Viewpoint: Is Faster EMV the Best Solution?
As MasterCard and Visa work to enable quicker EMV transactions, could new technology leapfrog EMV by providing a better experience at the POS?
PayTech
Viewpoint: As Apple Stumbles, Apple Pay Shines Brightly
Is the sky really falling for Apple, which missed its Q2 earning mark, as some analysts predict? Another view points to Apple Pay and other services from the hardware giant as growth drivers for the future.
Viewpoint: What’s Next for Tokens?
Anti-fraud tokenization technology stands to gain more attention and use in the U.S. as the mobile wallet wars develop and new specifications are issued.
Monitise looks to be profitable in H2 2016, appoints new COO, launches new product
UK-based payments vendor Monitise seeks to turn its fortunes around with a new digital payments offering, new COO and a new, re-focused business structure. Banking Technology investigates. Choppy waters The mobile payments vendor has had a difficult few years, partly attributed to growing too big too fast. By 2014, it had to write off £128.5 […]
Infographics: The world of e-commerce
Did you know that in the Netherlands 54% of all transactions are carried out using the iDEAL online banking system? Or that Germans prefer to pay on account via direct debit and the popularity of e-wallets is growing in Russia? ‘The world of e-commerce’ reveals the three most popular e-commerce payment methods across 22 countries […]
MasterCard Launches Integrated Processing Service in Asia-Pacific
MasterCard has launched its MasterCard Integrated processing service in Asia-Pacific, the company said today.
Aite Report: Contact Center Fraud on the Rise
Organized fraud rings are attacking contact centers more than ever before, according to a new report from Aite Group.
India’s Yes Bank Marks Big Gains with MasterCard Virtual Prepaid Cards
India’s Yes Bank has issued some 1.7 million MasterCard-branded virtual prepaid cards since launching the program in January 2016, making it one of the largest issuers of those cards in the world, the financial institution says.
Cybercriminals Infiltrate ADP Tax Portal, Make Off with W-2 Data
Fraudsters obtained tax and salary data on employees of more than a dozen corporate clients of payroll services provider ADP—information that could be used to file fraudulent tax returns.
Bank of Punjab automates Islamic treasury; implements new RTGS system
Pakistan-based Bank of Punjab (BOP) has extended its partnership with local software vendor Autosoft Dynamics. Autosoft will implement its new real-time gross settlement (RTGS) system, AutoRTGS, at the bank and will also extend the coverage of the Adams treasury system to support Islamic banking. BOP is already a user of Adams for conventional banking operations. […]
Rep. Salmon’s Bill Latest to Push ID Requirements for Tax Refund Prepaid Cards
A U.S. Congressman from Arizona is the latest lawmaker to set his sights on prepaid cards in a bid to combat the growth of tax refund fraud. Rep. Matt Salmon (R-Ariz.) recently introduced a bill that would ban tax refunds from being loaded onto a prepaid card unless the identity of the accountholder has been “verified by an office or employee of the Department of the Treasury.”
Britannia Rising: Fintech Startups Still Like the U.S. Best, but the U.K. Makes Gains
As two British regional banks launch a mobile-only offering, a new white paper from the Emerging Payments Association and The Bancorp points to why the U.K. is becoming more attractive for new fintech companies.
Will Wirecard Be a ‘boon.’ for Apple Pay in U.K.?
Wirecard’s boon. mobile payments service has launched for Apple Pay in the U.K., opening the mobile payments service to consumers, regardless of bank affiliation. By offering a digital prepaid MasterCard, boon gives Apple Pay a way to reach customers without having to go through a traditional bank.
Federal Reserve Proposes Bank Executive Compensation Rule
The Federal Reserve Board seeks input on a proposed rule that could limit incentive-based executive compensation based on risk-taking behavior by banks. The move stems from the Dodd-Frank Act and comments are due July 22.
Paytm partners with Wipro for new payments bank
India-based Paytm has teamed with IT services integrator Wipro for its new payments bank, as it gets ready for an August launch. Wipro will be implementing the new core banking system, and Banking Technology understands that Infosys, Oracle FSS and TCS Financial Solutions were in the running to provide their core banking solutions to Paytm. […]
Turkey launches new card payment system, TROY
Turkey has introduced its own card payment system, called TROY, and the nation is setting its sights on becoming a cashless society by 2023. Speaking at the launch, Dr Soner Canko, general manager of the Interbank Card Center (BKM) in Turkey, said: “Many countries around the world, from Canada and Italy to South Korea and […]
VocaLink signs UK’s largest ever ATM processing deal with LINK
VocaLink, the payment systems provider, has signed a five-year deal to provide “exclusive” processing for the LINK ATM network. The deal is the UK’s largest ever ATM processing deal and is expected to deliver over 16 billion transactions. Under the five-year contract with LINK Scheme and its 38 members, VocaLink will provide ATM switching and […]
Australian Prepaid Firm to Buy U.S.-Based Store Financial
The acquisition of the card manager and processor comes after Emerchants bought Store Financial Services UK. 2016 Pay Awards winner Emerchants reportedly is raising $35 million for the new deal.
IRS Security Summit Makes Progress; Calls for New Members
The fight against tax refund fraud was part of the discussion at the recently concluded NBPCA Power of Prepaid conference, where the IRS commissioner talked about the public-private partnership designed to boost security.
FTC Investigating Venmo for ‘Deceptive or Unfair Practices’
The Federal Trade Commission is investigating Venmo, the popular P2P payment app owned by PayPal Inc. In its quarterly earnings report, PayPal said it received a Civil Investigative Demand from the FTC on March 28, as part of an investigation into whether PayPal through its Venmo service is “engaged in deceptive or unfair practices,” according to the filing.
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.
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.
