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Industry roundup: 10 August 2020

National Bank of Bahrain selects Infosys Finacle to digitally transform its transaction banking business

National Bank of Bahrain (NBB) and Infosys Finacle have announced the bank’s decision to adopt the Finacle Cash Management Suite, to digitally transform its transaction banking business.

NBB will be implementing the Finacle Liquidity Management Platform, and upgrading its existing Finacle Corporate Online Banking platform to a full-fledged Digital Engagement Suite - with the latest versions of the Finacle Corporate Online and Mobile Banking solutions, along with the Finacle Digital Engagement Hub.

The global liquidity management system will enable the bank to offer a range of services to corporate customers and help them identify, manage and optimise liquidity positions, along with enhanced agility in payments and collections. The Finacle Digital Engagement Suite upgrade will enable NBB to manage their customer preferences and entitlements effectively across channels. With these capabilities, the bank will be able to deliver fully contextual and tailored digital banking experiences for its diverse set of customers.


Currencycloud multi-currency wallet rollout snags first customers

Currencycloud has announced the wider rollout of Currencycloud Spark - its multi-currency wallet infrastructure - with Starling Bank, TranSwap and Remitr among the first customers to sign up to the service. The solution gives businesses and their customers the ability to receive, store funds and make payments in over 30 different currencies. 

Currencycloud Spark allows fintechs and financial institutions (FIs) to create accounts for their customers to receive, pay out, and move money in different currencies at their convenience. Using unique International Bank Account Numbers (IBANs) that are able to be issued in over 30 currencies means that for customers, this is all done via one multi-currency wallet in their own name.

The pilot programme for Currencycloud Spark was announced in 2019. Ahead of the launch, over 30 Fintechs around the world have already signed up to benefit from the functionality. 

Remitr Global Business Account (GBA) recently launched with the help of Currencycloud Spark. Its customers now have predictability of cash flow and control over receivables. Remitr’s GBA empowers small businesses to get paid in multiple currencies without paying exorbitant bank fees or having to open an overseas bank account. Others to participate in the pilot include Starling Bank, who are helping their SME customers open US dollar accounts, and TranSwap who utilised Currencycloud Spark to power their Global Borderless Virtual Account (GBVA). 


Gresham acquires Inforalgo to expand regulatory reporting capabilities

Gresham Technologies (Gresham), a fintech in reconciliations, banking integration and cash management solutions, has announced the acquisition of capital markets data automation firm Inforalgo Information Technology (Inforalgo).

Inforalgo offers cloud-hosted, straight-through-processing (STP) solutions and intelligent automation technologies for financial institutions. Inforalgo customers include major banks, asset managers, market participants and market access providers across global financial markets. The Inforalgo service enables customers to benefit from having their complex real-time connectivity delivered as a flexible automated service so they can invest more time in growing their businesses.

The acquisition of Inforalgo extends Gresham’s Clareti portfolio of cloud services with over 80 adaptors enabling rapid integration to exchanges, ECN’s and multilateral trading facilities, and regulatory reporting venues alongside existing Clareti bank integration and financial messaging capabilities.

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