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CIBC, NAB and Bank Leumi form innovation alliance

Wednesday, September 21, 2016

by CIBC

Canadian Imperial Bank of Commerce, National Australia Bank and Israel's Bank Leumi have formed an "innovation alliance" that will see them share strategies for improving client services in the digital age.

The three say that by working with partners on different continents they can comfortably share proprietary information, co-develop products and services and exchange employee talent.

CIBC and NAB have already used the new relationship to test Ripple blockchain technology, moving money from Canada to Australia and vice versa.

Dan Yerushalmi, group CTIO and COO, Bank Leumi, says: "We find this open dialogue and knowledge sharing to be of great value and see the alliance as the beginning of a wider collaboration with NAB and CIBC in future programs."

The initiative may reflect a growing trend for banks to share their innovation journeys as they face up the challenge from nimble newcomers. Earlier this month Barclays and Commonwealth Bank of Australia partnered on a mobile cash alliance in an effort to grab a bigger slice of the fast growing international money transfer sector, which has seen a host of new entrants, such as TransferWise and Azimo, undercutting banks.

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