VocaLink and BancTec, a part of SourceHOV, a provider of enterprise information management (EIM) and transaction processing solutions, will build the UK’s new image-based cheque clearing system. As Banking Technology reported this month, the Cheque and Credit Clearing Company (C&CCC) launched the industry-wide system to speed up processing for customers across the country. Paul Stoddart, […]
At this week’s Smart Card Alliance Payments Summit, experts looked to mobile and transit for a view of how payments will evolve. Here is a dive into the trends that likely will keep making news in the years to come.
A drive through the emerging landscape of in-vehicle transaction projects shows a wide variety of services that could appeal to consumers and push payments forward. But there’s still work to do before automakers are off to the races.
Mastercard will acquire Vancouver-based biometrics firm NuData Security as it looks to make something out of the internet of things (IoT). NuData provides online and mobile anti-fraud solutions using session and biometric indicators. Mastercard will integrate NuData to its suite of fraud management and security products. Ajay Bhalla, president of enterprise risk and security for […]
VocaLink’s Pay by Bank mobile payment app will soon be available to customers of HSBC and its subsidiary, First Direct. Pay by Bank app, created by VocaLink’s payment innovation team Zapp, enables people to make “digital debit” payments for goods and services via their banking app, with payment made directly from a current account. HSBC […]
Mastercard is beefing up its transaction security and authentication capabilities in the age of connected devices, entering an agreement to acquire NuData Security, a Pay Award-winning provider of anti-fraud technology that uses session and biometric indicators to verify online transactions.
A little after noon in Brussels March 29, a British ambassador delivered a letter to EU Council President Donald Tusk that set the wheels into motion for the U.K.’s exit from the EU. Today’s announcement makes official the results of the historic vote June 23, when 52 percent of voters in the U.K. stunned many around the world when they opted to leave, or “Brexit,” as it’s commonly called.
Wells Fargo will pay $110 million to settle a class action lawsuit brought by U.S. consumers over a scandal about fake accounts its employees set up for customers without their knowledge. But the trouble continues for the financial institution, which has received a dim evaluation from a federal regulator.
The UK’s Payment Systems Regulator (PSR) is calling for even more competition and creativity in the sector over the next 12 months. At the launch of its “Annual Plan and Budget for the year 2017/18”, held at the Barbican Centre in London, it summarised its achievements and set out its ambitions to build on the […]
A legal battle between merchants and payment networks over interchange fees that has been raging for more than a decade will continue now that the Supreme Court has declined to restore a $5.7 billion settlement agreement that was tossed out by a lower court.
Blackhawk Network has given its incentives business a new identity, renaming it Hawk Incentives, which includes products and services formerly part of Blackhawk Engagement Solutions and the prepaid and payments company’s B2B digital incentive teams, according to a March 28 announcement.
A federal judge has dismissed an unfair practices lawsuit filed by the CFPB against a North Dakota-based payment processor. The federal agency had accused Intercept Corp. of permitting unauthorized and other illegal withdrawals from consumer accounts by its clients.
Members of a Danish banking collective, Bokis, have become the first in the country to offer mobile payments using Dankort, the national debit and credit card. Bokis includes 62 banks that form the small to mid-sized banks segment of Lokale Pengeinstitutter (the Association of Local Banks, Savings Banks and Co-operative Banks in Denmark), together with […]
San Francisco-based payments specialist Square has landed in the UK. This is the fifth market for Square, following the US, Canada, Australia and Japan.
Enjoy a word-lite delight with our brief fintech funding round-up. Features Clarity Money, The Glue and OOjiBO. US-based Clarity Money, a personal finance app, has announced a $11 million Series B funding round led by RRE Ventures and Citi Ventures. This financing comes three months after Clarity Money launched its product and eight months after […]
CFPB has taken action against Experian over allegations that the company made false claims about the uses of credit scores it sold to consumers.
In last week’s Paybefore Spotlight Webinar, attendees representing markets from across the globe said the No. 1 challenge to growing their prepaid businesses is differentiation. Find out what experts from Celent’s banking practice and global processor i2c had to say about creating dynamic prepaid products to compete in the changing payments landscape.
Hoping to bring “digital cash to everyone,” Samsung has introduced a chip platform that can enable contactless payments in watches, wristbands, key fobs and perhaps even clothing.
It’s infographics time! This nifty infographics, created by Mastercard, outlines some interesting facts and figures about the new £1 coin, compared to the old one (introduced back in 1983).
KfW, a German government-owned development bank, which gained publicity for erroneously transferring more than €300 million to Lehman Brothers the day it filed for bankruptcy, has done it again, according to Bloomberg. KfW mistakenly transferred more than €5 billion to four banks because of a technical glitch that repeated single payments multiple times, according to […]
Ukrainian fintech start-up Attic Lab has signed its second deal to implement SmartMoney, a blockchain-based digital money system, at a local bank. This is with Bank Alliance.
