended to be “decoupled” from the selection process, says Millar, and looked at real added value for customers will be data siloes. A Customer Data Capture the relatively small number of established delivered and the customer insights will component will monitor the channels tools on the market, from the likes of IBM allow the much-sought after reconnection. in real-time to identify customer digital and Informatica. The Collibra tools were felt As Nordic banks led with digital interactions. to be user-friendly and oriented towards channels, it is perhaps no surprise that The data lake will also drive customer business use. “Data should be driven banks here are likely to be among the insights and will direct the bank’s from the business, this is not an IT-driven leaders when it comes to next generation interactions, so that DNB will be able to exercise,” says Millar. use of data. As DNB demonstrates, this respond in a way that delivers value to the The Collibra tools, which are used across can only be achieved with a well thought- customer, with the right offer, via the right many vertical sectors, scan the data meta out and communicated data strategy channel, and at the right time, through tables and analyse the quality of the data that is likely to require new roles, new real-time interactions. on a row-by-row basis, providing a full thinking, a central data platform and new inventory and synchronising with the main tools, backed up by senior management NEW TOOLS AND TECHNIQUES AWS-hosted IPA data platform. support and bank-wide commitment. The DNB wasn’t starting from scratch, as it had In terms of applying machine learning, investment and effort will be worth it if some of the components, but there is a tools will be plugged into the data lake the prize of reconnecting with customers major connectivity workload. In the last to analyse the big data. For instance, says can be achieved. bt

February 2019 | www.bankingtech.com | 29 ANALYSIS: DATA & STANDARDS

When we first launched openfunds has focused on downstream data − i.e. only a handful of firms supported the data that the fund provider to the fund Raise the standard standard. Today we have over 64 members distributor. who are committed to using the standard, During 2019 we will introduce the first including Morningstar, UBS, Acolin, Credit upstream data fields to fulfil the requirement Suisse, Allfunds Bank, FundConnect, for “Distributor Oversight Reporting” − an AssetLogic, Franklin Templeton, Invesco important part of MiFID II which requires that For a market that’s worth trillions of dollars worldwide, it’s surprising how haphazardly and Kneip. We have also extended the funds are only sold to appropriate investors much of the data in investment funds is distributed. Sascha Lingling, president and standard to include data fields required by (“Target Market Compliance”). board member of the openfunds association, investigates. the recently introduced MiFID II and PRIIPs We predict that there will be a growing regulations. demand for fund data because fund Currently about 60,000 funds and share providers and distributors will need to The data needed to settle investment fund classes from over 550 fund providers use work closer to comply with EU regulations. transactions has not been standardised in the openfunds standard. the past. Data is often entered manually BLOCKCHAIN BENEFITS and sent using Excel spreadsheets. Errors CHALLENGES AND OPPORTUNITIES Our standard is also well placed to adapt and duplicated data are common. It’s not yet a global standard. Although to major changes in technology, including Incomplete, ambiguous or erroneous generally acknowledged as the de-facto blockchain, artificial intelligence (AI) and fund data can have serious, negative standard for the characterisation of fund machine learning (ML). consequences for investors. They may data in Europe and Asia, the standard has Openfunds provides a data framework choose not to invest in the fund. yet to be adopted in the US market due to that enables machines and AI to process, The financial costs of these errors political and regulatory hurdles. analyse, and even recommend funds. are impossible to calculate accurately, We are confident, however, that our As the funds industry is data-driven, it is although experts agree that they are standard will become widely used in the logical development to allow algorithms to substantial. US. Some US-based fund providers, such as take over the time-intensive, error-prone These were some of the reasons why, Invesco, are already using it. processes that are now done manually. in 2016 our non-profit organisation, Openfunds is often compared with Where fund data must be secure and openfunds, created a global standard for FundsXML which we see as a complementary immutable yet accessible to all via peer- the characterisation of investment funds standard. Without getting too technical, to-peer networks, blockchain technology (www.openfunds.org). FundsXML specifies the file format and can help. thereby draws on the advantages of XML. We’re not trying to automate all work A SHARED LANGUAGE openfunds is compatible with a whole array in the investment fund industry. Far from Put simply, the openfunds standard is of file formats, including txt, csv, xls(x) as well it. Because there is often an emotional a “common vocabulary” that has been as XML. and subjective element involved developed so that all participants in Our standard’s flexibility is one of its when investing in funds (incorporate the funds industry are speaking the strengths. It has quickly adapted to changes environmental sustainability, social same language when “characterising” in the fund industry such as European Union responsibility, or personal beliefs) the an investment fund. (Data needed to (EU) regulations − the Packaged Retail and human element in the funds industry will characterise a fund can include the name Insurance-based Investment Products (PRIIPs) always exist. of the fund group, the “umbrella” name, the Sascha Lingling, openfunds and the Markets in Financial Instruments However, developments in technology currency, ISIN, fund manager etc. over 400 Directive (MiFID II). and innovative approaches can help make such attributes currently exist per fund.) We plan to improve it further in 2019. the investment process faster, easier, and Openfunds eliminates potential sources Up until now, the openfunds standard more efficient.b t of error and misinterpretation by making AUTOMATION, ANALYSIS fund, usually only a small subset is necessary. fund data more easily exchanged, processed, AND COST SAVINGS More are required depending on the compared and analysed by computer without Any company or organisation active in complexity of the fund, if, for example, a fund "Today we have over 64 members who are the need for manual intervention. the funds industry can use the openfunds is sold in many countries or domicile-specific Before openfunds, fund distributors standard for free. fields need to be populated. committed to using the standard, including often had their own way of defining the Fund providers populate the relevant Although investors may be unaware of data attributes associated with each fund. fields which characterise their funds, and the underlying standard, funds based on the Morningstar, UBS, Acolin, Credit Suisse, Allfunds For example, a fund name, was sometimes share this data with their business partners openfunds standard are easier to understand Bank, FundConnect, AssetLogic, Franklin written out in full and sometimes in an in whatever format they want − CSV, API, and compare with other funds. They are also abbreviated format. Another variation: the Excel, XML etc., the file format used is not cheaper, faster and easier to trade in. Templeton, Invesco and Kneip." fund currency and the share class were part of the standard. It has been more than two years since sometimes included in the same field or in Although there are hundreds of we launched our data standard. What Sascha Lingling, openfunds separate fields. “openfunds data-IDs”, which in effect tag each progress have we made?

