Commerzbank, Germany's second-largest bank, is remodeling its investment banking IT infrastructure to modernize and improve the efficiency of its technology landscape. The revamp will also include a continuous learning educational component for enhancing the skills of its technology teams.
Barclays announced two mobile payment initiatives last week: a consumer solution enabling customers to make contactless payments from Android devices, and a business solution enabling businesses to pay recipients in minutes.
Royal Bank of Scotland is using containerization to develop applications in its new Open Experience technology solutions center, which launched earlier this year. The Edinburgh-based center houses technologists who are pursuing high-tech innovations for the bank and working with fintech companies to develop ideas into customer pilots.
The rise of mobile banking and the promise of Open APIs have drawn increasing attention to the use of containers. In mobile banking, for example, experts see containerization, which involves encapsulating an application in a container within its own operating environment, as part of a shift in strategy from securing the device to securing the data.
Wells Fargo is launching a fast-paced lending solution to compete with online lenders in the short-term small business lending market. The bank's FastFlex Small Business Loan is an online, fast-decision loan funded as soon as the next business day with competitive interest rates.
Chain releases financial services blockchain protocol developed with Nasdaq, State Street and others
Blockchain technology provider Chain, Inc. has publicly released an open source blockchain protocol that it has developed with a consortium of financial services firms. The protocol, Chain Open Standard 1, or Chain OS 1, has been under development for the past 18 months, and is already being used for blockchain projects at some of the financial services partner firms, Chain announced Monday.
By the end of 2019, 25 percent of retail banks will replace legacy online and mobile banking systems with technology from startup providers, according to a recent Gartner report. The report predicts that incumbent application vendors' slow response to the pressures banks face to deliver next-generation digital services while controlling costs will cause banks to shift to younger fintech providers.
BNY Mellon is partnering with IBM for the design and development of a blockchain securities lending application, the companies said last week. The application is cloud-based and would use a blockchain network to trade and transfer assets.
Delaware, long known as a hospitable state for large corporations due to its corporate and tax laws, is looking to position itself as friendly to blockchain technology as well.
Deutsche Bank is launching a Digital Factory in Frankfurt that will employ 400 digital specialists and banking experts working cooperatively to modernize the bank's technology infrastructure. The Frankfurt facility will work closely with the bank's existing innovation labs in Berlin, London and Silicon Valley.