The Reserve Bank of India (RBI) plans an overhaul of the country’s ATMs to enable the processing of EMV chip and PIN cards by 2017. The RBI says while India’s POS infrastructure accepts and processes EMV chip and PIN cards, the ATM infrastructure, “on the whole”, continues to process card transactions based on data from […]
Ipreo, a fintech firm headquartered in New York, and Misys have signed an agreement to integrate Debtdomain and Misys FusionBanking LoanIQ for syndicated loan arrangers and agents. Mutual clients of Debtdomain and FusionBanking LoanIQ have previously integrated the products, but this deal will be the “first” that is jointly developed and supported by both Ipreo […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Swift hacks sees 12 more banks under attack A fast moving chain of events. High five for Apple Pay in Singapore Big banks onboard include OCBC and Standard Chartered. NYSE launches new trading tech platform, NYSE Pillar The […]
Santander says it is the “first” UK bank to introduce blockchain for international payments through a new app. It is currently being rolled out as a staff pilot, with the intention to expand the technology “at a later date”. Sigga Sigurdardottir, head of customer and innovation at Santander, says: “The need for finance has evolved […]
Investigators are looking at more potential computer breaches following the three hacking incidents on Swift’s payment network, according to Bloomberg. The three attacks comprised a $101 million cyber heist in Bangladesh – the biggest cyber heist in history; Vietnam’s Tien Phong Bank stopping an attempted wire fraud; and Ecuador’s Banco del Austro losing around $9 […]
Green Dot has taken to social media to apologize for service issues that go beyond its initial reporting that balance inquiries temporarily were unavailable in certain channels, following the third wave of its processing conversion to MasterCard Payment Transaction Services.
Wells Fargo will launch its mobile wallet this summer, giving consumers using Android devices a new way to pay with their Wells Fargo debit and credit cards.
The multibillion-dollar fintech boom often garners headlines for consumer-facing innovation. Three payments veterans—John Mitchell, Futeh Kao and Chermaine Hu—decided it was time to create some issuer-facing innovation. With their new company Episode Six, the team has launched a payments software platform that integrates with issuers’ existing processing infrastructure to enable customized new products, Mitchell tells Paybefore.
Wirecard Singapore, part of Wirecard Group, and NETS (Network for Electronic Transfers {Singapore}) have partnered to provide a single terminal payment solution for Singapore government agencies. The move will enable users to use their CEPAS (Contactless e-Purse Application) cards such as NETS FlashPay, EZ-Link and concession cards on one single device. Wirecard says CEPAS cards […]
Former Citigroup CEO Vikram Pandit and independent investment fund Atairos Group are creating The Orogen Group, a New York-based company that will make controlling and other strategic investments in financial services companies and related businesses.
Visa Inc. has opened a new innovation center in Dubai Internet City, the region’s largest information and communications technology community.
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 […]
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, […]
A settlement agreement has been reached from a 2014 data breach between Kmart and several banks.
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.
The robot, called Pepper, represents only one emerging payment method that seems to be inspired by science fiction.
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.
The 2013 Target data breach settlement has been finalized.
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 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 […]
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 […]
Harvest Capital Strategies LLC began a public campaign to change Green Dot leadership in January.
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.
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.
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.
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.
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 […]
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 […]
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, […]
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.
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 […]
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.
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?
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.
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 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 […]
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 […]
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.
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.
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.