30 | www.bankingtech.com | February 2019 February 2019 | www.bankingtech.com | 31 CASE STUDY: CITIZENS BANK CASE STUDY: CITIZENS BANK

Fintech friendly ■ 360-degree engagement with customer needs at the right time, being in the crowd… If you like the idea of simple customers by consolidating all the able to personalise the experience, straightforward rewards, this might be the customer information the bank has. understand where they want to spend, right card for you.” ■ Liquidity crystal ball – what tools how they can better spend it and develop But it is in digital capabilities that can Citizens provide to help customers a payment that is personalised to that Citizens is doing really well. It has a understand their cashflow challenges. experience. partnership with Fundation, a digitally- ■ AI and digital engagement – how can “A lot of banks are not able to clearly based lending provider to process Citizens leverage AI platforms to increase comprehend the extent to how customers applications for small business loans. It lets its response rate and support capabilities are engaged in a digital space.” small businesses apply for a loan or line of to its customers. The bank’s new credit card has been credit through a simple online application ■ Social banking – how can Citizens very successful, although it went through and receive a decision the same day in better deliver more personalised products a few iterations to arrive at what it offers most cases. For some businesses that who to its customers. today. When it launched, the Citizens card do not meet Citizens’ credit requirements, “The idea was for us to get insight into offered 1.5% cash back, plus another 10%, Fundation will provide loans itself, initiatives at MIT, Harvard and U Mass and or 1.65%, if you used it once a month for six expanding the number of businesses that see how, or if, they could be applied to the months, plus another 10% if you deposited can obtain credit through their Citizens bank, how they could help us innovate the cash back in a Citizens account. It all Bank application. and think differently about the future got a bit too complex, and in 2017 the Peter Wannamacher, principal analyst at of banking. From that point we started bank decided to simplify the card and just Forrester, approves of the joint approach. talking about proofs of concept and we set the cash back at 1.8%. Banks dislike turning down small business have had some great collaborations.” Nerdwallet, a financial rating site, loans, since it often has other relationships Citizens Bank, headquartered in Providence, Rhode Island, 50 miles south Working with fintechs, especially new approved. with the business owner – such as business of Boston, is the 13th largest bank in the US with $158.6 billion in assets. fintechs, presents some challenges for a “Power to the people!” wrote Robin and personal checking accounts, credit Beyond its physical locations in 11 states, it is using digital platforms to bank in due diligence – especially around Saks Frankel on the site. “If you’re carrying cards, student loans for the business owner’s reach customers across the nation with loans and savings products. security and compliance but also the the Citizens Bank Cash Back Plus World children and perhaps a mortgage. Rejecting financial stability of the fintech. Mastercard, that is. This card’s flat cash- a loan application might be very harsh for “We have a cybersecurity team that back rate of 1.8% on all purchases puts it the business owner, but being able to say the looks into the risk,” Beyrouthy says, “and we ahead of a slew of cards from bigger banks bank can help her get a loan from another Since undertaking an IPO spinout from RBS “Providing capabilities is not enough; ones who are dealing with the customers, are launching a broader initiative to work offering 1.5%. But the lack of a sign-up source can be very powerful. And if the in 2014, Citizens Bank has moved quickly to we have to provide them in a way that is they understand who the customers are with fintechs that aren’t product-ready but bonus or the opportunity to earn bonus business is growing, it may qualify for a bank develop digital capability across the bank intuitive.” and how the customers could use the might be in the future.” rewards might cast a bit of a pall over some loan soon. >> including peer-to-peer (P2P), trade finance, To understand their customers better, technology. Our job is to empower the Fintechs can offer a bank some new robo investment advisory, digital small bank staff get beyond data to spend time LOBs in terms of seeing the value of the approaches to customer experience, he business lending and an entirely digital with clients. technology.” adds, including AI, chatbots, analytics and savings bank, Citizens Access. In its drive “That is often under-done by tech To get out on the cutting edge, the personalisation. to digital, Citizens is working with fintech companies and banks,” says Beyrouthy. bank is reaching out to local universities, “In the past six months we have talked Citizens Bank partners, developing its own solutions and In his strategy role, Beyrouthy works meeting with start-ups and sponsoring to 200-plus start-ups; we are committed sponsoring hackathons. between fintechs and the line of business hackathons. to really aggressively pursue this market. “We’re doing quite a bit in digital,” says (LOB) organisations in the bank. In July 2018, Citizens hosted a We are fintech friendly and very interested Charles Beyrouthy, assistant vice-president “We do quite a bit of due diligence hackathon and brought in 150 innovators not only in partnership with them but also at Citizens. “We have quite a few different and work with folks in different verticals,” in different technologies and tech in helping them grow. A lot of fintechs are programmes including partnerships with he explains. “We think about how the enthusiasts to innovate around four looking for a partner willing to coach them fintechs and fintech initiatives.” technology could work – the LOBs are the themes: in how to approach the market.” The bank wants to be part of customers’ Fintechs are often focused on the front lives in a way they don’t have to think end of finance – customers and customer about, he added. It is working on artificial experience – things they understand as intelligence (AI) to understand customers’ customers themselves. spending habits so it can suggest ways to “Providing capabilities is not enough; “Customers want to interact with the save for a specific objective, like a vacation, bank more than most people realise,” by setting aside a reasonable amount we have to provide them in a way Beyrouthy notes. “We are already toward that goal on each payday. involved quite a bit with our customers The emphasis is on making it easy for that is intuitive.” and I anticipate that as our technology customers by presenting information they Charles Beyrouthy, Citizens Bank capabilities grow we are going to be can act on rather than leaving them to much more involved. We are very focused research to see what is available. on being able to bring the product the

