Catch up on Banking Technology’s top five fintech stories of the week – all in one place! HSBC Private Bank live with Avaloq Banking Suite EXCLUSIVE. It’s on in Switzerland and Luxembourg. European Association for Biometrics conference Eyes down for our event review. New challenger bank to launch in UK Hampshire Community Bank wants a […]
U.S. consumers’ usage of mobile devices in-store ranks as one of the highest compared with shoppers in other countries. However, their use of mobile devices at the POS drops dramatically, according to the 2016 FutureBuy report, which tracks trends in online, mobile and brick-and-mortar shopping. The results indicate that payments providers have work to do to convince shoppers m-wallets are worth the effort.
Sleek, small, clean and thumbprint-operated—a new Diebold Nixdorf ATM shown off at this week’s Money20/20 show in Las Vegas points toward the future of cash distribution, and speaks to the spreading potential of biometrics in payments.
Last month, Discover Global Network announced its support of two fintech scholarship contests hosted by the Center for Financial Services Innovation, an authority on consumer financial health, and Gefen Capital, an investment group representing U.S. and Israeli investors that focuses on investing in Israeli startups. The contest winners, Lenny, Debitize, and PayKey, received financial awards from CFSI and Gefen Capital, and were given the opportunity to demonstrate their unique solutions in the DGN exhibition booth onsite at Money 20/20 in Las Vegas, the largest payments and innovation conference in the world.
Discover Financial Services has officially rebranded its payments network to Discover Global Network, representative of Discover Network, Diners Club International, PULSE debit and ATM network, as well as alliance partners around the globe.
Spire Payments and Spanish savings bank association EURO 6000 have teamed up to launch a mPOS solution called “Pinpago” in Spain. Pinpago uses Spire Payments’ mPOS device, the SPm20. The device is enabled by a payment mobile app which is downloaded to the merchant’s smart device of choice (phone or tablet) allowing payment transactions for […]
Misys’ initial public offering (IPO) has been scrapped. It had planned a £5.5 billion float but says in a statement that it “decided not to proceed… at the current time due to market conditions”.
As retailers across the country need to bring innovative customisation and convenience factors to their customers, credit cards are becoming an essential part of delivering value. Co-branded cards continue to play an important role in the retail landscape and can offer a unique point of distinction for retailers in today’s competitive environment.
It may come as no surprise that the CFPB’s latest monthly complaint snapshot released Oct. 25 focuses on complaints related to prepaid products, considering the agency released its long-awaited final prepaid accounts rule earlier this month. But despite the bureau’s contention that “the report shows that consumers continue to experience issues trying to manage their accounts and access funds,” prepaid-related complaints to the bureau dropped 21 percent in September.
Samsung Pay is expanding. The mobile wallet early next year will offer the Masterpass online payment service from Mastercard to Samsung Pay users. That comes as Samsung Pay deploys to Malaysia, Russia and Thailand, putting the mobile wallet in 10 countries total, executives said this week at Money 20/20 in Las Vegas.
Payments are moving up the value stream and becoming an engagement platform, moving beyond the transfer and settlement of funds to more deeply connect a consumer and brand. In this environment, payment providers—including those in the gifting and rewards verticals—can leverage the popularity of other brands to improve their own value and stand out from the pack. Those were among the main takeaways from a Money20/20 keynote from Talbott Roche, president and CEO, Blackhawk Network.
With Walmart Pay showing strong growth since launching earlier this year, Walmart’s Daniel Eckert—one of the main architects of the service—provided some insights into the motivation behind creating Walmart Pay and what’s in store for the service. Speaking in a Tuesday afternoon session at Money20/20 in Las Vegas, Eckert characterized Walmart Pay as an effort to improve the checkout experience in particular.
TSYS will be processing payment authorizations for Optal Financial Ltd.’s virtual card payments business, according to an Oct. 26 announcement. London-based Optal is a global provider of B2B payments services, including virtual account numbers, and is one of Europe’s biggest virtual card issuers, according to the companies.
The UK-based Co-op has teamed up with forensic technology company SmartWater to roll-out a new deterrent linking criminals back to the scene of an ATM crime. In a “first of its kind”, SmartWater have adapted their dispersal technology to ensure that both the criminals and the stolen cash are marked, regardless of how the ATM […]
Toronto-based payments start-up nanopay has completed its $10 million Series A funding round. With this financing and the MintChip platform, which nanopay recently acquired from The Royal Canadian Mint, it is developing new business partnerships to “expand the global utility and acceptance” of MintChip. Laurence Cooke, CEO and founder of nanopay, says its focus is […]
CardOneBanking, a UK-based current accounts and payments services provider, has launched new mobile banking apps built by Degree 53.
Bank of America has unveiled its new artificial intelligence (AI) chatbot to help customers make decisions on their finances. Called Erica, a nod to the name America, it will be available inside the bank’s mobile app in 2017. Customers can do the usual AI stuff – chat via text or voice – and it’s all […]
UK-based Raphaels Bank has chosen FIS’s reconciliation solution to help extend access to Faster Payments. Earlier this year, Raphaels Bank became the first new member of the Faster Payments Scheme (FPS) since its inception in 2008, stating its “aim was to improve access to the scheme”. The bank offers a sponsorship model for “instant connectivity” […]
Fresh off announcing a plan to bring PayPal payments to Facebook Messenger, PayPal Inc. Chief Operating Officer Bill Ready said the move was part of the company’s larger push to serve what he called “contextual commerce”—enabling mobile payments to take place in areas outside of the traditional checkout environment.
