BankMobile to be sold this quarter; delays relaunch of mobile app
BankMobile, a mobile-only bank launched by Customers Bancorp two years ago, is expected to be sold this quarter, according to Customers’ president and CEO, Jay Sidhu.
BankMobile, a mobile-only bank launched by Customers Bancorp two years ago, is expected to be sold this quarter, according to Customers’ president and CEO, Jay Sidhu.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
SIX Payment Services brings to market PayLife 0100, Austria’s first mobile credit card.
Scotiabank has updated the market on how it has adopted the digital technology so far and how it plans to become a “digital leader” in its five key markets.
Citi’s institutional e-banking platform, CitiDirect BE, will now use MobilePASS which lets corporate users replace their physical login tokens with their personal mobile devices for authentication.
The European Banking Authority (EBA) recently proposed new rules that would require payment card operators to enforce additional security measures, such as passwords or security tokens, for all online transactions over €10, aimed at fraud prevention. This is a clumsy solution to a problem that is already being addressed by far more sophisticated means, argues Nick Wallace, senior policy analyst at Centre for Data Innovation, and policymakers should reject the EBA’s proposal.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Barclaycard is partnering with VocaLink to enable its merchants to accept mobile payments through the Pay by Bank app. The app, created by VocaLink’s payment innovation team Zapp, will enable shoppers to pay for goods and services on a mobile device, without the need to enter credit or debit card details, according to Paybefore sister publication Banking Technology.
Amid India’s recent boom in m-wallet transaction volume following a government discontinuation of two popular currency notes, the government now is considering developing an insurance framework for mobile wallet and electronic transactions. Government officials from the IT Ministry already have begun discussions with m-wallet providers and insurance companies on how to insure money in the wallet apps, according to The Financial Express.
Barclaycard is partnering with VocaLink to enable its merchants to accept mobile payments through Pay by Bank app. Pay by Bank app, created by VocaLink’s payment innovation team Zapp, will allow shoppers to pay for goods and services on a mobile device, without the need to enter credit or debit card details. Rajiv Garodia, managing […]
Africa is becoming a very interesting fintech innovation hub (in particular South Africa, Nigeria and Egypt). As much as 80% of the continent is unbanked, opening the door to a breadth of opportunities for fintech companies to seize market share.
US-based personal finance firm SoFi (Social Finance) has acquired mobile banking start-up Zenbanx as it looks to stretch out in the world of financial services. SoFi is paying about $100 million in stock for Zenbanx’s technology, according to Bloomberg and “a person familiar with the agreement”. Zenbanx offers a mobile account in the US and […]
Turkey’s largest bank Isbank has launched a new P2P money transfer service, called “social account”, available for the “first time” in the republic. The launch quickly follows on from the release of its new app, IsCep, to allow “for the first time” banking and stock exchange transactions through one application with real-time data. With the […]
California based technology companies Varo Money and Envestnet | Yodlee have teamed up to drive fintech innovation. Varo Money, a mobile-only banking start-up hopes to leverage Envestnet | Yodlee’s data analytics and aggregation platform to provide customers with a more customised mobile banking experience, and better insights into their financial well-being.
Swift Innotribe has partnered with the Russian National Swift Member and User Group (Rosswift) comprising the Bank of Russia, the National Settlement Depository, Sberbank, and Alfa-Bank, to launch its first start-up challenge in the region.
UK-based mobile banking firm Tide has launched with its business account app for SMEs. As Banking Technology reported in July 2016, Tide was gearing up for its launch and said it will offer a “nimble small business current account”, with a swift set-up and no monthly fees. It claims to be among the “world’s first” […]
The rise of the chat bots continues as Cleo, a virtual money assistant described by its creators as the “Siri of personal finance,” has launched on Facebook Messenger for users in the U.K. Developed by the London-based fintech startup of the same name, Cleo is an artificial-intelligence-powered chat bot the companies say will help users manage their finances.
UK-based Advanced Payment Solutions (trading as APS Financial) has launched a new mobile platform as it looks to compete with “neo” mobile banks. New services include the ability to set up a new account via the Cashplus app. Customers can also manage payments and transfers, get “instant access” to their money or arrange overdrafts using […]
Turkey’s largest bank Isbank has unveiled its new app, IsCep, to allow “for the first time” banking and stock exchange transactions through one application with real-time data. The bank says IsCep has been integrated into its Mobil Borsa (mobile stock market) and is also available for all foreign customers in Turkey. Isbank deputy chief executive […]
Alibaba’s affiliate Ant Financial is splashing out $880 million for money transfer operator MoneyGram International. This is Ant Financial’s first acquisition of a US-listed company.