32 | www.bankingtech.com | February 2019 February 2019 | www.bankingtech.com | 33 CASE STUDY: CITIZENS BANK

MAIN CONFERENCE: May 8-10, 2019 “Banks want good relationships with ADDITIONAL SUMMIT DAY ON CUSTOMER SME owners and operators, whether or not EXPERIENCE OR ARTIFICIAL INTELLIGENCE: that operator is someone they can lend to,” May 7, 2019 | Hilton San Francisco Union Wannamacher adds. Square, San Francisco, CA Sam Graziano, CEO of Fundation, says the partnership has created a model for a bank and fintech to work together. “The results are already showing that the bank will be able to reward a broad array of small businesses with the type of DELIVERING REAL-WORLD borrowing experience they are coming to expect from best-in-class financial services companies.” SOLUTIONS AND INSIGHTS FROM In 2017, Citizens launched SpeciFi, which offers consumers a unified view of their banking and investment accounts from their online banking homepage FINTECH’S CUTTING EDGE through the SigFig platform. “We think SpeciFi is a game-changing research for its intuitive navigation; service that will make investing “A lot of fintechs are simplified transactions; integrated more accessible to a larger set of looking for a partner payment workflows and user self-service customers, while providing an entirely capabilities. personalised and integrated banking and willing to coach them Digital tools like Bottomline help reduce investing experience,” states the bank’s paper and friction. Beyrouthy said the spokesperson. in how to approach bank is continually working to increase The bank charges clients 0.5% for assets the market.” digitalisation of processes to provide better 1300+ 60+ 120+ under management, about half what customer services and faster processing. ATTENDEES. FIRMS EXPERT brokers typically charge, but more than Charles Beyrouthy, Citizens Bank In April 2018 the bank announced it some pure robo firms, including the 0.25% would work with Indian system integrator DEMOING. SPEAKERS. SigFig charges as a standalone platform, and technology provider Infosys to with no charge on the first $10,000. implement Finastra’s flagship trade finance The spokesperson explains: “SpeciFi solution, Fusion Trade Innovation. The INSIGHTS AND CONNECTIONS YOU ONLY FIND AT FINOVATE. from Citizens Investment Services offers bank says the new solution this will “enable customers an integrated view of their bank Citizens’ corporate clients to digitise accounts and investment accounts all in traditionally paper-based trade processes, one place, with the ability to move money leading to increased efficiencies and among accounts simply. One fee covers Charles Beyrouthy, Citizens Bank reduced costs”. both the investment management service Michael Cummins, head of treasury and the cost of trades. solutions at Citizens, says the bank was See the Bay Area’s cutting-edge of “SpeciFi customers also have the also looking at other corporate banking opportunity to consult with a financial solutions, such as syndicated lending and fintech via a unique, short-form, advisor by phone for no additional charge, supply chain finance, that Finastra could demo format. Plus, get actionable and/or set up an in-person consultation provide. with one of our branch-based financial The bank’s technology received some insights from 120+ fintech experts in advisors who can offer advice on a range of detailed coverage in the annual report a newly expanded program covering investment products and services.” where the banks said it had a focus on SAVE 20% For its commercial banking platform, open architecture to adapt to a rapidly banking tech, payments tech, lending QUOTE CODE FKV2353FFFA the bank has turned to Bottomline changing business environment and tech, community banking, artificial Technologies to offer an integrated harness innovation. Citizens also said suite of cash management and payment it would place a greater emphasis on intelligence and customer experience. services that can be tailored by market or cloud computing to drive efficiencies and industry segment. Citizens says it selected re-engineer its development away from Bottomline after extensive industry waterfall to more agile development. >>

February 2019 | www.bankingtech.com | 35 CASE STUDY: CITIZENS BANK CASE STUDY: CITIZENS BANK

