On the heels of Facebook’s app-based money transfer service expanding to New York City and adding functions, money management provider Virtual Piggy Inc. has unveiled a P2P transfer service of its own.
Australian grocery store chain Woolworths is canceling more than AUD1.3 million (US$1 million) worth of gift cards after it mistakenly emailed nearly 8,000 redeemable card codes to more than 1,000 consumers, according to reports.
As the payments industry adjusts to the gradual demise of interchange fees, banks will face declining profits. That means data will have to be used more effectively to squeeze out the remaining opportunities. But it also means they face a dilemma between building their own services and outsourcing.
Financial information company Markit has agreed to acquire Information Mosaic, a software provider for corporate actions and post trade securities processing. Information Mosaic’s enterprise software will allow Markit to extend its corporate actions service to support the full corporate actions trade lifecycle and enhance Markit’s asset servicing solutions. Michele Trogni, managing director, cohead of Solutions […]
Singapore futures market Cleartrade Exchange has launched a new matching and trading platform, CLTX Trader, which will go live on Deutsche Börse’s global trading architecture. The exchange says the new technology will help support more advanced trading strategies for commodity derivatives.
If Apple Pay provided the first example of a mobile wallet with the right ingredients to finally ignite user (and partner) interest, Google Inc.’s Android Pay platform is poised to accelerate m-payments scale.
New York State’s Department of Labor has published draft regulations for businesses that pay workers with debit cards, including a prohibition on employers profiting from card programs or passing along associated costs to their employees.
Facebook Messenger’s money transfer service has arrived in the New York City market decked out with a few added features.
Equens has announced the first go-live of its new white-label PSP proposition for banks, acquirers and payment service providers (PSPs), which creates a one-stop-shop model for banks, acquirers and PSPs both for offline and online retail payments across Europe.
The London Stock Exchange has acquired quality assurance specialist Exactpro Systems, taking 100% ownership of the company.
As the global payments industry transforms itself to take advantage of new technologies, some services offer the prospect of real change, but others are simply hype. Telling the difference will be the key to success in the next five years …
The European Bank for Reconstruction and Development is in talks to acquire a 10% stake in Borsa Istanbul to support Turkey’s efforts to reshape its capital markets.
Swift is extending its Know Your Customer compliance service into the securities area, making it available to fund distributors and custodians.
Cybercriminals accessed the personal information of about 100,000 U.S. taxpayers in an attack on the IRS’s systems, the agency confirmed this week.
Gift card providers should expect stronger sales as the weather gets warmer and summer celebrations get into full swing, according to the latest research from the Retail Gift Card Association (RGCA).
The U.K.’s share of electronic payments transaction volume surpassed cash for the first time last year, according to the London-based Payments Council, which tracks payments data for Britain.
Deutsche Börse plans a joint venture with the Shanghai Stock Exchange and China Financial Futures Exchange to develop and market Chinese-based financial instruments to investors outside mainland China.
The CFPB’s final rule for prepaid financial products will come in January 2016, according to the agency’s latest rulemaking timetable.
Strong signs suggest Google Inc. this week will announce Android Pay, its new mobile payments API for developers, likely revitalizing prospects for Google Wallet, and kicking off a summer of fresh m-payments competition, putting the heat on Apple Pay and other emerging approaches.
Issued by the European Banking Association (EBA), the report cites several possible use cases in which cryptotechnology can help banks reduce costs, improve product offerings and speed new product development.
The CFPB this month updated its Company Portal Manual, which explains in detail the process when consumer complaints are submitted to the bureau as well as the procedures companies must follow if they wish to respond to a complaint.
A settlement between MasterCard and Target stemming from the retail giant’s 2013 data breach has been scrapped after failing to earn approval by enough MasterCard-issuing banks.
CashStar Inc., a provider of digital gifting technology and Paybefore Award winner, has appointed Martin Hood as vice president of channel partnerships.
Three new members have been elected to CO-OP Financial Services’ board of directors: Wayne Grosse, Joan Opp and Kent Oram.
Financial services firms should get a grip on their risk management and make more use of the data available to them as part of a two-way process in gaining user trust and building new revenue streams.
Limonetik, a Paris-based global digital payments provider, has expanded internationally with a new subsidiary in the U.K., Limonetik UK Ltd. The company also has appointed Clive Williams managing director and Masha Cilliers principal consultant.
PSCU, a credit union service organization, has added two members to its board of directors.
Payments processor The Members Group (TMG), a credit union service organization, has announced a new vice president, as well as the promotions of two employees.
Pensions and payments company Equiniti has opened a new fintech innovation centre in Cardiff, which will focus on bringing together fintech tools for employee share plans, online applications for investment platforms and web and mobile applications for pension products.
The UK’s Financial Conduct Authority’s study into competition in investment and corporate banking will focus on choice, transparency, bundling and cross-subsidisation in debt and equity capital markets, mergers and acquisitions and acquisition financing. It will also consider links between competition in these primary market services and related activities such as corporate lending and broking, and ancillary services.
The race to accelerate payments heated up this week with the introduction of MasterCard Send, a new platform enabling the rapid transfer of funds by businesses, merchants, governments, nonprofits and card issuers to consumers via debit network rails.
With enviable annual growth rates across Europe—27 percent from 2010-2017—providers tapping new market opportunities, and digital and physical channels converging, prepaid is destined to become everyday money, according to Jason Field, head of prepaid product management, Europe, MasterCard.
Apple may have a hard time exporting its Apple Pay business model to Europe, where interchange revenue is much lower than in the U.S.—and about to get lower.
Customers of India’s Axis Bank are now able to send money to each other through Facebook, messaging apps Twitter and WhatsApp, email and phone contact lists using Ping Pay, a multi-social media app developed by Fastacash, a Singapore-based social payments vendor.
Banking technology vendor Misys has launched an Islamic banking platform called Misys FusionBanking Essence Islamic, as part of a plan to capitalise on the 17% annual growth in Islamic banking worldwide.
Leeds Building Society is to revamp its customer engagement tools through a ten-year deal with HP Enterprise Services, which will encompass a number of independent software vendors working on different parts of the business. The deal builds on the earlier deal between the two firms in 2013, which focused on the building society’s core banking platform.
Japanese investment bank Daiwa Securities has transferred its Hong Kong business onto a new post-trade processing platform built by specialist vendor Torstone. The bank says the move is part of a long-term plan to revamp its back-office technology in the city, as Hong Kong steps up its role in the integration of China’s capital markets into the global mainstream.
Alibaba, the China-based e-commerce giant, appears to be sharpening its focus on the U.S. payments arena.
Walmart is making bold moves with mobile payments in China, where it’s signed on with e-commerce giant Alibaba to accept mobile payments via the Alipay Wallet in 25 of its 410 Chinese outlets, the Arkansas-based retailer announced this week.
Financial services providers are beefing up their risk management capabilities in the wake of the increasing threat of cybercrime and fraud, a new report says.
