Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Money 20/20 Europe: Biometric identity, SMEs and final day’s sessions round-up Key highlights, what went well and what could be improved. Money 20/20 Europe: KYC/ID, commerce disruption and femtech round-up Valid points raised, key issues discussed. A must […]
Sudan-based Export Development Bank (EDB) has gone live with its new core banking system, Temenos’ T24. The Islamic bank implemented R13 of T24 and has also got Temenos’ Insight Financials tool. The project was initiated three years ago, with the contract signing in Q1 2013. National Data Consultants (NDC), a regional implementation partner of Temenos, […]
Here’s a round-up of yesterday’s (6 April) panel discussions and today’s (7 April) sessions at Money 20/20 in Copenhagen. In “Biometric identity and its applications in financial services and payments”, on 6 April, it was a case of the panel moderator questioning the audience as the first step. When asked if they had biometric authentication […]
At the All Payments Expo in New Orleans, engagement and security were all the rage, while payment experts looked toward new prepaid rules from the federal government.
At the D+H customer event in London, Insights EMEA, there has been a lot of talk about innovation, blockchain (of course) and where corporate payments are heading. Whilst D+H and its Global Transaction Banking Solution (GTBS, formerly Fundtech) unit are, understandably, promising their clients better solutions – so we won’t dwell on that – it […]
During a panel at Money20/20 Europe in Copenhagen on April 5, experts discussed the challenges of creating personalized experiences to entice users and deliver those experiences at scale.
Europeans are showing an increased interest in digital wallets and almost a third (31 percent) say they’re likely to use a digital wallet on a mobile device, 5 percent more than the previous year, according to Aimia research released this week at Money20/20 Europe.
PayPal Inc. has unveiled a new chart that shows just how quickly its mobile payments have spread in the U.S. over the past decade. Issued in a PayPal blog post to mark 10 years since the company offered its first mobile payments service—which enabled users to send money via text—the chart tracks PayPal’s mobile payments volume by year. Since beginning at under $50 million in 2006, mobile payments volume shot up, cracking the $1 billion mark in 2011—and the $10 billion plateau just a year later.
The CFPB has released its annual report on complaints received by the agency from military servicemembers, veterans and their families. Prepaid comprised just 1 percent of complaints from the military community—mirroring the tiny fraction of prepaid complaints to the CFPB from the general public.
Here’s a round-up of yesterday’s (5 April) panel discussions at Money 20/20 in Copenhagen. In “Knowing me, knowing you: Streamlining KYC, ID and customer onboarding” the issues of identity and how service providers are using new technologies for verification were examined. A question to the audience as to whether ID-based payments are dead received a […]
The relationship between banks and the startup fintech community has gone through various stages and may depend on your geography. But during an introduction of the three StartupPitch competition winners at Money20/20 Europe today in Copenhagen, Matt Harris, managing director, Bain Capital, likened the state of the fintech industry to the second movie in the original Star Wars trilogy—The Empire Strikes Back.
Two firms presented research at Money20/20 Europe in Copenhagen on April 4—with very different focal points. While CGI’s survey delved into what consumers want out of financial services—and from which companies they’d like to receive those services—Edgar, Dunn & Company presented research sponsored by Wirecard from its “10th Annual Advanced Payments Study” examining industry stakeholder attitudes and predictions for the future.
MasterCard is partnering with relief organization World Vision International to deliver humanitarian aid assistance via electronic payment technologies, including the Pay Award-winning MasterCard Aid Network.
The Verifone Carbon, designed for such businesses as cafes and retail stores, enables not only payments but personalized marketing messages targeted at consumers. Verifone says the launch helps showcase that it’s competing on a design and innovation standpoint, not just by providing security and scale.
The blockchain (and bitcoin) industry welcomes regulations, but has to share the limelight with other digital currencies, as regulators look to deal with its rise and implications. At yesterday’s (4 April) afternoon session, “Blockchain and digital currency: Regulatory perspectives” at Money 20/20 in Copenhagen, a panel discussed the burning issues of the day. Present were […]
Cardiff-based Principality Building Society is a step closer to selecting a new core processing system, Banking Technology understands. Principality’s current provider is Unisys Financial Services System (UFSS). It is understood that the building society has considered an upgrade of UFSS but decided against it. It is now evaluating offerings from a number of system suppliers. […]
Payment companies need to collaborate, not compete, when it comes to dealing with the threat of card fraud. At this morning’s (5 April) session, “Innovations in card not present fraud” at Money 20/20 in Copenhagen, a panel discussed the issue in a lively and quick chat. Present were moderator Andrew Jamieson, head of innovations, UL; […]
Western Union Business Solutions has unveiled a brand new payments platform for SMEs, WU EDGE. The project has been 18 months in the making and is available to new and existing customers for free. WU EDGE is cloud-based, and is designed to be a single global payments tool for businesses worldwide. It will go live […]
Amazon is stepping on the gas when it comes to expanding its payments business globally. The e-retail giant today announced the launch of the Amazon Payments Partner Program in four countries. In an interview at Money20/20 Europe in Copenhagen, Patrick Gauthier, vice president, Amazon Payments, talked to Paybefore about the company’s payments plans and how it’s winning over merchants.
Figures from MasterCard and Visa show robust increases in EMV cards and merchant acceptance. More than two-thirds of MasterCard-branded cards carry the anti-fraud technology while Visa says it has more than 212 million EMV cards.
