Payveris and COCC team up on community bank P2P platform
Dubbed PayItNow, the white-label service is fully integrated within the existing digital platform COCC provides its client financial institutions.
Worldwide
Big deals power Temenos profit and revenue rise
Temenos has reported a growth in total quarterly revenues by 9% and profit by 17% on the back of major banking tech revamps. For its third quarter 2016 results, IFRS revenue for the quarter was $160.6 million, up from $145 million in Q3 2015. Non-IFRS revenue was $160.8 million for the quarter, up from $148.9 […]
Banking Technology October 2016 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.
Payments round-up: 20 October 2016
Words cut. Time saved. A round-up of key events in the payments enclave. Azimo, the money transfer service, has launched a new version of its mobile app for Apple and Android users. On the iPhone, the app will allow users to transfer money through the voice-activated Siri system. Customers can transfer money by telling Siri […]
Fintech funding round-up: 19 October 2016
Want to save some time but be in the know of the latest funding initiatives in the fintech space? Then read on.
Wirecard Launches Prepaid—and Supervised—Mobile Payments for Teens
Wirecard AG and Orange have launched a parent-supervised, prepaid mobile payment service for teenagers called Orange Cash Jeune. Parents go online to create an account for their children who are younger than 18, signing up via the Web interface of Orange Cash before the app is installed on their children’s smartphones.
FIS Launches Mobile Payments Platform for Gas Stations
A new mobile payments platform from FIS aims to make shopping easier for consumers at gas stations and convenience stores. Called BuyWay, the technology “unites all points of contact within a transaction to deliver seamless, secure, personalized shopping experiences at thousands of gas stations and convenience stores across the nation,” FIS said this week.
Reports: Retailers Must Up Their Game to Compete in Apps Battle
Despite the 60 percent growth of mobile e-commerce to $120 billion in 2015 from 2014, many merchants are doing little to sway consumers to use their apps versus using a mobile browser, according to a Javelin study. Last year, consumers’ purchases via Web browser totaled $75.3 billion, while retailer apps accounted for just less than $47 billion.
Shake Shack Cooks Up Mobile Ordering Service
Experiments with mobile order-ahead continue to be on the menu for many companies in the fast-casual dining vertical, with popular burger chain Shake Shack launching a test run of the service this week as part of its first-ever app. At the moment, the order-ahead function only works at one Shake Shack location, in midtown Manhattan, which the company said will serve as a market test for the service before rolling it out to “additional markets.”
Alicia key to Tieto’s AI leadership team
Tieto says it is the first Nordic company to appoint artificial intelligence (AI) to the leadership team of a new data-driven businesses unit. The AI, called Alicia T, will help the management team to become “truly data-driven”; assist with unspecified “innovative ways”; and possess the capacity to cast votes. Ari Järvelä, head of data-driven businesses […]
Symphony unveils open developer platform and access to API
Symphony Software Foundation has launched an open developer platform. The foundation hosts open source development, bots, apps and integrations on the Symphony platform. It will also provide community contributors and foundation member organisations with access to the Symphony API, as well as development tools. Gabriele Columbro, executive director, Symphony Software Foundation, says open source “fuelled […]
Online and Mobile Commerce: Fraud Products to Help Protect E-Commerce Channels
Online commerce accounts for 8.5 percent of all card transactions but 45 percent of fraud, according to Javelin Strategy & Research. As more transactions move to online and mobile channels, fighting fraud in those channels will become even more challenging. Discover Global Network discusses the latest fraud-prevention tools that offer protection without adding friction.
Interview: Kyle Ferguson, Fraedom’s CEO – on the road to Fraedom
Payments technology and expense management specialist Fraedom is on the journey to tap into the $110 trillion B2B market opportunity that remains untapped today. “If the technology is both powerful and intuitive, people will use it,” states Kyle Ferguson, Fraedom’s CEO.
Blockchain & back office: a revolutionary change or not?
