Banking Technology July/August 2016 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
News
Another One Bites the Dust: suretap Wallet to Be Discontinued
Canada’s first mobile wallet suretap is now one of the latest casualties in the mobile wallet wars. Citing market changes and an increasing number of mobile payment and banking options, among other factors, the Toronto-based company will shut down the mobile wallet as of Aug. 26. But it’s not alone. Semble, a New Zealand-based joint venture created by several telecoms and banks, discontinued its mobile payment service July 15.
Santander Enforcement Could Preview CFPB’s Overdraft Intentions
The CFPB’s recent enforcement action against Santander Bank over the bank’s overdraft practices underscores federal regulators’ focus on holding regulated institutions responsible for the actions of third-party vendors, and could provide a preview of the CFPB’s upcoming rulemaking on overdraft.
FIS Mobile Cash Access Service Coming to 70,000 ATMs
FIS is expanding its Cardless Cash mobile ATM withdrawal service across the U.S. under a new partnership with Payment Alliance International (PAI), the largest privately held network of ATMs in the U.S. The deal will bring Cardless Cash to 70,000 ATMs in PAI’s network.
Samsung Pay Iris Scanner Could Bring New Biometric to Payments
Samsung’s upcoming Galaxy Note 7 reportedly will include an iris scanner that enables consumers to unlock their phones, one of the first major smartphones in the U.S. to include such technology. Although there was no immediate indication that Samsung plans to use iris authentication for payments, biometrics authentication is gaining momentum as providers seek to eliminate security-challenged passwords.
Lloyds goes mentor with start-up match-ups
Lloyds Banking Group has launched a new mentoring scheme giving fintech start-ups access to its workforce’s expertise. The support offered includes refining concepts to strengthening business models within a flexible timeframe determined between the mentor and the start-up. The mentors will come from all areas of Lloyds and will be matched with start-ups according to […]
Samsung Pay launches in Brazil
Samsung Electronics will roll out Samsung Pay in Brazil tomorrow (19 July), the first market in South America to introduce its mobile payment service. The service will launch with “major issuers” including Banco do Brasil, Brasil Pré-Pagos, Caixa, Porto Seguro and Santander. Additionally, Samsung says it is working with other bank partners including Banrisul, Bradesco, […]
India’s Unified Payments Interface gets more banks onboard
Unified Payments Interface (UPI), launched in April by the National Payments Corporation of India (NPCI), will go live by the end of this month with 15 participating banks. UPI offers instant, online bank payments, and is seen as a major change to the Indian financial sector. It enables banks to provide real-time payments through QR […]
Softbank to buy mobile chip designer ARM in £24.3 billion IoT bet
Japanese operator group Softbank has successfully bid £24.3 billion to buy UK mobile chip designer ARM in a bid to position itself at the centre of the IoT revolution, reports Scott Bicheno at Telecoms.com. The bid represents a 43% premium to the ARM share price at close of trading on Friday last week and the […]
Marathon Asset Management selects Simcorp Coric for client reporting
UK-based Marathon Asset Management (Marathon) has chosen Simcorp’s Coric – an end-to-end client communications and reporting suite. Simcorp says Marathon decided to replace its “outdated” legacy reporting system with Coric after a “comprehensive” review. The implementation will also include Coric’s Web Reporter, a self-service online reporting portal. Marathon will deploy Coric as an on-premise solution, […]
BMO “first” for account opening with smartphones
BMO Bank of Montreal has introduced a new service that allows customers to open an account using their smartphone, without having to go to a branch or download an app. The bank says this “first-of-its-kind account opening capability” allows customers to search, select and open a new account with BMO “in minutes”. Niti Badarinath, head […]
Deloitte pilots smart transaction reporting with blockchain
Deloitte Luxembourg has developed a proof of concept for regulatory transaction reporting in a distributed ledger technology (DLT) environment. In its DLT proof of concept, counterparties of the transaction will seal and report their deal using a smart contract, whose terms include all the aspects needed for the transaction reporting. The regulators will be able […]
FIS and PAI eye cardless cash expansion in US
FIS and Payment Alliance International (PAI) have teamed up to offer cardless cash services across the US. The partnership connects mobile solution FIS Cardless Cash to PAI – the nation’s “largest”, privately-held provider of ATM processing and maintenance services. FIS says the deal will “ultimately” expand to 70,000 ATMs in the PAI ATM network. Anthony […]
