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February 2019 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 LAWYERSOFFICESYEARSBCLPLAWCOM 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.
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