CoCoNet to officially launch MULTIVERSA IFP 4.0 at Sibos on 23 September
The enhanced features of MULTIVERSA IFP 4.0 have been extremely well received by members of the international user group.
At a meeting in Düsseldorf, members of the User Group enjoyed a pre-launch presentation on the newest version of MULTIVERSA IFP. The payment and cash management solution is CoCoNet’s successful online and mobile access channel for banks’ corporate customers.
MULTIVERSA IFP 4.0 brings next generation payment and cash management services to banks’ corporate customers. New features, such as smart payments and app-based security tokens, will enable banks’ customers to bank more efficiently. They will also benefit from an enhanced user experience with brand new user interfaces.
The MULTIVERSA IFP User Group consists of representatives from CoCoNet’s international banking clients. CoCoNet shares the latest developments regarding the MULTIVERSA IFP product with the User Group at regular meetings.
Apart from having an overview of Version 4.0, the User Group discussed numerous other topics relating to MULTIVERSA IFP. Among these were the integration of photoTan security features from OneSpan and opportunities to optimise the onboarding process for new customers.
Singapore’s Hong Leong Finance is The Latest to Seek Digital Banking License
Source: Fintech News
Hong Leong Finance Ltd is the latest entity seeking to apply for Singapore’s digital banking license, according to Bloomberg.
Hong Leong who still uses fax machines as part of its application process said that they see this as an “opportunity to find new customers and re-invent itself as a tech-savvy lender to the nation’s new businesses.”
Its president Ang Tang Chor, also said to Bloomberg that they are in talks with a fintech firm to jointly apply for the license but declined to name the firms they have been talking to.
Not to be confused with its namesake in Malaysia, Hong Leong Finance is a separate entity from Malaysia’s Hong Leong Bank. Hong Leong Finance was founded in Singapore in 1961 and has grown to be a prominent finance company since.
The application for Singapore digital banking license has opened up since August 29th, MAS has given interested parties until 31st December 2019 to submit their application.
MAS expects to announce the successful applicants in mid-2020. Successful applicants will be expected to commence business by mid-2021.
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Barclays customers suffer most internet banking incidents
Barclays current account holders endured the most incidents that affected their use of internet banking over a year, writes Jane Connolly.
According to a report by Money Saving Expert, Barclays reported 21 such incidents to the Financial Conduct Authority (FCA) between 1 July 2018 and 30 June 2019.
Next in line were Lloyds Bank and Santander, who both reported 15 incidents. The FCA’s figures revealed that 24 banks had at least one ‘operational and security incident’ related to online banking.
Banks must report online banking glitches to the FCA if they meet certain criteria. These include incidents that, at the lower impact level, affect more than 10% of the payment service provider’s regular level of transactions, or 25% at the higher impact level.
A Barclays spokesperson tells Money Saving Expert that the bank welcomes transparency and reports every incident to the regulator, even minor glitches. They add that incident numbers have fallen quarter-on-quarter for the last four reporting periods.
Barclays says: “We are pleased to have seen a consistent reduction in our operational and security incidents throughout the course of the last year, and remain focused on continuing this progress.”