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.
Industry Comment
How do MARket participants justify surveillance spend in an era of cost cutting?
With MiFID II now confirmed and MAR just around the corner, Dave Tolladay of Alerts4 Financial Markets examines the key questions facing financial institutions having to increase trade surveillance monitoring spend while reducing costs. Between €500 and €700 million – that’s the estimated one-off compliance cost to be imposed on financial firms carrying out a […]
Get off our patch – no room for fintech fakery
A search for fintech now returns nearly ten million results – astounding, when you consider the first searches were recorded in 2005. But how many of those results focus on, or indeed are sourced from fintech innovators in the truest sense of the word, asks Philippe Gelis, CEO and co-founder Kantox. The reality is that fintech is […]
Reporting under Basel III: avoiding past mistakes
In a world where prudential regulatory rules are interlinked the old temptation to explore one regulatory development at a time is damaging. Regulatory reporting, and the technological systems behind it, need to adapt if we are to avoid past mistakes, writes Selwyn Blair-Ford, head of global regulatory policy at Wolters Kluwer. Here’s a scenario that […]
Biometrics: the road less travelled on the customer journey
Biometric security in the financial services sector has finally reached the tipping point many have been anticipating since Apple launched its fingerprint recognition technology one whole iPhone generation ago. We recently saw the first of the major banks to announce that both fingerprint and voice recognition technology will be viable account login options for millions […]
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.
When banks leave the front door open
Cyber attacks against the banking industry have soared in the last few years. And financial institutions now face 300% more attacks than any other industry. Comparatively with other industries, the financial services industry isn’t shy where it comes to cyber security investment and generally has a superior level of protection. But this attracts a more […]
Cash continues as the only option – but hold the phone, don’t you recognise me?
As I waited today for the barista to fill my coffee order I picked up the local newspaper; jumping right off the page was the headline, “9 Businesses that are still cash only”! (This was a reference to an article by Laura Woods on the Go Banking Rates website on 2 April 2016.) Of course, […]
Testing times: solving the cost conundrum in a disrupted market
Doing more with less is an important goal for any business. In the world of banking, an increasingly complex market is driving firms to uncover new ways to deliver cost efficiencies, writes Peter Gould, associate partner at Orbium. Growing competition from specialist providers continues to disrupt the traditional banking model. These firms are using new […]
UK businesses are frustrated by delayed business payments so where is the broken cog?
Almost half (48%) of SMEs in the UK are frustrated by payments taking too long to reach their bank account, a survey conducted by YouGov on behalf of ACI has found this week. The businesses surveyed also state that these delays are negatively affecting their ability to run their business. A third of the SMEs […]
Will regulation be a blessing or a blow for Bitcoin?
The European Commission (EC) wants to update the fourth Anti-Money Laundering directive so that it also covers virtual currencies, such as Bitcoin. In the UK, the Treasury has followed suit by announcing plans to subject virtual currency exchanges to the same regulations as banks. This isn’t surprising. Gunnar Nordseth, CEO and co-founder of Signicat, muses over the possible […]
Building consumer trust – a major challenge for newcomer banks
The challengers aiming to take on the traditional high street banks are themselves facing an enormous obstacle if they are to disrupt the banking market significantly, observes Zehra Chudry, organiser of the “Challengers versus Legacy Banks” debate at PayExpo Europe 2016. This hurdle is building consumer trust. Not only must they offer powerfully attractive alternatives and improvements, they must also convince consumers […]
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.
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 […]
Fintechs, prepare for a wave of M&A
The financial services ecosystem is experiencing dramatic change, driven on the one hand by disruptive fintech models that are causing disintermediation of the financial incumbents, and on the other hand by rapid advances in technology that are disrupting the ancient, creaking core banking platforms. Fintechs, prepare for a wave of M&A, says FirstCapital’s CEO, Jason Purcell, as […]
Keeping up in a Faster Payments world
Faster payments is one of the more pervasive topics in almost any global payments conversation. And if you look at key countries like Singapore, the US, and Australia, it may seem to be more than just talking. Additionally, many countries are improving their infrastructure to clear payments in the same day or already have domestic […]
New competition or new regulation: which is the bigger challenge for banks?
