Apple Pay Launches in China with UnionPay; Samsung Pay up Next
Apple Pay launches in China via a UnionPay deal, giving further mobile payment competition to homegrown rivals such as Alipay. Meanwhile, Samsung Pay also is set to enter the market.
News
CopSonic and Natixis join forces for SwipeSonic ultrasound payments
Natixis Payment Solutions has teamed up with French start-up CopSonic to create SwipeSonic, an ultrasound payment solution for online shopping transactions. CopSonic’s technology uses ultrasound to encrypt information within music and voice, or transmit data “entirely inaudibly to the human ear”. Emmanuel Ruiz, CEO of CopSonic, says: “Sound is the easiest and most effective technology […]
MasterCard targets rising number of false declines
MasterCard has unveiled its MasterCard IQ series that uses real-time intelligence to tackle fraud and the increasing number of false declines. The plan is for cardholders and merchants to see a reduced number of transactions unnecessarily declined, while maintaining the “highest levels” of security. Javelin Strategy & Research estimates that one out of every six […]
Barclays and BlackBerry bringing BBM to Pingit mobile payments
Barclays and BlackBerry are bringing BBM, the mobile instant messaging service, to Pingit money transfers in the UK. BBM users can now make mobile payments to each other using Barclays’ mobile payment app Pingit. Matthew Talbot, SVP, BBM at BlackBerry, says to “exchange money was a logical extension” of BBM’s functions. Once a user has […]
Cyber Security Partners launches cyber threat detection and prevention platform, Zero
UK-based Cyber Security Partners (CSP) has launched a new real-time, data-driven, cyber threat detection platform, Zero. CSP says Zero offers companies (including banks and other financial institutions) protection from the threats of email phishing and malware. Stuart Robb, CEO and founder of Cyber Security Partners, says: “While much of the focus on phishing prevention is […]
HSBC launching voice recognition and touch security services in UK
HSBC is launching voice recognition and touch security services in the UK, which will be available to 15 million banking customers. Customers of First Direct, a division of HSBC, will be offered the biometric recognition system over the next few weeks, followed by HSBC’s in the summer. HSBC is not the first to do this […]
Ingenico Group’s FY 2015 revenue up by 14%
Payments provider Ingenico Group has reported a revenue of €2.197 billion in its full year (FY) 2015 results – a rise of 14% on a comparable basis. For the period ended 31 December 2015, it says revenue was also up 37% on a reported basis, and adds that the US is now its number one […]
Aman Bank goes live with Oracle Flexcube core banking system
Libya-based Aman Bank has gone live on Oracle FSS’s Flexcube core banking system – with Oracle’s long-standing integrator JMR Infotech carrying out the implementation. The bank has ditched its legacy system iBank, from Tunisia-based Idee, and Rui Cupertino, deputy chairman at Aman Bank, expects the new system to “deliver significant improvements” and describes it as […]
Digital Asset teams with Accenture, Broadridge and PwC for blockchain growth
New York-based Digital Asset Holdings, a developer of distributed ledger technology (aka blockchain), has teamed up with Accenture, Broadridge and PwC. Digital Asset says it has entered into non-exclusive strategic business relationships with the companies, and Blythe Masters, CEO of Digital Asset, says the alliances will “accelerate innovation” and “drive growth”. The Accenture relationship will […]
Kyc.com expands to Hong Kong and Singapore
Kyc.com, a joint venture between Markit and Genpact, has announced the expansion of its Know Your Customer (KYC) compliance and diligence service to Hong Kong and Singapore. This roll out is in addition to jurisdictional coverage in the US, UK and Australia which it launched in 2014. A number of banks are already signed up […]
Yes Bank teams with Ultracash Technologies for sound-based payments
India-based Yes Bank is partnering with Ultracash Technologies to launch payments processing through sound waves. The bank, the fifth largest in the Indian private sector, says the collaboration will let Ultracash issue Yes Bank-sponsored mobile wallets and use its Immediate Payment Service (IMPS) payments platform for the processing of instant proximity transactions. Ritesh Pai, senior […]
Iranian banks reconnecting to Swift’s payment system after four-year break
Iranian banks are being reconnected to Swift’s international payments system after a four-year hiatus. Following the lifting of economic sanctions last month under the nuclear deal with world powers, Iran’s Central Bank and 15 other banks have restored access to Swift. The Central Bank says: “The on-boarding process including administrative and technical measures for all […]
Apple Pay launches in China
Apple has launched its mobile payment system in China today, in partnership with state-owned bankcard association, China UnionPay. The company will face tough competition, but it received good news this week when Industrial and Commercial Bank of China (ICBC) said its customers would be able to use Apple Pay. In an interview with Reuters, Jennifer […]
TABB: Legacy IT is hurting buy-side alpha generation
In its latest report “Breaking Down Buy Side Barriers: Achieving Alpha through Agility,” analyst firm TABB Group has found that investment managers are struggling to cope with trade life cycle errors as a consequence of technology failure. Support for all asset classes and security types, multiple currency transactions, geographical locations and asset allocation strategies is […]
Viewpoint: A Bright Spot for Prepaid Card Issuers
The CFPB wants the nation’s top banks to offer consumers more lower-risk account choices. That could be good news for the prepaid card industry even as some might grumble about the agency meddling in their affairs.
