Innovation

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/Innovation

India joins Better Than Cash Alliance

India has joined the UN-based Better Than Cash Alliance as it bids to accelerate the country's migration to electronic payments as part of a more general strategy to boost financial inclusion.

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ANZ builds Innovation Lab in A$450 million deal with IBM

ANZ has signed a five-year A$450 million deal with IBM to increase productivity and innovation across the Australian bank through the use of cloud-based services, mainframe technology and analytics software.

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Third of Brits expect day-to-day mobile payments within five years

With contactless cards and mobile payments growing in popularity, a quarter of Brits think that in just five years' time they will no longer need cash, according to a survey for Lloyds Bank.

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Payments UK sets out vision for 'world class' services

Trade association Payments UK has vowed to improve access to payments infrastructure and give customers more control over transactions as part of a drive to ensure Britain has a "world class" system.

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Swedish mPOS firm iZettle raises EUR60m for move into small business lending

Swedish mPOS vendor iZettle has raised EUR60 million in a Series D funding round to help it launch a cash advance service for its small business customers.

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Kenya's NIC Bank links to Twitter and WhatsApp

Kenya's National Industrial Credit (NIC) Bank is set to enable customers to view their balances and make payments via WhatsApp, Facebook and Twitter.

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Australian incubator opens its doors as battle for fintech talent heats up

Australia's bid to develop a fintech sector has taken a step forward with the opening of a new incubator in Sydney

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FIS opens Indian financial inclusion lab

Fintech giant FIS has opened a financial inclusion lab in the Indian city of Bengaluru (Bangalore) that will work on developing ways to bring banking to the country's millions of underserved citizens.

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The Clearing House calls for tighter controls on non-bank payment providers

US payments and lobby group The Clearing House has called for legislative measures to rein in non-bank startups hitching a free ride on banking rails.

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Andreesen Horowitz hires fintech 'veteran' Alex Rampall as general partner

Venture capital firm Andreesen Horowitz is sharpening its focus on fintech with the appointment of serial entrepreneur and TrialPay founder Alex Rampall as a general partner.

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Telcos and tech firms get Indian payment bank licences

In a move designed to boost financial inclusion, the Reserve Bank of India has given "in-principle" approval to 11 applicants - including telcos, tech firms and the country's postal service - seeking to set up so-called payments banks.

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M-payments to hit $1 trillion by 2017; mobile to become main way to pay in UK

International Data Corporation (IDC) predicts worldwide mobile payments will account for $1 trillion in value in 2017, up 124% from the less than $500 billion expected in 2015.

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Trading game helps FS firms pick job candidates

Wall Street and City firms now have a new tool to help them sift through thousands of job applications: a virtual trading platform that uses social gaming, psychology and machine learning techniques to test candidates' mettle.

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Bank of England Twitter test scores home run

An American football match in September led to some heart-stopping moments for a Bank of England team tasked with monitoring Twitter for sentiment about a potential bank run in the build up to the Scottish independence referendum.

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Earthport opens gateway to distributed ledgers with Ripple

UK-based payments network Earthport has opened a distributed ledger gateway for bank clients to process real-time cross border payments via the Ripple protocol.

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Interac backs Toronto fintech cluster

Toronto's new financial technology cluster has signed up one of the country's biggest fintech players, debit payment group Interac, as a strategic partner.

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MarketInvoice to broaden access to retail investors with £6 million investment

MarketInvoice, a P2P platform for small business lending, has raised £6 million in its first round of financing as part of an effort to attract retail investors.

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SIX Group sets up fintech incubator

Swiss financial infrastructure provider SIX Group has set up a fintech incubator to work with startups on evaluating and developing innovative new products and services for the financial services industry.

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OCC may create innovation unit to help banks compete with fintech firms

The US Office of the Comptroller of the Currency is contemplating setting up a fintech innovation unit to help regulated financial institutions compete on an equal footing with non-bank providers of financial services.

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UBS taps startup community with Future of Finance Challenge

Giant Swiss bank UBS has launched a global innovation challenge with cash prizes of $300,000 at stake for entrepreneurs, start-ups or growing companies with ideas that could change the way finance works.