Company on the Move: Visa Inc., New Dubai Innovation Center
Visa Inc. has opened a new innovation center in Dubai Internet City, the region’s largest information and communications technology community.
Payments
High five for Apple Pay in Singapore
Apple Pay support is expanding beyond American Express to Visa and MasterCard credit and debit cards from five of Singapore’s major banks. The big banks include POSB, DBS, OCBC, Standard Chartered and UOB. This latest deal is a significant development for Apple as it now has more than 80% of the Visa and MasterCard credit […]
ANZ pilots shared ledger for payments reconciliation
Australia and New Zealand-based banking group, ANZ, is trialling a shared ledger in the reconciliation of international payments with an unnamed US bank. ANZ says it is not strictly using blockchain but the shared ledger will act in a similar way. Its objective is to reconcile cross-border payments between counterparties in real time. Nigel Dobson, […]
Kmart Settles Data Breach Class Action with Banks
A settlement agreement has been reached from a 2014 data breach between Kmart and several banks.
Kozlowski Takes Reins at The Bancorp
The board of directors of The Bancorp Inc. and The Bancorp Bank has appointed Damian Kozlowski to leadership roles with both entities. Kozlowski will become CEO of The Bancorp and president of The Bancorp Bank, effective June 1, 2016. He also will serve as director of both units. Kozlowski has served since 2010 as CEO, president and director of Modern Bank, a New York City-based private bank.
MasterCard and Pizza Hut Will Use Robots for Payments in Asia
The robot, called Pepper, represents only one emerging payment method that seems to be inspired by science fiction.
Survey: U.S. Banks Earn Top Marks Globally, But Have Opportunity to Better Reach Younger Consumers
Consumers with bank accounts are four times more likely to use mobile apps from their primary financial institutions than from other sources, according to an FIS survey.
Judge Grants Final OK to Target Breach Settlement
The 2013 Target data breach settlement has been finalized.
As CFPB Calls for Checking Alternatives, TCF Launches Suite of Financial Tools
Following a flurry of activity among banks entering the GPR card market in 2011 and 2012—Chase, U.S. Bank, BB&T and more—the prepaid industry hasn’t seen as much competition from banks issuing their own consumer-facing prepaid cards. That changed today.
Swift strikes back over three hack attacks
Swift has unveiled a five-part plan to reinforce security across its network after three hacking incidents. The attacks comprised a $101 million cyber heist in Bangladesh; Vietnam’s Tien Phong Bank stopping an attempted wire fraud; and Ecuador’s Banco del Austro losing around $9 million. At the 14th annual European Financial Services Conference in Brussels, Swift […]
Ripple and Temenos power Deloitte’s payments project
Deloitte is pioneering an integration project combining Ripple’s protocol and Temenos’ core banking software for direct bank-to-bank settlements in real time. Deloitte says the overall objective of the Ripple integration is to enable financial institutions to send payments, either in local or foreign currency, in real time without relying on intermediary banking relationships. Ripple offers […]
Two Green Dot Directors Resign; Preliminary Proxy Results Suggest Streit Will Stay
Harvest Capital Strategies LLC began a public campaign to change Green Dot leadership in January.
MasterCard Expands Award-Winning Aid Services
The launch of MasterCard Humanitarian Aid Solutions leverages several of the network’s existing platforms to enable recipients to access funds and other forms of aid via a single card.
Wirecard, Curve Aim at SMEs with Smart Card, Mobile Combo
The Curve card functions as a prepaid MasterCard, which acts as a conduit for payment from the chosen card. A companion mobile app provides account management, transaction history and other functions.
Webinar: Part of Europe’s PSD2 Promises to Change the Handling of Payment Data
Data provisions for access to accounts in the PSD2 likely will spark the launch of new payment and fintech firms to handle the new data demands from consumers and to create new products, according to presenters.
