Zenith Bank overhauls core banking tech with Misys Fusionbanking
Nigeria-based Zenith Bank is standardising its core banking software group-wide on Misys’ Fusionbanking Essence platform.
Worldwide
CFPB Proposes Delay, Potential Tweaks on Prepaid Rule
Prepaid stakeholders scrambling to meet the Oct. 1, 2017, effective date for the CFPB’s final rule on prepaid accounts can take a breath. The CFPB has proposed delaying the effective date by six months—and has signaled it might be open to tweaking some aspects of the rule.
New global fintech group for standardisation launches
The International Standards Organisation (ISO) Financial Services Committee (TC/68) has unveiled its new global committee, the Fintech Technical Advisory Group (TAG), to act as a sounding board for data and technology standards. The group’s goal is to establish a “proactive dialogue” with financial institutions, their regulators, and supply chain and fintech firm. TAG’s objectives are […]
Not so Hot as a Commodity: Processing Tech Must Do More for Prepaid
Differentiation with new prepaid use cases is critical as the industry consolidates and change in the wider payments world and consumer behavior accelerate. Exploiting opportunities in the prepaid market demands a modern processing technology that supports new product road maps and the ability to adapt quickly.
Disrupting Payments for the Better at Mobile World Congress
A deep dive into a packed panel discussion on disruption at the annual conference shows how payments providers are mapping the future with new technology, and how traditional players can endure.
What Will Happen to the CFPB?
Republicans have never liked the agency, but so far, their efforts to reform it and reduce its power—or eliminate it altogether—have appeared scattershot. Echoing what a former Secretary of Defense once said: Here’s what we know and what we know we don’t know about the bureau’s future.
How to Fight Fraudsters without Losing Legitimate Customers
An analysis of a real fraud situation shows that some barriers to fraud can potentially drive away valuable customers. Here’s what to do—and not to do—when criminals target your cards.
Fintech acquisition round-up: 9 March 2017
Who’s buying who? Featuring Broadridge, Message Automation, Numerix and TFG Financial Systems.
Misys goes gaming for banking tech
Misys is introducing gamification capabilities into its FusionBanking Essence Digital platform with Moroku’s GameSystem (also known as Gameo).
CFPB Issues Guide on Preparing Short-Form Disclosures for Prepaid Accounts
The CFPB, on March 7, released a guide for preparing short-form disclosures for prepaid accounts, which is intended to assist providers with implementing the agency’s final rule on prepaid accounts issued last year and set to go into effect Oct. 1, 2017.
Verifone Investigates Breach that Targeted U.S. Merchants
Terminal maker Verifone says it’s investigating a breach that involved an attempt to get into its corporate network and targeted U.S. merchants. The company, which sells point-of-sale technology, says the Jan. 17 incident has not resulted in any misuse of data.
FirstOntario Credit Union swaps Fiserv’s Signature for Temenos’ T24 core banking system
Canada-based FirstOntario Credit Union has moved from its legacy Fiserv’s Signature core platform to Temenos’ T24. Validata, a specialist in enterprise software testing and release automation, assisted with the conversion process.
People on the Move: Eric Cotton, Mandy Cooper, Central Payments
Central Payments, the payments division at Central Bank of Kansas City, has promoted two of its original employees to the company’s management team.
Company on the Move: First Data, New York Mets Spring Training Field
First Data has been awarded an exclusive 10-year strategic marketing partnership for the naming rights to the New York Mets’ spring training home in Port St. Lucie, Fla.
People on the Move: Nathan Dudek, Payveris
Payveris, a provider of API-based payment and money transfer solutions for banks and credit unions, has hired Nathan Dudek to serve as chief technology officer.
Company on the Move: Smart Card Alliance, Rebranding as Secure Technology Alliance
The Smart Card Alliance, an industry group tasked with driving adoption of smart card technology as the global standard for payment, identity, access and mobile application security, is expanding its charter to include a broader range of security and privacy-enhancing technologies.
People on the Move: Simon Moran, Yoyo
London-based mobile payment and customer engagement startup Yoyo has hired former PayPal General Manager Simon Moran as its first vice president of commercial.
Mobile wallet users want more incentives, new study says
Payments pundits for years have been saying consumers need incentives to use mobile wallets, and a new survey report from Auriemma Consulting Group has numbers to back up the claim. Paybefore (Banking Technology‘s sister publication) reports that a survey of 1,505 consumers found that 25% of those who have an eligible smartphone use mobile pay services.Those […]
Will 2017 be the year financial services improve their UX?
2016 has been a big year for user experience (UX). The web, as a whole, became easier to use, apps became more intuitive, and services became a lot more engaging and purposeful. But could the same be said for financial services? Perhaps…
As Gifting Evolves, First Data, FLEETCOR Combine Gift Card Operations
With gifting loads hitting nearly $300 billion annually in the U.S. according to Mercator Advisory Group, First Data and FLEETCOR Technologies are banding together in a new joint venture that will consolidate each company’s gift card operations into a new, single entity, in a bid to give clients a “broader international reach and a more robust end-to-end offering.”
More Incentives! That’s What Mobile Wallet Users Want, New Study Says
Payments pundits for years have been saying consumers need incentives to use mobile wallets, and a new survey report from Auriemma Consulting Group has numbers to back up the claim.
