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News
CFPB to delay final prepaid rule by six months, “revisit” aspects with new proposal
It’s official. The US Consumer Financial Protection Bureau (CFPB) is pushing back the effective date of its final rule on prepaid accounts until 1 April 2018 – six months after the originally scheduled implementation date of 1 October 2017.
Payments start-up Plastc goes bust
Plastc, a US fintech start-up that created a card that could digitally hold 20 credit or debit cards, is filing for bankruptcy.
BBVA and Ripple complete blockchain cross-border money transfer pilot
BBVA has announced the completion of “the first real-life implementation of an international money transfer using Ripple’s new distributed ledger technology (DLT)”. The transaction, which ran on BBVA infrastructures with real money, resulted in money moved between Spain and Mexio “in a matter of seconds”.
Profile Software’s tech gets new live site in UK, Dolfin
London-based investment management firm Dolfin has gone live with Profile Software’s IMSplus and Axia systems.
Fintech start-up for SMEs Hufsy teams with SolarisBank for German launch
Hufsy, a Denmark-based fintech start-up focused on SMEs, is expanding into Germany. Its banking partner in Germany is SolarisBank.
White paper: preparing for PSD2 – the role for data and the future for banking
The implementation of the updated Payment Services Directive (PSD2) will affect banking institutions of all sizes, opening up financial services and payments markets to new competitors and service providers. Download this free white paper to be ready!
Top fintech stories this week – 21 April 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
CFPB to Delay Final Prepaid Rule by 6 Months, ‘Revisit’ Aspects with New Proposal
It’s official. The CFPB is pushing back the effective date of its final rule on prepaid accounts until April 1, 2018—six months after the originally scheduled implementation date of Oct. 1, 2017. What’s more, the agency has decided to “revisit at least two substantive issues” in the final rule: requirements for digital wallets that are capable of storing funds; and error resolution and liability limitations for prepaid accounts that cannot or have not yet been registered.
Central Bank of Lesotho overhauls tech with Intellect Design Arena
The Central Bank of Lesotho has gone live on Intellect Design Arena’s Quantum Central Banking Solution (QCBS). According to India-based Intellect, the “key highlight was an accelerated implementation with zero errors during migration despite complex integration with multiple external interfaces”. Mothetsi Sekoati, head of business solution at Central Bank of Lesotho, says the project is […]
The feeling’s Crédit Mutuel for IBM Watson
Following a pilot, IBM says its Watson cognitive technology will be extended to Crédit Mutuel’s 20,000 employees and 5,000 branches in France to help with the bank’s operations. This marks the “first commercial use” of Watson by a financial institution in France to assist its staff. The bank’s customer advisors have been using Watson services […]
Kid me not fraud with GoHenry digital deal
GoHenry, a UK-based digital banking solution to help young people manage their money, has appointed fraud prevention firm Featurespace to safeguard customers’ accounts. GoHenry was founded by a group of parents to help young people aged six to 18 “learn good money habits”. It is a subscription service, which offers a prepaid debit card and […]
Mastercard, Merchants Launch Masterpass-Enabled Bots
Hungry Facebook Messenger users can order a meal, do their grocery shopping or send a gift card for a sweet treat without leaving the messaging platform. Mastercard announced April 18 at the Facebook Developer Conference that it has launched Masterpass-enabled, artificial intelligence-powered chatbots with Subway, FreshDirect and The Cheesecake Factory.
Blackhawk Beefs up Specialty Gift Cards with Grocer Albertsons
Blackhawk Network has launched a gift card program with grocery chain Albertsons that promises to give shoppers more options for “spring and summer holidays” such as Mother’s Day and Father’s Day, Blackhawk said. The program focuses on category gift cards that run via the Visa payment network.
Thumbs up for Mastercard’s new biometric card
Mastercard has launched its latest biometric card, combining chip technology with fingerprints to verify the cardholder’s identity for in-store purchases. South Africa is the first market to test the evolved technology, with two separate trails recently concluded with Pick n Pay, a supermarket retailer, and Absa Bank, a subsidiary of Barclays Africa. According to Mastercard, […]
People on the Move: Scott Pearson, American College of Consumer Financial Services Lawyers
Scott Pearson, a partner in the consumer financial services group at Ballard Spahr, has been named a fellow of the American College of Consumer Financial Services Lawyers.
People on the Move: Lou Friedmann, Bento for Business
Bento for Business, a provider of employee expense management solutions for small businesses, has appointed Lou Friedmann as chief revenue officer.
People on the Move: Shazia Manus, CO-OP Financial, Confidence Award
CO-OP Financial Services Chief Product and Strategy Officer Shazia Manus was named the winner of the Confidence Award during Inspiring Women of Iowa, an annual event sponsored by the Girl Scouts of Greater Iowa.
People on the Move: Michael Lenora, Andy Golding, Kreditech Board
German consumer finance technology company Kreditech Group has named Michael Lenora as independent chairman of the board and Andy Golding as an independent board member.
People on the Move: Jeff Lewis, Advising Next Group
Mobile banking and telecom provider Next Group Holdings has signed Jeff Lewis, president of Jeff Lewis Advisory, to provide oversight and recommendations on the development of its GPR and gift card products.
People on the Move: Agnes Woolrich, Pay by Bank
VocaLink mobile payments app arm Pay by Bank has appointed Agnes Woolrich as marketing director.