UK start-up Curve launches all-in-one payment card
London-based start-up Curve has launched a physical payment card that can combine an unlimited number of bank cards into one place, and has Apple Pay in its sights. The Curve card is built on the MasterCard network, but with a nod to the non-physical it is supported by a mobile app. Shachar Bialick, CEO and […]
FinCEN Stresses Importance of Cyberdata in SARs
With recent legislation calling for increased cooperation between companies and government agencies to combat potential cyberthreats, officials are asking financial institutions to include information such as IP and bitcoin wallet addresses in suspicious activity reports (SARs).
European Supervisor Wants to Tighten up EU-U.S. Agreement
Following a new privacy shield agreement, which upon approval will replace an expired Safe Harbor pact between the U.S. and the EU Commission, European Data Protection Supervisor Giovanni Buttarelli last week said he supported the agreement.
Amazon Acquires India-Based EMVANTAGE Payments
Online marketplace giant Amazon is acquiring India-based online services provider EMVANTAGE Payments.
New Mobile Money Service Reaches Peru’s Unbanked
Peru’s new nationwide mobile money network has launched with the goal of bringing 5 million of the country’s unbanked citizens into the financial system over the next five years.
Wendy’s Faces Lawsuit over Stolen Debit Card Data
A Wendy’s customer has filed a class action complaint against the fast food chain for its alleged failure to protect consumers’ credit and debit card information.
Capco: Costs driving financial industry towards utility model
Financial technology consultancy Capco has found that cost pressure will drive the uptake of the utility model in finance. In its latest report, ‘What Makes Utilities Useful,’ it surveyed senior banking executives’ attitudes towards adoption of a utilities-style approach. With responses from 102 financial services professionals across 69 financial institutions in 26 countries, they found […]
ITRS expands in China with eBroker integration
ITRS, the analytics and real-time monitoring technology provider, has announced plans to integrate its Geneos platform with the trading and risk management platform of eBroker Systems to provide a series of performance metrics for users. The agreement will see Geneos monitor both eBroker’s deployed and hosted trading platform. eBroker Systems operate in the Greater China […]
ICICI Bank launches mobile banking app competition with Visa
India’s ICICI Bank has launched an ‘ICICI Appathon’ as it looks for innovations in mobile banking apps. The bank wants participants in India to create new APIs in five different categories – retail banking, corporate banking, treasury, ‘ICICI Group’ (such as insurance and securities), and ‘Partner APIs’. The latter comprises Visa and National Payments Corporation […]
Albaraka goes live with Infosys’ Finacle core banking system
Albaraka, a Morocco-based microfinance institution, has implemented Infosys’ Finacle core banking system, and customer relationship management (CRM) and wealth management solutions. The institution (formerly known as FONDEP) has ditched its existing core banking system as it plans to expand into retail banking and insurance products distribution. Mouatassim Belghazi, CEO, Albaraka, said with Finacle in place […]
Dallas Capital Bank builds mobile and digital banking with FIS
Dallas Capital Bank, a local, independent bank is adding mobile banking, digital banking and electronic payments to its customer service functions. The firm has begun integrating its bank’s new digital services with its existing FIS backend core and payments systems. It is also adding a suite of digital banking systems, from digital account origination to […]
Visa Reveals its Stake in Square
Nearly five years after Square founder Jack Dorsey announced that Visa had invested in the business, the payments network reveals its stake in the m-POS company, which went public last year. In related news, a Swedish m-POS provider launches a loan service for merchant clients.
