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There is no escaping the lack of activity in the core banking software market in 2013, despite signs of a recent global economic pick-up. Other research firms may be 'predicting growth' or 'remaining bullish' with their copycat big leagues, waves, quadrants and hype cycles, but at IBS we don't have our head in the clouds and publish what is actually happening out there. It is not pretty, at least not… Read More
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The number of new players in the payments sector seems to multiply by the week. They are queuing up to try to dismantle long-standing value-chains. Just about all of the newcomers are focused on the C2C or B2C spaces, whether domestic or cross-border. While for most there will still be a bank account at either end of the chain, the part in the middle is up for grabs.
ZUNO, a pure-play online bank unveiled by the Raiffeisen group two years ago, has surpassed the €1 billion mark in deposits. Its operations are underpinned by the Finacle core system from Infosys. The system's launch, says ZUNO's CIO and COO, was a complex and challenging project.
ZUNO, a direct banking start-up owned by Raiffeisen Bank International, runs Infosys' Finacle as its core processing platform. The bank caters for the retail, consumer-oriented market, and offers products such as current, savings and deposits accounts, payments and loans (including personal loans, refinancing and overdraft). In September 2012, it expanded into the credit card space, with a contactless offering that is free to open and maintain. In November, the bank launched 'a state-of-the art' mobile banking application, available for Android and iOS smartphones, which has already been downloaded over 20,000 times. ZUNO's brand promise is 'less bank, more life', and since its launch in Slovakia in late 2010 and the Czech Republic in mid-2011, ZUNO claims to have gained 155,000 clients and over €1 billion in deposits. That means it has...continues (login/subscribe).
Netherlands-based Knab, a greenfield direct banking subsidiary of the Aegon group, believes the banking market is ripe for diversification. Knab's choice of core banking software is Sopra Banking Platform from Sopra Banking Software (formerly Thaler from Callataÿ & Wouters).
Knab, a new online bank in the Netherlands, opened for business in September 2012. The name is the word 'bank' spelt backwards, and as Knab explains it, this is because client ('klant' in Dutch) comes first, hence the first letter of the bank's name is 'k'. The bank focuses on payments, trading, investments and savings, and financial advice in the domestic market. It is wholly owned by Aegon, a multinational insurance, pensions and asset management group with HQ in the Netherlands.
According to Artie Debidien, director of ICT and operations at Knab, 'people in the Netherlands are diversifying more and more these days, to spread the risks and also to find new ventures that they identify themselves with'. She says that Knab has experienced a wave of...continues (login/subscribe).
AML and fraud software has become a 'top management issue' for banks in recent years. IBS looks at why this is, and whether software is standing up to the tests of financial criminals.
Swift's Sanctions Screening service is now one year old. Has it been all that Swift hoped for, and what other developments are in the pipeline?