PayPal to buy Swift Financial to boost SMB lending
After a spate of recent partnership announcements to expand its acceptance network and P2P reach, PayPal is buying Swift Financial to boost its small business lending division.
PayTech
NBPCA requests more changes and time to comply with CFPB’s prepaid accounts rule
US-based Network Branded Prepaid Card Association (NBPCA) submitted its comment letter to the Consumer Financial Protection Bureau’s (CFPB) on the bureau’s proposed changes to the final prepaid accounts rule. The trade group is calling for additional revisions to the rule as well as an extended implementation period.
Flywire expands operations in Japan, forms partnership with Volvo
Cross-border payments and receivables platform Flywire (formerly peerTransfer) is marking international growth.
TransferMate Adds New Hires amid U.S. Regulatory OK
TransferMate, a global B2B payments platform, announced the expansion of its senior management team following its achievement of full U.S. regulatory approval.
Green Dot reports net income jump in Q2, touts fintech deals, acquires secured credit portfolio
Green Dot Corp. reported strong numbers for the quarter ended June 30, 2017, including a 140 percent increase in GAAP net income to $19.3 million, up from $8.0 million over Q2 2016.
Vantiv and Worldpay agree on $10.4bn merger
Vantiv and Worldpay each reported double-digit profit growth on Aug. 9 and announced that their respective boards have agreed to an £8 billion (US$10.4 billion) merger. The combined company, which will be called Worldpay, will be valued at approximately £22.2 billion (US$28.8 billion).
Yandex and Sberbank plot joint venture for e-commerce
Russia’s tech heavyweight Yandex and the country’s largest bank, Sberbank, are planning a joint venture to “boost e-commerce development”. The new venture will be based on the Yandex.Market platform.
Blackhawk Network Takes Lotto Tickets Mobile
The chance to win big is going mobile. Using live ticket technology from Linq3, Blackhawk Network will give grocery shoppers the ability to purchase mobile-enabled tickets for big jackpot games, such as Powerball and Mega Millions, in the checkout line.
Oracle Unveils New Global Payments Solution for Banks
Oracle has unveiled its brand new development, Oracle Banking Payments. Built from the ground up, the service uses the ISO 20022 messaging standard and supports global and local payment standards, including SEPA, Swift 2017, Fedwire, U.S. ACH and Swift’s gpi.
Oracle unveils new global payments solution for banks, Oracle Banking Payments
Oracle has unveiled its brand new development, Oracle Banking Payments. The product has been built from the ground up, leverages ISO 20022 and supports global and local payment standards (SEPA, Swift 2017, Fedwire, US ACH and Swift’s gpi).
Report: Top Reasons Consumers Transfer Money Highlight Payments Opportunities
With competition for cross-border payments heating up, new data from currency exchange website XE.com show that U.S. residents are transferring money internationally most often to pay bills or for living expenses, followed by travel expenses, mortgage and rental payments, and cash gifts.
Sharing Funds across Families, Groups and Small Business with Prepaid and Mobile
Prepaid is having a renaissance thanks to real-time mobile and web account access that’s enabling a number of disruptors to offer prepaid solutions for a new set of customers.
Wirecard, Gambio Launch GambioPay for E-Merchants
Wirecard is expanding its collaboration with shop system developer Gambio to launch GambioPay, which the companies say simplifies payments processing and cuts costs for online retailers.
Bread Raises Serious Dough for E-Commerce Installment Payments
Bread, a fintech startup that builds installment payment solutions for online merchants, has completed $126 million of equity and debt financing to expand its portfolio and bolster its engineering team.
Abu Dhabi Launches its First Fintech Innovation Challenge for Startups
Abu Dhabi Global Market and KPMG are launching the first Fintech Abu Dhabi Innovation Challenge—a five-week program for “innovative and mature startups across the globe,” with a chance to win $15,000 in prize money.
Banking Technology Awards: how to write a winning entry?
With less than one month left to nominate for the Banking Technology Awards, now is the time to polish up on your entry. The question we get asked often is how to write a winning entry. Well wonder no more, we have a few tips for you on what to include. The more detail the better! Dates […]
Payworks to integrate Alipay into its POS tech Europe-wide
Payworks, a Germany-based provider of point-of-sale (POS) payment infrastructure, has inked a deal with Alipay. Payworks’ gateway tech will be supporting the integration of Alipay for payment providers across Europe.
Paysafe agrees to buyout of nearly $4bn
Paysafe Group has reached an agreement to be acquired for £2.96 billion ($3.89 billion) by private equity firms Blackstone and CVC Capital Partners.
Payments: Australia gives Swift instant results
Off the back of its involvement in Australia’s New Payments Platform (NPP), Swift has entered the instant payments market in Europe, with plans to launch a gateway solution in November 2018. The solution will enable instant payments to be made over the Swift network using a single gateway to connect to multiple instant payments systems across Europe.
CFPB Overdraft Disclosure Protoypes Could Foreshadow Regs
The CFPB has released a new overdraft study, along with four prototypes of “Know Before You Owe” disclosures, which the bureau is testing, possibly ahead of regulating checking account overdrafts.
Prepaid Veteran Jeff Lewis Joins Sutton Bank
As part of its overall payments expansion strategy, Sutton Bank has named prepaid veteran Jeff Lewis senior vice president, prepaid services.