MoneyGram Settles Claims that it Transferred Money to Fraudsters
MoneyGram agrees to pay $13 million to settle claims that criminals used its network for fraudulent transactions. The company also will increase its anti-fraud activities.
A Year In, Progress for Fed’s Payments Improvement Plan
A year after the Federal Reserve announced a plan to enhance the speed, safety and efficiency of payments in the U.S., the program has made substantial progress, the Fed reports.
BBVA Puts $250 Million into New VC Firm
Spanish financial services group BBVA is changing its fintech investment strategy, closing its in-house VC fund and contributing $250 million to a new, independently managed firm, Propel Venture Partners.
Open Banking Standard aims to share a banking revolution
UK-based Open Banking Working Group (OBWG) is recommending the creation of an Open Banking Standard API to improve the sharing of banking data – and wants to roll out the framework over the next five years. In its latest report, the OBWG – a collective of banking, open data and fintech professionals convened in 2015 […]
Commerzbank reports digital growth as profits boom
Commerzbank has reported a quadrupling of profits on the back of digital growth, as European banks are balancing their investment in digital services with cost cutting initiatives. Stephan Engels, chief financial officer at Commerzbank, said that adoption of digital technology is proving invaluable in an earnings call with analysts on 12 February. He observed, “Due to […]
Deutsche Bank and Postbank select Wincor Nixdorf for 20,000 workstations
Banking technology specialist Wincor Nixdorf has been selected as the general contractor to equip all 20,000 workstations of Deutsche Post and Postbank with new IT systems. The installation will begin in April 2016 and is scheduled to be completed by April 2017. The solution package also includes a five-year service agreement. During the project, up […]
Banking Tech celebrates the start of a new era
Banking Technology is delighted to announce the appointment of Tanya Andreasyan as Editor and Antony Peyton as Deputy Editor. Andreasyan brings a wealth of experience to the role having been working in the banking/financial services technology industry for ten years. She had previously worked at IBS Intelligence, a UK-based publishing house and analyst/consultancy firm focused on […]
Visa Europe expands tokenisation service for cloud-based payments
Visa Europe is expanding its Visa Europe Payment Tokenisation Service (VEPTS) for cloud-based payments. VEPTS will be available for payment credentials such as banks’ own mobile payment apps, a variety of wearable and other connected devices, internet browser-based wallets, and retailer-specific checkout offerings such as Visa Checkout. Sandra Alzetta, executive director product enablement for Visa […]
Fidessa bullish in rough markets
Trading platform provider Fidessa has reported a growth in revenue in 2015 up 7%, rising to £295.5 million up from £275 million in 2014, despite the reduction and closure of many sell-side trading operations over the last 12 months. The firm notes that the closure of the Jefferies Group’s Bache futures unit and Standard Chartered […]
Temenos’ earnings up 23% in FY 2015
Temenos’ earnings have risen by 23% for the full year (FY) 2015 on the back of 52% growth in total software licensing. Along with FY 2015, the vendor reported good results for the fourth quarter of 2015 – its IFRS (International Financial Reporting Standards) revenue was $168.4 million, up from $133.1 million in Q4 2014. […]
Nasdaq OMX: Cap Markets Union needs disruptive technology
A whitepaper by market operator Nasdaq OMX has warned that disruptive technology needs to be encouraged if Europe’s proposed Capital Markets Union (CMU) is to prove effective. The paper notes that the current proposals place an emphasis on larger institutions investing and growing their product and service offerings, which the firm argues do not necessarily […]
Irish Stock Exchange preps for next gen Xetra migration
The Irish Stock Exchange (ISE) has renewed its strategic technology partnership with Deutsche Börse and extended its use of the Deutsche Börse trading infrastructure and related services. The new contract runs for 6 years until the end of 2021. Deutsche Börse has provided the Xetra platform to the Irish Stock Exchange since June 2000. Several […]
Nasdaq extends blockchain innovation with Estonian shareholders
Estonia’s e-Residency platform will use a blockchain-based e-voting service to allow shareholders of companies listed on Nasdaq’s Tallinn Stock Exchange, to vote in shareholder meetings. The country’s e-Residency platform is an electronic identity system used by both Estonian residents and those with business interests in the country to access government services through e-Residency digital authentication. The program […]
