Google has built a pilot app, allowing payments in stores “completely hands-free”. The app, wait for it, is called Hands Free. Pali Bhat, senior director, product management at Google, says in a blog post: “Imagine if you could rush through a drive-thru without reaching for your wallet, or pick up a hot dog at the […]
The gloves have come off as Apple digs in its heels against the FBI’s request to create a backdoor to the iPhone. We asked payments experts what might be at stake for mobile payments in this encryption battle.
Banks looking to serve SMBs and attract young entrepreneurs must create mobile apps that go beyond consumer-facing solutions. Those that do will be rewarded with greater loyalty and profitability.
Find out why direct debit is a preferred payment method for nearly 40 percent of consumers worldwide and what it means for technology providers, banks and online merchants.
Bottomline Technologies has launched a new payments gateway solution, Direct FPS Service. The company says the service aims to help challenger banks gain access to the UK payments market, as well as enable any organisation wishing to make “quick” payments to their customers or suppliers. It works under the New Access Model, designed to allow […]
With challenges across the board, banks will have their work cut out to keep up with the changing world of payments in 2016. It is shaping up to be a pivotal year for the payments industry as regulation, new technology, major infrastructure overhaul projects and security issues combine to reshape the landscape. According to a […]
The CFPB has hit online payments provider Dwolla with an enforcement action over what the agency describes as misleading claims the company made about customers’ data security and the risks of using Dwolla’s online system. The action is the CFPB’s first enforcement related to a data security issue, the agency said.
Wirecard Technologies GmbH has been busy, launching a new Visa-branded prepaid/credit product in Germany today, following recent acquisitions in Romania and Brazil. Today the company released mycard2go prepaid card, which is the first Visa Simply One combined card that enables acceptance at merchants that take Visa credit and V PAY debit cards.
Square Inc. has added a new feature to its Square Cash P2P money transfer service that enables users to store funds within their Square Cash accounts—a move that means the service can fulfill some of the functions of a mobile wallet.
A Turkish man pled guilty Tuesday in a federal court in Brooklyn to planning and leading cyber-attacks that swiped $55 million from ATMs around the world.
Dutch state-owned bank, ABN Amro, is partnering with US-based First Data for payments and will offer services through its joint venture European Merchant Services (EMS). EMS has been processing credit card and debit card payments for businesses for over 25 years, and ABN Amro says entrepreneurs and small business owners will be able to add […]
North American software provider, D+H Corporation, has made optimistic noises over its Global Transaction Banking Solution (GTBS) unit in its latest financial results. The vendor claims to have “won a majority of payment hub RFPs” as well as “surpassed the Fundtech [now GTBS] backlog record” in generating revenue from the existing projects. Gerrard Schmid, CEO […]
Be mobile, be fast and be ready for the demise of paper currency.
The CFPB’s latest consumer complaint report is out, and this month the agency took a closer look at prepaid-related complaints. Even though the agency says prepaid complaints “spiked in recent months,” such complaints continue to comprise a small fraction of the issues brought to the bureau’s attention.
As the CFPB prepares to release its final rule on prepaid accounts—expected this month—U.S. Senator Mike Rounds (R-S.D.) is urging the agency to conduct a cost-benefit analysis on how the rule would affect government benefits cards and potentially increase taxpayer costs.
When Enterprise Bank began offering a mobile banking app designed by Fiserv with small business clients in mind, the uptake was far beyond expectations. Catering to business clients via mobile has several benefits, such as increasing loyalty and profitability and attracting millennial entrepreneurs.
The recently proposed data-transfer pact between the U.S. and European Union has come under fire from critics, including privacy activists and some EU lawmakers, who claim the deal fails to adequately protect EU citizens from surveillance by American intelligence agencies.
Banks and fintechs should collaborate rather than compete, leveraging their respective strengths to revolutionise the B2B payments space and create sustainable business models in today’s digital era. As the next stages of digital structural change continue to transform financial services, the focus of technological developments will shift. Most recent developments in business models have been […]
Apple will testify tomorrow before the House Judiciary Committee on encryption amid its fight with the FBI over creating software to hack an iPhone of one of the terrorists responsible for the December attacks in San Bernardino, Calif. Fellow tech companies, including Google, Facebook, Microsoft and Twitter, are expected to file amicus briefs in support of Apple’s decision not to comply with a court order demanding that Apple comply with the FBI’s request.
