Banks are investing in immediate payments to drive revenue, while focusing their IT investments on fraud prevention and operational efficiency, according to new benchmark data from ACI Worldwide and London-based consultancy Ovum.
Prepaid issuers should look to certain banked consumers, P2P and mobile wallet users to gain top-of-wallet status with a whole new set of customers.
Fiserv has acquired PCLender, a US-based provider of “simple, elegant, internet-based mortgage solutions for community banks, credit unions and mortgage bankers”.
PayU Colombia has become the first payments services provider globally to implement Mambu’s Software-as-a-Service (SaaS) based core banking solution. It will support PayU’s new short-term deferred payment product.
The Central Bank of Belize has chosen Swift’s Sanctions Screening solution to combat financial crime and put in compliance controls. The bank says: “Implementing the right compliance controls within an organisation is not only a regulatory responsibility, but also a priority for global security.” Juan Martínez, managing director Latin America and the Caribbean, Swift, says […]
Reserve Bank of India (RBI), the country’s central bank and regulator, has given National Payments Corporation of India (NPCI) the go-ahead to consolidate payment of local utility and services bills.
The CFPB issued a bulletin July 31 warning companies about tricking consumers into expensive pay-by-phone fees. The bureau says it’s concerned about companies potentially misleading consumers about the purpose and amount of certain pay-by-phone fees or “keeping them in the dark” about much cheaper payment options.
Prepaid pioneer paysafecard, part of Paysafe Group plc, announced its entrance into the United Arab Emirates. With its flagship prepaid solution, paysafecard will enable consumers to pay cash at vending machines and in retail stores for a prepaid PIN they can use to shop online.
Machine learning continues to take center stage in fraud prevention for the payments industry. Mexico-based payments processor MIT will use U.K.-based Featurespaces’ real-time, machine-learning platform to detect anomalies in individual behavior for fraud and risk management for its 17,000 merchant partners.
Fujitsu Laboratories says it has accelerated transaction processing for Hyperledger Fabric, one of the Hyperledger blockchain frameworks hosted by the Linux Foundation. In its latest development, Fujitsu says the processing of communications between applications and the blockchain platform, which had been the source of bottlenecks, is now “more efficient”. In a trial where this technology […]
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Soumik Roy, a digital marketing and technology specialist, brings us his perspective from within India – and all about the UI and […]
The Incentive Marketing Association (IMA) honored industry leader Brian Dunne, CPIM, managing director, Giftcard Consulting, with the Karen Renk Fellowship Award, which the trade group presented at its annual IMA Summit last week.
The Payments Strategy Forum, created by the UK’s Payment Systems Regulator (PSR) in 2015, has launched a consultation on its blueprint for a new payments system for the UK. Calling it “the most radical change to the payments industry since the 1960s”, the Forum says the New Payments Architecture (NPA) is designed to “provide simpler […]
In the beating business heart of London, Banking Technology met Ben Brabyn, head of tech hub Level39, for an exclusive interview on Brexit, rivalry and how success isn’t a zero-sum game.
Several major payments companies have released Q2 earnings, including The Bancorp, Discover, Mastercard and PayPal. Overall, payments volume is on the rise and partnerships are proving particularly important for PayPal, which has been on tear with recent strategic announcements.
Three local Chinese commercial banks have joined Swift’s global payments innovation initiative (gpi), bringing the number of Chinese banks involved to 16, the most in the world, according to Xinhua. The new trio are Yinzhou Bank and Bank of Ningbo in eastern China’s Zhejiang province; and the Bank of Jiangsu, in the eastern Jiangsu province […]
Several major payments companies released second-quarter earnings this week, including The Bancorp, Discover, Mastercard and PayPal. Overall, payments volume is on the rise and partnerships are proving particularly important for PayPal, which has been on tear with recent strategic announcements.
Recent research from Blackhawk Network reveals that mobile and contactless payment options can help brands to engage with consumers by driving traffic and incremental sales, reducing shopping cart abandonment and supporting customer acquisition.
Mobile financial services company Vipera is acquiring SoftTelecom. The deal is expected to close for $1.5 million (€1.3 million).
The Bancorp Inc. has created a new senior-level team, it says, will strengthen its operations and risk management functions by developing a more productive and efficient operating environment.
SIX Payment Services is buying the Frankfurt-based girocard network operations business from VÖB-ZVD Processing, a subsidiary of Deutsche Postbank, reports Paybefore, Banking Technology‘s sister publication. The agreement provides for the customer relationships, employees and assets of the network operations business being transferred in full to SIX Payment Services as part of the acquisition. The terms of […]
Visa and Marqeta, the open API payment card issuing platform, have formed a multiyear, global partnership to “drive further innovations in commercial and consumer payments”. What’s more, Visa has made a strategic investment in Marqeta to support the company’s domestic and international growth. Initially, the partnership will involve expanding opportunities for virtual, physical and tokenised […]
Paytech firm Viva Payments is bringing Alipay to Greece. A strategic partnership between the two companies will see Alipay users “access the service for the first time” while visiting the country.
