It’s probably not farfetched to say you’re time-stretched. To save time here’s a round-up of some events in the (Asian) world of payments. Payments firm Mozido has revealed that 14 banks within the Taiwan Mobile Payment Co (TWMP) consortium have adopted its HCE technology. The remaining 12 banks will launch later this year. Mozido says […]
Four start-ups will enter ING’s Innovation Studio in September to see whether they can make the big time – the launch of a viable commercial business. Axyon AI, Gekko, Startup Insight and Surance will take part in the bank’s accelerator programme, the third of its type, since it began in July 2015. ING selected the […]
Mexico’s third-largest Bitcoin exchange, MeXBT, has gone offline without any prior warning – leaving its users confused. The firm’s website has gone and now just says “the page you are looking for cannot be found”. Its Twitter account is slightly more helpful and says (in Spanish) the platform has been suspended temporarily and it needs […]
UK-based Route Trading is to unveil Money Router – a solution designed to tackle the problem of “illicit money transfers taking place” in London. Launching on 27 September, Route Trading says the new software enables banks to reduce the risks involved in home remittance. The firm says the solution can “strengthen the safety of global […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Apple bites back over Australian banks’ “cartel” Don’t team up on them. Thieves steal $72m from Hong Kong Bitcoin exchange Now looking for new funding to compensate its customers. UK challenger Mondo gets banking licence It also needs […]
After a previous attempt by FinCEN to implement an anti-money laundering rule stalled and was withdrawn, the agency is planning to reintroduce a version of the rule. A FinCEN spokesman told Reuters the rule is being revised and could be submitted next year.
As mobile app operators try to make lunch easier for workers by enabling them to reserve seats and place lunch orders before arriving at restaurants, questions are being raised about how efficiently those fledgling apps handle payments.
The company’s new CVS Pay offers payments, loyalty and prescription management within the CVS Pharmacy mobile app. The service currently is available in some CVS locations in select markets, including New York, New Jersey, Pennsylvania and Delaware, with a nationwide rollout expected to begin later this year, CVS said.
The online payments technology platform provider launched the Mastercard-branded GPR prepaid card late last year in the U.S. and Canada as part of a test before taking the product globally, according to the company.
Kyc.com is partnering with Dow Jones, Exiger and Regulatory DataCorp (RDC) to drive standardisation and compliance for Know Your Customer (KYC) processes. The alliance plans to deliver an end-to-end KYC process integrating compliance, onboarding, sanctions, screening, negative media searches and client risk assessment across regulatory regimes and multiple jurisdictions. Joel Lange, managing director of Dow […]
UK-based challenger bank Mondo has got its banking licence. The bank kindly passed the news to the Financial Times first rather than informing anybody else. It then issued a tweet saying it’s an “exciting day” which caused some confusion to its followers. According to the Financial Times, Mondo’s founder Tom Blomfield (formerly chief technology officer […]
They said it. We read it. We edit. Here’s a round-up of events in the payments space to save you time. Payments platform Payza has expanded the availability of its Payza Prepaid Card to the majority of its account holders worldwide. It was initially launched to a “limited group” in December 2015, but Firoz Patel, […]
In 2016, mobile payment sales are projected to reach $27 billion and users are expected to spend an average of $720, up from $8.7 billion and $376, respectively, in 2015. But exploding mobile adoption is just one of a handful of customer behaviors that are making streamlined, integrated payments a must-have for many retailers.
UK-based Raphaels Bank has become the “first new fully operational participating financial provider” of Faster Payments, the UK’s 24/7 real-time payment service. The bank says it is the 12th direct participant of the Faster Payments Scheme (FPS), and the first new bank to connect directly to the payment system since it was launched in 2008. […]
Union Bank of India has launched Ucontrol, a solution which lets customers control credit card usage with a mobile application. The solution is powered by payments provider Worldline, and Union Bank cardholders can manage usage of all their Union Bank of India credit cards from a single mobile application. Shri Arun Tiwari, chairman and managing […]
The South Korean government is launching an open platform designed to let firms develop and test apps for personal finance management. According to Korea Joongang Daily, the platform will be available at the end of this month. The Financial Services Commission in South Korea announced today (10 August) that 16 banks and 25 brokerage firms […]
R3 and over 15 of its blockchain consortium member banks have “successfully” completed two prototypes using distributed ledger technology for smart contracts. The banks designed and used self-executing transaction agreements – aka smart contracts – on R3’s Corda distributed ledger platform to process accounts receivable (AR) purchase transactions, aka invoice financing or factoring, and letter […]
Bank of America Merrill Lynch, HSBC and the Infocomm Development Authority of Singapore (IDA) have teamed up to develop a blockchain prototype for trade finance innovation. The consortium uses the distributed ledger framework provided by Linux Foundation’s open source Hyperledger Project; and the proof of concept has reduced manual processing in letter of credit transactions. […]
Emirates NBD has unveiled Emirates NBD Pay, an NFC-based mobile contactless payment solution. The UAE-based bank says it is the “first” in the Central Europe, Middle East and Africa region (CEMEA) to incorporate Visa’s Token Service technology to launch a contactless payment solution. Suvo Sarkar, senior EVP and group head – retail banking and wealth […]
Ireland-based Fexco has teamed with Electronic Network Cash Tellers (Encash) to launch the “first-ever” mobile cash withdrawal solution in the Philippines. Through Encash’s customer network, Fexco says its EasyDebit solution will be able to serve 75 million BancNet cardholders, allowing them “easier access” to cash across the Philippines. Fexco says the Philippines is a cash-centric […]
Intellect Design Arena’s lack of profit continues as it has reported a loss after tax of INR 55.2 million ($826,690) for the quarter ended 30 June 2016. This is an improvement on the previous year’s quarter, when loss after tax was INR 111.1 million ($1.6 million). Arun Jain, chairman and managing director, Intellect Design Arena, […]
Oracle’s global network of 330,000 point-of-sale (POS) payment systems has been hacked by a Russian organised cybercrime group. The breach occurred on the network run by Micros Systems, which Oracle bought in 2014. The incident was first picked up by computer security expert Brian Krebs, who contacted Oracle for comment. The firm acknowledged it has […]
Despite the accelerating rollout of EMV debit, the actual use of chip cards at chip-enabled POS terminals has been held back by the “slower-than-anticipated” pace of merchant EMV adoption, with just 4 percent of all debit card transactions with a chip card happening at a chip-enabled terminal, according to the 2016 Debit Issuer Study from Discover Financial Service’s PULSE network, released on Aug. 9.
