Get straight to the core of US core banking systems projects with this brief round-up. Oklahoma-based Green Country Federal Credit Union has selected Fiserv’s Portico core account processing platform for digital and mobile banking, and functionality for commercial lending. Green Country is transferring its technology from an array of providers to Fiserv, and the latter […]
Mastercard and Visa have joined forces in a bid to help fast-track the adoption of tokenization for mobile and online payments—and, eventually, payments via connected devices within the Internet of Things (IoT). A new partnership between the rival networks enables tokenized Mastercard payment credentials to be provisioned into Visa Checkout, and, in turn, tokenized Visa credentials to be provisioned into Masterpass.
MetaBank has finalised its purchase of a tax refund loan company.
A plethora of mobile wallets and payment apps are expected to flood the market in the next two years, and the sheer number of choices are likely to “confuse” many consumers, who ultimately might look to their financial institutions to be their mobile wallet provider, according to a recent report by Javelin Strategy & Research.
Token, a Silicon Valley-based crypto-payment software provider, and digital bank Fidor have signed a memorandum of understanding (MoU) for digital payments. The MoU will see Token’s software made available within Fidor OS, its digital banking and open community middleware solution. Steve Kirsch, founder and CEO of Token, says its software enables banks to “call the […]
You can design your Website to be mobile-friendly, engage the right search engine optimization (SEO) strategy to attract eyeballs and create compelling content to engage consumers. But if your checkout process has inefficiencies, you could lose sales from customers who abandon their shopping carts—an outcome that is more common than one may think, and for reasons that could easily be avoidable.
Temenos has gone on the record about its core banking software deal with US-based Commerce Bank. As reported exclusively by Banking Technology in June, Temenos was heading towards a contract with Commerce Bank – competing with Fiserv and its DNA offering.
The UK’s Payment Systems Regulator (PSR) has started a co-ordinated industry-wide effort to tackle payment scams. The regulator today (16 December) published its response to a super-complaint issued by consumer watchdog Which?, about protection for people making authorised “push” payments. In its response the PSR outlines an approach that “will see regulators and industry commit […]
Citi and FIS have formed separate agreements with PayPal for Citi cardmembers and FIS linking payment cards. For Citi, its customers will be able to use their Citi Cards with PayPal – online, in-app and in store – in 2017. Terms of the agreement are not being disclosed. With this agreement, Citi says it is […]
Five months after Department of Education rules regulating financial aid disbursements went into effect, the CFPB released a report on Dec. 14 claiming that marketing deals between banks and colleges often promote financial products that lead to high overdraft and other fees. Meanwhile, industry observers note that overdraft—when permitted—requires students to opt-in and there are other ways to avoid fees.
After reaching deals earlier this year with Mastercard and Visa to stop steering users away from paying with cards in favor of ACH, PayPal Inc. has struck pacts with Citi and FIS that will enable U.S. consumers to pay with bank-issued cards and accounts within the PayPal app for in-store and mobile purchases.
Atlanta-based prepaid product and transaction services company InComm is expanding its partnership with Target Australia from offering gift cards at Target’s online gift card store to launching point-of-sale technology in all 306 Target stores in the country.
The expanded capability enables U.S. consumers and small businesses with OPEN cards, to add American Express card and billing information to their Facebook accounts. Once the information is added, cardholders can make in-game purchases and shop on business’ Facebook pages.
A recent study from VocaLink polled more than 5,000 U.S. consumers ages 18 to 35 on their payments behavior and preferences. And while the survey found that cash has lost ground to cards for most types of payments, it’s stubbornly clinging to the No. 1 spot when it comes to P2P.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Tokyo-based IT provider NEC Corporation is conducting trials for cashless payment services using NEC facial recognition technology in co-operation with Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Banking Corporation (SMBC) and Sumitomo Mitsui Card. The SMBC trials will continue to 30 January 2017, involving around 1,000 employees at the dining facilities of SMBC’s head office. […]
ACI Worldwide has been named by EBA Clearing as one of the “frontrunner service providers” for the pan-European EBA SEPA Instant Credit Transfer Scheme (SCT Inst), due to go live in November 2017. The scheme will enable consumers and businesses to make euro credit transfers in real-time between accounts across an international area that will […]
A New York State law setting fee and expiration date restrictions on “gift certificates” could spell big trouble for providers of several types of open-loop prepaid products in the state, and may even render certain types of products impossible to offer in New York, according to industry experts.
President Obama signed a health care bill into law on Dec. 13 after the U.S. Senate—despite its lame-duck status—overwhelmingly approved legislation that’s been called the largest health care reform since the Affordable Care Act.
