Soumik Roy, Banking Technology’s editorial contributor based in India, explores India’s digital banking landscape, examines innovative players like DBS digibank, and ponders what’s next for the nation’s fast-paced fintech sector. Electronic banking and payments are rapidly picking up pace in India; citizens love the convenience, the government hopes it will drive transparency and reduce the […]
MasterCard plans to become a payment service provider in China, according to Reuters. It is still pondering whether to do so alone or with a partner, it is understood. Ann Cairns, president of international markets at MasterCard, told Reuters that China is “pretty crucial” to MasterCard’s future, but the company is still “trying to understand […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! BBA records dramatic increase in mobile banking usage Digital banking is in a “consumer-led revolution”. MasterCard buys VocaLink for $920 million Current owners Barclays, HSBC, Lloyds and RBS will receive a handy windfall. Cidel Bank implementing ERI’S Olympic […]
British Bankers Association (BBA) says digital banking is in a “consumer-led revolution”. Its latest report – Way We Bank Now – shows a drastic increase in consumers using digital channels to manage their money. Changing customer habits and major technological advances in banking have resulted in the following: Customers are using mobile banking apps more […]
For those wondering if the post-eBay PayPal would act differently, July 21 gave us the answer: Yes. On Thursday, PayPal announced a strategic partnership with Visa where Visa would get preference—in both PayPal and Venmo apps—and PayPal said that it would “not encourage Visa cardholders to link to a bank account via ACH” and “PayPal will also support and work with issuers to identify consumers who choose to migrate existing ACH payment flows to their Visa cards.”
Mastercard is set to gain control of a major chunk of the U.K. transaction processing market, entering a definitive agreement to acquire 92.4 percent of VocaLink in a deal that could total up to $1.14 billion. A bank-owned consortium, VocaLink’s technology underpins the British direct debit and credit payments system, as well as the LINK ATM network and the Faster Payments Scheme for real-time mobile and Internet payments.
MasterCard has entered into a definitive agreement to acquire 92.4% of VocaLink for $920 million. As Banking Technology reported in March and April, MasterCard was in “exclusive” talks with VocaLink over the acquisition. VocaLink’s existing shareholders have the potential for an earn-out of up to an additional $220 million, if performance targets are met. This […]
For once, the sound bites being used to describe upcoming changes in the global banking industry may actually be too conservative. The latest Payments Services Directive likely will revolutionize how consumers interact with their banks and the protection they can expect when paying online or on their mobile devices—and the effects won’t be limited to Europe.
In addition to brightening text messages and tweets, the popular icons beloved by everyone from tweens to Baby Boomers may soon serve a much more substantial purpose—mobile and payments authentication.
To harness the true power of tokenization—a technology that underlies mobile payments—banks need to change their thinking. Doing so could help boost the appeal of mobile wallets.
Retailers can cater more closely to the ever-changing needs and preferences of online shoppers if they resist falling prey to these four common misconceptions about how consumers pay.
In this contentious presidential election cycle, it’s hard to imagine anything getting 70 percent of the Senate to back it. But 70 U.S. Senators want the CFPB to lay off credit unions and community banks when it comes to certain, unspecified rules.
Duplicate charges and delayed payments to online gamblers: Those are among the issues reported as technical problems at Worldpay continue for the third week.
Visa has been granted a patent that could help in a big way by identifying and “blacklisting” a device that’s been used to perpetrate fraud.
A University of Toronto study raises a delightfully non-intuitive payments point. Although shoppers gravitate toward the payment forms promising the least friction, do they value purchases more when they are made with more friction, such as cash?
NCR Corporation and Wells Fargo have established a team focused on research and development in ATM and retail banking customer experience. Over the past eight years, NCR and Wells Fargo have worked together on other projects. These range from cash- and check-processing to self-service devices. The latest agreement expands the relationship to a “more strategic […]
Fran Fisher, strategic sales and business development manager-ARM for a subsidiary of global payment processor Payscout Inc., has been appointed to the Association of Credit and Collection Professionals (ACA) International Council of Delegates.
Ballard Spahr LLP has announced that David Landau has joined the firm as a partner in its New York office.
