Every week, we’ll be offering a quick rundown of the most relevant news in finance and technology.
As Apple Pay gains traction, Google debuted its own mobile payment app, Android Pay. The new app seeks to replace the former payment functionality of Google Wallet, while transitioning Wallet into a money transfer program.
Stockholm-based financial services group Nordea announced an expansion to their applications development and maintenance services agreement with Accenture for risk management, treasury, human resources and procurement management services. Nordea simultaneously announced a partnership with Temenos to replace their core banking platform with integration by Accenture.
Swiss bank UBS announced that they are at work on their own “utility settlement coin” for clearance and settlement of trades and transactions. This comes as UBS expressed interest in the utility of distributed ledger technology.
Financial industry strategists at Celent argued that the unbundling of customer-facing banking services may make banks more relevant in the long run. Celent analyst Stephen Greer cites German bank Fidor as an example of how banks can evolve into aggregators of financial services, creating and maintaining a community of efficient, disintermediated pieces.
Barclays partnered with AccessPay to launch a contingency channel for corporate payments that functions in the event that primary channels are unavailable. This solution replaces a faxing protocol currently employed by banks, bringing a new aspect of corporate banking fully into the digital arena.