Urban FT buys iParse to speed mobile app onboarding for FIs
Mobile banking technology firm Urban FT has completed its acquisition of iParse LLC
Payments
PayPal Teams with Samsung Pay
The partnerships keep coming for PayPal. Following recent news that the company is partnering with Apple for payments on iTunes and in the App Store, the company announced July 17 that it’s expanding its partnership with Samsung to enable PayPal as a payment method in any channel Samsung Pay is accepted.
Jenius digital bank gets clever with Finastra
Jenius digital bank, part of Indonesia’s Bank Tabungan Pensiunan Nasional (BTPN), has chosen Finastra’s (formerly Misys) FusionBanking Essence Digital platform. Peterjan van Nieuwenhuizen, head of digital banking at BTPN, says it has “built a system that enables our customers to complete basic banking processes without going to the branch”; and with an “expanding middle class […]
Find Innovation in a Sandbox, Not in a Lab
For financial institutions lacking the deep pockets of the biggest competitors, investing their limited resources to develop disruptive payments solutions isn’t a viable option. Stated simply, you can never outspend the big guys. What you really need is a more effective weapon to level the playing field.
Congressman Calls for Hearing on Amazon’s Whole Foods Bid
On this heels of its record-breaking Prime Day, during which sales were up more than 60 percent over last year, Amazon is facing antitrust concerns from the top Democrat on the House Judiciary Antitrust Subcommittee. U.S. Congressman David N. Cicilline (R.I.) is calling for a hearing on the e-commerce giant’s $13.7 billion bid to acquire brick-and-mortar specialty grocery chain Whole Foods.
mVisa Takes on M-PESA with Free Domestic Mobile Money Transfers
Move over M-PESA, customers of a Visa-led bank partnership in Kenya will be able to send money to each other domestically without paying transaction fees using mVisa, and the payments network has added additional in-store merchant acceptance for the QR-code-based payment method.
Worldline Buys Digital River World Payments to Support Global Expansion
French payments technology provider Worldline is expanding its global footprint with a definitive agreement to acquire 100 percent of the share capital of Stockholm-based Digital River World Payments, an online global payment service provider from Digital River Inc.
Company on the Move: Canadian Prepaid Group Welcomes New Members
The 2-year-old Canadian Prepaid Providers Organization has welcomed three new members and added an annual CPPO Prepaid Symposium to further its mission of supporting the fast-growing prepaid industry in Canada.
Congressional Republicans Look to Dismantle CFPB’s Arbitration Rule
It didn’t take long for Congressional Republicans to pounce on the CFPB’s final rule on arbitration agreements, which the agency released on July 10. House Financial Services Committee Chairman Jeb Hensarling said he would support use of the Congressional Review Act to dismantle the rule, while Sen. Tom Cotton (Ark.) already has drafted a CRA resolution and is working with Senate Banking Committee Chairman Mike Crapo (Idaho) to introduce it “soon.”
EML Goes Global with Next-Gen Mall Cards, Gaming Payouts
More than a year into the merger with Australia-based EMerchants Limited, former Store Financial CEO Eric Mettemeyer, who now leads EML’s North America division, spoke with Paybefore about the company’s global efforts to expand beyond single-load gift and the greenfield in payout cards, gaming and more.
New partnership turns PayPal into Apple App Store payment option
One small step for consumer choice in e-commerce. One giant leap in PayPal’s quest to be the payment option of choice for shoppers online, reports Finovate (Banking Technology’s sister company). This week the company announced a partnership with Apple to allow shoppers pay for their purchases at the App Store using PayPal. The feature will be available for users […]
Top fintech stories this week – 14 July 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Aktia Bank finally live with Temenos T24 core banking system “Some system repairs will be carried out during the following weeks.” HSBC and Barclays pilot banking without borders Testing use of a citizen’s national digital identity. ANZ, Westpac […]
Vote for the Best Challenger Banks
Vote for the challenger banks (licensed or not) that should make Paybefore’s top 5 Best Challenger Banks list. Share your opinions through Aug. 1. The top 5 vote-getters will be profiled on Paybefore.com.
