Misys’ initial public offering (IPO) is not going smoothly as planned with its value cut by 20%. As Banking Technology reported earlier this month, Misys planned to proceed with the IPO on the London Stock Exchange in early November 2016. The firm is currently residing in the hands of US-based Vista Equity Partners and is […]
Words cut. Time saved. A round-up of key events in the payments enclave. Azimo, the money transfer service, has launched a new version of its mobile app for Apple and Android users. On the iPhone, the app will allow users to transfer money through the voice-activated Siri system. Customers can transfer money by telling Siri […]
Payments services provider Circle has commenced its operations in Europe, starting with euro availability in Ireland and Spain. The expansion will enable people in the EU/EEA region to send and receive person-to-person (P2P) payments with native Euro support to friends and family within their countries and across borders instantly – with zero fees.
Want to save some time but be in the know of the latest funding initiatives in the fintech space? Then read on.
BFC Bank, a subsidiary of the Bahrain Financing Company money transfer group, has received authorisation from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) as it finalises its launch as a UK bank. For its technology, BFC will be using an outsourced “bank in a box” version of ERI’s Olympic core banking system. […]
India-based microfinance entity Ujjivan Financial Services is converting into a small finance bank (SFB), and has signed for Financial Software and Systems’ (FSS) end-to-end payments solution.
Wirecard AG and Orange have launched a parent-supervised, prepaid mobile payment service for teenagers called Orange Cash Jeune. Parents go online to create an account for their children who are younger than 18, signing up via the Web interface of Orange Cash before the app is installed on their children’s smartphones.
A new mobile payments platform from FIS aims to make shopping easier for consumers at gas stations and convenience stores. Called BuyWay, the technology “unites all points of contact within a transaction to deliver seamless, secure, personalized shopping experiences at thousands of gas stations and convenience stores across the nation,” FIS said this week.
Despite the 60 percent growth of mobile e-commerce to $120 billion in 2015 from 2014, many merchants are doing little to sway consumers to use their apps versus using a mobile browser, according to a Javelin study. Last year, consumers’ purchases via Web browser totaled $75.3 billion, while retailer apps accounted for just less than $47 billion.
Experiments with mobile order-ahead continue to be on the menu for many companies in the fast-casual dining vertical, with popular burger chain Shake Shack launching a test run of the service this week as part of its first-ever app. At the moment, the order-ahead function only works at one Shake Shack location, in midtown Manhattan, which the company said will serve as a market test for the service before rolling it out to “additional markets.”
Online commerce accounts for 8.5 percent of all card transactions but 45 percent of fraud, according to Javelin Strategy & Research. As more transactions move to online and mobile channels, fighting fraud in those channels will become even more challenging. Discover Global Network discusses the latest fraud-prevention tools that offer protection without adding friction.
Payments technology and expense management specialist Fraedom is on the journey to tap into the $110 trillion B2B market opportunity that remains untapped today. “If the technology is both powerful and intuitive, people will use it,” states Kyle Ferguson, Fraedom’s CEO.
Fintech start-up Configo has launched a project to aggregate the API portals launched by financial players around the world. It is not commercial driven but is “just a small project to put everything in order”, says Yosi Dahan, co-founder and CEO of Configo.
The desire to spend more time with family and the rigors of travel have compelled Charlie Scharf to step down as Visa Inc. CEO, according to an Oct. 17 announcement by the payments network. Replacing him is American Express veteran Alfred Kelly Jr., who was unanimously appointed by the board of directors.
Verifone said Oct. 18 that it had adopted and deployed a new mobile API standard designed to better tie together payment and loyalty applications for customers at gas stations and convenience stores.
A group of Australia’s biggest banks have launched the latest salvo in their dispute with Apple over third-party access to the iPhone’s NFC hardware. In a joint filing to the Australian Competition and Consumer Commission (ACCC), the banks rebuffed Apple’s claims that they should not be allowed to collectively negotiate with the tech giant over making their own mobile payment apps available on iPhones.
Payment card data from shoppers at the online store operated by the National Republican Senatorial Committee have been stolen by Russian cyber criminals, according to a Dutch security expert.
US Bank is offering a Visa-developed geolocation service, a new, opt-in technology integrated into the bank’s mobile apps that enable the location of a card transaction to be matched to the location of the user’s phone. By matching the location, US Bank says it can help ensure that transactions on customers’ cards are approved and […]
Payments firm IbanFirst has raised €10 million for its growth plans and launched Banking-as-a-Service (BaaS) for SMEs in Europe. IbanFirst offers an online multi-currency platform “in BaaS mode” – which it calls “an alternative to banks”. It was founded in 2013 by Pierre-Antoine Dusoulier (former head of Western Europe at Saxo Bank) under the name […]
Yes Bank, India’s fifth largest in the private sector, has partnered with Lastmile.mobi to introduce the IRIS EMV POS solution. The device allows biometric authentication through iris scanning, and can act as a POS terminal as well as an ATM. Lastmile.mobi provides a cloud-based platform accessible by a biometric enabled mobile device. The solution integrates […]
The Consumer Financial Protection Bureau released a final rule Oct. 5 to correct “certain clerical and non-substantive” errors it found in Regulation E, which implements the Electronic Fund Transfer Act. The rule was published in the Federal Register Oct. 12 and the corrections take effect Nov. 14, 2016.
