The definitive source of news and analysis of the global fintech sector | September 2018 www.bankingtech.com

ELEMENTS OF FINTECH Pure in substance FOOD FOR THOUGHT Ecosystem is not a safe word EXCLUSIVE INTERVIEW: YVES TYRODE, BPCE A whole new digital strategy FINTECH FUTURES BT_AFS Transformation Partner_Final_Layout 1 8/20/2018 9:42 AM Page 1

IN THIS ISSUE Your Core Lending Transformation Partner With hundreds of implementations on time and on budget. Contents AFS System Capabilities •End-to-End Credit Processing NEWS 04 The latest fintech news from around the globe: •Scaleable & Agile the good, the bad and the ugly.

•Mobile Enabled 17 Interview: Serena Smith, FIS Being at the heart of the exciting, changing •Real-Time world of payments. •Digital 18 PayTech Awards 2018 Celebrations, winners, photos – all the best bits!

•RPA, ML & AI 22 Lendtech vendor spotlight: AFS Innovating and transforming the credit •Data Integrity process globally.

•Cyber Security & Risk 23 White paper The state of IT incident response in . •Web Services/APIs for Ecosystem 30 Food for thought •And Much More Fellow bankers: “ecosystem” is not a “safe word”. 33 Spotlight: Sunrise A US bank that is “social enterprise first”.

AFS is where technological innovation meets financial services expertise, 34 Case study: Afghanistan International Bank offering the latest in core lending with advanced credit process Facing challenges far more extreme than most banks around the globe. management that is operational in multiple, large banks. We provide 38 Interview: Yves Tyrode, BPCE unique, industry-leading solutions with proven successes to help you On a mission to deploy a whole new digital strategy.

transform your business to the next level and beyond. REGULARS 43 Appointments – the movers and the shakers. 43 Industry events – mark your calendars! AFS offers everything you’d expect from a state-of-the-art technology 44 Out of office – a slice of satire. partner—the agility of a fintech provider with the stability of a market leader for over 40 years.

Learn more about how AFS is revolutionising lending.

Call AFS at +43 (1) 714 1009 in Austria September 2018 | www.bankingtech.com | 01 www.afsvision.com Managing Director & Editor-in-Chief Tanya Andreasyan +44 207 551 9010 13 December 2018 | Marriott Hotel Grosvenor Square [email protected]

Deputy Editor Antony Peyton +44 207 551 9010 [email protected]

Reporter Henry Vilar +44 207 017 5709 [email protected]

Design & Production Manager Kosh Naran [email protected]

Head of Sales Jon Robson +44 203 377 3327 [email protected] Business Development Manager Editor’s note David Wurie +44 207 017 5593 [email protected]

Marketing Manager Irena Andrisevic Our editorial team often gets asked about incumbent banking heavyweights in their +44 207 017 5379 challenger banks, who they are, what respective geographies. We include banks [email protected] is it that makes them challengers and as well as non-bank (i.e. those without Subscriptions and Renewals whether they will succeed. Whilst we do a banking licence) providers of financial JOIN US FOR THE INDUSTRY’S MOST Tel: +44 207 017 5533 not have the crystal ball to answer the products and services that compete with Email: [email protected] latter (although we have some predictions high street banks. GLAMOROUS EVENT OF THE YEAR Subscription for one year: about potential winners and losers), we In the UK, Germany and Australia ■ £495 are happy to share our knowledge about an overwhelming majority of these are ■ €625 ■ $795 the newcomers on the global and regional digital-only entities. Hardly any challenger Now in their 19th year, Banking Technology Awards recognise excellence in the use banking scenes. After all, our reporters are – especially start-ups – in these countries of IT in banking and financial services, strive for innovation, and Subscription for two years: hunting high and low for fintech stories, bets on brick-and-mortar locations. ■ £800 happenings and developments all year In the US, however, the picture is professional contribution to the industry’s betterment. ■ €880 ■ $1,000 around across the globe! different. There are some digital-focused So, we have created a number of lists entities, but the majority of the “de novo” Book a table for you, your colleagues, partners and clients, and join us for a of challenger banks and banking services banks are community banks with physical fabulous black-tie event at London Marriott Hotel Grosvenor Square, providers and the technology they are presence, catering for local businesses using. You are most likely already familiar and individuals, and emphasising their a top-star venue in the heart of the UK capital. with the UK challenger bank list, but we ties to their respective location and the also now have similar lists for Germany, community. Will the recent opening Be a part of the celebrations! Australia and the US. All four are available of the national bank charters to © Banking Technology 2018 All rights reserved; Banking Technology material on our website, and we’ll also be including non-depository fintech firms (see p8) may not be reproduced in any form without them in the upcoming editions of the change the trend? Keep an eye on our US the written permission of the publisher. Banking Technology magazine. challenger bank list to find out!b t Banking Technology is published ten times a year We endeavour to keep the lists as www.bankingtech.com/awards comprehensive and up-to-date as possible, Address but if you have any suggestions or updates, Maple House 149 Tottenham Court Road please do get in touch with our editorial Get in touch to find out more and book your seat: London W1T 7AD team. After all, it is a two-way conversation UK – we are keen to talk with our readers, not Jon Robson Printer talk at them… Hobbs the Printers Ltd So what makes a challenger? As a rule, e: [email protected], t: +44 (0)203 377 3327 Hampshire, UK it is a start-up (or a young entity), although Tanya Andreasyan ISSN 0266-0865 in some cases it can be a more established Editor-in-Chief www.bankingtech.com financial institution, that is taking on the Banking Technology For general queries, please contact: [email protected] @FinTech_Futures September 2018 | www.bankingtech.com | 03 #BankingTechAwards NEWS NEWS

Five Degrees US Bank to sell card processor Elan Kenya’s Equity Group turns Al Baraka Bank buys core banking US Bank is looking to offload its card banking sectors for credit unions and Finserve subsidiary to fintech processor business Elan, with , FIS community banks. Finastra is, of course, Lebanon kicks off provider Libra and Fiserv believed to be in the final bid. the result of Misys and payments firm D+H Kenya-based Equity Group has taken its suite of digital tools for mobile banking core revamp Elan provides card processing services merging. mobile virtual network operator (MVNO) through the app. Dutch digital banking technology firm Five to 1,800+ US banks. This includes payments FIS hasn’t been in a buying mood Finserve into the magical realm of fintech. Finserve has already integrated with Al Baraka Bank Lebanon, part of the Al Degrees has acquired Libra, a provider of services, credit card issuing, prepaid card recently. But its payment capabilities are Finserve, which has already been active companies like Alipay and WeChat. Baraka Banking Group (ABG), is embarking core banking systems in Iceland. solutions and ATM and debit card processing. well known. Last year, US-based Fifth under the trading name Equitel, will now Mwangi says it controls 60% of the on a core banking system conversion. According to Five Degrees, Libra adds It also provides transaction processing, Third Bank chose FIS to enable real-time operate as an autonomous commercial country’s market share in merchant The bank focuses on Islamic financial value for its prospects and customers through terminal driving and monitoring and payments (RTP) for its customers through enterprise, delivering solutions to Equity banking and payments. services and has seven branches in its offering of core banking solutions in the support services for more than 34,000 the Clearing House’s (TCH) payments Group and other firms if they show an For the relaunch, Finserve unveiled two Lebanon. field of securities and loans. Libra employs ATMs across the US and supports more system. interest. solutions, the Jenga Payment Gateway and As reported last year, Bahrain-based over 40 staff, who also specialise in the same than 13 million ATM and debit cards. For Fiserv, it made a big acquisition last Equity Group CEO and MD Dr. Jenga APIs. ABG signed to implement the iMAL core technology stack as Five Degrees. Finastra, FIS and Fiserv have all been year when it bought payments software James Mwangi says: “Thanks to fintech The gateway supports businesses in banking system from Path Solutions at “It is the ambition of Five Degrees to busy in paytech and bankingtech – and vendor Dovetail. innovations by Finserve, 97% of all processing payments in the “crowded” East four of its 15 international subsidiaries. expand internationally and achieve a global the deal would naturally strengthen their Banking Technology contacted US Equity transactions are now outside the African payment space. It consolidates all According to Path, these comprise the market leadership position in digital banking,” payments capabilities and deal a blow to Bank, Elan, Finastra, FIS and Fiserv for branch [and] we have taken a deliberate payments to the Jenga platform and presents Bahrain headquarters, Lebanon, Egypt and says Martijn Hohmann, CEO of Five Degrees. any rival. comments. Finastra, FIS and Fiserv offered strategy to make Finserve an independent one integration platform to businesses. South . All four are long-standing Financial details were not disclosed. Five Back in June, Finastra acquired digital a “no comment”. US Bank and Elan have not commercial subsidiary.” Jenga APIs provide a platform for users of Misys’ (now Finastra) Equation Degrees doesn’t say whether there will be banking provider Malauzai to bolster its responded at the time of writing. It already has plenty of products. For businesses to send money, buy, pay, core system. any redundancies. presence in the US retail and business Antony Peyton example, customers using the Equitel SIM manage their accounts, manage credit, ABG has a number of core banking Libra offers two products – Libra card can manage their bank accounts from withdraw and conduct know your systems across its operations, the Securities and Libra Loan. World Bank turns to CBA for world’s their mobile phones – using EazzyPay, customer (KYC) and anti-money laundering aforementioned Equation (which The former consists of several system applying and receiving Eazzy Loan on their (AML) querying. It offers 64 fintech, regtech is now being phased out by iMAL), units that support the completion of first blockchain bond phones as well as making calls and buying and insurtech APIs. Banxware from Future Applied Computer transactions, payments, asset swaps, relations data bundles. It also has Eazzy Banking, a Antony Peyton Technology (FACT, now also being with financial systems, asset management, The World Bank (International Bank for It cites its 70-year track record in the replaced by iMAL) and Autobanker from valuation, corporate actions, disclosure and Reconstruction and Development, IBRD) capital markets. Such as a globally traded TransferMate finds €21m Autosoft Dynamics among them. investment decision support. has mandated the of and settled bond issued in September In 2017, Adnan Ahmed Yousif, president The latter keeps track of borrowing and Australia (CBA) as the sole arranger of the 1989; and the first e-bond issued in investment mate in ING and CEO of ABG, said iMAL was “at the lending and third-party debt management. first bond globally to be created, allocated, January 2000. As a frequent issuer in the heart of the group’s technology-driven The system is designed for the Icelandic transferred and managed through its life cycle market, it has since 1986 ING will invest €21 million in Irish transformation strategy”. market and addresses needs, resources and using distributed ledger technology (DLT). raised nearly AU$60 billion ($43.7 billion) payments platform TransferMate as In the latest chapter, Banking credit variants. According to the duo, indicative investor from investors globally. they seek out more SME customers and Technology understands that Al Baraka Some of Libra’s customers include interest in bond-i (blockchain operated new The bond-i blockchain platform corporate clients. Bank Lebanon is, too, implementing iMAL. Nasdaq, Clearstream and Íslandsbanki debt instrument) has been “strong”. The duo was built and developed by the CBA Details were not disclosed, but ING This brings the number of ABG locations (Bank of Iceland). expects to launch the transaction following a Blockchain Centre of Excellence. Since will get a small minority equity stake in with the iMAL core banking system to Libra was started as a part of Computer period of consultation with a “broader set” of 2009, CBA has acted as lead manager the company. TransferMate services will eight. In addition to the four mentioned Pictures in 1996. In 2001, the company was investors. for a number of IBRD bond issuances in be available to all SME and corporate above, iMAL has earlier installations at named Libra and became an independent Arunma Oteh, World Bank Treasurer, the Australian and New Zealand capital clients of ING. the group’s subsidiaries in Syria, Sudan, subsidiary owned by TölvuMynda, later says it worked with information technology markets. Sinead Fitzmaurice, co-founder Morocco and Algeria. TM-Software. colleagues and the CBA over several World Bank infrastructure for the and CFO of TransferMate, says: “In Banks for growth plans across the US, Ahmed Albalooshi, ABG’s CIO, says At the beginning of 2006, TM-Software months on the project. bond will run in Washington, DC on addition to collaborating with ING, our Canada, Australia and Europe; and the revamp has kicked off in Lebanon Libra sold to OMX Nordic Exchange. It then James Wall, executive general manager the Microsoft Azure cloud computing investment will also focus on expansion brings TransferMate’s total Series A and a system replacement is “one of the got the name OMX Technology in Iceland, of international, CBA, adds that blockchain platform. Microsoft validated the system’s of TransferMate into Asia Pacific.” investment to €51 million in the past most difficult projects that a bank can later OMX Banks and Brokers in Iceland and can “increase the efficiency of financing operational capabilities. Using TransferMate’s cross-border eight months. undertake”. finally OMX Broker Services in Iceland. solutions to better achieve [World Bank’s] The World Bank provides loans, API technology and payment licences, According to TransferMate, it Al Baraka Bank Lebanon was founded In 2008, the Nasdaq OMX Broker goal to end extreme poverty”. guarantees, risk management products, this partnership will also “reduce integrates with “20 of the top 20 in 1992 and operated under a commercial Services merged with Nasdaq OMX in New Blockchain will be used to streamline and advisory services to middle-income international payments costs and accounting software systems”. It could banking licence until 2004 when an York and OMX. In March 2009, Nasdaq processes among numerous debt capital and “other creditworthy countries” to improve cash flow for ING business have said all of them. Islamic banking law was instituted and OMX sold the firm to domestic investors market intermediaries and agents. support its “sustainable development customers who send or collect funds This investment and partnership is the bank obtained an Islamic banking and it re-named itself to Libra again. Wow. The World Bank issues between $50-$60 goals and to end extreme poverty and cross-border”. subject to final documentation and is licence. Its activities comprise retail and What a drama over a name. billion annually in bonds for sustainable promote shared prosperity”. The ING investment follows a recent expected to be completed in Q3 2018. commercial banking. Antony Peyton development. Antony Peyton €30 million investment from Allied Irish Antony Peyton Antony Peyton