Apple Deal Puts PayPal One Step Closer to Ubiquity
One small step for consumer choice in e-commerce, one giant leap in PayPal’s quest for ubiquity. The company announced a partnership with Apple to enable shoppers to pay for their purchases in the App Store, iTunes, Apple Music and iBooks using PayPal.
Amex Taps Virtual Cards for Business Travel Expenses
American Express is the latest payments company to recognize the benefits of enabling virtual account numbers for business travel. The addition of virtual account numbers enables businesses to set usage dates and pre-authorize spending limits at the time of booking, helping reduce fraud and encourage compliance with company travel policies, Amex said.
Altice puts squeeze on Orange with bank move
In a copycat move that will come as a blow to Orange, rival Altice plans to launch its own online bank by early 2019 in the countries in its network footprint, according to a report from Reuters that cites a source close to the matter. Light Reading (Banking Technology’s sister publication) reports that the launch of […]
Debit cards knock off cash as No. 1 payment method in UK
Cash is no longer king in the UK, according to the British Retail Consortium’s (BRC) annual Payments Survey, which found that debit card transactions accounted for almost 43% of all retail transactions in 2016, overtaking cash, which accounted for 42% of all retail transactions, for the first time. Banking Technology‘s sister publication Paybefore reports that […]
UK watchdog backs PSR plan for merger of three payment bodies
The UK’s Payment Systems Regulator (PSR) has got approval from the Competition and Markets Authority (CMA) for its plan for the consolidation of the operators of three payment systems. As first reported in May, the PSR aimed to get Bacs Payment Schemes (BPSL), Cheque and Credit Clearing Company (C&CCC) and the Faster Payments Scheme (FPSL) […]
Debit Cards Knock off Cash as No. 1 Payment Method in U.K.
Cash is no longer king in the U.K., according to the British Retail Consortium’s annual Payments Survey, which found that debit card transactions accounted for almost 43 percent of all retail transactions in 2016, overtaking cash, which accounted for 42 percent of all retail transactions, for the first time.
Fintech Funding Roundup: Revolut, Curve, Pixoneye, Gridspace
And the money keeps rolling in for fintech. U.K. challenger bank Revolut announced a $66 million investment it will use to introduce new features and expand globally, starting with Asia and North America. Meanwhile, Santander InnoVentures, the bank’s fintech venture capital fund, has added U.K.-based Pixoneye and Curve and U.S.-based Gridspace to its portfolio.
FitPay and Mastercard take prepaid to wearables and IoT
FitPay Inc, a US-based provider of payment, credential management and authentication platform services, is planning to offer prepaid capabilities on wearable and other devices connected to its FitPay Payment Platform.
Tap into Consumer Habits to Create Sticky Prepaid Products
Designing products with staying power starts with understanding consumers and then adapting uses cases to solve their problems.
Bold statement three: statements from around the bleeding edge of innovation
Hello all and apologies it’s taken a little while to get to the third instalment of the series about “pet peeve statements”. For those who are new, I am talking about those bold, declaratory statements that puff up the chest and make people feel awfully progressive and far sighted – and as I have said before, all sound and fury, signifying stormy waters ahead!
InComm Receives Patent on Fraud-Fighting Prepaid Packaging Technique
Atlanta-based prepaid pioneer InComm has been granted a patent by the U.S. Patent and Trademark Office for a new method of printing activation barcodes and packaging prepaid products, which the company says will help retail partners fight fraud.
OCC Report Highlights Strategic Risks from Fintech, Operational Risk from Third Parties
The OCC’s latest risk report for banks highlights competitive pressure from fintech companies, loosening of credit underwriting standards, operational risks associated with third-party service providers, and compliance risks around Bank Secrecy Act (BSA) and AML monitoring.
