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.
Richard Steggall didn’t even set foot in the U.S. until he was approaching 30. So, what prompted the native Aussie by way of London to set up a fintech shop in New York—first as Waspit, then as Urban FT, the SaaS-based digital payments platform he now heads? It was, of course, American optimism.
Amid last month’s extensive ransomware attack, made possible after cyber criminals stole hacking tools created by the US National Security Agency, the European Banking Federation (EBF) again urged the European Commission (EC) not to dismiss recommendations about screen scraping.
Visa is no longer a pleaser as TSB will issue Mastercard debit cards to all its current account customers in 2018 as part of a seven-year agreement. The bank says it will continue to issue Mastercard credit cards over the same term. The agreement means the two organisations “will partner to offer additional payment solutions”. […]
Brian Tate has been named president and CEO of the NBPCA, replacing Brad Fauss, who in May stepped down from his role at the helm of the prepaid industry association to join Wirecard North America. Tate has served with the NBPCA since 2013 as vice president of government affairs, helping lead the organization’s legislative and regulatory policy agenda, including managing the federal political strategy and building relationships with policymakers on the national and state levels.
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.
How will service providers and banks implement ISO 20022 in the APIs being created for PSD2?
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, Anita Liu Harvey, VP for strategy and innovation at Barclaycard, fires us in the direction of “the magic bullets of future retail”. […]
Payments provider Klarna has powered up with a full banking licence from Finansinspektionen, the Swedish Financial Supervisory Authority. Sebastian Siemiatkowski, CEO of Klarna, says it is “now one of Europe’s largest banks with 60 million customers, 70,000 merchants and working seamlessly across borders”. With the licence, Klarna states it can broaden its product portfolio for […]
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?
The European Union’s new General Data Protection Regulation (GDPR) introduces 72-hour breach notification requirements along with severe regulatory fines and consumers and affected third parties now have the right to sue organisations responsible for data breaches.
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!
No, cash is hardly sexy, not in this era of mobile payments, bitcoin and biometrics. But here’s some proof about its endurance.
The Netherlands Authority for the Financial Markets (AFM) is fining International Card Services (ICS), a wholly-owned subsidiary of ABN Amro, for excessive credit limits. In March 2017, ICS says it took the initiative itself and prepared a compensation plan for the clients concerned. ICS will pay the €2.4 million fine imposed by the AFM. Which […]
The CFPB has issued a request for comment on proposed changes to its final rule on prepaid accounts that would adjust requirements for resolving errors on unregistered accounts and provide greater flexibility for credit cards linked to digital wallets.
ACH payments are on course for exponential growth in the government sector, reducing costs for agencies and appealing to younger consumers.
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.
Mobile payments switch TerraPay has partnered with Yes Bank to enable real-time international money transfers to bank accounts in India – with the Indian migrant market firmly in their sights. TerraPay provides its clearing and settlement service, and via a “Rupee Drawing Arrangement”, its network partners can make the transfers to bank accounts in the […]
SWIFT has a new instant payments messaging solution for the European market, offering a single gateway to multiple systems. The service will be available by November 2018.
Today, June 14, Paybefore reveals the Best-in-Category winners in 21 categories and the two recipients of its highest individual recognition, Industry Achievement, for the 2017 Pay Awards.
Swift has launched an instant payments messaging solution for the European market, offering a single gateway to multiple systems, and available by November 2018. According to Swift, this latest development builds on its earlier deal in Australia. In 2015, it was awarded the contract to deliver the messaging infrastructure to underpin Australia’s new payments platform, […]
Misys and DH Corporation (D+H) have joined forces to create Finastra, the third largest financial services technology company in the world. As reported in March, D+H was acquired by Vista Equity Partners for $3.6 billion. The venture capital firm, which owns UK-based banking software vendor Misys, beat rival Advent International to acquire D+H. Finastra will […]
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.
Global payments provider TSYS announced June 12 it has launched TSYS Foresight Score with Featurespace, a fraud-prevention and risk-scoring product that integrates artificial intelligence, enabling the software to learn and improve its ability to detect fraudulent behavior while reducing false positives, the company says.
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.
UK-based payments start-up Revolut has unveiled its new business service across Europe for multi-currency accounts, transferring money and corporate cards. Called Revolut for Business, it will enable companies to hold, exchange and transfer in 25 currencies with the interbank exchange rate, issue employees with corporate cards for “global fee-free spending” and manage their transactional activity […]
The Financial CHOICE Act of 2017 (HR 10), legislation to overhaul the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, was approved along party lines by the U.S. House of Representatives 233-186 on June 8. The legislation focuses on ending big-bank bailouts and supporters say it provides more accountability for Washington and Wall Street, while removing barriers to economic growth.
More banks and credit unions have joined Zelle Network, a new peer-to-peer payments platform in the US.
Prepaid stakeholders from around the U.S.—and beyond—are set to converge on Washington, D.C.’s Mayflower Hotel next week for the NBPCA’s sixth annual Power of Prepaid. We’ve got a sneak peek of what’s in store at the prepaid industry’s most important event of the year, including some surprises from industry pioneer Steve Streit.
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.
A bank-wide replacement of its main business applications is ambitious enough but it is just the starting point for Amsterdam Trade Bank (ATB), as it seeks to harness new technologies, adopt a new culture and digitise its business.
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 […]
German payments company AEVI and Australian software firm Moroku have teamed up to offer POS software in AEVI’s B2B app store. Called Marrakash, Moroku’s software is for small retail and hospitality merchants that integrates their business, products, customers and payment systems into one platform. Moroku says it lets firms run their business “entirely from a […]