Blockchain has been hailed as a disruptive force capable of revolutionising the banking sector. While this may be the case to some extent, the impact may be overstated when it comes to wider back office operations, argues Paul Westgate, product manager at Linedata. In the clamour to proclaim blockchain, and those cryptocurrencies built on blockchain technology, […]
Configo launches site to aggregate banks’ API portals
Fintech start-up Configo has launched a project to aggregate the API portals launched by financial players around the world. It is not commercial driven but is “just a small project to put everything in order”, says Yosi Dahan, co-founder and CEO of Configo.
Citi’s treasury and trade goes digital with eSubmit
Citi Treasury and Trade Solutions has launched electronic document submission (eSubmit) for account opening. The service is available in “select” Western European countries and allows clients to complete the account opening process by returning electronic versions of documentation rather than paper. Sabine McIntosh, global head of account services product, Citi Treasury and Trade Solutions, says […]
Accenture acquires Allen International for digital banking push
Accenture has acquired London-based design consultancy Allen International as it looks to boost its digital banking ambitions. Terms of the transaction were not disclosed, but Accenture says Allen International has worked with more than 350 banks around the world including nine of the top 20 banks. Customers include Emirates NBD, Bank of Ireland, CIBC, Banorte, […]
Visa CEO Charlie Scharf Steps Down; Board Appoints Amex Vet Alfred Kelly
The desire to spend more time with family and the rigors of travel have compelled Charlie Scharf to step down as Visa Inc. CEO, according to an Oct. 17 announcement by the payments network. Replacing him is American Express veteran Alfred Kelly Jr., who was unanimously appointed by the board of directors.
Verifone Pumps up Mobile Payments at Gas Stations
Verifone said Oct. 18 that it had adopted and deployed a new mobile API standard designed to better tie together payment and loyalty applications for customers at gas stations and convenience stores.
In NFC Fight, Australian Banks Call Apple’s Security Claims ‘Baseless’
A group of Australia’s biggest banks have launched the latest salvo in their dispute with Apple over third-party access to the iPhone’s NFC hardware. In a joint filing to the Australian Competition and Consumer Commission (ACCC), the banks rebuffed Apple’s claims that they should not be allowed to collectively negotiate with the tech giant over making their own mobile payment apps available on iPhones.
Payment Credentials Grabbed from GOP E-Commerce Site
Payment card data from shoppers at the online store operated by the National Republican Senatorial Committee have been stolen by Russian cyber criminals, according to a Dutch security expert.
Trouble in the R3 paradise?
More than 60 of financial institutions around the world (including many top-tier banks) are involved in the R3 consortium, with considerable financial and resource commitments. The international consortium promises to build a common blockchain-based platform – called Corda – but the end-result is still a number of years away.
CFPB’s ‘Non-Substantive’ Tweaks to Reg E Affect Error Resolution, Cancellation Disclosures
The Consumer Financial Protection Bureau released a final rule Oct. 5 to correct “certain clerical and non-substantive” errors it found in Regulation E, which implements the Electronic Fund Transfer Act. The rule was published in the Federal Register Oct. 12 and the corrections take effect Nov. 14, 2016.
EMV Rollout Initially Boosting ATM Fraud, but Could Eventually Slow It
With the U.S. rollout of EMV making it harder for fraudsters to target merchant POS systems, thieves increasingly have set their sights on ATMs. But cash machines won’t be such an easy target for long, as the same technology that has increased POS security is steadily making its way to ATMs.
British Banks Underreport Cyber Attacks, Report Says
U.K banks don’t report all the cyber attacks directed at them, according to a Reuters report. The U.K.’s Financial Conduct Authority reports at least 75 cyber attacks against financial institutions this year, but the news agency quoted experts who said that total is likely underreported. That’s in part because British banks are not required to report every such attack.
Japan Might Remove Bitcoin Tax
Japan might remove its 8 percent sales tax on bitcoin and other virtual currency transactions, according to reports. The plan stems from the country’s Ministry of Finance and the Financial Services Agency, according to an Oct. 14 report in Japan Today. It said regulators intend to study the issue via a committee; among the questions is what constitutes a virtual currency.
