Association of Banks of Singapore launches PayNow mobile payments service
The Association of Banks of Singapore (ABS) has unveiled a new funds transfer service – PayNow – that requires only a mobile and identity card numbers to enrol.
Mobile
Alipay comes to Spain with BBVA
BBVA has signed an agreement with Chinese tech giant Ant Financial to enable Chinese tourists to pay in Spanish stores using the Alipay mobile wallet. BBVA is the first Spanish financial institution to be working with Alipay.
Money20/20 Europe: PSD2 Creates More Questions than Answers
On June 26, artificial intelligence captured the imagination of some at Money20/20 in Copenhagen. But during the June 27 sessions on the second day, it was like I had stepped back in time to November 2016, reported Deputy Editor Antony Peyton. Last year, at the Payments International conference in London, PSD2 left some in the payments industry confused as to where the risks and opportunities lie.
Payscout Launches Virtual Reality Commerce with Visa’s Help
Retail payments have taken another step into the future. Payment processor Payscout has launched a virtual reality system that employs Visa Checkout and enables consumers to examine products before ordering them for delivery to shoppers’ homes.
Flywire Snags PayPal for Cross-Border Payments
Cross-border payments and receivables specialist Flywire has added PayPal to its platform as a funding option, enabling businesses, students and patients to fund cross-border payments via PayPal accounts. PayPal now is available as a payment method for Flywire users in the U.S., Canada, U.K. and European Union, Flywire said.
Study: Americans Uneasy about Finances Provide Opportunity for Financial Service Providers
One-fourth of Americans say they have too much debt, with 96 percent of them reporting they are financially stressed, according to a survey by the Center for Financial Services Innovation to gauge Americans’ financial well-being. While those statistics are bleak, they should signal an opportunity for banks, credit unions, fintechs and other companies to provide products, services and guidance to improve consumers’ financial stability, according to Jennifer Tescher, founder and CEO of CFSI.
Challenger bank Monese goes pan-European with mobile current account
UK-based digital bank Monese has expanded its current account service to 19 countries in Europe, enabling customers to open bank accounts and “bank like a local”, even if they are not a local resident.
Mobile-only bank Pepper now live
Israel’s Bank Leumi has launched its new digital banking subsidiary, Pepper.
Wirecard’s New POS Suite Offers Merchants Power of Data
Wirecard AG has launched a new POS service that integrates self-learning technology to help retailers increase customer conversion, reduce attrition rates, predict future consumer behavior and link points of sale with e-commerce.
mBank moves into fintech vendor space with new digital banking system
Poland-based mBank has started to license its mobile and online banking system to other financial institutions outside Poland. The first taker is La Banque Postale (LBP) in France. The implementation will be carried out with the help of Accenture, mBank’s “strategic partner”. Alice Holzman, director of digital at LBP and lead of the bank’s New […]
The Monday mindset: 26 June 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, Banking Technology’s editor Tanya Andreasyan looks at one bank that has managed to successfully converge its digital and “brick and mortar” journeys […]
Insurtech firm Clark and N26 launch digital insurance service
Clark, a German insurance robo-advisor, has inked a deal with mobile bank N26. Clark says its Bancassurance-API will help customers of N26 “to better understand their current tariffs and improve their insurance situation”.
Backbase scores fintech deal in Norway with SSF Bank
Norway’s Sparebanken Sogn Og Fjordane (SSF) Bank is modernising its digital banking tech with Backbase.
Starling Bank expands to Ireland, eyes “the whole world”
London-based challenger bank Starling has received a banking passport into Ireland. The bank says this is “its first step in its plans to provide services to European markets”.
Starling Bank preps for future with new features
UK challenger bank Starling has launched a “Spending Insights” tool and an online community for its users – and it is setting out its future plans. Spending Insights is probably self-explanatory. It works in the app and the bank says it gives users ideas about where they can save money. It shows customers how much […]
ZineOne is the one for HDFC digital banking hub
India-based HDFC Bank has selected Silicon Valley start-up ZineOne to improve its digital banking offerings. The bank will deploy ZineOne’s Customer Interactions Hub (CIH), which will establish a single customer identity and “bring real-time, contextual, and omni-channel functionality” to interactions across businesses, applications and digital properties including web applications, mobile apps, digital wallets, website, kiosks […]
Top fintech stories this week – 23 June 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Danes gain easier mobile way to pay for groceries
Dankort, the national debit card of Denmark, has made shopping easier for consumers using iPhones.
EBank deploys Fiorano enterprise service bus
EBank, a new bank in Namibia, has implemented Fiorano ESB, an enterprise service bus to “seamlessly integrate” the bank’s core processing software – Temenos T24 – with other third-party systems and channels, with a major focus on digital banking.
Case study: Valley National Bank – cloud atlas
Valley National Bank, a $23 billion regional bank holding company headquartered in northern New Jersey, is undertaking a widespread technology refresh to improve customer experience and profitability.
Mastercard, Western Union Designing Digital Solutions for Refugees
Mastercard and Western Union have teamed up to help refugees around the world access goods, services and financial services within refugee settlements. Announced on June 20—World Refugee Day—the partnership will explore ways to use a digital model to serve the more than 65 million people around the world currently displaced from their homes due to political conflict and natural disasters.