Developers seeking to incorporate Venmo’s payments tools into their apps might be out of luck, as the popular P2P service has closed access to its payments API for new developers. The company said it’s focusing its efforts and resources on launching the beta of pay with Venmo, the new in-app payment service it announced last month.
As e-merchants seek to reduce friction for their Web and mobile customers, authentication specialist iovation has launched a new “password-less security” service, which the company says streamlines the user experience while maintaining robust protections.
German digital bank Number26 and TransferWise, a UK-based international money transfer platform, have teamed up to provide Number26 customers with direct “in-app” access to TransferWise’s service. Number26 co-founder and CEO Valentin Stalf says the company wants banking products to be “accessible to customers with one tap, creating a fintech hub inside the Number26 app”. The […]
PayPal is teaming up with Mexican telecommunications giant América Móvil as it looks to expand in Latin America. The alliance’s focus will be on a new mobile wallet platform, which lets users pay for items by smartphone scans. With América Móvil on board, PayPal can target 140 million users in Brazil and Mexico. Dan Schulman, […]
Spanish bank BBVA has signed a strategic alliance with Cisco, allowing it to become its “priority” technology partner. BBVA says it wants to “foster connectivity and collaboration” between clients and employees, and speed up innovation and digitisation. This is the first of a series of alliances and BBVA says it is aiming to create more […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Fiserv’s CUnify core processing system bags 25 US credit unions More good news for the US software vendor. IBM delivers blockchain-as-a-service for developers Code to joy… nearly 44,000 lines made available. Potential “merger of equals” between Deutsche Börse […]
Payment firms i2c and TIS have formed a strategic partnership to standardise prepaid payment solutions on the i2c processing platform. Under terms of the multi-year partnership, Japan-based TIS will adopt i2c’s cloud-based platform as its standard for prepaid card processing and expand its use to support credit and debit card payment processing in “key Asian […]
The UK’s Payment Systems Regulator (PSR) says banks should sell their stake in the nation’s payments infrastructure, VocaLink, to “help increase innovation and competition”. The PSR has published its provisional findings of its market review into the ownership and competitiveness of the infrastructure that supports the payments systems; Bacs, Faster Payments System (FPS) and LINK. […]
In Green Dot Corp.’s first earnings call since investor Harvest Capital Strategies called for the ouster of Green Dot CEO Steve Streit and two board members, Streit said that while neither he nor the board members will be going anywhere, the company is open to Harvest’s input on how to improve the company’s performance and its advice on adding potential new board members.
The Payment System Regulator (PSR), a government body created to oversee the payment systems industry in the U.K., is calling for the major banks to sell a part of their stakes in U.K.-based payments provider VocaLink, which it claims will create more fertile ground for innovation and competition.
Apple Pay has a new foothold in corporate payroll: Payment Data Systems said that its Akimbo prepaid card program now works with the mobile wallet from the computer maker.
In the battle for mobile wallet supremacy, JPMorgan Chase this week got venti-sized boost in the form of a partnership with Starbucks.
HSBC in Germany will use Swift’s Value Added Network (VAN) solution to connect to Target2-Securities (T2S). VAN Solution enables T2S participants to connect to the new pan-European securities settlement platform for the exchange of business information in ISO 20022. Other banks and central securities depositories (CSD) that have signed with Swift for T2S connectivity include […]
This webinar will look at how real-time ubiquity and reach are crucial and collaboration is the winning strategy. As real-time continues to evolve, join us to discuss how it opens up opportunities.
CPI Card Group has named Steven Schmuelling director of business development.
The Federal Reserve Board has reappointed Federal Reserve Bank presidents and first vice presidents. Each officer will serve a five-year term beginning March 1, 2016.
Ingenico Group, a global payment solutions provider and 2016 Pay Award Winner, has announced that the Technology Association of Georgia (TAG) has named the Alpharetta, Ga.-based company one of the Top 40 Innovative Technology Companies in the state.
National Gift Card Corp, a gift card solution partner, has promoted Vice President of Strategic Partnerships Rick Rubin to the newly created position of executive vice president of sales.
PayPal Holdings Inc. has appointed Sri Shivananda senior vice president and chief technology officer, effective April 1, 2016.
PayPal Holdings Inc. has appointed Sri Shivananda senior vice president and chief technology officer, effective April 1, 2016.
Payveris, a provider of open API digital payment solutions, has hired Mohan Chunduri as senior vice president of operations.