partly because we were definitive about Access all areas what we were going to do and what not. “We could have put wire services in but Citizens has also launched an entirely digital money. We took a very different approach. we decided not to. It would have added a “It’s not the first time anyone has come up with bank, Citizens Access which offers high We said we are not going to do all those lot of complexity, and wires are kind of a digital bank and a narrow share of products, but interest rates – currently 2.25% versus a different things, only savings and CDs. thing of the past, mostly for international national US average of 0.12%, and 3.15% on Everything is digital, we won’t charge any and we didn’t want to do business outside we are one of the first to have rules that we are a five-year certificate of deposit (CD). fees for anything ever, and we will give you the country.” Customers can link their “Why you’ll like Access,” the bank the best rates. We wanted to provide the checking accounts and move money same not going to have paper, or have fees.” explains on its website: best place to save money,” he explains. day or next day, he says. John Rosenfeld, Citizens Access ■ no lines, we’re digital; “It’s not the first time anyone has come He’s very pleased with the technology ■ no surprises, we don’t do fees; up with digital bank and a narrow share from FIS and the cooperation of other ■ no searching, you’ve found some of of products, but we are one of the first to direct banks using the platform. the best rates. have rules that we are not going to have “We get together with an FIS conference Citizens Access has a $5,000 minimum paper, or have fees.” twice a year; I have never seen such on its savings accounts. It has been Their target was optimisers, who collaborative spirit, it’s a very cooperative the base $250,000. The bank is working student lending programme which successful, attracting more than $1 billion wanted an account that was accessible, fast group of people. When we start talking on that. includes refinancing student loans, and it in deposits within the first three months of so they could get things done on the run, operations and fraud, if somebody finds a Direct banks tend to fall into one of provides the financing for Apple iPhones its launch in the summer of 2018. Citizens, secure and competitive on interest rates. source of fraud they are completely open four categories, Rosenfeld says. Credit sold through the company stores in a which has a physical presence in 11 He credits the customer experience for about what they found and how to prevent card companies use them for funding, and package that includes Apple Care and a states, has drawn customers for its digital some of the fast growth – new customers it. And when it comes down to capabilities brokerages like Schwab and Fidelity want new phone every year or 18 months. bank from all 50 states, and very few are can open an account in no more than five we want in the future, it has become good to lock in their customers by making it easy The funds flowing in to Citizens Access existing Citizens Bank customers. minutes. to have that discussion openly because FIS to move money around while keeping the appear to be coming from the big banks The bank spent a lot of time on The bank uses FIS Global as the platform hears what we all want in the next release.” customer’s funds within the firm. A third as smart customers see the gap between defining and branding Citizens Access, for Citizens Access (the same platform Citizens Access maintains its own group is looking to expand its footprint and traditional and direct banks, said Rosenfeld. says John Rosenfeld, its president. They 80% of direct banks in the US) are using, engine room and is constantly tweaking a fourth has a millennial focus like Finn by Three years ago, it wasn’t great. But now, decided to keep the Citizens name Rosenfeld says. the platform, which it can do quickly and Chase or Greenhouse from Wells Fargo. They for a saver with $100,000 in an account, attached, rather than create a completely “It gives you a deposit platform and you cheaply with its lean structure. are mostly just checking accounts with no the differences between 2.25% and 0.1% is separate bank, but to clarify how it was can bolt on pre-integrated services like call For years now most US banks have been great rates but good digital tools, he says. significant, adds Rosenfeld, who notes that he different. centre and back office.” offering interest rates of one-tenth of one Citizens was looking for funds to himself is a customer of the direct bank. bt “At any traditional bank you can get a The bank went live about eight months percent or so. The Citizens Access offer at support its lending. It has a national Tom Groenfeldt wide array of services and services – ACH, after signing the contract, he adds. 2.25% is close to the best rates available, wire, cheques – all those amenities cost “It was a very accelerated time line, one Rosenfeld says. the bank a fairly significant amount of of the fastest FIS or our bank has ever seen, “We are definitely in the lead pack – we are new and trying to create a name, and it is serving us well right now.” The direct bank’s average customer has $70,000 in her account, which leads to some John Rosenfeld, Citizens Access envious glances from the regular bank, but Rosenfeld wants to protect his users. “We have been hesitant to try to cross- sell; we want to hear from our customers.” What they have learned is that their users are folks who mostly want to manage their money themselves and are incredibly web-savvy. “Try selling them on a human advisor “We have been hesitant to try and they think that will slow things down; cross-sell; we want to hear from either they already have an advisor or they don’t want one.” our customers.” They do want to add trusts and John Rosenfeld, Citizens Access beneficiaries as account holders; with five beneficiaries an account can get $1.25 million in deposit insurance rather than

36 | www.bankingtech.com | February 2019 February 2019 | www.bankingtech.com | 37 FOOD FOR THOUGHT FOOD FOR THOUGHT