With the U.S. rollout of EMV making it harder for fraudsters to target merchant POS systems, thieves increasingly have set their sights on ATMs. But cash machines won’t be such an easy target for long, as the same technology that has increased POS security is steadily making its way to ATMs.
U.K banks don’t report all the cyber attacks directed at them, according to a Reuters report. The U.K.’s Financial Conduct Authority reports at least 75 cyber attacks against financial institutions this year, but the news agency quoted experts who said that total is likely underreported. That’s in part because British banks are not required to report every such attack.
Japan might remove its 8 percent sales tax on bitcoin and other virtual currency transactions, according to reports. The plan stems from the country’s Ministry of Finance and the Financial Services Agency, according to an Oct. 14 report in Japan Today. It said regulators intend to study the issue via a committee; among the questions is what constitutes a virtual currency.
Commonwealth Bank of Australia (CBA) has signed for a “cloud-ready single platform” from its long-standing software supplier Misys to support its corporate banking operations outside Australia.
Friday’s not the best for NatWest. Today (14 October), there have been some issues with its debit card payments and its customers are unable to make purchases. The bank says it is “aware of some issues” and is “working hard to fix them”. On Twitter, customers are either confused or venting their fury. We’re aware […]
Alibaba has revealed a new payment service that lets virtual reality (VR) shoppers pay just by nodding their heads. Called VR Pay, it’s been developed by Ant Financial’s (Alibaba’s financial arm) incubator F Lab, and it’s another innovation in the lively and overcrowded payments arena. With the tech, shoppers (bovine at the best of times) […]
Indian firm Aditya Birla has chosen the Infosys Finacle core banking system for its upcoming joint venture (JV), Aditya Birla Idea Payments Bank. Aditya Birla has got in-principle approval from the Reserve Bank of India and plans to set up the new payments bank by the end of its financial year (2016-17). Aditya Birla will […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! MasterCard to buy French payment firm Stet? EXCLUSIVE. Payments processor could be a target. Brooks Macdonald puts IT revamp with Third Financial on hold EXCLUSIVE. All freeze for wealth management firm. Banks behaving badly in Singapore Monetary Authority […]
Tehran-based Informatics Services Corporation (ISC) is inviting bids for the installation and implementation of an international card payment switch in Iran. ISC says it is considering the procurement of a national merchant management system, card management system, ACS (access control server) and FRM (fraud / risk management) to manage international card payments’ usage within Iran’s […]
Fintechs Are from Mars, Banks Are from Venus; CFPB Enforcement Lessons; Payments Infrastructure: New Routes, Not New Rails; Biometrics Pros and Some Huge Cons; Samsung Pay Talks Strategy; Smartest Payments People; Loyalty Strategies; More
The CFPB has announced three leadership changes within the agency.
Make it lean, keep them keen. A round-up of events in the payments space. Nordea is leaving the Swipp collaboration and partnering with Danske Bank’s MobilePay platform in Denmark and Norway. The shared payment solution’s plan is a reaction to “new international players” who “regularly appear in the market”. Danske says it will begin converting […]
TransferWise has “successfully” integrated into the UK’s Faster Payments Scheme (FPS) using ACI Worldwide’s tech at the back-end. As Banking Technology reported in August, TransferWise became the “first” tech firm to get direct access to FPS as technical partner to Raphaels Bank. Prior to that, ACI partnered with the same bank, opening up access to […]
Silicon Valley Bank and MasterCard have selected six start-ups to participate in Class 5 of Commerce.Innovated, a virtual accelerator designed to help commerce, payments and fintech start-ups grow their businesses. The six US start-ups will go through the four-month virtual programme and are in various stages of funding and development: Domuso, a payment financing platform […]
Alain Raes, CEO EMEA and Asia Pacific, Swift, discusses the main payment trends in Europe, including real-time and the Global Payments Innovation Initiative.
Bruno Prigent, Head of Societe Generale Securities Services (SGSS) and Mathieu Maurier, Global Head of Sales and Relationship Management discuss the global securities industry and SGSS’s plans for the future.
SIBOS Interview: Gerry Gaetz, President and Chief Executive Officer, Payments Canada discusses the modernisation of Canada’s payments system with Tanya Andreasyan, editor of Banking Technology.
MasterCard is believed to be mulling the acquisition of French payments processor Stet. MasterCard told Banking Technology it “does not comment on rumours or speculation”. Stet responded saying that “these are unfounded rumours” and that it “has no discussions of this type with MasterCard.” Stet was set up in 2004 and is currently owned by […]
The U.S. Court of Appeals for the District of Columbia Oct. 11 deemed the structure of the Consumer Financial Protection Bureau (CFPB) unconstitutional because of it being led by a single director, calling the bureau a “gross departure from settled historical practice” in which independent agencies are led by commissioners or board members, according to the court’s decision.