04 | www.bankingtech.com | September 2018 September 2018 | www.bankingtech.com | 05 NEWS

News sites can be confusing. There is too much going on in the world. Sometimes it’s difficult to spot the most CYBG chooses The ID Co for open banking launch important topics. Articles drag on and on before The ID Co. has worked with the UK’s HSBC, Lloyds, Santander, RBS, Nationwide, verification and underwriting, and verifies they get to the point. Clydesdale Bank and Yorkshire Bank (CYBG) Starling and Monzo. The functionality account information with instant access to on integrating its DirectID open banking has been rolled out live to all B app iOS digital bank statements. We don’t do that (intentionally). platform into CYBG’s B mobile banking app. customers. DirectID also includes an anti-money B, which was launched in 2016, Debbie Crosbie, COO of CYBG says The laundering (AML) compliance and know your Every day we’ll send you a digest of the industry’s offers interactive tools designed to offer ID Co. has “made the process of bringing customer (KYC) verification process, and real- customers a single place to manage their external bank data into the CYBG business time assessments of credit risk exposure. top news and subjects so you don’t have to search for financial and lifestyle needs. seamless”. DirectID is currently live with lenders, updates anywhere else. CYBG recently launched its aggregation Last month, The ID Co. launched its FIs, and fintechs in the UK, the US, Canada, service, allowing customers to see their open banking API platform. Australia, and the Netherlands. current account details and balances from The new solution enables business The Scotland-based firm has raised Sign up to the FinTech Futures various banks and building societies within customers to use the firm’s DirectID to more than $9 million in funding. The ID the B app. access open banking services with live Co.’s other customers include OakNorth free daily newsletter – B customers can now import data from connections to various UK banks. Bank, Navient, and Prosper. your go-to resource on all things tech. a range of UK banks – such as Barclays, The solution features tools for income Antony Peyton Open banking platform Deposit Solutions gets $100m funding

German open banking platform Deposit Deposit Solutions says it offers its 16 countries to more than 30 million Solutions has secured $100 million in Banking-as-a-Service model to banks so savers, including financial institutions funding. they can connect to the platform and gain such as Deutsche Bank and Fidelity’s The round was led by private equity access to deposit funding from the clients FFB. firm Vitruvian Partners. Vitruvian was joined of other points of sale (POS) in different It says Zinspilot and Savedo have by Kinnevik and existing shareholders markets without having to set up and more than doubled the total volume including Deposit Solutions’ first institutional operate their own deposit infrastructure in transmitted deposits within the past shareholder e.ventures. This latest funding for these customers. nine months to more than €9 billion. values the company at $500 million. As part of its service, the company also Its customer base has grown to over Dr. Tim Sievers, CEO and founder of operates its own proprietary POS under 155,000 customers in the same period. Deposit Solutions, says the “financial the brands of Zinspilot and Savedo, which Founded in 2011, the company is firepower will help us achieve our mission market the deposit offers of its partner headquartered in Hamburg, and has of making open banking the new standard banks directly to savers. additional offices in London, Zurich and for the global $50 trillion market for According to Deposit Solutions, it Berlin and employs a team of 250. savings deposits”. now connects more than 70 banks from Antony Peyton

UK bank Secure Trust selects nCino for digital lending ops

Secure Trust Bank (STB), a UK-based real industry issues, not just technological This is nCino’s third known customer in commercial and retail bank with £1.9 ones,” STB’s REF head of operations, the UK, following the deals with Yorkshire billion ($2.5 billion) in assets, will use the Stephen Marrow, says. He credited nCino Building Society and OakNorth. nCino Bank Operating System to digitise for living up to its “built by bankers, for North Carolina-based nCino has had a operations and for its real estate finance bankers” mantra. busy 2018 – signing Santander US, TD Bank business. Built on the Salesforce platform, nCino’s and Banesco USA for its Bank Operating www.bankingtech.com STB’s business has developed a $763 Bank Operating System features customer System, and teaming up with Tech Qualled million (£581 million) loan book in the four relationship management (CRM), loan to help veterans land jobs in fintech. @FinTech_Futures years since it was launched. origination, deposit account opening, The company began the year picking “It was important to us that our workflow, enterprise content management, up an investment from Salesforce Ventures Interested in advertising and marketing opportunities? Get in touch: operating platform provider was able to business process management (BPM), that took its total funding beyond $81 demonstrate both a depth and breadth of digital engagement, and instant reporting million. Pierre Naudé is CEO. Contact Jon Robson banking knowledge and offer solutions for in a single cloud-based environment. David Penn, Finovate Tel: +44 203 377 3327 | Email: [email protected] September 2018 | www.bankingtech.com | 07 NEWS NEWS

Commerzbank and Industrial Bank goes live on Avaloq Varo Money selects Temenos for core banking mBank prep pan- core banking system US-based Varo Money, which is awaiting Although the upcoming bank is still The project with US-based Commerce a bank charter, has selected Temenos’ T24 small and does not represent a big deal, it Bank is still not live, and for Ally Financial, Euro challenger Fuzhou-headquartered Industrial Bank trillion ($870 billion). core banking system, it is believed. does help Temenos establish its brand in which also signed up for Temenos’ core has gone live with Avaloq’s core banking Industrial Bank’s private banking arm is It is understood that the solution will the US as a core banking provider. banking system, only a small part of it is Poland-based mBank, with major system for its Hong Kong branch’s private headquartered in Shanghai and currently be delivered on a cloud basis. Another recent T24 taker in the US is operational. involvement from Commerzbank (a main banking business. provides services to 20,000 clients in Banking Technology contacted start-up Grasshopper Bank (see p12). Then there is a big cash management shareholder of mBank), is preparing to launch In conjunction with Avaloq’s mainland China, managing assets in the Temenos and, while it didn’t provide a In May, Temenos said it was “looking project at State Street jointly with Finastra, a new pan-European challenger bank. implementation partner Orbium, the range of CNY 300 billion ($43.5 million). comment with specifics, it did refer to for more acquisitions to complement its signed last year. The project’s code name is Kopernik Avaloq Banking Suite was implemented in It set up its first Hong Kong branch for Varo Money as a “client”. existing offering to the US market”. Henry Vilar (Copernicus) and it will initially target six months. corporate banking in 2014. Germany. Founded in 1988, Industrial Bank has Following this launch, the bank made It is understood the project will use the 119 branches and 1,787 sub branches the decision to add a private banking UK challenger bank Starling to power digital ops of mBank and Commerzbank across China as well as “correspondent arm in Hong Kong to provide wealth (including Comdirect in Germany). It will relationships with over 1,500 banks management services to its clients. RBS digital payments be based on the technology developed worldwide”. It has total assets of CNY 6 Antony Peyton and used by mBank in Poland – including Starling Bank has signed a contract to far and near-future plans. every month. With an average deposit of its channels and core banking system. provide payment services to support the “Whilst 2017 was the year of building around £900 in each of these accounts, As reported last year, mBank started US regulator opens up national bank digital bank ambitions of RBS/NatWest. out our technology and customer we’re showing remarkably high balances to license its mobile and online banking RBS’s new digital platform is currently proposition, 2018 has been all about when compared to our peers,” she adds. system to other financial institutions charters to fintech under development. It is not known how building momentum,” Starling CEO Anne In the last five months, the challenger outside Poland. The first taker was La much RBS will pay Starling for the use of Boden says. has launched business and sole trader Banque Postale in France. The US Office of the Comptroller of its infrastructure, but Starling will also At over a fifth of a million customers accounts, joint accounts, international In the latest development, and the Currency (OCC) is now accepting benefit from efficiencies of scale. The – it is understood that this figure only payments and loans, as well as Banking- according to Puls Biznesu (Business Pulse), applications for national bank charters banks declined to comment. applies to consumers – the bank closed as-a-Platform APIs. a Polish-language daily newspaper, work is from non-depository fintech firms. Starling has also revealed that it November 2017 with just 43,000. It also has renewed its contract with underway in Warsaw and Frankfurt. “Over the past 150 years banks and currently has 210,000 personal current On the business side, it has already the Department for Work and Pensions Several dozen people are working on the federal banking system have been accounts. surpassed 10,000 customers. (DWP) for the support of Universal Credit, the project under the direction of Jakub the source of tremendous innovation It is also being sponsored by the Currently, the proportion of these and become the sole provider of access Fast, MD at mBank, but the entire project that has improved banking services of Ireland to test its euro customers making monthly direct to UK payments schemes for Mastercard is directly under the control of mBank and made them more accessible to proposition, which was planned to debits has more than doubled year-on- Send, which powers payments president Cezary Stypułkowski. millions. The federal banking system launch in the country this year, but has year. Similarly, the proportion of Faster capabilities for some of the largest The idea of a pan-European entity is must continue to evolve and embrace been held back by Brexit discussion until Payments made by these customers has technology companies in the US. not a major surprise. Stypułkowski has innovation to meet the changing 2019. almost tripled over the same period. Boden adds that in the next year the repeatedly, and publicly, stated, that in customer needs and serve as a source of Fintech companies that apply and In a letter posted on the bank’s “This rapid growth is underpinned by bank has got 80 fintech partners ready Europe “there is no pan-European bank strength for the nation’s economy,” says qualify for, and receive, special purpose investor relations page, the Starling’s the high engagement of our customers, to join. operating across state borders and with the Comptroller of the Currency Joseph M. national bank charters will be supervised chief talks about the bank’s journey so with 60% of them using their account Henry Vilar current level of technology and customer Otting. like similarly situated national banks, to acceptance for innovative solutions, it may As with regulators around the world, include capital, liquidity, and financial be time to establish such an institution”. the OCC rolls out the usual line that the inclusion commitments as appropriate. However, Stypułkowski may now be decision to consider applications is to The OCC states that firms will be From Zopa to bank with new £44m funding aware of Alior Bank, solarisBank, Raisin provide more choices to consumers and expected to submit an acceptable Zopa has completed a new funding round Jaidev Janardana, Zopa’s CEO, says: offerings are understood to be on the cards and Mastercard – who in June said they businesses. contingency plan to address significant with an extra £44 million in its pockets, “It allows us to offer a wider choice of – no pun intended. planned to jointly unveil a European digital The OCC’s decision also follows financial stress that could threaten the aimed at expanding traditional banking as products and to help our customers make To put things in context, the Financial bank. “extensive outreach with many viability of the bank. it sees trouble looming on the horizon for smarter choices with their money. This Conduct Authority (FCA) has recently German challenger bank N26 is also stakeholders” over a two-year period, New fintech companies that become other P2P businesses. further injection of capital takes us a step highlighted that “risk and reward are ambitious – with over 100 engineers by the and after reviewing public comments special purpose national banks will be The P2P lender applied for a banking closer to that vision.” always balanced appropriately” on P2P end of 2019 and a second European office following the publication of Exploring subject to “heightened supervision initially, licence in 2016, with aims to launch a fully The bank is the next step in the firm’s platforms (which it wasn’t very happy in Barcelona on 1 September. Special Purpose National Bank Charters similar to other de novo banks”. digital bank, and it is understood that this roadmap, taking this investment and about), and that it plans to limit how much In May, Starling was hiring a new for Fintech Companies in December Not everyone waited. Last year, mobile new funding will give the firm the needed putting it mostly onto retail deposits. This these can advertise to retail investors. international advisory firm, as it potentially 2016, and Comptroller’s Licensing banking start-up Varo Money was looking oomph to meet the needed standards to way, Zopa circumvents the regulatory The company hired a number of former hunts for action beyond the UK. Starling is Manual Draft Supplement: Evaluating to become a true challenger bank, gain the licence. obstacles that many crowdfunded firms are banking executives to form a dedicated already in Ireland. Charter Applications From Financial complete with a national bank charter. To be fair, they did say it could take up seeing. new bank board earlier this year. Antony Peyton Technology Companies in March 2017. Antony Peyton to two years. After saving products, credit card Henry Vilar

08 | www.bankingtech.com | September 2018 September 2018 | www.bankingtech.com | 09 NEWS