Thieves with Cloned Cards Steal $12.7 Million from Japanese ATMs
The scam indicates that card-present fraud is still very real. The incident reportedly took place on May 15 and involved data stolen from South Africa-based Standard Bank.
UK debit cards to overtake cash payments by 2021
Debit cards are on track to topple cash in 2021, when they will take over as the UK’s most frequently used payment method, according to trade association Payments UK. In its report, “UK Payment Markets 2016”, which looks at current and future payment behaviour in the UK, it reveals over 72,000 payments were made every […]
Wirecard totally wired for Q1 2016 profit and revenue
Financial services and technology company Wirecard has reported consolidated revenues of €210.5 million in the first quarter of 2016, a rise of 32% on €159.4 million in Q1 2015. For the period ending 31 March 2016, earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 34.6% to €62 million. For the same period last […]
Temenos Community Forum 2016: Kerv’s ring rules them all at Innovation Jam
UK-based start-up Kerv and its payments ring won the Innovation Jam at the Temenos Community Forum (TCF) 2016, held at the Palau De Congressos, in Barcelona from 17-19 May. About 1,200 delegates were at the event and part 1 of our review looked at Temenos’ ambitions in the US. The event enables customers, potential customers, […]
Green Dot Responds to ‘Outage’ Claims
Despite reports in American Banker and the Los Angeles Times claiming that Walmart MoneyCards issued by Green Dot Bank were being declined at ATMs and points of sale starting Monday, May 16, Green Dot says the problem from a processor conversion was related to accessing balance information online and via IVR.
Top fintech stories this week – 20 May 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Android Pay now in the UK; Australia and Singapore are next Coming to a country near you… possibly. Vietnam’s Tien Phong Bank stops attempted fraud through Swift system Stop! In the name of the law. Sydney Stock Exchange […]
CFPB’s Final Prepaid Rule Delayed Again
The prepaid industry will be playing the waiting game a while longer. The CFPB’s final rule for prepaid accounts has been pushed back to a summer release, according to the agency’s latest rulemaking agenda.
Viewpoint: The Future of Prepaid: Four Trends and Four Predictions
How does the prepaid industry measure up? As fees decline and functionality increases, CFSI grades prepaid and anticipates its evolution. Are you ready to compete with next-generation providers?
Viewpoint: Smartphones Disrupt Traditional Patterns for Female Shoppers
Results of two national Blackhawk Engagement Solutions surveys show that female shoppers are connected, very well-informed and are prepared to make a thoughtful, considered purchase anytime and anywhere—all of which has some implications for the payments industry.
Viewpoint: Prepaid—A Business-to-Consumer Payments Solution for Millennials
Consumers are ahead in digital payment adoption compared with businesses, and—despite significant prepaid program success in the B2C market—paper checks still dominate. Aside from the obvious benefits of cutting expenses and removing inefficiency, prepaid cards offer businesses an opportunity to leverage payments to drive customer loyalty and engagement.
Bangkok Bank enhances mobile banking ops with Fiserv’s Mobiliti Edge
Bangkok Bank has launched new mobile banking functionality, based on Fiserv’s Mobiliti Edge mobile banking and payments platform. The bank’s mobile solution is known as Bualuang mBanking. It enables Bangkok Bank’s customers to access financial services via a mobile phone, tablet or the Apple Watch. Fiserv and Bangkok Bank have been working together for a […]
Philippines credit union groups sign for Temenos’ software
Two Philippines-based credit union networks, National Confederation of Cooperatives (NATCCO) and Philippine Federation of Credit Cooperatives (PFCCO) will build a common banking and payments platform based on Temenos’ software. The new platform will underpin the service known as the ACCU Payment Platform (APP). ACCU stands for “Asian Confederation of Credit Unions” – both NATCCO and […]
Word from the Streit: Green Dot CEO Talks to Paybefore
In the midst of a contentious proxy fight leading up to the May 23 shareholders’ meeting, Green Dot Chairman and CEO Steve Streit spoke with Paybefore about Harvest Capital’s concerns, how he sees Green Dot’s position in the market and when he’d show himself the door.
