Digital money transfer firm Remitly raises $38.5m
The money will go toward new hires and global expansion, with Remitly now offering its services in Canada.
PayTech
UniCredit to unify global transaction business on one platform
Italian banking heavyweight, UniCredit, is working on standardising its global transaction business (GTB) on one platform, underpinned by D+H’s Global PayPlus (GPP) system. GPP is supplied by D+H’s Global Transaction Banking Solution (GTBS) unit, formerly known as Fundtech. UniCredit’s GTB business covers 17 countries – the bank has accrued it via an aggressive M&A strategy […]
Instant Payments Framework launched by Icon Solutions
The new framework – available worldwide – is set to open up access to real-time payments for banks. UK-based Icon Solutions, an IT payment consultancy and specialist technology provider, describes its Instant Payments Framework (IPF) as “an agile yet robust software product that expedites financial institutions’ transition to instant payments”. The vendor emphasises that “IPF […]
NBPCA Awards Second Terrence P. Maher Prepaid Influencer Award to Marilyn Bochicchio
At the opening day of Power of Prepaid in Washington, D.C., the NBPCA recognized Marilyn Bochicchio as the second recipient of the annual Terrence P. Maher Prepaid Influencer Award. The former Paybefore CEO is an industry veteran and a founding member of the NBPCA.
M&A Update: Affirm Will Buy Sweep, mPOS Firms Merge, Global Closes Heartland Deal
Payments M&A activity is continuing apace. Online lending company Affirm wants to use the Sweep finance app to expand beyond the point of sale, while Europe-based Payleven and SumUP combine mPOS forces. Meanwhile, Global’s acquisition of Heartland opens up verticals for the merchant acquirer processing firm.
China’s Mobile Payments Market Heats up as Xiaomi Preps New Service
Chinese smartphone maker Xiaomi is planning to launch an NFC mobile payments service in the country, leveraging its position as China’s largest phone manufacturer to compete in an increasingly crowded mobile payments market.
Money20/20 Europe Recap: No More ‘Us Vs. Them’
When more than 3,700 people gather in one place to talk about payments, you never know what you’re going to get. But the inaugural Money20/20 Europe conference in Copenhagen earlier this month left me with one major theme—partnership.
People on the Move: Jennifer Shasky Calvery, FinCEN
Jennifer Shasky Calvery will leave her position as director of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) at the end of May.
People on the Move: Matthew Eichner, Federal Reserve Board
The Federal Reserve Board has appointed Matthew Eichner to serve as director of its Division of Reserve Bank Operations and Payment Systems, effective May 1.
People on the Move: Donna Embry, Payment Alliance International, ETA Award
Donna Embry, chief payments adviser at Payment Alliance International (PAI), has been honored as the winner of the 2016 Distinguished Payments Professional Award from the Electronic Transactions Association (ETA).
People on the Move: Ron Metschke, TMG
Payments processor TMG has named Ron Metschke to the newly created role of senior vice president, channel development
People on the Move: Phil Olson, Financial Technology Partners
Financial Technology (FT) Partners has hired Phil Olson as a managing director in the company’s new Chicago office.
People on the Move: PSCU Board of Directors
Credit union service organization PSCU has re-elected four current members of its board of directors to new three-year terms.
Calastone gets new live site for settlement service, Hargreaves Lansdown
Hargreaves Lansdown, a financial service company based in Bristol, UK, has gone live with Calastone’s funds settlement system, Calastone Settlements. Danny Cox, head of communications at Hargreaves Lansdown comments that “automatic matching of trades and the netting of settlement positions early in the day will improve the efficiency of our operational and treasury teams”. He […]
Canadian Payments Association moves to ISO 20022
The Canadian Payments Association (CPA) has adopted ISO 20022, as it looks to modernise Canada’s payment system. Gerry Gaetz, president and CEO of the CPA, says ISO 20022 will “enable the Canadian financial community to provide better service, both domestically and across borders, to their customers”. The CPA says recent research indicates that cost savings […]
Shoptalk Preview: How Mobile and IoT Are Changing Retail and Payments
Paybefore talked with Shoptalk speakers to get a preview of the hot topics for next month’s inaugural retail-focused show from the creators of Money20/20.
Younger U.K. Consumers Are Ready to Replace Cards with Phones
A survey from the Prepaid International Forum finds that nearly half of young consumers already make payments via mobile phones. Checking balances and not having to carry wallets or purses are among the main reasons for mobile’s growing popularity.
San Antonio Credit Union to Offer Loans via QCash
In the midst of regulatory pressure and an expected CFPB proposed rulemaking on small-dollar loans, QCash signs a Texas credit union to offer members what the company calls a less costly short-term lending product.
CFPB Snapshot: Prepaid Complaints Tick up in March, but Remain Low
The CFPB’s latest monthly consumer complaint snapshot showed a slight increase in prepaid-related consumer complaints in March, but prepaid remains the subject of just a fraction of overall complaints received by the agency.
MasterCard Launches Faster EMV Technology
Faster EMV is coming to the U.S. MasterCard has launched M/Chip Fast, which “brings some of the principles successfully implemented for contactless cards and mobile wallets around the world to point-of-sale terminals,” the payments network said.
Peoples Trust Provides Issuing for SVM in Canada
Peoples Trust is expanding its Canadian prepaid issuing services to U.S.-based program manager SVM.
Ant Financial Lands Record-Setting $4.5 Billion Funding
As Alibaba-affiliated financial services provider Ant Financial seeks to expand in markets in China and around the globe, the company has landed $4.5 billion in new funding that values it at a whopping $60 billion.
