Top fintech stories this week – 4 August 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Mobile
La dolce vita for mobile payments service Jiffy in Italy
Jiffy – the instant mobile payments service developed by SIA – is now available in over 150 outlets in Milan, Rome and Turin. As reported last year, the person-to-business (P2B) project was piloted in Milan and Bergamo, allowing customers to pay via app at participating retail outlets authorised by UBI Banca. SIA said at the […]
Payments round-up: 3 August 2017
Take the pain out of paytech with this brief round-up. Features Seven Bank, BDO Unibank, Earthport, Kotak Mahindra Bank, Payconiq and Digicash Payments.
Banking Technology Awards: celebrating people that make things happen
This year’s Banking Technology Awards will be taking place on 13 December in London and once again we will be celebrating people that make things happen! The Leadership Awards will recognise individuals and teams that made a considerable contribution to our industry. What are the categories you can nominate in? Woman in Technology (W.I.T.) Award, in partnership with FemTechGlobal, will […]
PayPal enables Skype app payments
PayPal is on a tear and looking to significantly boost its P2P payments volume through Venmo, which already posted 103% growth in the second quarter, reaching $8 billion, reports Paybefore, Banking Technology’s sister publication. The company has announced in a blog post that any of the more than one billion people who’ve downloaded the Skype […]
PayPal Doubles Down on P2P with Skype
PayPal is on a tear in terms of taking on new partners and is looking to significantly boost its P2P payments volume, which grew 103 percent in the second quarter, reaching $8 billion in Venmo transactions. The company announced in a blog post on Aug. 2 that any of the more than 1 billion people who’ve downloaded the Skype mobile app will be able use it to send money across borders.
Paytm to add messaging capabilities to rival WhatsApp
India’s most popular electronic wallet and payments bank Paytm is gearing up to add messaging capabilities to its mobile app. Experts believe this is in response to WhatsApp’s plans to add a payments piece to its platform. With mobile payments growing rapidly in India post demonetisation, Paytm is expected to quickly double its user base […]
Mobile identity firm Juvo scores with $40m in new funding
In a round led by New Enterprise Associates (NEA) and Wing Venture Capital, mobile identity scoring specialist Juvo has raised $40 million in new funding, reports Finovate (Banking Technology‘s sister company). The Series B, which featured participation from SignalFire and other existing investors, takes the company’s total funding to $54 million. Juvo will use the […]
xPressTap wants to eliminate payment card readers
With the launch of its Tap2App merchant payment solution and pilot programme, xPressTap is enabling micro-retailers and small business owners to use their smartphones to accept card payments without a dongle or a portable card reader, reports Paybefore, Banking Technology’s sister publication. The California-based start-up says its patented technology turns any NFC-enabled smartphone or tablet […]
Klarna unveils free P2P payment service, Wavy
Klarna has unveiled Wavy, a new, free P2P payments service. Available in iOS and Android as well as online, the free app enables users in more than 30 European markets to transfer euros between friends and family.
Banks Look to Immediate Payments to Drive Revenue
Banks are investing in immediate payments to drive revenue, while focusing their IT investments on fraud prevention and operational efficiency, according to new benchmark data from ACI Worldwide and London-based consultancy Ovum.
Commerzbank launches digital mortgage financing app
Commerzbank is pushing hard on its mortgage lending business ambitions with the launch of a digital financing app. The app is free and users can carry out house and apartment purchases on their smartphones. Included in the app are a budget calculation tool and access to over 200,000 properties in Germany. “We are the first […]
Three Under-Tapped Markets and Use Cases for Prepaid Cards
Prepaid issuers should look to certain banked consumers, P2P and mobile wallet users to gain top-of-wallet status with a whole new set of customers.