Shoptalk: Payments Change Breeds Excitement, Confusion
With excitement often comes confusion, and that was true Tuesday at the Shoptalk conference in Las Vegas, where executives offered an optimistic view of the future of commerce and payments, albeit a vision that carried more than a bit of uncertainty.
Shoptalk: New Ways to Pay, Attract Millennials
At Shoptalk in Las Vegas this week, young companies showcased their contributions to the evolution of commerce and experts discussed how retailers and payments providers can attract the coveted millennial shopper.
Fitbit Nabs Wearables Tech, Staff from Coin
Fitbit Inc. is acquiring the wearable payments platform of startup Coin, with an eye on developing contactless payment features for future Fitbit fitness bands. The deal includes “key personnel and intellectual property” related to Coin’s wearables business, but does not include Coin’s core product—an electronic smart card that can be loaded with multiple payment, gift or loyalty cards, Fitbit said.
SEC Chair Tabs Cybercrime as Biggest Threat to Financial System
SEC head Mary Jo White called cybercrime the biggest threat to the world’s financial markets. Speaking at the Reuters Financial Regulation Summit in Washington, D.C., this week, White said that some major financial exchanges, dark pools and clearing houses lack defenses that are up to the challenge presented by today’s increasingly sophisticated cybercriminals.
Android Pay now in the UK; Australia and Singapore are next
Android Pay is now available in the UK, and more countries are on the way. Banking Technology first reported on this initiative in March this year. UK consumers can now pay for goods and services with their Android smartphones. Retailers like Boots, Waitrose and Starbucks are already onboard, and so is Transport for London (underground, […]
MCX Delays CurrentC, Shifts Focus to FI Partnerships
Retailer consortium MCX said it will postpone the rollout of its CurrentC mobile payments service and shift its focus to partnering with financial institutions. Results from its pilot in Columbus, Ohio, led to the strategy move as well as the decision to cut about 30 jobs.
PayNearMe Scores Deal with Dallas Transit
PayNearMe is enabling Dallas commuters to pay transit fares in cash at nearly 800 retail locations through a partnership with Dallas Area Rapid Transit (DART). Fares can be loaded onto the existing DART GoPass app or the new DART GoPass card, the transit agency’s first reloadable NFC-enabled transit card designed and distributed by PayNearMe and Blackhawk Network.
Shoptalk: Payments Execs Focus More on Check-In than Checkout
Can you imagine a world where check-in matters more than checkout when it comes to payments? Some of world’s leading payment experts can, and their ideas, presented this week at the Shoptalk conference in Las Vegas, foreshadow how consumers might buy products in the coming years.
Study: Only a Quarter of U.S. Consumers Trust Banking Websites
Well, this might hurt: Only 25 percent of U.S. consumers trust banking Websites, and 23 percent of consumers point to POS systems as the top device for fraud risk.
NICE’s robotic automation solution gets the Italian jobs
Italy’s Banca Popolare di Sondrio and Helpline have implemented NICE’s Robotic Automation solutions for loan approvals and credit card fraud prevention. Banca Popolare di Sondrio, which has 350 branches across the country, decided to implement NICE Robotics to speed up its online loan and credit approvals process. As a result, NICE says average handle time […]
Infographics: the efficient treasury
The treasury function plays a pivotal role within a bank, and with great power comes great responsibility… and the need for automation. Misys and Banking Technology conducted a survey to find out about the changing role of the banks’ treasury and the degree of support received from current systems. How can technology help treasurers cope […]
Green Dot Agrees to Split CEO, Chairman Role amid Proxy Fight
A week from its 2016 annual shareholder meeting, Green Dot has announced plans to split up the role of chairman and CEO. The move comes in the midst of Green Dot’s proxy battle over board seats, propelled by Harvest Capital, which owns 9.3 percent of Green Dot common stock and has proposed three nominees to the board.
