A rundown of some of the top financial technology news over the last month.
The latest issue of CBR is available to download today, and as part of our cloud-themed issue, we took a look at some of the innovative ways that the financial technology (fintech) market is utilising cloud technology.
This article is published in CBR Digital magazine on iPad, which is available here.
SAP teams up with Visa to expand its Financial Services Network
Business Cockpit provides more details and control for customers.
Software provider SAP has announced an expansion to its cloud-based Financial Services Network (FSN) which it hopes will be a major step towards simplifying payments between businesses, their customers, and banks.
Dubbed ‘Business Cockpit’, the new add-on provides a single solution for businesses for payment transactions monitoring, including business and technical levels monitoring, approvals and so on.
It enables businesses to see their payments activity across all the banks they are dealing with, the company says, instead of going separately to each bank portal. They can also set their own controls as well as slice and dice data across various geographies and types.
SAP has seen high interest across the financial sector for these services, and has signed up Visa as a customer for the FSN.
As a company that processes a large amount of corporate payments, and issues corporate cards, Visa wanted to bring more efficiency and transparency into the overall payments system for its customers, and after discussions with SAP for several months about the new network, it quickly saw the value of connecting SAP’s business customers with Visa and the company’s financial institution partners.
"By combining our relationships with financial institutions and SAP, we believe we have something that can be game-changing," said David Henstock, Visa’s VP of global commercial solutions.
FundApps uses Rackspace Hybrid Cloud to deliver compliance software
London-based start-up looks to "shake up" fund management.
UK financial services provider FundApps has announced its intentions to ‘shake up’ the fund management market thanks to a new supply partnership with Rackspace Hybrid Cloud.
The company will look to connect cloud and dedicated servers using the Rackspace Hybrid Cloud, meaning it can then benefit from a lightweight SaaS platform that will be able to meet the needs of both a growing start-up and the security standards of blue-chip clientele.
Utilising Rackspace Hybrid Cloud to provide its infrastructure allows FundApps to leverage the flexibility of cloud without losing the trust of customers accustomed to dedicated environments.
"We decided to go with a hybrid solution with RackConnect because it offered the best of both worlds: you’ve got dedicated servers for your customer data, but then you’ve also got that flexibility to spin up extra cloud instances," said James Crowley, FundApps CTO. "That works quite well for us, and customers like it from a due diligence point of view as well."
Following an initial implementation, FundApps will look to move more workloads to cloud as customers become more comfortable with the service, as it sees large potential for future growth in shifting customer attitudes.
"In the long term we see everything moving to cloud, but in the short term, as a startup with customers with very specific requirements, we’re always going to be pragmatic," Crowley added. "We see the hybrid model as a stepping stone to full cloud when our customers’ attitudes evolve."
Syniverse and MasterCard introduce overseas payment service
Travellers will be able to use their cards abroad without fears of being blocked.
MasterCard and Syniverse have announced a partnership to deliver mobile and payment services to enhance peace of mind for mobile users travelling abroad.
The two companies are currently running a pilot phase for an opt-in service that will enable users to carry out card transactions with their mobile devices whilst in a selection of overseas locations.
This service aims to reduce consumers’ frustrations associated with having their payment cards used without their knowledge or having their own transactions unnecessarily declined when trying to make purchases in another country. Financial institutions will also have an additional tool that will help them make more effective decisions when approving or declining a transaction on behalf of their customers.
In addition, mobile users could also have a choice of prepaid data packages that they can purchase directly from their phones when they arrive in their destination country.
"This collaboration of two global technology leaders opens up a whole new range of possibilities for end users, ensuring a seamless payment and mobile experience," said Hany Fam, president of global strategic alliances at MasterCard. "By leveraging the speed and intelligence of our global network and combining it with geolocation solutions, we are enabling your MasterCard to uniquely work where you and your phone are, anywhere in the world."