Bank of America and U.S. Bank are using the clearXchange network from Early Warning. The deal means the banks’ combined 22 million U.S. customers can send payments to each other—not to mention to customers of Early Warning’s other partners.
The changing face of commerce will be among the hot topics at the All Payments Expo (APEX) March 21-23 in New Orleans, where top prepaid, payments and retail executives will highlight the key developments that will shape the future of the shopping experience over the coming years, including omnichannel, new payment methods and the rise of millennials as a buying force.
Mayer Brown LLP, a legal services organization advising clients in the Americas, Asia and Europe, announced that a consumer financial services group of partners has joined the firm, representing an addition to its global financial services regulatory and enforcement practice.
National Gift Card Corp. (NGC), a provider of B2B incentive and loyalty gift cards, has appointed Eric Thiegs president.
President Barack Obama announced he will nominate Robert O. Carr, chairman and CEO of Heartland Payment Systems Inc. to a key post on the National Infrastructure Advisory Council.
The Prepaid International Forum (PIF), the London-based nonprofit trade association for the prepaid sector, welcomed four new members to its board of directors and announced the reappointment of three existing members.
Columbus, Ga.-based payments processor TSYS has announced that Pamela A. Joseph will join the company as president and chief operating officer effective May 1, 2016.
For retailers that haven’t yet implemented EMV terminals, gift card acquisition fraud is on the rise, according to the National Retail Federation. But how big is the problem and what does it mean for legitimate buyers of the popular products?
JHA Payment Solutions, a division of Jack Henry & Associates, has teamed up with The Clearing House (TCH) as they seek to bring immediate payments to the US. TCH is currently working to build a new real-time payment system, which it will own and operate. In partnering with JHA Payment Solutions, TCH says it will […]
Almost 50% of retail banks worldwide believe the rise of digital will bring an end to branch-based banking, according to a study by Temenos. “Retail Banking: In Tech We Trust”, the third annual study of retail banks produced in association with the Economist Intelligence Unit, reveals that banks perceive the threat from tech companies operating […]
Nasdaq has bought International Securities Exchange (ISE), operator of three US equity options exchanges, and ISE’s holding company US Exchange Holdings, from Deutsche Börse for $1.1 billion. The agreement excludes ownership interest in Bats Global Market and in Digital Asset Holdings, which will continue to be owned by Deutsche Börse. Carsten Kengeter, CEO of Deutsche […]
Fiserv has added new advisor portfolio management and trading technology to its Unified Wealth Platform. The single platform is used for portfolio management, trading, accounting and reporting for managed accounts. The company says over 5,000 advisors and users supporting rep as portfolio manager (RPM) or rep as advisor (RPA) programmes have migrated to the “enhanced” […]
Mizuho Bank, Fujitsu and Fujitsu Laboratories have jointly conducted a three-month operational trial using blockchain, which makes it “practically impossible” to tamper with transaction histories. The trio says this shortens the processing time for cross-border securities transactions, from the current three days to same-day settlement. For the trial, they built a system that “almost instantly” […]
ExxonMobil is now the “first major” fuel retailer to accept mobile payments at the pump, including Apple Pay, throughout the majority of its US network. The app enables customers to authorise a pump for payment via the cloud. Customers have the option to select Apple Pay as a default form of payment from within the […]
Some of the major US banks are planning to tap into the instant payments market via their digital network, according to Reuters. Banks including JP Morgan Chase, Bank of America, Wells Fargo and US Bancorp will use their jointly-owned network, clearXchange, to let their customers transfer money. “What we are doing now is delivering payments […]
US-based Square’s payment processing and hardware is now available in Australia. Operating internationally since 2012, Australia marks the fourth market for Square, joining the United States, Canada and Japan. Square says its chip card reader is the “smallest” payment card reader on the Australian market. Sellers can accept card payments via Visa, MasterCard and American […]
Europe is the largest single market in the world and an attractive proposition for most payments businesses looking to expand, but you do need to look at the different options available and determine the best route to market for your own firm.
The CFPB’s new no-action letter policy is designed to alleviate regulatory uncertainty for innovative financial services businesses, but asking for one could be a double-edged sword.
This suit between a retailer and its insurance carrier highlights the importance of ensuring that any insurance coverage meant to account for costs and assessments stemming from a data breach is adequate.
FinCEN’s virtual currency guidance creates different AML standards for virtual currency and traditional funds, but with a slight modification the agency can “re-level” the playing field without compromising its AML policy goals.
Meredith Fuchs joins at least 45 Consumer Financial Protection Bureau employees who have left the bureau for the private sector since 2011.
Gift card provider SVM has bought 1to1 Card, whose prepaid program management services cover incentive, loyalty, rebate, payroll and general purpose loyalty cards.
American Express could be exploring a way to enable its cardholders to pay with loyalty points on e-commerce sites or mobile wallets, according to a recently released patent application.
