People on the Move: Brian Riley, Mercator Advisory Group
Mercator Advisory Group has added Brian Riley to its team as director of the consultancy’s Credit Advisory Service.
PayTech
People on the Move: Vince Padua, Mozido
Vince Padua has joined digital commerce and payments provider Mozido as the company’s executive vice president of product and development.
People on the Move: Paul Parisi, PayPal Canada
Paul Parisi has been named general manager of PayPal Canada.
People on the Move: Mike Sommers, ShopKeep
Cloud-based payment technology provider ShopKeep has named Mike Sommers as the company’s new senior vice president of product management.
Siri gives N26 payments a voice
Digital bank N26 (formerly Number26) is now offering voice-powered payments via Siri – the “first” bank in Germany to do so. Users can transfer money by talking to Siri; and can also request money from their N26 contacts using Apple’s instant messaging service iMessage. Valentin Stalf, founder and CEO of N26, says: “Our customers can […]
Finovate: innovation, collaboration and ten-year anniversary
Finovate – now ten years old (or young) – has celebrated its anniversary with over 1,600 attendees at its New York show. Banking Technology was a media partner, and FinTech Futures Series, Banking Technology’s sister company, took part in the event.
Tramonex teams with Saxo Payments for cross-border transfers
Finserv provider Tramonex is partnering with Saxo Payments for segregated client accounts in 25 currencies, and foreign exchange (FX) liquidity. Tramonex has joined the Saxo Payments Banking Circle, and says it is now able to offer its clients individual, physical and virtual accounts with their own unique International Bank Account Numbers (IBANs). Tramonex previously offered […]
CIBC completes phase one of transaction banking tech revamp
Intellect iGTB, the global transaction banking software business of Intellect Design Arena, has implemented its products at CIBC. The project is part of a multi-stage transaction banking and payments tech overhaul at the Canadian banking group.
PayU acquires India’s Citrus Pay for $130m
PayU has bought Citrus Pay for $130 million – the “largest ever M&A cash deal” in India’s fintech space. The deal is part of PayU’s growth plans and it claims its number of customers in India will grow to more than 30 million, processing a forecasted 150 million transactions in 2016 worth a combined $4.2 […]
Harmonising high-value payments
While it sounds like something for which you’d need to visit a doctor, Swift’s HVPS+ will likely be a talking point during the payments industry panels at this month’s Sibos. Announced in mid-August, the high-value payments system task force is an important component of Swift’s ISO 20022 harmonisation initiative. A number of central banks, market infrastructures and banks from around the world are members of the task force.
Banking Technology September 2016 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
New NAB mobile banking app feast for control freaks
National Australia Bank (NAB) will launch a new mobile banking app later this year – which promises to give customers more control over how, when and where they use their cards. The new app will include card transaction controls to self-manage personal Visa debit and credit cards through a mobile device. And, in an “Australian […]
Android Pay gets four UK OKs
Natwest, Royal Bank of Scotland, Santander and Ulster Bank have all launched on Android Pay in the UK today (13 September), with TSB “coming soon”. The development follows hot on the heels from last week, when US-based Chase Bank customers were able to add their eligible Chase Visa cards to Android Pay. The cards include […]
Facebook Messenger Enables Payments by Chat Bot
Facebook Messenger platform updates announced Sept. 12 have enabled chat bots to accept payments, meaning Messenger users now can make payments within Messenger threads and not have to leave the app. Facebook says it has 1 billion users in 200 countries who use Messenger monthly, and developers and businesses have built more than 30,000 bots for the app.
Apple Warns of Gift Card Scam
Apple is warning consumers that fraudsters are using iTunes gift cards in a scam to trick victims into making payments over the phone. In a notice posted on its Website, Apple said the scam involves victims being called and then being pressured to transfer money over the phone to pay for a bogus claim of an unpaid bill or debt, or a relative who needs to be bailed out of jail.
Mastercard Hit with U.K. Interchange Damage Claim
Mastercard faces a £14 billion claim ($18.6 billion) in the U.K. over interchange fees in a case filed with the country’s Competition Appeal Tribunal. The claim comes two years after the European Union labeled the interchange charged by the payment card network as unfair. European interchange caps went into effect in December of 2015.
FFEIC Updates its Information Security Guides
The Federal Financial Institutions Examination Council has revised the “Information Security” booklet of the agency’s FFIEC Information Technology Examination Handbook.
Visa Rolls Out Red Carpet for Payments Innovation
Visa is offering a glimpse into the future of commerce during the Toronto International Film Festival, running until Sept. 18. In its 20th year sponsoring the festival, Visa is offering festival-goers access to a first-of-its-kind Connected Screen, powered by Ingenico, along with an “immersive virtual shopping experience” that enables them to virtually try on and purchase clothing from a film’s wardrobe department.
Visa, Mastercard Deny Litany of Allegations in Home Depot Complaint
Home Depot’s complaint asserts that Visa and Mastercard “unlawfully” fixed interchange fees at high levels.
Argentina’s CSD Caja de Valores joins Swift’s network
Caja de Valores, Argentina’s central securities depository (CSD), is now fully operational directly on the Swift network. All its international transactions are now executed via Swift.
Facebook Messenger v1.2 enables native payments in chatbots
Facebook has announced its Messenger bots can now accept payments natively, without redirecting users to external sites. The announcement was made by David Marcus, head of Facebook Messenger, at the TechCrunch Disrupt conference in San Francisco, as he unveiled the launch of the Messenger platform v1.2.
Klarna and Arcadia launch “buy now pay later” initiative for UK
Payments specialist Klarna and fashion retailer Arcadia Group have launched a new e-commerce retail financing offering to the UK market.
