UK-based Lloyds Banking Group is modernising its payments technology for corporate and institutional clients with SAP. The bank has signed for SAP’s cash management and payments platform, powered by SAP HANA.
IBM has teamed with Toronto-based firm Dream Payments – bringing its cloud and security capabilities to help the firm offer mobile point of sale solutions and business-to-business (B2B) payments.
As part of its global payments innovation initiative, Swift and a group of banks have been trialling distributed ledger technology (DLT) in the reconciliation of nostro databases in real-time.
Many financial services industry firms are examining the potential of distributed ledger and artificial intelligence (AI) technologies. Is it too early for any meaningful deployment?
Banks are not responding quickly enough to the rapidly changing requirements of corporate treasurers, according to new research from Ovum. Corporate requirements are expected to change further as real-time payment infrastructures are further rolled out in the main economies in Europe and the US.
In an exclusive interview with trade finance specialist TradeIX, co-founder and CEO Robert Barnes explains how banks’ senior management is focusing on one goal and why product silos simply do not work.
Instant payments are set to be one of this year’s hot topics at Sibos. Last week, Swift and EBA Clearing announced that users of EBA’s instant payments system, RT1, will be able to access the platform via SwiftNet Instant, Swift’s instant payments messaging solution, from November 2018. Elsewhere, Australian consumers have been told they will be able to make instant payments from January next year.
Read our first Daily News at Sibos edition of the Sibos 2017 conference in Toronto – all the latest news and analysis from Swift’s premier event of the year. Free to read online or pick up a complimentary print copy if you are at Sibos!
Cybersecurity has become a significant issue as attacks are increasing. In the new payments ecosystem, where third-party developers can directly interact with banks’ customers, data privacy and security become paramount, according to the World Payments Report 2017.
IBM, KlickEx Group, a regional financial services company, and Stellar, a non-profit organisation that supports an open source blockchain network, have unveiled a new regional cross-border payments solution using IBM’s blockchain technology to provide clearing and settlement of trades on a single network in real time.
Ohio-based Sutton Bank says it has “married old-fashioned wisdom with cutting-edge fintech” for US businesses and their employees. The resulting product is particularly relevant in today’s “gig economy”.
Ahead of Money2020 and the busiest shopping season of the year, Paybefore spoke with Blackhawk Network’s Chief Marketing Officer, Teri Llach, about connecting with consumers in every channel.
How do you try and become one of the biggest and most influential technology companies in the world? Just move the $15 billion you have stashed away into the R&D business.
The CEO of Samsung Electronics – Oh-Hyun Kwon – has thrown in the towel, citing an “unprecedented crisis” at the company as his reason, reports Telecoms.com (Banking Technology’s sister publication). The specifics of that crisis were not revealed in “an emotional letter” (according to the Samsung press release) sent to all employees by Kwon, who […]
With a large chunk of the global workforce migrating to foreign countries in search of lucrative career opportunities or better living, the World Bank estimates that migrants will send up to $636 billion home in 2017, with three-quarters of that being remitted to developing countries. In 2015, $440 billion in remittances was sent back to […]
In a round led by Nyca, CommerzVentures, and CEFIF, augmented digital commerce platform Omnyway has raised $12.75 million in new funding, reports David Penn at Finovate (Banking Technology‘s sister company). The Series A will give Omnyway (formerly Omnypay) the ability to launch new services, expand operations, and add to its customer base both in the […]
Seattle-based consumer bill pay service Doxo now has more than 30,000 billers on its platform, allowing users the ability to pay even more companies from a single website, reports Julie Muhn at Finovate (Banking Technology’s sister company). This achievement also gives Doxo a new status – the company now has more billers on its platform […]
Innovate Finance, a UK-based fintech membership association, is seeking start-ups for its latest Pitch360 competition.
US mobile chip giant Qualcomm has been the recipient of yet another fine for claimed anti-competitive business practices, reports Telecoms.com (Banking Technology‘s sister publication). This time it’s Taiwan, where its Fair Trade Commission (TFTC) has concluded that Qualcomm abused its dominant position in the mobile chip market for at least seven years by refusing to […]
Whether it’s prepaid card time or financial crime, the world of blockchain and Bitcoin is a lively one. This latest round-up features BitFlyer, Visa, Accuity, R3 and SIA. Tokyo-based Bitcoin exchange BitFlyer has unveiled a Visa prepaid card that can be charged with Bitcoin in yen and used throughout Japan. It can be charged via […]
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.
Instant payments and real-time authentication checks are coming to business clients of Nordic software provider Emric – courtesy of a new partnership with Trustly.
NCR Corporation has signed a five-year deal with UK’s TSB Bank to look after the bank’s 900+ ATMs and IDMs as well as provide service desk support for its employees across its branch network.
More than 5,000 ATMs of Wells Fargo (40% of its ATM network) now have near-field communication (NFC) enabled mobile wallet capability – i.e. the bank’s debit card customers can now “tap and pay”.
It is true, but might be a bit mean to single out the iLeader, as researchers have put various artificial intelligence (AI) programmes to the test, figuring out what the IQ of each one is.
Business payments network Bill.com has updated the news regarding the $100 million in funding it landed last month. The round was lead by JP Morgan Chase and Temasek.
Obsidian, a Colorado-based organisation that encourages consumers to shop local in their home community, has selected Arroweye Solutions for its Local First Card programme.
Payment services are all the rage this week, here’s a rundown with this week’s round-up. Featuring Paynear, GoSwiff, BBVA, Omnia Pay and Huawei.
Payments services provider has introduced Centre, an open source project built on blockchain and designed to connect multiple digital wallets to process money transactions.
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 […]
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 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 […]
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.
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.
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, 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, 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.
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 […]
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 […]
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 […]