MUFG Union Bank picks FIS Profile SS&C to acquire core banking system Eze Software for US-based MUFG Union Bank has selected This is not the first attempt by Union $1.45bn a new core banking system, Profile from Bank to modernise its tech. FIS, it is understood. The solution will be In 2009, it signed for Infosys’ Finacle SS&C Technologies will acquire delivered on a hosted basis. and the latter’s share price surged as investment management solutions Union Bank provides universal a result. The project was estimated to provider Eze Software from TPG Capital banking services and belongs to cost $200 million. The bank planned to for an all-cash transaction of $1.45 billion. Mitsubishi UFJ Financial Group (MUFG). consolidate 30 different legacy systems Headquartered in Boston, Eze’s As of March 2018, it has 355 branches and (including Misys’ Midas and D+H’s solutions are designed for asset assets of $120.9 billion, and is among the Phoenix, both of which now reside with managers, including a mix of hedge fund, top 30 bank in the US by assets. Finastra) and replace them with Finacle. long-only asset manager, multi-manager The final came down to Temenos with It was also an important project for and asset owner clients. T24 and FIS with Profile, it is understood. Infosys to establish its presence in the US At its core is the Eze Investment Suite FIS’s cloud delivery capabilities were core banking market space. The project platform. This offers order management, considered to be stronger, it is believed. went badly, however, and was halted execution management and portfolio Banking Technology has contacted FIS in 2011. There was a change of CIO and accounting for front-to-back-office and the bank for details, but they have COO at the bank too, and the new team workflows. not replied at the time of writing. scrapped the project. The acquisition will add 1,050 It’s worth noting that PurePoint Incidentally, US Bank is looking to employees in 15 offices and more than Financial – a subsidiary of Union Bank – offload its card processor business Elan. 2,500 clients across five continents. went live with Profile last year. PurePoint FIS is believed to be one of the firms in “Our clients are focused on is a new “hybrid digital bank” that offers the final bid (see p4). reinventing their organisations. The savings products. Antony Peyton addition of Eze Software aligns with our strategy to transform today’s investment operations,” says Bill Stone, chairman and Military in Australia to CEO, SS&C Technologies. In 2017, Eze had total revenues of jump to cloud with Infosys $280 million and adjusted EBITDA of $105 million. SS&C expects $30 million of

Australian Military Bank has gone live with Sydney, home of run-rate costs savings, achieved by 2021. Infosys’ Finacle solution, which is believed Australian Military Bank SS&C plans to fund the acquisition to be the first in the country to fully with a combination of cash and term commit to a Software-as-a-Service (SaaS) loan debt. The transaction is expected to cloud core banking system. be “immediately accretive” to adjusted The bank moved from a legacy Ultracs earnings per share. core banking system (provided by local The transaction is expected to close vendor Ultradata) to Infosys’ system. by the fourth quarter of 2018 and is The latter includes , retail subject to clearances by the relevant loan origination, customer relationship regulatory authorities and other management, internet banking, mobile customary closing conditions. banking and agency tablet banking. Australian Military Bank (formerly This latest acquisition follows plenty The environment is PCI compliant and Australian Defence Credit Union) has of other action by SS&C. meets Australian Prudential Regulation been providing banking services to the In January, SS&C said it will acquire Authority (APRA) requirements around cloud Australian Defence Force since 1959. It has DST Systems for $5.4 billion as it hunts computing. It is also integrated with 30+ branches, 50,000+ customers and over out more market opportunities for for payment systems. The implementation of AU$1 billion in total assets. outsourcing in financial services. the system took six months. Gears are grinding in the land Down While back in the mists of time, aka The bank replaced its legacy MPLS Under, with Australia-based challenger 2016, SS&C acquired customer relationship network with a SD-WAN solution, which picking technology (see p14), and management (CRM) software provider reduced the overall data networking costs Judo Capital receiving some chunky Salentica; and Wells Fargo’s Global Fund and substantially increased each site’s funding (see p12). Services (GFS) business. bandwidth capabilities. Henry Vilar Antony Peyton

September 2018 | www.bankingtech.com | 11 NEWS NEWS

US personal finance app Even gets $40m funding New York state stands against fintech sandboxes California-based personal finance app Even Even, founded in November 2014, Times, Even is focused on the Fortune 500, The head of the Department of Financial She also highlighted that a “strong was released on the same day as the has raised $40 million in a second round of scored a big win last December when but doesn’t rule out one day offering its Services (DFS) of New York, the state’s state regulatory framework” to follow for Treasury’s statement, says is “to consider financing led by Khosla Ventures. Walmart agreed to offer the start-up’s services through smaller companies or financial regulatory body, has spoken fintechs would help protect consumers. applications for special purpose national Khosla also invested in its $1.5 million services to its 1.4 million employees. directly to consumers. against the US Treasury’s support for fintech This statement is a response to the bank charters from innovative companies seed round in January 2015. Even has The firm explains that employers One user comment on Even’s website sandboxes, as well as allowing fintechs to Treasury’s statement on 31 July, where helps provide more choices to consumers raised a total of $50.5 million from an subsidise the cost of Even for their people. says: “Works for me. Single mom of three acquire bank charters (banking licences). it identified “improvements to the and businesses, and creates greater investor base that includes Valar Ventures, In return, employers save money because it and this app helps me pay bills on time if Superintendent Maria T. Vullo says: regulatory landscape that will better opportunity for companies that want to Allen & Co., and Qualcomm Ventures. can improve employee retention. I need an advance and not get charged “The New York State Department of support nonbank financial institutions, provide banking services in America”. Even co-founder and CEO Jon Even charges a monthly subscription late fees when bills are due one day after Financial Services fiercely opposes the embrace , and foster She argues that allowing fintechs to Schlossberg told the San Francisco Business fee for its services that include Instapay, payday. [Even monthly membership] is Department of Treasury’s endorsement innovation”. exercise banking activities sets an “entirely Times that the start-up will use the fresh the ability to get money earned before worth more than $50 in late fees to me.” of regulatory ‘sandboxes’ for financial All this fuss is happening because unjustified federal regulatory scheme on capital to double its workforce of 37 over the payday without additional fees or interest, Also on its website, it says 70% of technology companies. The idea that there’s one line of the report that says that, an already fully functional and deeply next eight or nine months, find a new Bay along with budgeting and saving tools. The Americans live paycheck to paycheck. innovation will flourish only by allowing among these improvements, one of them rooted state regulatory landscape”. Area headquarters to house the larger staff start-up also relies on artificial intelligence “Struggling is the new normal,” companies to evade laws that protect is to “facilitate regulatory sandboxes to For many, she’s getting in the way of numbers and open an East Coast corporate (AI) to predict a user’s cash flow needs as Schlossberg adds. consumers, and which also safeguard promote innovation”. consumer empowerment and innovation. office. The company is currently based in part of an “okay to spend” feature. Ain’t it the truth. markets and mitigate risk for the financial Vullo continues: “DFS also strongly In her view, she’s protecting them. Oakland, near BART’s 12th Street station. According to the San Francisco Business Antony Peyton services industry, is preposterous.” opposes today’s decision by the Office of In other news in the Big Apple, And it gets even worse, with the Comptroller of the Currency (OCC) to Economic Development statements like “toddlers play in begin accepting applications for national Corporation (NYCEDC) will launch two US challenger Grasshopper Bank hops into view sandboxes. Adults play by the rules”. bank charters from non-depository initial efforts to make NYC an “accessible It’s clear she has an opinion and is not financial technology (fintech) companies.” centre” for blockchain innovation. There’s a new US-based challenger bank in banking system – Temenos T24. Banking CFO, and it is believed that Judith Erwin, beating around the bush. This decision by the OCC, which Henry Vilar the works, with the name of Grasshopper Technology contacted Temenos and, while it former executive at Square 1 Financial, will Bank, and based in New York. didn’t provide a comment with specifics, it did be Grasshopper’s CEO. It is understood that the bank is the refer to Grasshopper Bank as a “client”. The company offers term loans, lines of West Bromwich Building Society in system selection mode rebranding of New York Venture Bank, The bank will provide commercial credit, and owner-occupied real estate and which is currently going through the bank banking products and services to asset-based lending. It also offers deposit UK-based West Bromwich Building Society For its treasury operations, it uses FIS’s DPR now has a back-end solution too. charter (banking licence) application. businesses, particularly in New York. products and online banking. is looking for new tech as part of a digital Ambit Treasury Management. DPR’s other customers include challenger The bank has already selected a new core Leading the firm is Sangeeta Kishore as Henry Vilar revamp, Banking Technology understands. For core processing, it is a long-standing bank Redwood, Saffron Building Society The society, the UK’s seventh largest user of Unisys UFSS. and Masthaven. with 446,000 members, is understood to be It is believed West Brom is looking at a Most building societies in the UK have looking for full replacement/modernisation number of vendors and systems for its tech old technology in place. Australian challenger Judo Capital gets $140m funding (but most likely excluding treasury). overhaul, including Infosys, TCS Financial In a recent deal, and as reported in June, At present, the building society is on a Solutions, Temenos and Finastra, as well Coventry Building Society selected Temenos The Australian banking scene is staying According to the Australian Financial four-hundred), led by former ANZ Japan customer list of a number of local vendors: as the incumbents – Unisys and DPR. for digital revamp. That was Temenos’ first lively as challenger Judo Capital has got Review investors in its latest funding round CEO, Robert Bell, and ex-Cuscal Payments Phoebus for mortgages, DPR for the Banking Technology contacted the West building society deal in the UK. Coventry itself a handy $140 million in funding. include Ironbridge Capital, Canadian CIO Brian Parker, fired up. digital front-end, and Newcastle Building Brom, Unisys and DPR for comment, but Building Society, like the West Brom, is located As reported in March, Melbourne- pension fund manager OPTrust and Myer Another mobile only newcomer is Society Solutions for direct/online banking none of them have replied at the time of in the West Midlands in England. based Judo officially unveiled its plans as it Family Investments. Archa (see p14). operations. publishing. Antony Peyton targets the nation’s SME sector. Other investors are Abu Dhabi Capital Xinja, too, has plans for a Judo said it started the process of Group, Zhong Yi Investment and Credit mobile-only digital bank, and has now applying for a banking licence from the Suisse Asset Management, Cambooya, selected a core banking system (see p14). Bank Assafa chooses Path Solutions’ core system Australian Prudential Regulation Authority Inception Asset Management, Esson and In May, Sydney-based was (APRA) – the culmination of a “strategic CH Warman Group. given Australia’s first new restricted Bank Assafa (a subsidiary of Attijariwafa operations of its new participative subsidiary This is the third client for Path in Morocco, build-up of the company” over the past Judo plans to open an office in Sydney banking licence and is now working Bank) in Morocco has selected Path Bank Assafa. following last year’s deal with Al Baraka Bank three years. in September and intends to expand its towards becoming a fully licensed bank. Solutions’ iMAL core system across its 31 Youssef Baghdadi, chairman of the in a multi-country roll-out; and Crédit du It says it aims to become Australia’s first team of 50 as it rolls out nationally in the There is also UBank. However, this was branches for Islamic banking. management board of Bank Assafa, says: Maroc (CDM), a Morocco-based subsidiary of true “challenger bank” for SMEs, based on coming months. launched in 2008 and was developed and is The platform will include Shari’ah- “We turned to Path Solutions following good the Crédit Agricole group. the models delivered by UK challengers supported by (NAB). compliant financing, delivery channels and references from several leading Islamic banks The Attijariwafa banking group is a major such as Aldermore, Shawbrook, and THE BIG HEAT It operates under NAB’s banking licence, trade finance. and because we simply wanted the best.” user of the Sopra Banking Amplitude system OakNorth. The challenger scene Down Under is and offers home loans, online savings Attijariwafa Bank Group has a presence In January 2017, Morocco’s central bank from Sopra Banking Software across many of In March it got $100 million funding and heating up nicely. accounts, and term deposit accounts. in 25 countries and over eight million approved the set up five participative banks its locations in Africa and Europe. the bank began lending in April. In June, 86 400 (pronounced eighty-six, Antony Peyton customers. It decided to use iMAL to run the in the country, one of which is Bank Assafa. Antony Peyton

12 | www.bankingtech.com | September 2018 September 2018 | www.bankingtech.com | 13 NEWS NEWS

