UK-based payments vendor Monitise is beginning to turn its fortunes around – with a 45% reduction in operating costs and EBITDA profitability of £600,000 in the second half of the year. As Banking Technology reported in May, the firm brought in a new COO and a new, re-focused business structure. It seems the initiatives have […]
Commonwealth Bank of Australia (CBA) and Barclays have joined forces to let their retail customers move money between Australia and the UK with “just a mobile number”. In a “first between the two countries”, CBA and Barclays say they have worked to connect each of their payment apps together – CBA’s CommBank and Barclays’ Pingit. […]
The term “fintech” has long been tied to the idea of disrupting the existing financial services industry. Although that spirit remains, Discover sees a maturation of the market and a growing realization from investors and startups that there is a greater value in collaborating with the industry rather than trying to supplant it.
Our rejuvenated Banking Technology Awards have received an unprecedented amount of entries this year – from banks, financial institutions, fintech firms and individuals worldwide – and we are happy to reveal the shortlisted candidates. Now in their 17th year, Banking Technology Awards recognise and reward excellence and innovation in the use of IT in financial […]
There’s a cultural misconception that security equals lockdown in the financial sector; disclosure runs counter to that perception. Banks are less inclined to share intimate details of attacks because they don’t want to damage market confidence and that makes cyber security a major challenge for the sector. Swift has recently sent a letter out to customers […]
A spate of email fraud schemes involving stolen consumer information and financial institutions being duped into conducting wire transfers has prompted the Financial Crimes Enforcement Network (FinCEN) to issue an advisory Sept. 6 in an effort to thwart the illegal activity.
Discovering the secrets of the universe may not be part of Sam Shrauger’s day job, but exploring what’s possible in payments is. As senior vice president of digital solutions at Visa Inc., Shrauger is responsible for making sure the payments network is leading the charge into new territory—whether that’s through Visa Checkout, contactless payments, wearables or whatever comes next.
A handheld card reader released last year has helped U.S. law enforcement agencies seize or recover about $10 million in fraudulent prepaid funds, according to the Dept. of Homeland Security.
As EMV faces rollout hurdles in the U.S., two major terminal makers, reporting adoption delays from smaller merchants, are paying the price.
PayPal has struck a deal with Mastercard, resulting in, among other terms, Mastercard being presented as an equal payment option within the PayPal Wallet, customers having the option to select Mastercard as their default payment method and Masterpass becoming a payment option for merchants of Braintree, a PayPal subsidiary.
Consumer adoption of mobile payments is on the upswing, according to a new report by First Annapolis Consulting, which found that 74 percent of respondents had made at least one mobile-based payment in the preceding 12 months—up significantly from just 40 percent a year earlier.
Mobile payments have reduced financial fraud in Nigeria, according to the 2016 Brookings Financial and Digital Inclusion Project Report.
A new mobile payments deal will enable Chinese tourists and students to use their WeChat mobile wallets in Australia.
Erste Bank Hungary is implementing ACI Worldwide’s UP Retail Payments solution, upgrading from the older versions of ACI’s solutions. The bank will also deploy ACI Proactive Risk Manager (a fraud management solution) and ACI Interchange (central monetary transaction manager) to calculate interchange fees. Erste and ACI have been working together since 2003. Tamás Foltányi, COO […]
Ideal Payments has teamed with Taif Money Transfer to launch Iraq’s “first” mobile payments app – Taif eWallet. The platform aims to create a “holistic payments ecosystem” used by multiple agents in the economy including retail merchants, ecommerce platforms, private companies, and government institutions. Ideal Payments’ local partner, Taif Money Transfer, will operate the service, […]
Luxembourg-based start-up SnapSwap, which offers blockchain-based payments, has received authorisation to operate as an electronic money institution (EMI). The firm says the EMI licence, provided by the Ministry of Finance of Luxembourg, allows it to issue debit cards and other payment instruments linked to Gloneta accounts. The latter combines a mobile messenger (chat) with cross-currency […]
Time flies, so we’ve devised a quick fix. Here’s a round-up of key events in the payments space. In China, Qilong and Shenzhen Qianhai Exce-card Technology (SQEC) have formed a strategic agreement to co-ordinate with banks to issue China Union Pay audio bank cards. The latter make sounds when the buttons on the cards are […]
Apple’s developers are previewing new Siri integrations for payments – such as asking it to send a secure payment without ever opening an app. The firm says with the introduction of SiriKit for developers, messaging apps can now tap into the “power” of Siri. Siri can be used to make a quick payment using Square […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Tier 1 US bank live with Temenos core and payments software Part of its American dream. Swift reveals more cyber thefts Private letter goes public. PhonePe and Yes Bank unveil India’s “first” UPI-based payments app Unified Payments Interface […]
Temenos says it has gone live with its flagship T24 core banking system at a “top 20 US bank”. Banking Technology understands this is Ally Financial. The bank is also now live with the vendor’s newly-built payments hub, Temenos Payments Suite (TPS). It is “the first tier 1 bank to do so in the US”, […]
One of Russia’s major banking players, MDM Bank, has rolled out a single-tap Mastercard Contactless mobile payments option. The service is underpinned by the WAY4 Host Card Emulation (HCE) technology from OpenWay. MDM Bank’s customers can now pay from their Mastercard account with no need to enter a password or PIN code or even activate […]
A spike in bitcoin value after the U.K. voted to leave the European Union points to the digital currency being viewed as a safe haven for investors. But a recent bankruptcy case clouds the situation.
