Amazon’s Alexa Enables Capital One Voice-Controlled Banking
Consumers with Amazon’s Echo and other devices can pay their Capital One credit card bills and perform other tasks through the new service.
PayTech
AribaPay launches in Canada
SAP Ariba and Discover Financial Services have rolled out their B2B payments service, AribaPay, in Canada. Last month AribaPay was launched in the US (also with the help of Discover). And earlier this year, SAP partnered with First Data for a rollout across Europe and Latin America. SAP Ariba says Canadian businesses and consumers pass […]
Typo spells confusion in $101m cyber bank heist
A $101 million cyber heist has central bank officials from Bangladesh to New York quarrelling over what may be one of the biggest and boldest bank raids in history, according to CNBC. Hackers allegedly breached the Bangladesh central bank’s security system and then pretended to be Bangladeshi officials to send a series of requests for […]
Watch out EBA, Swift and Visa – here comes Masterlink!
MasterCard’s planned acquisition of VocaLink has the potential to create a new payments powerhouse in Europe and beyond. Tom Hay, head of payments, Icon Solutions, explores the possibilities. The news of the planned acquisition broke a few days after the Payment Systems Regulator’s (PSR) recommendation that banks divest their ownership of the company. I’m sure […]
PSR’s payments push for more indirect access
The UK’s Payment Systems Regulator (PSR) is pushing for more competition in the supply of indirect access to payment systems. In its interim report “Market review into the supply of indirect access to payment systems”, the PSR says work to open up access is “generating increasingly positive results” but wants more. It adds: “Although there […]
What will the future of money look like?
Cash payments are in decline – mobile payments are on the rise (thank you, Apple Pay, Google’s Android Pay and Samsung Pay). This nifty infographics sums up the ideas on what the future of money might look like. The infographics is courtesy of the MBNA credit card company (owned by Bank of America) and its […]
BBVA brings cash recycling to Spanish market
BBVA is upgrading its ATM network with Wincor Nixdorf’s CINEO cash recycling systems to enable banknotes deposited by customers to be reused for cash withdrawals. The Spanish bank says that until now, ATMs had two different slots for cash deposits and cash withdrawals although cash from the deposits slot could not be used for cash […]
Top fintech stories this week – 11 March 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! MasterCard mulls VocaLink acquisition There are some things money can buy. US to move to shorter T+2 settlement cycle by September 2017 Make a note, industry target has been unveiled. Big US banks to fight for instant payments […]
Payment Cards Provide a Boost to the World Economy
A new Visa study finds that credit, debit and prepaid cards added some $296 billion to the global gross domestic product between 2010 and 2015.
Two Major U.S. Banks Launch Real-Time P2P Transactions
Bank of America and U.S. Bank are using the clearXchange network from Early Warning. The deal means the banks’ combined 22 million U.S. customers can send payments to each other—not to mention to customers of Early Warning’s other partners.
APEX Speakers Offer Glimpse into the Future of Retail
The changing face of commerce will be among the hot topics at the All Payments Expo (APEX) March 21-23 in New Orleans, where top prepaid, payments and retail executives will highlight the key developments that will shape the future of the shopping experience over the coming years, including omnichannel, new payment methods and the rise of millennials as a buying force.
People on the Move: Mayer Brown LLP
Mayer Brown LLP, a legal services organization advising clients in the Americas, Asia and Europe, announced that a consumer financial services group of partners has joined the firm, representing an addition to its global financial services regulatory and enforcement practice.
People on the Move: Eric Thiegs, National Gift Card Corp.
National Gift Card Corp. (NGC), a provider of B2B incentive and loyalty gift cards, has appointed Eric Thiegs president.
People on the Move: Robert O. Carr, National Infrastructure Advisory Council
President Barack Obama announced he will nominate Robert O. Carr, chairman and CEO of Heartland Payment Systems Inc. to a key post on the National Infrastructure Advisory Council.
People on the Move: PIF Board
The Prepaid International Forum (PIF), the London-based nonprofit trade association for the prepaid sector, welcomed four new members to its board of directors and announced the reappointment of three existing members.
People on the Move: Pamela A. Joseph, TSYS
Columbus, Ga.-based payments processor TSYS has announced that Pamela A. Joseph will join the company as president and chief operating officer effective May 1, 2016.
EMV’s Unintended Consequence for Gift Cards
For retailers that haven’t yet implemented EMV terminals, gift card acquisition fraud is on the rise, according to the National Retail Federation. But how big is the problem and what does it mean for legitimate buyers of the popular products?
