Circle centres itself for digitally connected wallets
Payments services provider has introduced Centre, an open source project built on blockchain and designed to connect multiple digital wallets to process money transactions.
PayTech
India’s fintech valley gets pally with Mastercard for smart city plan
Mastercard has partnered with the Andhra Pradesh government in India to bring its digital payments into the Fintech Valley Vizag’s smart city plan. Under the agreement, Mastercard will help Andhra Pradesh in its ambitions to be a cashless society and develop the city concept. Mastercard president and CEO Ajay Banga says it can do this […]
EBA Clearing’s RT1 payments system gets Swift access
Users of EBA Clearing’s instant payment system, RT1, will be able to access the platform via Swift’s SwiftNet Instant solution from November 2018. According to Swift, its solution will address all RT1 customer requirements, including instant messaging, file transfers and a browse solution. Erwin Kulk, head of service development and management, EBA Clearing, says: “RT1 […]
Fujitsu to trial blockchain payments with three Japanese banks
Fujitsu will work with Mizuho Financial Group, Sumitomo Mitsui Financial Group (SMFG) and Mitsubishi UFJ Financial Group (MUFG) to conduct a joint field trial of a person-to-person (P2P) money transfer service using blockchain. The trial will begin in January 2018 and last for about three months. Fujitsu says it has already initiated development of the […]
PSD2 – the tip of an Open Banking API iceberg?
It’s been over a year since I first blogged on the subject of open banking and it is fair to say, mainly driven through the regulatory pressures of PSD2 and the UK Competition and Markets Authority (CMA) led UK Open Banking initiative, that across Europe, much progress has been made in moving the banking industry to adopt APIs.
Q&A with Michael Parlotto, InComm
Michael Parlotto, VP, Emerging Technologies, InComm, gives the lowdown to Paybefore on the evolution of prepaid and what the future might hold for the industry.
Payments: I spy gpi
Much of the focus for correspondent bankers at this year’s Sibos will again be Swift’s global payments innovation (gpi) initiative. More than 110 transactions banks from Europe, Asia Pacific, Africa and the Americas have signed up to the initiative, which opened for live payments in January 2017.
Innovate Finance contest calls for fintech start-ups
Innovate Finance, a UK-based fintech membership association, is seeking start-ups for its latest Pitch360 competition. The contest is open to any start-up in the following sectors: Distributed ledger technology (DLT) Financial inclusion Cybersecurity Cross-border payments Peer-to-peer and alternative funding Regtech Personal finance management and robo-advice Artificial intelligence (AI) and machine learning Sandboxes The winner will […]
Earthport brings Swiss banks Swift cross-border payments
Earthport, a cross-border payments service provider, has been appointed by Swiss Euro Clearing Bank (SECB), a clearing hub for Swiss banks, to provide Swift processing services.
EC investigates Dutch and Polish banking groups over fintech access
The European Commission (EC) has confirmed its officials carried out unannounced inspections in “a few member states” concerning online access to bank account information by competing service providers. The EC doesn’t name the countries involved, but “according to people familiar with the matter” that spoke to the Financial Times, Poland and the Netherlands are among […]
UK’s Faster Payments Scheme seeks tenders for infrastructure competition
The UK’s Faster Payments Scheme (FPS) is asking for expressions of interest for the renewal and management of its infrastructure – the services that enable the nation’s 24/7 real-time payment service. This is the first of a three-phase competition for the infrastructure for up to ten years. The renewal will migrate the Faster Payments Service […]
Infographic: how businesses submit invoices to customers
Everyone’s heard the proverbial drill that the cheque is invariably in the mail. But even as we head toward the end of 2017, it’s becoming clear just how true this statement is. In fact, many industries are still processing their customers’ payments using postal mail and paper cheques! This despite the array of accounts payable […]
Nacha’s American API payments dream pushes on
Nacha, the backbone for the electronic movement of money and data in the US, and its Payments Innovation Alliance (PIA), have named the first five APIs for their big payments push. The API Standardization Industry Group, created in spring 2017 and sponsored by Nacha’s PIA, is working to further efforts to standardise the use of […]
Univision Mastercard Prepaid Card Hits Walmart Shelves
Univision Mastercard Prepaid Card is now available in approximately 300 Walmart stores in California, Texas and Florida. The move is part of the brand’s continued expansion into retail spaces in prominently Hispanic regions.
Infographic: the world’s most cashless countries
What countries among the 20 largest economies are adapting quickest to using cashless systems like phones and contactless cards? New research (and nifty infographics) from global trading site Forex Bonuses reveals that Canada takes the top spot, narrowly edging out Sweden for the top position.
GPS goes for luxury payments with wearables for Armillion
Global Processing Services (GPS) has teamed with Armillion to incorporate contactless payment technology into its exclusive high-end bracelets.
NACHA Pushes on with API Payments Dream
NACHA, the backbone for the electronic movement of money and data in the U.S., and its Payments Innovation Alliance, have named the first five APIs for their big payments push.
Top fintech stories this week – 6 October 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
CFPB finalises small-dollar lending rule
After five years and more than a million comments on its proposed rulemaking, the CFPB has finalised its payday lending rules with the ability-to-repay test intact for many loan types.
Sumeet Ajmani Joins Nova Credit as General Counsel
Nova Credit Inc., a cross-border credit bureau, has announced that Sumeet Ajmani is joining Nova as general counsel.
