Thomson Reuters has joined R3’s partnership to design and apply distributed and shared ledger-inspired tech to global financial markets. Thomson Reuters will contribute insights from its work with customers to “drive product innovation and transformation in the financial sector using distributed ledger technologies”. David Rutter, CEO of R3, says the deal is “another significant milestone”. […]
Atlanta-based prepaid product and transaction services company InComm has acquired the Hong Kong prepaid distribution business of ValuAccess for an undisclosed sum, marking the company’s second international acquisition this year. In January, InComm, which operates in more than 30 countries, expanded its European footprint with its purchase of TibiDono.
As prepaid providers eagerly await the release of the CFPB’s long-gestating final rule on prepaid accounts, Consumer Reports is lauding the industry for reducing or eliminating fees and instituting consumer protections akin to those of a debit card. The improvements in prepaid products at large have led the magazine to dub prepaid cards “a smart way to pay with plastic,” in a new report and prepaid card buying guide.
Office Depot and an associated gift card program manager are suing Delaware officials in federal court, challenging the state’s unclaimed property law. The Florida-based retail chain and Virginia-based North American Card and Coupon Services LLC, Office Depot’s gift card operator, said Delaware’s escheat law violates the U.S. Constitution’s Fourth Amendment, which guards against unreasonable search and seizures.
Sid Parashar, SVP of client relations and strategic account management, Firstsource Solutions, asks if traditional banks are now ready to take on the new kids on the block when it comes to customer communications. As the banking industry emerges from one of the most transformative periods in its history, it has been a trying time […]
Trading platform provider Fidessa has reported an increase in profit and revenue in the first half of 2016. For the period ended 30 June 2016, revenue rose by 9% to £158.3 million. Profits were even better. Operating profit was £22.0 million, compared to £19.2 million in 2015. Pre-tax profit was also up – with a […]
Less than two weeks after PayPal announced a strategic partnership with Visa, the digital payments provider is talking with Mastercard about ending a long-running dispute over transaction data, Mastercard’s CEO says. During an earnings call last week, Mastercard CEO Ajay Banga said the payments network was engaged in a “constructive dialogue” with PayPal over Mastercard’s concerns about being shut out from merchant and transaction data for sales made via “staged” digital and mobile wallets such as PayPal and Google Wallet.
Men prefer making online purchases via desktop, women are more willing to use mobile devices, and millennials tend to use debit and alternative payment methods such as PayPal, according to a new global survey report from Worldpay.
Payments processor Total Merchant Services has unveiled a new POS system targeted for use by small and midsize businesses, including those in the retail and restaurant verticals. Dubbed Groovv POS, the platform comes in two models: an all-in-one offering that includes a 13-inch touchscreen monitor, cash drawer, integrated barcode scanner and receipt printer; as well as a smaller “Flex” model, built around a detachable Samsung Galaxy tablet.
A Florida man should have gotten his bitcoin through a reputable virtual currency exchange instead of some guys meeting in a Boston Market restaurant parking lot in the middle of the night. Likely surprising no one, a deal to exchange $28,000 for the equivalent in bitcoin went bad, leading to one arrest.
FICO, an analytics and decision management software provider, has reported a rise in revenue and income for its third fiscal quarter. For the period ended 30 June 2016, net income totalled $35.0 million, or $1.08 per share, versus $19.9 million, or $0.62 per share, reported in the prior year period. Non-GAAP net income for the […]
Rupert Scofield, president and CEO of microfinance organisation Finca International, discusses how it brings banking to the developing world and why people should follow America’s lead in the art of philanthropy. “This is your world. My generation had its shot. We thought our problems were daunting but it’s nothing like the stuff you’re dealing with. […]
Years of friction could be over as PayPal is talking to MasterCard on a potential strategic alliance, according to the Financial Times. PayPal, with its network of 188 million active users, has been expanding at MasterCard’s and Visa’s expense. One example was its recent partnership with Mexican telecommunications giant América Móvil for growth in Latin […]
The Regtech Supplier Performance Report 2016, published by Market Fintech Limited and supported by Banking Technology, estimates that more 189 global financial institutions have deployed a range of new regulatory technology (regtech) solutions from 20+ specialist suppliers in just a couple of years.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Abcul slow on tech modernisation project Exclusive: First credit unions to go live before year-end. New mobile banking for SMEs readies for UK launch Tide will offer a “nimble small business current account”. Top ten retail banking sites […]
Robo-advisors are becoming increasingly commonplace in the UK’s financial sector. Over the last 18 months, high street banks such as Barclays, Lloyds, Santander and RBS have all launched robo-advice platforms, and it’s not only these well-known names that are competing to own the online investment space. Smaller challenger brands like Nutmeg and Wealthfront have also […]
Shell Oil is coughing up civil penalties, investigative costs and restitution after being accused of tricking consumers with payments ads for various Shell fuel rewards and gift card programs.
Earlier this month, reports emerged in several Saudi media outlets that SAMA had banned in-person sales of CASHU prepaid cards due to the large number of customers using the cards and the government’s inability to monitor misuse.
They want permission from national anti-trust regulators to negotiate as a bloc with Apple over putting their own mobile payment technologies on iPhones.
Venmo also announced additional merchant partners have come on board, bringing the number of merchants now accepting Venmo payments within their mobile apps to 11.