What do you like doing? No real job do you think the world will be in five years is made up of sugar and spice and all and how much of what you are good at things nice only. Any real job comes with and what you like doing will it need. And heartache and some stress and bits you where. really, really hate. But. If we are having a conversation that entails the Venn diagram WHY THE DOOM AND GLOOM of doom, you have a career, aspirations and I call it the Venn diagram of doom and options. Nobody struggling to keep body that always gets me nervous laughs. Why and soul together or striving to get started doom? feels they have the luxury of choices like Because none of this takes you where this one, or a right to it. So we are here. you think you are going. Not in terms of Indulge for a minute. What do you like the decisions but in terms of the reasoning. doing, at work, not paragliding and stuff. Doom is not the outcome, not the Let’s be a little focused. Or paraglide away result. Quite the opposite. but there is no Venn diagram there, no Doom is the emotion you will jokingly overlap. Just a potential decision that you embrace as you start seeing that your would be happier doing something else, personality may be a greater asset to your that doesn’t involve an office… career than 25 years of subject matter But for this, just indulge and see where expertise. That passion may be the thing through, that’s what Brian Boitano’d do what you are good at and what you enjoy that will help you pivot away from what (yes, yes, five points if the song is now doing overlap. you are good at to what you think will still The Venn diagram of doom stuck in your head. You are welcome.) Strangely, being good at handling be marketable in five years’ time. Doom will hard conversations and loving to help momentarily be the feeling that envelops YOUR THREE CYCLES people grow and flourish may feel poles you. And then you will laugh. Because you or how I make career choices What are you good at? This is a hard apart but actually where they overlap now have a plan you believe in. question because it is often not the thing you get someone ready to take on the When do you need this? When you you worked the hardest at. Not the thing daunting task of building a team, building hesitate about career decisions. When you you wish you were kick ass at. You may a business. worry about career options. When you be making a living as a quant and you are The third cycle is: where do you think can’t decide if something will take you in By Leda Glyptis not bad at it but the thing you are really your chosen market is going? the right direction. When trying to assess awesome at, hard as it is to capture it in a Not your current job and department, if the things you are drawn to (career wise, Friends, mentees and colleagues often it doesn’t work well, you struggle. You WHAT’S THE QUESTION CV, is getting the team to understand the not your current organisation, not the you are on your own for the rest… there ask me to be a sounding board for career hesitate. You lose sleep. Not because you The question genuinely needs to be “so that” of the work, so that in the fray circus you sit in. The market. are limits) are good for you. decisions. Should I do A or B? Should I say can’t decide, but because you can’t justify directional. they know what sacrifices are acceptable Sobering, no? How long should it take? Honestly yes or no? What should I do next? How do I what your heart desires. What should I choose? and what battles are worth fighting. Where do you think the market will be, about ten minutes. If it is taking you longer know what the right call is? Don’t fight that. It can be this or that, when two offers What are you really good at, even if you where the money will be made, where you are not being honest with yourself. It’s a great honour and an invitation That’s being human. are on the table. It could be open ended, struggle to articulate it without sounding the circus will be pitching its tent in five How long is it good for? Until you feel to a conversation that I take extremely Without that you are a robot and have a when no options are on the table and it like a jerk? This is for you so don’t filter. years’ time. No certainty, of course, but you need it again. seriously. Because anyone who knows me, whole host of circuit problems I can’t help feels hard to breathe sometimes. It could What are you good at? let’s eat our own dog food a little. Where That’s it. Now go do. bt knows that they ask a question, I ask ten with. be sanity-checking, when life seems full of back. Not being funny, it’s a given. I am So given all decisions are emotional options and everything seems possible but terrible at giving straight answers to vague but some thinking after the fact is needed, everything cannot possibly happen all at questions. I guess that is why people come this is how I make my career decisions once so what will it be. Leda Glyptis is FinTech Futures’ resident thought provocateur – she leads, writes on, lives to me. And I take that trust seriously. in order to help the heart along its way. I The question cannot be “what is the and breathes transformation and digital disruption as chief of staff at 11:FS and CEO of And what I tell them is this: use the Venn diagram of doom to create right thing”, because there is only what is 11:FS Foundry. She is a recovering banker, lapsed academic and long-term resident of the All decisions are emotional. parameters for my heart to decide. And right for you next. Nothing more but that banking ecosystem. Your gut points you a certain way. Your what started as a “hey, can I run an idea is enough. All opinions are her own. You can’t have them – but you are welcome to debate and heart decides. by you” has becoming a thing friends and The question cannot be “what would comment! Then your head wraps some logic colleagues joke about. Because the Venn you do”, but it can be “what would Brian Follow Leda on Twitter @LedaGlyptis and visit our website for more of her articles. around it. Retro-fitted and after the fact. diagram of doom is simple. And it works. Boitano do, if he was here right now”. And when it works well, off you go. When Every time. Because he’d make a plan and he’d follow

38 | www.bankingtech.com | February 2019 February 2019 | www.bankingtech.com | 39 COMMENT: FINTECH RESILIENCE COMMENT: FINTECH RESILIENCE

overall fintech ecosystem that can come and so can technology that solves customer As more specific problems start to come What does a recession out of a cooling global marketplace (as service problems or gives customers the to light, though, innovators (and the VCs long as the recession isn’t too severe). means to help themselves. Maximising the who back them) have something concrete to First off, an economic downturn forces value of each customer becomes paramount, tackle, confident in the knowledge that there mean for fintech? everyone to look more closely at the and this is an area where fintech has a lot to is already a market that wants to buy what processes that define the status quo. When contribute. they make. You can see this phenomenon everything is humming along smoothly, While a slowdown can help motivate play out in fields like security and identity it’s easy to justify systemic inefficiencies. banks to engage with fintech more, it can verification – every highly publicised By Greg Palmer, VP, Finovate If the current processes are working well, also give fintechs a specific target to shoot hacking scandal breeds several solutions why rock the boat? This is especially true for. In my time at Finovate, I’ve seen a huge that are explicitly designed as a response to for large, traditional banks and financial number of really cool pieces of technology the weakness that was exploited. The same 2019 is upon us, and just like every year, slowdown, the question that interests So we haven’t seen what happens institutions, who are notorious for being that never seem to find a home (see my is true for things like new governmental the great economists and financial gurus me is: what would a recession mean for to the fintech market during a large- wary of potential sources of risk, and any “$2 bill fintech” article from September regulations or compliance requirements. are currently engaged in one of my fintech? scale recession cycle – should we be change brings some element of risk with it. 2018). Why? Because a lot of the “coolest” The implementation of PSD2 created a favourite annual rituals: attempting to It’s a really difficult question to answer, scared to find out? For me, the answer When things start to slow down, though, technology could be thought of as well-documented pain point for European predict what the next 12 months will look partly because there’s not a lot of historical is a resounding no. Before I get too far, I the potential benefits from engaging with solutions that are searching for a problem. banks, but it also led directly to a host of new like for the world’s economies. This is, of information to pull from. The origin of the should state the obvious: recessions are innovative new technology look more In the absence of a specific problem to fintech innovations designed to make the course, impossible. And yet it never seems word “fintech” can be traced all the way not desirable for any number of reasons. attractive and the potential risks can start to solve, many innovators will look to create process less onerous. to slow down the number of writers I see back to the 1980s, but most people that I But when it comes to fintech, they may not look smaller. Instead of simply being curious the coolest technology they can in the Finally, an economic slowdown provides making their bold predictions known. The know would say the current fintech boom be so terrible. In fact, my guess is there are about what kinds of fintech solutions are out hope that they’ll find someone to buy a greater incentive for people with inside ritual always brings to mind the classic started somewhere around the subprime actually some significant positives for the there, banks will start to explore problem it. This leads to very entertaining and knowledge of banking systems (and joke: an economist will tell you tomorrow banking crisis of 2007/2008 (2007 was also areas that are in need of updating. Fintech impressive on-stage demos, but it doesn’t their inefficiencies) to “switch teams” by why the predictions he made yesterday the year that the first iPhone came out, tools that can get customers onboarded more always make financial sense for anyone to partnering with techies to create new didn’t come true today. and, not coincidentally, was the year of the efficiently can save valuable time and money, engage with it. products. Many financial institutions This year’s predictions are varied, but first ever Finovate conference). Based on will lay off staff or offer incentives for most people seem to agree that the most that timing, the current fintech ecosystem executives to retire early as a way to likely outcome for 2019 ranges between has only really existed in the economic reduce overhead when things tighten up, a slight slowdown on one side and a expansion cycle, which immediately “Instead of simply being curious about which can release a lot of knowledge and full-blown recession on the other side. I’m followed the Great Recession. what kinds of fintech solutions are out there, expertise into the labour market. The “ex- not at all qualified to offer an opinion on banker-plus-coder” team is something we macroeconomic trends of that magnitude, banks will start to explore problem areas that saw a lot of at Finovate in the early 2010s but if some of the global economic (after a similar round of financial industry powerhouses were to experience a are in need of updating.” belt-tightening), and it can frequently lead Greg Palmer, Finovate to very useful, profitable products. As far as the tech side of fintech has come in recent years, there is still no substitute for hands- on experience working on the inside of a major financial institution. Fintech is an industry that thrives when there are specific problems to solve, and I’m always amazed at how quickly intelligent innovators jump head first into really difficult situations. While any economic slowdown has (obvious) downsides, fintech has proven that it’s more resilient than a lot of other tech areas. I’m not too worried about what will happen to the ecosystem whenever the next recession comes (and no matter when you think it’s going to happen, there’s no doubt that there will eventually be another recession). Whenever the next recession comes, it’s sure to bring with it a host of problems. But in the world of fintech, a problem is just an invitation to innovate. bt