Jack Henry partners with The Clearing House for real-time payments drive
JHA Payment Solutions, a division of Jack Henry & Associates, has teamed up with The Clearing House (TCH) as they seek to bring immediate payments to the US. TCH is currently working to build a new real-time payment system, which it will own and operate. In partnering with JHA Payment Solutions, TCH says it will […]
PSD2 reforms: innovation in payment predicted
The Payment Services Directive (PSD) legislation was adopted in 2007 with the objective of making cross-border payments across the EU as easy, efficient and secure as “national” payments within a member state. With the arrival of PSD2, the trend of digital innovation in payment will accelerate, states Antony Bream, UK managing director at Crealogix. The original Directive […]
Fiserv fine tunes Unified Wealth Platform
Fiserv has added new advisor portfolio management and trading technology to its Unified Wealth Platform. The single platform is used for portfolio management, trading, accounting and reporting for managed accounts. The company says over 5,000 advisors and users supporting rep as portfolio manager (RPM) or rep as advisor (RPA) programmes have migrated to the “enhanced” […]
ExxonMobil launches Speedpass+ mobile payment app with Apple Pay
ExxonMobil is now the “first major” fuel retailer to accept mobile payments at the pump, including Apple Pay, throughout the majority of its US network. The app enables customers to authorise a pump for payment via the cloud. Customers have the option to select Apple Pay as a default form of payment from within the […]
Big US banks to fight for instant payments market
Some of the major US banks are planning to tap into the instant payments market via their digital network, according to Reuters. Banks including JP Morgan Chase, Bank of America, Wells Fargo and US Bancorp will use their jointly-owned network, clearXchange, to let their customers transfer money. “What we are doing now is delivering payments […]
Square comes around to Australia
US-based Square’s payment processing and hardware is now available in Australia. Operating internationally since 2012, Australia marks the fourth market for Square, joining the United States, Canada and Japan. Square says its chip card reader is the “smallest” payment card reader on the Australian market. Sellers can accept card payments via Visa, MasterCard and American […]
Challenger banks must strike the right balance between mobile and card
NFC mobile payments continue to grab headlines, but to really drive uptake and ensure full market coverage, combining contactless cards with next-gen mobile banking apps is surely the right way to go for 2016’s challenger banks, says Paul Underwood, MD of Thames Card Technology. Much has already been said about the opportunity for challenger banks to […]
Viewpoint: What’s the Best Route to Market in Europe?
Europe is the largest single market in the world and an attractive proposition for most payments businesses looking to expand, but you do need to look at the different options available and determine the best route to market for your own firm.
Viewpoint: No-Action Letters from the CFPB: What to Consider Before You Ask for One
The CFPB’s new no-action letter policy is designed to alleviate regulatory uncertainty for innovative financial services businesses, but asking for one could be a double-edged sword.
Retailer Sues Insurance Company over Data Breach Defense Costs
This suit between a retailer and its insurance carrier highlights the importance of ensuring that any insurance coverage meant to account for costs and assessments stemming from a data breach is adequate.
Viewpoint: Ensuring a Level Playing Field for Federal Virtual Currency Regulation
FinCEN’s virtual currency guidance creates different AML standards for virtual currency and traditional funds, but with a slight modification the agency can “re-level” the playing field without compromising its AML policy goals.
Fuchs Joins List of High-Ranking CFPB Staffers Who Flee to Private Sector
Meredith Fuchs joins at least 45 Consumer Financial Protection Bureau employees who have left the bureau for the private sector since 2011.
Gift Card Firm SVM Expands Verticals with 1to1 Card Buy
Gift card provider SVM has bought 1to1 Card, whose prepaid program management services cover incentive, loyalty, rebate, payroll and general purpose loyalty cards.
Amex Patent Seeks to Improve Reward Redemption
American Express could be exploring a way to enable its cardholders to pay with loyalty points on e-commerce sites or mobile wallets, according to a recently released patent application.
Q&A: What’s the Big Deal about Blockchain?
Blockchain is one of the hottest trends in fintech. A payment fraud expert explains how the technology can make transactions safer and what its limits are.
Tuxedo launches world’s first “live load” payments platform
UK payments provider Tuxedo has launched a “live load” payments technology platform, which removes the need to prepay. The vendor says it is the world’s first. The platform is based upon a single, partner-issued Visa or MasterCard, which is linked to customers’ existing payment sources via Tuxedo’s own platform. The platform is PCIDSS (Payment Card […]
Finnish SME banking specialist, Holvi, acquired by BBVA
BBVA has acquired Finnish online-only payments and banking services provider Holvi, as it seeks to expand its portfolio of digital businesses. Holvi will continue to be run as a standalone business, and Spain-based BBVA says there will be a “two-way flow of knowledge, ideas and support” between both parties. Teppo Paavola, chief development officer and […]
Harvest Doubles Down on Call for Change at Green Dot
Harvest Capital Strategies has escalated its criticism of Green Dot Corp. and reiterated its call for the ouster of Green Dot CEO Steve Streit. In a letter sent to Green Dot’s board of directors last week, Harvest blasted what it called Green Dot’s failure to respond adequately a previous letter Harvest sent the company in January, in which the hedge fund manager outlined concerns with Green Dot’s performance and called for the removal of Streit and other two board members.
Fed: Small Banks Not Feeling the Hurt from Debit Interchange Limits
Despite some claims from the banking industry that small banks may be at a competitive disadvantage in a post-Durbin Amendment interchange environment, a new Philadelphia Fed report suggests that banks with less than $10 billion in assets have not suffered from the Durbin Amendment, which capped debit card interchange for larger financial institutions.
Google Tests ‘Hands-Free’ Shopping Via Digital Photos
Google’s new Hands Free shopping test enables consumers to pay with smartphones but make purchases via digital photos of their faces. It represents the newest frontier for mobile payments.
suretap Wallet Discontinues Prepaid Card, Keeps Loyalty
Canada’s first mobile wallet suretap has announced its discontinuing its prepaid MasterCard program effective at the end of April. What’s staying is the wallet’s capability of loading credit and gift cards for payment and a loyalty program, which enables consumers to integrate more than 20 loyalty programs with the wallet.
NCR brings first bill payment kiosk to Taiwan
NCR Corporation (NCR) has customised the first ever financial kiosk solution in Taiwan for E.Sun Bank. Called E.Sun iPayment Kiosk, it includes bill payment, statement printing and notes exchange. The bank also selected NCR Aptra Connections software to run on the kiosk and purchased NCR SelfServ ATMs to provide personalised ATM transactions. The E.Sun iPayment […]
Infographics: the state of fintech industry as we know it
Who, what, where, when of the fintech industry today – this excellent infographics pulls together plenty of useful data, from top specialists, unicorns and start-ups to geographies and M&As. Created by Savvy Beaver and Call Levels.
