The market is evolving from being dazzled by the flashy lights of innovation to buckling down and implementing plans to address the opportunities ahead. Emphasis is shifting from talking about the cool stuff to driving adoption of the most actionable innovations. Are you investing in the right trends?
Fintech funding stories can be fun if they are brief. Featuring MoneyLion, SETL and Finicity.
As consumers start using mobile to pay each other, it’s only natural that they’ll expect businesses to pay them that way, too. For those of us who serve corporate clients, enabling electronic payments to those mobile-centric consumers is a significant opportunity.
Having achieved status as a “mainstream” financial services product, prepaid cards now must prove themselves indispensable to cardholders’ lives. To take prepaid to the next level, prepaid providers need to connect with and engage cardholders in ways that position the product as vital to their financial wellbeing.
While you might think younger millennials are more likely to make a purchase from their mobile devices, more likely to snap a selfie and more likely to want to use selfies for ID verification, in fact a new survey found just the opposite.
Having spent many years in the technology wilderness, has HPE finally determined the future of NonStop? Thinking about the more than 40 years that have passed since we were first introduced to fault tolerant Tandem Computers, particularly considering what transpired following the acquisition of Tandem Computers by Compaq and then Compaq by HPE, did we anticipate that there would be an expansion of the NonStop product portfolio? And to see not just one, but two distinct families of NonStop systems and with the possibility of further options featuring NonStop just around the corner? It is surprising to many that all this time hasn’t taken the sheen away from any of the magic that is NonStop!
The U.K.’s Payments Systems Regulator (PSR) plans a sea change to the U.K. payments system after determining an inability for new payments infrastructure projects to compete as alternatives to the three interbank payment systems, Bacs, Faster Payments Service (FPS) and LINK.
Amazon’s vision of the future, which it’s testing in Seattle, is a grocery store that enables customers to complete purchases via scanning mobile phones instead of waiting to pay.
Steve Pruitt has taken on the role of director of new business development for the Americhip Gift Card Group, a provider of print, specialty packaging, shopper marketing and gift card programs.
Jo Kenrick has been named an independent director on the board of Bacs Payment Schemes Ltd., the network behind the clearing and settlement of U.K. automated payment methods, direct debit and Bacs direct credit, as well as the Current Account Switch Service and the Cash Isa Transfer Service.
Deutsche Bank has made two leadership appointments to its fintech innovation team. Elly Hardwick will become head of innovation for the bank, while Philip Milne has been named chief technology officer (CTO) for innovation.
GlobalPlatform, an industry body which standardizes the management of applications on secure chip technologies, has launched a China Task Force to give Chinese members and all GlobalPlatform members with business interests in China a dedicated platform to identify and agree on requirements from the region and work directly with Chinese industry and standards associations.
Blockchain-based financial settlement solutions provider Ripple has named Miguel Vias as head of XRP markets.
Cloud-based m-POS solutions provider ShopKeep has appointed Crystal Caligiuri as the company’s new senior vice president of operations and customer care.
Most of the talk around Samsung Pay’s new points-based loyalty program has been about whether it can spur mobile wallet adoption. But the in-app delivery of a virtual prepaid rewards card could mark a substantial shift for the incentives business, according to Brad Garfield, global product head for Citi’s corporate and public sector prepaid cards.
IBM has unveiled a blockchain ecosystem “to help accelerate the creation of blockchain networks”. The programme “is designed for innovators looking to build real networks – venture capitalists, start-ups, systems integrators, independent software vendors and enterprise developers”.
IBM Watson has launched a testing programme for its cyber security tech, which includes 40 companies from various sectors worldwide. On the financial services side, participants include Sun Life Financial and Sumitomo Mitsui Banking Corporation.
Fraud prevention is driving payments acquisition activity, with two major moves by the networks in the last two weeks. American Express has acquired InAuth Inc., a provider of mobile device authentication and intelligence solutions, which follows Visa’s announcement of its plans to acquire e-commerce authentication specialist CardinalCommerce, which operates the largest authentication network in the world, according to the company.
Western Union continues to expand its presence in the mobile vertical with an investment in Walletron Inc., a provider of mobile wallet bill presentment and payments services. The investment follows a deal struck between the companies earlier this year, under which Western Union’s Speedpay electronic bill payment service began offering biller clients the option to incorporate Walletron’s moBills platform.