Regulations requiring two-factor authentication could force the industry to move away from frictionless payments experiences like Uber and one-click checkout.
On Dec. 1, retailers involved in long-standing litigation against Visa and Mastercard asked the Supreme Court to reconsider a landmark $7.25 billion settlement that was rejected by the Second Circuit Court of Appeals earlier this year.
Home Depot has scored a victory in the legal fight that followed the retail chain’s 2014 data breach. The retailer’s investors cannot sue its board of directors via a shareholder derivative suit, ruled a federal judge in Georgia, the home state of the chain.
The European Banking Authority working with the European Central Bank has released a consultation paper on guidelines for payment service providers to follow in the event of security breaches. Among the suggested mandates is notifying authorities of an incident within two hours from the moment the breach is detected—that’s significantly faster than the breach notification requirements set to go into force next year, which mandate notice within 72 hours and applies to some U.S. companies.
More than 138 million Europeans do not have access to formal banking services, says Mastercard in a new report—news that could present an opportunity to prepaid providers and so-called “challenger banks.”
Financial services technology provider Fiserv Inc. has reached a definitive agreement to acquire Online Banking Solutions Inc. (OBS), in a deal Fiserv said will bolster its cash management and digital business banking capabilities—and continues the firm’s recent focus on driving customer engagement via notifications.
South Africa’s Standard Bank has acquired a majority stake in Firepay, the maker of mobile payments service SnapScan, which is used to make in-store and online payments at more than 32,000 merchants across South Africa.
Who is investing in what? Our latest fintech funding round-up, mercifully brief as usual. Featuring ApplePie Capital and Firepay.
The IRS reports that there’s been a nearly 50 percent drop in fraudulent returns, and there has been significant progress in stopping fraudulent returns before refunds are ever paid, due in part to new information provided by industry and state partners.
An “extremely strong” November for holiday shopping concluded with a “solid start” over Thanksgiving weekend, according to Sarah Quinlan, senior vice president of Market Insights for Mastercard. Although final holiday shopping data won’t be available until the end of the month, Quinlan spoke with Paybefore about how the shopping season is shaping up for retailers.
Facebook has received a key license that would enable the social media giant to bring its Messenger P2P service to Europe. The Central Bank of Ireland quietly granted an e-money license to Facebook Payments International Ltd. in late October, the company confirmed in a statement to TechCrunch, paving the way for the potential launch of Facebook’s Messenger-based money transfer service throughout the EU’s 28 member nations under passporting rules.
Consumers with Chase Pay mobile wallets can now order and preemptively pay for their meals at quick service restaurants thanks to a deal with Boston-based LevelUp, Chase said. The deal, which comes as Chase expands its mobile wallet, promises to help make that payment technology more important for consumers, as the deal eventually will involve thousands of eateries.
Some of the biggest players in the mobile payments space have announced deals that could bring digital payments and gifting to more consumers around the globe. Starbucks will provide “social gifting” and payments to users of China’s WeChat messaging service, while Square will integrate its digital debit cards with Apple Pay, two recent developments that could boost the popularity of mobile payments.
Online Banking Solutions (OBS), an Atlanta-based provider of cash management software, is being taken over by banking tech giant Fiserv.
BNY Mellon experienced problems with processing clients’ payments instructions – it blamed the issue on its connection to Swift. The problems were subsequently resolved.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Teamwork triumphs in Toronto. The theme of collaboration between start-ups and the big players dominated day one of Mobey Day. While some in the fintech industry say they’re disruptive, it seems that’s no longer true as they all look to work together. At yesterday’s (7 December) sessions at the elegant Four Seasons Hotel in Toronto, […]
Banque de France’s banking services department has embarked on a major technology overhaul programme. It will work with a domestic software provider on this project, Sopra Banking Software, which is part of the Sopra Steria group.
Prepaid will continue to be a key ingredient in bringing 2 billion people worldwide into the financial mainstream. But over the past five years, we’ve learned that public-private partnerships are mission-critical. And we’ve still got work to do.
The market is evolving from being dazzled by the flashy lights of innovation to buckling down and implementing plans to address the opportunities ahead. Emphasis is shifting from talking about the cool stuff to driving adoption of the most actionable innovations. Are you investing in the right trends?
As consumers start using mobile to pay each other, it’s only natural that they’ll expect businesses to pay them that way, too. For those of us who serve corporate clients, enabling electronic payments to those mobile-centric consumers is a significant opportunity.