New Mexico becomes the latest state to enact a law that requires licenses for money transmitters. That means more bureaucracy. Here are some tips for meeting those requirements.
Too often, online merchants and their payment providers focus more on international orders than domestic transactions in the battle against fraud. But drilling down into ZIP codes and neighborhoods might be a wiser strategy.
Customers of Nationwide Building Society in the UK have taken to Twitter to report a host of problems – with direct debits and standing orders not being paid. According to users on Twitter, the bastion of rage and anger, mortgage bills and other payments have not been made. Nationwide’s Twitter feed is now awash with […]
Brevity is the goal of this. Here’s a round-up of events in the payments space to save you time. Let’s start off small… as in Small World FS. The London-based payment service provider reached a milestone with 50 million transactions processed on behalf of its customers. The firm’s been around for ten tears and says […]
Global payments provider Worldpay has teamed up with Consult Hyperion, MongoDB and Visa Europe Collab to host its first internet of things (IoT) hackathon in London in September. The event aims to foster innovation and encourage participants to apply technology to integrating payments. Two themes will flow through the 48-hour hackathon – the “Smart City” […]
Commerzbank London and UniCredit have “successfully” processed the first UK Bank Payment Obligation (BPO) live transaction. The banks say with the backing of the ICC Banking Commission and Swift, there has been a “growing demand for, and an increasing number of”, BPO transactions, as a “proven” digital settlement tool. Raphael Barisaac, global head of trade […]
SWIFT, a Belgium-based, bank-owned co-op and provider of financial messaging services, said this week that criminals attacked the technology infrastructure of member banks even as the group sought to tighten up security in the wake of an $81 million cyber theft of Bangladesh Bank, according to an Aug. 31 report from Reuters.
Prepaid card-related complaints to the CFPB ticked down in July, the bureau announced in its latest monthly consumer complaint report. The month saw 211 complaints about prepaid products, down 5 percent from 223 prepaid complaints in June and slightly below the monthly average of 215 since the CFPB began tracking prepaid complaints in July 2014.
More consumers are using mobile banking, however there are obstacles to further adoption that present opportunities to financial institutions, according to a new report by global provider of financial services technology Fiserv Inc.
TransferWise, a five-year-old P2P firm based in the U.K., plans to “scale back” its reliance on banks as it expands, according to an article in the Wall Street Journal.
London-based Currencycloud is partnering with Arkéa Banking Services, a subsidiary of Credit Mutuel Arkea, to offer clients its Euro bank accounts and direct access to European payments systems. This partnership will enable Currencycloud to process international payments through Target2 for real-time payment settlement. It says this builds on and “enhances” existing capabilities that allow cross-border […]
Swift has revealed new hacking attacks on its members’ banks as it pressured them to comply with security procedures instituted after the heist at Bangladesh Bank, according to Reuters. In a private letter to clients, Swift says new cyber theft attempts – some of them successful – have appeared since June, when it last updated […]
Veteran financial services professional Trent Sorbe has accepted a two-year appointment to the Consumer Financial Protection Bureau (CFPB)’s Community Bank Advisory Council (CBAC).
Nabeel Siddiqui earlier this year joined global payment services provider Currencycloud as vice president of North America.
Payments technology and services provider First Data has named Ivo Distelbrink as the company’s executive vice president and head of its business in the Asia Pacific (APAC) region.
Merchant advocacy group and services provider the National Merchants Association has been listed on the 2016 Inc. 5000 list.
Payveris, a provider of a cloud-based digital payment and money movement platforms for U.S. financial institutions, has named Chuck Carr senior vice president of product management.
Payments processor Total Merchant Services has been ranked No. 9 in Fortune Magazine’s Best Workplaces in Finance and Insurance—the only payment processing company to make the list.