Company on the Move: QCash Financial, CFSI Financial Health Network
QCash Financial, a provider of small-dollar lending technology for financial institutions, has become a member of the Center for Financial Services Innovation (CFSI)’s Financial Health Network.
People on the Move: Nat Milburn, Sionic Mobile
Mobile loyalty and payments platform provider Sionic Mobile has named Nat Milburn as managing director of enterprise development.
People on the Move: Ken Hayes, SRM
SRM (Strategic Resource Management), an independent contract advisory firm for financial institutions, has appointed Ken Hayes as senior vice president of strategic solutions.
People on the Move: Sara West, W2 Global Data
W2 Global Data has appointed Sara West as its chief commercial officer.
Capriza powers Yorkshire Building Society mobile move
UK-based Yorkshire Building Society (YBS) has chosen Capriza’s platform to help improve its digital and mobile capabilities. The society will use the platform to let its customers connect and apply for its mortgages and savings accounts through mobile devices. Nick Mortimer, head of marketing and e-commerce, Yorkshire Building Society, says Capriza’s platform offers “very little […]
IBM promise in the cloud threatens to become false dawn
IBM has reported a mixed bag of results for the first quarter of 2017, with the strategic imperatives offerings up but overall revenues down 2% to $18.2 billion, reports Telecoms.com (Banking Technology‘s sister publication). While another quarter of decline is nothing new to report for Big Blue, what might be worrying for the team is […]
Malaysia’s central bank seeks fintech start-ups
Bank Negara Malaysia (BNM), the nation’s central bank, is calling out to fintech start-ups for ideas to improve the financial services sector. The bank’s Financial Technology Enabler Group (FTEG) is now open to concepts through its “Fintech Hacks” initiative which aims to “identify pain points in the delivery and consumption of financial services, and solicit […]
Nomura turns fintech Voyager in India
Asian investment bank Nomura plans to tap into India’s lively fintech scene with the launch of its “Voyager – Nomura Fintech Partnership” – including a new JPY 10 billion ($91.7 million) fund to provide support to start-ups. Nomura is inviting entrepreneurs to participate in the programme to build solutions for capital markets and investment banking […]
Nasdaq goes on attack with fintech investment programme
Nasdaq has unveiled its venture investment programme, Nasdaq Ventures, as it seeks out new fintech firms to work with in the global capital markets. Adena Friedman, president and CEO, Nasdaq, says it plans to “accelerate the pace of innovation”. The minority stake investments made by Nasdaq Ventures are expected to range from less than $1 […]
SouthEast Bank in front-to-back office tech revamp with Fiserv
SouthEast Bank, a $1.2 billion financial institution in the US state of Tennessee, is implementing Fiserv’s DNA core banking system and a range of auxiliary solutions from the vendor.
Accenture calls for Asia-Pacific fintech start-ups
Applications will soon open for Accenture’s fourth annual Asia-Pacific Fintech Innovation Lab, a 12-week programme to help start-ups speed up product and business development. According to the firm, investments in Asia-Pacific fintech companies are on the rise. During the first quarter of 2017, investments totalled $1.1 billion, representing 21% of the $5.1 billion invested into […]
Unauthorised transactions vex US prepaid consumers – CFPB’s latest report
Prepaid complaints to the Consumer Financial Protection Bureau (CFPB) in the US hit 2,500 in 2016, accounting for about 0.9% of the 291,400 complaints in agency’s latest Consumer Response Annual Report.
Report: accelerators speed up UK fintech growth
We’re travelling at the speed of light, that’s why we’re on a news site. The UK’s fintech scene is chock-full of sweet accelerators and incubators – powering the industry ever onwards. In their 76-page report, “Business incubators and accelerators: the national picture”, the UK Government and innovation foundation Nesta paint a pleasant portrait of energy […]
HelloPay merges with Ant Financial for AliPay boost
HelloPay Group, which runs the HelloPay payment platform and online shopping and selling site Lazada, has merged with China’s Ant Financial. Ant Financial, part of Jack Ma’s Alibaba Group, runs Alipay and so HelloPay has now been rebranded as Alipay Singapore, Alipay Malaysia, Alipay Indonesia and Alipay Philippines in its respective markets. Douglas Feagin, SVP […]
Fund times with BNP Paribas blockchain-powered platform
BNP Paribas Securities Services is partnering with AXA Investment Managers for the creation of a new digital fund distribution platform. Called BNP Paribas Fund Link, it aims to make the fund distribution process better by improving the flow of information between fund buyers and sellers via blockchain and smart contract technology. Jean Devambez, head of […]
Central Bank of Armenia revamps tech with Intellect Design Arena
India-based software vendor Intellect Design Arena is to provide its Intellect Quantum Central Banking System (QCBS) to Central Bank of Armenia.
Singapore regulator and UN team up for ASEAN financial inclusion
The Monetary Authority of Singapore (MAS) and the United Nations Capital Development Fund (UNCDF) have teamed up to improve access to digital financial services in the ASEAN region. The partnership is under the ongoing UNCDF’s Shift (Shaping Inclusive Finance Transformations) programme for development in this part of the world. Sopnendu Mohanty, chief fintech officer, MAS, […]
Bank ABC revamps digital channels with Backbase
Bahrain-based Bank ABC (Arab Banking Corporation) is modernising its digital channels for retail and wholesale banking customers with Backbase’s tech.
Zelle makes its presence known in P2P payments arena
The recent performance of Zelle Network, the peer-to-peer (P2P) payments platform with the funny name, is no laughing matter for competing P2P providers.