40 | www.bankingtech.com | February 2019 February 2019 | www.bankingtech.com | 41 INTERVIEW: JAVIER SANTAMARÍA, EPC INTERVIEW: JAVIER SANTAMARÍA, EPC

RT1 system provides SCT Inst claimed – this is why the EPC considers Reactions to market demands, when infrastructure services at a pan- monitoring on security as a critical on- identified, will be adopted in a very agile European level. The EPC, being only a going activity. manner. scheme manager, does not manage any infrastructure. However, the recent At its launch, you stated that the main Do you expect blockchain technology announcement of the landmark by aim of SCT Inst was to replace cash to play a key role in the future EBA Clearing is a reflection of the and cheque transactions. A number development of SCT Inst and if so, current growth of SCT Inst volumes and of countries – for example those in what will it contribute? participating PSPs, and must, therefore, Scandinavia – have made much greater The EPC does not have a crystal ball to be considered very good news, and strides towards a cashless society than predict the future, but we are monitoring a signal that PSPs are increasingly some of their European neighbours. Are the evolution of technology relevant implementing solutions that are used by they the ideal market for a scheme like for payments. The evidence is that their customers, the underlying driver of SCT Inst? innovative payment methods like SCT the growth produced. The Scandinavian countries aren’t Inst and related value added services are yet part of SCT Inst, but have their own being progressively developed. Some reservations were expressed national instant payment schemes. at the outset over the security of the However, Scandinavian experiences show Has there been interest in SCT Inst SCT Inst scheme. Have these concerns that instant payments are an excellent from other regions of the world? proved unfounded, or has regular substitute for cash in many use cases which Could it become a template for similar monitoring succeeded in avoiding any reassures the EPC about the fitness of the schemes outside of Europe, or would security issues? SCT Inst scheme. it need amendments before other The EPC advocates security awareness regions could adopt it? amongst the various stakeholders in the SCT Inst currently enables customers SCT Inst is limited to the SEPA SCT Inst: payment ecosystem to maintain the high to transfer up to €15,000 between geographical scope of 34 European level of trust in the SCT Inst scheme. This is accounts within seconds around the countries and territories. However, SCT done by highlighting and helping to address clock. You indicated that this maximum Inst marks a major change in European gaining traction one year on potential risks to the scheme through tools figure would be reviewed after the payments and offers a tremendous such as a Risk Management Annex. first year – is it set to be increased so opportunity to PSPs to satisfy their The EPC, together with payment businesses make greater use of the customers in the digital age as well as stakeholders, constantly monitors the scheme? harmonising payments in Europe, which Launched by the European Payments Council (EPC) on 21 November 2017, SEPA development of SCT Inst in the market The maximum amount an originator could be a good example for other Instant Credit Transfer, aka SCT Inst, is an instant payments (IP) solution enabling and regularly updates the scheme and its can transfer via a single SCT Inst Instruction regions of the world. In addition, the credit transfers within the SEPA area to be made in less than ten seconds. tools to reflect market needs, evolutions is currently set at €15,000. The Scheme EPC grants licences enabling the use of in technical standards and past major Management Board (SMB) is currently the elements of the SCT Inst scheme for events. Efforts on security should never assessing if there is already a need to adapt non-euro transactions thereby fostering In this interview to mark the first we remain convinced that market forces back-up arrangements for them, upgrading be relaxed as final victory cannot be the maximum SCT Inst Instruction amount. harmonisation beyond the euro. anniversary Javier Santamaría, chair of the will help it reach ubiquity by 2020. their operational and risk management EPC since June 2012 and a member since processes such as fraud detection, their Finally, what additional plans do you its creation in 2002, reviews the progress of At the launch of SCT Inst you clearing and settlement arrangements, have for the further evolution of SCT Javier Santamaría, EPC SCT Inst over the past 14 months and the mentioned that you expected some and developing and promoting this new Inst over the next few years? further evolution that lies ahead. challenges ahead? Has the roll-out to service to their customers. As mentioned earlier, we feel confident date been smoother than expected, We think these remain the challenges that a critical mass of PSPs across SEPA SCT Inst went live a year ago with or have you indeed encountered to be met by any PSP implementing SCT will have joined the SCT Inst scheme by around 600 payments service providers obstacles? If “yes”, how have they been Inst. Notwithstanding the challenges they the end of 2020. And generally speaking, (PSPs) across eight European countries. addressed? face, overall, the roll-out is being deployed SCT Inst scheme will further evolve 12 months on, the totals have grown to The first challenge was the brief according to expectations and we have based on experience, market demand 2,042 PSPs in 16 countries. At inception, window in which PSPs had to prepare. not encountered any significant obstacles “Efforts on security and technological advances. Some new the EPC indicated that it hoped the EPC had published the scheme’s rulebook other than those foreseen. should never be features have already been implemented scheme would achieve critical mass by in November 2016 for an operational in the scheme, like the repayment late 2020 – are you on track? starting date of November 2017. The PSPs EBA Clearing’s RT1 instant payment relaxed as final victory functionality – effective in November Indeed, EPC remains confident willing to adhere to the scheme from its system, which also launched at the same 2019 – and others will be developed that a critical mass of SCT Inst scheme beginning had to achieve considerable time, has already passed the five million cannot be claimed.” in line with the scheme management participants will be reached by the target changes in just one year, adapting their transaction mark ahead of its first Javier Santamaría, EPC process in place at the EPC to follow date. In only one year the EPC has already IT systems to make them real-time and anniversary. What have been the drivers market needs closely. bt made SCT Inst a success story; therefore, available 24/7/365, as well as establishing of this rapid growth? Graham Buck