Australian challenger bank Archa takes a bow Portugal unveils fintech innovation lab UOB invests in Melbourne-based mobile-only challenger working with an unnamed partner who use a card for everyday transactions. The Portugal Fintech Association and to enlighten them on how to operate cognitive banking Archa has fired up as it plans to join the does hold an ADI. The average age in its management Banco de Portugal have joined forces with according to the Portuguese legislation. increasing number of Australian bank Right now it sees itself as a financial team is 28. Archa adds: “The media calls the nation’s financial authorities to launch Applications will soon be open for firm Personetics wannabes. platform and says users can save, spend, us ‘millennials’, though that’s really a Portugal FinLab for fintech innovation. firms to get in and have fun. The process The firm says it is not currently a bank and travel, send and receive money via mobile compliment, we think.” According to the gang members, is divided in two batches. Cognitive banking firm Personetics has does not hold an ADI (authorised deposit- phone. Funds can be stored in a fee-free Archa was founded by Oliver Kidd (CEO). Portugal FinLab is a communication The deadline for the first batch is open got an investment from United Overseas taking institution) or restricted ADI licence. global account; hold multiple currencies at He has another job as well – working as a channel between entrepreneurs and the between 10 September and 7 October 2018. Bank (UOB). The amount, which adds to the That said, it is “working with regulators once, and move between them at flat rates. company secretary for Benitec Biopharma. authorities – namely CMVM (Portuguese Applications made during this batch will company’s previous $18 million in equity to make this happen”. At launch, it will be Users can also withdraw cash overseas and Antony Peyton Securities Market Commission) and ASF be analysed by the regulators. The results funding, was not disclosed; but UOB now (Portuguese Insurance and Pension Funds of the analysis and selection process will be holds a minority stake in Personetics. Supervisory Authority). released on 29 October 2018. With more than 500 offices in 19 Poland’s Horum Bank readies for launch abroad As with all labs, the idea is to support For the second batch, the process countries and territories in the Asia the development of projects. will start on 5 November 2018 and Pacific region, UOB will use Personetics’ Horum Bank will be the first Polish bank to the CTO and “co-owner”, according to her seeking its banking licence. Portugal FinLab says entrepreneurs end on 3 December 2018. The analysis technology to extend its own machine appear in the country’s market in the past LinkedIn profile. The Polish publication reports that will be able to receive an opinion about and selection phase will occur until 24 learning and data analytics capabilities. eight years, designed to be a mobile bank It is understood that the bank currently the project is in advanced stages, with the regulatory issues that may arise from December 2018. Dennis Khoo, UOB head of regional based on blockchain technology. has a funding of PLN 400-500 million a business plan, an initial version of the the implementation of their projects. Both batches will end, respectively on digital bank and strategic initiatives, says According to Polish publication Puls (£80-100 million) to launch the blockchain product table, a calendar of works and The opinion comes in the format of a 21 January and 18 February 2019, with Personetics’ technology will also enable Biznesu, Horum is understood to be system. presentations prepared for investors. single document where all the regulators the communication of the regulator’s it to improve customer engagement and spearheaded by PKO BP ex-VP Jacek The bank will target primarily at SMEs Horum Bank is financed from private state their concerns and signal regulatory opinion to the participants. “design more innovative, responsive and Obłękowski, who left PKO in 2016 and has and wealthy clients. funds, but the bank is also looking for red flags to the candidates in order Antony Peyton responsible digital banking services”. since then been rumoured to be building a However, despite being founded in outside investors. Personetics cognitive banking solutions modern digital bank. Poland, and by Poles, and based in Warsaw, For reference, in Latin, horum means power personalised real-time guidance for Małgorzata Siatkowska, who has also the bank will most likely launch initially “them” or “these”. Jumhouria Bank of Libya selects more than 15 million digital users. worked for PKO BP in the past, will be in one of the Baltic countries, where it’s Henry Vilar SmartStream for real-time control With a combination of machine learning, natural language Libya’s Jumhouria Bank has signed a deal understanding, and artificial intelligence BHCI in core banking overhaul with ERI’s Olympic with SmartStream Technologies, a financial (AI) powered predictive analytics, the transaction lifecycle management (TLM) company’s technology enables FIs to The Banque de l’Habitat de Côte d’Ivoire has been active in the mortgage business for Away from this deal, and in an exclusive solutions provider, for the delivery of intra- provide their customers with insights and (BHCI) has selected ERI’s Olympic core banking nearly 25 years in Ivory Coast. report earlier this year, ERI was believed to day reconciliations management across actionable advice. system to modernise its IT infrastructure. Westbridge says it is planning to further have landed a deal with AnaCap Financial cash, cards, branch, central bank and Partnered with six of the top 12 Olympic will replace the CapitalBanker expand its involvement in the region. Partners, a UK-based private equity firm, payment transactions. banks in North America and Europe, and system from Capital Banking Solutions Founded in 1994, BHCI specialises in to implement Olympic at former Barclays Jumhouria, the largest bank and branch serving more than 50 million customers BHCI, whose shareholding was taken over housing finance in Côte d’Ivoire for both business in France. network in Libya, will use SmartStream’s around the world, Personetics’ solutions last year by the Canadian group Westbridge, individuals and businesses. Antony Peyton Corona solution. provide FIs with conversational self- According to SmartStream, the need for service (Personetics Assist), predictive a solution developed after the merger of customers, to remain agile and be insights and advice (Personetics Australian neobank Xinja selects SAP Cloud for Banking Jumhouria Bank and Umma Bank. Together innovative, to make banking better for Engage), and algorithm-based money both banks operate the largest nationwide our customers. We were looking for a management (Personetics Act). Australia-based challenger Xinja has track record, which combines stability enable open banking capabilities and network of 170 branches – “the challenge reconciliation solution that can raise The company’s technology chosen SAP Cloud for Banking as it powers and reliability with innovation.” integrate payment systems and business being to standardise reconciliations automation of the back-office in excess has analysed more than 29 billion on with its planned neobank. The neobank will implement SAP networks. procedures across the bank”. of 80% rates – we are confident that transactions and personalised more than This SAP core banking solution will Cloud for Banking, which comprises SAP Xinja will be rubbing shoulders with Modules of SmartStream’s Corona the Corona solution will enable us to 4.8 billion customer interactions. underpin Xinja’s application for a restricted S/4HANA Finance; SAP Transactional Macquarie Bank and Commonwealth solution will be deployed in a phased achieve this.” In June, the company unveiled a new banking licence from the Australian Banking (loans and deposits and Bank of Australia (CBA) on SAP’s Australian approach to deliver real-time operational Haytham Kaddoura, CEO, offering designed especially for digital- Prudential Regulation Authority (APRA) payments engine) on SAP HANA customer list. CBA spent five years and over control, “ensuring greater visibility” into SmartStream, adds: “By deploying only and challenger banks. later this year. It also follows on from Enterprise Cloud (HEC); SAP Cloud AU$1 billion on the SAP implementation. cash, card, branch, central bank and modules of our Corona solution across This spring, Personetics announced March, when it launched its card and app. Platform (SCP); and SAP Application Meanwhile, in the neighbouring New payment transactions. multiple business lines, our goal will be that Banca Transilvania, the second largest Eric Wilson, founder and CEO, Xinja, Management Services (AMS). Zealand, Kiwibank’s SAP core banking Nouri Ali Mohamed Aboflega, deputy to manage and mitigate risk and lower bank in Romania with more than 2.2 million says: “We now have a solution that is According to Xinja, this means it can project ended up in an NZ$90 million general manager, Jumhouria Bank, says: processing costs, whilst providing a full customers, will add its technology to its proven and also fast and flexible. SAP ticks simplify product design, respond to write-off. “Our priority is always to further improve lifecycle of cash and card transactions.” internet and mobile banking platform. both boxes thanks to its reputation and regulatory changes, onboard customers, Antony Peyton technology, to be more responsive to Antony Peyton David Penn, Finovate

14 | www.bankingtech.com | September 2018 September 2018 | www.bankingtech.com | 15 NEWS INTERVIEW: SERENA SMITH, FIS

State Bank of World Economic Forum cyber Mauritius gets centre powers up with partners Payments at the speed of change Miles ahead The World Economic Forum (WEF) Centre cybercrime worldwide. for Cybersecurity (C4C) is recruiting The partnership means that Sberbank We talk with Serena Smith, division executive, international payments at FIS, in an exclusive interview about the payment industry’s founding partners, with Russia’s Sberbank will participate in the C4C’s projects; massive changes, its goals, and how they change around the globe. Smith was recently shortlisted for PayTech Awards 2018 in the being the first of six. have a permanent seat on the Global “Woman in PayTech” category. The C4C is the first platform for Cybersecurity Board, the foremost collaboration of business leaders, oversight body of the centre; and

cybersecurity organisations and nominate executives and members to the “The world of payments is very exciting at Serena Smith, FIS representatives of law enforcement expert committees. this very moment, there is so much going agencies to lead the fight against global The main areas of C4C activities will be: on, and so many things changing,” says cybercrime. developing an automated data exchange Smith. The agreement was signed by CEO about cyberthreats; establishing a You can hear the excitement in her and chairman of the executive board of network for cooperation among computer voice. Wherever you look, she says, there “We are working with Sberbank, Herman Gref, and founder and emergency response teams (CERTs); are different challenges to be overcome, executive chairman of the WEF, professor elaborating a strategy and definition of key and new innovations being announced; our clients to find Klaus Schwab. areas of cybersecurity development; and but from a global perspective, the goal is “In 2017, the WEF ranked cybercrime as founding a think tank for gathering of data very similar: real-time, enhanced customer ways to utilise data the third most important global risk, while on the current situation in cyberspace and experience, security and trust. to adapt and create terrorist attacks are only at the eighth its further distribution among the world Smith just came back from Brazil, The State Bank of Mauritius (SBM) has place. But, everywhere in the world, people community. in which FIS aided in the opening of those experiences chosen Miles Software’s technology are still more afraid of terrorists in the C4C was officially launched at the World an innovation centre. Brazil is looking platform MoneyWare for wealth physical reality, than those in cyberspace,” Economic Forum Annual Meeting in Davos at implementing real-time payments that customers seek.” management and banking options. says Gref. on 25 January 2018. solutions, so she has helped assess Serena Smith, FIS According to Miles, MoneyWare will He adds that the forum was one of The Forum’s representatives held the what this means for the country as the offer private wealth, custody, valuation the first international organisations to first panel discussion on the development economy, the market, and the day-to-day and accounting, registrar services, asset understand the danger of the growing of international cooperation against of people change. management and portfolio management threat of cybercrime, and that Sberbank global cybercrime at the International One of the main problems Brazil is for brokerage clients. is one of the prime targets of global Cybersecurity Congress (ICC), organised by facing is the current lengthy settlement Samir Khare, SBM’s CIO, says: “We are cybercriminals and is the most attacked Sberbank on 5-6 July in Moscow. Banking period. Brazil is taking a similar confident that the MoneyWare suite, company in the region. Technology was at that event, and the approach to the US, as they determine some of the modules we have already Thus, Sberbank has been developing report is available on our website. how to enable real-time payments against the big financial institutions. Real-time payments is just a little piece of implemented and are live, will enable tools and an ecosystem to help fight global Henry Vilar and progressively move to a real-time Rather, they are filling in the gaps and the whole picture. APIs and open banking SBM to offer products and services to its payments scheme. adapting to customer demands, rather now play a role, too, so FIS also focuses on customers and a better banking experience.” than making customers adapt to the promoting collaboration with fintechs. For its main core banking system, SBM UK’s Nationwide invests A NEW GAME current status quo. Banks need to deliver those plans to further uses Finacle from Infosys. Looked at from a regional perspective, But banks, with all the data and enhance services to meet customer needs, SBM Group is an investment holding in AI regtech Hazy Smith explains there are nuances that resources available to them, can still which include enhancing ease of use, security, company listed on the Stock Exchange of Hazy, a London-based online regtech Keen also says Hazy has been built to change the rules of the game in each remain relevant. “We are working with and trust around bank products; take the Mauritius. It has a market capitalisation platform, has received Nationwide Building require zero technical integration, or any geography. There is Alipay and WeChat our clients to find ways to utilise data to bank’s services to the “one touch” experience; of MUR 23.4 billion ($672 million) as at 30 Society’s second investment as part of a technical expertise, to allow companies to in China, both looking outside its adapt and create those experiences that and include robo-advisory services. April 2018. £50 million Venturing Fund designed to become fully GDPR-compliant. borders for expansion, including Brazil, customers seek,” Smith says. What is clear is that banks will go SBM is engaged in banking, non- create long-term partnerships. The Venturing Fund was launched in Mexico, India and the US. In the US, nowhere for a long while, in the short-to- banking financial services as well as Hazy says it uses artificial intelligence June to invest and partner with early stage Amazon is already providing lending IMPROVISE, ADAPT, OVERCOME medium term, they will have to update non-financial investments. The group is (AI) in its solutions to seek out and start-ups that are exploring products to and exploring opportunities to provide FIS tells us that it strategically determines their products and services to avoid present in Mauritius, Kenya, India and anonymise personal data, “supporting help the society’s members. deposit accounts, working with JP Morgan the geographies it tackles, as it’d much becoming the finserv equivalent to your Madagascar. businesses in ensuing customer data is Hazy has attracted investment by a Chase. Even Uber is stepping into the rather specialise and perfect in adapting grandad looking through tiny glasses at Last year, and in a separate deal, SBM private and secure”. range of investment in the 18 months it Netherlands for financial services, too. to the context in which these challenges the screen of an outdated phone model, and SALT, creator of a blockchain-backed Harry Keen, CEO of Hazy, says: “Consumers has been active. The company is already The result is that non-traditional appear, than taking a blanket approach. accidentally sending a text to his niece loan platform, entered into an exploratory are now acutely aware of the importance of working with clients including start- banking players are jumping into the As we established, challenges and when he just wanted to set an alarm. bt relationship to use blockchain assets as data security and, with the presence of GDPR ups, international banks and the British market but aren’t necessarily fighting conditions in each geography vary. Henry Vilar collateral for lending services. legislation, businesses rightly now consider government. Antony Peyton safe data-handling as mission-critical.” Henry Vilar Learn more industry insights at www.fisglobal.com