BNP Paribas picks Fidessa’s derivatives trading platform
BNP Paribas has selected Fidessa’s derivatives trading platform to underpin the bank’s futures and options agency trading business. The platform will support the workflow requirements across Europe, Asia-Pacific and North America. It will also provide BNP Paribas with a suite of specialised derivatives algorithms, including benchmark algos and advanced synthetic order types to normalise trading […]
CBA extends contract with Misys for corporate banking software in the cloud
Commonwealth Bank of Australia (CBA) has signed for a “cloud-ready single platform” from its long-standing software supplier Misys to support its corporate banking operations outside Australia.
Blockchain.info gets hacked
Bitcoin wallet provider Blockchain.info has been the victim of a hack attack on its DNS servers. It experienced an outage for several hours while under attack, and Peter Smith, the CEO and co-founder, says its internal systems “alerted our infrastructure team who immediately began to assess the attack” but it “became clear the attackers gained […]
Nod and pay a virtual reality with Alibaba
Alibaba has revealed a new payment service that lets virtual reality (VR) shoppers pay just by nodding their heads. Called VR Pay, it’s been developed by Ant Financial’s (Alibaba’s financial arm) incubator F Lab, and it’s another innovation in the lively and overcrowded payments arena. With the tech, shoppers (bovine at the best of times) […]
New clients and live sites for software testing firm Validata
Validata, a specialist in enterprise software testing and release automation and Temenos’ partner, has announced a number of client wins and go-lives.
Top fintech stories this week – 14 October 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! MasterCard to buy French payment firm Stet? EXCLUSIVE. Payments processor could be a target. Brooks Macdonald puts IT revamp with Third Financial on hold EXCLUSIVE. All freeze for wealth management firm. Banks behaving badly in Singapore Monetary Authority […]
Mala Fide Intentions
Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 fraud prevention software) and the forces of evil (fraudsters). Based on real events and guaranteed to keep you on the edge of your seat!
Using technology in the Age of Emotion
How can the use of technology in the banking sector motivate and drive employees (and lead to improved business performance)? Dennis Fois, CEO of Rant & Rave, explores. Over the last few years we have seen challenger banks like Atom, Tandem and Starling embark on their venture to steal market share and customers from established […]
Pay Magazine – Fall 2016
Fintechs Are from Mars, Banks Are from Venus; CFPB Enforcement Lessons; Payments Infrastructure: New Routes, Not New Rails; Biometrics Pros and Some Huge Cons; Samsung Pay Talks Strategy; Smartest Payments People; Loyalty Strategies; More
People on the Move: Stacy Canan, John Coleman, Sonya White, CFPB
The CFPB has announced three leadership changes within the agency.
Payments round-up: 13 October 2016
Make it lean, keep them keen. A round-up of events in the payments space. Nordea is leaving the Swipp collaboration and partnering with Danske Bank’s MobilePay platform in Denmark and Norway. The shared payment solution’s plan is a reaction to “new international players” who “regularly appear in the market”. Danske says it will begin converting […]
White Paper | Driving High Frequency Trading and Compliance With In-Memory Computing
This paper looks at the current state of high-frequency trading – why it’s popular and what types of strategies and technologies are being used. It then explores how in-memory computing can meet the technological challenges and increase trading profits. As competition intensifies in the field of high-frequency trading, financial services firms need a new level […]
ISITC Europe and Oasis to define technical standards for blockchain
The International Securities Association for Institutional Trade Communication (ISITC) Europe and the Organisation for the Advancement of Structured Information Standards (Oasis) are to jointly define technical standards for blockchain/distributed ledger technology (DLT).
JMR Infotech to implement Flexcube core banking system at Azizi Bank
Aziz Bank in Afghanistan has selected JMR Infotech to help it implement a new core banking system, Oracle FSS’s Flexcube. Azizi signed for Flexcube two years ago, but the work is only starting now, following a tender to find a system integrator.
