People on the Move: Brooke Fitts, Central Payments Division at CBKC
Central Payments, the payments division at Central Bank of Kansas City (CBKC), recently announced that Brooke Fitts has joined the company as vice president of operations.
PayTech
Companies on the Move: Edge Consultancy
Edge Consultancy LLC, a new strategic consulting firm aimed at community banks and credit unions, has added several new consultants and leadership positions, including CEO Kirk Kordeleski, former CEO at Bethpage Credit Union.
People on the Move: Raj Seshadri, MasterCard
MasterCard has appointed Raj Seshadri as president, U.S. Issuers. In this new role, she will be responsible for managing and expanding the company’s partnerships with banks and credit unions across the U.S. market.
People on the Move: Mung Ki Woo, OmnyPay
OmnyPay, a provider of one-step loyalty rewards and coupon redemption via mobile, announced that former MasterCard senior executive Mung Ki Woo will be joining OmnyPay’s leadership team in the role of chief partnerships and international officer.
People on the Move: Marcus Treacher, Ripple
Ripplet, a global provider of financial settlement solutions, has hired HSBC alum Marcus Treacher as global head of strategic accounts.
CFSI: Startups Filling Gap for Next-Gen Prepaid Services
As entrepreneurs recognize the market potential of serving the underbanked, many of the most cutting-edge payments startups are building their products and services around the existing prepaid infrastructure, Center for Financial Services Innovation Managing Director Ryan Falvey told Card Forum attendees this week.
Card Forum Panel: Mobile Wallet Opportunities, Pitfalls for FIs
When it comes to mobile wallets, Apple Pay, Samsung Pay and Android Pay garner plenty of headlines. But while the trio of high-profile “—Pays” has finally brought long-awaited consumer attention to mobile wallets at large, are they putting bank issuers at risk of losing control of the payments experience? And, if so, how do FIs fight to stay relevant in the mobile wallet age?
Europe Boosts Potential Costs of Data Breaches
The European Parliament approves new rules that can lead to fat fines related to data breaches and digital privacy violations.
PayToo and City National Bank of New Jersey Launch Mobile Wallet
The PayToo wallet is targeting unbanked and banked consumers and could serve as an alternative to traditional banking, according to PayToo CEO Michel Poignant.
Eleos opts for Wirecard and CIMB Bank Singapore mPOS solution
Wirecard is partnering with CIMB Bank Singapore to provide mobile point of sales (mPOS) card acceptance and banking solutions for clients of POS solution provider Eleos Web. Software till system manufacturer Eleos will use Munich-based Wirecard’s white label solution to “expand” till functionality to incorporate mobile card acceptance. Ong Whee Shiong, MD at Eleos, says […]
Bolivia’s banking community adopts Swift’s KYC
Bolivia’s banking community has connected to Swift’s Know Your Customer (KYC) Registry, a centralised repository which maintains a standardised set of information about financial institutions required for KYC compliance. Since December 2014, the KYC Registry has been adopted by more than 2,350 financial institutions globally to “complement” existing compliance programmes. In Latin America, the Registry […]
FSS to provide UPI solutions for six Indian banks
India-based payments firm Financial Software and Systems (FSS) will provide Unified Payment Interface (UPI) solutions for six unnamed Indian banks. The National Payments Corporation of India (NPCI) recently launched UPI, which offers instant, online bank payments. The move is seen as a major change to the Indian financial sector. FSS says UPI enables the banks […]
No barriers for Paymentwall in Iran
San Francisco-based Paymentwall has integrated Iran’s local payment system, following the end of economic sanctions in the country. The US and the European Union had imposed economic sanctions on Iran until it complied with restrictions set for its nuclear program. After 35 years, Iran agreed to a nuclear deal with the US, and it can […]
Swift to launch new payments data quality service
Swift will launch Payments Data Quality, a reporting and data analytics service to help financial institutions comply with new international requirements for originator and beneficiary information in payments messages. The service will be available in Q3 2016 and Swift says it will help banks monitor their compliance with the Financial Action Task Force’s (FATF) Recommendation […]
CFPB Fills Leadership Posts
On April 12, the CFPB announced the addition of several new members to leadership positions within the bureau for the external affairs division; the consumer education and engagement division; the student loan ombudsman and Office for Students and Young Consumers; the Office of Small Business Lending; the Office of Consumer Response; and the Office of Supervision Examinations.
Indian Smartphone Maker Strikes Payments Pact with Visa, TransServ
In a bid to grow its mobile payments business, Indian smartphone maker Micromax has struck a deal with Visa and payment technology provider TranServ. The three companies signed a Memorandum of Understanding under which Micromax handsets will incorporate QR code-based in-store payments service mVisa, as well as TranServ’s Udio mobile wallet app, which enables online and mobile purchases via linked Visa prepaid card.
T-Mobile Shutters Prepaid Card
A little more than two years after its launch into financial services, T-Mobile has confirmed that it’s shuttering its prepaid card program. Citing the competitive marketplace, the carrier is getting out of the business just as the CFPB puts the finishing touches on its prepaid account rulemaking.
Card-Linked Transactions Grow 50 Percent
A new report says that 70 percent of firms push offers and discounts to consumers through card-linked transactions and nearly half of those firms report transaction growth has doubled in the past year
FDIC: Non-Malicious Hack Involved 44,000 Consumers
The federal agency talks down a data breach that stemmed from an employee inadvertently downloading information about bank customers onto a portable storage device.
EPC launches public consultation on SEPA instant payments scheme
The European Payments Council (EPC) has launched a public consultation on the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme. EPC says the proposed scheme is the “first in the world to be interoperable in a region as large as SEPA and is a response to European customer needs for faster payments”. […]
Delaware Unveils Blockchain Initiative
The Delaware Blockchain Initiative demonstrates the state’s commitment to ensuring this remains the case for the growing blockchain technology sector.
