Peoples Trust Provides Issuing for SVM in Canada
Peoples Trust is expanding its Canadian prepaid issuing services to U.S.-based program manager SVM.
Worldwide
Ant Financial Lands Record-Setting $4.5 Billion Funding
As Alibaba-affiliated financial services provider Ant Financial seeks to expand in markets in China and around the globe, the company has landed $4.5 billion in new funding that values it at a whopping $60 billion.
FDIC Approves New Assessment Rule for Small Banks
The FDIC board of directors has approved a rule that changes how banks with less than $10 billion in assets and have been FDIC insured for at least five years are assessed for deposit insurance.
Infographics: seizing the mPOS opportunity
Mobile point-of-sale (mPOS) is revolutionising the POS terminal industry. In two years, the market is estimated to be worth $43 billion. By 2019, 46% of all POS terminals in 2019 are expected to be mPOS. Over the next four years, the market is poised to grow by 400%. This nifty infographics – courtesy of FIME – […]
Nasdaq launches new quality assurance platform, Nasdaq Validator
Nasdaq has launched Nasdaq Validator to provide quality assurance (QA) for exchanges, clearing houses and central securities depositories (CSDs). Nasdaq Validator is an API-independent testing platform offering manual and automated test tools for the capital markets industry. It interfaces with Nasdaq’s matching, clearing and CSD systems, in addition to systems by other providers. It is […]
Misys unveils Misys FinCloud
Misys today is launching Misys FinCloud, a range of cloud solutions and “global cloud environment” for its clients. It is supported by “selected global and local infrastructure providers, systems integrators and solution partners”, including Rackspace and NTT Communications, Misys says. With Misys FinCloud “clients gain faster access to innovation through shorter and more predictable on-boarding […]
M&A Update: Visa Europe Deal Tweaked, MasterCard Eyeing VocaLink
Visa Inc. has amended the terms of its pending acquisition of Visa Europe, reducing a planned future payment in favor of additional cash up front. Meanwhile, MasterCard reportedly is in talks to acquire U.K. payments giant VocaLink in a potential £1 billion (US$1.45 billion) deal.
CFPB Schedules Arbitration Hearing for May 5, Proposed Rule to Come?
The CFPB has scheduled a field hearing on arbitration clauses in Albuquerque, N.M., on May 5 at 11 a.m., MDT. Experts are anticipating the hearing will be the forum for the bureau to release its proposed rule on arbitration, and industry groups are bracing for restrictions or an outright ban on arbitration clauses in financial services contracts.
Digital School Payments Firm ClassWallet Raises $1.5 Million
ClassWallet, a digital payments platform for school-related purchases, has raised $1.5 million in a seed round led by Idea Bulb Ventures.
Dunkin’ Donuts Boosts Mobile, Reward Efforts
The mobile coffee wars continue this month, with Dunkin’ Donuts updating its mobile apps as Starbucks revamps is loyalty program.
