15 Jan

Seven key trends in corporate payments technology

TCS bags biggest-ever deal from Transamerica

TATA Consultancy Services (TCS) said it has bagged a deal worth more than USD 2 billion from the US insurance group Transamerica, marking its largest contract to date. The contract, which entails transforming Transamerica’s US insurance and annuity business lines, comes close on the heels of a mega deal TCS had clinched from television rating measurement firm Nielsen.

“The multi-year agreement (with Transamerica) is worth more than USD 2 billion in revenues, the largest contract signed by TCS to date,”TCS said in a statement. The partnership enables Transamerica to rapidly enhance its digital capabilities, simplify the service of more than 10 million policies into a single integrated modern platform, it added.

The announcement comes a day after TCS reported 3.6 per cent fall its its net profit to Rs 6,531 crore in the December 2017 quarter. “TCS will provide valuable administration and quality customer service, and Transamerica will continue to engage with our customers, clients and advisors in the most meaningful ways to them by utilising our digital engagement platforms and developing new solutions that help people save, protect, invest and retire,”Mark Mullin, Transamerica President and CEO, said. The agreement is expected to lead to annual run-rate savings of about USD 70 million initially –growing to USD 100 million over time –for Transamerica, the statement said.

TCS said it will make job offers to all of the applicable Transamerica employees currently supporting the life insurance, annuity, supplemental health insurance, and workplace voluntary benefits business lines. This, it said, will ensure “a consistently excellent experience for Transamerica customers and protecting approximately 2,200 American jobs”. It added that employees transitioning to TCS will be given the opportunity to remain in the same US cities where they are currently based.

Market Intel

Seven key trends in corporate payments technology – Corporate payments have evolved significantly over the past few years, enabled by modernised technology platforms. Key trends – Payment hubs, ERP integration, Supply chain financing, Local payment services, Blockchain, Open banking APIs, and Regulatory compliance. Read More

Open Banking and PSD2 are set to shake up the finance industry Open Banking and PSD2 are coming into force over the weekend. Both sets of legislation will change the way the finance industry works across Europe and the UK, and ripples will be felt around the globe. Read More

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Canadians ready for biometrics  New forms of authentication, such as fingerprint, facial, and voice recognition, can make unlocking accounts and payments much easier and more convenient than traditional passwords or PINs – which are difficult to type onto tiny keyboards, easy to forget, and can be stolen says survey. Read More

Financial technology becomes fashionable – Last September marked the 10-year anniversary of the introduction of contactless technology in the UK. Since then, more than 㿨billion has been spent through contactless cards. Their usage is projected to rise by a further 317% by 2021. Read More

Exchanges call for global fintech standards As new technologies such as AI and DLT transform the capital markets landscape, the World Federation of Exchanges (WFE) has called on regulators to hold new fintech entrants to the same standards as established players. Read More

Google puts its brand behind payments Google is merging its disparate payment programmes, including Android Pay and Google Wallet, into a single brand dubbed Google Pay. Google says the initiative is intended to provide consumers with a consistent and simpler way to pay for purchases, whether online or on the high street. Read More

Client/Prospect Intel

CIBC Innovation Banking unit launched to help grow startups – CIBC introduced CIBC Innovation Banking, a full-service business that delivers strategic advice and funding to North American technology and innovation clients at each stage of their business cycle, from start up to IPO and beyond. Read More

Yes Bank to offer ATM withdrawals using Aadhaar ID and biometric authentication – Nearby Technologies has partnered with YES BANK, India’s 5th largest private sector bank and worked closely with National Payments Corporation of India (NPCI) to launch a card less and PIN-less Aadhaar ATM service. Read More

ICICI strikes digital mobility deal with transportation app OlaThe Bank has struck a deal to provide co-branded cards as well as digital loans, ride booking and payments to transportation utility Ola via the bank’s mobile apps.  Ccustomers will be able to book cab and pay through the bank’s mobile banking applications, ‘iMobile’and ‘Pockets’. Read More

TD and CIBC wrap up acquisitions as Canadian innovation race intensifies – CIBC signed a deal to snap up Wellington Financial, a firm which provides growth capital to early and mid-stage technology companies. It’s set to become part of CIBC’s Innovation Banking unit, focused on giving advice and funding to clients in the technology sector. Read More

Competition Intel

NLB pioneers Temenos’T24 R17 core banking tech – Slovenian bank NLB has become one of the first live sites of the R17 version of Temenos’T24 core banking system. The bank states it’s keen to attract top talent as part of its digital transformation strategy. NLB moved from R12 to R17 of UniversalSuite which took almost six months to complete. Read More

Conister Bank in core banking tech revamp with TCS – Conister Bank, a community bank in the Isle of Man, is modernising its core banking platform. The bank is replacing its legacy Bankmaster system, supplied by Finastra (formerly Misys). It is understood the new system is TCS Bancs from India-based TCS Financial Solutions. Read More

Janata Bank moves merged and acquired banks to Oracle FFS Flexcube – Nepal’s Janata Bank has moved new data from merged and acquired entities to the Oracle FSS Flexcube core banking system with the help of JMR Infotech. The data from the merged Triveni Bikas Bank and the  Siddhartha Development Bank were moved to Flexcube. Read More

Avaloq expands global leadership team Chris Beukers has been appointed Regional Manager Asia Pacific, Tobias Unger has been appointed Regional Manager Switzerland and Liechtenstein, and Brian Hurdis has been appointed Chief Service Delivery Officer. Read More

TCS bags biggest-ever deal from Transamerica – TCS said it has bagged a deal worth more than USD 2 billion from the US insurance group Transamerica, marking its largest contract to date. The agreement is expected to lead to annual run-rate savings of about USD 70 million initially –growing to USD 100 million over time –for Transamerica. Read More

Eight US credit unions to move to FLEX core banking tech in 2018 – The credit unions that moved to FLEX in 2017 are: Members First, Caprock Federal, Honolulu Federal, Lubrizol Employees’,  Wellspring Federal, Coloramo Federal, Kings Peak, Parks Heritage Federal. Read More

Kreditech picks Mambu for expansion into India – Mambu has announced a deal with German company Kreditech, AI-based digital consumer lender, to support the lender’s entry into the Indian market in the first quarter this year 2018. Kreditech already has operations in Europe and Latin America. Read More

Lombard Risk agrees to Vermeg takeover offer – The board of UK-based banking and compliance software firm Lombard Risk has accepted a cash for shares offer from Dutch software firm Vermeg. Lombard Risk’s board has described the deal as “fair and reasonable”, recommending its shareholder to vote in favour of the takeover. Read More

Thomson Reuters goes live with MiFID II The new services are part of Thomson Reuters commitment to providing a comprehensive suite of solutions to assist the financial services industry with ensuring ongoing compliance with MiFID II requirements. Read More

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