Google Wallet is phasing out its companion plastic prepaid card as Google continues to reposition the wallet app as a P2P money transfer service. The Google Wallet Card no longer will be supported as of June 30, 2016, Google announced in a blog post.
Santander and Kabbage are piloting an online tool to give UK small and medium sized enterprises (SMEs) access to same day funding. Announced today (4 April) at Money 20/20 in Copenhagen, SMEs can get access to new working capital of between £500 and £100,000 via an online process. At a media briefing, Sigga Sigurdardottir, chief […]
Realex Payments, a European payment service provider and part of the Global Payments group, has signed a two-year outsourcing contract with Allpay, a UK bill payments collection specialist. The agreement will see Allpay’s online payments processed through Realex’s managed eCommerce solution, and Realex says it will process approximately £1 billion transactions each year over the contract. […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Will Simon Bateman, the new CIO of London-based Harrods Bank, restart the bank’s long-suffering core banking software overhaul? Bateman moves from another UK-based bank, Aldermore, where he spent around three years, first as transformation and change director and then as head of IT for the savings business line. Aldermore, a small domestic bank focused on […]
Three credit unions in the US have converted to the DNA core account processing platform provided by Fiserv. The projects were a couple of years in the making. Texas Dow Employees Credit Union The largest of the three is Texas Dow Employees Credit Union, with $2.7 billion in assets. The DNA platform supports all main […]
As US-based KeyCorp prepares to take over its rival First Niagara to create the country’s 13th largest bank, Banking Technology muses what this might mean for the fintech market. A major system selection perhaps, as both banks are currently using dated systems? KeyCorp and its banking subsidiary, KeyBank, hope to finish acquiring First Niagara by […]
The Depository Trust & Clearing Corporation (DTCC) and Digital Asset Holdings have teamed up to develop and test a distributed ledger (blockchain) solution for repurchase agreement (repo) clearing. Blockchain will be used to manage the clearing and settlement of US treasury, agency, and agency mortgage-backed repo transactions. Mike Bodson, president and CEO of DTCC, says: […]
Only 18% of consumers aged 60 or over in the US use mobile banking, according to a study from the US Federal Reserve. In its 86-page report “Consumers and Mobile Financial Services 2016”, the Federal Reserve reported its findings from a survey which focused on consumers’ use of mobile technology to “access financial services and […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Samsung Pay launches in China Big market, big appeal. FIS and Vocalink first to supply access to Faster Payments A number of banks are also lined up to connect directly this year. UK credit unions busy with tech […]
Walmart is adding a new rewards program to its Pay Award-winning prepaid MoneyCard that will give cardholders cash back on purchases made in-store, online and at the fuel pump. The news follows American Express’ launch of 1 percent cash back for Serve cardholders and could signal stiffer competition in the GPR space
As the IRS and industry continue to fight identity theft-related tax refund fraud, the agency’s Criminal Investigation Program initiated 776 investigations into ID theft fraud during the 2015 fiscal year, according to the IRS’s newly released 2015 Data Book.
Mobile banking use in the U.S. has increased to 43 percent of adults with capable devices. But only a relative few of those consumers have paid bills with their mobile phones.
An Accenture survey finds not only that most consumers prefer people over digital channels for customer service, but that human-based interaction can save hassles.
Portugal’s central securities depository Interbolsa, a subsidiary of Euronext Lisbon, has completed its migration to Target2-Securities (T2S). Although delayed, T2S is one of the largest infrastructure projects launched by the European Central Bank. T2S provides a centralised European platform for the settlement of domestic and cross-border securities transactions. Through T2S, Interbolsa allows for core, neutral […]
Exchange group SIX and Switzerland’s five largest banks are in talks over a joint mobile payments platform for the country. SIX, retail chains Migros and Coop, and telecoms company Swisscom are planning to create a standardised digital payment system for consumers in Switzerland. A joint statement from the banks – UBS, Credit Suisse, Raiffeisen, PostFinance […]
Bank of Ceylon, the largest bank in Sri Lanka, has continued its long-term relationship with Fiserv, and upgraded to the recent versions of Signature (retail core banking) and Teller (a front-end teller system). The bank has also chosen Fiserv’s Communicator to provide integration between Signature and third-party solutions. Luxaman Perera, head of IT, Bank of […]
Lombard Risk Management and Oracle Financial Services have teamed up to deliver a global regulatory reporting solution. Called Oracle Financial Services Regulatory Reporting Solution (OFSRRS), it automates the end-to-end process and integrates Oracle’s Financial Services Data Foundation (FSDF) compute engines with Lombard Risk’s regulatory reporting solution AgileReporter. AgileReporter is the latest version of Lombard Risk’s […]
Payment systems specialist Dovetail has helped US-based BMO Harris Bank with the upgrade phase of its wire platform replacement project. Dovetail’s solution provides “modular, out-of-the-box” payments processing capability that enables the bank to “improve in the short term while working towards an ultimate goal of full legacy replacement”, comments Martin Coen, CEO of Dovetail. Dovetail […]
With the new era in global tax reporting, Thomson Reuters is conducting a survey to gauge the level of the industry’s readiness for FATCA and CRS. Evolving global regulations around tax transparency are challenging organisations around the world to implement new procedures. Are you ready? We are calling on you to help us create a […]
