The US Department of the Treasury has unveiled an “Office of Innovation” as it looks to assert its control on regulations in this fintech space. The Office of the Comptroller of the Currency (OCC), an independent bureau within the Treasury, says it is “making certain that institutions with federal charters have a regulatory framework that […]
No more drowning in tons of paper and receiving eye-watering bills from lawyers – Drooms introduces a brand new virtual data room, Drooms NXG. The work is a result of a two-year development, says Jan Hoffmeister, managing director and co-founder of Drooms, and features self-learning software and automatic translation from core European languages to English. […]
Antony Jenkins, former CEO of Barclays, is back with a new company called 10x Future Technologies and launched a new core digital banking platform. As Banking Technology reported in June, Jenkins, who was sacked by Barclays in summer 2015 for failing to transform the bank quickly enough, set up 10X Future Technologies. At that time, […]
Tullett Prebon Information (TPI), a provider of real-time price information from the global OTC financial and commodity markets, has signed a deal with Brave New Coin (BNC) to distribute its digital currency data. TPI says this is the “first time such a comprehensive view of the entire digital currency landscape has been made available to […]
India-based Five-Star Business Finance is modernising its lending operations with a new platform, FinnOne Neo, provided by local specialist vendor Nucleus Software. The solution will be delivered in the cloud. Five-Star is a non-banking finance company, and provides small business and small housing loans to “underbanked customers”. It chose FinnOne Neo to “help scale [its] […]
ABLV Bank, a Latvia-based private bank, has selected Wolters Kluwer’s OneSumX to provide regulatory reporting software. The solution will be used for both its Latvian headquarters and its Luxembourg-based subsidiary, including European Banking Authority reporting obligations. The bank is also using the firm’s Regulatory Update Service. This service is maintained by Wolters Kluwer experts who […]
Earthport, a cross-border payments service provider, has revealed its revenues increased 18% to £22.8 million for the full year (FY) 2016 – powered by the rise in payment volume and transaction numbers. For the year ended 30 June 2016, it says payment volume increased to more than $11 billion, a 64% increase prior to the […]
OCBC has become the first bank in Asia Pacific to let customers send cash through Siri. Users can send money with a voice command via Siri, then use the OCBC Pay Anyone mobile e-payment service. It also offers Apple’s instant messaging service – iMessage. No need to stop texting, payments can be made without leaving […]
Fiserv’s GAAP revenue increased 5% in the third quarter to $1.38 billion, with 8% growth in its payments segment and 2% growth in the financial segment, compared to Q3 2015. The firm also released figures for the first nine months of 2016, with GAAP revenue rising 5% to $4.07 billion, with 8% growth in the […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! HSBC Private Bank live with Avaloq Banking Suite EXCLUSIVE. It’s on in Switzerland and Luxembourg. European Association for Biometrics conference Eyes down for our event review. New challenger bank to launch in UK Hampshire Community Bank wants a […]
Cognizant has assisted KeyBank in implementing Oracle Banking Platform (OBP) from Oracle FSS as part of the bank’s tech revamp. Cognizant says it redesigned KeyBank’s core systems, applications, business processes and customer interfaces to “simplify transactions”. Vipin Gupta, EVP and CIO of Key Community Bank (KeyCorp’s division that includes retail, business and commercial middle market […]
U.S. consumers’ usage of mobile devices in-store ranks as one of the highest compared with shoppers in other countries. However, their use of mobile devices at the POS drops dramatically, according to the 2016 FutureBuy report, which tracks trends in online, mobile and brick-and-mortar shopping. The results indicate that payments providers have work to do to convince shoppers m-wallets are worth the effort.
Sleek, small, clean and thumbprint-operated—a new Diebold Nixdorf ATM shown off at this week’s Money20/20 show in Las Vegas points toward the future of cash distribution, and speaks to the spreading potential of biometrics in payments.
The National Bank of Canada will cut 600 jobs as part of its restructuring plans and take a charge of $175 million in Q4. The charge includes severance payments to employees and the expense of moving premises. The bank says the restructuring will bring $120 million in annual savings. As of July this year, it […]
Last month, Discover Global Network announced its support of two fintech scholarship contests hosted by the Center for Financial Services Innovation, an authority on consumer financial health, and Gefen Capital, an investment group representing U.S. and Israeli investors that focuses on investing in Israeli startups. The contest winners, Lenny, Debitize, and PayKey, received financial awards from CFSI and Gefen Capital, and were given the opportunity to demonstrate their unique solutions in the DGN exhibition booth onsite at Money 20/20 in Las Vegas, the largest payments and innovation conference in the world.
Financial services research and advisory firm Aite Group has hired Tiffani Montez as a senior analyst in its retail banking and payments practice, where her research will span card issuance for prepaid, credit and debit cards.
Mobile carrier billing specialist Bango has hired Fernando Dias to head its operations in Latin America.
Small business lending fintech provider Bizfi has appointed John Donovan as the company’s CEO.
