At the Recent Payments International conference in London, Patrick Griffin, EVP Business Development at RippleLabs talked to Banking Technology editor David Bannister about the technology and puts paid to some misconceptions about the Ripple protocol.
The number of UK mobile banking users is set to almost double from 17.8 million to 32.6 million by 2020, according to a new report commissioned by Fiserv. Online banking is still growing too, the research found.
Financial messaging and data integration specialist Volante Technologies has taken a step into the world of packaged products with the launch of VolPay Foundation, a development platform “designed to ease the challenges of payment integration and payment processing projects”.
Innovation in a mobile real-time world will be to the fore in the discussions as the US payments industry gathers at Nacha Payments 2015 to consider the opportunities and challenges against a background of rapid technological and regulatory change. What can those embarking on project learn from those who have already been there?
Several U.S. senators used income tax season to promote new legislation that takes aim at program providers that enable consumers to receive their tax refunds on prepaid cards.
Apple Pay is expanding its reach to the health care sector, where InstaMed has integrated the mobile payments service as an option for consumers making payments to hospitals, clinics, doctors’ offices and insurance companies.
Discover cardholders who have temporarily misplaced their cards or suspect fraudulent activity on their accounts now can shut off their credit cards with Discover’s Freeze It security feature.
The world’s unbanked population plummeted by 20 percent between 2011 and 2014, as 700 million adults became account holders, according to a new report from the World Bank.
Target will pay $19 million to MasterCard issuers to cover costs stemming from the retail giant’s 2013 data breach.
American Express Co. is getting in on the expanding niche of wearable technology.
Canada’s Financial Consumer Agency this week has released amendments to Canada’s code of conduct for credit and debit card transactions that extend to mobile payments.
A new startup headed by longtime payments veteran Farhan Ahmad is seeing big opportunity in small businesses.
i2c Inc. is bolstering its European business by putting “people on the ground” and opening a London office.
More signs point to the fact that Microsoft is preparing to brand its own payments service, but the tech giant’s approach could be much different than that of mobile wallet rivals Apple Pay, Samsung Pay and Google Inc.’s Android Pay, some observers suggest.
With Blackhawk Network’s GoWallet mobile app, consumers now are able to determine gift card balances by taking photos of their cards.
Fresh off a major acquisition and a 2015 Paybefore Award for Breakout Company of the Year, Ingo Money’s big year continued with this week’s closing of a $13.5 million funding round. Baltimore-based private equity firm Camden Partners co-led the round with venture capital firm MissionOG.
Paybefore announces the winners in its fourth annual Paybefore Awards Europe competition, honoring the best programs and companies operating in prepaid and emerging payments across Europe. Winners represent companies entering the European market from the U.S., Asia, South Africa, Germany, Gibraltar, Italy and the U.K.
PayPal will expand its competitive reach when it flies solo after its planned spinoff from parent eBay later this year. The deal guarantees certain protections and continuity for both companies, but it also underscores the heightened stakes in the e-commerce and digital payments industries.
Biometrics continue to make inroads into payments, with American Express testing new technology that uses facial recognition to authenticate mobile transactions.
The momentum around faster payments continues to build with BBVA Compass becoming the largest financial institution to use the Dwolla platform, which eliminates the customary two- to five-day wait associated with ACH transfers.
Forget the hand-wringing over a possible crash in Silicon Valley from a tech startup bubble-burst. What we need are more startups to feed deep-pocketed corporations starved for innovation.
Looking ahead for Facebook, the particular opportunities with cross-border workers’ remittances are enormous … Who’s more interested in pictures of loved ones than the remote worker who is supporting her family? Who’s more interested in ‘status updates’?”
Both political parties again are backing problematic payroll card legislation from New York Attorney General Eric T. Schneiderman that could squeeze margins and force some providers to pull programs from the state.
As preparations for the U.S. EMV migration go into high gear, some payments industry participants are questioning whether merchants have enough time to make POS terminals chip-compliant by October 2015, when a liability shift goes into effect.
GPR prepaid cards have fewer fees and providers are disclosing clearly the fees they do have, helping cardholders avoid paying additional costs to use their cards, according to a new survey from Bankrate.com.
With a fresh infusion of cash, Indian payment startup MobiKwik plans to invest in data analytics, brand building and growing its network of mobile wallet users and merchants, according to reports.
New data suggest prepaid issuers would do well to target millennials and tout the security benefits of their cards, according to a new survey by TD Bank, the Cherry Hill, N.J.-based subsidiary of the Toronto-Dominion Bank.
The Brink’s Co., a brand known for security and armored cash transport, is expanding its financial services product suite with a new GPR card.
The PCI Security Standards Council (PCI SSC) has developed “Tokenization Product Security Guidelines” because of the rising demand for tokenization products.
New regulations went into effect in Italy last week that require mobile payments providers and merchants involved in the sale of digital goods to notify customers that their personal data are being collected and what that data are being used for.
Last week saw the launch of the Payment Systems Regulator, the first time the UK gets a regulatory body overseeing the £75 trillion a year payments systems. Its brief is clear: to open up the UK payments infrastructure, which is currently controlled by the high street banks, make it more accessible to challenger banks and fairer for consumers. The regulator has been given strong powers by the government and has already made it clear it will fine the banks if they do not step up to the mark.
PayPal has moved significantly closer to its goal of making its digital wallet “ubiquitous” for consumers paying online, via mobile devices and at the POS.
The quest to use alternative data to score thin- or no-file consumers continues with a new program being led by FICO, LexisNexis Risk Solutions and Equifax.
The U.S. continues to lead e-commerce sales with expected revenue of $349.2 billion in 2015—compared with a combined $254 billion in projected sales in eight European countries, according to a report.
Two agents involved with the investigation of Silk Road, a Website that backed bitcoin transactions and was shut down by the FBI, face federal charges of money laundering and wire fraud, among other alleged crimes.
A coalition of bitcoin entrepreneurs and advocates are backing a petition that would exclude companies supporting the bitcoin infrastructure, as well as smaller startups, from the scope of New York’s BitLicense proposed regulations.
Customer usage of mobile bill pay has grown substantially over the past year, but many billers aren’t keeping up with how their customers want to pay, according to the “Third Annual Biller Mobile Bill Pay Benchmark Study,” commissioned by Fiserv Inc., a global provider of financial services technology solutions.
After several weeks of speculation, Sen. Robert Menendez (D-N.J.) was indicted yesterday on federal corruption charges over allegations he accepted bribes from a donor in exchange for political favors.
Immediate payments have been available for some time now. The UK led the way with the launch of the Faster Payments Service in 2008 and other countries have followed, including Sweden, Singapore and Mexico. Real-time technology is fundamental to any mobile payments initiative and immediacy is the new norm of the digital age. Other countries can learn from the UK experience to avoid pitfalls and realise the benefits sooner.
There are two major trends in the cross-border payments world: an explosive growth in the number of payments between developed and developing countries, and the fact that governments, regulators and commercial actors increasingly favour payments being executed in local currency and discourage the use of US dollars to settle local.