42 | www.bankingtech.com | February 2019 February 2019 | www.bankingtech.com | 43 SmartStream-STP

Movers and shakers EVENTS CALENDAR Combining the elements

Barbora Polachova has joined Yolt, “the digitisation and innovation agenda. February smart thinking money app”, as head of At Aegon, De Jong was chief digital and 25-26: MEFTECH, for highly responsive partnerships. This is a newly created role, marketing officer, based in Mumbai. Riyadh with Polachova leading the development www.meftechksa.com of Yolt Connect, the in-app marketplace. Luc Teboul was poached by Goldman solutions She moves from Uber, where she was Sachs from JP Morgan as MD, consumer 28: TSAM, the strategic partnerships senior associate. and commercial banking technology, to London work on the bank’s new digital lending www.tsamlondon.com Mastercard has appointed its first chief platform, Marcus. experience officer, Donald Chesnut. He At JP Morgan, Teboul was head of data March joins from SapientRazorfish, where he held engineering technology for the corporate 5-6: CPI Europe Summit 2019, a similar role. and investment bank. London Michael Miebach, Mastercard’s chief www.commercialpayments product officer, comments that “providing Mark Smedley has left Oracle after over international.com customers with clear, consistent and 18 years with the firm. For the last four rewarding experience is what differentiates years he was VP, global industry lead, and 11-13: RiskMinds Insurance, leaders from the rest of the pack”. prior to that he had a lengthy stint as Amsterdam industry VP, financial services. He joined finance.knect365.com/riskminds-insurance Meanwhile, rival Visa has named Mary Kay Oracle in 2007 from Washington Mutual Bowman as head of seller solutions. She Bank. April 1 2 11 moves from Square, where she was head “After a long career at Oracle it’s time to 1-3: FIMA USA, of payments, and prior to that she spent open new opportunities and expand my Boston over a decade at Amazon, managing the horizons,” he says on LinkedIn. fimaus.wbresearch.com company’s global payments. Not long ago, Square lost its CFO, Sarah André Mohamed, previously CTO and a 9-10: IFINTEC Finance Technologies Friar, to Nextdoor. co-founder of Freetrade, has moved to rival Conference and Exhibition, fintech Revolut as its new head of wealth Istanbul + Banking giant UBS has a new chief digital and trading product (soon to be launched). www.ifintec.com officer, Elly Hardwick. Hardwick was Mohamed resigned from Freetrade last Ca Lq M previously head of innovation at Deutsche September. According to TechCrunch, his 17: Synchronize, Bank for two years. Prior to that, she was contract at Freetrade was terminated and New York Cash Liquidity Management CEO of Credit Benchmark. She also worked the two parties settled, with Freetrade www.imn.org/synchronize for Morgan Stanley and Thomson Reuters accepting no liability. in the past. 25-26: AI & Big Data Expo Global, Sujith Narayanan has left Google after London UK-based challenger bank Monzo has seven and a half years with the tech giant. www.ai-expo.net/global named Gary Hoffman as non-executive He was head of industry, financial services chairman, hot on the heels of the latest and healthcare, and also co-founder of funding round and a £1 billion valuation. Tez, a mobile payments service by Google, Hoffman, former CEO or Barclaycard targeted at users in India. Last year, Tez was At SmartStream we believe that starting with a solid foundation of and vice-chairman of Barclays, is known for rebranded to Google Pay. Banking Technology is a prominent elements is vital when creating new operating models. As a result, it’s his tenure at Northern Rock, as he steered Prior to Google, Narayanan was VP, media partner of many financial services, never been easier for firms to access highly responsive, tailored solutions the troubled bank through its emergency marketing and channel development, insurance and payments technology which can be deployed at speed and with immediate impact. nationalisation a decade ago. at Religare Macquarie Private Wealth for events worldwide. If you are interested in a around three years, and before than he was media partnership with us and marketing Our innovative technology delivers a single real-time view of Martijn De Jong left insurer Aegon with Standard Chartered in various roles opportunities, please contact: global cash and liquidity positions; cash is forecast, reconciled and to join Standard Chartered as global for nearly eight years. consolidated to provide optimal funding and lending opportunities, head, digital channels and data. Based On his LinkedIn profile, Narayanan Irena Andrisevic, Marketing Manager whilst intraday monitoring and reporting satisfies the regulators. in Singapore, he will be responsible for describes himself as an “aspiring Tel: +44 (0) 207 017 5379 So, whether you are looking to replace legacy systems, build an internal driving transaction banking’s overall entrepreneur”. bt Email: [email protected] processing utility, utilise the cloud or outsource your entire operation, partnering with SmartStream is the perfect chemistry. 