16 | www.bankingtech.com | September 2018 September 2018 | www.bankingtech.com | 17 BANKING TECHNOLOGY AWARDS 2017

13 JULY 2018 | SILVER STURGEON, LONDON

PayTech Awards are new and exciting awards that recognise excellence and innovation in the use of IT in the finance and payment industry worldwide, and the people who make it happen. The first edition of PayTech Awards took place on 13 July 2018 in London, on Silver Sturgeon, a luxurious 21st century yacht. We were delighted to have a great paytech crowd on board (pun intended!), including our headline sponsor – Earthport, our partners, Comms for Good, Bandwidth, and FemTechGlobal, our awards judges, and, of course, the awards nominees and their guests. What better way to celebrate summer and tech innovation than on a cruise alongside the river Thames, enjoying spectacular views, gourmet food, celebrity host entertainment, company of outstanding industry figureheads and of course the Awards ceremony itself!b t

18 | www.bankingtech.com | September 2018 September 2018 | www.bankingtech.com | 19 BANKING TECHNOLOGY AWARDS 2017

TOP PAYTECH BEST PAYTECH PAYTECH FOR 13 JULY 2018 | SILVER STURGEON, LONDON INNOVATION PARTNERSHIP GOOD Winner Winner Winner Vocalink Contis GoodBox PromptPay Contis & Wirex GoodBox

Highly commended Highly commended Highly commended Auka Flux, Barclaycard & Eat Netspend Auka’s white label mobile Flux, Barclaycard & Eat The Netspend Scholarship payments platform

BEST MOBILE BEST CONSUMER BEST CORPORATE PAYMENTS PAYMENTS PAYMENTS INITIATIVE INITIATIVE INITIATIVE Winner Winner Winner Nordea Bank CFT Group Saxo Payments Banking Circle Nordea Wallet Duesday Banking Circle Virtual IBAN PAYTECH PROVIDER PAYTECH INNOVATOR IT TEAM OF THE Highly commended Highly commended Highly commended OF THE YEAR OF THE YEAR YEAR National Bank of Greece EBANX SA Shieldpay & Barclays i-bank Pay & i-bank Pay 4B Local payment methods in Shieldpay & Barclays Latin America Winner Winner Winner Wirecard Barclaycard Nordea Open Banking Team

Highly commended Nexi Payments SpA Paytech

See you next year! BEST CARDS BEST E-COMMERCE BEST PREPAID WOMAN IN PAYTECH INITIATIVE INITIATIVE INITIATIVE PAYTECH LEADERSHIP Winner Winner Winner Winner Winner PaySend CashStar Glint Andrea Dunlop, CEO Donna Embry PaySend Global Account CashStar Product eGifting with Glint Issued by Wirecard Acquiring and Card Solutions Chief Payments Officer www.bankingtech.com/ Johnston & Murphy Paysafe Group Payment Alliance International paytechawards Highly commended Highly commended @FinTech_Futures Highly commended Hyperwallet Highly commended Highly commended #PayTechAwards Bankwest Halo ViaBill A/S Hyperwallet Julie Fergerson Craig Glendenning Try, before you buy! Senior Vice-President Chief Technology Officer 20 | www.bankingtech.com | September 2018 Industry Solutions Bluechain September 2018 | www.bankingtech.com | 21 Ethoca LENDTECH VENDOR SPOTLIGHT: AFS

Innovating and transforming the core credit and lending process globally

Banking Technology has a look at Austria, UK and US based Automated Financial Systems (AFS®) and its credit and lending and risk management solutions for leading banking institutions. AFS is investing in and continues expanding globally. WHITE PAPER The numbers don’t lie, or even sit still, for AFS. more on the AFS private cloud than the The firm has been around since 1970 and majority of individual global banks.” today works with leading banking institutions To help its clients meet this demand, AFS including two-thirds of the top 25 global and utilises artificial intelligence (AI), robotics US banking groups. process automation (RPA) and machine Currently AFS software platforms process learning (ML). Bare advises that many of its The state of more than €2 trillion in CIB and SME loans client’s business banking loan portfolios (corporate, commercial, and speciality) utilise complex robotic algorithms for auto IT incident nightly. Additionally, AFS software supports approvals. These clients have saved half a its banks in the fast growing Syndicated billion keystrokes and mouse clicks from the lending market. business, increasing efficiency. response While AFS has a healthy history and is in AFS also supports its clients’ RPA a happy state – it wants to continue staying roadmaps through automation of in financial at the forefront of innovation, a topic at decisioning/sanctioning/funding through manual processes around work processes the “top of everyone’s mind these days, servicing, to provisioning and final workout, and flows. One client says: “AFS was especially within the European marketplace”. if and when needed – all with full workflow exceptionally supportive. I cannot say services But what does innovation mean in the credit enablement integration and with one single enough positive things. They knew it was process space? version of the data. a critical part of our roadmap and they Richard Bare, GM, AFS GmbH, says: “We’re To ensure absolute data integrity absolutely went out of their way to make it in a real-time world and all banks need real- AFSVision uses straight-through processing a success.” AFS committed to making this time solutions and answers to be competitive (STP) – data is entered once and done. Banks happen by developing system guidelines today, sustain that competitive advantage gain enterprise-wide control of their lending and creating workflow prototypes. and react in real-time in order to provide the businesses, have one single version of the ultimate customer experience – at any step in truth and are ideally placed to respond to any OUTSTANDING DELIVERY the credit process. regulatory enquiries such as fully reconciled CREDENTIALS “Our solutions react directly in all channels IFRS9/Anacredit/CECL without the pain of While AFS works with all banks on credit – digital, mobile, relationship manager, in complex data extraction or integration points. transformation, Bare says: “Most are out-of- person, on line or any other new channel or AFSVision is fully deployed and operational at the-box implementations using our standard integration points that are here now and will multiple banks today. product with little or no customisations.” come about in the near or distant future. In Bare’s opinion, banks need to have the Allied to the company’s extensive experience “As a long-standing strategic innovator, ability to deploy the core lending solution in system migration and consolidation of old we know that the world of innovation using any distribution method – data centres, undocumented systems with inherent cyber- never stands still and increasing customer traditional outsourced models or “now security risks, the end result is on time and on expectations and further regulatory more than ever”, the cloud. To underline budget implementations with a fully secure requirements mean AFS continues to make the flexibility and speed of implementation and vastly improved customer experience substantial investments in technology delivered on the cloud, Robert Kahn, MD, with no disruptions to the banks’ business. advances and functionality enhancements.” global banking for AFS, advises: “Many Kahn concludes: “For those banks where This is where its comprehensive solution of our clients achieved three times faster core lending innovation is a high priority AFSVision® comes in – offering a real-time commercial loan growth with the AFS hosted within the strategic transformation agenda, solution for any type of loan, a cradle-to- private cloud than their peer banks by AFS has to be considered as a preferred grave credit and loan management system offering scalability, flexibility, ability to meet technology platform and implementation spanning from loan application, underwriting, aggressive acquisition strategy. We process partner.” bt

22 | www.bankingtech.com | September 2018 WHITE PAPER WHITE PAPER

MANAGEMENT THE SUMMARY CHALLENGES

The financial services sector is beset by ever more high-profile IT failures. These can As anyone in the sector will know only too well, many financial institutions rely cause huge disruption and create national headlines. The UK’s TSB debacle in the at their heart on ageing, complex and fragile systems. These are often poorly first half of 2018 was a massively embarrassing and costly example. documented and many of those who developed and understood them have Everbridge, a specialist in keeping people safe and businesses running, has reached retirement age. Events such as upgrades, patches and new interfaces can carried out a survey of the financial services sector, alongside Banking Technology. be high-risk. We wanted to know from firms around the globe how they do things at present However, doing nothing and leaving the systems alone is not an option. No one and what they see as their key challenges. can stand still given the pace of change in the sector, including ever increasing The survey found that the impact of critical IT events (degradation, disruption, demands from tech-savvy, sophisticated customers. This means there is more interruption, outages) on the IT teams (disruption, distraction, firefighting, interconnectivity between systems internally as well as, most likely, externally. unplanned work) over the past few years has increased by 70%. An example in the financial services sector of the need for external connectivity We wanted to know how long it took to put in place the necessary cross- is “white labeling”, whereby an institution now offers products from one or more function response teams to tackle a critical IT issue, how the stakeholders are third-parties. Another reason for greater interconnectivity is that financial services identified, how issues are escalated and reported (internally and externally), and are being embedded within e-commerce, so that they become a seamless part of whether remediation plans are automated. the overall processes of commerce, bringing convenience to the customer but IT The results show there is plenty of room for improvement in most organisations. that is increasingly interconnected. This means more complexity, more interdependencies between systems and more investment. The ever greater rate of IT change is reflected in the fact that the majority of respondents to the survey are experiencing increases in their IT budgets. Alongside customer expectations there are heightened regulatory requirements and an ever-greater threat from cyber attacks. Indeed, a key finding of the survey was that respondents feel there are now myriad points and causes of failure. This includes those related to IT infrastructure (servers, networks, other IT components), which remains the biggest area of vulnerability, but also events such as new release deployment and other changes, security-related issues, DDoS, ransomware and malware attacks, and application slowdowns and design issues. The digital nature of today’s banking means that failures can impact millions of customers as soon as they occur and even a few minutes of down-time can bring significant financial loss. That’s in terms of measurable costs but there are also the less easily quantifiable, including loss of sales and damage to customer loyalty and confidence. A company’s reputation becomes ever more important in a digital age, The survey found that the impact where customer loyalty is waning, comparisons are easy and where it has become of critical IT events (degradation, convenient to switch to another provider. Communications are not just internal but also external. Online customers are a disruption, interruption, outages) on click away from moving to a competitor or sharing bad experiences with thousands of people on social networks in seconds. Keeping people informed during IT the IT teams (disruption, distraction, disruptions is the best way to keep them satisfied and retain them as customers. The pace of digital transformation was a common theme among respondents. firefighting, unplanned work) over the And, of course, digital means a 24x7 world, where issues can occur as easily in the middle of the night as during the traditional working day. As a result, a rapid, tested past few years has increased by 70%. and thorough automated response is essential, to minimise the damage.

24 | www.bankingtech.com | September 2018 September 2018 | www.bankingtech.com | 25 WHITE PAPER WHITE PAPER

THE THE SURVEY BASE RESPONSES

Our survey sought to gain a detailed view on IT response management in banking The amount of time it takes to engage and assemble the right cross-function team and fintech. Respondents spanned IT professionals in financial services, investment varies considerably from institution to institution. Almost half the respondents and banking firms. We asked how they do things at present, the challenges they claimed to be able to do so in up to one hour. However, 14% believe this will take face and the current response processes within their companies. more than two-and-a-half hours within their institutions. There was a good spread of respondents from across the globe, reflecting the Similarly, the processes for informing and mobilising stakeholders and the level of interest in this topic: resolution team vary a great deal, from the largely automated to the manual or, in ■ 45% were from Europe, Middle East and Africa; some cases, non-existent. A worrying 16% of respondents do not have a consistent ■ 19% from each of North America and Asia Pacific; process for finding out about issues, relying on mostly manual practices. The most ■ 9% from Central and South America; common automated method is through an IT service alerting system, although this ■ and 8% from the rest of the world. shows that 73% are not using automation in this important function. This was across all sectors of financial services and a broad spectrum of job roles and Searching through directories, spreadsheets and using call trees to identify the responsibilities. The survey spanned the sector’s largest firms, with 20,000+ staff (12% of right responders will waste valuable time. On-call communications should be used respondents) to those with fewer than 1,000 staff (60% of respondents). to engage the right person with the right message at the right time, via multiple devices, with this linked to on-call scheduling workforce management which combines real-time shift calendars with integrated on-call notifications. There should also be automatic escalation of alerts. A firm’s “digital war room” most commonly comprises between five and ten staff (41%) but 5% have more than 20. Overall, the results show that the tendency is clearly towards involving more rather than fewer staff than in the past. Auditing and tracking the performance of the IT response teams’ decision- making and outcomes is patchy. In terms of compliance, including keeping and archiving recordings of the conference calls and chat conversations with the major incident details, only 30% believe they consistently do so on every occasion. 38% do so sometimes while a disconcerting 16% don’t do so and another 16% also do Respondents spanned IT professionals not do so but at least know they should. Reporting all critical IT incidents to senior management and/or authorities and in financial services, investment and regulators for compliance happens in almost two-thirds of firms. Nevertheless, the banking firms. There was a good 22% that do not do so at present is a significant portion, albeit with 8% expecting to shortly rectify this. spread of respondents from across Then in terms of actually executing the remediation plan, 70% do not use runbook automation/IT process automation solutions for known issues. As such, the globe, reflecting the level of in many firms, there are breaks in the cycle, which means that end-to-end incident management, from detection through to resolution and reporting, is still an interest in this topic. aspiration rather than achieved.