Central Payments, the payments division at Central Bank of Kansas City (CBKC), has announced that Jo Ann Sowers has joined the company as vice president of client relations.
Discover Financial Services has officially rebranded its payments network to Discover Global Network, representative of Discover Network, Diners Club International, PULSE debit and ATM network, as well as alliance partners around the globe.
Southeast Asian ride-hailing app Grab has named Ming Maa as its new president, based in Singapore.
Real-time push payments technology provider Ingo Money has named Jonathan Donahue executive vice president of business development.
Payments industry veteran Larry Stone has joined the board of directors of JetPay Corp., a provider of debit, credit and prepaid card services.
London-based compliance consultancy Neopay recently opened a U.S. office in Los Angeles to serve clients on both sides of the pond and named Joel Sherwin president of U.S. operations.
Gerd Schenkel has been appointed CEO of Tyro Payments, an Australian financial institution specializing in acquiring, where he will be tasked with leading the company’s growth and public advocacy activities.
Wells Fargo & Co. has formed a new payments, virtual solutions and innovation group, to be headed by Avid Modjtabai.
Spire Payments and Spanish savings bank association EURO 6000 have teamed up to launch a mPOS solution called “Pinpago” in Spain. Pinpago uses Spire Payments’ mPOS device, the SPm20. The device is enabled by a payment mobile app which is downloaded to the merchant’s smart device of choice (phone or tablet) allowing payment transactions for […]
Toronto-based Impak Finance plans to launch as Canada’s first ethical bank. This month, its team went crowdfunding with Canadian investor platform FrontFundr to fund the creation of the bank. It raised more than $1 million within two weeks, not including private investment. Co-founder Paul Allard, with ten other bankers, entrepreneurs and financiers in Montreal, Toronto, […]
Misys’ initial public offering (IPO) has been scrapped. It had planned a £5.5 billion float but says in a statement that it “decided not to proceed… at the current time due to market conditions”.
Algebra, Asia’s “first Shariah-compliant robo-advisor”, will be launched this December by Malaysia-based Farringdon Group Private Wealth Managers. It will be open to investors from across the globe, with a minimum investment of $200 per month. Funds will follow basic Islamic principles. For example, no stocks may derive income from gambling, alcohol, tobacco, pork products, adult […]
A new challenger bank – Hampshire Community Bank – is gearing up for launch in the UK.
US-based MemoryBank, a national branchless banking platform, has opened its “digital doors”. Founded this month, it is digital only and targets “generation-X customers” – born between 1965 and 1982 – described as “an often-ignored group, pushed aside by millennials”. The bank is a subsidiary of Kentucky-based Republic Bank & Trust Company. For its tech, Republic […]
It may come as no surprise that the CFPB’s latest monthly complaint snapshot released Oct. 25 focuses on complaints related to prepaid products, considering the agency released its long-awaited final prepaid accounts rule earlier this month. But despite the bureau’s contention that “the report shows that consumers continue to experience issues trying to manage their accounts and access funds,” prepaid-related complaints to the bureau dropped 21 percent in September.
Samsung Pay is expanding. The mobile wallet early next year will offer the Masterpass online payment service from Mastercard to Samsung Pay users. That comes as Samsung Pay deploys to Malaysia, Russia and Thailand, putting the mobile wallet in 10 countries total, executives said this week at Money 20/20 in Las Vegas.
Payments are moving up the value stream and becoming an engagement platform, moving beyond the transfer and settlement of funds to more deeply connect a consumer and brand. In this environment, payment providers—including those in the gifting and rewards verticals—can leverage the popularity of other brands to improve their own value and stand out from the pack. Those were among the main takeaways from a Money20/20 keynote from Talbott Roche, president and CEO, Blackhawk Network.
With Walmart Pay showing strong growth since launching earlier this year, Walmart’s Daniel Eckert—one of the main architects of the service—provided some insights into the motivation behind creating Walmart Pay and what’s in store for the service. Speaking in a Tuesday afternoon session at Money20/20 in Las Vegas, Eckert characterized Walmart Pay as an effort to improve the checkout experience in particular.
TSYS will be processing payment authorizations for Optal Financial Ltd.’s virtual card payments business, according to an Oct. 26 announcement. London-based Optal is a global provider of B2B payments services, including virtual account numbers, and is one of Europe’s biggest virtual card issuers, according to the companies.
The UK-based Co-op has teamed up with forensic technology company SmartWater to roll-out a new deterrent linking criminals back to the scene of an ATM crime. In a “first of its kind”, SmartWater have adapted their dispersal technology to ensure that both the criminals and the stolen cash are marked, regardless of how the ATM […]
Toronto-based payments start-up nanopay has completed its $10 million Series A funding round. With this financing and the MintChip platform, which nanopay recently acquired from The Royal Canadian Mint, it is developing new business partnerships to “expand the global utility and acceptance” of MintChip. Laurence Cooke, CEO and founder of nanopay, says its focus is […]
Danish payment processor Nets has warned local banks of a possible data breach and advised them to block up to 100,000 credit cards.