Mobile payments are coming to more vending machines in the U.S. and Canada, thanks to partnerships between vending operators in both countries with automated retail payments provider PayRange.
An affiliate of China-based e-commerce giant Alibaba will expand its payments prowess in Europe via a deal with Ingenico Group, according to a report. The deal calls for the France-based payments provider to enable customers of Ant Financial Services—an affiliate of Alibaba—to access European offline merchants that are part of the Ingenico network, according to an Aug. 9 report in the Wall Street Journal.
BlueSnap, a payments technology provider, has partnered with Visa Checkout to help online merchants fight checkout abandonment by providing consumers with an easier checkout process and higher payment conversion rates.
Naspers, a South-African-based media and Internet company and parent of online payment service provider PayU, is acquiring Mumbai, India-based online payments company Citrus Payments Solutions in a cash deal valued between Rs 1,000 crore and Rs 1,200 crore (US$150 million to $180 million), according to The Times of India.
Lending Club has experienced a double blow – with a net loss of $81.4 million and the departure of its CFO. These latest developments follow in the wake of the recent jobs cuts and reorganisation of its top brass. That was all initiated as the firm is looking to rebuild investor confidence following the untimely […]
Global payments provider Worldpay reported a 10% rise in revenue to £2.1 billion for the six months to the end of June, and is expanding in Australia after winning its licence to process payments. Despite recently suffering two weeks of turmoil, which saw millions of payments affected through one of its gateways, the company’s revenue […]
Inter-dealer money broker Tullett Prebon has partnered with GMEX Group to develop a hybrid voice and electronic trading platform for FX Options. The new FX Options trading solution will integrate GMEX’s request for quote (RFQ) technology with Tullett Prebon’s existing central limit order book (CLOB) capability. GMEX Technologies, a wholly-owned subsidiary of GMEX Group, supported […]
Prasac, the largest microfinance institution (MFI) in Cambodia, has launched internet and mobile banking services using the TranzWare multi-card processing solution from Compass Plus. Its customers can now transfer money between their accounts, pay bills, top-up their mobile phones, manage their cards, check their balances and get a mini-statement by logging on to their internet […]
The UK’s Competition and Markets Authority (CMA) has unveiled its plans to make banks “work harder for customers” and ensure the “benefits of new technology are fully exploited”. The CMA’s final report on its retail banking market investigation concludes that “older and larger banks do not have to compete hard enough for customers’ business, and […]
Wirecard is working with O2 Czech Republic to offer a unified payments solution to retailers in the country. O2, as the “largest” telecom provider in the Czech Republic, will offer merchants “eKasa” – an online tablet-based fiscal till system together with credit card payment transaction services. This year, a new till system law has been […]
Australian bank Westpac has doubled its investment in venture capital firm Reinventure – with $50 million for start-ups. This is the second fund to be managed by Reinventure. Simon Cant and Danny Gilligan, the co-founders and managers of the first fund, are seeking to add another venture partner and some new staff to identify and […]
A pair of developments on the cybersecurity front are giving retailers more reasons to worry—as if they didn’t have enough already. Cyberthieves have compromised a customer support portal for Oracle Corp.’s MICROS POS system, which is used by more than 330,000 retail and hospitality providers worldwide. Meanwhile, payments technology company NCR claimed to have found a flaw in EMV chip technology that could enable criminals to bypass a chip’s transaction encryption.
A computer science student and security researcher has found a chink in the armor of Samsung Pay’s security in the form of a weak tokenization process that could lead to fraudulent purchases.
Consider it a frontier of payments: How best to match gift card offerings with a consumer base that is ever more reliant on mobile devices? And doing so while retaining easy portability and wide flexibility.
Cyberthieves are targeting banks in Brazil via malware that has already hit financial institutions in Europe and North America. In the Olympic host country, at least 10 banks have come under attack from “Panda Banker,” a variant of the Zeus Trojan malware.
Visa says more banks and companies in the US have chosen Visa Direct to expand their real-time payment services, including PayPal, Fiserv and Square. Visa Direct is a payments platform designed to allow financial institutions, developers and partners to offer real-time person-to-person (P2P) payments and business disbursements such as insurance claims payments, contractor payments, tax […]
New York-based OpenFin, a provider of HTML5 runtime technology for the financial industry, has joined Symphony Software Foundation. The foundation, described as “a non-profit organisation fostering open innovation around the Symphony secure messaging platform”, already has powerful members on its list, including BNY Mellon, Citadel, Citi, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley and […]
