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 […]
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.
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 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.
Texas-based Lone Star Credit Union has become the 50th live site for the Keystone core processing system, supplied by Corelation.
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 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.
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.
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?
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 […]
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.
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 […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
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!
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 […]
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.
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.
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.
With increasing global smartphone penetration and a willing consumer base, financial institutions recognize the potential of biometrics to offer more convenience and security to their customers—but a lack of familiarity with the still-new technology among top banking brass remains a significant barrier to adoption, a new report from Mastercard and Oxford University found.
Can a mobile payment service gain users by offering instant access to credit card accounts? Walmart is about to find out. The retail giant has launched a program that enables Walmart Pay customers to spend via their credit lines immediately upon approval instead of waiting for plastic cards to arrive.
US tech giant Fiserv has offered to buy Monitise, a UK-based mobile payments software and solutions provider. The cash offer to acquire is at 2.90 pence per share – valuing Monitise at approximately £70 million.
More banks and credit unions have joined Zelle Network, a new peer-to-peer payments platform in the US.
California-based Redwood Credit Union (RCU) has launched a new mobile peer-to-peer payment solution, RCUPay. “RCU ends the IOU,” the credit union states.
It wouldn’t quite be June if we didn’t have rain or Cisco’s annual visual networking index (VNI) forecast. We’ve had plenty of rain, now it’s time to tuck into some stats! Telecoms.com (Banking Technology‘s sister publication) reports that you probably didn’t need us to tell you, but internet traffic is going to grow. The total […]
Australia Post is partnering with processor i2c Inc. to “expand and modernize” its digital payments offerings. Under the pact, the Australian postal service will use i2c’s Agile Processing platform to roll out enhanced digital functionality for its payments products, including the Load&Go GPR Visa card, along with gift, multicurrency travel and corporate incentive cards. The i2c platform also will underpin future financial services products from Australia Post.
Moving incentives to virtual prepaid cards is an important trend, but Philip Morris International is taking its incentives a step further with blockchain. The cigarette company and fintech firm Billon Group reportedly have completed a test replacing prepaid cards with the distributed ledger technology, enabling digital and mobile payments.
German payment service provider Concardis is bringing Chinese mobile payment solution Alipay to Austria and Switzerland. Clothing brand Gössl will be the first merchant in Austria to let Chinese citizens pay via smartphone and the Alipay app. The roll-out in the Swiss market is planned for October this year. In Germany, Concardis says it has […]
California-based SafeAmerica Credit Union is building a new omnichannel banking platform with fintech start-up Bankjoy.
American Express Global Business Travel (GBT) has opted for SunTec’s Xelerate billing system for its corporate clients. According to SunTec, its platform can onboard new geographic regions and “weaves data locked in various legacy and modern billing systems” to create relevant offers for American Express GBT’s corporate clients. Michael Konstas, VP of billing strategy at […]
New Zealand-based SBS Bank is rolling out a new “end-to-end” digital banking platform supplied by Sandstone Technology.
Apple has made a bold foray into the P2P money transfer market—and Green Dot is helping the tech giant in its bid to unseat Venmo and other established players in the increasingly crowded space.
After 18 months of development, UK-based online saving and investing service Moola has launched. The firm says there are 5.4 million “mass affluent people in the UK who have no access to financial advice, but disposable income and a desire to save and invest”. It wants to tap into that market by doing the “hard […]
Apple has unveiled Pay Cash as it looks to fight it out with PayPal, Square and Venmo in the overcrowded peer-to-peer (P2P) payments market. In a range of updates to its mobile operating system, iOS 11, new features to the iPhone and iPad are coming this autumn. Apple Pay users will be able to make […]
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 […]
Watch out Samsung Pay, but South Korean titan LG Electronics has unleashed its mobile payment service in the country. Called LG Pay, it will be offered first as a service that allows users to pay offline in the same way as a credit card. Its use is limited at the moment to Shinhan, KB, BC […]
You’ve heard of wearables—now meet “drinkables.” Global Processing Services (GPS) is helping support a new energy drink marketing campaign featuring special bottles equipped with contactless chips, each preloaded with a credit for a trip on the London Underground. The campaign for the Lucozade Energy brand launched last week, with bottles distributed free at major London train stations and commuter hubs.
Following Airbnb’s acquisition of crowdfunding and social payments startup Tilt in February, it is now being wound down.
The Association of British Credit Unions (Abcul) says it is making progress with its Model Credit Union initiative, to modernise the tech and operations of its members. Three credit unions are now live with new core and mobile banking software.
Breathless reports point to a terrifying increase in U.K. contactless fraud. Dig a little deeper, however, and the story changes.
Android Pay has now launched in Taiwan and users can add an eligible Visa or Mastercard credit card from one of its supported banks, including CTBC and First Bank. It will have the usual rivals – Apple Pay arrived in Taiwan in March this year, while Samsung Pay was launched across the island nation just […]
