Ziraat Bank London to replace legacy core banking tech with Misys Fusionbanking
Turkey’s banking group, Ziraat, is to modernise core banking software at its London branch, Banking Technology understands. The new solution will be supplied by Misys.
Payments
Banking Technology February 2017 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
First mobile credit card, PayLife 0100, launched in Austria
SIX Payment Services brings to market PayLife 0100, Austria’s first mobile credit card.
The European Banking Authority favours arbitrary box-ticking over data innovation
The European Banking Authority (EBA) recently proposed new rules that would require payment card operators to enforce additional security measures, such as passwords or security tokens, for all online transactions over €10, aimed at fraud prevention. This is a clumsy solution to a problem that is already being addressed by far more sophisticated means, argues Nick Wallace, senior policy analyst at Centre for Data Innovation, and policymakers should reject the EBA’s proposal.
Can Sen. Perdue Undo CFPB Prepaid Accounts Rule?
For those disappointed that President Trump’s regulatory relief executive orders wouldn’t extend to prepaid providers—and others covered under the CFPB’s final prepaid accounts rule—Sen. David Perdue (R-Ga.) may be coming to the rescue. On Feb. 1, Sen. Perdue, along with six co-sponsors, introduced joint resolution 19 that provides “congressional disapproval” for the rule, and which says that “such rule shall have no force or effect.”
CFPB Orders UniRush, Mastercard to Pay $13 Million over RushCard Outage
The CFPB is “putting the prepaid industry on notice that companies will face the consequences if consumers are denied access to their money or to the services they pay for and on which they have the right to depend.” In its first enforcement action against prepaid providers, the bureau on Feb. 1 announced that UniRush and Mastercard will pay a combined $13 million for a 2015 service disruption that left cardholders without access to their funds.
Barclaycard Teams with VocaLink for Mobile Payments
Barclaycard is partnering with VocaLink to enable its merchants to accept mobile payments through the Pay by Bank app. The app, created by VocaLink’s payment innovation team Zapp, will enable shoppers to pay for goods and services on a mobile device, without the need to enter credit or debit card details, according to Paybefore sister publication Banking Technology.
India Developing Insurance Framework for M-Wallets
Amid India’s recent boom in m-wallet transaction volume following a government discontinuation of two popular currency notes, the government now is considering developing an insurance framework for mobile wallet and electronic transactions. Government officials from the IT Ministry already have begun discussions with m-wallet providers and insurance companies on how to insure money in the wallet apps, according to The Financial Express.
Anglo-American alliance aims to advance payments
British and American governments, businesses, and others have formed P20 – a group of “influential leaders” and the “first” Transatlantic payments initiative of its kind. Its inaugural meeting is to be held in autumn 2017 in London, where 20 people in the payments industry, and US/UK government officials and regulators will meet. It will rotate […]
India Post Payments Bank launches pilot services
India Post Payments Bank (IPPB) has launched and is rolling out pilot services in Raipur and Ranchi. IPPB is the third payments bank to be authorised in India, and follows on the heels of Paytm (launched last year) and Airtel (opened for business this year). IPPB’s chief executive officer, A P Singh, says: “The idea […]
Barclaycard teams with VocaLink for mobile payments
Barclaycard is partnering with VocaLink to enable its merchants to accept mobile payments through Pay by Bank app. Pay by Bank app, created by VocaLink’s payment innovation team Zapp, will allow shoppers to pay for goods and services on a mobile device, without the need to enter credit or debit card details. Rajiv Garodia, managing […]
2017: the year fintech shifts its focus to Africa
Africa is becoming a very interesting fintech innovation hub (in particular South Africa, Nigeria and Egypt). As much as 80% of the continent is unbanked, opening the door to a breadth of opportunities for fintech companies to seize market share.