Open banking APIs will require a rulebook to ensure “good outcome”
Efforts to develop standards for banks to provide third-party access to customer account information are at risk of fragmentation under pressure from tight deadlines, a lack of clarity about the technical requirements and competing domestic proposals. At a conference in London last week arranged by industry body Payments UK, delegates heard that this will lead […]
Cringle partners with SolarisBank for Eurozone payments
German mobile payments start-up Cringle is working with SolarisBank to launch a peer-to-peer (P2P) payments platform for the Eurozone. Berlin-based Cringle will use SolarisBank’s banking licence and Single Euro Payments Area (SEPA) access API to roll out its wallet-less mobile payment solution. Cringle says the SEPA-based approach allows it (with SolarisBank’s help) to “move and […]
Neon aims to light up banking in Brazil
Brazilian online bank Neon has launched – offering accounts only accessed through a smartphone. The bank, founded by 24-year-old entrepreneur Pedro Conrade, is targeting the millennial crowd and its goal is to reach 100,000 active customers in its first year of operation. Neon says it will be the first bank in Brazil to use biometric […]
Tochka Bank launches world’s “first” financial Facebook bot
Russia-based Tochka Bank of the Otkritie Financial Group has launched the world’s “first” Facebook bot for a range of financial services. The bot will allow the bank’s clients to check their accounts, find nearby ATMs using geolocation, call the bank, contact customer support and make payments via Facebook messenger. Elena Budnik, chair of Otkritie Bank’s […]
Reserve Bank of India to tackle fintech regulations
The Reserve Bank of India (RBI) has put together an inter-regulatory working group (WG) to study the entire gamut of regulatory issues relating to fintech and digital banking in India. The move is designed to help facilitate their development and is the latest in a long list of technological advances in the country. Aside from […]
Top fintech stories this week – 15 July 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Swift seeks stronger network security Strikes back after hacks. IBM to open blockchain innovation centre in Singapore Big Blue stays true to blockchain. Starling Bank gets UK banking licence Aims to launch to customers by January 2017. Unibank […]
Unibank revamps core banking with Temenos
Ghana-based Unibank has completed a major upgrade from Temenos’ T24 R8 core banking system to R15. The bank is the first in Africa to be up and running with this version of Temenos’ flagship product, Banking Technology understands. Unibank is a mid-sized universal bank in Ghana, with assets of around $430 million. The project was […]
Visa says Europe open to biometrics for payments
According to new research from Visa, consumers across Europe are interested in using biometrics when making a payment – especially when integrated with other security measures. About 73% of the 14,000 European consumers surveyed see two-factor authentication, where a biometric is used in conjunction with a payment device, as a secure way to confirm an […]
Mobile Roundup: Masterpass Adds In-Store Purchasing; Starbucks, Android Pay Hit New Markets
Mastercard is expanding its Masterpass digital payment service to enable users to make in-store purchases, adding a major competitor to the increasingly crowded field of mobile payment services—and one that boasts a roster of 250,000 merchant partners and a built-in base of existing users. Meanwhile, two other high-profile mobile payment apps—Starbucks and Android Pay—are expanding in Asia-Pacific.
Congressional Report Accuses FDIC of Covering up, Misrepresenting Data Breaches
A critical congressional report was released this week claiming the FDIC has been hacked several times over several years and regulators have been covering up or misrepresenting breaches. In an ongoing investigation by the U.S. House Science, Space and Technology Committee, the report implicates FDIC employees, as well as the Chinese government, as responsible for some of the breaches.
Elan Debuts Mobile Management App for Debit, Prepaid
Issuers are beginning to put the fight against fraud into cardholders’ hands with mobile app controls, such as on/off switches and geolocation. Elan Financial Services is the latest to help issuers give debit and prepaid cardholders the ability to control their cards from their smartphones.
Transport for London Licenses Technology to Cubic
Transport for London (TfL), the city’s transit authority, and Cubic Transportation Systems have consummated a £15 million (US$20 million) licensing deal enabling Cubic to tailor London’s contactless system technology for other world cities’ transport systems.