Wave 2 of European Central Bank’s T2S migration plan completed
The second wave of the European Central Bank’s (ECB) migration plan for Target2-Securities (T2S) transactions has been completed. T2S is the delayed centralised European platform for the settlement of domestic and cross-border securities, and is one of the largest infrastructure projects launched by the ECB. Wave 2 included Portugal’s central securities depository (CSD) Interbolsa, a […]
Morgan Stanley cools blockchain buzz
Morgan Stanley has brought blockchain back to earth, calling it a “double-edged sword” because while it helps banks reduce clutter, profits could fall or shift to new players. In its 31-page report, “Global Insight: Blockchain in Banking: Disruptive Threat or Tool?”, the company predicts blockchain’s “widespread potential to disrupt financial intermediaries” but says there are […]
Global Payments gets green light to acquire Heartland Payment Systems
US-based payment processor Global Payments is to acquire Heartland Payment Systems for $3.8 billion in cash and stock, as approved by the Heartland stockholders. About 29.7 million shares were voted in favour of the merger proposal. The vote represents approximately 99% of the total Heartland shares which voted on the merger proposal and 80% of […]
Biometrics: the road less travelled on the customer journey
Biometric security in the financial services sector has finally reached the tipping point many have been anticipating since Apple launched its fingerprint recognition technology one whole iPhone generation ago. We recently saw the first of the major banks to announce that both fingerprint and voice recognition technology will be viable account login options for millions […]
Orange buys Groupama for 2017 mobile bank launch
Orange has made a significant stride in mobile banking by acquiring a majority stake in financial services firm Groupama, reports Tim Skinner at Telecoms.com. The French mobile operator has confirmed it has acquired 65% of Groupama shares, will be launching a 100% mobile banking service in early 2017. By acquiring Groupama, Orange will be gaining an extensive […]
Top fintech stories this week – 22 April 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Corelation’s Keystone core system reaches 50 users All aboard for US-based credit unions. Citizens Bank plans core banking revamp with FIS Bank is also looking at a new mobile platform and middleware layer. Scotiabank invests millions of dollars […]
Temenos’ Q1 2016 software licensing revenue up 51%
Temenos has revealed IFRS (international financial reporting standards) total software licensing revenue of $38.9 million in Q1 2016; and non-IFRS total software licensing revenue of $39.2 million – up 51% from Q1 2015 on a reported basis and 53% in constant currencies. Temenos CEO David Arnott says this shows financial institutions “continue to embark on […]
Viewpoint: Fraud Quiver Requires More than One Arrow
If you want to fight fraud in the corporate and government sector—or any sector—you need many tools. And, you may have to educate clients that no one tool is the solution.
Viewpoint: The Gamification of Financial Services
Gamification is not new, but new entrants are showing that injecting the right mix of fun and rewards into financial education can reap dividends for consumers and financial services providers seeking to engage their customers.
Viewpoint: Fintech: The Great Equalizer
We’re bombarded daily with reports that fintech firms are poised to eat the banks’ lunch. The drumbeat is so loud and steady, it’s hard not to fall into the trap of thinking that banks’ best days are behind them. But, I believe the proliferation of fintech solutions presents a remarkable opportunity for small and midsize financial institutions.
When banks leave the front door open
Cyber attacks against the banking industry have soared in the last few years. And financial institutions now face 300% more attacks than any other industry. Comparatively with other industries, the financial services industry isn’t shy where it comes to cyber security investment and generally has a superior level of protection. But this attracts a more […]
Spring 2016 Pay Magazine Now Available
The digital edition of the Spring 2016 issue of Pay Magazine is finally here. Whether you’re a technology provider, a financial services company or a retailer, you have to reconcile consumers’ on-demand mentality with top-notch security and compliance at every consumer touch point. In this issue, we help you do just that.
Infosys’ Finacle core banking system gains first taker in Myanmar
Asia Green Development (AGD) Bank, one of the first commercially owned banks in Myanmar, is automating its ops with Infosys’ Finacle core banking system. This is Infosys’ first core banking system client in Myanmar. The system will support all main operations of the bank, front-to-back office, including online and mobile banking. Finacle will oust a […]
Bermuda Commercial Bank goes live with new core banking system, Temenos’ T24
Bermuda Commercial Bank (BCB) has gone live with Temenos’ T24 core banking system (R13). The bank has also implemented Temenos’ business intelligence and analytics tool, Insight, and an AML solution. Sofgen, a Switzerland-based specialist IT consultancy and integration firm (now part of Tech Mahindra), carried out the implementation. The project was 18 months in the […]
Discover Expands E-Commerce Acceptance with Computop
On the heels of a strong earnings report yesterday, Discover Financial Services’ wholly owned subsidiary Diners Club International announced a deal with Bamberg, Germany-based payment service provider Computop to increase international e-commerce merchant acceptance of Discover, Diners Club and Alliance Partner cards.
NBPCA Chair Previews Hot Topics ahead of D.C. Event
The conference agenda covers the latest in prepaid legislation, regulation, compliance and business innovation, with keynote addresses from Reps. Scott Tipton (R-Colo.) and Carolyn Maloney (D-N.Y.), and IRS Commissioner John Koskinen.
Democratic Reps. Back Prepaid Overdraft in Letter to CFPB
Three Democrats are asking CFPB Director Richard Corday for an overdraft exemption as the agency finalizes its prepaid rules.