Pan-African banking conglomerate Ecobank has launched a fintech challenge for start-ups. The event, open to Africa’s entrepreneurs, innovators and developers, provides an opportunity to win $500,000 in funding as well as partner with Ecobank and roll out services across 36 countries.
Add Target to the retailers stepping up their mobile payments game: The retail chain plans to improve at least one of its mobile apps by enabling in-store payments through it. What that means is that consumers could use their smartphones and Target app to pay for purchases inside the chain’s stores instead of relying on Apple Pay, Android Pay or other providers’ digital payment systems.
Austria’s Erste Bank und Sparkassen can now verify new customers’ IDs via video. The functionality has been developed with specialist provider IDnow and introduced just a few weeks following the approval by the country’s Financial Market Authority (FMA).
In an attempt to take its share of the exploding cross-border payments market, which hit about $600 billion last year according to some estimates, Wirecard is launching a new mobile money remittance service in Europe, targeting consumers including unbanked migrants sending funds home.
Not content with simply getting people from points A to B anymore, carmakers recently have been diving into mobile wallets and parking and payment apps, not only through partnerships but through acquisitions. The trend seems likely to gain speed in the coming year but there remain questions about how far automotive firms can go with payments, and what constitutes the best path.
Hellenic Bank, the second largest bank in Cyprus, has chosen the Backbase Omnichannel Banking Platform for its banking systems upgrade. The revamp will start with the public domain landing pages and web content projects, followed by mobile banking. In fact, its mobile banking app was “highly commended” in the Banking Technology Awards 2016. Natasha Kyprianides, […]
A new service launched to mitigate customers’ inconvenience if their payment cards are lost or stolen might lead to greater adoption of mobile wallets and be a model for other banks. ANZ, one of the largest banks in Australia, has introduced a service that automatically uploads replacement card details as virtual cards to customers’ m-wallets, while halting activity on the missing physical cards.
U.K.-based Starling Bank has become the “first of the digital-only challengers” to join Faster Payments this week. The 13th direct participant of the Faster Payments Scheme, Starling says its customers will be able to see where their money is flowing and when in real-time, 24/7.
POSB, one of Singapore’s oldest banks and part of the DBS Banking Group, has launched an online virtual assistant. It is powered by the KAI conversational bot/AI platform from a New York-based fintech start-up, Kasisto.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Philippines-based Ayannah, a provider of financial services to migrants and the unbanked, was the overall start-up winner in the Next Money Fintech Finals 2017 in Hong Kong.
Banks and retailers aren’t the only companies getting into the digital wallet game. Daimler Financial Services, which operates under the same corporate umbrella as the Mercedes luxury car brand, plans to build an electronic payments service via its acquisition of Luxembourg-based PayCash Europe.
De Surinaamsche Bank (DSB), the largest commercial bank in Suriname, is implementing the latest version of Fiserv’s Signature core banking system and DigitalAccess for digital banking capabilities.
Global asset manager Schroders has selected Capriza’s enterprise mobility platform “to power its drive to digitisation”, according to the vendor.
Smooth Commerce and Visa have completed the first integration of Visa’s Developer Programme in Canada and brought to market “a first of its kind innovation” in the mobile commerce space.
With last year’s Brexit decision casting uncertainty on U.K.-based e-money passporting, the Emerging Payments Association (EPA) has released a new report recommending the best options for U.K.-licensed fintech and financial services companies in danger of losing their European Union passporting rights following the U.K.’s exit from the EU.
Following the OCC’s plans for a special fintech bank charter, which has state regulators and a few Democratic senators up in arms, the National Economic Council (NEC) of the U.S., part of the Office of White House Policy, has published a whitepaper, “A Framework for Fintech,” reports Paybefore’s sister publication Banking Tech.
BNP Paribas Wealth Management has unveiled its new Client Experience venture co-created with customers and fintech firms. The initiative focuses on digital solutions as the bank is keen to “create a new wealth management experience”.
No more texting or using messaging apps such as WhatsApp on company issued phones, Deutsche Bank tells its employees. According to a memo issued by COO Kim Hammonds and chief regulatory officer Sylvie Matherat, the functionality will be switched off this quarter.
India’s Yes Bank is inviting fintech start-ups to take part in its Yes Fintech Accelerator Programme. The application process is open until 2nd February 2017.