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☆ UniCredit tops profit forecast, buys cloud-based bank
▼ + stars: | 2024-07-24 | by ( ) www.cnbc.com time to read: +1 min

Italian bank UniCredit on Wednesday posted better-than-expected second quarter profit and said it was buying a Belgian digital bank with its own cloud-based IT platform for 370 million euros ($401 million). UniCredit said the purchase of Belgian bank Aion and its cloud-based core banking system Vodeno would add a team of 200 engineers, developers and data scientists. To address this, UniCredit's rival Intesa Sanpaolo for example is partnering with British cloud banking technology provider ThoughtMachine. "The transaction represents one of the first moves by a bank to acquire full ownership of a new technology (without any dependencies from third party core banking providers)," UniCredit said. Net profit in the second quarter rose 5% from the previous three months to 2.7 billion euros, surpassing a 2.4 billion euro average forecast from analysts polled by the bank as revenues held up better than anticipated.

Persons: Andrea Orcel, UniCredit, Banks, Intesa Sanpaolo Organizations: UniCredit, UBS, Banco, Belgian Locations: Belgian, Aion

☆ Tuum wants to provide AI-powered core banking infrastructure. It just raised $27 million with this 16-slide pitch deck.
▼ + stars: | 2024-02-06 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +1 min

Estonian fintech startup Tuum has raised $27 million in new funding. The startup, founded in 2019, provides cloud-native core banking infrastructure technology. The startup raised cash from CommerzVentures and Speedinvest to fuel its expansion plans. Estonian banking fintech startup Tuum has raised $27 million in new funding. Tuum, founded in 2019, provides core banking infrastructure for banks and other financial institutions that enables them to offer cloud-native services through APIs.

Persons: Myles Bertrand Organizations: Estonian, Tuum, Business Locations: CommerzVentures

For its biggest banks, however, there's a hitch: a generation of professional front-line staff have little experience with rising interest rates. The 38 members, which include credit dealers and data scientists, work to improve coordination between retail and wholesale divisions, as higher rates are expected to fuel trading activities. Still, if higher rates are new to most bankers, so they are for their clients, who have for years enjoyed rock bottom rates in Japan. "Almost no front-line bankers have experienced short-term rates above 0.5% as Japan last saw such rates in the 1990s," he said. "I think there are a lot of scepticism among front-line bankers over whether they can really increase their lending rates."

Persons: Masahiro Minami, they've, Izuru Kato, Kato, Satoru Yamamoto, Atsushi Kikuchi, Tokyo Tanshi's Kato, Makiko Yamazaki, Ritsuko Shimizu, David Dolan Organizations: MUFG Bank, TOKYO, Resona Holdings, Reuters, Bank, Mitsubishi, Daiwa Securities, Mizuho Financial, Mizuho, Thomson Locations: Japan, Tokyo

☆ UniCredit revamps Buddy online banking service to ease cloud shift
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Unicredit Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMILAN, Oct 25 (Reuters) - Italy's UniCredit (CRDI.MI) on Wednesday announced improvements to its mobile banking service Buddybank, in a move that Chief Executive Andrea Orcel said would ease the eventual transition to a cloud-based core banking infrastructure. UniCredit had managed to unify the backend structure supporting traditional commercial banking operations and Buddybank, Orcel told a press conference. To shift to Buddy R-Evolution, UniCredit customers have only to download the application in order to access their current account without any changes to their bank details. A change of bank details caused disruptions this month for customers of rival Intesa Sanpaolo (ISP.MI) which is gradually shifting younger, digitally-savvy clients to its cloud-based mobile bank Isybank.

Persons: Dado Ruvic, Andrea Orcel, UniCredit, Buddy R, Orcel, Intesa Sanpaolo, Valentina Za, Keith Weir Organizations: REUTERS, Wednesday, Thomson

I've used several banks over the years, and I recently looked into switching to online banking. I've moved most of my investments to an online account so I don't focus on it every day. I inherited my first bank from my mother — the largest of Canada's Big Five banks, Royal Bank of Canada. When I lived in Switzerland, my husband and I had a shared bank account with United Bank of Switzerland. When I had all of my investments with BMO, it meant that I would see what my long-term investments were doing anytime I logged into my online banking.

