Bank of America is testing a service enabling its customers who use third-party data aggregators to view their financial information in one place. BofA is testing the capability with two financial data aggregators to enable customers to securely connect data from their bank accounts to third-party money management apps.
Cisco and IBM Security have joined forces for products, services and threat intelligence as they seek to improve their market share and combat cybercrime. Cisco will integrate its security solutions with IBM’s QRadar for network, endpoint and cloud protection. IBM says this also establishes a new relationship between its IBM X-Force and Cisco Talos security […]
Visa is beefing up its Verified by Visa authentication service. The payments network said it’s upgrading its back-end to support 3-D Secure 2.0. The 3-D Secure messaging protocol was invented by the network more than 15 years ago and has become an industry standard for online authentication.
About two months after launching in the U.K., Square has introduced its Virtual Terminal service there. The technology enables merchants to accept payments through the Square dashboard, an appealing prospect for online service providers, contractors and other smaller firms that do relatively few face-to-face transactions.
There is no question that the commercial card sector is growing strongly. According to Research and Markets, the US commercial card market in particular is outstripping other B2B payment types. For banks and banking services providers, this presents a huge opportunity to grow revenues while improving customer experience – a vital component in customer retention and increased lifetime value.
The fintech industry is flying through the social media stratospheres at astonishing rates – we know. But how are particular sectors within it keeping up? Insurance – and its insurtech counterpart – is certainly moving ahead in leaps and bounds in some areas, but when it comes to social media, it looks like it is only just embarking on its journey now, a good five years behind banking.
Deutsche Bank has named Tommaso Zanobini global head of financial technology.
Fidor, a digital banking solutions provider, has appointed Jeff Hibbard chief product officer. Hibbard’s focus is on driving product innovation for Fidor’s operating system.
PSCU, a credit union service organization, has appointed Chris Shockley associate director to its board.
Mobile payments platform provider Judopay has appointed Ryan Farley CEO.
Mastercard has appointed Shafi Shaikh executive vice president, customer delivery, Asia-Pacific. Shaikh oversees customer support, product delivery and customer relationships.
TransferTo, a global B2B cross-border payments network, has appointed two senior executive team members as part of the company’s plan to accelerate business growth.
Worldpay vice chairman Ron Kalifa has ranked third out of 100 in the EMpower Ethnic Minority Leaders List, presented by The Financial Times
Citi has appointed Manish Kohli global head of the payments and receivables business.
International Regtech Association, a global nonprofit association focusing on regulation technology has been formed, with more than 100 founding members.
Wirecard North America, a provider of global payment solutions, has appointed Kevin Brown to the Wirecard executive team in North America.
International Regtech Association (IRTA) is a new worldwide industry body with over 100 founding members.
A recent Reuters article explored how companies like Cobol Cowboys make a fortune helping banks who struggle to keep their legacy systems running. But in fact, the real problem is not legacy IT, that’s just a symptom of the root problem in banks… the decision makers.
It’s all go for money flow. Our latest fintech funding round-up, featuring NetGuardians, Banco BNI Europa, Raize and Wave. Swiss fraud prevention vendor NetGuardians has reported a Series C investment of CHF 8.5 million ($8.7 million). The investors in this round are Swisscom Ventures and Freemont Management. The financing will be used to fund NetGuardians’ […]
Retailers are claiming victory in the battle, if not the war, regarding proposed legislation that would have repealed interchange reform included in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Full House set to vote on amended Financial CHOICE Act June 9.
First Data will buy U.S.-based payments processor CardConnect for about $750 million in cash, including the repayment of debt.
Chipotle Mexican Grill said that whoever hacked into payments system used malware that searched for consumer track data read from the magnetic stripes of cards.
Barclaycard has begun trialling a new payment concept that lets consumers scan and pay for their shopping using their smartphone, without the need to visit a physical checkout. Called Grab+Go, it’s the firm’s plan to turn a smartphone into a “pocket checkout”, allowing users to scan the items they want to buy as they pick […]
UK-based regtech and risk management vendor Lombard Risk is still reporting losses in its latest full year results. For the period ended 31 March 2017, pre-tax loss came in at £1.6 million, an improvement on the £2.2 million from the year before. As reported in May 2016, as a result of its loss for 2015/16 […]
Keeping high data quality in customer relationship management (CRM) should be among banks’ top priorities! We explore how outdated customer profiles and poor data quality may hurt banks’ efficiency.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
What support does the fintech industry, and the broader financial ecosystem actually want (or need) from government?
A lack of understanding and trust in technology is stalling mainstream adoption of innovative new fintech services, according to HSBC’s research. The bank’s report, “Trust in Technology”, shows that technologies such as fingerprint recognition, voice recognition and robo-advice “hold enormous potential” for uses from bank security to mobile payments and investment advice. John Flint, global […]
With graduation and wedding season upon us, InComm is advising retailers to take advantage of these occasions, among others, and improve sales by offering themed open-loop gift cards and promoting them with corresponding displays.
BitPay, a 2017 Pay Award winner, said this week that it has released its BitPay Visa Prepaid Debit Card in 131 countries. The card “makes it possible for users to convert bitcoin into a spendable dollar, euro or pound balance” on the card in a matter of minutes, the company said.
Retailer Target recently agreed to pay $18.5 million as part of a settlement with 47 states and the District of Columbia that stems from 2013 data breach. The news is a stark reminder of how costly and prolonged the process of recovering from a breach can be, which is why security continues to be at the forefront of payments news with three companies making significant announcements this week.
Researchers at Worldpay are investigating how shoppers can pay using a credit or debit card while remaining within a virtual environment. As part of its real ambitions, the payments firm has created a proof of concept (PoC), with the aim to provide the “same levels of convenience, and security” that shoppers have in-store and online, […]
The Bank for International Settlements (BIS) has unveiled its FX Global Code, a set of global principles promoting good practice in the foreign exchange (FX) market. The code has been developed by a partnership of central banks and market participants from 16 jurisdictions for “integrity and effective functioning”. Many organisations are welcoming the code, such […]
IBM are not doing “cognitive computing” no matter how many times they say they are.
The EU Network and Information Security Agency (ENISA) has joined forces with the semiconductor industry in a bid to improve the continent’s cybersecurity, reports Telecoms.com (Banking Technology‘s sister publication). As ever region-wide initiatives such as this tend to be glacial affairs, but this announcement comes at a time when both cyber and physical security are […]
Supercard, a new card and mobile product launched by Travelex and Wirecard last June, is now being sunsetted.
Cut to the chase with this brief blockchain and Bitcoin round-up. Features Waves Platform, Everex and Bitcoin’s price surge. Moscow-based Waves has launched its Euro gateway, which will allow users of the platform to deposit and withdraw Euros directly from within the lite client, holding and trading them directly from their Waves accounts as WEUR […]
Netspend has launched a Visa-branded prepaid card that enables cardholders to earn miles good for travel through United Airlines’ MileagePlus loyalty program. The product addresses one of the main issues facing prepaid providers—long-term cardholder retention.
Nearly half—49 percent—of millennial consumers had paid a bill via mobile within 30 days of a survey conducted for a new report from FIS. That data point underscores the growing importance of digital financial services and payments not only for younger consumers but their older counterparts.
Target Corp. has agreed to pay $18.5 million in a settlement with 47 states and the District of Columbia that stems from a November 2013 data breach of the Minneapolis-based retailer. The breach affected more than 41 million customer payment card accounts and exposed contact information for more than 60 million customers.