Isbank launches first P2P money transfer service in Turkey
Turkey’s largest bank Isbank has launched a new P2P money transfer service, called “social account”, available for the “first time” in the republic. The launch quickly follows on from the release of its new app, IsCep, to allow “for the first time” banking and stock exchange transactions through one application with real-time data. With the […]
NBAD first Middle East bank to go live on Ripple’s blockchain
The National Bank of Abu Dhabi (NBAD) is the first Middle East bank to introduce real-time cross-border payments on Ripple’s blockchain network. Ripple says its tech fits within NBAD’s existing infrastructure and offers an end-to-end payment flow providing “transaction immutability and payment integrity”. Vineet Varma, managing director and head of global transaction banking, NBAD, says […]
People on the Move: Kathy Moe, FDIC San Francisco
The FDIC has appointed 30-year veteran Kathy Moe regional director for the San Francisco region.
Mastercard victorious in UK interchange lawsuit
Mastercard can put a notch in the win column after a High Court judge ruled in the payment card network’s favor regarding a lawsuit brought on by retailers disputing cross-border interchange fees on debit and credit cards.
Swift brings Innotribe start-up challenge to Russia and CIS countries
Swift Innotribe has partnered with the Russian National Swift Member and User Group (Rosswift) comprising the Bank of Russia, the National Settlement Depository, Sberbank, and Alfa-Bank, to launch its first start-up challenge in the region.
Green Dot buys UniRush, gains a major payroll card foothold
It’s official: Green Dot will spend at least $167 million to buy UniRush.
Mastercard Victorious in U.K. Interchange Lawsuit
Mastercard can put a notch in the win column after a High Court judge ruled in the payment card network’s favor regarding a lawsuit brought on by retailers disputing cross-border interchange fees on debit and credit cards.
U.K. Slaps Deutsche Bank with $200 Million Penalty over Money Laundering Case
The U.K.’s Financial Conduct Authority has fined Deutsche Bank £163 million (US$204.7 million) for failing to maintain adequate anti-money laundering controls between Jan. 1, 2012, and Dec. 31, 2015, according to Paybefore sister publication Banking Technology.
Trend Watch 2017: Payments Year in Review
Paybefore’s first-ever payments year-in-review report, sponsored by The Bancorp, is available now. Offering an in-depth look at key trends and the Top 10 payments stories from 2016 that will continue to shape the industry in 2017 and beyond, this must-have resource examines everything influencing the industry from the CFPB and Uber to Brexit and Trump and much more.
Mastercard growing faster than Visa in Americas
Mastercard saw faster growth than Visa in the Americas in 2015 but, with 43%, Visa still has significantly the largest market share, according to research by Retail Banking Research (RBR). According to RBR’s Global Payment Cards Data and Forecasts to 2021 study, the number of Mastercard cards grew by 6% in the Americas in 2015, […]
Report: Green Dot Wants to Buy UniRush
Green Dot reportedly wants to buy competitor UniRush—a deal that would unite two of the biggest companies in the GPR space and give Green Dot a “foothold” in the payroll card business. The deal, if it comes to fruition, could suggest that the industry, which has been contracting through consolidation for the past several years, isn’t done yet.
Ant Financial Makes Giant Leap into Remittance Biz with MoneyGram Buy
Ant Financial Services Group, the online and mobile financial services affiliate of Chinese e-commerce giant Alibaba Group, has just become a competitive juggernaut in the remittance business with the acquisition of MoneyGram, the second-largest provider of money transfer services based in the U.S. The transaction of approximately $880 million for all of MoneyGram’s common and preferred shares announced Jan. 26, not only helps MoneyGram compete with Western Union, it helps the combined company compete with startups that have been trying to shake up the market for years.
Cleo Chatbot Comes to Facebook Messenger
The rise of the chat bots continues as Cleo, a virtual money assistant described by its creators as the “Siri of personal finance,” has launched on Facebook Messenger for users in the U.K. Developed by the London-based fintech startup of the same name, Cleo is an artificial-intelligence-powered chat bot the companies say will help users manage their finances.