26 | www.bankingtech.com | September 2018 September 2018 | www.bankingtech.com | 27 WHITE PAPER

CONCLUSION The definitive source of news & analysis of the global fintech sector

Monthly page views: 570,000+ Ultimately, major IT outages can impact a company’s bottom-line. As our survey shows, some companies look to have things under control but even the most well thought-out theoretical plan can be thrown out by reality, so there should be testing as well as an iterative process whereby lessons from one incident are used Newsletter subscribers: to inform and improve processes for future ones. In the majority of companies, while awareness of the issues looks to be on the increase, perhaps due to the 42,000+ proliferation of incidents, there is certainly room for improvement.

Customer database: ADVERTISE As our survey shows, some 50,000+ companies look to have things under WITH US control but even the most well Magazine distribution: thought-out theoretical plan can be thrown out by reality, so there should 55,000+ be testing as well as an iterative process whereby lessons from one print and online incident are used to inform and improve processes for future ones. Twitter @FinTech_ Futures: LinkedIn group:

35,000+ followers 2,000+ members

We help IT organisations, service desks, IT operations and DevOps teams to manage their schedules, shifts, rotations, improve their communication processes and streamline their incident management processes so that they can repair IT service disruptions faster. We help companies to streamline, automate and standardise end-to-end incident management processes. Request a media pack for more information

Founded in 2002, Everbridge has been there for thousands of corporations and communities as a trusted critical event management partner. We have developed a full suite of enterprise applications, including the ground breaking Safety Connection, that enable our customers to deliver location aware and contextually relevant communications whether to a broad audience or to a targeted subset of individuals, globally or locally, www.bankingtech.com and accounting for cultural, linguistic, regulatory and technological differences. Everbridge serves over 3,800 enterprise customers worldwide, reaching over 500 million people. Contact Jon Robson Tel: +44 203 377 3327 | Email: [email protected] 28 | www.bankingtech.com | September 2018 COMMENT COMMENT

“The whole point of a true ecosystem Fellow bankers: “ecosystem” is it doesn’t need activation. We borrow the word from life sciences to is not a “safe word” describe a community of interacting organisms. A complex network of By Leda Glyptis interconnected systems.”

There was a moment, a few years ago, is little to showcase and a lot to learn. So Leda Glyptis when bankers started talking about our the events come to cater to that. Branching ecosystem. That time was heady with the out further afield for the showcase part, to scent of possibility. The word suggested help the industry learn. And with so many an open acceptance of connections, people participating, and learning, events to have been there. Dealing with a specific dependencies and a food chain where we have multiplied to cater to the audience. flavour of corporate FOMO. may not all be friends but we all play a part. And with so many events, organisations Banks appoint these guys and the Seeing clients, competitors, suppliers and have responded doing what they always market responds with more events and regulators as part of a complex canvas is not do: allocating resource to the task at hand. showcases. Too many for the doers, new. Talking about the canvas instead of So enter left the ecosystem folk. founders, techies and product managers, homing in on whatever bilateral relationship They live out of suitcases. They attend tech leads and architects to attend. is relevant to each specific conversation, events in cities all over the world but never Startup or banker, the people building stuff however, was new. At the time. see the sights. They are the eyes and ears have fires to fight. They are rarely found And it felt like it was heralding a new of organisations that are mostly busy doing at conferences and events. They are busy way of talking about business, profit and other things. doing work and protecting the work and the future. They are good people learning amazing fighting pointless fights to secure the work Some of that did come good. things but losing their trade. Paradoxically some breathing space. But to a very large extent, ecosystem becoming de-skilled at the coal face of full- The events they do attend are hand- has become a “safe word”. time learning. picked for the value they bring, the Banks use it when they are asked what learning and relevant exposure they they are doing or thinking about stuff they TELL IT TO A FIVE YEAR OLD guarantee. For these guys time out of the are neither doing nor thinking about. What do these guys do? office comes at a huge opportunity cost so “We are actively participating in the They are no longer banker-ing. They they are selective. ecosystem” is the go-to response when now man the bank’s ecosystem outposts Plus the ecosystem they play in is also little action has been taken. Regulators the in the land of cool. They are rarely there mostly busy away from the conferences. world over are following suit. Hosting and to share what the bank is doing. Rarely attending conferences. Sponsoring events trusted to translate what they see into GOOD PEOPLE LEARNING and co-working spaces. Building sandboxes what the bank should do next. BAD HABITS and innovation centres. Holding start-up They are there to observe. Make I get very worried these days when I hear events. Doing all the stuff that is meant to connections. Be seen in the fray. the word “ecosystem”. Because it is often inform business, result in or be the outcome It’s Saturday night at the races, and they followed by words like “participation”, of business, without the business bit. are making sure their employers are known “activation”, “exploration” and “synergy”. Smoke and mirrors. Oldest trick in the The whole point of a true ecosystem is it book. doesn’t need activation. We borrow the word Only this time the trick has an insidious from life sciences to describe a community of side effect. interacting organisms. A complex network of “’We are actively participating in the interconnected systems. THE ECOSYSTEM ECHO CHAMBER The name denotes a real, functioning With so many people lauding the ecosystem’ is the go-to response set of relations of interdependence. “ecosystem”, there has been a proliferation when little action has been taken.” It’s not always harmonious but without of events of all shapes and kinds. Normally the existing relations of interdependence, these events are opportunities to Leda Glyptis it’s not an ecosystem, it’s a collection of showcase and learn. But with so many folks stuff that need to be catalysed, moulded, participating in lieu of other activity, there baked. Or activated. >>

30 | www.bankingtech.com | September 2018 September 2018 | www.bankingtech.com | 31 COMMENT PAYTECH SPOTLIGHT: SUNRISE BANKS

Armies of very talented people are being deployed to do something that in The dawn of seamless a true ecosystem doesn’t need doing and “Ecosystems are buzzing living things if it needs doing then they are not in an for those who are part of them.” ecosystem and we owe them the courtesy payments experiences of describing the work they do with Leda Glyptis language that sounds less effortless and We have a chat with Sunrise Banks top execs, David Reiling, CEO; and Eric Schurr, chief strategy officer, about social enterprise banking, loving. payments, and creating user experiences by using data. We send them out as scouts of business viability, we ask them to identify ideas, “Sunrise isn’t your average bank,” says For example, mobile wallets that Reiling says that the new focus is models and systems and guarantee that if Meanwhile, back at the farm, having learn that to play in the right ecosystem Reiling, CEO at Sunrise Banks. “We are a enable consumers to pay for goods and usability, and selecting the platform we ingest them and transplant them into people to attend events that don’t also you need to determine your target state social enterprise first.” services via their smartphones, while in which the transaction is carried has the heart of our organisations we will all be have a duty to translate to hard business business model: how will you make Facebook allows users to make peer-to- become something consumers think better off, none of our revenue streams will delivery is only part of a wider insidious money, how will you interact and survive. A QUESTION OF ATTITUDE peer (P2P) payments via Messenger. about nowadays. However, usability sicken and die. narrative of keeping things apart that can That choice comes first and it won’t Reiling says that the social focus has Reiling says Sunrise has adopted a has always been seen as somewhat We send them out as lookouts for only work together. be made at the conference although been present in the bank’s attitude since three-pronged strategy to position itself counterpoised to security. changing trends, shifting weather and There are people responsible for learning will help you think it all through. the beginning. To achieve and empower for the future: first, Sunrise is partnering The big issue that affects both fintechs impending disaster. culture now. But they have no business And while you are at it, you may financial wellness, the bank says it strives with tech firms for specific services, and banks right now is data encryption, We send them out with a grand mission responsibilities as a way of showing how learn that if your organisation needs to keep up with innovation. essentially providing “powered by Sunrise” says Schurr. It is widely accepted that but a mandate that stretches to ‘talk to important this is to the firm. As if the management permission for folks to Financial wellness looks different to expertise to gain a portion of revenue. data that is being transmitted must be each other’. decision makers don’t know that functional reach over the fence to ask for help every person, so Sunrise knows there Second, Sunrise is building select encrypted. The main concern now is what Some stay there, mesmerised by the heads set a tone no amount of “employee across silos, then you may want to isn’t a cure-all solution. capabilities in-house to move up in happens to that data when it is received, affirming echo chamber. But most venture engagement activity” can change. The start the whole ecosystem activation “We work with fintechs to provide the value chain, with the aim to create or “at rest”. Encryption at rest is not yet out into the unknown to find something people who shape and coordinate the work at home. If it needs activation it tools that our customers can use to take additional value to its partners; and third, an industry standard even though many of value. work, mould the culture. The business of is not an ecosystem and in our siloed control of their financial wellness and the bank continues to partner with fintech breaches, target that data. We send them out to do something doing the business cannot be separated organisations the need could not be goals. Whatever their challenge is, we companies that strengthen its in-house “For us, those issues are where we can undefined, with minimal tools and almost from itself. greater. want to be their source for resources and digital offerings. partner with fintechs to make sure that data no support. And we add insult to injury by We all mean well. We have some But you cannot achieve this by tools to find their own solution,” Reiling is safe,” says Reiling. “We make sure that describing their job as helping along what learned behaviours from a bygone age, appointing a cheerleader. adds. AN ADDENDUM ABOUT payments are not only happening quickly, would happen organically anyway. And coordinating labour intensive processes by You start by making everyone Sunrise says it is has been focused CASH AND SECURITY but that we aren’t sacrificing security”. not committing to delivery or action upon organisational fault lines and hierarchy. responsible. The cheering is optional. The on partnering with the neighbourhoods In the search for digitisation, we cannot For Sunrise, the technology that their findings. But the world has changed and your doing isn’t. and communities it serves to provide forget about cash. Where does it stand holds the most promise for business and You will know these folks. ecosystem bods know it. Even the ones Ecosystem is not a safe word. products and services to help them in the bank’s strategy? Schurr tells us consumers alike is the ability to instantly You will see them at every conference. who fell for the echo chamber know it. Ecosystems are not safe places. Things succeed. Like Reiling says: “At the end of that payments across all segments will transfer value between parties seamlessly They will be hiding in corners pleading Inside your organisation and inside eat each other, things die. But also things the day, if the community succeeds we become increasingly digital as long as it embedded within the customer with corporate overlords on conference your market, you can know ecosystems grow and flourish, change and develop. will be able to thrive along with them.” delivers convenience, efficiency (including experience. “Think Amazon’s 1-click on calls to channel some of the conference when you see them by the twin traits of Ecosystems are buzzing living things for lower costs), and safety. “Cash will remain steroids.” budget to testing some tech. Doing a interdependence and activity. those who are part of them. AN ANSWER TO COMPETITION relevant as long as there is mistrust in This type of technology becomes the thing. Rather than just participating. Ecosystems don’t need activation. They don’t need your help to come However, Sunrise knows it isn’t the only digital channels.” critical thread in an ever-increasingly You see them at the airport, tired That’s true of the world at large. It is alive. If you are of the ecosystem, you do resident in this sector. With the rise of The rails upon which payments ride complex value chain that delivers greater and frustrated, knowing so much and also true of your own organisation. And or die. fintech, it has seen tech companies (Visa, Mastercard, ACH etc.) will remain convenience, safety and speed to the desperate to use that knowledge for the attending conferences won’t help you, if it If all you do is watch, you are just a introduce features and offerings that important, but consumers and business consumer. good of a business that thought ecosystem is all you do. tourist. Harmless and fundamentally have the potential to disrupt specific will become savvier about the rails they Sunrise Banks NA is Member FDIC. bt was a safe word. But if it’s a starting point then you may irrelevant. bt parts of the banking system. choose for specific transactions. Henry Vilar

Leda Glyptis is FinTech Futures’ resident thought provocateur – she leads, writes on, lives and breathes transformation and digital disruption. Leda is a lapsed academic and long-term resident of the banking ecosystem, inhabiting both start-ups and banks over the years. She is a roaming banker and all- weather geek. All opinions are her own. You can’t have them – but you are welcome to debate and comment! Follow Leda on Twitter @LedaGlyptis and visit our website for more of her articles.