One of the most talked about issues in retail banking today is the emergence of the new entrant, or “challenger”, bank. “New” banks are being spun off from existing institutions and more than twenty organisations having applied for, or received, a banking licence over the past twelve months or so. Banking is becoming an ever […]
Online banking 2.0 with API
When you think of the new era in banking — let’s call it “Banking 2.0” — what do you see? Is there something revolutionary such as totally virtual branches or no paper money at all? It’s hard to tell how Banking 2.0 will exactly look like, especially with virtual reality (VR) sets going mainstream, but […]
Virtual account management: time to reap SEPA
Virtual account management (VAM) holds great promise for corporates to centralise and reduce bank accounts. Banking Technology‘s payments expert, Heather McKenzie, explains. One of the promises of the single euro payments area (SEPA) was that it would enable more efficient cash management infrastructures for the euro. In a 2014 study, Economic analysis of SEPA, PWC predicted a […]
What can we learn from Sweden’s domestic payment system quandary?
The Nordics have a unique model for domestic payment processing, but some of the upheavals in the system provide a lesson for other countries debating faster, upgraded payments initiatives. Owned by the eight largest banks in Sweden, Bankgirot is the clearing house for domestic payments in Sweden, and provides the banks with payment product and […]
Smartphones? Credit cards are the most mobile payment method!
The world has been talking about “mobile payments” for years, but the phrase means different things to different people. So what exactly are mobile payments? And how much more mobile than cash or cards can payments actually get, asks Philipp Nieland, co-founder and CTO of PPRO Group. Some people believe that mobile payments are those […]
Payments shake-up in the UK: the baby and the bathwater
Since the introduction of the Faster Payments Service (FPS) the best part of a decade ago the UK has been rather proud of its payments system – industry body Payments UK uses the phrase “world class payments” in its development plans, and successive politicians have trumpeted the country’s prowess in this field, much as their […]
Storming the banks
Traditional banking has taken quite a beating in recent years as more and more customers prefer to handle their banking needs digitally rather than be bogged down by paperwork or wait in lines at a physical bank. In a bid to meet developing customer expectations, many banks have begun offering web-related services such as e-deposits, […]
Dear banks, social media doesn’t have to be scary
Dear Banks, how’s it going? If you’re reading this, you must be on social media, or you’re at least checking the internet. That’s great. I’ve been meaning to write this letter for a long time. The first thing you should know is that I think you’re really important. Sure, I might like to joke about […]
Do banks need IT expertise at the board level?
Technology is the most important agent of change today; hardly any industry is immune to both its value-creating and disruptive potential. However, in an April 2011 survey of corporate directors by McKinsey Quarterly, more than half said their boards had only one technology-related discussion a year, or none at all. Since then, the situation has […]
Viewpoint: Virtual Reality
The rise of m-wallets, smartphones and online shopping could be a boon to virtual incentives.
Viewpoint: A Modern Magnifying Glass for IVR Performance
If you’re not analyzing your cardholders’ IVR interactions, you’re missing an opportunity to improve their experiences and engender loyalty. IVR design based on insights from previous interactions is crucial, particularly in prepaid where cardholders rely heavily on customer service.
Viewpoint: Don’t Wait around for NFC
Smaller banks bent on taking market share from larger rivals can appeal to mobile consumers without going all-in on NFC, at least for now.
Peering into peer-to-peer: lack of understanding affecting post-IPO prices
Mike Lobanov, partner at Target Global, takes a look at the recent fluctuations in Lending Club’s share price to assess the impact on the peer-to-peer (P2P) industries. The P2P lending platform Lending Club is proudly the largest platform of its kind in the US. Founded in 2007, it successfully raised in excess of $390 million […]
Cash is still king but “uneasy lies the head that wears a crown!”
Even as I am prepping for my next industry event, observations from the last conference I attended continue to permeate my thoughts. The ATMIA US Conference that was held in New Orleans only recently and yet, three items continue to have me thinking about the durability, indeed longevity, of some of the points raised. In […]
Fundamental Review of the Trading Book: impact on capital requirements and risk architecture
The introduction of the Fundamental Review of the Trading Book (FRTB) requires a rethink when it comes to risk architecture and data requirements. Xavier Dubois, Wolters Kluwer’s senior risk and finance specialist for EMEA, outlines the key points. There is an area of complete agreement when it comes to examining the potential impact of FRTB – […]
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 […]
Labs’ labour lost: forget fin, forget tech, focus on the client
Not a day seems to go by without another innovation of fintech announcement from a bank. While most have now dabbled in an incubator, accelerator or a lab here, and a fintech investment there, they all have one thing in common, argues Leda Glyptis, director at Sapient Global Markets. And that is a lack of tangible […]
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 […]
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.