Fed Highlights Progress toward Faster, Safer Payments
A 2-year-old Federal Reserve plan to improve the speed, efficiency and security of the U.S. payments system has made significant strides toward those goals, but there’s more work to do, according to the Fed’s latest progress report on the initiative. First announced in a January 2015 document titled Strategies for Improving the U.S. Payment System, the plan includes several strategies to enhance the U.S. payment system to “meet the changing demands of American consumers and businesses.”
Qatar International Islamic Bank recommits to Misys
Qatar International Islamic Bank (QIIB), a long-standing customer of Misys, is implementing the new version of the vendor’s core system for Islamic banks, FusionBanking Essence Islamic, front-to-back office.
The Monday mindset: 30 January 2017
Fintech zeitgeist! Welcome to the third in a new series of brief reports. 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 we welcome the views of guest writer Soumik Roy. Last week, […]
Barclaycard trials contactless donations to tap into £80m shortfall
Barclaycard is trialling contactless donations as it says charities may be missing out on more than £80 million each year by only accepting cash donations. According to its research, four in ten (42%) Brits say they carry less cash now than they did three years ago. While, one in seven (15%) people admit to walking […]
Understanding the role of virtual card provider
Your organisation’s satisfaction with its virtual card provider is the single most important factor determining the return you will receive on your investment. So when you choose a supplier, set your expectations high.
Ant Financial buys MoneyGram for $880 million
Alibaba’s affiliate Ant Financial is splashing out $880 million for money transfer operator MoneyGram International. This is Ant Financial’s first acquisition of a US-listed company.
Industry views: loyalty rewards – baby, please don’t go
Experts from Blackhawk, Cachet, Arroweye, i2c and more explain what loyalty strategies are moving the needle with consumers and why.
Viewpoint: What Can the Payments Industry Expect from Trump?
Even if President Trump puts the brakes on federal regulation of the payments industry, state regulators are poised to swerve into the open lane that creates.
Viewpoint: The Wider Appeal of Blockchain
The technology that underpins bitcoin has received increased attention in recent months from corporate heavyweights. Here’s how blockchain can further revolutionize payments and related industries.
Viewpoint: Cross-Border Payments Are Hot; Can You Handle the Heat?
Payments companies hoping to gain market share in the exploding cross-border payments market must be able to meet demands for security, customer service, low costs and simplicity.
Rakuten Europe Bank opens for business with Temenos front-to-back office tech
Luxembourg-based Rakuten Europe Bank, a subsidiary of Japan’s e-commerce and internet company, Rakuten, has gone live with Temenos’ T24 core banking system and Temenos Connect for digital channels.
TSYS Talks FTC Negotiations, NetSpend’s New Products
TSYS-owned NetSpend is negotiating with the Federal Trade Commission over the agency’s allegations that the prepaid provider deceived cardholders and denied or delayed their access to funds, TSYS Chairman and CEO Troy Woods told analysts this week in a fourth-quarter earnings call. TSYS also announced that NetSpend is working on diversification, including the launch of a demand deposit account later this year.
Target Aims for Its Own Mobile Payment System
Add Target to the retailers stepping up their mobile payments game: The retail chain plans to improve at least one of its mobile apps by enabling in-store payments through it. What that means is that consumers could use their smartphones and Target app to pay for purchases inside the chain’s stores instead of relying on Apple Pay, Android Pay or other providers’ digital payment systems.
Say Cheese! Video ID Verification for Banks Gains Popularity
Austria’s Erste Bank und Sparkassen can now verify new customers via video—a form of customer onboarding that is gaining popularity among financial institutions because of its relatively low cost.
Arkéa Banking Services first to partner with fintech start-up Railsbank
Fintech start-up Railsbank has signed its first partner, Arkéa Banking Services (Credit Mutuel Arkéa’s subsidiary), to use its platform to deliver SEPA payment services and IBANs across Europe.