32 | www.bankingtech.com | September 2018 September 2018 | www.bankingtech.com | 33 CASE STUDY: AFGHANISTAN INTERNATIONAL BANK CASE STUDY: AFGHANISTAN INTERNATIONAL BANK

The bank has its main data centre in the Afghan capital and a disaster recovery site here, with duplication and back up of data now done via a facility in Germany. AIB’s infrastructure challenges are faced by any Afghan bank or other mid-sized commercial organisation. It has to rely on satellite and microwave links. The cost of the latter has fallen steeply, says Fayzi, from around $4,000 per MB ten years ago to about $100 per MB but the quality of the performance remains very poor and the connections can go down at any time. Around Flexcube it has a range of other applications and is about to go live with the latest version of Oracle’s branch system. Branches access Flexcube via a Anthony Barned, AIB browser interface, a big improvement on the original client-server version. It also has an Oracle application for compliance reporting, Accuity for filtering and a Swift interface device for straight-through something the bank tries to avoid asking processing of Swift messages. staff to do. However, the commute to and Of late, the bank has implemented from work brings exposure, he adds, as one “smart branch” in a Kabul shopping reflected in the number of workers killed centre. Although this isn’t fully automated, in a bomb blast at the German embassy. so still has one staff member and, admits Afghan staff tend to live further from Fayzi, is only sophisticated by Afghan, The road to hope their workplaces than ex-pats so are more not European or Middle East standards, exposed from this perspective. it includes devices for tasks such as cash deposits, funds transfer and cheque book TECHNOLOGY “Travelling between requests. It is the only bank in the country Afghanistan International The things that keep most bankers awake rooms in each and these are often invoked. The IT-related logistical hurdles are to have such a branch and has plans to Bank faces challenges that at night are probably small fry compared “There hasn’t so far been an attack on a considerable. From the outset, the bank cities is probably the introduce more smart machines, says Fayzi. are far more extreme than to the challenges facing Afghanistan commercial company,” he adds, but there selected Flexcube as its core banking There is relatively good take-up of International Bank (AIB). It has persevered have been bombs in Kabul of late close to system (at that time supplied by I-flex most dangerous part internet banking, says Fayzi, particularly for most of its counterparts over the years, since its formation in 2004, other banks. Solutions, now part of Oracle). It has a of Afghanistan.” from corporate customers. The bank also around the globe. Banking but it has to battle for many of the things Around 12% of AIB’s staff is female, mix of hardware but has mostly settled has around 100 ATMs and offers credit Technology spoke to the that other banks take for granted. This including three of its 25-strong IT team. on Dell servers. Even buying software Anthony Barned, AIB and debit cards. It has a mix of customers bank’s CEO and COO. includes the physical safety of staff and The bank has a stated policy to support and hardware is a challenge, because no across retail, SME and corporate banking buildings, the ability to provide banking its female employees. It seeks to “play a external suppliers have sales staff in the and offers some Islamic banking products, >> to rural areas, on-site support from positive role in developing their careers country, so evaluating systems typically suppliers, and a stable communications and ambitions”. There are social as well as means travelling to India, Pakistan or UAE. infrastructure. safety issues so part of the bank’s support This complication extends to support AIB smart branch That AIB has survived, is profitable and is transport for women staff to and from and maintenance. It has gone through has a branch network of 35, alongside homes, offices, and universities. Most are upgrades to Flexcube – from Release 5.2 at internet and mobile banking, is a greater based in the bank’s head office in Kabul the start to 7.2 in 2008 and now 12.1. I-flex achievement than for most other banks because this is safer than elsewhere in the Solutions put staff on-site for the initial of its age. It is clear when talking to CEO, country. implementation but the deteriorating Anthony Barned, and COO, Asadullah Fayzi, The poorest, most isolated areas are security situation in the country means the that the logistical challenges are huge. particularly dangerous so it is hard for the bank has subsequently had to send its IT bank to serve the populations here. Mobile team to India for training and to do system SAFETY branches, as occur in other countries, are testing. In 2014, for the latest upgrade, the “The physical precautions we take are not deemed feasible. “Travelling between team went to Dubai and all testing was quite significant, in the branches and cities is probably the most dangerous done here, before the disks were brought head office,” says Barned. There are safe part of Afghanistan,” says Barned, so this is back to Kabul and installed.

34 | www.bankingtech.com | September 2018 September 2018 | www.bankingtech.com | 35 CASE STUDY: AFGHANISTAN INTERNATIONAL BANK CASE STUDY: AFGHANISTAN INTERNATIONAL BANK

bank has gradually withdrawn, culminating AIB head office, Kabul “The quality of education is extremely low. We can’t find skilled people in a decision in 2016 to withdraw all cross- so we seek talented people.” border dollar clearing except for German payments. Asadullah Fayzi, AIB Barned says AIB has a good reputation for anti-money laundering (AML), sanctions and transactions monitoring and filtering, and anti-fraud and corruption, “but the problem for a bank like us these days is if, in a boardroom, a bank is looking at where although they remain a small portion of only in Afghani currency as a term loan it can de-risk, somewhere like Afghanistan AIB’s business. “Islamic banking is still a of up to three years, payable in monthly is likely to quickly come to the top of the very tiny part of our overall mix on either instalments, the loans are guaranteed by agenda, however good our systems”. side of the balance sheet,” says Barned. the Afghan Credit Guarantee Foundation AIB has correspondent banking Mobile banking is not well developed (ACGF), established with funding from relationships with State Commercial in Afghanistan, says Fayzi. There is a large the German government and USAID and Bank of Turkmenistan and Asaka Bank in number of SIMs but low usage, with many subsequently from the World Bank. Uzbekistan, with correspondents being people keeping low values on their devices On the commercial banking side, there sought in Kazakhstan and Russia, the latter solely for emergencies. In Afghanistan are standard loans, guarantees, overdrafts ideally to handle all clearing with former there are no mobile-to-mobile services, and letters of credit. It is mainly on the Russian Federation/Soviet Union countries. such as Kenya’s M-Pesa. consumer lending side for e-banking and One change that is aiding AIB’s cause IT expertise is an additional challenge, self-service that the bank is probably least is gaining a small holding last year from with few resources. “The quality of up-to-date on the IT side, says Barned. International Finance Corporation (IFC), It is difficult to deliver loans to much of education is extremely low. We can’t find Clearing, ATMs, payments and credit taking 7.5% (with an option to increase the country, says Barned, with the current skilled people so we seek talented people,” cards are supported by a service company this), alongside the bank’s established security situation and there is also the says Fayzi. The bank must do the bulk of in Lebanon “but they are very slow at shareholders, Horizon Association and risk of dampening the economy through the training, typically again in India or bringing new ideas to market for us”, he Wilton Holdings (each with 46.25%). IFC further political upheaval as a result of Dubai, which is a considerable investment. Asadullah Fayzi, AIB feels. also has shareholdings in banks elsewhere, elections later in the year. The trained staff then become valuable While labour is relatively cheap, Barned including TransCapital Bank in Russia, “Someone, When it comes to better uptake of commodities for other banks, he says. After believes the bank needs to improve its which is “opening some doors”, says mobile banking, “someone, somewhere, AIB led, the other banks in the country e-banking technology so he predicts more Barned. somewhere, has has to take out cash”, says Barned, which adopted Flexcube, so AIB’s staff are sought travelling for Fayzi and his team in the Finally, what are the overall prospects to take out cash.” again is very difficult across the country, by the competition. coming year to learn from other countries. for banking in Afghanistan? AIB has around particularly outside the cities. Even in 100,000 customers, of which around 10,000 Anthony Barned, AIB Kabul, out of a population of three to REGULATORY CHALLENGES CORRESPONDENT BANKING are corporate and probably 70,000 are on five million (no one is sure of the actual To all of the other challenges, Barned AND OTHER ISSUES the payrolls of the corporate customers. number), he estimates perhaps half a adds regulation. There are no hindrances Correspondent banking is very million at most are bankable. Realistically, when it comes to technology but there are important for AIB’s revenues and for he feels the aim at present needs to be rules about how the bank organises itself, auction foreclosed properties, makes it the country’s economy but is again far on growing in the SME sector, thereby what positions it has, how it fills these. hard to collect bad loans. Loans tend to be from straightforward. Barned believes AIB Women’s Committee creating employment. For lending, “a huge amount of reliance is repaid in their entirety or not at all. AIB handles around 80% of outward AIB also seeks to be a good citizen, placed on having real estate as collateral”, By way of mitigation, Barned accepts dollar payments for imported goods. As contributing to a New York-based initiative he explains. This is in a country where an that the central bank is “walking a Afghanistan has virtually no manufacturing to improve women’s rights, Women for estimated 70% of property is not registered tightrope” particularly since the collapse of its own, more or less everything is Afghan Women; to the American University with the authorities. of Kabul Bank in 2010. The banking sector imported. With Iran on one border, with of Afghanistan; and to Save the Children, Whether a company is well managed remains weak, so too the economy, and heavy sanctions, and Pakistan on another, Shamsa Children Village Orphanage, and and stable remains secondary to collateral he believes that probably only one other this is not easy. Much of the import traffic Amiri Medical Complex. and Barned doesn’t see any immediate commercial bank is profitable at present. comes from Kazakhstan, Uzbekistan and The bank is something of a flagship in change, although he feels this is stifling The regulations mean AIB’s loan Turkmenistan. its country and keeps swimming against economic growth in the country. As a portfolio did not expand during 2017. In 2012, AIB acquired Standard the tide of security, economic, regulatory result, loan origination is extremely paper- However, to counter the challenges, AIB Chartered Bank’s branches in the country and logistical challenges. What another based and manual as customers need to has recently introduced loans designed and this brought a correspondent bank would view as slow progress after a present a lot of documents. to promote local products and encourage banking relationship that remains in decade and more of effort seems a major One other problem is that the immature manufacturers, thereby seeking to place. Historically, Commerzbank was very achievement in Afghanistan. bt legal system, particularly the process to expand and create more jobs. Available supportive of Afghanistan but the German Martin Whybrow

36 | www.bankingtech.com | September 2018 September 2018 | www.bankingtech.com | 37 INTERVIEW: YVES TYRODE, BPCE INTERVIEW: YVES TYRODE, BPCE

Yves Tyrode, BPCE At that time, traditional banks were under growing pressure to expand their digital Journey to the centre of tech services as customers handled more of their financial affairs online. One of Tyrode’s first decisions was therefore to devise a whole digital strategy, which relied primarily on Yves Tyrode, chief digital officer at BPCE, is on a forging strong ties with fintechs. To do so, mission to deploy a whole new digital strategy. BPCE started to eye a number of firms in the view to acquire them. “When I joined BPCE, I sat down with In October 2016, the French banking group the CEO and we looked at the whole BPCE recruited Yves Tyrode, former CEO of fintech scene,” Tyrode says. “We agreed the e-commerce site Rail Europe, to devise that we needed to be clear on how to a digital strategy. With a current budget of position ourselves in the fintech world and €100 million, the team is thinking big and acquiring firms that were innovative made has recently partnered up with the fintech sense as long as those fintech add value TransferWise. to our customers and as long as this is On 4 June this year, the French banking something we are not already offering.” group BPCE made a major announcement. This is how BPCE acquired the German From next year, its 15 million customers digital bank Fidor in 2016. In its annual will be able to send money to over 60 would end up leading the whole digital report that year, the group noted that countries at the real exchange rate thanks transformation for BPCE at that point, the acquisition of Fidor was “a critical to a partnership signed with the Swedish though. He, himself, concedes that joining step in its digital transformation”. In a money transfer firm, TransferWise. For a a banking group was not part of his plans. public statement, Pérol also noted that banking group like BPCE, which counts He would have rather launched another the deal “further demonstrated the bank’s some 40 regional branches across France, company after a first successful stint as commitment to innovation, to developing the deal marks an important milestone. the founder and CEO of a telecom start-up a customer centric approach enabled by It’s the first time in Europe that a major called Mobile Internet for Business (MIB) at digital banking technology, and to be more bank directly integrates TransferWise’s the end of the 1990’s, which was ultimately involved in the digital and mobile banking API into its mobile banking apps to offer sold to Orange in 2002. field”. international transfers to its clients. But the offer François Pérol, CEO of A year later, in June 2017, BPCE made a And for Yves Tyrode, BPCE’s chief digital BPCE at the time, put on the table was one second acquisition with Dalenys, a Belgian officer, and one of the instigators behind Tyrode could not turn down. “The idea was payment startup for SMEs. the deal, the partnership appears as a good to launch the whole digital process for the But acquisitions were not the only opportunity to attract new customers. group,” he says. “This was both exciting and mean and BPCE has also made the choice “Digital means business opportunities,” challenging. Not because I didn’t have any of signing partnerships with a number of he says. “But if we want to do more background in banking. But because there start-ups in order to use their innovative business, we must put the user experience was everything to do from scratch.” solution. This is where the deal with at the heart of our project and make sure TransferWise comes into play and Tyrode the new technology serves our customers’ is now looking to deploy the solution needs. We also need to make sure the new to do with this partnership. “We acquire In 2011, he eventually stepped away “massively”. service is fully automated as our customers a technology solution that will be fully from the telecom business and joined The difficulty for the bank, though, is to increasingly want to do everything on their integrated in our money transfer services voyagesncf.com – also known as Rail integrate the technology into its system. own.” so that, in the near future, our customers Europe – one of the first e-commerce “The idea was to launch the whole digital The reason for that is twofold. First, BPCE Tyrode’s strategy is in line with will be able to make any type of transfer, sites in France. In his role as CEO, Tyrode process for the group. This was both must ensure that the TransferWise’s API customers’ demand. According to a study whether it’s local or international, from one managed to grow revenues from €1 billion can support its heavy transaction volumes. published by the consulting firm Accenture single interface.” to €4.5 billion between 2011 and 2015 and exciting and challenging. Not because I Second, as a bank, BPCE must comply with in 2017, 57% of more than the 32,000 Tyrode understands customers’ sat on the SNCF board until its departure in some strict regulatory requirements and banking customers surveyed, wanted tools changing needs. Before joining the group September 2016. didn’t have any background in banking. needs to ensure TransferWise meets all of to transfer money abroad instantly and at in September 2016, he spent more than 20 “My experience there was great,” he But because there was everything to do them. low-cost. In addition, the survey found that years in retail, first working for Orange in says. “But I had the feeling that I had “This will take time,” concedes Tyrode. customers increasingly wanted to cut out the 1990 and 2000 decades where he held fulfilled my mission and I wanted to take from scratch.” “But we are now slowly integrating the the middleman in transactions and track several positions, respectively as head of on a new challenge. So I decided to step solution into our newly redesigned mobile their banking activities themselves. marketing, head of data transmission and down to try something new.” Yves Tyrode, BPCE app and the solution should be available to This is precisely what Tyrode intends chief product officer. There was no indication that Tyrode all our customers by early 2019.” >>