Mobile bank N26 launches loans with credit marketplace Auxmoney
Berlin-based mobile bank N26 has teamed up with credit marketplace Auxmoney to offer loans in Germany. The deal builds on N26’s current range of consumer loans – and with this new partnership, N26 says it will soon be able to offer loans to those such as students, the self-employed or freelancers. The bank already offers […]
paysafecard Enters UAE to Enable Online Payments with Cash
Prepaid pioneer paysafecard, part of Paysafe Group plc, announced its entrance into the United Arab Emirates. With its flagship prepaid solution, paysafecard will enable consumers to pay cash at vending machines and in retail stores for a prepaid PIN they can use to shop online.
The Monday mindset: 31 July 2017
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Soumik Roy, a digital marketing and technology specialist, brings us his perspective from within India – and all about the UI and […]
Kakao Bank attracts 820,000+ clients in four days since launch
Kakao Bank, one of South Korea’s first digital only banks, says it has attracted KRW 535 billion ($477 million) worth of business in deposits and loans in just four days since its launch.
Fintech earnings round-up: 31 July 2017
Several major payments companies have released Q2 earnings, including The Bancorp, Discover, Mastercard and PayPal. Overall, payments volume is on the rise and partnerships are proving particularly important for PayPal, which has been on tear with recent strategic announcements.
Earnings: Q2 Results for The Bancorp, Discover, Mastercard, PayPal
Several major payments companies released second-quarter earnings this week, including The Bancorp, Discover, Mastercard and PayPal. Overall, payments volume is on the rise and partnerships are proving particularly important for PayPal, which has been on tear with recent strategic announcements.
Connecting Brands and Consumers through Alternative and Mobile Payments
Recent research from Blackhawk Network reveals that mobile and contactless payment options can help brands to engage with consumers by driving traffic and incremental sales, reducing shopping cart abandonment and supporting customer acquisition.
Central Bancshares moves to Jack Henry’s Silverlake core banking system
Two US banks, CBI Bank and F&M Bank, have implemented Jack Henry’s Silverlake core banking system. The banks’ parent, Central Bancshares Inc (CBI), initiated the project.
Alipay comes to Greece via Viva Payments
Paytech firm Viva Payments is bringing Alipay to Greece. A strategic partnership between the two companies will see Alipay users “access the service for the first time” while visiting the country.
Bank of Cyprus in digital transformation with IBM
Bank of Cyprus has selected IBM as its “strategic partner” for its digital transformation plan.
Facebook looks to Messenger for future growth… but not yet
Facebook CEO Mark Zuckerberg has cast his sights on monetising his OTT platforms Messenger and WhatsApp, but don’t expect miracles any time soon, reports Telecoms.com (Banking Technology‘s sister publication). The financial performance of the company is exactly what you would expect; another quarter of monstrous growth. Total revenues hit $9.164 billion, a year-on-year increase of […]
Visa expands with data centres in Singapore and UK
Visa is expanding its transaction-processing capabilities with two data centres in Singapore and the UK, reports Paybefore, Banking Technology‘s sister publication. The new global processing hubs will “increase the speed, resilience and geo-diversity of Visa’s infrastructure, while strengthening the company’s ability to deliver new and more sophisticated ways to pay in today’s hyper-connected global economy,” […]
Varo Money applies for US banking charter
Varo Money is looking to become a true challenger bank, complete with a national bank charter.
Visa Expands with Data Centers in Singapore, U.K.
Visa Inc. is expanding its transaction-processing capabilities with two data centers in Singapore and the U.K. to “increase the speed, resilience and geo-diversity of Visa’s infrastructure, while strengthening the company’s ability to deliver new and more sophisticated ways to pay in today’s hyper-connected global economy.”