Facebook CEO Mark Zuckerberg has cast his sights on monetising his OTT platforms Messenger and WhatsApp, but don’t expect miracles any time soon, reports Telecoms.com (Banking Technology‘s sister publication). The financial performance of the company is exactly what you would expect; another quarter of monstrous growth. Total revenues hit $9.164 billion, a year-on-year increase of […]
Swiss company SIX Payment Services is establishing a larger presence in the German market with its acquisition of the Frankfurt-based girocard network operations.
Visa is expanding its transaction-processing capabilities with two data centres in Singapore and the UK, reports Paybefore, Banking Technology‘s sister publication. The new global processing hubs will “increase the speed, resilience and geo-diversity of Visa’s infrastructure, while strengthening the company’s ability to deliver new and more sophisticated ways to pay in today’s hyper-connected global economy,” […]
The delightful duo of big data and cybersecurity have fuelled the revenue rise for IT services corporation Atos. In its first half 2017 results, Atos’ “strongest H1 ever”, the firm revealed a revenue in big data and cybersecurity of €357 million – a rise of 13.8% organically. Thierry Breton, chairman and CEO, says: “Either on […]
Bread but with the bluster removed. Following on from yesterday’s concise report, our latest fintech funding round-up keeps it brief. Features Cleo, Skype, ItzCash, Ebix and research from Innovate Finance. The “Siri of personal finance,” Cleo, a virtual money assistant, has received £2 million in funding from Skype’s co-founder Niklas Zennström and venture capital (VC) […]
For any organization regularly processing card-not-present (CNP) payments, boarding the fintech bandwagon is a must. There are three key fintech developments—APIs, regtech and cybersecurity strategies—you need to embrace (or face disruption).
The U.S. House of Representatives voted on July 25 in favor of HJR 111 to repeal the CFPB’s final rule on arbitration agreements. The vote was 231-190, but the companion resolution in the Senate may be on the back burner for a while as the Senate focuses on budget and health care battles.
This open letter from German fintech figo is not about the usual pros and cons of this debate, but intends to provide the European Council with actual solutions, i.e. smart trade-off ideas that could mean an end to the everlasting screen scraping debate and eventually the RTS process.
Varo Money is looking to become a true challenger bank, complete with a national bank charter.
France’s Worldline is buying 100% of the share capital of First Data’s fully owned subsidiaries in Lithuania, Latvia, Estonia (aka First Data Baltics or FDB) for around €73 million, financed by available cash. This latest deal follows on from earlier this month, when Worldline announced a definitive agreement to acquire 100% of the share capital […]
Visa Inc. is expanding its transaction-processing capabilities with two data centers in Singapore and the U.K. to “increase the speed, resilience and geo-diversity of Visa’s infrastructure, while strengthening the company’s ability to deliver new and more sophisticated ways to pay in today’s hyper-connected global economy.”
Payably, which offers a platform that integrates mobile payments with QuickBooks Online data in real time, is working with CardConnect to “simplify and speed up” mobile payments for merchants, including initial onboarding and processing and receiving payments, reports Paybefore, Banking Technology‘s sister publication. The strategic partnership also gives Payably the ability to offer “competitive” card […]
PayNearMe is expanding to Blackhawk Network retail partner locations, starting with Casey’s General Stores.
In another step to expand its global footprint and promote financial inclusion, Ant Financial Services Group on July 24 announced it’s entering into an equity joint venture with CIMB Group Holdings Berhad subsidiary Touch ‘n Go Sdn Bhd (TNG). The JV will introduce a “world-class mobile platform for payments and other financial services,” the companies said.
Payably, which offers a platform that integrates mobile payments with QuickBooks Online data in real time, is working with CardConnect to “simplify and speed up” mobile payments for merchants, including initial onboarding and processing and receiving payments.
Whether you call it dinero or dough, the fintech funding does flow! This latest round-up features Revolut, Constellation Digital Partners, Paytm, Mobiquest Mobile Technologies and Wesleyan Bank. Following on from the $66 million raised in a Series B round, UK-based payments start-up Revolut is looking for an additional £4 million in exchange for shares in […]
Photopay, the payment receipt scanning solution from Microblink, is now available in more countries including France, Norway, Spain and Sweden, reports Finovate (Banking Technology’s sister company). The news is the latest step in Microblink’s European expansion – begun four years ago – and brings the company’s data extraction technology to an even wider range of SME customers. […]