38 | www.bankingtech.com | September 2018 September 2018 | www.bankingtech.com | 39 INTERVIEW: YVES TYRODE, BPCE

Meet the Innovators, Reuters Source: Coming to an agreement with TransferWise also took time, Tyrode Regulators, Bankers and explains. But this is simply because BPCE wanted to make sure the international transfer solution could not be developed internally. “The upside with TransferWise is Thinkers shaping the that they can mutualise their costs across “Since we don’t have any R&D several banks, which means they can offer more attractive fees to their customers,” he department, we position ourselves as says. “This is something we couldn’t do.” VCs in fintech to test new concepts.” Future of Payments TransferWise surely has a lot to gain with this partnership too. The most obvious Yves Tyrode, BPCE advantage for the fintech being the access to BPCE’s clients. But while some banks have warned against the disintermediation effect, whereby the new entrants would bypass the traditional players in the long run to serve their customers directly, Tyrode takes a much relaxed stance. “I’m not sure whether the fear is justified or not,” he says. “But if we could draw a department, we position ourselves as “This is what I’m the most proud of,” says comparison, I’d say that when Amazon and VCs in fintech to test new concepts” says Tyrode. “I built my own team a bit like an Dirk Haubrich Louise Beaumont Ricky Knox Apple launched their online marketplace, Tyrode. internal start-up with 50% of digital experts Head of Conduct, Co-Chair Founder they didn’t lose any of their business value. BPCE’s investment strategy is not limited and 50% of bankers. The team is called Payments and Consumers techUK, Open Bank Working Group Tandem Bank Yes, they allow third party providers to do to the financial sphere as the group also 89C3 – which is the translation of BPCE in European Banking Association business on their platform but they are still extends loans to start-ups in the retail sector Leet Speak – and our objective is to recruit offering their own services and products. through its banking network Next Innov. very diverse profiles and backgrounds. This And the model is working amazingly well.” The final approach adopted by Tyrode obviously includes women.” So far, BPCE has signed some 300 to forge strong ties with fintech consists Recruiting women in tech roles remains Quote VIP Code: FKM63627FFAD to claim your 20% readers discount partnerships, which were facilitated by in opening the bank’s data to third parties a challenge, Tyrode concedes. But, as the the introduction of a “start-up pass” in through APIs. “We were one of the first society evolves and the customers’ needs Visit: fi nance.knect365.com/payments-international 2017. This pass aims, among other things, banks to do so and, as planned under the change, women are increasingly playing a to reduce the administrative burden by second EU Payment Services Directive key role for BPCE, he says. softening the contract terms with the view (PSD2), we will soon launch new APIs to “Our business must reflect our society, to start the experimental phase sooner. The allow third parties to access our bank which is more and more diverse,” he claims. French banking group is now looking at accounts,” he says. “At the moment, women at BPCE are very other potential partnerships and may sign These projects sound promising. But all active in communications and marketing, THE COMPLETE PAYMENTS further deals in the months to come. of this takes a lot time and effort. To help him which is a key sector when it comes to In the meantime, Tyrode will pursue his in this daunting task, Tyrode was joined by transformation because we need to make ECOSYSTEM REPRESENTED digital strategy. In addition to acquiring Frédéric Burtz, deputy chief digital officer at sure we send the right message across in and partnering with innovative fintech, BPCE and former deputy general director of order to launch a new dynamic. And who BPCE also plays the role of venture Voyage sncf.com when Tyrode was still CEO of knows, going forward, we may be able to Main Conference: 26th - 27th November 2018 capitalist by investing in early-stage firms the e-commerce site. recruit more women in tech roles? The team via the Truffle Capital Financial Innovation From only two members in October would surely benefit a lot from their expertise Regulation Summit: 28th November 2018 Fund in which BPCE invested in November 2016, the team has grown exponentially to and knowledge.” bt 2017. “Since we don’t have any R&D 600 today. Cécile Sourbes Radisson Blu Portman, London an informa business September 2018 | www.bankingtech.com | 41

Movers and shakers EVENTS CALENDAR

Sonia Wedrychowicz has joined JP Morgan chief design officer, “focusing on human- September Chase as head of technology transformation, centred design”. 12: SWIFT Business Forum, New York consumer and community bank. She moves Makoski moves from US retail chain www.swift.com to the US from Singapore, where she spent Walmart, where he was VP of design. He three and a half years at DBS Bank, most also previously worked at Google, designed 20: TSAM Hong Kong recently as head of technology, consumer the original Surface at Microsoft, led design www.tsamhongkong.com banking. She also worked at Standard research globally at Motorola and was the first Chartered Bank and Citi. VP of design at Capital One. October 08-10: LEND360 Going the other way is Rob Cameron – he Heading out of the Lloyds door is Claire www.lend360.org is leaving JP Morgan Chase to join Barclays Calmejane, who left the UK banking group to as CEO, global head of payment acceptance, join its French counterpart Société Générale 22-25: Sibos, Sydney sitting at the helm of Barclaycard Payment as chief innovation officer. www.sibos.com Solutions (number one payment processor in She spent six years at Lloyds in various the UK and number two in Europe). roles, most recently as risk product owner 22-26: Vizag Fintech Festival, At JP Morgan Chase he was president and transformation director. Prior to that, she Andhra Pradesh of Chase Merchant Services Canada worked at Capgemini. www.vizagfintechfestival.com and Partnerships, and led on the recent Société Générale says the recruitment of acquisition and integration of paytech Calmejane is “a natural fit” with its group- 29-30: Finovate Asia, Hong Kong WePay in the US. wide “Transform to Grow” digital and finance.knect365.com/finovateasia innovation strategy. Attending Sibos UK-based challenger CivilisedBank has 30-31: FinTECHTalents, London hired Simon Bateman as CIO. He moves Gareth Burton has joined Finastra as CIO, www.fintechtalents.com from another UK bank, Harrods (now moving from Laing O’Rourke, a UK-based in Sydney? merged into Tandem). Previously, he was at construction company, where he worked in a November Aldermore Bank. similar role for over four years. 05-06: Swiss Payment Forum, Zurich The appointment comes hot on the His previous experience includes www.swisspaymentforum.ch Make your voice heard! heels of the arrival of Michele Turmore roles at African Minerals, Baker Hughes, at CivilisedBank as COO. She, too, is ex- Motorola and BT. 21-22: International Financial Reporting Harrods Bank. and Compliance Summit, Amsterdam Explore digital and print opportunities Earlier this year, the SME-focused bank Julio Faura has left Santander after 11 years, www.engevents.com/ifrc2018 with Daily News at Sibos, relinquished its banking licence to give more most recently as head of R&D and blockchain, time to develop its technology platform, to become CEO of blockchain start-up 27-28: FIMA, London the conference’s flagship and before subsequently reapplying for a new one. Adhara. fimaeurope.wbresearch.com only daily publication: CivilisedBank plans to open for business Adhara, which was founded earlier this in 2019. year, has been seed-funded by another 29-30: RiskConnect, Frankfurt am Main › Interviews and Q&As blockchain firm, ConsenSys. It delivers www.riskconnect.eu › Another SME challenger bank in the UK, real-time solutions for multi-currency global Analysis and thought leadership OakNorth, has poached Amir Nooriala from liquidity management, FX and international › Videos BGC Partners, where he was MD, leading the payments, based on tokenised money over a › News and announcements restructuring of the broker’s change function. smart contract-enabled, decentralised ledger. Banking Technology is a prominent media OakNorth, which describes itself as “the partner of many financial services and › Advertising bank for entrepreneurs by entrepreneurs”, has Toyota Financial Services (TFS) USA, the banking technology industry events › Sponsorship appointed Nooriala as COO. country’s largest auto lender, has appointed worldwide. If you are interested in a › And more! Prior to his stint at BGC Partners, he spent Vipin Gupta as CIO and VP. media partnership with us and marketing a decade at Barclays Investment Bank as its With 27 years of experience in the financial opportunities, please contact: regtech director. services technology sector, Gupta was most www.bankingtech.com/sibos recently VP and CIO of Key Community Bank Irena Andrisevic, Marketing Manager Lloyds Banking Group has appointed Business of KeyCorp. He also worked at Tel: +44 (0) 207 017 5379 Dan Makoski to the newly created role of Capgemini and EY in the past. bt Email: [email protected] Contact Jon Robson Tel: +44 203 377 3327 | Email: [email protected] September 2018 | www.bankingtech.com | 43 so have resigned myself to life in this grotesquely overpriced city. Out of office “With this in mind, I took initiative and decided to write a report in which I personally requested funding. The link at the end went helpfully to my email address. Fintech journalist seeks £1m “Rather than mentioning vague nonsense such as ‘growth acceleration’ – I went into specific details as to how the funding to stay in London money would be used. “At present I have more chance of walking into a wardrobe and entering the land of Narnia, than I have of getting on the property ladder. “The money would help me find my own place rather than sharing a rundown apartment with a Love Island-obsessed cretin; and an eternally-gushing couple who think their love surpasses Romeo and Juliet. “I’d also like to go out now and then for a drink or a trip to the cinema – and not live off bread and water for the rest of the week if I dared do so. I have more debt than some South American countries and my bank balance haunts me in my dreams. “Everyone else is getting funding. So why not me.” Sadly for Evergreen, while some of us may salute his nerve, his MD, Clarissa Cordite, possessed a nature not so forgiving. Like Sauron from The Lord of the Rings – but with a more sinister aspect – her A young Londoner has sought an end to eyes immediately swivelled to Evergreen’s his Dickensian levels of poverty with the report on the site’s front page. audacious creation of a news report that Cordite comments: “It’s interesting that personally calls for £1 million in funding to “There are insane Earnest didn’t see fit to ask me or the editor survive in the capital. Stefan if this report could be published. Earnest Evergreen, reporter at the UK- amounts of money Earnest has clearly forgotten the exquisite based fantasy/fintech hybrid publication swirling around the punishment we placed upon him after his Dungeons & Plugins, has been left hostage antics. exhausted by writing yet another article jargon-coated coffers “Who can forget the look of horror on on a firm bagging itself a succulent wad his malnourished face as we forced him to of cash. of fintech, yet none listen to Chris de Burgh’s ‘Lady in Red’ for He explained: “There are insane of it touches the the 50th time in a row. Even Stefan said amounts of money swirling around the ‘maybe we should stop now?’. jargon-coated coffers of fintech, yet none alcohol-fuelled world “I think this time will be even more of it touches the alcohol-fuelled world of unpleasant. I have received a press journalism. of journalism.” release from ‘game changer’ Jargon Bank. “I was cruelly denied asylum in Earnest Evergreen, Dungeons & Plugins Earnest can get to work on that one. Amsterdam by malevolent forces beyond That’ll teach him.” bt my control – aka my MD and editor – and Antony Peyton

44 | www.bankingtech.com | September 2018 13 December 2018 London Marriott Hotel Grosvenor Square Imagine your brand positioned next to the biggest names in the industry…

Explore sponsorship opportunities with Banking Technology Awards, the premier event recognising excellence in the use of IT in financial services:

n Access an engaged audience of senior fintech executives

n Benefit from our extensive marketing programme

n Network with the most influential names in fintech

n Align your brand with excellence and innovation

A range of sponsorship packages is available. Enquire today! Contact Jon Robson Tel: +44 203 377 3327 | Email: [email protected]

Visit our website for more information: www.bankingtech.com/awards

@FinTech_Futures #BankingTechAwards