A survey of more than 3,700 IT security practitioners from more than a dozen major industry sectors found 54% of those firms surveyed had a security or data breach involving payment data, on average four times in past two years. The research, independently conducted by the Ponemon Institute on behalf of digital security firm Gemalto, also […]
In a new whitepaper, the US post-trade infrastructure provider Depository Trust and Clearing Corporation (DTCC), has voiced its belief that the financial services industry “has a once-in-a-generation opportunity to reimagine and modernise its infrastructure” by employing blockchain in a coordinated manner. Blockchain is the transaction model used to transfer ownership of crypto-currency bitcoin. It was developed […]
Andrew Tyrie, Member of Parliament and chairman of the UK’s Treasury Select Committee has issued a public letter to the head of the UK’s financial regulators arguing that three reforms are needed, without which ”the public will remain more exposed than necessary to the risk of bank failure.” Sent to Andrew Bailey, deputy governor for […]
Fiserv will pay $200 million for digital banking and electronic payment technology from ACI Worldwide. The deal, expected to close in the first quarter, includes ACI’s Community Financial Services business.
Big data has proven to be a useful tool for retailers and financial services providers seeking to identify customer habits and preferences—but federal regulators are warning that certain uses of consumer information may potentially violate consumer protection laws.
VocaLink is working with Raphaels Bank to enable access to the Faster Payments Scheme for several U.K. banks, including competing financial institutions. Meanwhile, Italian payments processor SIA announced its mobile money service Jiffy has more than 250,000 users as of the end of 2015.
Americana Community Bank (ACB) is working with RAI Stone Group, the provider of the RAI Stone Analytics platform to supports its small-to-medium business (SMB) teams, which focus on organisations employing between one and 100 people. “Using this service is adding significant, measurable return-on-investment (ROI) that might have happened over time, sure. But we didn’t see […]
Cognitive computing specialist CustomerMatrix, a co-founder of forum Cognitive Computing Consortium, has closed US$10.5 million in Series-B funding. The investment, one in a series of investments in artificial intelligence-like technologies in 2016, was led by HSBC, with participation from Aster Capital, and existing investors Newfund and True Global Ventures. CustomerMatrix, which offers a predictive engine called […]
The value of dark equity trading jumped last year despite pending European regulations which will limit a fund manager’s ability to trade shares away from stock exchanges, according to research from equities broker ITG.
American Express will “scale back experiments” that focused on finding new revenue and consumers but continue to focus on prepaid and alternative payments, says a spokesperson for the payments network.
Add another state in play regarding proposed restrictions on payroll cards. Washington state representatives introduced a bill making it unlawful for payroll card providers to charge certain fees.
InComm is bringing its line of Visa-branded gift and reward cards to the digital realm, announcing the launch of new digital versions of the cards for use in incentive and loyalty programs.
A total of 45 banks including Barclays, Citi, Deutsche Bank and many others have signed up to a new payments innovation initiative headed by Swift, which is due to launch early next year. Announced in December, the initiative aims to dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments.
Financial services are becoming “modular”, with digital distribution platforms, new product providers, alternative sources of capital and a growth in outsourcing likely to reshape the industry, according to a new report by global management consultancy Oliver Wyman.
Following the Nov. 13 attacks in Paris, some European member states are calling for swift action, while others are concerned that too much regulation would stifle prepaid card distribution and innovation.
When a terrorist spends cash, there is no trace, no history of where it came from, where or how it was spent. But using a prepaid card leaves a trail to follow.
With mobile devices projected to play an increasing role in in-store shopping, ATM maker Diebold Inc. has unveiled a new self-checkout concept that enables users to make purchases by scanning items via mobile.
A U.S. appeals court has declined a request from Florida for a full review over a ruling that allows merchant to offer discounts for cash transactions, a move that could lead to more Floridians choosing to pay with cash.
Following years of mistrust and rivalries, the time has come to reimagine the payments relationships between banks, retailers and fintech firms, according to a joint report from analyst firm Celent and payments systems company ACI Worldwide.