Layer’s new messaging design system gets conversational
FinovateSpring 2017 alumnus Layer has released a new customer engagement-enabling solution as the latest reminder of a trend toward more and better engagement options for businesses, reports Finovate (Banking Technology’s sister company). The San Francisco-based company has launched its Conversation Design System, giving enterprises new tools to build and customise conversational experiences for their customers “in […]
Payably and CardConnect want to simplify mobile payments for small businesses
Payably, which offers a platform that integrates mobile payments with QuickBooks Online data in real time, is working with CardConnect to “simplify and speed up” mobile payments for merchants, including initial onboarding and processing and receiving payments, reports Paybefore, Banking Technology‘s sister publication. The strategic partnership also gives Payably the ability to offer “competitive” card […]
Ant Financial Forms JV with CIMB Subsidiary for Digital Financial Services
In another step to expand its global footprint and promote financial inclusion, Ant Financial Services Group on July 24 announced it’s entering into an equity joint venture with CIMB Group Holdings Berhad subsidiary Touch ‘n Go Sdn Bhd (TNG). The JV will introduce a “world-class mobile platform for payments and other financial services,” the companies said.
Payably and CardConnect want to simplify mobile payments for small businesses
Payably, which offers a platform that integrates mobile payments with QuickBooks Online data in real time, is working with CardConnect to “simplify and speed up” mobile payments for merchants, including initial onboarding and processing and receiving payments.
Microblink’s Photopay expands to new European markets
Photopay, the payment receipt scanning solution from Microblink, is now available in more countries including France, Norway, Spain and Sweden, reports Finovate (Banking Technology’s sister company). The news is the latest step in Microblink’s European expansion – begun four years ago – and brings the company’s data extraction technology to an even wider range of SME customers. […]
Emirates NBD raises profile with FaceBanking launch
Emirates NBD has launched FaceBanking, a “first-to-market service” offering video and live chat with advisors on its revamped online banking platform and mobile banking app. The new 24×7 service lets its customers connect with a personal banking advisor for queries and transactions by clicking a button on the online banking platform, “thus effectively bringing in […]
New payments bank launched in India, Fino Payments Bank
India has seen the launch of its fourth payments bank, Fino Payments Bank. For its core banking system, the bank uses Profile from FIS, delivered on a hosted basis.
Faster Payments Task Force Sets Ambitious Goal for 2020
The Fed’s Faster Payments Task Force isn’t kidding when it says it wants every U.S. consumer and business to be able to accept faster payments by 2020. It’s an ambitious plan, no doubt. But with the release of its final report on July 21, detailing 16 proposed faster payment solutions and outlining possible approaches, the task force is making a serious call to action.
Ingenico Buys Bambora for €1.5 Billion
In payments, the big guys just keep getting bigger and more diversified. Ingenico Group on July 20 announced its €1.5 billion (US$1.74 billion) purchase of Sweden-based payments company Bambora from Nordic Capital.
Mobile wallet round-up: 20 July 2017
It’s been a busy week for mobile wallet partnerships – and this round-up can help. Features Apple Pay, ANZ, CaixaBank, Starling and Samsung Pay. Banking Technology’s sister publication Paybefore reports. Australia and New Zealand-based banking group, ANZ, is rolling out Samsung Pay to customers in Australia. The bank says it’s the only major Australian bank […]
Mastercard Buys in to AI with Brighterion
Mastercard has entered into an agreement to acquire Brighterion Inc., a software company specializing in artificial intelligence. This acquisition follows Masterdard’s March acquisition of NuData Security and will further expand Mastercard’s capabilities to “deliver an enhanced customer experience and security.”
M-Wallet Roundup: Apple Pay, ANZ, CaixaBank, Starling, Samsung
It’s been a busy week for mobile wallet partnerships. Several companies announced deals to offer mobile wallets to their customers in the U.K., Australia and Europe. Challenger bank Starling says it’s the first in the U.K. to offer in-app provisioning.
Urban FT buys iParse to speed up mobile app onboarding for FIs
Mobile banking technology provider Urban FT has completed its acquisition of US software firm iParse, which, CEO Richard Steggall tells Banking Technology‘s sister publication Paybefore, will help the company provide a “mobile plug-in” for financial institutions. Steggall says the quicker, cheaper option compared with core processing integration will open up feature-rich mobile banking apps to […]