A long-standing regulatory reporting software vendor, Lombard Risk, is undergoing a shake-up, with new identity, website and product offering unveiled. This follows on from the recent management overhaul, including the arrival of new CEO, Alastair Brown (he moved from RBS) and new global head of product, Tina Wilkinson (she moved from FIS/Sungard), and the resignation […]
Equiniti Group has completed the purchase of Risk Factor and KYCnet. The acquisitions are part of Equiniti’s strategy of buying specialist technology platforms to provide regulation driven services for its clients. Last year it bought Transglobal Payment Solutions, while back in 2012 it acquired investment system supplier Peterevans. It also purchased a UK-based lending software […]
Standard Chartered has launched its “Bank on an iPad” sales and service tool in Asia, Africa and the Middle East. Called Retail Workbench, it is a digital tablet-based sales-and-service tool that “brings the bank” to clients. It is integrated with the bank’s back-end infrastructure, and will allow sales staff to open an account for a […]
UK payments provider Tuxedo has launched a “live load” payments technology platform, which removes the need to prepay. The vendor says it is the world’s first. The platform is based upon a single, partner-issued Visa or MasterCard, which is linked to customers’ existing payment sources via Tuxedo’s own platform. The platform is PCIDSS (Payment Card […]
BBVA has acquired Finnish online-only payments and banking services provider Holvi, as it seeks to expand its portfolio of digital businesses. Holvi will continue to be run as a standalone business, and Spain-based BBVA says there will be a “two-way flow of knowledge, ideas and support” between both parties. Teppo Paavola, chief development officer and […]
Make a note, 5th September 2017 has been unveiled as the industry target for the US to move from a T+3 to a T+2 settlement cycle. The decision on this has been reached by the US T+2 Industry Steering Committee (T+2 ISC), organised by The Depository Trust and Clearing Corporation (DTCC) and co-chaired by the […]
Ulster Bank and KPMG have launched the “world’s largest free business accelerator” for entrepreneurs – Entrepreneurial Spark – in Belfast in Northern Ireland. The new hub, or “Hatchery”, can host up to 80 businesses and early stage entrepreneurs. Also involved in the launch were Royal Bank of Scotland (RBS) and NatWest (all three are part […]
Harvest Capital Strategies has escalated its criticism of Green Dot Corp. and reiterated its call for the ouster of Green Dot CEO Steve Streit. In a letter sent to Green Dot’s board of directors last week, Harvest blasted what it called Green Dot’s failure to respond adequately a previous letter Harvest sent the company in January, in which the hedge fund manager outlined concerns with Green Dot’s performance and called for the removal of Streit and other two board members.
Despite some claims from the banking industry that small banks may be at a competitive disadvantage in a post-Durbin Amendment interchange environment, a new Philadelphia Fed report suggests that banks with less than $10 billion in assets have not suffered from the Durbin Amendment, which capped debit card interchange for larger financial institutions.
Google’s new Hands Free shopping test enables consumers to pay with smartphones but make purchases via digital photos of their faces. It represents the newest frontier for mobile payments.
Canada’s first mobile wallet suretap has announced its discontinuing its prepaid MasterCard program effective at the end of April. What’s staying is the wallet’s capability of loading credit and gift cards for payment and a loyalty program, which enables consumers to integrate more than 20 loyalty programs with the wallet.
NCR Corporation (NCR) has customised the first ever financial kiosk solution in Taiwan for E.Sun Bank. Called E.Sun iPayment Kiosk, it includes bill payment, statement printing and notes exchange. The bank also selected NCR Aptra Connections software to run on the kiosk and purchased NCR SelfServ ATMs to provide personalised ATM transactions. The E.Sun iPayment […]
Who, what, where, when of the fintech industry today – this excellent infographics pulls together plenty of useful data, from top specialists, unicorns and start-ups to geographies and M&As. Created by Savvy Beaver and Call Levels.
MasterCard could be buying the UK’s payments infrastructure, VocaLink, in a £1-billion acquisition, according to Sky News. Following the Payment Systems Regulator (PSR) telling banks last month that they should sell their stake in VocaLink to “help increase innovation and competition”, MasterCard is reportedly in talk with those banks. According to David Bannister, financial services […]
AnaCap Financial Partners, a private equity firm based in the UK, has acquired non-performing loans (NPLs) of Royal Bank of Scotland (RBS) and GE Capital Real Estate in Italy. It is also understood to be crystallising a strategy to launch a new digital bank in the UK. The acquisitive PE firm has gained over €2 […]
Lloyds Banking Group has created an in-house digital analytics team in the UK. This was in “partnership” with ASI (Advanced Skills Institute) and Google. However, the Lloyds’ team does not include any staff from Google. The bank tested Google’s big data platform technologies and analytics on non-personal behavioural data using a “secure” Lloyds account on […]
Swift India Domestic Services (Swift India) has gone live as the nation seeks to improve its digital economy. Swift India is a joint venture created by Swift, the global banking co-operative, and nine partner banks to “address domestic market needs” of the Indian financial services industry. After receiving formal approval from the Reserve Bank of […]