Persons: I've, —, Scott, I'm Organizations: Service, Royal Bank of Canada, United Bank of Switzerland, BMO, Big Locations: Switzerland, Canada

☆ Credit Suisse sheds nearly 13% of workforce
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

The logo of Credit Suisse is seen outside its office building in Hong Kong, China, August 8, 2023. REUTERS/Tyrone Siu/File photo Acquire Licensing RightsZURICH, Sept 29 (Reuters) - Credit Suisse has shed nearly 13% of its workforce in the past 12 months, underlining the turmoil at the bank that was taken over by cross-town rival UBS (UBSG.S) in a state-engineered rescue earlier this year. The number of Credit Suisse employees fell to 33,968 at the end of June, from 38,908 at the end of June 2022, the bank said in its financial report published on Friday. The figures relate to Credit Suisse AG, the lender's core banking business. A Credit Suisse spokesperson declined to comment on the breakdown between voluntary departures and job cuts, or how many jobs could be lost in future.

Persons: Tyrone Siu, Sergio Ermotti, Ermotti, John Revill, Emelia Sithole, Mark Potter, Susan Fenton Organizations: Credit Suisse, REUTERS, Rights, UBS, Credit Suisse AG, Asset Management Association Switzerland, Thomson Locations: Hong Kong, China, Switzerland

☆ Goldman Sachs-backed digital bank Starling to expand in hotly competitive Asia-Pacific market
▼ + stars: | 2023-08-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

British digital bank Starling is planning its first expansion outside of Europe, targeting a move into Asia-Pacific, CNBC has learned. However, Drewett said the bank Starling is partnering would use the company's software to launch small and medium-sized enterprise (SME) accounts, rather than to provide personal banking services. "It's a different proof point for us: one in Europe, one in Asia-Pacific," Drewett told CNBC in an interview Thursday. Engine is a technology platform that Starling launched in March 2022 and licenses out to other financial technology firms and large banks. Starling is using its Engine core banking platform as a launchpad for international expansion.

Persons: Goldman Sachs, Nick Drewett, Starling, Drewett, Anne Boden, Boden, Statista Organizations: CNBC, Qatar Investment Partners, Fidelity Management, Research Company Locations: Europe, Asia, Pacific, Irish, U.K, Qatar

☆ Stocks making the biggest premarket moves: Shake Shack, Charles Schwab, H&R Block, DuPont and more
▼ + stars: | 2023-05-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Charles Schwab -- Stock in the brokerage firm added 2.4% in premarket trading. SoFi Technologies -- The stock sank nearly 6% in the premarket following a downgrade by Wedbush to underperform from neutral. The Wall Street firm said SoFi's fee income may be reaching a tipping point and it may need to raise capital this year to support growth. Dupont De Nemours -- Shares added 2.7% in premarket trading after Deutsche Bank upgraded the chemical company to buy from hold. The Wall Street firm said the stock was trading at a 50% discount to its peers.

☆ Here's the 13-page pitch deck Stratyfy, a fintech using AI to help lenders work with the underbanked, used to raise $10 million
▼ + stars: | 2023-04-10 | by ( Bianca Chan | ) www.businessinsider.com time to read: +4 min

Stratyfy uses AI to help lenders extend more credit to underbanked communities. Here's the 13-page pitch deck Stratyfy used to raise its so-called "institutional seed." Stratyfy works to help lenders eliminate biasStratyfy uses machine-learning algorithms to help lenders remove sharp cutoffs — like those based on credit history lengths or current income — that are often used in their credit decisioning. The core engine uses a lender's traditional credit data, in addition to alternative data, to offer a breakdown of factors in a given borrower's profile. Here's the pitch deck Stratyfy used to raise $10 million.

☆ Silvergate’s Story Is About Fundamentals, Not Just Crypto
▼ + stars: | 2023-03-09 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

Unlike some bank failures of recent memory, Silvergate didn’t have bad assets in the sense of risky loans or complex derivatives. Silvergate Capital was in the newfangled business of cryptocurrency banking. But it ran into some very old banking problems—which could rattle investors in traditional lenders, too. The California bank said Wednesday that it intends to wind down and plans to return all deposits. And therein lies the concerning part for bank investors.

☆ Intesa staff to test new digital business from March
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

MILAN, Feb 20 (Reuters) - Italy's biggest bank Intesa Sanpaolo (ISP.MI) has told staff they can sign up to test from March 1 the app for the new digital lender it is setting up with British fintech Thought Machine, an internal document showed. Intesa last year unveiled plans to invest 5 billion euros ($5.3 billion) in technology under its 2022-2025 strategy, of which 650 million is destined to create its new digital arm called Isybank. Intesa has struck a five year partnership with Thought Machine, founder and CEO Paul Taylor told Reuters, making the Italian bank one of the biggest customers of the UK firm. Thought Machine will provide Isybank with the cloud infrastructure to serve 4 million customers under 40 who Intesa intends to migrate to online and mobile banking services. The trial phase would subsequently be expanded to include a wider group beyond staff members, the document reviewed by Reuters said.

