Hoping to build on last year’s success, the Center for Financial Services Innovation is encouraging participants in next month’s FinHealthMatters Day to craft videos, write blogs and plan events that highlight the need for better financial health for U.S. consumers. FinHealthMatters Day is June 27.
Apple Pay has landed in Italy with users able to add Mastercard, Maestro, Visa and V Pay credit and debit cards to the app. On the Italian Apple Pay website it says that the cards can be used with the banking services of Boon, Carrefour and UniCredit. It also states that more will be coming […]
The Financial Crimes Enforcement Network (FinCEN) held its third annual Law Enforcement Awards ceremony on May 9 at the U.S. Department of the Treasury.
SIX and Credit Suisse have unveiled ATMfutura – a cash dispenser which displays the same user interface and guidance on all ATMs in Switzerland. SIX and its partners were commissioned by Swiss banks to develop the centralised multivendor software and it is planned to function on all bank ATMs in the alpine nation from 2018. […]
The European Banking Federation (EBF) is asking the European Commission (EC) for its help on a screen scraping ban due to concerns over the privacy of client data, cybersecurity and innovation. The EBF wants the EC not to dismiss a key recommendation made by the European Banking Authority (EBA) on future electronic payments in the […]
Samsung Pay has arrived in the UK with Visa keen to reveal that its account holders can use their compatible Samsung smartphones for purchases worldwide. In terms of Visa, the service is available to its cardholders who bank with MBNA, Nationwide and Santander. Samsung adds that its app can be used with HSBC (Mastercard and […]
The Reserve Bank of India (RBI) is telling the nation’s banks to operate their ATM networks only after the machines receive a Windows update to protect them from the WannaCry ransomware affecting systems across the globe. The computer malware has spread across 150 countries and takes over users’ files with a demand of $300 to […]
Consumers age 16 through 22 are open to communication from brands but have high expectations of those brands, demanding high levels of customer service and the latest in omnichannel functionality, according to a new study from American Express.
Bank has found another way to use the artificial intelligence-powered virtual assistants. The online-only Australian bank launched RoboChat May 15 to help home buyers—and homeowners who want to refinance—complete UBank’s online home loan application more easily.
France-based retail giant Carrefour and French bank BNP Paribas have joined forces to launch Lyf Pay, a new mobile wallet that supports in-store and P2P transactions as well as loyalty cards, coupons and offers.
Vodafone has transferred most of its ownership stake in Safaricom—the provider of Kenya’s mega-popular M-PESA mobile money transfer service—to Vodacom, Vodafone’s South African affiliate.
Digital money transfer service WorldRemit is now available in the US and it is targeting the nation’s migrant market with its mobile money services. The firm wants to tap into the $135 billion US remittance market (the global market is $600 billion) – and says mobile money lets people in emerging market economies send and […]
The People’s Bank of China (PBOC) has set up a fintech committee, aimed at strengthening financial research, planning and co-ordination. On its website, the nation’s central bank doesn’t offer specifics about the new committee, but says fintech has “injected new vitality”, but also “brought new challenges” for financial security. PBOC will study the impact of […]
This free white paper provides a structured framework for measuring performance of commercial card programmes across multiple industry sectors, suggests a range of norms for card penetration and usage, and describes the key data points for measurement. It also describes the actions that card issuers could take to maximise value from the programmes they have running: retaining business that is already fruitful, and nurturing business which could be more abundantly fruitful.
Misys is getting in on the artificial intelligence (AI) act, with the launch of Misys FusionCapital Detect – a component for its trading solution which uses machine learning to spot booking errors, anomalies and unusual activity. The firm says FusionCapital Detect behaves as a personal assistant for trade validation teams, red flagging probable mistakes that […]
The CFPB’s final rule on prepaid accounts has survived a bid to repeal it via the Congressional Review Act (CRA), with lawmakers failing to bring the matter up for vote by the May 11 deadline. But despite the CRA efforts having fizzled, reforming the rule is still on the table.
P2P payments are proving a big hit with younger consumers.
We look at UK fintech firms working outside of the London “bubble”, examining where they are based and why; their history; target markets; clients; tech specialisations, concerns and future plans.
