In last week’s Paybefore Spotlight Webinar, attendees representing markets from across the globe said the No. 1 challenge to growing their prepaid businesses is differentiation. Find out what experts from Celent’s banking practice and global processor i2c had to say about creating dynamic prepaid products to compete in the changing payments landscape.
Hoping to bring “digital cash to everyone,” Samsung has introduced a chip platform that can enable contactless payments in watches, wristbands, key fobs and perhaps even clothing.
Supply chain finance firm Tradeshift has unveiled Ada – an artificial intelligence (AI) layer on its commerce platform. Ada will learn from user interactions, “improve business processes”, and offer contextual information. It is available to third-party developers and interacts with users platform-wide as a conversational interface. Christian Lanng, CEO and co-founder of Tradeshift, says Ada […]
KfW, a German government-owned development bank, which gained publicity for erroneously transferring more than €300 million to Lehman Brothers the day it filed for bankruptcy, has done it again, according to Bloomberg. KfW mistakenly transferred more than €5 billion to four banks because of a technical glitch that repeated single payments multiple times, according to […]
Ukrainian fintech start-up Attic Lab has signed its second deal to implement SmartMoney, a blockchain-based digital money system, at a local bank. This is with Bank Alliance.
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, presents his latest “Automation in Banking” report (#31!), which looks at the US core banking and ancillary software market.
Samsung, Smartlink and Ingenico have unveiled their “contactless companion platform” (CCP) to let people pay for things using anything they’re wearing — such as a watch or a wedding ring. It has been built with a dual interface smart card chip for multiple applications and form factors. Users tap the wearable on an NFC card […]
Fintech funding news comes thick and fast, so here are four stories in one to save you time. Featuring Revolut, Jirnexu, Airpay and Quantexa. UK-based payments start-up Revolut has launched its 2017 funding round. The latest bout takes place almost a year after it raised £1 million with 10,000 investors registering, pledging in excess of […]
Criminals have deepened their focus on U.S. online transactions since the country’s October 2015 EMV liability shift, with card-not-present fraud expected to hit $6.4 billion in 2018, according to a new report from the U.S. Payments Forum. The expected total would represent a 23 percent increase from fraud losses in 2017, and a 68 percent increase from 2016.
While the Indian government works toward a digital economy, the Reserve Bank of India is soliciting feedback through March 31 on guidelines for prepaid payment instruments that could adversely affect issuers of prepaid products, including mobile wallets.
EdgeVerve Systems, a product subsidiary of Infosys, has launched Finacle FinTech Connect and the chance for firms to integrate their solutions into Finacle’s banking suite. Companies are invited to register for a partnership evaluation process and stand a chance to present at its event Infosys Confluence 2017 in May in San Francisco; along with joint […]
American Express has added two new executives to its global commercial payments division.
Dublin-based e-commerce services provider eShopWorld will create up to 250 new positions over the next three years as part of the company’s $30 million growth plan.
The Financial Services Information Sharing and Analysis Center (FS-ISAC) has hired Heather McCalman as credit union council manager.
Global payments provider Hyperwallet has hired Simon Banks to lead its e-commerce and gig economy businesses in the Asia-Pacific region as managing director and senior vice president of Asia-Pacific, based in Sydney.
Mastercard has appointment Rama Sridhar to the newly created position of executive vice president, digital and emerging partnerships, Asia-Pacific.
Brian Dreger has joined B2B incentive and loyalty gifting provider National Gift Card Corp. (NGC) as chief information officer.
PaymentsCompliance, a London-based provider of legal, regulatory compliance and business intelligence to the payments industry, has appointed Jorden van Cann as commercial director.
TSYS has been recognized as a 2017 World’s Most Ethical Company by the Ethisphere Institute, a global organization dedicated to advancing the standards of ethical business practices.
The Cheque and Credit Clearing Company (C&CCC) has launched an industry-wide image-based cheque clearing system to speed up processing for customers across the UK. The new system will go live with some banks and building societies from 30 October 2017. Then, at some stage in the second half of 2018, all of the UK’s banks […]
Digital payments app, Samsung Pay, has been launched in India. Access is limited to those who signed up for the early access programme and available only on its mid-segment and flagship Samsung Galaxy devices.