☆ KKR's top tech exec details the firm's 3-year migration to the public cloud, and how the PE giant is leveraging the tech to streamline how deals get done
▼ + stars: | 2023-01-10 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

KKR is moving its technology and infrastructure to the public cloud by year end. The finish line is in sight for Emilia Sherifova, KKR's top tech exec who is spearheading the firm's multi-year migration to the public cloud. KKR's cloud migration has been years in the making. Under Sherifova, KKR has more than doubled its number of cloud-focused engineers, she said, declining to specify numbers. No longer are regulatory and security concerns barring finance players from moving mission-critical systems, like exchanges' matching engines and banks' core banking platforms, to the public cloud.

☆ Toshiba says aims to reach deal with potential partners soon as possible
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 16 (Reuters) - Japan's Toshiba Corp (6502.T), which is talks about a buyout, said in a letter to shareholders on Friday that it was aiming to reach as conclusion with potential partners as soon as possible. Toshiba is "planning to receive binding and bona-fide proposal(s) and shall be making strong efforts to arrive at a conclusion as early as possible after necessary negotiations," the letter said. Sources have told Reuters that the company's preferred bidder, Japan Industrial Partners (JIP), was moving closer to securing financing from banks for a buyout. A deal is expected to value the industrial conglomerate at around 2.2 trillion yen ($16 billion). Shares in Toshiba, whose businesses span nuclear power, defence technology and which owns 40% of memory chip maker Kioxia Holdings, were up 1.7% in mid-morning trade.

☆ Staffers say Goldman Sachs CEO David Solomon has asked them to help with his DJ account
▼ + stars: | 2022-09-22 | by ( Lisa Ryan | ) www.businessinsider.com time to read: +4 min

David Solomon is working hard to build up David Solomon. On a Friday in late July, the Goldman Sachs CEO boarded the company's Gulfstream G650 for Chicago. And that's the latest in a string of actions showing the intertwining interests of David Solomon the CEO and chairman and the interests of Goldman Sachs itself, my colleague Dakin Campbell reports. Staffers say they've been asked to help with his DJ account and they've noted a new emphasis on sports endorsements. Millennium Management tapped Goldman Sachs alum Olga Naumovich to build out its Miami tech hub.

☆ Stash just revamped its tech and announced new partnerships with Mastercard and Marqeta as the fintech looks to stand out in a crowded field
▼ + stars: | 2022-09-21 | by ( Carter Johnson | ) www.businessinsider.com time to read: +5 min

Stash announced Wednesday the launch of a new core banking system and a refreshed debit card. CEO Brandon Krieg told Insider 'Stash Core' will make it easier to develop new products. The startup inked new partnerships with Mastercard, Stride Bank, Marqeta, and other fintech names. For Stash, a fintech built on both deposit banking and investing rails, that has led to an overhaul of the fintech's financial infrastructure and a host of new partnerships. On Wednesday, Stash announced the launch of Stash Core, a new banking system that Brandon Krieg, Stash's cofounder and CEO, said amounts to a rebuild of the startup's back-end tech stack.

☆ Система быстрых платежей скоро появится и в Молдове
▼ + stars: | 2021-07-05 | by ( ) newsmaker.md time to read: +6 min

Для кого предназначена система быстрых платежей? Система быстрых платежей , которую внедрит Национальный банк Молдовы, отлично подойдет и физическим, и юридическим лицам, имеющим банковский счет. Центральные и местные органы власти (если они присоединяться к системе быстрых платежей), смогут собирать налоги и сборы с налогоплательщиков в режиме реального времени. Какие преимущества принесет внедрение системы быстрых платежей в Молдове? Безопасность — системным оператором быстрых платежей станет Национальный Банк Молдовы, который будет отвечать за проведение электронного межбанковского клиринга и расчетов.

Persons: Montran, Banca, Ирина Черку Organizations: Internet Banking, Montran, Banca Transilvania, Core Banking, QR, Национальный банк, Национальный Банк Locations: Transfond, Молдова, Румыния, Республика Молдова

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