FDIC Approves New Assessment Rule for Small Banks
The FDIC board of directors has approved a rule that changes how banks with less than $10 billion in assets and have been FDIC insured for at least five years are assessed for deposit insurance.
Infographics: seizing the mPOS opportunity
Mobile point-of-sale (mPOS) is revolutionising the POS terminal industry. In two years, the market is estimated to be worth $43 billion. By 2019, 46% of all POS terminals in 2019 are expected to be mPOS. Over the next four years, the market is poised to grow by 400%. This nifty infographics – courtesy of FIME – […]
Cisco partners with Fiserv for communications and infrastructure
Cisco has teamed with Fiserv and its Sentry Performance Solutions to provide hosted communications and infrastructure solutions. Sentry Performance Solutions include network, hosting and network security services; hardware and software life cycle management; and unified communications services. Fiserv says its clients now have access to the Cisco workforce experience and branch solutions. The workforce experience […]
M&A Update: Visa Europe Deal Tweaked, MasterCard Eyeing VocaLink
Visa Inc. has amended the terms of its pending acquisition of Visa Europe, reducing a planned future payment in favor of additional cash up front. Meanwhile, MasterCard reportedly is in talks to acquire U.K. payments giant VocaLink in a potential £1 billion (US$1.45 billion) deal.
CFPB Schedules Arbitration Hearing for May 5, Proposed Rule to Come?
The CFPB has scheduled a field hearing on arbitration clauses in Albuquerque, N.M., on May 5 at 11 a.m., MDT. Experts are anticipating the hearing will be the forum for the bureau to release its proposed rule on arbitration, and industry groups are bracing for restrictions or an outright ban on arbitration clauses in financial services contracts.
Digital School Payments Firm ClassWallet Raises $1.5 Million
ClassWallet, a digital payments platform for school-related purchases, has raised $1.5 million in a seed round led by Idea Bulb Ventures.
Dunkin’ Donuts Boosts Mobile, Reward Efforts
The mobile coffee wars continue this month, with Dunkin’ Donuts updating its mobile apps as Starbucks revamps is loyalty program.
Global Payments gets green light to acquire Heartland Payment Systems
US-based payment processor Global Payments is to acquire Heartland Payment Systems for $3.8 billion in cash and stock, as approved by the Heartland stockholders. About 29.7 million shares were voted in favour of the merger proposal. The vote represents approximately 99% of the total Heartland shares which voted on the merger proposal and 80% of […]
MasterCard closes in on £1bn VocaLink acquisition
MasterCard is in “exclusive” talks with VocaLink over a £1 billion-acquisition, according to Sky News. Sky News says it has learned that 13 banks, which are shareholders in VocaLink, have “approved a period of exclusivity within which MasterCard can negotiate a takeover of the company”. Out of those banks, Barclays, HSBC, Lloyds Banking Group and […]
Fidelity Bank completes latest acquisition; IT conversion to follow
US-based Fidelity Bank will move its latest acquisition, American Enterprise Bank of Florida, onto its core banking system, Fiserv’s DNA, from FIS’s Horizon. American Enterprise Bank added $209 million in assets, $147 million in loans and $182 million in deposits to Fidelity Bank. It also brought two branches in Florida. The bank’s Horizon core banking […]
Top fintech stories this week – 22 April 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Corelation’s Keystone core system reaches 50 users All aboard for US-based credit unions. Citizens Bank plans core banking revamp with FIS Bank is also looking at a new mobile platform and middleware layer. Scotiabank invests millions of dollars […]
Moni goes into receivership
UK-based payments firm Moni has gone into receivership. Moni says its business and assets are being marketed for sale; and joint administrators have been appointed. If people have queries or are “owed money”, Moni is directing them to an advisory service. The firm did offer a mobile payment app for iOS and Android – similar […]
Swift Business Forum London 2016: Open banking touches a nerve
Financial institutions are still nervous about APIs and security when the word “open” is discussed, was one theme from the Swift Business Forum London 2016. More than 1,300 delegates were packed into Tobacco Dock, London for the sixth edition of the one-day event. Yesterday morning’s sessions (20 April) were a mixed bag – “blockchain is […]
Viewpoint: Fraud Quiver Requires More than One Arrow
If you want to fight fraud in the corporate and government sector—or any sector—you need many tools. And, you may have to educate clients that no one tool is the solution.
Viewpoint: The Gamification of Financial Services
Gamification is not new, but new entrants are showing that injecting the right mix of fun and rewards into financial education can reap dividends for consumers and financial services providers seeking to engage their customers.
Viewpoint: Fintech: The Great Equalizer
We’re bombarded daily with reports that fintech firms are poised to eat the banks’ lunch. The drumbeat is so loud and steady, it’s hard not to fall into the trap of thinking that banks’ best days are behind them. But, I believe the proliferation of fintech solutions presents a remarkable opportunity for small and midsize financial institutions.
Spring 2016 Pay Magazine Now Available
The digital edition of the Spring 2016 issue of Pay Magazine is finally here. Whether you’re a technology provider, a financial services company or a retailer, you have to reconcile consumers’ on-demand mentality with top-notch security and compliance at every consumer touch point. In this issue, we help you do just that.
Discover Expands E-Commerce Acceptance with Computop
On the heels of a strong earnings report yesterday, Discover Financial Services’ wholly owned subsidiary Diners Club International announced a deal with Bamberg, Germany-based payment service provider Computop to increase international e-commerce merchant acceptance of Discover, Diners Club and Alliance Partner cards.