FTC Chair: More Security Needed for Internet of Things
Edith Ramirez says Congress will have to craft laws to protect all the data and activities that stem from Web-connected appliances, cars and other devices. She also urges the industry to better protect that data.
Volante Technologies makes inroads into Turkey via tie-up with Payfessional
Financial messaging and payment specialist Volante Technologies has inked a partnership agreement with Payfessional, a Turkey-based IT firm. The tie-up will see Payfessional offering Volante’s VolPay suite of payment integration and processing solutions to the Turkish banking market. Payfessional, which focuses on e-payment processing solutions for the financial services industry, will also market the solution […]
FICO: ATM Fraud Jumps 546 Percent
The credit monitoring firm says criminals in the U.S. increasingly are targeting non-bank machines and ATM fraud has moved from the coasts into the heartland.
How U.K. Fintech Firms Can Access Faster Payments
Raphaels Bank releases a white paper that encourages fintech providers to outsource some of the work to access the country’s Faster Payments Scheme.
PayNearMe, 7-Eleven Offer Tax Payments at Retail
Cash bill payment specialist PayNearMe is giving taxpayers a new way to pay the IRS without using a bank account or payment card. The company’s new service enables users to make cash tax payments at nearly 7,000 7-Eleven store locations via barcode scan.
Ingenico Continues Omnichannel Push with Startup Buy
2016 Pay Awards winner Ingenico Group has acquired Think&Go NFC, a startup specializing in enabling digital displays to interact with connected objects like smartphones and transit passes. The acquisition is part of Ingenico’s plan to strengthen its omnichannel presence over the next several years.
Allied Irish Banks to modernise payments software with Dovetail
Allied Irish Banks (AIB) is set to modernise its payments platform. The bank has recently concluded a system selection to that effect. The new supplier is Dovetail, Banking Technology understands. The new payments hub will support high-value, low-volume payments as well as high-volume, low-value ones. Dovetail’s solution will replace the Global PayPlus (GPP) legacy platform […]
Earthport and Ria Money Transfer join forces for remittances
Earthport, a UK-based cross-border payment network, and Ria Money Transfer, the world’s third largest money transfer company, have teamed up. Earthport will provide Ria with access to a global payment network. “Through a single, managed relationship with Earthport, Ria will gain access to over 60 domestic clearing schemes,” Earthport states. The solution “enables complete transparency”, […]
Insights EMEA: what corporates want from their banks
The recent D+H conference in London has provided a platform to corporates to share their experiences of dealing with banks, vent their frustration, highlight the improvements and discuss the latest developments and the way forward. Unsurprisingly, the main themes were standardisation, automation and the reduction of complexity. The panellists – representatives of Hilton Worldwide, Ingersoll […]
Industry Views: The Risky Business of Payments
With the threat of cybercrime growing considerably, we canvassed top payments providers and data security consultants to find out what they see as the biggest cyber-risks, and what steps companies should take to help keep consumer data—and the financial system—safe.
Viewpoint: What the Contactless EMV Push in the U.K. Means for the U.S.
As contactless EMV transactions become mainstream in the U.K., the trends could foreshadow what’s ahead for U.S. payments.
APEX: let the good times (and insights) roll
At the All Payments Expo in New Orleans, engagement and security were all the rage, while payment experts looked toward new prepaid rules from the federal government.
Insights EMEA conference: corporate banks and their pains
At the D+H customer event in London, Insights EMEA, there has been a lot of talk about innovation, blockchain (of course) and where corporate payments are heading. Whilst D+H and its Global Transaction Banking Solution (GTBS, formerly Fundtech) unit are, understandably, promising their clients better solutions – so we won’t dwell on that – it […]
It’s time for payments infrastructures to change
There’s no doubt about it, fintech is a force to be reckoned with, and the UK has positioned itself convincingly as the global capital. Speaking at an event only last month, Economic Secretary, Harriett Baldwin, commented on how fintech is “helping normal people in their daily lives” by giving them extra choices when it comes […]
Money20/20 Europe: M-Wallet Future
During a panel at Money20/20 Europe in Copenhagen on April 5, experts discussed the challenges of creating personalized experiences to entice users and deliver those experiences at scale.
Money20/20 Europe: Consumer Appetite for Digital Wallets Growing in Europe
Europeans are showing an increased interest in digital wallets and almost a third (31 percent) say they’re likely to use a digital wallet on a mobile device, 5 percent more than the previous year, according to Aimia research released this week at Money20/20 Europe.
A Decade in, PayPal’s Mobile Business Booming
PayPal Inc. has unveiled a new chart that shows just how quickly its mobile payments have spread in the U.S. over the past decade. Issued in a PayPal blog post to mark 10 years since the company offered its first mobile payments service—which enabled users to send money via text—the chart tracks PayPal’s mobile payments volume by year. Since beginning at under $50 million in 2006, mobile payments volume shot up, cracking the $1 billion mark in 2011—and the $10 billion plateau just a year later.
CFPB Reports on Complaints from Military Community, Prepaid Remains Low
The CFPB has released its annual report on complaints received by the agency from military servicemembers, veterans and their families. Prepaid comprised just 1 percent of complaints from the military community—mirroring the tiny fraction of prepaid complaints to the CFPB from the general public.
Money 20/20 Europe: KYC/ID, commerce disruption and femtech round-up
Here’s a round-up of yesterday’s (5 April) panel discussions at Money 20/20 in Copenhagen. In “Knowing me, knowing you: Streamlining KYC, ID and customer onboarding” the issues of identity and how service providers are using new technologies for verification were examined. A question to the audience as to whether ID-based payments are dead received a […]
