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 […]
BPC Banking Technologies has teamed with Da Afghanistan Bank to launch a SmartVista-powered national payment system in Afghanistan. Afghanistan Payments Systems (APS), a consortium of financial institutions funded by Da Afghanistan Bank (the nation’s central bank) through the World Bank, aims to develop the retail banking market in the troubled nation by providing electronic and […]
Global risk and compliance and payments solutions provider Accuity has opened a new office in Miami to serve new and existing clients in Miami, Central America, Mexico, Colombia, Venezuela and the Caribbean.
Javelin Strategy & Research has announced that Emmett Higdon has joined the firm and will assume the role of director of mobile.
The Hyperledger Project—a collaborative effort, led by the nonprofit Linux Foundation, with the goal of establishing an open blockchain distributed ledger platform that will satisfy a variety of use cases across multiple industries—has announced newly elected leaders of its governing board and technical steering committee, along with new corporate members.
The Retail Gift Card Association (RGCA) has elected five new members to its board of directors and appointed two current board members to executive-level positions.
John Sloan has been named president and CEO of Allegiance Capital Corp., a Dallas-based private investment bank.
FIS and Vocalink’s PayPort have become the first to gain accreditation to supply access to Faster Payments through its New Access Model. Both have been awarded the new certificate of technical accreditation “trust mark”, after passing all the required technical tests covering the origination and receipt of payments by a direct participant of Faster Payments. […]
Croatia’s Splitska Banka has gone live with SB SmartNet, a new internet and mobile banking system provided by Polish IT specialist Comarch. SB SmartNet, based on Comarch’s Smart Finance solution, will give Splitska’s retail customers access to account information as well as a multitude of transactional services. The mobile version is designed for iOS and […]
Sweden’s Länsförsäkringar Bank has become the first bank in the country to take TCS Financial Services’ Bancs core banking system. Meanwhile, Temenos and SAP are also busy with core renovation projects in the region (see below for more details). TCS will provide system integration and support services to Länsförsäkringar, the fifth largest retail bank in […]
The IRS has concluded that a company can defer the recognition of advance payment income received from the sale of unredeemed gift cards that are redeemable for goods or services for up to two years.
Samsung Electronics and China UnionPay (CUP) have launched the mobile payment service Samsung Pay in China. The South Korean firm joins Apple in entering the country, as the US giant launched its mobile payment system in China last month. That was also in partnership with state-owned bankcard association CUP. Samsung Pay currently supports credit and […]
Asset management firm Blackrock is trialling Symphony’s new financial messaging app. The app is being tested by part of Blackrock’s workforce and it is “looking to roll it out more widely in the coming months”. Blackrock is a major name to come onboard and the firm has 13,000 employees. However, Symphony has had success before […]
Starbucks plans to add another prepaid card to its popular loyalty program, enabling members to earn points for purchases made at other retailers. The Starbucks Reward Prepaid Card is issued by Chase and runs on Visa’s payment network, meaning cardholders can use the card anywhere Visa is accepted and earn loyalty points for Starbucks.
New approaches to authentication are kicking into high gear as eBay joins the FIDO Alliance, which promotes biometrics, while IDology launches a mobile authentication product.
The OCC will release a paper to start discussions on new regulations for financial startups, which banks reportedly want.
The U.S. Department of Justice has dropped its legal claim against Apple Inc. over the FBI’s request that the tech company help unlock the iPhone of one of the shooters in last year’s attacks in San Bernardino, Calif. According to a court filing, the FBI was able to access the device without Apple’s assistance.
De Nederlandsche Bank (DNB), the Dutch central bank, is looking to develop an internal blockchain prototype called “DNBCoin”. In its recently published annual report for 2015, DNB says this year it will aim to use blockchain to improve its business and mentions DNBCoin as an experiment with its own digital currency. The bank doesn’t go […]
Want to see the global fintech landscape summed up in an easy on the eye and effortless to digest infographics? You have come to the right place – this excellent infographics has it all, from the hottest start-ups today and those to watch in 2016 to the most supportive countries and governments as well as top investors. […]
Merchants have been challenging state surcharge laws, but the courts stand firm.
A Radio Shack gift card holder’s motion to get his legal fees and expenses paid first in the electronics retailer’s Chapter 11 case has been denied. Consumers with Radio Shack gift cards may file a claim by Dec. 2, 2016and if the claim is judged to be valid, claimants will receive 100 percent of the card balance, according to the Website.
Swift has signed a memorandum of understanding (MoU) with China International Payment Service (CIPS Co.) to develop China’s cross-border payments infrastructure. The agreement sets out plans to use Swift to connect China’s Cross-border Interbank Payment System (CIPS) with its global user community. Alain Raes, Swift chief executive of Asia Pacific and EMEA, says there are […]
ATM maker Diebold says it has met the tender condition for Wincor Nixdorf shares as part of a $1.8-billion acquisition. Last year, US-based Diebold agreed to buy out its German rival. The deal will see the creation of an ATM titan worth about $5 billion in sales and give Diebold a stronger presence in Europe. […]
There is a lot of activity going on in the UK’s credit union space, as the participants realise they have no choice but to modernise. So who is doing what? Which technology providers are set to gain and who might be a loser? London Mutual Credit Union and TCS Financial Solutions London Mutual credit union […]
The National Retail Federation and the Electronic Payments Coalition don’t agree on much when it comes to interchange, but the two groups each have reached out to the Fed arguing that consumers aren’t benefiting enough from the cap on debit card interchange.
Legal experts suggest that the investigation could provide insight on how the FTC might seek to influence the audit process going forward.
The settlement calls for Home Depot to establish a fund of $13 million to reimburse customers who suffered out-of-pocket financial losses due to the breach, and spend at least $6.5 million to fund identity protection services for affected shoppers.
The payments network gave few details of a December 2013 incident involving an unidentified merchant, but an online letter says card account information could have been compromised.
Banking Technology is conducting a brief survey to find out the industry view on real-time payments and their implications for all parties involved. How ready are you? What are the key drivers for your organisation to embrace real-time payments? Will they displace the existing types of payments? And what are your main concerns when it […]