Samsung, Smartlink and Ingenico have unveiled their “contactless companion platform” (CCP) to let people pay for things using anything they’re wearing — such as a watch or a wedding ring. It has been built with a dual interface smart card chip for multiple applications and form factors. Users tap the wearable on an NFC card […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Fintech funding news comes thick and fast, so here are four stories in one to save you time. Featuring Revolut, Jirnexu, Airpay and Quantexa. UK-based payments start-up Revolut has launched its 2017 funding round. The latest bout takes place almost a year after it raised £1 million with 10,000 investors registering, pledging in excess of […]
A man walks into an ATM. It sounds like the beginning of a joke, and well it could be as Comic Relief, one of the UK’s biggest charity fundraisers, is getting help via interactive comedy on cash machines. ATM marketing firm i-design and Cardtronics UK are donating advertising space on cash machine screens to promote […]
Criminals have deepened their focus on U.S. online transactions since the country’s October 2015 EMV liability shift, with card-not-present fraud expected to hit $6.4 billion in 2018, according to a new report from the U.S. Payments Forum. The expected total would represent a 23 percent increase from fraud losses in 2017, and a 68 percent increase from 2016.
While the Indian government works toward a digital economy, the Reserve Bank of India is soliciting feedback through March 31 on guidelines for prepaid payment instruments that could adversely affect issuers of prepaid products, including mobile wallets.
EdgeVerve Systems, a product subsidiary of Infosys, has launched Finacle FinTech Connect and the chance for firms to integrate their solutions into Finacle’s banking suite. Companies are invited to register for a partnership evaluation process and stand a chance to present at its event Infosys Confluence 2017 in May in San Francisco; along with joint […]
Dublin-based e-commerce services provider eShopWorld will create up to 250 new positions over the next three years as part of the company’s $30 million growth plan.
TSYS has been recognized as a 2017 World’s Most Ethical Company by the Ethisphere Institute, a global organization dedicated to advancing the standards of ethical business practices.
The Cheque and Credit Clearing Company (C&CCC) has launched an industry-wide image-based cheque clearing system to speed up processing for customers across the UK. The new system will go live with some banks and building societies from 30 October 2017. Then, at some stage in the second half of 2018, all of the UK’s banks […]
Digital payments app, Samsung Pay, has been launched in India. Access is limited to those who signed up for the early access programme and available only on its mid-segment and flagship Samsung Galaxy devices.
Earthport, a cross-border payments service provider, has reported a massive rise in its number of transactions and payment volume for the six-month period ended 31 December 2016. The number of transactions reached five million, a growth of about 85% over the prior year period. Payment volume increased by 97% to $7.80 billion and revenue per […]
With the EU’s Second Payment Services Directive (PSD2) and open architecture framework set to come into force next year, regulation may well tip the scales between banks and fintechs for customer loyalty, according to a new report conducted for Temenos by the Economist Intelligence Unit. In the 36-page study, “Symbiosis: Your bank has your trust. […]
Payments Canada, an organisation that operates the country’s payment clearing and settlement system, has selected consulting firm Accenture to help it lead “Modernization” – its initiative to improve Canada’s payments ecosystem. Jan Pilbauer, executive director of Modernization and CIO at Payments Canada, calls Accenture a “strong consulting partner”. In December, Payments Canada released its plans […]
In a Notice of Proposed Rulemaking, the CFPB proposed pushing back the effective date of the final prepaid accounts rule to April 1, 2018. The six-month delay provides industry participants more time to handle the difficulties of complying with certain provisions of the rule and for the CFPB to assess whether any additional adjustments to the rule are appropriate. Comments are due by April 5, 2017.
The Securities and Exchange Commission denied the application of Internet entrepreneurs and venture capitalists Cameron and Tyler Winklevoss to create an exchange-traded fund for the virtual currency bitcoin.
The Department of Justice files an amicus brief filed with the D.C. Circuit Court of Appeals arguing that the president should have the authority to fire the head of the CFPB, but stopped short of calling for the bureau’s leadership format to be changed.
House bill 1009 would require the CFPB and other independent federal agencies to submit regulations annually to a White House office for review, in the latest push to reform the CFPB and otherwise reduce regulatory burdens for the financial and payments industry under the Trump administration.
Watch out Siri and Alexa, Samsung has unveiled its own artificial intelligence (AI) solution called Bixby. This will be a new interface on Samsung’s devices – with the imminent Galaxy S8 getting it first – and when an application becomes Bixby-enabled, it will be able to support “almost every task” that the application is capable […]