Do you know an outstanding Tech Leader? The Tech Leadership Award, part of our annual Banking Technology Awards, will go to an individual for leading and playing an instrumental role in devising and/or delivering the technology strategy to support the key business objectives of an organisation. The award is open to all industry participants worldwide […]
London-based advisory firm Alpima has selected SS&C Technologies’ APX and Moxy solutions to underpin its digital advisory business. APX is an integrated, front-to-back office portfolio and client management solution. Moxy is a centralised trade order management system. SS&C says the contract was preceded by a “thorough analysis”. Pierre Mendelsohn, founder and CEO of Alpima, comments […]
A group Texas merchants wants to take its battle against a Texas law prohibiting them from imposing a surcharge on customers paying with a credit card to the Supreme Court, arguing that the statute violates the merchants’ free speech rights.
There was some big news for bank’s risk and finance technology departments last month. The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Notably, this standard introduces a new impairment model, commonly known as the CECL (current […]
Ron Hynes has been on the job as the new CEO of UniRush LLC less than a month, but he’s already looking ahead. And, he’s not going to let the CFPB’s looming final prepaid rulemaking slow the company down when it comes to innovation and product development. Hynes spoke with Paybefore about what he brings to his new role and why UniRush’s cardholder settlement made him want the CEO job even more.
Mastercard on Tuesday (July 26) was granted a patent for a device that sidesteps PINs and biometrics for quick consumer payment authorization. The idea is that consumers would authenticate themselves before making the purchase, thereby enabling much faster checkout in-store.
Square Inc. reportedly wants to set up shop in the U.K. That would put the mobile payments service up against such players as PalPay and Germany-based SumUp—among many others—for the loyalties of merchants.
Paris-based Sopra Steria has completed its acquisition of Cassiopae, a developer of specialised finance management software. The firm, through its subsidiary Sopra Banking Software, has bought 75% of the share capital of Cassiopae. The planned tie-up was first announced in February, as Banking Technology reported. Cassiopae’s founder and his family, and certain managers including current […]
The wait is over. The first publication dedicated to our annual Pay Awards is here—packed with insights and inspiration from our 10th annual Pay Awards competition and the programs, companies and individual that walked away with top honors. You’ll also get an exclusive look at comments from our expert judges.
We celebrate excellence in prepaid, retail & loyalty, and payments technology for our 10th annual Pay Awards 2016.
In recent years we have seen a strong trend for institutional trading desks to leverage their data to improve trade execution results and become more recognised as active participants in portfolio performance. Two important applications of predictive analytics have arisen, both aiming to improve the manner in which trading algorithms are used and controlled. It […]
Citing a lack of financing, gift card exchange GiftCardRescue.com has closed up shop. Kwame Kuadey, founder and CEO, launched the company in 2008, enabling consumers to exchange unwanted gift cards or buy new ones at a discount.
Mastercard is setting its sights on China, with plans to apply for a payment services license there and releasing a new index to track the pulse of the nation’s new economy. China began allowing foreign-based payment card providers to operate in the country in June, giving outside players the opportunity to access the country’s $8.25 trillion payments market—provided they met certain capital and security standards. Mastercard currently is studying the requirements and deciding whether to apply for a license alone or with a partner.
With nearly 40 million Americans using wearables—and that number expected to more than double by 2018, retailers are looking for ways to capitalize on wearable popularity by using these devices to push personalized offers and provide payments capabilities to improve the shopping experience.
Mobile banking is catching on in a big way in the U.K., with payments via mobile banking apps reaching £347 (about US$456 million) in 2015, up a whopping 54 percent over the previous year, according to a new study. The Way We Bank Now, a report from the British Bankers’ Association (BBA) and professional services organization EY, found that U.K. consumers used mobile banking apps—ranging from those of major banks to full-featured mobile-centric accounts—more than 4 billion times last year.
Vermilion Software, a UK-based supplier of client reporting and communications software, has been selected by one of the largest investment managers in Australia, Challenger. Challenger has chosen Vermilion Reporting Suite for its institutional client base. David Mackaway, general manager of operations at Challenger, says: “Vermilion’s multi-tenanted approach will enhance our ability to deliver reporting for […]
Entries are now open for the prestigious Banking Technology Awards – the premier event recognising excellence in the use of technology in banking and financial services, strive for innovation, and professional contribution to the industry’s betterment. Highlights A comprehensive list of categories to laud the best of the best across a broad range of IT […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! BBA records dramatic increase in mobile banking usage Digital banking is in a “consumer-led revolution”. MasterCard buys VocaLink for $920 million Current owners Barclays, HSBC, Lloyds and RBS will receive a handy windfall. Cidel Bank implementing ERI’S Olympic […]
Since the global financial crisis, there has been an endemic environment of low interest rates and currency fluctuations. The effects of quantitative easing have been broadly felt by institutions across the globe; and have created major challenges for central banks, sovereign wealth funds (SWFs) and government pension funds. In addition to this, equity market declines […]
For those wondering if the post-eBay PayPal would act differently, July 21 gave us the answer: Yes. On Thursday, PayPal announced a strategic partnership with Visa where Visa would get preference—in both PayPal and Venmo apps—and PayPal said that it would “not encourage Visa cardholders to link to a bank account via ACH” and “PayPal will also support and work with issuers to identify consumers who choose to migrate existing ACH payment flows to their Visa cards.”