VTB brings Alipay to Russia big time
Chinese online and mobile payment platform Alipay is looking to grow its presence significantly in Russia with the help of VTB Group.
Jiffy Brings La Dolce Vita to Mobile Payments
Jiffy—the instant mobile payments service developed by SIA—is now available in more than 150 outlets in Milan, Rome and Turin.
Top fintech stories this week – 4 August 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Podcast: Amazon is everywhere
11:FS Fintech Insider podcast featuring FinTech Futures’ Tanya Andreasyan.
La dolce vita for mobile payments service Jiffy in Italy
Jiffy – the instant mobile payments service developed by SIA – is now available in over 150 outlets in Milan, Rome and Turin. As reported last year, the person-to-business (P2B) project was piloted in Milan and Bergamo, allowing customers to pay via app at participating retail outlets authorised by UBI Banca. SIA said at the […]
Commerzbank processes first BPO live transactions in Austria
Commerzbank has processed the first bank payment obligation (BPO) transactions in Austria, covering the import of bus components from Germany and Italy. The buyer, a customer of Commerzbank Austria, is TAM-Europe, located in Slovenia. The suppliers are MAN Truck & Bus, headquartered in Munich, and ISAF Bus Components, an Italy-based supplier and customer of UniCredit. […]
Payments round-up: 3 August 2017
Take the pain out of paytech with this brief round-up. Features Seven Bank, BDO Unibank, Earthport, Kotak Mahindra Bank, Payconiq and Digicash Payments.
Banking Technology Awards: celebrating people that make things happen
This year’s Banking Technology Awards will be taking place on 13 December in London and once again we will be celebrating people that make things happen! The Leadership Awards will recognise individuals and teams that made a considerable contribution to our industry. What are the categories you can nominate in? Woman in Technology (W.I.T.) Award, in partnership with FemTechGlobal, will […]
PayPal enables Skype app payments
PayPal is on a tear and looking to significantly boost its P2P payments volume through Venmo, which already posted 103% growth in the second quarter, reaching $8 billion, reports Paybefore, Banking Technology’s sister publication. The company has announced in a blog post that any of the more than one billion people who’ve downloaded the Skype […]
Monetary Authority of Singapore plans payments council
The Monetary Authority of Singapore (MAS) says it will establish a Payments Council with the plan to create an “e-payment society” for the city state. The new council will comprise 20 people from banks, payment service providers, businesses, and trade associations. Members are appointed for a two-year term. MAS says the setting up of the […]
PayPal Doubles Down on P2P with Skype
PayPal is on a tear in terms of taking on new partners and is looking to significantly boost its P2P payments volume, which grew 103 percent in the second quarter, reaching $8 billion in Venmo transactions. The company announced in a blog post on Aug. 2 that any of the more than 1 billion people who’ve downloaded the Skype mobile app will be able use it to send money across borders.
CardLinx Adds Members, Launches Retail AI Forum
The CardLinx Association announced four new members—Capital One, JCB, Yahoo! Japan and Dentsu—as well as the launch of a “groundbreaking forum” on Retail in the Age of Artificial Intelligence (AI) on Sept. 12, 2017, in Chicago.
CPI’s Instant Issuance Tech Proves Value for Bank after Breach
They say the proof is in the pudding. For CPI Card Group, it’s a case study showing how its instant issuance technology Card@Once saved an issuer significant time and money after customers were affected by a retail data breach.
Paytm to add messaging capabilities to rival WhatsApp
India’s most popular electronic wallet and payments bank Paytm is gearing up to add messaging capabilities to its mobile app. Experts believe this is in response to WhatsApp’s plans to add a payments piece to its platform. With mobile payments growing rapidly in India post demonetisation, Paytm is expected to quickly double its user base […]
xPressTap wants to eliminate payment card readers
With the launch of its Tap2App merchant payment solution and pilot programme, xPressTap is enabling micro-retailers and small business owners to use their smartphones to accept card payments without a dongle or a portable card reader, reports Paybefore, Banking Technology’s sister publication. The California-based start-up says its patented technology turns any NFC-enabled smartphone or tablet […]
Banks look to immediate payments to drive revenue
Immediate payments is a key revenue driver for 66% of banks in markets with IP schemes, according to new benchmark data from processor ACI Worldwide and UK consultancy and Banking Technology’s sister company Ovum. Paybefore, Banking Technology’s sister publication, writes that the benchmark report, “2017 Global Payments Insight Survey: Retail Banking,” also found that although […]
Klarna unveils free P2P payment service, Wavy
Klarna has unveiled Wavy, a new, free P2P payments service. Available in iOS and Android as well as online, the free app enables users in more than 30 European markets to transfer euros between friends and family.
xPressTap Wants to Eliminate Payment Card Readers, Reduce Fees
With the Aug. 1 launch of its Tap2App merchant payment solution and pilot program, xPressTap Inc. is enabling micro-retailers and small business owners to use their smartphones to accept card payments without a dongle or a portable card reader.
Ripple unveils expanded suite of offerings
What’s in a name? Blockchain solutions company Ripple is about to find out. The company has unveiled a new name for its existing global payments network, as well as a handful of new solutions.