Earthport, a cross-border payments service provider, has reported a massive rise in its number of transactions and payment volume for the six-month period ended 31 December 2016. The number of transactions reached five million, a growth of about 85% over the prior year period. Payment volume increased by 97% to $7.80 billion and revenue per […]
With the EU’s Second Payment Services Directive (PSD2) and open architecture framework set to come into force next year, regulation may well tip the scales between banks and fintechs for customer loyalty, according to a new report conducted for Temenos by the Economist Intelligence Unit. In the 36-page study, “Symbiosis: Your bank has your trust. […]
Payments Canada, an organisation that operates the country’s payment clearing and settlement system, has selected consulting firm Accenture to help it lead “Modernization” – its initiative to improve Canada’s payments ecosystem. Jan Pilbauer, executive director of Modernization and CIO at Payments Canada, calls Accenture a “strong consulting partner”. In December, Payments Canada released its plans […]
In a Notice of Proposed Rulemaking, the CFPB proposed pushing back the effective date of the final prepaid accounts rule to April 1, 2018. The six-month delay provides industry participants more time to handle the difficulties of complying with certain provisions of the rule and for the CFPB to assess whether any additional adjustments to the rule are appropriate. Comments are due by April 5, 2017.
The Securities and Exchange Commission denied the application of Internet entrepreneurs and venture capitalists Cameron and Tyler Winklevoss to create an exchange-traded fund for the virtual currency bitcoin.
The Department of Justice files an amicus brief filed with the D.C. Circuit Court of Appeals arguing that the president should have the authority to fire the head of the CFPB, but stopped short of calling for the bureau’s leadership format to be changed.
House bill 1009 would require the CFPB and other independent federal agencies to submit regulations annually to a White House office for review, in the latest push to reform the CFPB and otherwise reduce regulatory burdens for the financial and payments industry under the Trump administration.
Watch out Siri and Alexa, Samsung has unveiled its own artificial intelligence (AI) solution called Bixby. This will be a new interface on Samsung’s devices – with the imminent Galaxy S8 getting it first – and when an application becomes Bixby-enabled, it will be able to support “almost every task” that the application is capable […]
Walmart recently announced another step toward further developing its e-commerce business with the creation of a technology incubator called Store No. 8 to create new retail online businesses as well as help the retail giant better compete against Amazon.com.
The Illinois Department of Financial and Professional Regulation has become the first U.S. regulatory agency to join the R3 Consortium, a global partnership of banks and other parties working to develop distributed ledger-based applications for financial services. The agency oversees the regulation and licensing of banks and financial institutions, among other businesses, in the state.
New underwriting technology developed by Experian and financial data aggregator Finicity could speed up borrowing and enable millennials and other consumers with thin or no credit files to receive money. The product emerges amid a federal call for more work on helping those potential borrowers build credit scores.
Money transfer giant MoneyGram can give further consideration to Euronet’s surprise bid to acquire the company from under the nose of Ant Financial, which in January entered a definitive agreement to buy MoneyGram.
The top Democrat on the U.S. House Financial Services Committee wants to interview executives from Wells Fargo over a scandal about fake accounts its employees set up for customers. Last year, the CFPB announced a $100 million fine against Wells Fargo for what the agency called “widespread unlawful sales practices.” The agency said the fine was the largest such penalty it has ever issued.
The Bank of England’s (BoE) fintech accelerator has teamed with Ripple for a cross-border payments proof of concept (PoC). As Banking Technology reported last year, the accelerator was set up to harness innovation for central banking. In this latest development, the PoC with Ripple is intended to demonstrate the synchronised movement of two different currencies […]
This nifty infographics, created by the European Payments Council (EPC), explains all you need to know about PSD2, from what it will change and its key components (such as APIs) to who the new players are.
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, presents his latest “Automation in Banking” report (#31!), which looks at the US core banking and ancillary software market.
McDonald’s has made its first step towards the internet of things (IoT) with the introduction of a mobile ordering app as a means of streamlining the in-store customer experience. Banking Technology‘s sister publication telecoms.com reports that using apps to deliver services in this segment is hardly a new idea, though experiences to date have been […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
The Office of the Comptroller of the Currency is moving forward with its plan to enable fintech companies to become special purpose national banks (SPNBs), releasing a licensing manual draft supplement which provides guidance on how the OCC “will apply the licensing standards and requirements in its existing regulations and policies to fintech companies applying for [SPNB] charters“ and another document that summarizes public comments about the plan to allow SPNBs for fintech companies. The special purpose charter has no shortage of critics, but perhaps the most vocal—New York State—has turned up the dial on its opposition.