SIA and Telecom Italia team up for e-payments
TIM, the single brand of Telecom Italia Group, has teamed with SIA (through its subsidiary TSP), to make POS MultiPay terminals operative in over 2,200 stores in its sales network across Italy. The aim is to extend the methods of e-payment for its offers; and SIA says TIM’s prepaid mobile phone customers will be able, […]
Blockchain and Bitcoin round-up: 14 July 2016
With news on blockchain and Bitcoin appearing thick and fast, here’s a round-up of key events to save you time. Bitcoin has got some love in Russia when the centre-right Party of Growth says it is open to accepting donations in the digital currency. Boris Titov, head of the party, who also acts as an […]
ANZ first Australian bank to offer Android Pay
Australia and New Zealand-based banking group, ANZ, is the first bank to launch Android Pay in Australia. ANZ chief executive officer Shayne Elliott says: “Being the first major bank in Australia able to offer Android Pay is another important milestone for ANZ.” Google senior director product management Pali Bhat adds: “Using Android Pay is more […]
Starling Bank gets UK banking licence
New challenger bank Starling has received its UK banking licence and adopted Faster Payments. Starling Bank says the licence comes with unspecified “restrictions” from the Prudential Regulation Authority and the Financial Conduct Authority. The bank aims to launch to customers by January 2017. Anne Boden, CEO, Starling Bank, says: “For the past year, our team […]
Standard Bank launches banking app to four African markets
Standard Bank in South Africa has launched its existing banking app to four additional African markets. The app is now available in Uganda, Namibia, Ghana and Botswana; with plans to roll it out to Nigeria, Kenya, Zambia and Zimbabwe by the end of 2016. The latest development is part of its drive to “enhance its […]
DTCC’s Avox adopts Amazon Web Services cloud
Avox Data Services, a provider of legal entity reference data and a subsidiary of the Depository Trust & Clearing Corporation (DTCC), has migrated its data servers to Amazon Web Services (AWS). The move is part of a company-wide initiative to implement new technologies to “increase scalability, further enhance the security of the data and reduce […]
Thought Machine thinks up new core banking software
UK-based start-up Thought Machine has emerged from two years in stealth mode with a new cloud-based core banking software, VaultOS. The company was founded by a core of ex-Googlers, and VaultOS was built from the ground up. The system was created with private blockchain-style technology and has cryptographic ledgers for “watertight” security. Paul Taylor, CEO […]
PSR calls for feedback on UK payments strategy
The UK’s Payment Systems Regulator (PSR) is calling for feedback on its Payments Strategy Forum’s draft plans. The Forum, which was created by the PSR in March 2015, is made up of 22 experts tasked with planning the future of the UK’s payments sector. Today (13 July), the Forum published its findings in an 80-page […]
Encentus Federal Credit Union selects Fiserv’s Portico core processing system
Oklahoma-based Encentus Federal Credit Union has chosen Fiserv’s Portico core account processing platform for digital banking and lending services. The credit union is migrating from its current providers to Fiserv; and Misty Potter, president and CEO, Encentus, says Fiserv “will empower our credit union with the progressive and innovative technology to drive a more rewarding […]
Nationwide launches new mobile banking app
Nationwide Building Society has launched a new mobile banking app – and users can now log on using Apple’s Touch ID biometric technology. Barnaby Davis, Nationwide’s divisional director group retail strategy, says: “As a mutual, Nationwide is owned by and run for the benefit of its members. This is why when designing our new mobile […]
Thomson Reuters and CME Group team up to integrate instant messaging networks
Thomson Reuters and CME Group have reached an agreement to implement connectivity between their instant messaging networks, Thomson Reuters Eikon Messenger and CME Pivot Instant Messaging. The combined service will be available late Q3 2016; and will allow over 300,000 current market participants using the respective messenger services to communicate “seamlessly” across platforms. Shaun Sibley, […]
Nxt to launch “first ever” scalable blockchain-based platform
Decentralised financial platform provider Nxt has developed Ardor, the “first ever” scalable platform using blockchain. The Netherlands-based firm says Ardor, which is available from tomorrow (14 July), is designed to function beyond financial exchanges and will be “open to everyone”, including individual users, start-ups, banks and governments. Dave Pearce, director at Nxt Foundation, says: “Ardor […]
ALTX East Africa unveils exchange platform
ALTX East Africa has launched its new exchange – offering the ability to handle 150,000 transactions per second. Joseph Kitamirike, CEO, director and co-founder of ALTX East Africa, says: “We also have the ability to settle securities transactions on a delivery versus payment (DvP) model within 15-20 seconds if the settlement bank we are working […]
Samsung Pay launches in Puerto Rico
Samsung Electronics is bringing Samsung Pay to Puerto Rico. Samsung Pay will support eligible credit cards from Banco Popular, Puerto Rico’s largest bank, and will be available on AT&T, T-Mobile, Sprint and Claro networks in Puerto Rico. The firm says Samsung Pay is the “only” mobile wallet that allows users to pay with their compatible […]
FDIC Guidance on Brokered Deposits Does Little to Ease Prepaid Industry Concerns
The latest FDIC guidance on brokered deposits, released on June 30, has done little to alleviate industry concerns about the treatment of prepaid card loads as brokered deposits.