CFPB Report Blasts Payday Lenders over Bank Fees
In advance of the CFPB’s proposed rule on payday loans, the bureau has released a new report critical of payday lenders’ practice of debiting borrowers’ checking accounts, which often leads to overdrafts, penalty fees and account closures, while failing to actually recover payments, according to the report, which is based on data from more than 330 lenders.
U.S. House Passes Oversight Bill for Two Financial Regulators
The Financial Stability Council Reform Act would give Congress funding power over the Financial Stability Oversight Council and the Treasury Department’s Office of Financial Research, which keep track of financial risks and conduct other research.
Swift Business Forum London 2016: Blockchain – a reconciliation revolution
Blockchain is a revolution in reconciliation but not in payments, is one of the messages coming out of the Swift Business Forum London 2016. For the sixth edition of the show, more than 1,300 delegates were rammed and jammed into Tobacco Dock, London. This morning’s (20 April) sessions were dominated by warm-up speeches that praised […]
Payments UK launches new support service, signs Faster Payments as the first taker
Payments UK’s new service – Standards Collaboration Framework – offers institutions support in the implementation of industry standards. The first taker has already been onboarded. This is Faster Payments Scheme Limited (FPSL). Payments UK says the customer “will use the central, well-maintained ‘library’ to simplify how its industry stakeholders access and receive notifications about updated […]
ISO 20022 message guidelines approved and published
ISO 20022 Registration Management Group, the senior global registration body, has approved the ISO 20022 message guidelines – they have now been published. The new guidelines were developed by the ISO Real-Time Payments Group (RTPG) and facilitated by Payments UK, the representative of the country’s payments industry. Payments UK describes this development as “an important […]
Infographics: ten facts you didn’t know about mobile banking
Here are ten facts you (possibly) did not know about mobile banking. But now you do, with the help of this nifty infographics, courtesy of Shinobicontrols.
Two blockchain start-ups become one as Digital Asset Holdings and Elevence merge
Distributed ledger specialist Digital Asset Holdings has acquired a small Swiss start-up, Elevence Digital Finance. Elevence’s niche is a modelling language for determining rights and obligations in blockchain collaboration agreements. Its takeover provides Digital Asset with a new, verifiable way for parties involved in a transaction to independently prove updates to a distributed ledger while […]
Swift to launch new cloud-based learning platform, SwiftSmart
The new e-learning platform will administrate, document, track, report and deliver a broad catalogue of digital courses and social learning. It is an interactive, cloud-based service. To start with, SwiftSmart will support a subset of Swift’s existing training portfolio, which consists of 100+ courses. The full portfolio will be available by 2017. The initiative is […]
Green Dot Board Battle Continues ahead of Shareholder Meeting, MoneyPak Relaunches
As Green Dot Corp. continues to fend off criticism of its performance and leadership from activist investor Harvest Capital Strategies, the company has sent a letter to shareholders in support of a trio of incumbent board members ahead of elections at Green Dot’s upcoming annual shareholder meeting, scheduled for May 23. Meanwhile, Green Dot’s popular MoneyPak product is back with new security features.
Visa Promises Quicker EMV Transactions
Visa releases a “Quick Chip for EMV” software upgrade that will enable consumers to remove their chip cards from payment terminals in two seconds or less.
Real-Time Payments Push Continues with Planned FIS Pilot
Real-time payments may be taking a step closer to reality in the U.S., with processor FIS and The Clearing House Payments Company aiming to pilot an initiative offering instant bill payments early next year.
Amazon Launches In-Store Payments via Pay with Amazon
The e-commerce giant takes its first foray into brick-and-mortar payments, partnering with an apparel seller to make it easier for consumers to shop online and buy inside physical stores.
Bridgepoint and Summit Partners to buy Calypso Technology
Calypso Technology, a provider of treasury and capital markets (TCM) software, is to be acquired by European private equity fund Bridgepoint and global growth equity investor Summit Partners. Pascal Xatart, president of Calypso, says the deal means the “arrival of a new investor base” which will support its “growth ambitions”. The vendor has been owned […]