Emerging payments hot topic on social media, Mastercard study finds
Consumers are expressing interest in and enthusiasm for emerging payment methods in their social media conversations, according to a new Mastercard report. Paybefore (Banking Technology‘s sister publication) reports that Mastercard’s fifth annual Digital Payments Study analysed more than 3.5 million public interactions in 2016 between consumers on social media channels – including Facebook, Instagram and Twitter […]
Symantec ventures into cybersecurity start-up space
Symantec has created a venture capital arm, Symantec Ventures, as it looks to work with cybersecurity start-ups. Its plan is to get start-ups to build on its Integrated Cyber Defence Platform and save them time. It will also talk to start-ups and academic communities through sponsorship of activities such as innovation challenges and hackathons. These […]
IBM and Maersk first for cross-border supply chain on blockchain
Maersk and IBM have unveiled the “first industry-wide” cross-border supply chain solution on blockchain. According to IBM, 90% of goods in global trade are carried by the ocean shipping industry each year. Their new blockchain solution will do the usual things – help manage and track the paper trail of shipping containers across the world […]
Emerging Payments a Hot Topic on Social Media, Study Finds
Consumers are expressing interest in and enthusiasm for emerging payment methods in their social media conversations, according to a new report. Mastercard’s fifth annual Digital Payments Study analyzed more than 3.5 million public interactions in 2016 between consumers on social media channels—including Facebook, Instagram and Twitter—to glean insight about consumer attitudes toward new payment technologies worldwide.
Financial services consulting firm Arthur Andersen is back
Accounting and consulting firm Arthur Andersen, the folks who audited Enron, is back with 26 offices in 16 countries on five continents. In case you had forgotten; back in 2002, the company voluntarily surrendered its licences to practice as Certified Public Accountants in the US after being found guilty of criminal charges relating to the […]
The National Bank in Palestine live with Temenos T24 core banking system
Palestine-based The National Bank (TNB) has gone live with Temenos’ T24 core banking platform. The project has been underway since 2014.
Monzo, Revolut, Loot, U Account and other fintechs let down by payments processor
Payment outages have caused major problems to cardholders and fintech services provides in the UK and internationally. This is understood to be down to payments processor Global Processing Services (GPS).
Hellenic Bank to launch open APIs
Cyprus-based Hellenic Bank is readying the first project by its recently unveiled innovation lab – open application programming interfaces (APIs).
The big fight brewing over strong customer authentication
Late last year, Visa fired a volley – unlikely to be the last – over new rules that it and all providers of online transactions will soon need to follow as part of the EU’s revised Payment Services Directive (PSD2). It has some doom-laden predictions.
Banks not fine with $321bn paid in fines
Banks are stumbling along amidst the cumulative financial penalties of $321 billion handed out to them since the financial crisis. In a new report by the Boston Consulting Group (BCG) – “Global Risk 2017: Staying the Course in Banking” – it says “prudent operations will be required to avoid the errors of the past” and […]
Scotiabank completes blockchain trial with Alphapoint
Alphapoint, a San Francisco-based financial services infrastructure firm, has completed a blockchain proof-of-technology trial for Scotiabank, leveraging its Alphapoint Distributed Ledger Platform.
Top fintech stories this week – 3 March 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Fintech funding round-up: 3 March 2017
Fintech funding without the tub-thumping. A realistic and brief round-up of key events. Featuring WhenFresh, Euronext, Algomi and Sensibill.
Netspend Hires Veteran Jeff Johnson to Lead Commercial Prepaid Channel
Netspend has landed a 20-year prepaid industry veteran in Jeff Johnson to manage the financial services provider’s commercial prepaid channel, the company announced March 2. The freshly minted senior vice president for commercial prepaid will oversee Netspend’s programs for paycards, incentives, disbursements and awards, as well as the Tip Network, which serves businesses whose employees supplement their incomes with tips.
Mastercard Continues Masterpass Push with Postepay Integration
Mastercard and Poste Italiane have struck a new deal under which the Italian postal service’s Postepay app has integrated Masterpass to enable users to make mobile purchases—a deal the companies hope will appeal to Postepay’s large base of younger users.
Bots and Biometrics: The Mobile World Congress Shows the Future of Payments
Bots, biometrics and wristbands stood out as examples of payments innovation this week at the annual Mobile World Congress in Barcelona. Judging by the product releases and displays, the future promises to involve more use of fingerprints in payments, and technology that allows quick purchasing from social media.
Race to patent Bitcoin tech heats up
The man who claimed to be Satoshi Nakamoto, the creator of Bitcoin, is now working on filing patents for the currency, according to Reuters. In a lengthy investigative report, Reuters says Craig Wright is “working with a fugitive online gambling entrepreneur to file scores of patents relating to the digital currency and its underlying technology, […]
Japan edges towards blockchain commercialisation
SBI Ripple Asia and the Japan Bank Consortium have “successfully” completed a pilot implementation of RC Cloud, Ripple’s unified blockchain platform for domestic and cross-border payments. As Banking Technology reported last year, the consortium (full name “The Japan Bank Consortium to Centrally Provide Domestic and Cross-border Payments”) officially launched with 42 member banks. As of […]
Culture in investment banks is a ticking time bomb for employers
Recently I have been recruiting for a senior analyst position. We have reviewed over 40 CVs for a senior analyst position, and only two have been from women.