Moneycorp in the UK has signed an agreement to acquire US-based payments firm Commonwealth Foreign Exchange (Commonwealth FX). The acquisition, subject to regulatory licensing approvals, will allow Moneycorp to “extend the geographical reach of its payments platform”. Nick Haslehurst, chief financial and operating officer at Moneycorp, says it sees “huge potential in the US among […]
A UK judge has taken a swipe at contactless card payments because they make life too easy for criminals. According to the BBC, Exeter Crown Court recorder David Bartlett says it is “quite ludicrous that the banks have allowed this to happen”, after hearing how a card was used by a thief to buy goods […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
The glorious rags to riches tale of a UK start-up has caught the cold, beady eye of Hollywood and been transformed into a well-polished and formulaic movie. Charon Ferries, a London-based payments firm, is the brainchild of the husband and wife team of Mark and Michelle Morrison. (Recently married, and still happy. Give it a […]
Misys has announced the availability of its solutions for German retail banks in the cloud. Diebold Nixdorf will deliver infrastructure services out of its certified data centres in Germany.
Swedbank has acquired payment provider PayEx as it seeks to enter new markets and add more services. PayEx is a privately-owned group comprising several companies in Sweden, Norway, Denmark and Finland. It offers payment solutions for internet, mobile and physical commerce and administrative services within billing, account management and debt collection. The company also offers […]
Brad Fauss is joining Wirecard North America as general counsel and vice president, compliance and governmental affairs. In his new role, he is responsible for managing the legal, compliance and governmental affairs functions for the North American business. Wirecard, a payments and commerce leader headquartered in Munich, finalized its acquisition of Citi Prepaid Services in March 2017, as part of its global expansion strategy.
Brand power is serious business, according to a new Blackhawk Network study that found consumers trust their favorite brand almost as much as they trust their own families. What’s more, retailers can harness that brand loyalty to help with a bevy of challenges, including driving foot traffic, acquiring new customers and bolstering loyalty among shoppers.
Green Dot’s acquisition of UniRush, a deal that closed in February, is already paying off for the company. As part of its first-quarter earnings release, Green Dot said that UniRush not only added $12 million in revenue during its first month of new ownership, but contributed to 6 percent growth in the company’s overall active card base, to 5.05 million.
Current, a startup comprised of a small team of New York-based fintech entrepreneurs, has launched a prepaid card program and mobile app for kids and parents that goes beyond dispensing allowances
What President Trump’s record on regulatory reform means for payments and financial services so far, and what comes next.
South Africa-based Mercantile Bank has implemented a new digital channels platform, TCS Bancs Digital, supplied by TCS Financial Solutions.
Say goodbye to long reads with this brief round-up of the latest buys in the fintech world. Features KPMG, Matchi, Ancoa, Cinnober, Valitor, International Payment Services and AltaPay. KPMG has acquired Matchi, a matchmaking platform that connects financial institutions with fintech companies. The pair have worked together since 2015, so the deal “cements” their relationship. […]
The Bank of England (BoE) has released its blueprint for a renewed real-time gross settlement (RTGS) service for payments in the UK – with plans to interface with blockchain and deal with APIs. On an average day, BoE says RTGS settles around £500 billion between banks – around a quarter of the UK’s annual GDP […]
The U.S. purchase volume of credit, debit and prepaid cards increased 7 percent in 2016 compared with last year, according to The Nilson Report. That purchase volume hit $5.648 trillion last year, with the volume from American Express, Discover, Mastercard, and Visa credit cards increasing 8 percent year over over to reach a combined $3.059 trillion—the first time that figure has topped $3 trillion.
The Alipay online payment platform operated by Ant Financial Services Group is moving further into North America through an agreement with payments technology provider First Data. Alipay is considered the world’s largest online and mobile payment platform, with more than 450 million global active users.
A former MoneyGram compliance head will pay a $250,000 fine and be barred from performing a compliance function for a money transmitter for the next three years after agreeing to a settlement over alleged AML and fraud prevention failures that took place at the company under his watch.
Consumers in India are increasingly turning to physical and digital gift cards. A new study showed that providers issued some 50 million gift cards over the past year, up from 20 million from the previous 12 months, an increase of 150 percent.
Alipay is teaming up with First Data in North America as it looks to take a bite out of Apple’s market share. As Banking Technology previously reported, Alipay has been gaining plenty of traction around the globe – with HelloPay Group in Asia merging with Ant Financial (which runs Alipay); and inking deals with European […]
WorldFirst has unveiled World Account, an international payments platform for SMEs and online sellers. The company states the account offers international banking functionality on one platform. It says “many businesses waste time and money” trying to open up bank accounts in new currencies. These accounts are also often held in the UK resulting in “additional […]
Square Inc. has begun rolling out a physical plastic card for use with the company’s Square Cash P2P money transfer service—a move that could help differentiate the service from its P2P competitors by making it easier for users to instantly spend funds they receive via transfer.
Score one for London. Even as the U.K. prepares to leave the European Union through Brexit, the British capital and banking and investment center stands as the global hub of fintech, according to Paybefore readers.
