CIBC goes it alone with new Simplii Financial banking brand

Fully digital mortgage now a reality in Canada

Canada’s banking group CIBC has unveiled Simplii Financial, its new direct banking brand, signalling the end of its President’s Choice (PC) Financial consumer banking business with retailer Loblaw. Mike Boluch, EVP, direct banking, innovation and payments, CIBC, says Simplii will deliver “straightforward, no-fee everyday banking” and offer services by telephone, online, or through mobile and […]

Prospera CU is Open Anywhere to omnichannel onboarding

Prospera Credit Union

Prospera CU, a 63,000-member credit union in British Columbia, Canada, has launched Open Anywhere, a real-time application processing across all of its digital and physical channels. The solution is provided by Central 1 Credit Union in partnership with Canadian tech heavyweight CGI.

Digital asset start-up NextBlock out of the blocks with $20m funding

Fully digital mortgage now a reality in Canada

Toronto-based NextBlock Global, a new digital asset investment company, has got itself off to a good start with the closing of an “oversubscribed” $20 million financing round. Like many other start-ups, NextBlock says it’s “disruptive” – and is setting its targets on the new digital asset economy. It says these assets, like Bitcoin and Ethereum, […]

Flybits raises $6.5m to help banks put data to work

Flybits 1

Consumer data contextualisation company Flybits pulled in $6.5 million this week, bringing the Toronto-based firm’s total funds to $14 million, reports Finovate (Banking Technology’s sister company). The Series B funding was led by Information Venture Partners. New investor Portag3 Ventures LP also participated along with existing investors Robert Bosch Venture and Trellis Capital. As a part […]

Commcise and RBC team up for MiFID II research payment solution

rbc logo

With MiFID II in mind, Royal Bank of Canada (RBC) has teamed with Commcise for a service that lets research funds be held in a segregated research payment account (RPA) established in the name of a buy-side client. Commcise’s technology will provide a broker-neutral, independent and un-conflicted platform to help management of the research payment […]

CIBC launches free mobile credit scores in Canada

Fully digital mortgage now a reality in Canada

Canada’s banking group CIBC, fintech firm Borrowell and Equifax Canada have unveiled a free credit score for mobile banking users – a “first for a major Canadian Bank”. The credit score is accessed through the CIBC mobile banking app, and clients can get their Equifax credit score which will be updated quarterly, allowing them to […]

DLT not yet delightful for Canada’s payment system plan

Fully digital mortgage now a reality in Canada

The results from phase two of Canada’s plan for a blockchain-powered interbank payment system reveal that it still faces many obstacles. The Bank of Canada, Payments Canada, R3 and seven commercial banks, have disclosed their report from Project Jasper, an experimental wholesale interbank payment system. First launched in 2015, the results so far show that, […]

Android Pay to launch in Canada

Android Pay

Android Pay is set to launch in Canada on 31 May, according to sources that gave news site MobileSyrup internal documents. MobileSyrup says there are still a number of questions that need to be answered regarding the payment service, “including specific bank partners and how setting up the payment platform with a Canadian debit and […]

Quebec Bill would ban expiration of loyalty points

The fleur-de-lis of Quebec

Canadian Minister of Justice Stéphanie Vallée has introduced legislation (Bill 134) to update Quebec’s Consumer Protection Act (CPA). Among the legislation’s stipulations, companies would be prohibited from allowing consumers’ loyalty points to expire on a set date or by a certain time period. Banking Technology‘s sister publication Paybefore reports that companies would also have to provide consumers’ details […]

Payments Canada welcomes ten start-ups to its Dragons’ Den

Fully digital mortgage now a reality in Canada

Payments Canada has revealed the ten paytech, artificial intelligence (AI) and regtech start-ups who will compete at its “Dragons’ Den-style competition” in Toronto. Called the FinTech Cup, a collaboration between Payments Canada, 500 Startups, and the Digital Finance Institute, it wants to help innovation, find talent, and drive funding for the finalists. Money on offer […]