The Bancorp has named Jeff Nager as senior vice president and director, government guaranteed lending.
Corbin Simon, executive recruiter at R&P Group, has won the U.S. Recruiting Network’s Sioux Falls Area Top Recruiter Award for the second quarter of 2016.
Blackhawk Network President and CEO Talbott Roche has been appointed to the board of directors of digital interactive entertainment provider Electronic Arts (EA).
Bacs Payment Schemes Ltd., the organization behind direct debit and Bacs direct credit in the U.K., as well as the current account switch service, has become the latest member of the Emerging Payments Association (EPA).
Global provider of financial services technology provider Fiserv Inc. has appointed John Kim to its board of directors.
Law firm K&L Gates LLP has opened a Munich office, the firm’s third office location in Germany, eighth in Europe, and 46th worldwide.
Online loan marketplace Lending Club announced today that Patrick Dunne has joined the company as chief capital officer.
Payments industry research and advisory firm Mercator Advisory Group has appointed Ted Iacobuzio as managing director of custom research and consulting services.
During Paybefore Editor-in-Chief Loraine DeBonis’ maternity leave, which is expected to begin around Aug. 1, Evan Schuman will be assuming her role.
Scottsdale, Ariz.-based unified commerce solutions provider Spindle Inc. has announced the appointment of John Hunnicutt as chief financial officer.
Gift card processor Givex has joined the UK Gift Card and Voucher Association (UKGCVA), the country’s trade body for vouchers and gift cards.
Yes Bank has deployed Gemalto’s SafeNet Network HSM to secure mobile payment transactions for its customers under India’s recently implemented Unified Payments Interface (UPI). UPI was launched in April by the National Payments Corporation of India (NPCI), and will go live by the end of this month with 15 participating banks. It offers instant, online […]
Swift Scope has been named by Deutsche Bank Global Transaction Banking (GTB) as the preferred solution for intraday liquidity reporting requirements. Swift Scope is an automated, end-to-end business intelligence solution used to collect and consolidate data, and provide the analysis required to monitor and report intraday liquidity flows. It supports compliance with the Basel Committee […]
Bank Leumi USA, part of the Bank Leumi Group, has replaced its legacy technology platform with FIS’s banking and payments solutions, including core processing, branch, digital and mobile banking, compliance, risk and back office systems. FIS says it was a “big bang” project implementation and large in size and scope for a mid-sized banking institution. […]
Union Bank of the Philippines has chosen US-based D+H Corporation’s suite of cash management solutions. The bank¸ which provides products and services to more than 7,000 corporate clients, has embarked on a “major transformation” of its cash management services business and wanted to simplify its IT environment. John Ong, head of transaction banking, Union Bank […]
While the prepaid payroll sector has drawn criticism from some policymakers, a new study shows that for many workers—especially millennials—payroll cards are an attractive option for receiving wages and managing money.
Threat delivered, threat executed: Walmart has started to reject the use of Visa payment cards in some of the retailer’s Canadian stores. The chain had earlier said it would do so because of an interchange dispute with the payments network.
A U.K. hearing scheduled for October will consider if Brexit can happen without parliamentary approval. The U.K.’s June 23 vote to leave the union has led to confusion and much speculation in the payments world, as the industry wonders about such issues as licenses and passporting, along with other financial services regulations.
Interest in virtual reality has been bubbling up in tech circles for a while, but 2016 could be the year it finally boils over into the mainstream consumer market and changes retail for the better.
Apple Pay is now available in France – with Visa debit and credit cardholders from Banque Populaire et Caisse d’Epargne (BPCE group) getting immediate access. Apple Pay can be used to touch and pay wherever Visa contactless payment is accepted. Visa says France already has over 400,000 merchant locations live with contactless payment today (19 […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Canada’s first mobile wallet suretap is now one of the latest casualties in the mobile wallet wars. Citing market changes and an increasing number of mobile payment and banking options, among other factors, the Toronto-based company will shut down the mobile wallet as of Aug. 26. But it’s not alone. Semble, a New Zealand-based joint venture created by several telecoms and banks, discontinued its mobile payment service July 15.