IFINTEC Finance Technologies Conference and Exhibition will be held on 12-13 April 2016 in Istanbul, Turkey. IFINTEC is a dedicated conference focusing on banking solutions and finance technologies. IFINTEC is one of the biggest events in EMEA region in its category. Banking Technology, Finance Technology, Core Banking, Retail Banking, Universal Banking, Commercial Banking, Branchless Banking, Payment Systems, Mobile Banking, Branch Automation, Lending Solutions, Credit and Operational Risk Management, Debt Management, Fraud Prevention, Governance Risk Compliance, Banking IT, Secure Banking and Insurance Technology are key topics of the conference.
Buy-side block trading venue Liquidnet has released a set of EMEA trading algorithms, which it says will help market participants to find liquidity ahead of the European Commission’s upcoming MiFID II legislation, which introduces important changes for dark pools.
Banco Santander is to begin using services provided by ATM maker Wincor Nixdorf to support its Mexican subsidiary. The services cover monitoring, maintenance and troubleshooting.
CaixaBank is launching imaginBank, Spain’s first mobile-only bank providing banking services exclusively through mobile apps and social networks.
Many retailers selling products online continue to combat shopping cart abandonment and lost sales during the checkout process. Java giant Starbucks and big box chain Walmart are the latest retailers fighting back to convert consumers from browsers into buyers by making checkout easier for them.
PrePaid Ventures, the company behind the Visa-branded NexisCard prepaid program, has bought KEEPS America, which provides prepaid cards for lawsuit, workers’ compensation and Social Security settlement awards.
Many millennials recognize the importance of saving but often find it difficult to follow through on actually setting aside funds.
Financial information services firm Markit has begun using Amazon Web Services, in a deal the firm says will optimise the performance and scaling capabilities of Markit products and services including enterprise data management, thinkFolio, WSO, indices and processing.
Barclaycard U.S., the payments business of Barclays in the U.S., has appointed Curt Hess as CEO.
CardLinx Association, which represents the card-linked rewards industry, announced the addition of several new members, including FIS, General Mills, Go Daddy, Samsung Card and Under Armour.
The CFPB appointed David Silberman acting deputy director beginning next week, replacing Meredith Fuchs.
Fiserv Inc., a global provider of financial services technology, announced that Michael O’Laughlin has been named president of its biller solutions business, which includes an array of bill presentment and payment services delivered through Web, mobile, telephone and walk-in channels.
Stephanie El Rhomri, vice president of technology at FIME, has been elected to the board of GlobalPlatform, an industry body which standardizes the management of applications on secure chip technology.
Ingo Money Inc. announced that H. Eugene (Gene) Lockhart, former president and CEO of MasterCard Worldwide, has joined its board of directors.
JetPay Corp. has appointed Michael Pires CEO of its JetPay Payroll Services subsidiary.
MasterCard promoted Tara Nathan to executive vice president of public-private partnerships.
Mercator Advisory Group has added Steve Murphy to its team as director for the company’s commercial and enterprise payments advisory service.
Ian Horsted, vice president at R&P Group has received the U.S. Recruiters Network award for Sioux Falls Area Top Producer for the fourth quarter of 2015.
Toronto-based fintech startup nanoPay is taking Canada another step toward delivering digital currency on a mass scale. Following a selection process of software developers charged with creating payment apps for the MintChip digital currency created by the Royal Canadian Mint, nanoPay today announced it has acquired all MintChip assets and was chosen to further expand MintChip acceptance.
The CFPB recently released its November complaint report or “snapshot” of consumer complaints it received through its Website for the three month average between September 2014 and November 2015. Although prepaid saw a jump of 215 in complaint volume, prepaid complaints still represented only 2 percent of all complaints the CFPB received during the period.
Ford wants to links its cars with Amazon’s Alexa technology, enabling drivers more Web-connected control over their cars and homes. The move represents the latest development in the Internet of Things, which was a hot topic at last week’s Consumer Electronics Show in Las Vegas.