Top Payments Consultants: Rick Oglesby, AZ Payments Group
Even when serving in senior manager and director roles with the likes of American Express and TSYS early in his career, Rick Oglesby, AZ Payments Group president, always felt he was destined to be a payments consultant. That vision came true in 2011, and you don’t have to spend too much time with him before his love of consultancy work—helping companies succeed while establishing and nurturing relationships—becomes apparent and likely is the reason why he was selected as one of the industry’s Top Payments Consultants.
Colu launches local digital currency for London
Colu, a blockchain-powered platform provider, has unveiled its second currency in the UK – the “Local Pound, East London”. The firm’s idea is to provide people in East London with a digital, localised currency and so create a “closed-loop economy”. It uses Colu’s digital wallet app, and individuals can pay from a smartphone. It is […]
Wirecard Lends Speed, Functionality to Partner VEON
Amsterdam-based mobile network operator and technology company VEON has partnered with Wirecard AG as part of a global payments and processing agreement. Wirecard, a Germany-based provider of global payments solutions, now manages third-party payments functionality and airtime top-up on VEON’s Internet platform, enabling customers to upload funds and update mobile payment accounts within seconds, according to an announcement.
Report: How Banks Can Beat the Fintech Threat
Facing disruption from fintech providers, traditional banks must embrace APIs and the open-source model to avoid losing their place at the center of consumers’ financial lives, a new report warns. Capgemini’s 2017 World Retail Banking Report polled thousands of retail banking customers around the world to gauge how the rise of fintech-based financial services has changed the game when it comes to banking.
Eight Fledgling Fintech Providers Win Capital with CFSI Awards
Eight fledgling fintech companies have won $250,000 each from the Center for Financial Services Innovation. Each FinLab winner in this third annual competition from the CFSI receives $250,000 in capital, along with resources to test, enhance and scale their products, in part via the expertise of JPMorgan Chase, a founding lab partner.
Lone Star Credit Union live with new core banking system, Keystone
Texas-based Lone Star Credit Union has become the 50th live site for the Keystone core processing system, supplied by Corelation.
Who is the greatest fintech leader of 2017?
This year’s Banking Technology Awards are taking place on 13 December in London and once again we will be recognising individuals for leading and playing an instrumental role in devising and/or delivering the technology strategy to support the key business objectives of an organisation. The Tech Leadership Award category is open to all industry participants worldwide – those […]
Sandia Laboratory FCU revamps tech front-to-back office
Sandia Laboratory Federal Credit Union (SLFCU), the largest credit union in the US state of New Mexico, is modernising its front-to-back office technology with Alkami Technology and Corelation.
Instant Payments Set to Displace Cards in Europe, Report Says
More than $809 billion is set to switch to the fledgling instant payments system in Europe by 2027, representing a significant threat to cards, according to a new report from Ovum, a London-based consultancy. Instant, or real-time, payments enable account-to-account bank transfers in seconds instead of days.
Where top European banks are investing in fintech – CB Insights
European banks are placing strategic bets in areas ranging from wealth management, lending, payments, regulatory technology, software, and blockchain. Which banks were the most active and what did they invest in?
Citizens Bank takes a crack at digital revamp with Bottomline
Rhode Island-based Citizens Bank is partnering with Bottomline Technologies to unleash a brand spanking new online and mobile banking platform for its commercial and business banking clients. The new digital banking platform offers a suite of cash management and payment services. The application features simplified transactions; integrated payment workflows; user personalisation with self-service capabilities; and […]
Spain’s first fully digital bank Openbank in major transformation
Openbank, a subsidiary of Spain’s banking giant Santander, has undergone an enterprise-wide overhaul, from products and services, to technology, to corporate culture, to new branding.
Monese debuts direct debits to challenge traditional banks
Mobile-only bank Monese has unveiled direct debit functionality for its customers – a move designed to offer services closer to that of a traditional high street bank account. Alongside this, it has also gained access to Faster Payments, so customers can send funds to accounts outside or within the UK with a “quicker transfer”. In […]
Top fintech stories this week – 16 June 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Banking Technology Awards 2017 now open for entry!
Know any innovative products, inspirational projects, skilled teams or visionary leaders that deserve a special recognistion this year? Nominate them for a Banking Technology Award!
Circle rounds on rivals with free cross-border payments
Payments services provider Circle is offering its customers in the US, UK and Europe the ability to send and receive money across borders with no fees and no mark-up on foreign exchange (FX) rates. The firm says it is “just like sending email or sharing photos” – meaning it’s “free and instant”. There will be […]
Are Plastic Cards Headed for Extinction?
Probably not. Even so, the case for virtual prepaid accounts is growing stronger. A journey through the landscape—including a stop at a recent Apple conference—shows why.
Why getting ready for real-time is a priority for Rabobank
When it comes to payments, the Netherlands, like its Scandinavian neighbours, is certainly one of the most advanced countries in the world. Banks and retailers have been working together for many years in an effort to decrease the amount of cash in circulation, working instead towards a “cleaner” and “safer” cashless environment.
Q&A with Andrew Buckley, Mastercard
When the self-described skeptic took over as global head of prepaid for Mastercard earlier this year, Andrew Buckley wasn’t quite convinced that the opportunities ahead were worthy of all the hype. Five months later and he’s among the converted, preaching the gospel of democratization—not just of payments but of innovation.
