Bank of Baroda calls on fintech start-ups to help solve payment challenge
India’s second largest bank, Bank of Baroda, is calling on fintech start-ups to solve the challenge of paying blue-collar workers.
News
More banks to opt out of R3 blockchain consortium
US Bancorp, Macquarie and JP Morgan are understood to be in the “leave” camp as they have opted out of the upcoming fundraising effort of the R3 blockchain consortium.
UK’s Financial Conduct Authority calls for regulatory sandbox applicants
The UK’s Financial Conduct Authority (FCA) is calling for the second group of applicants to its regulatory sandbox. As Banking Technology reported last year, the sandbox allows businesses to test out new products and services without “incurring the normal regulatory consequences”. The move is part of the FCA’s Project Innovate, which aims to boost competition […]
Objectway Conference: Do or die in wealth management’s digital drive
The wealth management industry needs to shake off its “cottage industry” mentality of the past and realise that it is “do or die” in the push to digital. This was one of the key messages from yesterday’s (24 November) Objectway International Customer Conference in Amsterdam – a one-day event of presentations and insight from the […]
Macif Group in major IT overhaul with NeoXam
Macif Group is revamping its investment administration and accounting tech, and has selected NeoXam to assist with the project. It will help implement the new software and will also host it.
Top fintech stories this week – 25 November 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Wolters Kluwer wins system selection at Bank of Jordan
Risk management software vendor Wolters Kluwer says its OneSumX system won Bank of Jordan’s tender. OneSumX will support the bank’s liquidity risk and asset and liability management (ALM) operations.
Fintech funding round-up: 24 November 2016
Let’s put the fun in funding by keeping it mercifully brief. Money seekers are PayKey, Euklid and Flender.
National Bank of Malawi opts for NetGuardians system to prevent fraud
National Bank of Malawi is implementing the FraudGuardian platform from Swiss specialist vendor NetGuardians. The new solution will “protect customers’ data and prevent fraud,” the vendor says.
British Business Bank pledges £400m to UK fintechs and other businesses
The UK Chancellor Philip Hammond has announced a plan to invest £400 million of venture capital funds into the British Business Bank, a government vehicle to lend money to British businesses. The idea is to support the home-grown business sector – including fintech firms – and to prevent them from being snapped up by international companies.
Paysafe Pulls Prepaid Product from 100 Countries
Paysafe Group reportedly is pulling the plug on its Neteller and Skrill prepaid Mastercard cards in 100 countries on Friday. The move, which affects a product popular with online gamblers, apparently does not apply to North America or the 34 countries that are part of the Single European Payments Area.
FDIC Recordkeeping Rule Includes Alternative for Prepaid Accounts
The FDIC’s final rule establishing recordkeeping requirements for large financial institutions offers some relief for banks that hold prepaid accounts insured under pass-through coverage, but there’s still a lot of heavy lifting to be done for covered institutions.
Visa Changes EMV Debit Card Routing Process amid Federal and Merchant Pressure
Visa has modified and clarified debit network routing rules, following recent FAQ guidance issued from the Federal Reserve and to address a Federal Trade Commission inquiry.
NRF: Gift Card Spending to Bounce Back
The holiday season is upon us and many shoppers plan to give gift cards this season, according to a consumer trends survey by the National Retail Federation. What’s more, spending on gift cards this year is expected to outpace spending in 2015.
People on the Move: Nasir Zubairi, Luxembourg House of Financial Technology
Nasir Zubairi has been named CEO of the Luxembourg House of Financial Technology (LHoFT), a new public-private initiative aimed at advancing Luxembourg’s fintech and financial services industry.
People on the Move: Tapan Bhat, NerdWallet
San Francisco-based personal finance company NerdWallet has named Tapan Bhat as its first chief product officer.
People on the Move: Matthias Setzer, PayU
Online payment service provider PayU has appointed Matthias Setzer as its global chief commercial officer.
Company on the Move: Prepaid International Forum Benefactors, Mastercard, Neopay
The Prepaid International Forum (PIF) has announced that Mastercard and Neopay have become benefactors of the 10-year-old prepaid financial services trade association.
People on the Move: Ulrica Falkenberg, Trustly
Stockholm-based payments provider Trustly has hired Ulrica Falkenberg as head of people operations, where she will be tasked with supporting the company’s growth and doubling the staff from 130 to 250 in the next year.
Infographics: the fintech landscape
It’s infographics time! A great compilation of fintech companies, showing how we’ve gone from graph paper to personal data algorithms – and everything in between.
Start-ups assemble for Startupbootcamp FinTech London demo day
Startupbootcamp FinTech London will host its Demo Day on 1 December for the third year with ten firms lined up for action. The ten companies taking the stage will showcase their fintech, ranging from SME banking, regtech, chatbots, artificial intelligence (AI) and blockchain. Francisco Lorca, MD of Startupbootcamp FinTech London, says the variety of the […]
Klarna gets sweet on Cookies payments start-up
German start-up Cookies crumbled, but Swedish payments provider Klarna has rumbled into action to take on its tech assets and employees. As Banking Technology reported this month, Cookies ended its short life as a peer-to-peer (P2P) payment app and applied for insolvency. At that time, Cookies co-founder Lamine Cheloufi said the other co-founder, Garry Krugljakow, […]
Morgan Stanley and National Australia Bank to leave R3?