44 | www.bankingtech.com | February 2019 0110010001100001011101000110000100100000011 0110010001100001011101000110000100100000 0110010001100001011101000110000100100000 0110010001100001011101000110000100100000011 010010111001100100000011010100111010101110001100100011000010111010001100001001000000 01101001011100110010000001101010011101011001101001011011100110011101100100011000 01101001011100110010000001101010011101011101010011101010111001101110100001000000 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ntroducing Refinitiv. A brand0110100101110011001000000110101001110101 new $6bn company with 167 years of 100111011001000110000101110100011000010010011010010110111001101110011010 00001101001011100110010000001101010011101011100100000011010100111010101110011011101 1110011011101000010000001110100011010000experience and expertise behind0111001101110100001000000111010001101000 us. 000011010010111001100100000011010100111010101011011100110011101100100011 011100110111010000100000011101000110100001100001000000111010001101000011001010010000 1100101001000000110001001100101011001110 0110010100100000011000100110010101100111 0111001101110100001000000111010001101000011000010111010001100001001000000 00101001000000110001001100101011001110110100011000100110010101100111011010010110111 1101001011011100110111001101001011011100Formerly the Financial and0110100101101110011011100110100101101110 Risk business of Thomson Reuters, we 001010010000001100010011001010110011101101011010010111001100100000011010 01011011100110111001101001011011100110011100011011100110100101101110011001110110010 1100111011001000110000101110100011000010are already trusted and relied0110011101100100011000010111010001100001 on by over 400,000 professionals 010110111001101110011010010110111001100111010011101010111001101110100001 110010001100001011101000110000100100000011000110000101110100011000010010000001101001 0100000011010010111001100100000011010100 0010000001101001011100110010000001101010 110010001100001011101000110000100100000011000000011101000110100001100101 10010111001100100000011010100111010101110010111001100100000011010100111010101110011 1110101011100110111010000100000011101000in more than 190 countries.0111010101110011011101000010000001110100 100101110011001000000110101001110101011100100100000011000100110010101100 10111010000100000011101000110100001100101000111010000100000011101000110100001100101 1101000011001010010000001100010011001010 0110100001100101001000000110001001100101 101110100001000000111010001101000011001010011101101001011011100110111001 10000001100010011001010110011101101001011010010000001100010011001010110011101101001 1100111011010010110111001101110011010010We provide the data, technologies0110011101101001011011100110111001101001 and expertise our customers and 100000011000100110010101100111011010010110110100101101110011001110110010 11001101110011010010110111001100111011001000110111001101110011010010110111001100111 1101110011001110110010001100001011101000partners need to drive their0110111001100111011001000110000101110100 business forward. 110011011100110100101101110011001110110010000110000101110100011000010010 011000010111010001100001001000000110100101101100100011000010111010001100001001000000 1100001001000000110100101110011001000000 0110000100100000011010010111001100100000 011000010111010001100001001000000110100101100000110100101110011001000000 10011001000000110101001110101011100110111011101001011100110010000001101010011101010 1101010011101010111001101110100001000000We shape the way financial0110101001110101011100110111010000100000 markets work, helping find opportunities 100110010000001101010011101010111001101110111010100111010101110011011101 00001000000111010001101000011001010010000001110011011101000010000001110100011010000 1110100011010000110010100100000011000100to trade faster and smarter0111010001101000011001010010000001100010 while managing risk and regulation. 000010000001110100011010000110010100100000000001000000111010001101000011 11000100110010101100111011010010110111001101100101001000000110001001100101011001110 1100101011001110110100101101110011011100 0110010101100111011010010110111001101110 1100010011001010110011101101001011011100110001010010000001100010011001010 11100110100101101110011001110110010001100001101001011011100110111001101001011011100 1101001011011100110011101100100011000010Our insights and analytics 0110100101101110011001110110010001100001allow people to move from big ideas 111001101001011011100110011101100100011000011001110110100101101110011011 10111010001100001001000000110100101110011001100111011001000110000101110100011000010 1110100011000010010000001101001011100110to big results. 0111010001100001001000000110100101110011 101110100011000010010000001101001011100110010011010010110111001100111011 10000001101010011101010111001101110100001000100000011010010111001100100000011010100 0100000011010100111010101110011011101000 0010000001101010011101010111001101110100 100000011010100111010101110011011101000010000100011000010111010001100001 00001110100011010000110010100100000011000101110101011100110111010000100000011101000 0100000011101000110100001100101001000000But all that begins with data.0010000001110100011010000110010100100000 A lot of data. 000011101000110100001100101001000000110001000100000011010010111001100100 011001010110011101101001011011100110111001111010000110010100100000011000100110010101 1100010011001010110011101101001011011100 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An average 010010110111001100111011001000110000101110111010000100000011101000110100 00011000010010000001101001011100110010000001011100110011101100100011000010111010001 1100001011101000110000100100000011010010of 40 billion a day. 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EG+ Job No: 745852-99 Date: 21.01.19 PRE Production:Clients:TBWA Thomson Reuters - TR:745852:Artworks and Linked files:Studio:1-100:91-100:745852-99_TR_BankingTechMag_297x210.indd Time: 10:05 GMT PRESS Trim: 297x210mm | Bleed: 3mm DI: Barry Newman 1

Export Option: EG+ Main Preset Bankside 3, 90 Southwark Street, London SE1 0SW | www.egplusww.com