PayPal and Google’s Android Pay are making the holidays more festive with new promotions, but will they lead to more consumer usage? PayPal says it’s making its P2P payment service “more personal and heartfelt,” while Android Pay is offering U.K. users a free gift when they use the mobile wallet for purchases.
Cybercriminals have stolen about $31 million from Russian Central Bank accounts, according to a Reuters report. The hackers broke into bank accounts after faking a client’s credentials, a bank spokesman said at a briefing, disclosing few other details. In a separate instance, Russia had recently warned about a plot by foreign countries to wage cyberattacks on its financial institutions.
Whether it’s digital coupons, next-generation mobile apps or using augmented reality technology to enhance shopping, have no doubt: That future is here and it’s all about engagement. Paybefore sat down with Amy Parsons, vice president and head of global commerce, Discover Global Network, to get her take on what’s ahead.
UK-based core banking and anti-money laundering (AML) software vendor International Financial Systems (iFinancial) is implementing its AMLtrac solution at Global Fidelity Bank.
Reading the technology news these days you could be forgiven for thinking that some seismic revolution is occurring almost every day! Stories abound of Airbnb, Facebook, Uber, Alibaba taking over the world and demolishing our traditional business models – ushering in a new age where the “interface is king”. But are they revolutionary and game changing disruptors? I am not so sure…
A new core banking software vendor, Leveris, looks to raise €15 million from international venture capital firms, and is working with stockbroker Davy on the transaction.
Blackhawk Network said Dec. 5 that it will “integrate gift cards, e-gifts, loyalty and rewards programs into Apple Pay,” a move that could make the mobile wallet more attractive to consumers.
Visa Inc. has acquired e-commerce authentication specialist CardinalCommerce in a move the payment network called a bid to amp up security for online and mobile transactions and reduce fraud. Visa already provides Cardinal’s services to merchants and acquirers through its CyberSource enablement platform.
Three of the four major U.S. networks have pushed back the EMV liability shift for fuel pumps three years. The cost of EMV migration at the pump—which is more extensive and complex than POS changes and can require pump replacement—now can be spread out over a longer implementation period, Randy Vanderhoof, director of the U.S. Payments Forum, tells Paybefore.
Fintech companies seeking charters would have to fulfill multiple requirements under the proposal, including performing core banking services.
Business commerce and supply chain finance platform Tradeshift has got an investment from Santander InnoVentures.
Our dazzling event gathered together over 260 banking and financial technology specialists from all over the world – recognising the excellence and innovation in the use of IT in financial services, and of course the people that make it happen!
Amazon Web Services (AWS) has launched Financial Services Competency to certify its partners that specialise in the financial services space.
As with any long-term human relationship, our relationship with banks is complicated. There’s a sense of co-dependence, transgressions that shake our trust, the occasional fleeting thought of escape. How to reignite the magic spark between a bank and its customer?
Comtrade Digital Services has built an automated banking platform that enables users of online/mobile messaging platform Viber to perform a range of banking operations entirely through a chatbot.
Myanmar-based Myanma Apex Bank (MAB) has selected JMR Infotech as its core banking managed services provider. For its core banking system MAB uses Oracle FSS’s Flexcube.
DBS Bank will automate its business spend management with Coupa Software’s cloud-based platform.
The Bancorp is doubling down on its commitment to fintech, unveiling plans for a new dedicated fintech innovation and development studio. Dubbed Cube8, the division will serve as a space where Bancorp will “explore unconventional–even radical–ideas in financial technologies” with the goal of creating changes or new opportunities to bolster the company’s business strategies, operational efficiency and incremental revenue, Bancorp said.
Mastercard is employing artificial intelligence to improve the accuracy of real-time transaction approvals by minimizing false declines and fraud. Decision Intelligence, Mastercard’s decision and fraud detection service, is available across all markets for all Mastercard brands and products, according to the company’s Dec. 1 announcement.
Financial services providers that work with FIS will be able to ramp up their real-time payments capabilities quickly now that the company is integrating with Early Warning’s Zelle Network P2P service. Using FIS PayNet and the financial technology provider’s open payment framework, the P2P service will be offered as part of FIS’s other real-time payment services, such as digital e-gifting, bill payment and external transfers.
With India’s recent banning of high-denomination paper currency pushing the country’s traditionally cash-dependent economy further toward electronic payments, two new prepaid products have launched there to serve the needs of specific market segments.