Morgan Stanley and National Australia Bank (NAB) are understood not to be renewing their membership with the R3 blockchain consortium.
IBM closes Promontory acquisition
IBM has completed the acquisition of Promontory Financial Group, a risk management and regulatory compliance consulting firm. As Banking Technology reported in September, IBM planned the purchase to boost IBM Watson’s cognitive technology. IBM adds that the acquisition complements its industry platforms business. These platforms will integrate IBM Cloud, Watson and capabilities from across “digital […]
CFPB Fights Court’s Ruling that Its Structure Is Unconstitutional
The CFPB has filed a motion for a rehearing before the entire appellate court after a three-judge panel of the D.C. Circuit Court of Appeals sent shockwaves in October when it determined the structure of the bureau is unconstitutional because it’s led by a single director who can only be removed by the president for just cause.
Visa Criticizes European Move toward Stronger Online Authentication
A European plan for new online transaction authentications has come under fire from Visa, which says the proposal will make online checkout needlessly complicated for consumers.
Survey: Small Business Like Mobile Wallets, But Fear System Upgrades
Small business might want to accept payments via mobile wallets, but most of those merchants worry about the cost of upgrading their systems to do so, according to new survey from Samsung Electronics America.
Ubiquity, Market Size Push Alipay to Top Spot in E-Commerce Payments
Alibaba’s Alipay has taken the crown of the world’s most popular online payment method, accounting for 44 percent of global e-commerce spending and projected to grow to 60 percent by 2020, according to a new report from U.K.-based payments processor Worldpay.
Fundinfo launches Digital Advisor, intelligent fund selector
Fundinfo says its new cloud-based fund selection system, Digital Advisor, considers “investor’s emotional preferences” in addition to analysing active and passive funds.
Apple gets Siri-ous with patent payment plans
Apple could be adding Siri’s functionality into its iMessage service for P2P payment transactions, according to a recent patent published by the US Patent and Trademark Office. The patent says that “one or more of the participant users can select to utilise a virtual assistant to assist the participant users with tasks during the communication […]
Barclays UK launches first contactless cash service
Barclays is launching the UK’s “first” contactless mobile cash service. Customers can withdraw up to £100 in-branch, with a tap of their Android smartphone or contactless debit card. Ashok Vaswani, CEO of Barclays UK, says its customers “now expect to be able to use their smartphone to make their everyday purchases” and “we want taking […]
Ancoa’s surveillance platform helps Dinosaur Merchant Bank to comply with MAR
Dinosaur Merchant Bank, a UK-based investment management, brokerage and advisory firm, has deployed Ancoa’s surveillance platform to monitor its equity trading activity for instances of market abuse and to meet their obligations under Market Abuse Regulation (MAR).
Android Pay launches in Poland
Android Pay is now live in Poland – the first country on continental Europe to launch the service.
R3 blockchain consortium loses another member, Santander
Santander has decided to leave the R3 blockchain consortium, which it joined last December. Meanwhile, R3 has slashed its fundraising target to $150 million from the original $200 million.
Leumi Card behaves with biometric mobile app
Israel-based Bank Leumi’s credit card subsidiary, Leumi Card, will launch a “first-of-its-kind” integration of a mobile security product based on behavioural biometrics. Using Israeli start-up SecuredTouch’s solution embedded in the Leumi Card app, it will eliminate the need for passwords. SecuredTouch’s technology allows user identification based on a “unique” personal usage profile within the mobile […]
Chasing the Competition: U.S.’s Largest Bank Debuts Chase Pay App
A little more than a year after the bank announced plans for its Chase Pay mobile wallet—and just in time for Black Friday—customers of the U.S.’s largest bank by assets finally can use the Chase Pay app in stores, online and for in-app payments. The industry will have to wait and see if this is the watershed moment for mobile wallet adoption, some payments experts have predicted.
Wirecard Rolls out Virtual Visa Prepaid Card in the Netherlands
Wirecard has begun issuing in the Netherlands the pay2d Visa card, a virtual prepaid card for online payments. Wirecard, which worked on the card with fintech firm 3V Benelux B.V., said this marks its first virtual prepaid card rolled out in that country.
Supreme Court Grants Consumers Standing in ATM-Fee Lawsuit
The U.S. Supreme Court on Nov. 17 ruled in favor of allowing an antitrust class-action lawsuit against Mastercard, Visa and their bank partners proceed after a lower court ruled that the consumer plaintiffs had no standing, according to a Reuters report.
Viva Mobile Ticketing in Las Vegas
Consumers in southern Nevada now are able to purchase transit passes using the recently launched rideRTC app for Apple and Android smartphones.
LSE to acquire financial data provider Mergent
London Stock Exchange (LSE) is to acquire 100% of the issued share capital of business and financial data provider Mergent. The Mergent business will form part of LSE’s information services division, which includes FTSE Russell, a provider of indexes, and real-time and reference data products. Mark Makepeace, group director of information services and CEO of […]