Merchants get ready: That was among the main messages at Money 20/20 in Las Vegas, during an Oct. 25 roundtable session with executives from the four major payments networks.
The rise of chat bots in financial services and payments continues with announcements this week from Mastercard and Bank of America that each company will be introducing similar technology. Mastercard is launching a bot for client banks’ and merchants’ customers and BofA’s bot, which it says is more of an “assistant” will service its banking customers.
Consumers are getting savvy to the myriad ways gift cards can be used, given, stored and obtained. For example, though 46 percent of consumers surveyed still prefer to hand cashiers a physical gift card, nearly 14 percent would rather load, store and redeem gift cards using a mobile wallet, and 40 percent of respondents were amenable to using mobile or plastic methods, according to a survey released Oct. 24 by the Retail Gift Card Association.
Verifone is partnering with Alipay to enable retailers in North America and Europe to accept payments from Chinese tourists. According to Verifone, nearly 100 million Chinese consumers annually travel abroad and use Alipay to make purchases. This latest partnership follows quickly on Alipay’s deals with Zapper and Ingenico – both for the same reason as […]
Pan-African banking group Ecobank has launched its Ecobank Mobile App across the continent – the “first unified app delivered by any institution for use in 33 countries”. Ecobank says the app will give it the “scale and capacity” to achieve its target of attaining 100 million customers. Ecobank Group CEO Ade Ayeyemi says the app […]
Those seeking to innovate in the financial services sector might view the CFPB as more of an obstacle than a partner. But bureau Director Richard Cordray sees the consumer protection watchdog as very much a friend of fintech. During a keynote session capping the opening day of Money20/20 in Las Vegas, Cordray said the CFPB and regulated fintech providers can learn a lot from each other.
Matt Lanford will join Atlanta-based prepaid product and technology company InComm as senior vice president and general manager, overseeing its financial services team, effective Oct. 31. Lanford, who has held numerous leadership roles at Mastercard in the U.S. and in Europe, will take the lead in expanding InComm’s consumer-facing Vanilla brand of gift and GPR products.
Retailers want a bigger seat at the payments table as more consumers use mobile devices to shop and pay. That was the main message Monday morning during a Money 20/20 session in Las Vegas.
Uber has teamed up with MasterCard and Mexico’s first online bank, Bankaool, to launch its own debit card. The latest deal is Uber’s ride deeper into the fintech space. It recently partnered with Standard Chartered to offer the bank’s credit cardholders cashbacks on Uber rides. The UberCard in Mexico is linked to a Bankaool bank […]
Visa has unveiled Visa B2B Connect, a new blockchain-based platform that it is building with US-based blockchain specialist Chain Inc. At present, the solution is in preview mode. It will be piloted in 2017.
Ingo Money is teaming up with Visa again, this time to enable corporations, merchants, financial institutions and governments to make payments directly to more than 4 billion consumer prepaid, debit and credit cards, and mobile wallet accounts.
Here’s a shocker: Gift cards will be a popular item during the holidays and a bright spot for retail sales. New survey stats released Oct. 20 from InComm show that 95 percent of consumers expect to give two or more gift cards this year, a slight increase from last year.
Jargon defeated. Unnecessary words deleted. A brief payments round-up. LeFinance, a division of Beijing-based tech firm LeEco, has partnered with the Stellar Development Foundation for cross-border payments on the latter’s blockchain network. The deal means Stellar expands into China. LeFinance will also use Stellar’s network to monitor credits for usage across their various devices and […]
Google has launched its Android Pay service in Hong Kong with support for MasterCard and Visa cards. It works with cards from BEA, DBS, Dah Sing Bank, Hang Seng Bank, HSBC and Standard Chartered Bank in Hong Kong. Users can add multiple cards and Google says there’s no limit to how many can be added. […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Bank of Ireland in major tech revamp EXCLUSIVE. Accenture and Capgemini working on Project Omega. Trouble in the R3 paradise? Thinking about time and money. Millions at risk from India ATM hack Debit cards in danger due to […]
ATMs at some of India’s biggest banks have suffered a malware attack, with around 3.2 million debit cards now at risk. Most of the affected cards belong to HDFC Bank, ICICI Bank, State Bank of India (SBI) and Yes Bank. The malware potentially means unauthorised individuals can get access to the data on debit cards […]
R3 and twelve of its blockchain consortium member banks have trialled Ripple’s Digital Asset XRP for interbank cross-border payments. Using XRP, Ripple says it can enable near real-time value exchange anywhere in the world, providing “liquidity on demand and reducing associated costs”. David Rutter, CEO of R3, says the prototype “paves the way for a […]
The number of households without bank accounts fell to its lowest level since the FDIC first began conducting its biannual survey in 2009. Seven percent of U.S. households were unbanked last year, according to the FDIC’s 2015 National Survey of Unbanked and Underbanked Households, released Oct. 20.
Online shoppers in the U.K. looking to get their hands on the latest athletic apparel now, but who might not have the funds to purchase them until later, can pay in installments.
Chase said on Oct. 19 that Wakefern Food Corp., a supermarket chain based in New Jersey, will soon accept Chase Pay mobile payments. CVS Health, meanwhile, is rolling out its in-house CVS Pay service across the United States
Dubbed PayItNow, the white-label service is fully integrated within the existing digital platform COCC provides its client financial institutions.