Once again fintech firms and challenger banks are hit with card payment issues
There have been another problematic 24 hours for fintech firms and challenger banks after being hit with a slew of card payments issues.
Singapore and Thailand mull digital payments alliance
The Monetary Authority of Singapore (MAS) and the Bank of Thailand are in discussions about connecting their national digital payment systems as officials step up efforts to curb the use of cash, according to Bloomberg. The link would bring together Southeast Asia’s first national digital payment platforms, Singapore’s PayNow and Thailand’s PromptPay, says Naphongthawat Phothikit, […]
Singapore sets Phase 2 to stun for blockchain inter-bank payments
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) say that the consortium which they are leading has developed software prototypes for improved payments on blockchain. The prototypes included three different models for decentralised inter-bank payments and settlements with liquidity savings mechanisms. The project, conducted together with 11 financial institutions […]
Google bids for AI leadership with new Pixel 2 smartphone
Internet giant Google’s big gadget unveil is all about positioning itself for the artificial intelligence (AI) era, not becoming an iPhone killer, reports Telecoms.com (Banking Technology’s sister publication). The flagship product is the Pixel 2 – a product so important for Google that it blew a billion bucks on beefing up its R&D team. As […]
Illinois Policy Could Make Life More Expensive for Citizens Who Struggle Financially
In trying to balance its budget, the Illinois legislature has taken aim at the wallets of the poor. Two changes by the state government will make it harder for low-income people to manage their financial lives by reducing the usefulness of prepaid cards and increasing the expense of cashing a check.
Poland’s Bank Millennium unveils Visa tokenisation
Warsaw-based Bank Millennium has launched “Europe’s first issuer wallet” using Visa tokenisation – so its customers can use the mobile app to create a virtual equivalent of their card. The bank says virtualising the card and using the service is free of charge, and cardholders can pay with their phone via HCE (host card emulation). […]
ADP Buys Global Cash Card
ADP has acquired Global Cash Card, a pioneer in payroll and contract employee payments. The deal gives ADP a proprietary payments processing platform that, it says, provides value-added services for existing clients and will speed time to market for new clients.
Fintech funding round-up: 5 October 2017
Four of the latest stories in one for a fast fintech funding round-up. Features SalaryFinance, Featurespace, Worldpay, Invoke Capital, ESF Capital and ThinCats.
Interview: Vijay Oddiraju, Volante Technologies
In an exclusive interview with Vijay Oddiraju, co-founder and CEO of payments processing software provider Volante Technologies, speaks on the topics of agility, automation and how the ambitious company intends to prosper in the fast moving and competitive world of payments.
Amazon is latest focus of Europe’s tax raid on US tech companies
The European Commission (EC) has ruled that Luxembourg illegally let Amazon off €250 million of taxes and must now get them back, reports Telecoms.com (Banking Technology’s sister publication). This is the latest round of a general purge by the EC of European countries effectively bribing US tech companies to use them as their European hub by dangling […]
Takeaways (and Surprises) from 1,000 Fintech Startups
The Center for Financial Services Innovation recently released its 2017 FinLab Snapshot paper. And, if you think you know fintech, what we found may surprise you.
RGCA Expands Membership, Preps for Next-Gen Gift Cards
The Retail Gift Card Association kicked off its inaugural RGCA Forum in Kansas City, Mo., this week, tackling myriad subjects from gift card fraud to keeping consumers engaged with the No. 1 preferred holiday gift.
Uber takes SoftBank investment and drives changes
Uber is to accept an investment of up to $1.25 billion from Japan’s SoftBank and usher in new governance rules aimed at reining in former CEO and co-founder Travis Kalanick.
UK’s New Payment System Operator appoints board
Following the recent appointment of CEO Paul Horlock, the UK’s new payment system operator has named its first five board members.
Spafinder Improves Gifting Options ahead of Holidays
Spafinder, a marketing, gifting, incentives and rewards brand owned by Blackhawk Network, has unveiled new gift card technology, expanded distribution and additional partner services to make giving the gift of spa and beauty experiences easier for consumers and businesses.
Barclays US Tests Personal Finance Tool
Barclays US is dipping its toe into the financial health business, testing a personal financial management tool that aggregates all of a customer’s Barclays credit cards, personal loans and savings products—as well as accounts with other banks—in one place.
Starling Bank Expands with Business Accounts
The competition to serve the financial needs of small businesses is heating up in the U.K., where consumer banking challenger Starling Bank is expanding into the business market,
Three US credit unions added to Finastra client list
Three credit unions in the US have signed for the lending software from Finastra (formerly D+H Corporation and Misys). These are Central Florida Educators Federal Credit Union, TruMark Financial Credit Union and Evansville Teachers Federal Credit Union.
Snapsheet, KeyBank Launch Virtual Insurance Payouts
Snapsheet, a provider of virtual claims technology for the insurance marketplace, is partnering with KeyBank, a top 30 U.S. bank by assets, to launch an electronic payment solution for insurance claims.
What does the new iPhone X mean for mobile banking?
Mobile banking is nothing without mobiles, and as Apple leads the way in innovation it provides opportunities for banks to do things differently too. So, with the launch of the iPhone X, what is next for mobile banking in a world that can’t get enough of phone upgrades?
