Finastra has announced that CIH Bank, a Moroccan-based commercial bank, has gone live with Fusion Corporate Channels and Fusion Trade Innovation, to digitize its end-to-end corporate banking services. The solutions are automating the bank’s trade and supply chain finance services, providing its corporate customers with access to services online, rather than in-branch. The solutions reduce manual processes, helping the bank to become more efficient and agile, grow its customer base by providing a more seamless digital customer experience and ultimately, generate new revenue streams. Read more
Finastra research reveals that 86% of global banks are looking to use open APIs to enable Open Banking capabilities in the next 12 months. In addition, 30% of banks surveyed believe Open Banking is already making a tangible impact in delivering improved overall customer experience. This is against a backdrop where regulation is perceived to be tighter than a year ago and close to half (48%) of those audited believe that regulators are holding back innovation. Read more
The U.S. Secret Service this week issued an alert to banks warning banks about an ATM exploit known called “jackpotting.” Continue reading
A taxi driver in Barnala city of India’s northern Punjab state was taken aback when cash to the tune of INR 98 billion (approximately USD 1.43 billion) was transferred into his account.
Bangladesh’s central bank governor Atiur Rahman has resigned after $81 million was stolen from the bank’s account at the New York Fed. As Sonia Legg reports, it was one of the largest cyber heists in history. Continue reading
New rules to hold bosses responsible for wrongdoing at British banks may be deterring some bankers from taking on senior management roles and even prompting big-hitters to play down their own importance, say industry experts.
A large number of devotees visit the unique ‘Om Namah Shivay’ bank in India’s northern temple town of Varanasi and “deposit” their prayers to Hindu god Shiva ahead of ‘Mahashivratri’ festival.
(BVO) – It was the right client but the wrong amount.
Known as a ‘fat finger’ episode, a junior trader at Deutsche Bank wired $6 billion to a US hedge fund, according to the UK’s FT newspaper.
John Cryan, former UBS Chief Financial Officer and on Deutsche Bank’s supervisory board, has been appointed the latter’s new Chief Executive Officer, as the bank tries to clean up its image.
Former trader Tom Hayes, on trial for allegedly conspiring to rig benchmark interest rates, has admitted to being motivated by greed and was fired by U.S. bank Citigroup in 2010, prosecutors tell a London court.