SIBOS Interview: RegTech in an increasingly digital world
Guy Wakeley, Chief Executive Officer of Equiniti Group talks to Daily News at Sibos about the benefits of RegTech in an increasingly digital world.
Capital Small Finance Bank rebrands for digital revamp; retains incumbent vendor Intellect Design Arena
India-based Capital Small Finance Bank has rebranded from Capital Local Area Bank as part of its digital transformation programme. For its technology, it has decided to stick to its existing provider, Intellect Design Arena and its core banking platform, Intellect Suite. Capital Small Finance Bank, after conversion from Capital Local Area Bank (which was founded […]
Mastercard: Nearly One Year in, Merchants, Consumers Getting on Board with EMV
As the one year anniversary of the U.S. payment networks’ EMV liability shift nears, new data released Sept. 12 from Mastercard shows that chip-enabled cards have helped reduce fraud costs for retailers and—despite some growing pains—are finally catching on with consumers.
Dodd-Frank Overhaul Plan Goes before Financial Services Committee
The House Financial Services Committee will meet Sept. 13 to mark up a bill that would overturn major provisions of the Dodd-Frank Act. Initially proposed in June by Financial Services Committee Chairman Jeb Hensarling (R-Texas), the Financial CHOICE Act would strip significant authority away from the CFPB, renaming it the Consumer Financial Opportunity Commission and tasking the agency with the dual mission of protecting consumers and ensuring competitive markets.
PCI Council Updates Payment Device Standard to Keep Up with Criminals
In an effort to thwart advanced attacks by criminals, the PCI Security Standards Council has released updated specifications to protect cardholder data stored on mag stripe and EMV chip cards when used at ATMs, in-store and unattended payment terminals and mobile devices.
South Korean fintech wants Apple to open its API
South Korean fintech firms plans to file a complaint with regulators over Apple’s refusal to open its API.
Allevo’s FinTP gets SEPA compliant for EximBank
Allevo’s open source application, FinTP, is now SEPA (Single Euro Payments Area) compliant for EximBank (Export-Import Bank of Romania). The FinTP collaboration between state-owned EximBank and Allevo started one year ago, when the bank chose to implement the solution for low-value Euro payment instructions. EximBank now takes the partnership “one step further with the implementation of […]
The global economy, brought to you by APIs
The Brexit unrest aside, Europe is taking initiatives to make a sounder, more user-friendly economic landscape. By using technology solutions and digital innovation, the European Union (EU) is encouraging greater transparency, usability and higher standards of security for all manner of web-based banking and financial transactions. Irrespective of any governmental re-organisation, and the trickled-down impact […]
Fundflow and Wirecard launch invoice discounting platform for SMEs
Wirecard and fintech start-up Fundflow have launched an invoice discounting platform for SMEs in Germany. The firms say that SMEs and freelancers can sell their outstanding invoices on the Fundflow website, which then enables refinancing with institutional investors. Wirecard Bank has provided its German banking licence and will handle the payment process. Joachim Kaune, MD […]
Chase Bank chooses Android Pay for payments
It’s expansion time for Android as it reveals that US-based Chase Bank customers can now add their eligible Chase Visa cards to Android Pay. The cards include Freedom, Slate, Sapphire, United Mileage Explorer and Hyatt Credit Card. On top of this American development, in the UK, Android says Santander and TSB customers “will soon be […]
Top fintech stories this week – 9 September 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Barclays and Wave pioneer blockchain trade finance transaction What is a fintech day without blockchain? UK challenger banks: who’s who The list has been updated. US credit union consortium plots blockchain use Watch out R3. Smile and an […]
CFPB Levees Record $100 Million Fine on Wells Fargo
The CFPB on Sept. 8 announced a $100 million fine against Wells Fargo for what the agency called “widespread unlawful sales practices.” The agency said the fine is the largest such penalty it has ever issued.
MasterCard faces £19bn lawsuit over inflated card charges
Priceless? Not this time. MasterCard is facing a £19 billion lawsuit (which now has been reduced to £14 billion and filed, as of 8 September 2016) – the biggest in UK legal history – in a collective action over card charges that were passed on to shoppers. The claim is headed by ex-financial services ombudsman […]
FTR 2015 – EU regulation with global impact
What is FTR 2015 and how does it affect banks operating in the cross-border payments space? Marc Recker, Head of Market Management, Institutional Cash Management at Deutsche Bank, explores. The challenges and complexities of complying with anti-money laundering (AML) and counter terrorist financing (CFT) regulations are certainly not new in the financial industry. Over the past […]
N.Y. DOL Issues Strongly Opposed Final Rule on Payroll Cards
A New York Department of Labor (DOL) rule that has been bitterly opposed by a major prepaid card association is being implemented anyway. The N.Y. DOL has issued its final rule regulating methods and payment of wages, including the use of payroll cards, in the state and includes no substantive changes from its second revised proposal in June.
Android Pay Adds Chase, Apple Pay Coming to Japan
Two of the leading mobile payments services made significant moves on Sept. 7, with Android Pay adding support for more payment cards in the U.S. and U.K. and launching on the mobile Web, while Apple announced it will bring Apple Pay to Japan in October.
FinCEN Gives Iran a Bit of Financial Breathing Room
Iran has won a slight reprieve in FinCEN’s latest advisory for anti-money laundering and countering terrorism measures.
Barclays and Australian Bank Launch Linked Mobile P2P Payments
Barclays said it will link its Pingit m-payments app to the CommBank app from the Australian bank, enabling customers to send payments via their phones, including between customers in the two countries.