People on the Move: Kim Sergent, InComm
Kim Sergent has joined InComm as vice president of marketing for its Financial Services division, where she will lead the marketing strategy of InComm’s consumer-facing Vanilla brand, which produces prepaid consumer products that include Vanilla Gift and MyVanilla.
Interview: Nelson Holzner, AEVI – imagination will take you everywhere
Nelson Holzner, newly appointed CEO of AEVI, talks to Banking Technology about the importance of innovation and simplification, and addressing real-life problems with working solutions. “Do more” is AEVI’s motto.
Wirecard opens European POS to Chinese travellers with Tencent deal
Wirecard and Tencent are working together to give European retailers access to more than 938 million active WeChat and Weixin users by enabling QR code payments at the POS, reports Paybefore (Banking Technology‘s sister publication). The mobile payment solution, WeChat Pay, has more than 600 million active users, which is equivalent to nearly 40% of […]
Blockchain and Bitcoin round-up: 10 July 2017
Reading doesn’t have to be a trial. Our latest blockchain and Bitcoin round-up keeps it ultra-brief. Featuring Mt. Gox, less than smooth criminals, the Council of the European Union and Coinsource. Mark Karpeles, the former CEO of collapsed Bitcoin exchange Mt. Gox, will go on trial in Tokyo next week on charges stemming from the […]
CFPB Issues Final Arbitration Rule
It’s difficult to say just yet who the ultimate victors will be in the battle over arbitration—trial lawyers, consumers, the financial services industry, Congressional Republicans or the CFPB—but the bureau fired the latest salvo by issuing its final rule on arbitration agreements on July 10. The move comes despite warnings from House Financial Services Committee Chairman Jeb Hensarling (R-Texas) that doing so could result in contempt proceedings.
Wirecard Opens European POS to Chinese Travelers with Tencent Deal
Wirecard and Tencent are working together to give European retailers access to more than 938 million active WeChat and Weixin users by enabling QR code payments at the POS.
Dentist unveils payments start-up for millennials
It’s not enough for the fintech world to be sick to the back teeth of the “millennials would rather visit their dentist than listen to their bank” quote – but we now have yet another UK payments start-up – this time launched by an actual dentist. On the dirt-encrusted and pothole-festooned streets of the UK, […]
Oman Arab Bank upgrades core banking system with Finastra
Oman Arab Bank (OAB), a long-standing customer of Finastra (formerly Misys), is implementing the Fusionbanking Essence core banking system. It will replace Misys’ Equation platform, in operation at the bank for over three decades.
Indian Domestic Networks Report Positive Growth
The National Payments Corporation of India is reporting positive momentum for transactions across its domestic payment networks for the fiscal first quarter of 2018. Its goal is to hit 11 billion transactions by the end of the fiscal year.
Kiwibank’s SAP core banking system overhaul faces delays and budget increase
New Zealand-based Kiwibank is progressing with its SAP core banking system overhaul but the project is running behind schedule and the costs are on the rise.
Citi Pay lands in US with Masterpass
After launching in 2016 in Singapore, Australia and Mexico, Citi Pay has arrived in the US.
Citi Pay Lands in U.S. with Masterpass
After launching in 2016 in Singapore, Australia and Mexico, Citi Pay has arrived in the U.S. and is enabling tokenized payments via existing online credentials.
iZettle Reports Strong Growth, Possible IPO
Swedish financial technology company iZettle is reporting a 60 percent jump in revenues compared with 2016, and CEO Jacob de Geer is talking IPO.
How Trump Can Really Reduce Compliance Burdens for U.S. Firms
If President Trump wants to make America great again, there are a few important ways he could bolster the fintech industry and help consumers—from supporting more uniform MSB licensing to reining in UDAAP.
First Data acquires CardConnect for $750m
First Data has completed its acquisition of US payments processor firm CardConnect for about $750 million in cash including the repayment of debt. As Banking Technology reported earlier, the Fintech Acquisition Corp acquired FTS Holding Corporation in July 2016 and renamed it CardConnect. At that time, it traded shares of CardConnect on Nasdaq at approximately […]
