Despite the accelerating rollout of EMV debit, the actual use of chip cards at chip-enabled POS terminals has been held back by the “slower-than-anticipated” pace of merchant EMV adoption, with just 4 percent of all debit card transactions with a chip card happening at a chip-enabled terminal, according to the 2016 Debit Issuer Study from Discover Financial Service’s PULSE network, released on Aug. 9.
Mobile payments are coming to more vending machines in the U.S. and Canada, thanks to partnerships between vending operators in both countries with automated retail payments provider PayRange.
An affiliate of China-based e-commerce giant Alibaba will expand its payments prowess in Europe via a deal with Ingenico Group, according to a report. The deal calls for the France-based payments provider to enable customers of Ant Financial Services—an affiliate of Alibaba—to access European offline merchants that are part of the Ingenico network, according to an Aug. 9 report in the Wall Street Journal.
BlueSnap, a payments technology provider, has partnered with Visa Checkout to help online merchants fight checkout abandonment by providing consumers with an easier checkout process and higher payment conversion rates.
Naspers, a South-African-based media and Internet company and parent of online payment service provider PayU, is acquiring Mumbai, India-based online payments company Citrus Payments Solutions in a cash deal valued between Rs 1,000 crore and Rs 1,200 crore (US$150 million to $180 million), according to The Times of India.
Inter-dealer money broker Tullett Prebon has partnered with GMEX Group to develop a hybrid voice and electronic trading platform for FX Options. The new FX Options trading solution will integrate GMEX’s request for quote (RFQ) technology with Tullett Prebon’s existing central limit order book (CLOB) capability. GMEX Technologies, a wholly-owned subsidiary of GMEX Group, supported […]
Prasac, the largest microfinance institution (MFI) in Cambodia, has launched internet and mobile banking services using the TranzWare multi-card processing solution from Compass Plus. Its customers can now transfer money between their accounts, pay bills, top-up their mobile phones, manage their cards, check their balances and get a mini-statement by logging on to their internet […]
We are all pretty much unanimous that the once IT buzz word “big data” is no longer the awe-inspiring complex beast which can be tamed only by expensive databases and superlative data analytics platforms. Cloud architecture and collaborative open source software brought big data processing within the reach of pretty much all enterprises. Analytics domain […]
A pair of developments on the cybersecurity front are giving retailers more reasons to worry—as if they didn’t have enough already. Cyberthieves have compromised a customer support portal for Oracle Corp.’s MICROS POS system, which is used by more than 330,000 retail and hospitality providers worldwide. Meanwhile, payments technology company NCR claimed to have found a flaw in EMV chip technology that could enable criminals to bypass a chip’s transaction encryption.
A computer science student and security researcher has found a chink in the armor of Samsung Pay’s security in the form of a weak tokenization process that could lead to fraudulent purchases.
Consider it a frontier of payments: How best to match gift card offerings with a consumer base that is ever more reliant on mobile devices? And doing so while retaining easy portability and wide flexibility.
Cyberthieves are targeting banks in Brazil via malware that has already hit financial institutions in Europe and North America. In the Olympic host country, at least 10 banks have come under attack from “Panda Banker,” a variant of the Zeus Trojan malware.
New York-based OpenFin, a provider of HTML5 runtime technology for the financial industry, has joined Symphony Software Foundation. The foundation, described as “a non-profit organisation fostering open innovation around the Symphony secure messaging platform”, already has powerful members on its list, including BNY Mellon, Citadel, Citi, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley and […]
BBVA has revealed the 56 finalists for the 8th edition of its Open Talent contest to compete in three separate finals in Mexico, London and New York in September. The start-ups come from 17 different countries, and BBVA says “one of the most noteworthy points” of its 8th edition is the “high number” of finalists […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! RBS scraps Williams & Glyn banking platform plans, writes off £345m Defeated by the IT challenges. W&G is now likely to be sold to Santander. Azimo “industry first” to enable money transfers via Facebook Messenger Sending money should […]
Banking is going digital and instantaneous, which is great news for customers. But it is also a great headache for banks, as fraud is going that way too – the money can disappear into fraudsters’ virtual pockets with a blink of an eye, anytime, anywhere. At the same time, the real-time capabilities of new solutions […]
Since the 2008 financial crisis, the sector has looked to repair reputational damage, lock down compliance in the system and rapidly innovate to serve a new generation. During this period of change, banks must redefine the value they want to provide for their customers. For example, do they want to finance the future dreams a […]
Azimo says it has become the first money transfer operator to enable money transfers worldwide via Facebook Messenger. “Money transfer is now social,” Azimo states. It describes its new functionality as “revolutionary”. It connects senders and receivers through their Facebook friend list, enabling them to exchange details immediately and links them to the Azimo app […]
The recent partnership between the two payments giants will impact fees, consumer data and other areas. An analyst discusses the benefits and motivations of the deal.
Earthport, a cross-border payments service provider, is partnering with Aftab Currency Exchange Limited (ACEL) for payments growth. ACEL wants to expand its bank-to-bank capability and will initially use Earthport’s capabilities to “strengthen” its EU offering with a view to further expansion globally over the coming months. Aftab Ashraf, founder director, ACEL, says Earthport brings it […]
ING Bank Romania has launched a new mobile point-of-sale (mPOS) service, underpinned by MasterCard and specialist vendor GoSwiff. ING mPOS is aimed at local merchants of all sizes. It enables them to accept card payments through mobile devices, smartphones and tablets, connected to a card reader. It also supports other added-value services, such as consumer […]
Indonesian telco Indosat Ooredoo and GoSwiff International have teamed up for a new mobile payment acceptance solution for merchants in Indonesia, D-Pay. Bank Negara Indonesia (BNI) is the acquiring bank. D-Pay is a financial service that enables merchants to accept mobile payments, allowing their customers to pay using debit/credit cards (Visa, MasterCard and JCB) and […]
A recent NIST announcement would seem to toss SMS one-time passwords to the junk pile. But the anti-fraud technology still has value for low risk transactions.
A tough new European data protection rule, scheduled to come into force in 2018, will command businesses’ attention no matter the relationship the U.K. has with the EU.
Beware of predictions that upstarts will push aside incumbents when it comes to consumer-to-consumer remittances. The numbers tell a different story.
Fiserv’s GAAP revenue increased 5% to $1.36 billion for the second quarter of 2016. Compared to Q2 2015, its payments segment saw 9% growth and the financial segment grew 1%. In terms of the first six months of 2016, the firm’s financial results were a similar story. GAAP revenue increased 5% to $2.69 billion, with […]
Blockchain intelligence firm Elliptic and LexisNexis Risk Solutions have partnered for the “first” use of “bank-grade” risk management for Bitcoin. Elliptic has integrated LexisNexis’s anti-money laundering (AML) risk management data into its Bitcoin transaction monitoring and compliance products. The two firms have built a proof-of-concept that uses financial intelligence data from LexisNexis and presents it […]
Unicredit is selling its e-money processing unit to payments vendor SIA. The unit – part of Unicredit Business Integrated Solutions (UBIS) – processes around 13.5 million payment cards and manages 206,000 POS terminals and 12,000 ATMs in Italy, Germany and Austria. SIA has also got a ten-year outsourcing contract from UBIS for the supply of […]
The European Commission’s proposed changes to anti-money laundering rules would place an “immense burden on the regulated e-money sector,” the Prepaid International Forum argues in a new position paper.
Users of bank-owned P2P money network clearXchange soon will be able to send funds via debit cards, offering faster transfers and significantly expanding the network’s potential customer base to nearly anyone in the U.S. with a debit card.
Many mobile wallet users want more from their mobile wallets, such as sales offers, coupons, order delivery updates and loyalty programs, and marketing and loyalty opportunities using mobile wallets has gone largely untapped, according to a recent study, “The State of Mobile Wallet Marketing,” conducted by Urban Airship, a mobile engagement platform provider.
The United Nations Children’s Emergency Fund (UNICEF) is looking for a developer to work on humanitarian projects, including the use of blockchain for innovation. The role will be based in New York and the UNICEF Innovation Unit wants the developer to create products that solve problems in the developing world. The individual will also work […]
Mobile fintech specialist Cachet Financial Solutions Inc. has appointed entrepreneur Ruth Owades to its board of directors
The CFPB has made appointments to three leadership positions within the bureau.
K&L Gates LLP has added Judith Rinearson and Linda Odom as partners in the firm’s fintech and consumer financial services practices.
The Retail Gift Card Association (RGCA) has announced its newest membership additions, comprised of 18 companies including legacy-brand retailers and other major gift card industry stakeholders.
Stuart Lawrence of Fusion Business Development has joined the UK Gift Card and Voucher Association (UKGCVA), the country’s trade body for vouchers and gift cards, as its first consultant member. The organization also has announced that Eoin Whyte has been re-elected as its chairman, a position he’s held for the past 12 months.
Keith Smith has joined digital gifting and incentives platform provider Wonder Technologies to serve as president and member of the company’s board of directors. Meanwhile, Cullen Talley has joined Wonder as senior vice president of sales and new market development, to spearhead the company’s customer acquisition and sales acceleration strategies.
Visa Inc. has announced plans to open a new office in Silicon Valley as part of its continued efforts to accelerate digital commerce globally.
Can social media really drive adoption of financial products? Yes, states a Massachusetts-based community bank, Avidia Bank. Kate Cwieka, Avidia’s marketing specialist, shares the bank’s experience in embracing social media and the results. Oh, and practical advice on this “non-traditional” marketing channel. Want to know more on how to apply Hootsuite and Periscope (or find […]
